Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | ||
Jun. 27, 2014 | Jul. 18, 2014 | Jul. 18, 2014 | |
Class A Common Stock [Member] | Class B Common Stock [Member] | ||
Entity Registrant Name | 'Dolby Laboratories, Inc. | ' | ' |
Entity Central Index Key | '0001308547 | ' | ' |
Current Fiscal Year End Date | '--09-26 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 27-Jun-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 49,224,360 | 52,902,285 |
Interim_Condensed_Consolidated
Interim Condensed Consolidated Balance Sheets (USD $) | Jun. 27, 2014 | Sep. 27, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $590,097 | $454,397 |
Restricted cash | 3,334 | 3,175 |
Short-term investments | 181,446 | 140,267 |
Accounts receivable, net of allowance for doubtful accounts of $1,118 and $514 | 95,259 | 97,460 |
Inventories | 9,185 | 10,093 |
Deferred taxes | 85,183 | 84,238 |
Prepaid expenses and other current assets | 22,446 | 28,949 |
Total current assets | 986,950 | 818,579 |
Long-term investments | 313,505 | 306,338 |
Property, plant and equipment, net | 252,389 | 242,917 |
Intangible assets, net | 50,225 | 41,315 |
Goodwill | 279,966 | 279,724 |
Deferred taxes | 46,200 | 37,434 |
Other non-current assets | 9,541 | 11,638 |
Total assets | 1,938,776 | 1,737,945 |
Current liabilities: | ' | ' |
Accounts payable | 11,626 | 10,695 |
Accrued liabilities | 153,070 | 137,795 |
Income taxes payable | 7,310 | 3,394 |
Deferred revenue | 13,167 | 20,931 |
Total current liabilities | 185,173 | 172,815 |
Long-term deferred revenue | 19,471 | 19,663 |
Other non-current liabilities | 47,968 | 45,441 |
Total liabilities | 252,612 | 237,919 |
Stockholders' equity: | ' | ' |
Additional paid-in capital | 41,289 | 18,812 |
Retained earnings | 1,614,544 | 1,454,382 |
Accumulated other comprehensive income | 8,678 | 7,814 |
Total stockholdersb equity b Dolby Laboratories, Inc. | 1,664,614 | 1,481,110 |
Controlling interest | 21,550 | 18,916 |
Total stockholdersb equity | 1,686,164 | 1,500,026 |
Total liabilities and stockholdersb equity | 1,938,776 | 1,737,945 |
Class A common stock, $0.001 par value, one vote per share, 500,000,000 shares authorized: 49,199,196 shares issued and outstanding at June 27, 2014 and 46,862,893 at September 27, 2013 | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | 50 | 47 |
Class B common stock, $0.001 par value, ten votes per share, 500,000,000 shares authorized: 52,902,393 shares issued and outstanding at June 27, 2014 and 54,876,494 at September 27, 2013 | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | $53 | $55 |
Interim_Condensed_Consolidated1
Interim Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 27, 2014 | Sep. 27, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts | ($1,118) | ($514) |
Class A Common Stock [Member] | ' | ' |
Common stock, par value (usd per share) | $0.00 | $0.00 |
Common stock voting right per share (votes per share) | 1 | 1 |
Common stock, shares authorized (shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (shares) | 49,199,196 | 46,862,893 |
Common stock, shares outstanding (shares) | 49,199,196 | 46,862,893 |
Class B Common Stock [Member] | ' | ' |
Common stock, par value (usd per share) | $0.00 | $0.00 |
Common stock voting right per share (votes per share) | 10 | 10 |
Common stock, shares authorized (shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (shares) | 52,902,393 | 54,876,494 |
Common stock, shares outstanding (shares) | 52,902,393 | 54,876,494 |
Interim_Condensed_Consolidated2
Interim Condensed Consolidated Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 |
Revenue: | ' | ' | ' | ' |
Licensing | $205,625 | $184,707 | $669,901 | $616,038 |
Products | 12,971 | 17,381 | 45,638 | 60,605 |
Services | 4,754 | 4,986 | 17,680 | 16,379 |
Total revenue | 223,350 | 207,074 | 733,219 | 693,022 |
Cost of revenue: | ' | ' | ' | ' |
Cost of licensing | 4,389 | 4,053 | 12,132 | 13,542 |
Cost of products | 10,860 | 16,269 | 34,941 | 47,964 |
Cost of services | 3,620 | 4,018 | 10,683 | 11,722 |
Total cost of revenue | 18,869 | 24,340 | 57,756 | 73,228 |
Gross margin | 204,481 | 182,734 | 675,463 | 619,794 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 46,786 | 42,915 | 136,047 | 127,299 |
Sales and marketing | 63,602 | 58,528 | 188,809 | 175,079 |
General and administrative | 44,205 | 38,413 | 132,570 | 123,324 |
Restructuring charges/(credits) | -688 | 5,930 | 2,613 | 5,930 |
Total operating expenses | 153,905 | 145,786 | 460,039 | 431,632 |
Operating income | 50,576 | 36,948 | 215,424 | 188,162 |
Other income/expense: | ' | ' | ' | ' |
Interest income | 959 | 820 | 2,533 | 3,063 |
Interest expense | -251 | -77 | -456 | -504 |
Other income/(expense), net | 530 | 156 | -2,064 | 1,057 |
Total other income/expense | 1,238 | 899 | 13 | 3,616 |
Income before income taxes | 51,814 | 37,847 | 215,437 | 191,778 |
Provision for income taxes | -11,251 | -7,345 | -53,079 | -47,560 |
Net income including controlling interest | 40,563 | 30,502 | 162,358 | 144,218 |
Less: net (income) attributable to controlling interest | -784 | -286 | -2,196 | -742 |
Net income attributable to Dolby Laboratories, Inc. | 39,779 | 30,216 | 160,162 | 143,476 |
Net Income Per Share: | ' | ' | ' | ' |
Basic (in usd per share) | $0.39 | $0.30 | $1.57 | $1.41 |
Diluted (in usd per share) | $0.38 | $0.29 | $1.55 | $1.39 |
Weighted-Average Shares Outstanding: | ' | ' | ' | ' |
Basic (in shares) | 102,350 | 101,751 | 102,131 | 101,917 |
Diluted (in shares) | 103,942 | 103,031 | 103,605 | 102,999 |
Related party rent expense: | ' | ' | ' | ' |
Included in operating expenses | 640 | 1,494 | 1,332 | 2,180 |
Included in net income attributable to controlling interest | $1,164 | $831 | $3,669 | $2,467 |
Interim_Condensed_Consolidated3
Interim Condensed Consolidated Statements of Comprehensive Income Statement (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income including controlling interest | $40,563 | $30,502 | $162,358 | $144,218 |
Other comprehensive income: | ' | ' | ' | ' |
Foreign currency translation adjustments, net of tax | -75 | -2,008 | 846 | -3,878 |
Unrealized gains/(losses) on available-for-sale securities, net of tax | 279 | -852 | 456 | -1,414 |
Comprehensive income | 40,767 | 27,642 | 163,660 | 138,926 |
Less: comprehensive (income) attributable to controlling interest | -1,004 | -388 | -2,634 | -326 |
Comprehensive income attributable to Dolby Laboratories, Inc. | $39,763 | $27,254 | $161,026 | $138,600 |
Interim_Condensed_Consolidated4
Interim Condensed Consolidated Statements Of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Total Dolby Laboratories,Inc.[Member] | Controlling Interest [Member] |
In Thousands, unless otherwise specified | |||||||
Beginning balance at Sep. 28, 2012 | $1,743,233 | $103 | $0 | $1,709,479 | $10,687 | $1,720,269 | $22,964 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | 144,218 | ' | ' | 143,476 | ' | 143,476 | 742 |
Translation adjustments, net of tax of $7 and $1,037, respectively | -3,878 | ' | ' | ' | -3,461 | -3,461 | -417 |
Unrealized gains (losses) on available-for-sale securities, net of tax of $(254) and $793, respectively | -1,414 | ' | ' | ' | -1,414 | -1,414 | ' |
Distributions to controlling interest | -5,039 | ' | ' | ' | ' | ' | -5,039 |
Stock-based compensation expense | 49,932 | ' | 49,932 | ' | ' | 49,932 | ' |
Repurchase of common stock | -74,142 | -1 | -37,979 | -36,162 | ' | -74,142 | ' |
Cash dividends declared and paid on common stock | -408,206 | ' | ' | -408,206 | ' | -408,206 | ' |
Tax benefit/(deficiency) from the stock incentive plans | -2,749 | ' | -2,749 | ' | ' | -2,749 | ' |
Class A common stock issued under employee stock plans | 13,313 | ' | 13,313 | ' | ' | 13,313 | ' |
Shares repurchased for tax witholdings on vesting of restricted stock | -5,709 | ' | -5,709 | ' | ' | -5,709 | ' |
Exercise of Class B stock options | 303 | ' | 303 | ' | ' | 303 | ' |
Ending balance at Jun. 28, 2013 | 1,449,862 | 102 | 17,111 | 1,408,587 | 5,812 | 1,431,612 | 18,250 |
Beginning balance at Sep. 27, 2013 | 1,500,026 | 102 | 18,812 | 1,454,382 | 7,814 | 1,481,110 | 18,916 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | 162,358 | ' | ' | 160,162 | ' | 160,162 | 2,196 |
Translation adjustments, net of tax of $7 and $1,037, respectively | 846 | ' | ' | ' | 408 | 408 | 438 |
Unrealized gains (losses) on available-for-sale securities, net of tax of $(254) and $793, respectively | 456 | ' | ' | ' | 456 | 456 | ' |
Stock-based compensation expense | 48,773 | ' | 48,773 | ' | ' | 48,773 | ' |
Repurchase of common stock | -40,958 | -1 | -40,957 | ' | ' | -40,958 | ' |
Tax benefit/(deficiency) from the stock incentive plans | -263 | ' | -263 | ' | ' | -263 | ' |
Class A common stock issued under employee stock plans | 23,858 | 2 | 23,856 | ' | ' | 23,858 | ' |
Shares repurchased for tax witholdings on vesting of restricted stock | -9,221 | ' | -9,221 | ' | ' | -9,221 | ' |
Exercise of Class B stock options | 289 | ' | 289 | ' | ' | 289 | ' |
Ending balance at Jun. 27, 2014 | $1,686,164 | $103 | $41,289 | $1,614,544 | $8,678 | $1,664,614 | $21,550 |
Interim_Condensed_Consolidated5
Interim Condensed Consolidated Statements Of Stockholders' Equity (Parenthetical) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Foreign currency translation tax | $7 | $1,037 |
Unrealized gains (losses) on available-for-sale securities, tax | ($254) | $793 |
Interim_Condensed_Consolidated6
Interim Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 | |
Operating activities: | ' | ' | |
Net income including controlling interest | $162,358 | $144,218 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | |
Depreciation and amortization | 38,991 | 39,615 | |
Stock-based compensation | 48,773 | 49,932 | |
Amortization of premium on investments | 7,056 | 8,101 | |
Excess tax benefit from exercise of stock options | -1,857 | -621 | |
Provision for doubtful accounts | 625 | -89 | |
Deferred income taxes | -9,936 | -12,973 | |
Other non-cash items affecting net income | 2,455 | -800 | |
Changes in operating assets and liabilities: | ' | ' | |
Accounts receivable | 1,581 | -30,829 | |
Inventories | 2,654 | 5,636 | |
Prepaid expenses and other assets | -1,801 | 8,881 | |
Accounts payable and other liabilities | 17,033 | -840 | |
Income taxes, net | 11,830 | -3,164 | |
Deferred revenue | -7,956 | 655 | |
Other non-current liabilities | 162 | 1,723 | |
Net cash provided by operating activities | 271,968 | 209,445 | |
Investing activities: | ' | ' | |
Purchase of investments | -303,350 | -416,688 | |
Proceeds from sales of investment securities | 140,297 | 534,109 | |
Proceeds from maturities of investment securities | 105,602 | 92,850 | |
Purchases of property, plant and equipment | -37,122 | -17,801 | |
Purchases of intangible assets | -19,950 | -4,050 | |
Proceeds from sale of property, plant and equipment and assets held for sale | 3,355 | 376 | |
Change in restricted cash | -159 | -1,957 | |
Net cash provided by/(used in) investing activities | -111,327 | 186,839 | |
Financing activities: | ' | ' | |
Proceeds from issuance of common stock | 24,147 | 13,616 | |
Repurchase of common stock | -40,958 | [1] | -74,142 |
Payment of cash dividend | 0 | -408,206 | |
Distribution to controlling interest | 0 | -5,039 | |
Excess tax benefit from the exercise of stock options | 1,857 | 621 | |
Shares repurchased for tax withholdings on vesting of restricted stock | -9,221 | -5,709 | |
Net cash used in financing activities | -24,175 | -478,859 | |
Effect of foreign exchange rate changes on cash and cash equivalents | -766 | -1,464 | |
Net increase/(decrease) in cash and cash equivalents | 135,700 | -84,039 | |
Cash and cash equivalents at beginning of period | 454,397 | 492,600 | |
Cash and cash equivalents at end of period | 590,097 | 408,561 | |
Supplemental disclosure: | ' | ' | |
Cash paid for income taxes, net of refunds received | 50,194 | 64,155 | |
Cash paid for interest | $3 | $66 | |
[1] | Cost of share repurchases includes the price paid per share and applicable commissions. |
Basis_Of_Presentation
Basis Of Presentation | 9 Months Ended |
Jun. 27, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis Of Presentation | ' |
Basis of Presentation | |
Unaudited Interim Condensed Consolidated Financial Statements | |
We have prepared the accompanying unaudited interim condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”), and with Securities and Exchange Commission (“SEC”) rules and regulations, which allow for certain information and footnote disclosures that are normally included in annual financial statements prepared in accordance with GAAP to be condensed or omitted. In our opinion, these unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements for the fiscal year ended September 27, 2013 and include all adjustments necessary for fair presentation. The accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with our consolidated financial statements for the fiscal year ended September 27, 2013, which are included in our Annual Report on Form 10-K filed with the SEC. | |
The results for the fiscal quarter ended June 27, 2014 are not necessarily indicative of the results to be expected for any subsequent quarterly or annual financial period, including the fiscal year ending September 26, 2014. | |
Principles of Consolidation | |
The unaudited interim condensed consolidated financial statements include the accounts of Dolby Laboratories and our wholly owned subsidiaries. In addition, we have consolidated the financial results of jointly owned affiliated companies in which our principal stockholder has a controlling interest. We report these controlling interests as a separate line in our consolidated statements of operations as net income attributable to controlling interest and in our consolidated balance sheets as a controlling interest. We eliminate all intercompany accounts and transactions upon consolidation. | |
Operating Segments | |
We operate as a single reporting segment, and thus all required financial segment information is included in our unaudited interim condensed consolidated financial statements. This determination reflects the fact that our chief operating decision-maker ("CODM"), our Chief Executive Officer, evaluates our financial information and resources, and assesses the performance of these resources on a consolidated basis. | |
Use of Estimates | |
The preparation of our financial statements in accordance with GAAP requires management to make certain estimates and assumptions that affect the amounts reported and disclosed in our unaudited interim condensed consolidated financial statements and accompanying notes. Significant items subject to such estimates and assumptions include estimated selling prices for elements sold in multiple-element revenue arrangements; valuation allowances for accounts receivable; carrying values of inventories and certain property, plant, and equipment, goodwill and intangible assets; fair values of investments, accrued liabilities including liabilities for unrecognized tax benefits, deferred income tax assets and stock-based compensation. Actual results could differ from our estimates. | |
Fiscal Year | |
Our fiscal year is a 52 or 53 week period ending on the last Friday in September. The fiscal periods presented herein include the 13 and 39 week periods ended June 27, 2014 and June 28, 2013. Our fiscal year ending September 26, 2014 (fiscal 2014) and our fiscal year ended September 27, 2013 (fiscal 2013) both consist of 52 weeks. | |
Reclassifications | |
We have reclassified certain prior period amounts within our unaudited interim condensed consolidated financial statements and accompanying notes to conform to our current period presentation. These reclassifications did not affect total revenue, operating income or net income. |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 9 Months Ended |
Jun. 27, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
We continually assess any Accounting Standards Updates ("ASUs") or other new accounting pronouncements issued by the Financial Accounting Standards Board ("FASB") to determine their applicability and impact on us. Where it is determined that a new accounting pronouncement will result in a change to our financial reporting, we take the appropriate steps to ensure that such changes are properly reflected in our consolidated financial statements or notes thereto. | |
Recently Issued Accounting Standards | |
Adopted Standards | |
Accumulated Other Comprehensive Income. In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income. This new standard, which we adopted in the first quarter of fiscal 2014, adds enhanced disclosure requirements for items reclassified out of Accumulated Other Comprehensive Income ("AOCI") with the intent of helping entities improve the transparency of changes in Other Comprehensive Income ("OCI") and items reclassified out of AOCI in their financial statements. The standard is to be applied on a prospective basis, and requires registrants to disclose either in a single note, or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of AOCI based on its source and the income statement line items affected by the reclassification. Since this new standard only results in changes to our financial statement presentation and does not amend any existing requirements for reporting net income or OCI in the financial statements, adoption of this standard does not impact our financial position or results of operations. | |
The adoption of new accounting pronouncements has not had a significant impact on our unaudited interim condensed consolidated financial statements or notes thereto, and has not resulted in a change to our significant accounting policies. Furthermore, there have not been any changes to our significant accounting policies from those that were described in our Form 10-K for the prior fiscal year ended September 27, 2013. | |
Standards Not Yet Effective | |
Revenue Recognition. On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This new standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for us on October 1, 2017 and early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that this standard will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method or determined the effect of the standard on our ongoing financial reporting. |
Composition_Of_Certain_Financi
Composition Of Certain Financial Statement Captions | 9 Months Ended | ||||||||
Jun. 27, 2014 | |||||||||
Composition Of Certain Financial Statement Captions [Abstract] | ' | ||||||||
Composition Of Certain Financial Statement Captions | ' | ||||||||
Composition of Certain Financial Statement Captions | |||||||||
The following tables present detailed information from our consolidated balance sheets as of June 27, 2014 and September 27, 2013 (amounts displayed in thousands, except as otherwise noted). | |||||||||
Cash, Cash Equivalents, and Investments | |||||||||
June 27, | September 27, | ||||||||
2014 | 2013 | ||||||||
Cash and cash equivalents: | |||||||||
Cash | $554,315 | $420,069 | |||||||
Cash equivalents: | |||||||||
Money market funds | 833 | 16,193 | |||||||
U.S. agency securities | 32,927 | 13,135 | |||||||
Commercial paper | — | 5,000 | |||||||
Corporate bonds | 2,022 | — | |||||||
Total cash and cash equivalents | 590,097 | 454,397 | |||||||
Short-term investments: | |||||||||
U.S. agency securities | 32,449 | 6,007 | |||||||
Commercial paper | 4,985 | 5,991 | |||||||
Corporate bonds | 22,997 | 43,847 | |||||||
Municipal debt securities | 121,015 | 84,422 | |||||||
Total short-term investments | 181,446 | 140,267 | |||||||
Long-term investments: | |||||||||
U.S. agency securities | 24,982 | 40,924 | |||||||
Corporate bonds | 128,889 | 90,391 | |||||||
Municipal debt securities | 159,134 | 172,023 | |||||||
Other long-term investments | 500 | -2 | 3,000 | -3 | |||||
Total long-term investments | 313,505 | 306,338 | |||||||
Total cash, cash equivalents and investments (1) | $1,085,048 | $901,002 | |||||||
-1 | Total cash, cash equivalents, and investments exclude $3.3 million and $3.2 million of restricted cash as of June 27, 2014 and September 27, 2013. | ||||||||
-2 | Other long-term investments include a cost method investment of $0.5 million as of June 27, 2014 that was made during the second quarter of fiscal 2014. | ||||||||
-3 | Other long-term investments include a cost method investment of $3.0 million as of September 27, 2013. During the second quarter of fiscal 2014, we recorded a write-off charge to reduce the carrying value to zero in recognition of an other-than-temporary impairment. | ||||||||
Our investment portfolio, which is recorded as cash equivalents and both short and long-term investments, consists of the following: | |||||||||
June 27, 2014 | |||||||||
Cost | Unrealized | Unrealized | Estimated Fair | ||||||
Gains | Losses | Value | |||||||
Money market funds | $833 | $— | $— | $833 | |||||
U.S. agency securities | 90,359 | 10 | -11 | 90,358 | |||||
Commercial paper | 4,985 | — | — | 4,985 | |||||
Corporate bonds | 153,498 | 436 | -26 | 153,908 | |||||
Municipal debt securities | 279,540 | 639 | -30 | 280,149 | |||||
Cash equivalents and investments | $529,215 | $1,085 | ($67) | $530,233 | |||||
September 27, 2013 | |||||||||
Cost | Unrealized | Unrealized | Estimated Fair | ||||||
Gains | Losses | Value | |||||||
Money market funds | $16,193 | $— | $— | $16,193 | |||||
U.S. agency securities | 60,126 | 16 | -76 | 60,066 | |||||
Commercial paper | 10,991 | — | — | 10,991 | |||||
Corporate bonds | 134,097 | 315 | -174 | 134,238 | |||||
Municipal debt securities | 256,218 | 384 | -157 | 256,445 | |||||
Cash equivalents and investments | $477,625 | $715 | ($407) | $477,933 | |||||
The following tables show the gross unrealized losses and the fair value for those available-for-sale securities that were in an unrealized loss position: | |||||||||
June 27, 2014 | |||||||||
Less than 12 months | 12 months or greater | Total | |||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||
U.S. agency securities | $28,438 | ($11) | $5,000 | $— | $33,438 | ($11) | |||
Corporate bonds | 41,047 | -26 | — | — | 41,047 | -26 | |||
Municipal debt securities | 46,354 | -19 | 2,500 | -11 | 48,854 | -30 | |||
Total | $115,839 | ($56) | $7,500 | ($11) | $123,339 | ($67) | |||
September 27, 2013 | |||||||||
Less than 12 months | 12 months or greater | Total | |||||||
Fair Value | Gross Unrealized | Fair Value | Gross Unrealized | Fair Value | Gross Unrealized | ||||
Losses | Losses | Losses | |||||||
U.S. agency securities | $21,407 | ($76) | $— | $— | $21,407 | ($76) | |||
Corporate bonds | 53,350 | -174 | — | — | 53,350 | -174 | |||
Municipal debt securities | 72,485 | -157 | — | — | 72,485 | -157 | |||
Total | $147,242 | ($407) | $— | $— | $147,242 | ($407) | |||
The unrealized losses on our available-for-sale securities were primarily as a result of unfavorable changes in interest rates subsequent to the initial purchase of these securities. Although we had certain securities that were in an unrealized loss position as of June 27, 2014, we expect to recover the full carrying value of these securities as we do not intend to, nor do we currently anticipate a need to sell these securities prior to recovering the associated unrealized losses. As a result, we do not consider any portion of the unrealized losses at June 27, 2014 or September 27, 2013 to be an other-than-temporary impairment, nor do we consider any of the unrealized losses to be credit losses. | |||||||||
The following table summarizes the amortized cost and estimated fair value of the available-for-sale securities within our investment portfolio based on stated maturities as of June 27, 2014 and September 27, 2013, which are recorded within cash equivalents and both short and long-term investments in our consolidated balance sheets: | |||||||||
June 27, 2014 | September 27, 2013 | ||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||
Due within 1 year | $214,161 | $214,330 | $158,275 | $158,402 | |||||
Due in 1 to 2 years | 189,504 | 190,087 | 172,993 | 173,373 | |||||
Due in 2 to 3 years | 124,716 | 124,986 | 130,164 | 129,965 | |||||
Total | $528,381 | $529,403 | $461,432 | $461,740 | |||||
Accounts Receivable | |||||||||
Accounts Receivable, Net | June 27, | September 27, | |||||||
2014 | 2013 | ||||||||
Trade accounts receivable | $73,699 | $86,823 | |||||||
Accounts receivable related to patent administration program | 22,678 | 11,151 | |||||||
Accounts Receivable, Gross | 96,377 | 97,974 | |||||||
Less: allowance for doubtful accounts | -1,118 | -514 | |||||||
Accounts Receivable, Net | $95,259 | $97,460 | |||||||
Inventories | |||||||||
Inventory | June 27, | September 27, | |||||||
2014 | 2013 | ||||||||
Raw materials | $936 | $2,050 | |||||||
Work in process | 94 | — | |||||||
Finished goods | 8,155 | 8,043 | |||||||
Total | $9,185 | $10,093 | |||||||
Inventories are stated at the lower of cost (first-in, first-out) or market. Inventory with a consumption period expected to exceed twelve months is recorded within other non-current assets in our consolidated balance sheets. We have included $2.2 million and $4.0 million of raw materials inventory within other non-current assets in our consolidated balance sheets as of June 27, 2014 and September 27, 2013, respectively. The majority of the inventory included in non-current assets was purchased in bulk in fiscal 2012 to obtain a significant volume discount, and is expected to be consumed over a period that exceeds twelve months. Based on anticipated inventory consumption rates, and aside from existing write-downs due to excess inventory, we do not believe that material risk of obsolescence exists prior to ultimate sale. | |||||||||
Prepaid Expenses and Other Current Assets | |||||||||
Prepaid Expenses And Other Current Assets | June 27, | September 27, | |||||||
2014 | 2013 | ||||||||
Prepaid expenses | $13,041 | $10,195 | |||||||
Other current assets | 7,501 | 10,863 | |||||||
Income tax receivable | 1,904 | 7,891 | |||||||
Total | $22,446 | $28,949 | |||||||
During the third quarter of fiscal 2014, we sold the land and building from one of our properties located in Wootton Bassett, U.K for $3.3 million. In connection with the sale, we recognized a gain of $0.4 million in other income. Prior to sale, the carrying value of both the land and building sold as part of this transaction as well as a parcel of adjacent land not part of the sale were classified as held for sale and included in other current assets as management had previously committed to a plan to sell these properties. Management still intends to sell the remaining unsold parcel of land within the next twelve months, and will therefore continue to classify it as held for sale. Accordingly, other current assets as of June 27, 2014 includes the carrying value of this parcel of land of $1.0 million. | |||||||||
Property, Plant and Equipment | |||||||||
Property, Plant And Equipment | June 27, | September 27, | |||||||
2014 | 2013 | ||||||||
Land | $46,208 | $46,049 | |||||||
Buildings | 32,665 | 32,305 | |||||||
Leasehold improvements | 67,499 | 64,991 | |||||||
Machinery and equipment | 45,089 | 38,408 | |||||||
Computer systems and software | 102,155 | 91,939 | |||||||
Furniture and fixtures | 13,589 | 13,490 | |||||||
Construction in progress | 107,378 | 88,872 | |||||||
Property, Plant And Equipment, Gross | 414,583 | 376,054 | |||||||
Less: accumulated depreciation | -162,194 | -133,137 | |||||||
Property, Plant And Equipment, Net | $252,389 | $242,917 | |||||||
Property, plant and equipment are recorded at cost, with depreciation expense included in cost of products, cost of services, research and development expenses, sales and marketing expenses and general and administrative expenses in our consolidated statements of operations. | |||||||||
During fiscal 2012, we purchased commercial office property in San Francisco, California for approximately $109.8 million. Based on a fair value analysis, we allocated $35.5 million of the property's purchase price to the land and $74.3 million to the building. We are currently in the process of making substantial improvements to the property in order to prepare the building for its intended use as our new worldwide headquarters. As such, construction in progress as of the end of both fiscal periods presented above includes the book value of the building and related costs of construction. | |||||||||
Additionally, we purchased a commercial office building in Sunnyvale, California for $19.7 million subsequent to the June 27, 2014 fiscal quarter-end. Refer to Note 13 “Subsequent Events” for additional information on this transaction. | |||||||||
Goodwill and Intangible Assets | |||||||||
We completed our annual goodwill impairment assessment in the fiscal quarter ended June 27, 2014 related to our consolidated balance of goodwill of $280.0 million. We determined, after performing step one of the two-step goodwill impairment assessment, that there was no goodwill impairment. We did not incur any goodwill impairment losses in either the fiscal year-to-date period ended June 27, 2014 or June 28, 2013. | |||||||||
The following table outlines changes to the carrying amount of goodwill: | |||||||||
Goodwill | |||||||||
Balance at September 27, 2013 | $279,724 | ||||||||
Translation adjustments | 242 | ||||||||
Balance at June 27, 2014 | $279,966 | ||||||||
Intangible assets subject to amortization consist of the following: | |||||||||
June 27, 2014 | September 27, 2013 | ||||||||
Intangible Assets, Net | Cost | Accumulated | Net | Cost | Accumulated | Net | |||
Amortization | Amortization | ||||||||
Acquired patents and technology | $100,012 | ($59,195) | $40,817 | $79,925 | ($51,267) | $28,658 | |||
Customer relationships | 30,725 | -21,983 | 8,742 | 30,723 | -19,592 | 11,131 | |||
Other intangibles | 21,000 | -20,334 | 666 | 20,992 | -19,466 | 1,526 | |||
Total | $151,737 | ($101,512) | $50,225 | $131,640 | ($90,325) | $41,315 | |||
Amortization expense for our intangible assets is included in cost of licensing, cost of products, research and development and sales and marketing expenses in our consolidated statements of operations. As of June 27, 2014, expected amortization expense of our intangible assets in future periods is as follows: | |||||||||
Fiscal Year | Amortization Expense | ||||||||
Remainder of Fiscal 2014 | $4,008 | ||||||||
2015 | 13,626 | ||||||||
2016 | 11,445 | ||||||||
2017 | 8,302 | ||||||||
2018 | 2,999 | ||||||||
Thereafter | 9,845 | ||||||||
Total | $50,225 | ||||||||
Accrued Liabilities | |||||||||
Accrued Liabilities | June 27, | September 27, | |||||||
2014 | 2013 | ||||||||
Accrued royalties | $9,293 | $6,075 | |||||||
Amounts payable to joint licensing program partners | 46,185 | 40,091 | |||||||
Accrued compensation and benefits | 58,684 | 54,423 | |||||||
Accrued professional fees | 6,840 | 4,402 | |||||||
Other accrued liabilities | 32,068 | 32,804 | |||||||
Total | $153,070 | $137,795 | |||||||
Other Non-Current Liabilities | |||||||||
Other Non-Current Liabilities | June 27, | September 27, | |||||||
2014 | 2013 | ||||||||
Supplemental retirement plan obligations | $2,315 | $2,144 | |||||||
Non-current tax liabilities | 33,188 | 30,986 | |||||||
Other liabilities | 12,465 | 12,311 | |||||||
Total | $47,968 | $45,441 |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||
Jun. 27, 2014 | ||||||
Earnings Per Share [Abstract] | ' | |||||
Earnings Per Share | ' | |||||
Earnings Per Share | ||||||
Basic earnings per share ("EPS") is computed by dividing net income attributable to Dolby Laboratories, Inc. by the number of weighted-average shares of Class A and Class B common stock outstanding during the period. Through application of the treasury stock method, diluted EPS is computed in the same manner, except that the number of weighted-average shares outstanding is increased by the number of potentially dilutive shares from employee incentive plans during the period. Potentially dilutive shares include the hypothetical number of shares issued under the assumed exercise of outstanding stock options, vesting of outstanding restricted stock units, and shares issued under our employee stock purchase plan. | ||||||
Basic and diluted EPS are computed independently for each fiscal quarter and year-to-date period presented, which involves the use of different weighted-average share count figures relating to quarterly and annual periods. As a result, and after factoring the effect of rounding to the nearest cent per share, the sum of all four quarter-to-date EPS figures may not equal year-to-date EPS. | ||||||
The following table sets forth the computation of basic and diluted EPS attributable to Dolby Laboratories, Inc. (in thousands, except per share amounts): | ||||||
Fiscal Quarter Ended | Fiscal Year-To-Date Ended | |||||
June 27, | June 28, | June 27, | June 28, | |||
2014 | 2013 | 2014 | 2013 | |||
Numerator: | ||||||
Net income attributable to Dolby Laboratories, Inc. | $39,779 | $30,216 | $160,162 | $143,476 | ||
Denominator: | ||||||
Weighted-average shares outstanding—basic | 102,350 | 101,751 | 102,131 | 101,917 | ||
Potential common shares from options to purchase common stock | 616 | 307 | 500 | 293 | ||
Potential common shares from restricted stock units | 976 | 973 | 974 | 789 | ||
Weighted-average shares outstanding—diluted | 103,942 | 103,031 | 103,605 | 102,999 | ||
Net income per share attributable to Dolby Laboratories, Inc.: | ||||||
Basic | $0.39 | $0.30 | $1.57 | $1.41 | ||
Diluted | $0.38 | $0.29 | $1.55 | $1.39 | ||
Antidilutive awards excluded from calculation: | ||||||
Stock options | 3,563 | 5,048 | 3,915 | 5,274 | ||
Restricted stock units | 184 | 354 | 1,756 | 1,769 |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||
Jun. 27, 2014 | |||||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ' | ||||
Fair Value Measurements | ' | ||||
Fair Value Measurements | |||||
Under our investment management strategy, we use cash holdings to purchase investment grade securities that are diversified among security types, industries and issuers. Each of the investments within our investment portfolio is measured at fair value, and is recorded within cash equivalents and both short and long-term investments in our consolidated balance sheets. With the exception of our mutual fund investments held in our supplemental retirement plan which are classified as trading securities, all of our investments are classified as available-for-sale securities. Our investments primarily consist of municipal debt securities, commercial paper, corporate bonds and United States agency securities. In addition to the security types noted above, our cash and cash equivalents also consist of highly-liquid money market funds. Consistent with our investment policy, none of the municipal debt investments that we hold are supported by letters of credit or standby purchase agreements. | |||||
Fair value is the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants at the measurement date. We minimize the use of unobservable inputs and use observable market data, if available, when determining fair value. We classify our inputs to measure fair value using the following three-level hierarchy: | |||||
Level 1: Quoted prices in active markets at the measurement date for identical assets and liabilities. | |||||
Level 2: Prices may be based upon quoted prices in active markets or inputs not quoted on active markets but are corroborated by market data. | |||||
Level 3: Unobservable inputs are used when little or no market data is available and reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. | |||||
The following tables present information about the fair value of our financial assets and liabilities measured on a recurring basis, and indicates the classification within the fair value hierarchy of the valuation inputs utilized to determine fair value (in thousands): | |||||
June 27, 2014 | |||||
Level 1 | Level 2 | Level 3 | Total | ||
Assets: | |||||
Investments held in supplemental retirement plan (1) | $2,413 | $— | $— | $2,413 | |
Money market funds (2) | 833 | — | — | 833 | |
U.S. agency securities (2), (3), (4) | 90,358 | — | — | 90,358 | |
Commercial paper (3) | — | 4,985 | — | 4,985 | |
Corporate bonds (2), (3), (4) | — | 153,908 | — | 153,908 | |
Municipal debt securities (3), (4) | — | 280,149 | — | 280,149 | |
Total | $93,604 | $439,042 | $— | $532,646 | |
Liabilities: | |||||
Investments held in supplemental retirement plan (5) | $2,413 | $— | $— | $2,413 | |
Total | $2,413 | $— | $— | $2,413 | |
September 27, 2013 | |||||
Level 1 | Level 2 | Level 3 | Total | ||
Assets: | |||||
Investments held in supplemental retirement plan (1) | $2,242 | $— | $— | $2,242 | |
Money market funds (2) | 16,193 | — | — | 16,193 | |
U.S. agency securities (2), (3), (4) | 60,066 | — | — | 60,066 | |
Commercial paper (2), (3) | — | 10,991 | — | 10,991 | |
Corporate bonds (3), (4) | — | 134,238 | — | 134,238 | |
Municipal debt securities (3), (4) | — | 256,445 | — | 256,445 | |
Total | $78,501 | $401,674 | $— | $480,175 | |
Liabilities: | |||||
Investments held in supplemental retirement plan (5) | $2,242 | $— | $— | $2,242 | |
Total | $2,242 | $— | $— | $2,242 | |
-1 | These assets are included within prepaid expenses and other current assets and within other non-current assets. | ||||
-2 | These assets are included within cash and cash equivalents. | ||||
-3 | These assets are included within short-term investments. | ||||
-4 | These assets are included within long-term investments. | ||||
-5 | These liabilities are included within accrued liabilities and within other non-current liabilities. | ||||
We base the fair value of our Level 1 financial instruments, which are traded in active markets, using quoted market prices for identical instruments. | |||||
We obtain the fair value of our Level 2 financial instruments from a professional pricing service, which may use quoted market prices for identical or comparable instruments, or model driven valuations using observable market data or inputs corroborated by observable market data. To validate the fair value determination provided by our primary pricing service, we perform quality controls over values received, which include comparing our pricing service provider’s assessment of the fair values of our investment securities against the fair values of our investment securities obtained from another independent source, reviewing the pricing movement in the context of overall market trends, and reviewing trading information from our investment managers. In addition, we assess the inputs and methods used in determining the fair value in order to determine the classification of securities in the fair value hierarchy. | |||||
We did not own any Level 3 financial assets or liabilities as of June 27, 2014 or September 27, 2013. |
Stockholders_Equity_And_StockB
Stockholders' Equity And Stock-Based Compensation | 9 Months Ended | |||||
Jun. 27, 2014 | ||||||
Stockholders' Equity And Stock-Based Compensation [Abstract] | ' | |||||
Stockholders' Equity And Stock-Based Compensation | ' | |||||
Stockholders’ Equity and Stock-Based Compensation | ||||||
We provide stock-based awards as a form of compensation for employees, officers and directors. We have issued stock-based awards in the form of stock options, restricted stock units ("RSUs") and stock appreciation rights ("SARs") under our equity incentive plans, as well as shares under our Employee Stock Purchase Plan (“ESPP”). | ||||||
Common Stock - Class A and Class B | ||||||
Our Board of Directors has authorized two classes of common stock, Class A and Class B. At June 27, 2014, we had authorized 500,000,000 Class A shares and 500,000,000 Class B shares. At June 27, 2014, we had 49,199,196 shares of Class A common stock and 52,902,393 shares of Class B common stock issued and outstanding. Holders of our Class A and Class B common stock have identical rights, except that holders of our Class A common stock are entitled to one vote per share and holders of our Class B common stock are entitled to ten votes per share. Shares of Class B common stock can be converted to shares of Class A common stock at any time at the option of the stockholder and automatically convert upon sale or transfer, except for certain transfers specified in our amended and restated certificate of incorporation. | ||||||
Stock Incentive Plans | ||||||
2000 Stock Incentive Plan. Effective October 2000, we adopted the 2000 Stock Incentive Plan. The 2000 Stock Incentive Plan, as amended, provides for the issuance of incentive and non-qualified stock options to our employees, directors, and consultants to purchase up to 15.1 million shares of Class B common stock. Under the terms of this plan, options became exercisable as established by the Board of Directors (ratably over four years), and expire ten years after the date of the grant. Options issued under the plan were made at their grant-date fair market value. Subsequent to fiscal 2005, no further options were granted under this plan. The 2000 Stock Incentive Plan terminated on October 1, 2010 and no shares of our common stock remained available for future issuance under that plan other than pursuant to outstanding options. As of June 27, 2014, there were options outstanding to purchase 17,611 shares of Class B common stock, all of which were vested and exercisable, with a remaining weighted-average contractual life of 0.3 years. | ||||||
2005 Stock Plan. In January 2005, our stockholders approved our 2005 Stock Plan, which our Board of Directors adopted in November 2004. The 2005 Stock Plan became effective on February 16, 2005, the day prior to the completion of our initial public offering. Our 2005 Stock Plan, as amended and restated, provides for the ability to grant incentive stock options ("ISOs"), nonstatutory stock options ("NQs"), restricted stock, RSUs, SARs, deferred stock units, performance units, performance bonus awards and performance shares. A total of 29.0 million shares of our Class A common stock is authorized for issuance under the 2005 Stock Plan. For awards granted prior to February 2011, any shares subject to an award with a per share price less than the fair market value of our Class A common stock on the date of grant and any shares subject to an outstanding RSU award will be counted against the authorized share reserve as two shares for every one share subject to the award, and if returned to the 2005 Stock Plan, such shares will be counted as two shares for every one share returned. For those awards granted from February 2011 onward, any shares subject to an award with a per share price less than the fair market value of our Class A common stock on the date of grant and any shares subject to an outstanding RSU award will be counted against the authorized share reserve as 1.6 shares for every one share subject to the award, and if returned to the 2005 Stock Plan, such shares will be counted as 1.6 shares for every one share returned. | ||||||
As of June 27, 2014, there were options outstanding to purchase 7.9 million shares of Class A common stock, of which 3.3 million were vested and exercisable. The options outstanding have a remaining weighted-average contractual life of 7.6 years. | ||||||
Stock Options. Stock options are generally granted at fair market value on the date of grant. Options granted to employees and officers prior to June 2008 generally vest over four years, with equal annual cliff-vesting and expire on the earlier of 10 years after the date of grant or 3 months after termination of service. Options granted to employees and officers from June 2008 onward generally vest over four years, with 25% of the shares subject to the option becoming exercisable on the one-year anniversary of the date of grant and the balance of the shares vesting in equal monthly installments over the following 36 months. These options expire on the earlier of 10 years after the date of grant or 3 months after termination of service. All options granted vest over the requisite service period and upon the exercise of stock options, we issue new shares of Class A common stock under the 2005 Stock Plan and new shares of Class B common stock under the 2000 Stock Incentive Plan. Our 2005 Stock Plan also allows us to grant stock awards which vest based on the satisfaction of specific performance criteria. | ||||||
The following table summarizes information about stock options issued under our 2000 Stock Incentive Plan and 2005 Stock Plan: | ||||||
Shares | Weighted-Average | Weighted-Average | Aggregate | |||
Exercise Price | Remaining | Intrinsic | ||||
Contractual Life | Value (1) | |||||
(in thousands) | (in years) | (in thousands) | ||||
Options outstanding at September 27, 2013 | 6,385 | $29.82 | ||||
Grants | 2,442 | 37.96 | ||||
Exercises | -669 | 25.58 | ||||
Forfeitures and cancellations | -246 | 31.24 | ||||
Options outstanding at June 27, 2014 | 7,912 | 32.65 | 7.6 | $76,481 | ||
Options vested and expected to vest at June 27, 2014 | 7,581 | 32.6 | 7.6 | 73,678 | ||
Options exercisable at June 27, 2014 | 3,278 | 30.01 | 5.9 | 40,842 | ||
-1 | Aggregate intrinsic value is based on the closing price of our common stock on June 27, 2014 of $42.18 and excludes the impact of options that were not in-the-money. | |||||
Restricted Stock Units. Beginning in fiscal 2008, we began granting RSUs to certain directors, officers and employees under our 2005 Stock Plan. Awards granted to employees and officers generally vest over four years, with equal annual cliff-vesting. Awards granted to directors prior to November 2010 generally vest over three years, with equal annual cliff-vesting. Awards granted after November 2010 and prior to fiscal 2014 to new directors vest over approximately two years, with 50% vesting per year, while awards granted from November 2010 onward to ongoing directors generally vest over approximately one year. Awards granted to new directors from fiscal 2014 onward vest on the earlier of the first anniversary of the award’s date of grant, or the day immediately preceding the date of the next annual meeting of stockholders that occurs after the award’s date of grant. Our 2005 Stock Plan also allows us to grant RSUs which vest based on the satisfaction of specific performance criteria, although no such awards have been granted as of June 27, 2014. At each vesting date, the holder of the award is issued shares of our Class A common stock. Compensation expense from these awards is equal to the fair market value of our common stock on the date of grant and is recognized on a straight-line basis over the requisite service period. | ||||||
The following table summarizes information about RSUs issued under our 2005 Stock Plan: | ||||||
Shares | Weighted-Average | |||||
Grant Date | ||||||
Fair Value | ||||||
(in thousands) | ||||||
Non-vested at September 27, 2013 | 2,853 | $34.66 | ||||
Granted | 1,237 | 38.21 | ||||
Vested | -746 | 36.65 | ||||
Forfeitures | -187 | 34.84 | ||||
Non-vested at June 27, 2014 | 3,157 | 35.57 | ||||
Stock Appreciation Rights. We have previously granted stock appreciation rights to certain of our foreign employees. These awards are settled in cash rather than stock, and are classified as liability awards. | ||||||
Employee Stock Purchase Plan. Our plan allows eligible employees to have up to 10 percent of their eligible compensation withheld and used to purchase Class A common stock, subject to a maximum of $25,000 worth of stock purchased in a calendar year or no more than 1,000 shares in an offering period, whichever is less. An offering period consists of successive six-month purchase periods, with a look back feature to our stock price at the commencement of a one-year offering period. The plan provides for a discount equal to 15 percent of the closing price of our common stock on the New York Stock Exchange on the last day of the purchase period and for overlapping one-year offering periods. The plan also includes an automatic reset feature that provides for an offering period to be reset and recommenced to a new lower-priced offering if the offering price of a new offering period is less than that of the immediately preceding offering period. | ||||||
Stock Option Valuation Assumptions | ||||||
We use the Black-Scholes option pricing model to determine the estimated fair value of employee stock options at the date of the grant. The Black-Scholes model includes inputs that require us to make certain estimates and assumptions regarding the expected term of the award, as well as the future risk-free interest rate and volatility of our stock price over this expected term of the award. | ||||||
Expected Term. The expected term of an award represents the estimated period of time that options granted will remain outstanding, and is measured from the grant date to the date at which the option is either exercised or canceled. Our determination of the expected term involves an evaluation of historical terms and other factors such as the exercise and termination patterns of our employees who hold options to acquire our common stock, and is based on certain assumptions made regarding the future exercise and termination behavior. | ||||||
Risk-Free Interest Rate. The risk-free interest rate is based on the yield curve of United States Treasury instruments in effect on the date of grant. In determining an estimate for the risk-free interest rate, we use average interest rates based on these instruments’ constant maturities with a term that approximates and corresponds with the expected term of our awards. | ||||||
Expected Stock Price Volatility. The expected volatility represents the estimated volatility in the price of our common stock over a time period that approximates the expected term of the awards, and is determined using a blended combination of historical and implied volatility. Historical volatility is representative of the historical trends in our stock price for periods preceding the measurement date since our initial public offering. Implied volatility is based upon externally traded option contracts of our common stock. | ||||||
Dividend Yield. The dividend yield is based on our anticipated dividend payout over the expected term of our option awards. As we do not currently intend to pay dividends, the expected dividend yield is zero for all equity awards granted. | ||||||
The weighted-average assumptions used in the determination of the fair value of our stock options were as follows: | ||||||
Fiscal Quarter Ended | Fiscal Year-To-Date Ended | |||||
June 27, | June 28, | June 27, | June 28, | |||
2014 | 2013 | 2014 | 2013 | |||
Expected term (in years) | 4.58 | 4.37 | 4.58 | 4.37 | ||
Risk-free interest rate | 1.50% | 0.60% | 1.40% | 0.50% | ||
Expected stock price volatility | 31.50% | 35.30% | 32.00% | 40.40% | ||
Dividend yield | — | — | — | — | ||
Compensation Expense | ||||||
Stock-based compensation expense for equity awards granted to employees is determined by estimating their fair value on the date of grant, and recognizing that value as an expense on a straight-line basis over the requisite service period in which our employees earn the awards. Compensation expense related to these equity awards is recognized net of estimated forfeitures, which reduce the expense recorded in the consolidated statements of operations. We determine our estimated forfeiture rate based on an evaluation of historical forfeitures and revise our estimate, if necessary, in subsequent periods if actual forfeitures differ from our estimate. | ||||||
The two tables shown below separately present stock-based compensation expense both by award type and classification in our consolidated statements of operations (in thousands). No compensation cost was capitalized in either the fiscal quarter or year-to-date periods ended June 27, 2014 or June 28, 2013. | ||||||
Compensation Expense - By Award Type | ||||||
Fiscal Quarter Ended | Fiscal Year-To-Date Ended | |||||
June 27, | June 28, | June 27, | June 28, | |||
2014 | 2013 | 2014 | 2013 | |||
Compensation Expense - By Type | ||||||
Stock options | $5,121 | $5,438 | $14,378 | $17,437 | ||
Restricted stock units | 9,899 | 10,967 | 31,721 | 29,826 | ||
Employee stock purchase plan | 946 | 878 | 2,674 | 2,669 | ||
Total stock-based compensation | 15,966 | 17,283 | 48,773 | 49,932 | ||
Benefit from income taxes | -4,700 | -5,143 | -14,386 | -15,053 | ||
Total stock-based compensation, net of tax | $11,266 | $12,140 | $34,387 | $34,879 | ||
Compensation Expense - By Income Statement Line Item Classification | ||||||
Fiscal Quarter Ended | Fiscal Year-To-Date Ended | |||||
June 27, | June 28, | June 27, | June 28, | |||
2014 | 2013 | 2014 | 2013 | |||
Compensation Expense - By Classification | ||||||
Cost of products | $193 | $187 | $600 | $585 | ||
Cost of services | 97 | 84 | 297 | 308 | ||
Research and development | 4,476 | 4,133 | 13,672 | 13,033 | ||
Sales and marketing | 5,764 | 5,569 | 17,121 | 16,736 | ||
General and administrative | 5,436 | 5,443 | 17,083 | 17,403 | ||
Restructuring | — | 1,867 | — | 1,867 | ||
Total stock-based compensation expense | $15,966 | $17,283 | $48,773 | $49,932 | ||
The tax benefit that we recognize from certain exercises of ISOs and shares issued under our ESPP are excluded from the tables above. This benefit was as follows (in thousands): | ||||||
Fiscal Quarter Ended | Fiscal Year-To-Date Ended | |||||
June 27, | June 28, | June 27, | June 28, | |||
2014 | 2013 | 2014 | 2013 | |||
Tax benefit - stock option exercises & shares issued under ESPP | $148 | $220 | $458 | $360 | ||
Unrecognized Compensation Expense. At June 27, 2014, total unrecorded compensation expense associated with employee stock options expected to vest was approximately $48.8 million, which is expected to be recognized over a weighted-average period of 2.7 years. At June 27, 2014, total unrecorded compensation expense associated with RSUs expected to vest was approximately $82.3 million, which is expected to be recognized over a weighted-average period of 2.7 years. | ||||||
Special Dividend and Equity Award Modification | ||||||
On December 11, 2012, our Board of Directors declared a special dividend ("dividend") in the amount of $4.00 per share on our Class A and Class B common stock. Payment of the dividend was made on December 27, 2012 to all stockholders of record as of the close of business on December 21, 2012 ("Record Date"). Based on the 102,051,386 shares of Class A and Class B common stock outstanding as of the record date, the total dividend payment was $408.2 million. | ||||||
In connection with the declaration of this dividend in the first quarter of fiscal 2013, we adjusted the number and exercise price of certain eligible outstanding stock options and SARs granted under our 2005 Stock Plan and 2000 Stock Incentive Plan in a manner intended to preserve the pre-cash dividend economic value of these awards. Eligible awards include stock options and SARs that were granted prior to December 2012 and were outstanding as of the day following the record date, with the exception of stock options held by employees in Australia that were not adjusted due to tax considerations. The modification of these existing awards at the dividend declaration date resulted in a total net incremental compensation cost of approximately $7.9 million, which is being recognized over the vesting periods of the original awards, determined on a grant-by-grant basis, based on the extent to which the awards were vested as of the date of modification. The incremental charge related to all fully-vested awards as of the modification date was recognized immediately in the first quarter of fiscal 2013, while the vesting period for those awards not fully-vested at the time of modification range from one to four years. Of the total incremental charge, approximately $0.9 million and $4.2 million was recognized in the fiscal year-to-date period ended June 27, 2014 and June 28, 2013, respectively. | ||||||
Additionally, all outstanding RSUs under the 2005 Stock Plan that were unvested on the day following the record date, including RSUs that were granted on the record date, were modified to allow for the granting of a dividend equivalent (as such term is defined in the 2005 Stock Plan) with respect to each share of our Class A common stock underlying the unvested RSU. The dividend equivalent is payable in cash in a per share amount equal to the per share cash dividend on the same date that the related underlying RSU shares vest. The granting of the dividend equivalent for all outstanding RSUs resulted in a total net incremental compensation cost of approximately $11.9 million, which is being recognized over the remaining vesting periods of the RSUs at the date of modification, determined on a grant-by-grant basis. These vesting periods range from one to four years beginning on the first anniversary of the grant. Of the total incremental charge, approximately $2.4 million and $3.5 million was recognized in the fiscal year-to-date period ended June 27, 2014 and June 28, 2013, respectively. | ||||||
Common Stock Repurchase Program | ||||||
In November 2009, we announced a stock repurchase program ("program"), providing for the repurchase of up to $250.0 million of our Class A common stock. The following table summarizes the initial amount of authorized repurchases as well as additional repurchases approved by our Board of Directors (in thousands): | ||||||
Authorization Period | Authorization Amount | |||||
Fiscal 2010: November 2009 | $250,000 | |||||
Fiscal 2010: July 2010 | 300,000 | |||||
Fiscal 2011: July 2011 | 250,000 | |||||
Fiscal 2012: February 2012 | 100,000 | |||||
Total | $900,000 | |||||
Stock repurchases under the program may be made through open market transactions, negotiated purchases, or otherwise, at times and in amounts that we consider appropriate. The timing of repurchases and the number of shares repurchased depend upon a variety of factors, including price, regulatory requirements, the rate of dilution from our equity compensation plans and other market conditions. The program does not have a specified expiration date, and can be limited, suspended or terminated at our discretion at any time without prior notice. Shares repurchased under the program will be returned to the status of authorized but unissued shares of Class A common stock. As of June 27, 2014, the remaining authorization to purchase additional shares is approximately $75.1 million. | ||||||
The following table provides information regarding share repurchase activity under the program during fiscal 2014: | ||||||
Quarterly Repurchase Activity | Shares | Cost (1) | Average Price Paid Per Share (2) | |||
Repurchased | ||||||
(in thousands) | ||||||
Q1 - Quarter ended December 27, 2013 | 330,000 | $11,660 | $35.32 | |||
Q2 - Quarter ended March 28, 2014 | — | — | — | |||
Q3 - Quarter ended June 27, 2014 | 730,000 | 29,298 | 40.12 | |||
Total | 1,060,000 | $40,958 | ||||
-1 | Cost of share repurchases includes the price paid per share and applicable commissions. | |||||
-2 | Average price paid per share excludes commission costs. |
Restructuring
Restructuring | 9 Months Ended | |
Jun. 27, 2014 | ||
Restructuring Charges [Abstract] | ' | |
Restructuring | ' | |
Restructuring | ||
Fiscal 2014 Restructuring Plan. In October 2013, we implemented a plan to reorganize and consolidate certain activities and positions within our global business infrastructure. As a result, we recorded $3.3 million in restructuring costs during the fiscal year-to-date period ended June 27, 2014, representing severance and other related benefits offered to approximately 50 employees that were affected as a result of this action. | ||
Changes in restructuring accruals under this restructuring plan were as follows (in thousands): | ||
Severance and associated costs | ||
Restructuring charges | $3,301 | |
Cash payments | -3,025 | |
Non-cash and other adjustments | -5 | |
Balance at June 27, 2014 | $271 | |
During the fiscal quarter ended June 27, 2014, we recognized a $0.7 million credit representing the release of a facility exit obligation accrued under our Fiscal 2013 Restructuring Plan following the sale of certain property located in Wootton Bassett, U.K during the quarter. Aside from the release of this liability, there was no other activity relating to our Fiscal 2013 Restructuring Plan during the fiscal quarter ended June 27, 2014. | ||
Accruals for restructuring charges are included within accrued liabilities in the accompanying consolidated balance sheets while restructuring charges are included within restructuring charges in the accompanying consolidated statements of operations. |
Income_Taxes
Income Taxes | 9 Months Ended | |||||
Jun. 27, 2014 | ||||||
Income Tax Disclosure [Abstract] | ' | |||||
Income Taxes | ' | |||||
Income Taxes | ||||||
Our income tax expense, deferred tax assets and liabilities, and reserves for unrecognized tax benefits reflect management's best assessment of estimated current and future taxes to be paid. We are subject to income taxes in the United States and numerous foreign jurisdictions. Significant judgments and estimates are required in determining the consolidated income tax expense. | ||||||
Unrecognized Tax Benefit | ||||||
Our gross unrecognized tax benefit is reduced by a liability recorded so that our unrecognized tax benefit represents the amount that we ultimately expect to be realized. As of June 27, 2014, the total amount of gross unrecognized tax benefits was $33.9 million, of which $22.1 million, if recognized, would reduce our effective tax rate. Our net liability for unrecognized tax benefits is classified within other non-current liabilities in our consolidated balance sheets. | ||||||
Withholding Taxes | ||||||
We recognize licensing revenue gross of withholding taxes, which our licensees remit directly to their local tax authorities, and for which we receive a related foreign tax credit in our income tax provision. The foreign current tax includes this withholding tax expense while the appropriate foreign tax credit benefit is included in current federal and foreign taxes. Withholding taxes were as follows (in thousands): | ||||||
Fiscal Quarter Ended | Fiscal Year-To-Date Ended | |||||
June 27, | June 28, | June 27, | June 28, | |||
2014 | 2013 | 2014 | 2013 | |||
Withholding Taxes | $12,022 | $8,970 | $35,120 | $30,261 | ||
Effective Tax Rate | ||||||
Each period, the combination of multiple different factors can impact our effective tax rate. These factors include both recurring items such as tax rates and the relative amount of income earned in foreign jurisdictions, as well as discrete items that may occur in, but are not necessarily consistent between periods. | ||||||
Our effective tax rate increased from 19% in the third quarter of fiscal 2013 to 22% in the third quarter of fiscal 2014, which reflects reduced benefits from federal R&D tax credits that were retroactively reinstated in January 2013 and which expired in December 2013. Additionally, we received a benefit to our effective tax rate in the third quarter of fiscal 2013 related to the re-organization of a foreign subsidiary which resulted in the release of certain deferred tax liabilities. The overall increase in the rate was partially offset by the benefit received during the third quarter of fiscal 2014 from a higher proportion of overall earnings attributable to lower tax-rate jurisdictions. | ||||||
On a year-to-date basis, our effective tax rate remained unchanged as it was 25% in both the fiscal year-to-date period ended June 27, 2014 and 25% in the fiscal year-to-date period ended June 28, 2013 and reflects the same factors as discussed above. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 9 Months Ended | |||||||
Jun. 27, 2014 | ||||||||
Equity [Abstract] | ' | |||||||
Accumulated Other Comprehensive Income | ' | |||||||
Accumulated Other Comprehensive Income | ||||||||
Other comprehensive income ("OCI") consists of two components: unrealized gains or losses on our available-for-sale marketable investment securities and the gain or loss from foreign currency translation adjustments. Until realized and reported as a component of net income, these comprehensive income items accumulate and are included within accumulated other comprehensive income ("AOCI"), a subsection within stockholders’ equity in our consolidated balance sheet. Unrealized gains and losses on our investment securities are reclassified from AOCI into earnings when realized upon sale, and are determined based on specific identification of securities sold. Gains and losses from the translation of assets and liabilities denominated in non-U.S. dollar functional currencies are included in AOCI. | ||||||||
The following table summarizes the changes in the accumulated balances during the period, and includes information regarding the manner in which the reclassifications out of AOCI into earnings affect our consolidated statements of operations (in thousands): | ||||||||
Fiscal Quarter Ended June 27, 2014 | Fiscal Year-To-Date Ended June 27, 2014 | |||||||
Unrealized Gain/Loss - Investments | Currency Translation Adjustments | Total | Unrealized Gain/Loss - Investments | Currency Translation Adjustments | Total | |||
Balance, Beginning Of Period | $380 | $8,314 | $8,694 | $203 | $7,611 | $7,814 | ||
Other Comprehensive Income Before Reclassifications: | ||||||||
Unrealized Gains - Investment Securities | 484 | 484 | 1,055 | 1,055 | ||||
Foreign Currency Translation Gains/(Losses) (1) | -366 | -366 | 401 | 401 | ||||
Income Tax Effect - Benefit/(Expense) (2) | -173 | 71 | -102 | -377 | 7 | -370 | ||
Net Of Tax | 311 | -295 | 16 | 678 | 408 | 1,086 | ||
Amounts Reclassified From AOCI Into Earnings: | ||||||||
Realized (Gains) - Investment Securities (1) | -49 | -49 | -345 | -345 | ||||
Income Tax Effect - Expense (2) | 17 | 17 | 123 | 123 | ||||
Net Of Tax | 279 | -295 | -16 | 456 | 408 | 864 | ||
Balance, End Of Period | $659 | $8,019 | $8,678 | $659 | $8,019 | $8,678 | ||
-1 | Realized gains or losses from the sale of our available-for-sale investment securities or from foreign currency translation adjustments are included within other income/expense, net in our consolidated statements of operations. | |||||||
-2 | The income tax benefit or expense is included within provision for income taxes in our consolidated statements of operations. |
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended | |||||||
Jun. 27, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Commitments And Contingencies | ' | |||||||
Commitments and Contingencies | ||||||||
In the ordinary course of business, we enter into contractual agreements with third parties that include non-cancelable payment obligations, for which we are liable in future periods. These arrangements can include terms binding us to minimum payments and/or penalties if we terminate the agreement for any reason other than an event of default as described by the agreement. The following table presents a summary of our contractual obligations and commitments as of June 27, 2014 (in thousands): | ||||||||
Payments Due By Fiscal Period | ||||||||
Remainder Of Fiscal 2014 | Fiscal | Fiscal | Fiscal | Fiscal | Thereafter | Total | ||
2015 | 2016 | 2017 | 2018 | |||||
Naming rights | $— | $7,432 | $7,525 | $7,619 | $7,715 | $118,699 | $148,990 | |
Operating leases | 4,625 | 15,481 | 10,458 | 9,056 | 7,939 | 40,329 | 87,888 | |
Purchase obligations | 1,681 | 3,082 | 1,454 | 67 | — | — | 6,284 | |
Total | $6,306 | $25,995 | $19,437 | $16,742 | $15,654 | $159,028 | $243,162 | |
Naming Rights. In fiscal 2012, we entered into an agreement for naming rights and related benefits with respect to the Dolby Theatre in Hollywood, California, the location of the Academy Awards®. The term of the agreement is 20 years, over which we will make payments on a semi-annual basis. Our payment obligations are conditioned in part on the Academy Awards® being held and broadcast from the Dolby Theatre. | ||||||||
Operating Lease Payments. Operating lease payments represent our commitments for future minimum rent made under non-cancellable leases for office space, including those payable to our principal stockholder and portions attributable to the controlling interests in our wholly owned subsidiaries. | ||||||||
Purchase Obligations. Purchase obligations primarily consist of our commitments made under agreements to purchase goods and services for purposes that include IT and telecommunications, marketing and professional services, and manufacturing and other research and development activities. | ||||||||
Indemnification Clauses. On a limited basis, our contractual agreements will contain a clause under which we have agreed to provide indemnification to the counterparty, most commonly to licensees in connection with licensing arrangements that include our intellectual property. Additionally, and although not a contractual requirement, we have at times elected to defend our licensees from third party intellectual property infringement claims. Since the terms and conditions of the indemnification clauses vary in scope and duration, we are unable to make a reasonable estimate of the maximum amount of exposure that we could potentially have for such clauses. Furthermore, we have not historically made any payments in connection with any such obligation and believe there to be a remote likelihood that any potential exposure in future periods would be of a material amount. As a result, no amounts have been accrued in our unaudited interim condensed consolidated financial statements with respect to the contingent aspect of these indemnities. |
Legal_Proceedings
Legal Proceedings | 9 Months Ended |
Jun. 27, 2014 | |
Loss Contingency, Information about Litigation Matters [Abstract] | ' |
Legal Proceedings | ' |
Legal Proceedings | |
In December 2013, the Korean Fair Trade Commission (“KFTC”) initiated a review of the Company under Korean competition law. In March 2014, the National Development and Reform Commission of China (“NDRC”) initiated a review under the Chinese competition laws. The KFTC and NDRC have requested information relating to our business practices in Korea and China, respectively. We are cooperating with the KFTC and NDRC as they conduct their reviews. | |
We are involved in various legal proceedings that occasionally arise in the normal course of business. These can include claims of alleged infringement of intellectual property rights, commercial, employment and other matters. In our opinion, resolution of these proceedings is not expected to have a material adverse impact on our operating results or financial condition. Given the unpredictable nature of legal proceedings, it is possible that an unfavorable resolution of one or more such proceedings could materially affect our future operating results or financial condition in a particular period; however, based on the information known by us as of the date of this filing and the rules and regulations applicable to the preparation of our unaudited interim condensed financial statements, any such amount is either immaterial, or it is not possible to provide an estimated amount of any such potential loss. |
Acquisitions
Acquisitions | 9 Months Ended |
Jun. 27, 2014 | |
Business Combinations [Abstract] | ' |
Acquisitions | ' |
Acquisitions | |
On February 23, 2014, we entered into a definitive agreement to acquire Doremi Labs ("Doremi"), a privately held company, for $92.5 million in cash and up to an additional $20.0 million in contingent consideration that may be earned over a four-year period. Headquartered in Burbank, California, Doremi is a leading developer and manufacturer of digital cinema servers and format converters for the broadcast, postproduction, and professional audio/visual markets and is a world leader in digital cinema technology. The acquisition is subject to customary closing conditions, including review by United States and international regulators, and it is anticipated to close by the end of the 2014 calendar year. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Jun. 27, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
Purchase Of Commercial Office Building In Sunnyvale, CA. On July 14, 2014, we completed the purchase of a commercial office building in Sunnyvale, California for $19.7 million that we were occupying under a 7.5 year lease that had not yet run its full term. Purchase of the building prior to expiration of the lease term requires that we recognize existing deferred credits from rent concessions and other allowances. Thus, the building’s new carrying value will comprise the acquisition price plus the carrying value of existing leasehold improvements, less existing deferred rent credits. |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 9 Months Ended |
Jun. 27, 2014 | |
Accounting Policies [Abstract] | ' |
Principles Of Consolidation | ' |
Principles of Consolidation | |
The unaudited interim condensed consolidated financial statements include the accounts of Dolby Laboratories and our wholly owned subsidiaries. In addition, we have consolidated the financial results of jointly owned affiliated companies in which our principal stockholder has a controlling interest. We report these controlling interests as a separate line in our consolidated statements of operations as net income attributable to controlling interest and in our consolidated balance sheets as a controlling interest. We eliminate all intercompany accounts and transactions upon consolidation. | |
Operating Segments | ' |
Operating Segments | |
We operate as a single reporting segment, and thus all required financial segment information is included in our unaudited interim condensed consolidated financial statements. This determination reflects the fact that our chief operating decision-maker ("CODM"), our Chief Executive Officer, evaluates our financial information and resources, and assesses the performance of these resources on a consolidated basis. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of our financial statements in accordance with GAAP requires management to make certain estimates and assumptions that affect the amounts reported and disclosed in our unaudited interim condensed consolidated financial statements and accompanying notes. Significant items subject to such estimates and assumptions include estimated selling prices for elements sold in multiple-element revenue arrangements; valuation allowances for accounts receivable; carrying values of inventories and certain property, plant, and equipment, goodwill and intangible assets; fair values of investments, accrued liabilities including liabilities for unrecognized tax benefits, deferred income tax assets and stock-based compensation. Actual results could differ from our estimates. | |
Fiscal Year | ' |
Fiscal Year | |
Our fiscal year is a 52 or 53 week period ending on the last Friday in September. The fiscal periods presented herein include the 13 and 39 week periods ended June 27, 2014 and June 28, 2013. Our fiscal year ending September 26, 2014 (fiscal 2014) and our fiscal year ended September 27, 2013 (fiscal 2013) both consist of 52 weeks. | |
Reclassifications | ' |
Reclassifications | |
We have reclassified certain prior period amounts within our unaudited interim condensed consolidated financial statements and accompanying notes to conform to our current period presentation. These reclassifications did not affect total revenue, operating income or net income. |
Composition_Of_Certain_Financi1
Composition Of Certain Financial Statement Captions (Tables) | 9 Months Ended | ||||||||
Jun. 27, 2014 | |||||||||
Composition Of Certain Financial Statement Captions [Abstract] | ' | ||||||||
Schedule Of Cash, Cash Equivalents, And Investments | ' | ||||||||
Cash, Cash Equivalents, and Investments | |||||||||
June 27, | September 27, | ||||||||
2014 | 2013 | ||||||||
Cash and cash equivalents: | |||||||||
Cash | $554,315 | $420,069 | |||||||
Cash equivalents: | |||||||||
Money market funds | 833 | 16,193 | |||||||
U.S. agency securities | 32,927 | 13,135 | |||||||
Commercial paper | — | 5,000 | |||||||
Corporate bonds | 2,022 | — | |||||||
Total cash and cash equivalents | 590,097 | 454,397 | |||||||
Short-term investments: | |||||||||
U.S. agency securities | 32,449 | 6,007 | |||||||
Commercial paper | 4,985 | 5,991 | |||||||
Corporate bonds | 22,997 | 43,847 | |||||||
Municipal debt securities | 121,015 | 84,422 | |||||||
Total short-term investments | 181,446 | 140,267 | |||||||
Long-term investments: | |||||||||
U.S. agency securities | 24,982 | 40,924 | |||||||
Corporate bonds | 128,889 | 90,391 | |||||||
Municipal debt securities | 159,134 | 172,023 | |||||||
Other long-term investments | 500 | -2 | 3,000 | -3 | |||||
Total long-term investments | 313,505 | 306,338 | |||||||
Total cash, cash equivalents and investments (1) | $1,085,048 | $901,002 | |||||||
-1 | Total cash, cash equivalents, and investments exclude $3.3 million and $3.2 million of restricted cash as of June 27, 2014 and September 27, 2013. | ||||||||
-2 | Other long-term investments include a cost method investment of $0.5 million as of June 27, 2014 that was made during the second quarter of fiscal 2014. | ||||||||
-3 | Other long-term investments include a cost method investment of $3.0 million as of September 27, 2013. During the second quarter of fiscal 2014, we recorded a write-off charge to reduce the carrying value to zero in recognition of an other-than-temporary impairment. | ||||||||
Schedule Of Investment Portfolio Recorded As Cash Equivalents, Short-Term Investments, And Long-Term Investments | ' | ||||||||
Our investment portfolio, which is recorded as cash equivalents and both short and long-term investments, consists of the following: | |||||||||
June 27, 2014 | |||||||||
Cost | Unrealized | Unrealized | Estimated Fair | ||||||
Gains | Losses | Value | |||||||
Money market funds | $833 | $— | $— | $833 | |||||
U.S. agency securities | 90,359 | 10 | -11 | 90,358 | |||||
Commercial paper | 4,985 | — | — | 4,985 | |||||
Corporate bonds | 153,498 | 436 | -26 | 153,908 | |||||
Municipal debt securities | 279,540 | 639 | -30 | 280,149 | |||||
Cash equivalents and investments | $529,215 | $1,085 | ($67) | $530,233 | |||||
September 27, 2013 | |||||||||
Cost | Unrealized | Unrealized | Estimated Fair | ||||||
Gains | Losses | Value | |||||||
Money market funds | $16,193 | $— | $— | $16,193 | |||||
U.S. agency securities | 60,126 | 16 | -76 | 60,066 | |||||
Commercial paper | 10,991 | — | — | 10,991 | |||||
Corporate bonds | 134,097 | 315 | -174 | 134,238 | |||||
Municipal debt securities | 256,218 | 384 | -157 | 256,445 | |||||
Cash equivalents and investments | $477,625 | $715 | ($407) | $477,933 | |||||
Schedule Of Gross Unrealized Losses And The Fair Value For Available-For-Sale Securities | ' | ||||||||
The following tables show the gross unrealized losses and the fair value for those available-for-sale securities that were in an unrealized loss position: | |||||||||
June 27, 2014 | |||||||||
Less than 12 months | 12 months or greater | Total | |||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||
U.S. agency securities | $28,438 | ($11) | $5,000 | $— | $33,438 | ($11) | |||
Corporate bonds | 41,047 | -26 | — | — | 41,047 | -26 | |||
Municipal debt securities | 46,354 | -19 | 2,500 | -11 | 48,854 | -30 | |||
Total | $115,839 | ($56) | $7,500 | ($11) | $123,339 | ($67) | |||
September 27, 2013 | |||||||||
Less than 12 months | 12 months or greater | Total | |||||||
Fair Value | Gross Unrealized | Fair Value | Gross Unrealized | Fair Value | Gross Unrealized | ||||
Losses | Losses | Losses | |||||||
U.S. agency securities | $21,407 | ($76) | $— | $— | $21,407 | ($76) | |||
Corporate bonds | 53,350 | -174 | — | — | 53,350 | -174 | |||
Municipal debt securities | 72,485 | -157 | — | — | 72,485 | -157 | |||
Total | $147,242 | ($407) | $— | $— | $147,242 | ($407) | |||
Schedule Of Amortized Cost And Estimated Fair Value Of Short-Term And Long-Term Available-For-Sale Investments Based On Stated Maturities | ' | ||||||||
The following table summarizes the amortized cost and estimated fair value of the available-for-sale securities within our investment portfolio based on stated maturities as of June 27, 2014 and September 27, 2013, which are recorded within cash equivalents and both short and long-term investments in our consolidated balance sheets: | |||||||||
June 27, 2014 | September 27, 2013 | ||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||
Due within 1 year | $214,161 | $214,330 | $158,275 | $158,402 | |||||
Due in 1 to 2 years | 189,504 | 190,087 | 172,993 | 173,373 | |||||
Due in 2 to 3 years | 124,716 | 124,986 | 130,164 | 129,965 | |||||
Total | $528,381 | $529,403 | $461,432 | $461,740 | |||||
Schedule Of Accounts Receivable | ' | ||||||||
Accounts Receivable | |||||||||
Accounts Receivable, Net | June 27, | September 27, | |||||||
2014 | 2013 | ||||||||
Trade accounts receivable | $73,699 | $86,823 | |||||||
Accounts receivable related to patent administration program | 22,678 | 11,151 | |||||||
Accounts Receivable, Gross | 96,377 | 97,974 | |||||||
Less: allowance for doubtful accounts | -1,118 | -514 | |||||||
Accounts Receivable, Net | $95,259 | $97,460 | |||||||
Schedule Of Inventories | ' | ||||||||
Inventories | |||||||||
Inventory | June 27, | September 27, | |||||||
2014 | 2013 | ||||||||
Raw materials | $936 | $2,050 | |||||||
Work in process | 94 | — | |||||||
Finished goods | 8,155 | 8,043 | |||||||
Total | $9,185 | $10,093 | |||||||
Schedule Of Prepaid Expenses And Other Current Assets | ' | ||||||||
Prepaid Expenses and Other Current Assets | |||||||||
Prepaid Expenses And Other Current Assets | June 27, | September 27, | |||||||
2014 | 2013 | ||||||||
Prepaid expenses | $13,041 | $10,195 | |||||||
Other current assets | 7,501 | 10,863 | |||||||
Income tax receivable | 1,904 | 7,891 | |||||||
Total | $22,446 | $28,949 | |||||||
Schedule Of Property, Plant And Equipment | ' | ||||||||
Property, Plant and Equipment | |||||||||
Property, Plant And Equipment | June 27, | September 27, | |||||||
2014 | 2013 | ||||||||
Land | $46,208 | $46,049 | |||||||
Buildings | 32,665 | 32,305 | |||||||
Leasehold improvements | 67,499 | 64,991 | |||||||
Machinery and equipment | 45,089 | 38,408 | |||||||
Computer systems and software | 102,155 | 91,939 | |||||||
Furniture and fixtures | 13,589 | 13,490 | |||||||
Construction in progress | 107,378 | 88,872 | |||||||
Property, Plant And Equipment, Gross | 414,583 | 376,054 | |||||||
Less: accumulated depreciation | -162,194 | -133,137 | |||||||
Property, Plant And Equipment, Net | $252,389 | $242,917 | |||||||
Schedule Of Goodwill | ' | ||||||||
The following table outlines changes to the carrying amount of goodwill: | |||||||||
Goodwill | |||||||||
Balance at September 27, 2013 | $279,724 | ||||||||
Translation adjustments | 242 | ||||||||
Balance at June 27, 2014 | $279,966 | ||||||||
Schedule Of Intangible Assets | ' | ||||||||
Intangible assets subject to amortization consist of the following: | |||||||||
June 27, 2014 | September 27, 2013 | ||||||||
Intangible Assets, Net | Cost | Accumulated | Net | Cost | Accumulated | Net | |||
Amortization | Amortization | ||||||||
Acquired patents and technology | $100,012 | ($59,195) | $40,817 | $79,925 | ($51,267) | $28,658 | |||
Customer relationships | 30,725 | -21,983 | 8,742 | 30,723 | -19,592 | 11,131 | |||
Other intangibles | 21,000 | -20,334 | 666 | 20,992 | -19,466 | 1,526 | |||
Total | $151,737 | ($101,512) | $50,225 | $131,640 | ($90,325) | $41,315 | |||
Schedule Of Future Amortization Expense | ' | ||||||||
As of June 27, 2014, expected amortization expense of our intangible assets in future periods is as follows: | |||||||||
Fiscal Year | Amortization Expense | ||||||||
Remainder of Fiscal 2014 | $4,008 | ||||||||
2015 | 13,626 | ||||||||
2016 | 11,445 | ||||||||
2017 | 8,302 | ||||||||
2018 | 2,999 | ||||||||
Thereafter | 9,845 | ||||||||
Total | $50,225 | ||||||||
Schedule Of Accrued Liabilities | ' | ||||||||
Accrued Liabilities | |||||||||
Accrued Liabilities | June 27, | September 27, | |||||||
2014 | 2013 | ||||||||
Accrued royalties | $9,293 | $6,075 | |||||||
Amounts payable to joint licensing program partners | 46,185 | 40,091 | |||||||
Accrued compensation and benefits | 58,684 | 54,423 | |||||||
Accrued professional fees | 6,840 | 4,402 | |||||||
Other accrued liabilities | 32,068 | 32,804 | |||||||
Total | $153,070 | $137,795 | |||||||
Schedule Of Other Non-Current Liabilities | ' | ||||||||
Other Non-Current Liabilities | |||||||||
Other Non-Current Liabilities | June 27, | September 27, | |||||||
2014 | 2013 | ||||||||
Supplemental retirement plan obligations | $2,315 | $2,144 | |||||||
Non-current tax liabilities | 33,188 | 30,986 | |||||||
Other liabilities | 12,465 | 12,311 | |||||||
Total | $47,968 | $45,441 |
Per_Share_Data_Tables
Per Share Data (Tables) | 9 Months Ended | |||||
Jun. 27, 2014 | ||||||
Earnings Per Share [Abstract] | ' | |||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||
The following table sets forth the computation of basic and diluted EPS attributable to Dolby Laboratories, Inc. (in thousands, except per share amounts): | ||||||
Fiscal Quarter Ended | Fiscal Year-To-Date Ended | |||||
June 27, | June 28, | June 27, | June 28, | |||
2014 | 2013 | 2014 | 2013 | |||
Numerator: | ||||||
Net income attributable to Dolby Laboratories, Inc. | $39,779 | $30,216 | $160,162 | $143,476 | ||
Denominator: | ||||||
Weighted-average shares outstanding—basic | 102,350 | 101,751 | 102,131 | 101,917 | ||
Potential common shares from options to purchase common stock | 616 | 307 | 500 | 293 | ||
Potential common shares from restricted stock units | 976 | 973 | 974 | 789 | ||
Weighted-average shares outstanding—diluted | 103,942 | 103,031 | 103,605 | 102,999 | ||
Net income per share attributable to Dolby Laboratories, Inc.: | ||||||
Basic | $0.39 | $0.30 | $1.57 | $1.41 | ||
Diluted | $0.38 | $0.29 | $1.55 | $1.39 | ||
Antidilutive awards excluded from calculation: | ||||||
Stock options | 3,563 | 5,048 | 3,915 | 5,274 | ||
Restricted stock units | 184 | 354 | 1,756 | 1,769 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||
Jun. 27, 2014 | |||||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ' | ||||
Schedule Of Financial Assets and Liabilities Carried At Fair Value | ' | ||||
The following tables present information about the fair value of our financial assets and liabilities measured on a recurring basis, and indicates the classification within the fair value hierarchy of the valuation inputs utilized to determine fair value (in thousands): | |||||
June 27, 2014 | |||||
Level 1 | Level 2 | Level 3 | Total | ||
Assets: | |||||
Investments held in supplemental retirement plan (1) | $2,413 | $— | $— | $2,413 | |
Money market funds (2) | 833 | — | — | 833 | |
U.S. agency securities (2), (3), (4) | 90,358 | — | — | 90,358 | |
Commercial paper (3) | — | 4,985 | — | 4,985 | |
Corporate bonds (2), (3), (4) | — | 153,908 | — | 153,908 | |
Municipal debt securities (3), (4) | — | 280,149 | — | 280,149 | |
Total | $93,604 | $439,042 | $— | $532,646 | |
Liabilities: | |||||
Investments held in supplemental retirement plan (5) | $2,413 | $— | $— | $2,413 | |
Total | $2,413 | $— | $— | $2,413 | |
September 27, 2013 | |||||
Level 1 | Level 2 | Level 3 | Total | ||
Assets: | |||||
Investments held in supplemental retirement plan (1) | $2,242 | $— | $— | $2,242 | |
Money market funds (2) | 16,193 | — | — | 16,193 | |
U.S. agency securities (2), (3), (4) | 60,066 | — | — | 60,066 | |
Commercial paper (2), (3) | — | 10,991 | — | 10,991 | |
Corporate bonds (3), (4) | — | 134,238 | — | 134,238 | |
Municipal debt securities (3), (4) | — | 256,445 | — | 256,445 | |
Total | $78,501 | $401,674 | $— | $480,175 | |
Liabilities: | |||||
Investments held in supplemental retirement plan (5) | $2,242 | $— | $— | $2,242 | |
Total | $2,242 | $— | $— | $2,242 | |
-1 | These assets are included within prepaid expenses and other current assets and within other non-current assets. | ||||
-2 | These assets are included within cash and cash equivalents. | ||||
-3 | These assets are included within short-term investments. | ||||
-4 | These assets are included within long-term investments. | ||||
-5 | These liabilities are included within accrued liabilities and within other non-current liabilities. |
Stockholders_Equity_And_StockB1
Stockholders' Equity And Stock-Based Compensation (Tables) | 9 Months Ended | |||||
Jun. 27, 2014 | ||||||
Stockholders' Equity And Stock-Based Compensation [Abstract] | ' | |||||
Summary Of Stock Options Issued To Officers, Directors, And Employees Under 2000 Stock Incentive Plan And 2005 Stock Plan | ' | |||||
The following table summarizes information about stock options issued under our 2000 Stock Incentive Plan and 2005 Stock Plan: | ||||||
Shares | Weighted-Average | Weighted-Average | Aggregate | |||
Exercise Price | Remaining | Intrinsic | ||||
Contractual Life | Value (1) | |||||
(in thousands) | (in years) | (in thousands) | ||||
Options outstanding at September 27, 2013 | 6,385 | $29.82 | ||||
Grants | 2,442 | 37.96 | ||||
Exercises | -669 | 25.58 | ||||
Forfeitures and cancellations | -246 | 31.24 | ||||
Options outstanding at June 27, 2014 | 7,912 | 32.65 | 7.6 | $76,481 | ||
Options vested and expected to vest at June 27, 2014 | 7,581 | 32.6 | 7.6 | 73,678 | ||
Options exercisable at June 27, 2014 | 3,278 | 30.01 | 5.9 | 40,842 | ||
-1 | Aggregate intrinsic value is based on the closing price of our common stock on June 27, 2014 of $42.18 and excludes the impact of options that were not in-the-money. | |||||
Summary Of Restricted Stock Units Issued To Officers, Directors And Employees Under 2005 Stock Incentive Plan | ' | |||||
The following table summarizes information about RSUs issued under our 2005 Stock Plan: | ||||||
Shares | Weighted-Average | |||||
Grant Date | ||||||
Fair Value | ||||||
(in thousands) | ||||||
Non-vested at September 27, 2013 | 2,853 | $34.66 | ||||
Granted | 1,237 | 38.21 | ||||
Vested | -746 | 36.65 | ||||
Forfeitures | -187 | 34.84 | ||||
Non-vested at June 27, 2014 | 3,157 | 35.57 | ||||
Schedule Of Fair Value Of Stock-Based Awards Estimated Using Weighted-Average Assumptions | ' | |||||
The weighted-average assumptions used in the determination of the fair value of our stock options were as follows: | ||||||
Fiscal Quarter Ended | Fiscal Year-To-Date Ended | |||||
June 27, | June 28, | June 27, | June 28, | |||
2014 | 2013 | 2014 | 2013 | |||
Expected term (in years) | 4.58 | 4.37 | 4.58 | 4.37 | ||
Risk-free interest rate | 1.50% | 0.60% | 1.40% | 0.50% | ||
Expected stock price volatility | 31.50% | 35.30% | 32.00% | 40.40% | ||
Dividend yield | — | — | — | — | ||
Schedule Of Stock-Based Compensation Expense By Plan | ' | |||||
Compensation Expense - By Award Type | ||||||
Fiscal Quarter Ended | Fiscal Year-To-Date Ended | |||||
June 27, | June 28, | June 27, | June 28, | |||
2014 | 2013 | 2014 | 2013 | |||
Compensation Expense - By Type | ||||||
Stock options | $5,121 | $5,438 | $14,378 | $17,437 | ||
Restricted stock units | 9,899 | 10,967 | 31,721 | 29,826 | ||
Employee stock purchase plan | 946 | 878 | 2,674 | 2,669 | ||
Total stock-based compensation | 15,966 | 17,283 | 48,773 | 49,932 | ||
Benefit from income taxes | -4,700 | -5,143 | -14,386 | -15,053 | ||
Total stock-based compensation, net of tax | $11,266 | $12,140 | $34,387 | $34,879 | ||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ' | |||||
Compensation Expense - By Income Statement Line Item Classification | ||||||
Fiscal Quarter Ended | Fiscal Year-To-Date Ended | |||||
June 27, | June 28, | June 27, | June 28, | |||
2014 | 2013 | 2014 | 2013 | |||
Compensation Expense - By Classification | ||||||
Cost of products | $193 | $187 | $600 | $585 | ||
Cost of services | 97 | 84 | 297 | 308 | ||
Research and development | 4,476 | 4,133 | 13,672 | 13,033 | ||
Sales and marketing | 5,764 | 5,569 | 17,121 | 16,736 | ||
General and administrative | 5,436 | 5,443 | 17,083 | 17,403 | ||
Restructuring | — | 1,867 | — | 1,867 | ||
Total stock-based compensation expense | $15,966 | $17,283 | $48,773 | $49,932 | ||
Schedule of Tax Benefit from Exercise of Options | ' | |||||
This benefit was as follows (in thousands): | ||||||
Fiscal Quarter Ended | Fiscal Year-To-Date Ended | |||||
June 27, | June 28, | June 27, | June 28, | |||
2014 | 2013 | 2014 | 2013 | |||
Tax benefit - stock option exercises & shares issued under ESPP | $148 | $220 | $458 | $360 | ||
Schedule of Stock Repurchase Authorizations | ' | |||||
The following table summarizes the initial amount of authorized repurchases as well as additional repurchases approved by our Board of Directors (in thousands): | ||||||
Authorization Period | Authorization Amount | |||||
Fiscal 2010: November 2009 | $250,000 | |||||
Fiscal 2010: July 2010 | 300,000 | |||||
Fiscal 2011: July 2011 | 250,000 | |||||
Fiscal 2012: February 2012 | 100,000 | |||||
Total | $900,000 | |||||
Schedule of Stock Repurchase Activity | ' | |||||
The following table provides information regarding share repurchase activity under the program during fiscal 2014: | ||||||
Quarterly Repurchase Activity | Shares | Cost (1) | Average Price Paid Per Share (2) | |||
Repurchased | ||||||
(in thousands) | ||||||
Q1 - Quarter ended December 27, 2013 | 330,000 | $11,660 | $35.32 | |||
Q2 - Quarter ended March 28, 2014 | — | — | — | |||
Q3 - Quarter ended June 27, 2014 | 730,000 | 29,298 | 40.12 | |||
Total | 1,060,000 | $40,958 | ||||
-1 | Cost of share repurchases includes the price paid per share and applicable commissions. | |||||
-2 | Average price paid per share excludes commission costs. |
Restructuring_Tables
Restructuring (Tables) | 9 Months Ended | |
Jun. 27, 2014 | ||
Restructuring Charges [Abstract] | ' | |
Schedule Of Changes In Restructuring Accruals | ' | |
Changes in restructuring accruals under this restructuring plan were as follows (in thousands): | ||
Severance and associated costs | ||
Restructuring charges | $3,301 | |
Cash payments | -3,025 | |
Non-cash and other adjustments | -5 | |
Balance at June 27, 2014 | $271 |
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | |||||
Jun. 27, 2014 | ||||||
Income Tax Disclosure [Abstract] | ' | |||||
Schedule of Withholding Taxes | ' | |||||
Withholding taxes were as follows (in thousands): | ||||||
Fiscal Quarter Ended | Fiscal Year-To-Date Ended | |||||
June 27, | June 28, | June 27, | June 28, | |||
2014 | 2013 | 2014 | 2013 | |||
Withholding Taxes | $12,022 | $8,970 | $35,120 | $30,261 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | |||||||
Jun. 27, 2014 | ||||||||
Equity [Abstract] | ' | |||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||
The following table summarizes the changes in the accumulated balances during the period, and includes information regarding the manner in which the reclassifications out of AOCI into earnings affect our consolidated statements of operations (in thousands): | ||||||||
Fiscal Quarter Ended June 27, 2014 | Fiscal Year-To-Date Ended June 27, 2014 | |||||||
Unrealized Gain/Loss - Investments | Currency Translation Adjustments | Total | Unrealized Gain/Loss - Investments | Currency Translation Adjustments | Total | |||
Balance, Beginning Of Period | $380 | $8,314 | $8,694 | $203 | $7,611 | $7,814 | ||
Other Comprehensive Income Before Reclassifications: | ||||||||
Unrealized Gains - Investment Securities | 484 | 484 | 1,055 | 1,055 | ||||
Foreign Currency Translation Gains/(Losses) (1) | -366 | -366 | 401 | 401 | ||||
Income Tax Effect - Benefit/(Expense) (2) | -173 | 71 | -102 | -377 | 7 | -370 | ||
Net Of Tax | 311 | -295 | 16 | 678 | 408 | 1,086 | ||
Amounts Reclassified From AOCI Into Earnings: | ||||||||
Realized (Gains) - Investment Securities (1) | -49 | -49 | -345 | -345 | ||||
Income Tax Effect - Expense (2) | 17 | 17 | 123 | 123 | ||||
Net Of Tax | 279 | -295 | -16 | 456 | 408 | 864 | ||
Balance, End Of Period | $659 | $8,019 | $8,678 | $659 | $8,019 | $8,678 | ||
-1 | Realized gains or losses from the sale of our available-for-sale investment securities or from foreign currency translation adjustments are included within other income/expense, net in our consolidated statements of operations. | |||||||
-2 | The income tax benefit or expense is included within provision for income taxes in our consolidated statements of operations. |
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 9 Months Ended | |||||||
Jun. 27, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Schedule Of Contractual Obligations And Commitments | ' | |||||||
The following table presents a summary of our contractual obligations and commitments as of June 27, 2014 (in thousands): | ||||||||
Payments Due By Fiscal Period | ||||||||
Remainder Of Fiscal 2014 | Fiscal | Fiscal | Fiscal | Fiscal | Thereafter | Total | ||
2015 | 2016 | 2017 | 2018 | |||||
Naming rights | $— | $7,432 | $7,525 | $7,619 | $7,715 | $118,699 | $148,990 | |
Operating leases | 4,625 | 15,481 | 10,458 | 9,056 | 7,939 | 40,329 | 87,888 | |
Purchase obligations | 1,681 | 3,082 | 1,454 | 67 | — | — | 6,284 | |
Total | $6,306 | $25,995 | $19,437 | $16,742 | $15,654 | $159,028 | $243,162 |
Basis_Of_Presentation_Details
Basis Of Presentation (Details) | 9 Months Ended | 12 Months Ended |
Jun. 27, 2014 | Sep. 27, 2013 | |
segment | ||
Significant Accounting Policies [Line Items] | ' | ' |
Number of weeks in fiscal year | '364 days | '364 days |
Number of Operating Segments | 1 | ' |
Minimum [Member] | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' |
Number of weeks in fiscal year | '364 days | ' |
Maximum [Member] | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' |
Number of weeks in fiscal year | '371 days | ' |
Composition_Of_Certain_Financi2
Composition Of Certain Financial Statement Captions (Schedule Of Cash, Cash Equivalents, And Investments) (Details) (USD $) | Jun. 27, 2014 | Sep. 27, 2013 | ||
In Thousands, unless otherwise specified | ||||
Composition Of Certain Financial Statement Captions [Line Items] | ' | ' | ||
Cash | $554,315 | $420,069 | ||
Cash and cash equivalents | 590,097 | 454,397 | ||
Short-term investments | 181,446 | 140,267 | ||
Long-term investments | 313,505 | 306,338 | ||
Total cash, cash equivalents and investments | 1,085,048 | [1] | 901,002 | [1] |
Restricted cash | 3,334 | 3,175 | ||
U.S. Agency Securities [Member] | ' | ' | ||
Composition Of Certain Financial Statement Captions [Line Items] | ' | ' | ||
Short-term investments | 32,449 | 6,007 | ||
Long-term investments | 24,982 | 40,924 | ||
Commercial Paper [Member] | ' | ' | ||
Composition Of Certain Financial Statement Captions [Line Items] | ' | ' | ||
Short-term investments | 4,985 | 5,991 | ||
Corporate Bonds [Member] | ' | ' | ||
Composition Of Certain Financial Statement Captions [Line Items] | ' | ' | ||
Short-term investments | 22,997 | 43,847 | ||
Long-term investments | 128,889 | 90,391 | ||
Municipal Bonds [Member] | ' | ' | ||
Composition Of Certain Financial Statement Captions [Line Items] | ' | ' | ||
Short-term investments | 121,015 | 84,422 | ||
Long-term investments | 159,134 | 172,023 | ||
Other Long-term Investments [Member] | ' | ' | ||
Composition Of Certain Financial Statement Captions [Line Items] | ' | ' | ||
Long-term investments | 500 | [1],[2] | 3,000 | [1],[2],[3] |
Money Market Funds [Member] | ' | ' | ||
Composition Of Certain Financial Statement Captions [Line Items] | ' | ' | ||
Cash equivalents | 833 | 16,193 | ||
U.S. Agency Securities [Member] | ' | ' | ||
Composition Of Certain Financial Statement Captions [Line Items] | ' | ' | ||
Cash equivalents | 32,927 | 13,135 | ||
Commercial Paper [Member] | ' | ' | ||
Composition Of Certain Financial Statement Captions [Line Items] | ' | ' | ||
Cash equivalents | 0 | 5,000 | ||
Corporate Bonds [Member] | ' | ' | ||
Composition Of Certain Financial Statement Captions [Line Items] | ' | ' | ||
Cash equivalents | $2,022 | $0 | ||
[1] | Total cash, cash equivalents, and investments exclude $3.3 million and $3.2 million of restricted cash as of JuneB 27, 2014 and SeptemberB 27, 2013. | |||
[2] | Other long-term investments include a cost method investment of $0.5 million as of JuneB 27, 2014 that was made during the second quarter of fiscal 2014. | |||
[3] | Other long-term investments include a cost method investment of $3.0 million as of SeptemberB 27, 2013. During the second quarter of fiscal 2014, we recorded a write-off charge to reduce the carrying value to zero in recognition of an other-than-temporary impairment. |
Composition_Of_Certain_Financi3
Composition Of Certain Financial Statement Captions (Schedule Of Investment Portfolio Recorded As Cash Equivalents, Short-Term Investments, And Long-Term Investments) (Details) (USD $) | Jun. 27, 2014 | Sep. 27, 2013 |
In Thousands, unless otherwise specified | ||
Investment Holdings [Line Items] | ' | ' |
Cost | $529,215 | $477,625 |
Unrealized Gain | 1,085 | 715 |
Unrealized Loss | -67 | -407 |
Estimated Fair Value | 530,233 | 477,933 |
U.S. Agency Securities [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Cost | 90,359 | 60,126 |
Unrealized Gain | 10 | 16 |
Unrealized Loss | -11 | -76 |
Estimated Fair Value | 90,358 | 60,066 |
Commercial Paper [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Cost | 4,985 | 10,991 |
Unrealized Gain | 0 | 0 |
Unrealized Loss | 0 | 0 |
Estimated Fair Value | 4,985 | 10,991 |
Corporate Bonds [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Cost | 153,498 | 134,097 |
Unrealized Gain | 436 | 315 |
Unrealized Loss | -26 | -174 |
Estimated Fair Value | 153,908 | 134,238 |
Municipal Bonds [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Cost | 279,540 | 256,218 |
Unrealized Gain | 639 | 384 |
Unrealized Loss | -30 | -157 |
Estimated Fair Value | 280,149 | 256,445 |
Money Market Funds [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Cost | 833 | 16,193 |
Unrealized Gain | 0 | 0 |
Unrealized Loss | 0 | 0 |
Estimated Fair Value | $833 | $16,193 |
Composition_Of_Certain_Financi4
Composition Of Certain Financial Statement Captions (Schedule Of Gross Unrealized Losses And The Fair Value For Available-For-Sale Securities) (Details) (USD $) | Jun. 27, 2014 | Sep. 27, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value, Less than 12 months | $115,839 | $147,242 |
Gross Unrealized Losses, Less than 12 months | 56 | 407 |
Fair Value, 12 months or greater | 7,500 | 0 |
Gross Unrealized Losses, 12 months or greater | -11 | 0 |
Fair Value | 123,339 | 147,242 |
Gross Unrealized Losses | -67 | -407 |
U.S. Agency Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value, Less than 12 months | 28,438 | 21,407 |
Gross Unrealized Losses, Less than 12 months | 11 | 76 |
Fair Value, 12 months or greater | 5,000 | 0 |
Gross Unrealized Losses, 12 months or greater | 0 | 0 |
Fair Value | 33,438 | 21,407 |
Gross Unrealized Losses | -11 | -76 |
Corporate Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value, Less than 12 months | 41,047 | 53,350 |
Gross Unrealized Losses, Less than 12 months | 26 | 174 |
Fair Value, 12 months or greater | 0 | 0 |
Gross Unrealized Losses, 12 months or greater | 0 | 0 |
Fair Value | 41,047 | 53,350 |
Gross Unrealized Losses | -26 | -174 |
Municipal Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value, Less than 12 months | 46,354 | 72,485 |
Gross Unrealized Losses, Less than 12 months | 19 | 157 |
Fair Value, 12 months or greater | 2,500 | 0 |
Gross Unrealized Losses, 12 months or greater | -11 | 0 |
Fair Value | 48,854 | 72,485 |
Gross Unrealized Losses | ($30) | ($157) |
Composition_Of_Certain_Financi5
Composition Of Certain Financial Statement Captions (Schedule Of Amortized Cost And Estimated Fair Value Of Short-Term And Long-Term Available-For-Sale Investments Based On Stated Maturities) (Details) (USD $) | Jun. 27, 2014 | Sep. 27, 2013 |
In Thousands, unless otherwise specified | ||
Composition Of Certain Financial Statement Captions [Abstract] | ' | ' |
Amortized Cost, due within 1 year | $214,161 | $158,275 |
Amortized Cost, due in 1 to 2 years | 189,504 | 172,993 |
Amortized Cost, due in 2 to 3 years | 124,716 | 130,164 |
Amortized Cost, total | 528,381 | 461,432 |
Fair Value, due within 1 year | 214,330 | 158,402 |
Fair Value, due in 1 to 2 years | 190,087 | 173,373 |
Fair Value, due in 2 to 3 years | 124,986 | 129,965 |
Fair Value, total | $529,403 | $461,740 |
Composition_Of_Certain_Financi6
Composition Of Certain Financial Statement Captions (Schedule Of Accounts Receivable) (Details) (USD $) | Jun. 27, 2014 | Sep. 27, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable, gross | $96,377 | $97,974 |
Less: allowance for doubtful accounts | -1,118 | -514 |
Accounts receivable, net | 95,259 | 97,460 |
Trade Accounts Receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Trade accounts receivable | 73,699 | 86,823 |
Patent Administration Program [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable related to patent administration program | $22,678 | $11,151 |
Composition_Of_Certain_Financi7
Composition Of Certain Financial Statement Captions (Schedule Of Inventories) (Details) (USD $) | Jun. 27, 2014 | Sep. 27, 2013 |
In Thousands, unless otherwise specified | ||
Composition Of Certain Financial Statement Captions [Abstract] | ' | ' |
Raw materials | $936 | $2,050 |
Work in process | 94 | 0 |
Finished goods | 8,155 | 8,043 |
Inventories | $9,185 | $10,093 |
Composition_Of_Certain_Financi8
Composition Of Certain Financial Statement Captions (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||||
Jun. 27, 2014 | Jun. 27, 2014 | Jun. 28, 2013 | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 28, 2012 | Sep. 28, 2012 | Jun. 27, 2014 | Sep. 27, 2013 | Jul. 14, 2014 | |
Land [Member] | Buildings [Member] | Other Noncurrent Assets [Member] | Other Noncurrent Assets [Member] | Subsequent Event [Member] | ||||||
Composition Of Certain Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Sale of Property, Plant, and Equipment | $3,300,000 | $3,355,000 | $376,000 | ' | ' | ' | ' | ' | ' | ' |
Gain sale of properties | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Raw materials | 936,000 | 936,000 | ' | 2,050,000 | ' | ' | ' | 2,200,000 | 4,000,000 | ' |
Assets held for sale | 1,000,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price of property | ' | ' | ' | ' | 109,800,000 | 35,500,000 | 74,300,000 | ' | ' | 19,700,000 |
Goodwill | $279,966,000 | $279,966,000 | ' | $279,724,000 | ' | ' | ' | ' | ' | ' |
Composition_Of_Certain_Financi9
Composition Of Certain Financial Statement Captions (Schedule Of Prepaid Expenses And Other Current Assets) (Details) (USD $) | Jun. 27, 2014 | Sep. 27, 2013 |
In Thousands, unless otherwise specified | ||
Composition Of Certain Financial Statement Captions [Abstract] | ' | ' |
Prepaid assets | $13,041 | $10,195 |
Other current assets | 7,501 | 10,863 |
Income tax receivable | 1,904 | 7,891 |
Prepaid expenses and other current assets | $22,446 | $28,949 |
Recovered_Sheet1
Composition Of Certain Financial Statement Captions (Schedule Of Property, Plant And Equipment) (Details) (USD $) | Jun. 27, 2014 | Sep. 27, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant And Equipment, Gross | $414,583 | $376,054 |
Less: accumulated depreciation | -162,194 | -133,137 |
Property, Plant And Equipment, Net | 252,389 | 242,917 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant And Equipment, Gross | 46,208 | 46,049 |
Building [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant And Equipment, Gross | 32,665 | 32,305 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant And Equipment, Gross | 67,499 | 64,991 |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant And Equipment, Gross | 45,089 | 38,408 |
Computer Systems and Software [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant And Equipment, Gross | 102,155 | 91,939 |
Furniture and Fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant And Equipment, Gross | 13,589 | 13,490 |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant And Equipment, Gross | $107,378 | $88,872 |
Recovered_Sheet2
Composition Of Certain Financial Statement Captions (Schedule Of Goodwill) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Jun. 27, 2014 |
Goodwill [Roll Forward] | ' |
Beginning balance | $279,724 |
Translation adjustments and other | 242 |
Ending balance | $279,966 |
Recovered_Sheet3
Composition Of Certain Financial Statement Captions (Schedule Of Intangible Assets) (Details) (USD $) | Jun. 27, 2014 | Sep. 27, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | $151,737 | $131,640 |
Accumulated Amortization | -101,512 | -90,325 |
Total | 50,225 | 41,315 |
Acquired Patents And Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 100,012 | 79,925 |
Accumulated Amortization | -59,195 | -51,267 |
Total | 40,817 | 28,658 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 30,725 | 30,723 |
Accumulated Amortization | -21,983 | -19,592 |
Total | 8,742 | 11,131 |
Other Intangibles [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 21,000 | 20,992 |
Accumulated Amortization | -20,334 | -19,466 |
Total | $666 | $1,526 |
Recovered_Sheet4
Composition Of Certain Financial Statement Captions (Schedule Of Future Amortization Expense) (Details) (USD $) | Jun. 27, 2014 | Sep. 27, 2013 |
In Thousands, unless otherwise specified | ||
Composition Of Certain Financial Statement Captions [Abstract] | ' | ' |
Remainder of Fiscal 2014 | $4,008 | ' |
2015 | 13,626 | ' |
2016 | 11,445 | ' |
2017 | 8,302 | ' |
2018 | 2,999 | ' |
Thereafter | 9,845 | ' |
Total | $50,225 | $41,315 |
Recovered_Sheet5
Composition Of Certain Financial Statement Captions (Schedule Of Accrued Liabilities) (Details) (USD $) | Jun. 27, 2014 | Sep. 27, 2013 |
In Thousands, unless otherwise specified | ||
Composition Of Certain Financial Statement Captions [Abstract] | ' | ' |
Accrued royalties | $9,293 | $6,075 |
Amounts payable to joint licensing program partners | 46,185 | 40,091 |
Accrued compensation and benefits | 58,684 | 54,423 |
Accrued professional fees | 6,840 | 4,402 |
Other accrued liabilities | 32,068 | 32,804 |
Total | $153,070 | $137,795 |
Recovered_Sheet6
Composition Of Certain Financial Statement Captions (Schedule Of Other Non-Current Liabilities) (Details) (USD $) | Jun. 27, 2014 | Sep. 27, 2013 |
In Thousands, unless otherwise specified | ||
Composition Of Certain Financial Statement Captions [Abstract] | ' | ' |
Supplemental retirement plan obligations | $2,315 | $2,144 |
Non-current tax liabilities | 33,188 | 30,986 |
Other liabilities | 12,465 | 12,311 |
Other non-current liabilities | $47,968 | $45,441 |
Per_Share_Data_Details
Per Share Data (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 |
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ' | ' | ' | ' |
Net income attributable to Dolby Laboratories, Inc. | $39,779 | $30,216 | $160,162 | $143,476 |
Weighted average shares outstanding-basic | 102,350 | 101,751 | 102,131 | 101,917 |
Potential common shares from options to purchase common stock | 616 | 307 | 500 | 293 |
Potential common shares from restricted stock units | 976 | 973 | 974 | 789 |
Weighted average shares outstanding-diluted | 103,942 | 103,031 | 103,605 | 102,999 |
Net income per share attributable to Dolby Laboratories, Inc. - Basic (in usd per share) | $0.39 | $0.30 | $1.57 | $1.41 |
Net income per share attributable to Dolby Laboratories, Inc. - Diluted (in usd per share) | $0.38 | $0.29 | $1.55 | $1.39 |
Stock Options [Member] | ' | ' | ' | ' |
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ' | ' | ' | ' |
Anti-dilutive securities, excluded from calculations (in shares) | 3,563 | 5,048 | 3,915 | 5,274 |
Restricted Stock Units [Member] | ' | ' | ' | ' |
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ' | ' | ' | ' |
Anti-dilutive securities, excluded from calculations (in shares) | 184 | 354 | 1,756 | 1,769 |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule Of Financial Assets and Liabilities Carried At Fair Value) (Details) (USD $) | Jun. 27, 2014 | Sep. 27, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Financial assets carried at fair value | $532,646 | $480,175 | ||
Financial liabilities carried at fair value | 2,413 | [1] | 2,242 | |
Level 1 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Financial assets carried at fair value | 93,604 | 78,501 | ||
Financial liabilities carried at fair value | 2,413 | [1] | 2,242 | |
Level 2 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Financial assets carried at fair value | 439,042 | 401,674 | ||
Financial liabilities carried at fair value | 0 | [1] | 0 | |
Level 3 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Financial assets carried at fair value | 0 | 0 | ||
Financial liabilities carried at fair value | 0 | [1] | 0 | |
Money Market Funds [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Financial assets carried at fair value | 833 | [2] | 16,193 | [2] |
Money Market Funds [Member] | Level 1 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Financial assets carried at fair value | 833 | [2] | 16,193 | [2] |
Money Market Funds [Member] | Level 2 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Financial assets carried at fair value | 0 | [2] | 0 | [2] |
Money Market Funds [Member] | Level 3 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Financial assets carried at fair value | 0 | [2] | 0 | [2] |
Investments Held In Supplemental Retirement Plan [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Financial assets carried at fair value | 2,413 | [3] | 2,242 | [3] |
Financial liabilities carried at fair value | ' | 2,242 | [1] | |
Investments Held In Supplemental Retirement Plan [Member] | Level 1 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Financial assets carried at fair value | 2,413 | [3] | 2,242 | [3] |
Financial liabilities carried at fair value | ' | 2,242 | [1] | |
Investments Held In Supplemental Retirement Plan [Member] | Level 2 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Financial assets carried at fair value | 0 | [3] | 0 | [3] |
Financial liabilities carried at fair value | ' | 0 | [1] | |
Investments Held In Supplemental Retirement Plan [Member] | Level 3 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Financial assets carried at fair value | 0 | [3] | 0 | [3] |
Financial liabilities carried at fair value | ' | 0 | [1] | |
U.S. Agency Securities [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Financial assets carried at fair value | 90,358 | [4],[5] | 60,066 | [2],[4],[5] |
U.S. Agency Securities [Member] | Level 1 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Financial assets carried at fair value | 90,358 | [4],[5] | 60,066 | [2],[4],[5] |
U.S. Agency Securities [Member] | Level 2 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Financial assets carried at fair value | 0 | [4],[5] | 0 | [2],[4],[5] |
U.S. Agency Securities [Member] | Level 3 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Financial assets carried at fair value | 0 | [4],[5] | 0 | [2],[4],[5] |
Commercial Paper [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Financial assets carried at fair value | 4,985 | [5] | 10,991 | [2],[5] |
Commercial Paper [Member] | Level 1 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Financial assets carried at fair value | 0 | [5] | 0 | [2],[5] |
Commercial Paper [Member] | Level 2 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Financial assets carried at fair value | 4,985 | [5] | 10,991 | [2],[5] |
Commercial Paper [Member] | Level 3 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Financial assets carried at fair value | 0 | [5] | 0 | [2],[5] |
Corporate Bonds [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Financial assets carried at fair value | 153,908 | [4],[5] | 134,238 | [4],[5] |
Corporate Bonds [Member] | Level 1 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Financial assets carried at fair value | 0 | [4],[5] | 0 | [4],[5] |
Corporate Bonds [Member] | Level 2 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Financial assets carried at fair value | 153,908 | [4],[5] | 134,238 | [4],[5] |
Corporate Bonds [Member] | Level 3 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Financial assets carried at fair value | 0 | [4],[5] | 0 | [4],[5] |
Municipal Debt Securities [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Financial assets carried at fair value | 280,149 | [4],[5] | 256,445 | [4],[5] |
Municipal Debt Securities [Member] | Level 1 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Financial assets carried at fair value | 0 | [4],[5] | 0 | [4],[5] |
Municipal Debt Securities [Member] | Level 2 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Financial assets carried at fair value | 280,149 | [4],[5] | 256,445 | [4],[5] |
Municipal Debt Securities [Member] | Level 3 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Financial assets carried at fair value | $0 | [4],[5] | $0 | [4],[5] |
[1] | These liabilities are included within accrued liabilities and within other non-current liabilities. | |||
[2] | These assets are included within cash and cash equivalents. | |||
[3] | These assets are included within prepaid expenses and other current assets and within other non-current assets. | |||
[4] | These assets are included within long-term investments. | |||
[5] | These assets are included within short-term investments. |
Stockholders_Equity_And_StockB2
Stockholders' Equity And Stock-Based Compensation (Narrative) (Details) (USD $) | 9 Months Ended | 37 Months Ended | 9 Months Ended | 37 Months Ended | 41 Months Ended | 37 Months Ended | 73 Months Ended | 38 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 70 Months Ended | |||||||||||||||||||
Jun. 27, 2014 | Jun. 28, 2013 | Oct. 31, 2010 | Sep. 27, 2013 | Jun. 27, 2014 | Jun. 27, 2014 | Oct. 31, 2010 | Mar. 28, 2014 | Oct. 31, 2010 | Jan. 31, 2011 | Mar. 28, 2014 | Jun. 27, 2014 | Jun. 27, 2014 | Dec. 21, 2012 | Dec. 11, 2012 | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 27, 2014 | Dec. 21, 2012 | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 27, 2014 | Jun. 27, 2014 | Sep. 27, 2013 | Jun. 27, 2014 | Feb. 16, 2005 | Jun. 27, 2014 | Jun. 27, 2014 | Jun. 27, 2014 | Sep. 27, 2013 | Oct. 31, 2000 | Jun. 27, 2014 | Jun. 27, 2014 | Jun. 27, 2014 | Mar. 28, 2014 | |
Restricted Stock Units (RSUs) [Member] | Employees and Officers [Member] | Awards Granted Prior to November 2010 [Member] | Awards Granted Prior to November 2010 [Member] | Awards Granted After November 2010 [Member] | Awards Granted Under 2005 Stock Plan Prior To February 2011 [Member] | Awards Granted Under 2005 Stock Plan From February 2011 [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Option [Member] | Equity Award Modification [Member] | Equity Award Modification [Member] | Equity Award Modification [Member] | Equity Award Modification [Member] | Equity Award Modification [Member] | Equity Award Modification [Member] | Equity Award Modification Restricted Stock Units [Member] | Equity Award Modification Restricted Stock Units [Member] | Equity Award Modification Restricted Stock Units [Member] | Equity Award Modification Restricted Stock Units [Member] | Equity Award Modification Restricted Stock Units [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | Class B Common Stock [Member] | Class B Common Stock [Member] | Class B Common Stock [Member] | Options Granted Prior To June 2008 [Member] | Options Granted From June 2008 [Member] | Options Granted From June 2008 [Member] | |||||
Restricted Stock Units (RSUs) [Member] | Directors [Member] | Directors [Member] | Directors [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | 2005 Stock Plan. [Member] | 2005 Stock Plan. [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | 2000 Stock Incentive Plan [Member] | 2000 Stock Incentive Plan [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | |||||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||
Stockholders' Equity And Stock-Based Compensation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | 500,000,000 | ' | 29,000,000 | ' | ' | 500,000,000 | 500,000,000 | ' | ' | ' | ' | ' |
Common stock, shares issued (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49,199,196 | 46,862,893 | ' | ' | ' | ' | 52,902,393 | 54,876,494 | ' | ' | ' | ' | ' |
Common stock, shares outstanding (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102,051,386 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49,199,196 | 46,862,893 | ' | ' | ' | ' | 52,902,393 | 54,876,494 | ' | ' | ' | ' | ' |
Shares authorized under plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,100,000 | ' | ' | ' | ' |
Options vesting period | ' | ' | ' | ' | ' | '4 years | '3 years | '1 year | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '4 years | ' | ' | ' | '1 year | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | '4 years | ' | '4 years |
Options outstanding to purchase | 7,912,000 | ' | ' | 6,385,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,900,000 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Weighted average remaining contractual life | '7 years 7 months 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years 7 months 6 days | ' | ' | ' | ' | ' | ' | '0 years 3 months 18 days | ' | ' | ' |
Terms for issuance of stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 1.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options vested and exercisable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options expiration period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | '10 years | ' | '10 years |
Expiration period after termination of service | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 months | ' | '3 months |
Percentage of stock option becoming exercisable subjected to date of grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% |
Remaining equal monthly installment vesting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '36 months | ' |
Year end stock price | $42.18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of vesting per year | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of compensation withheld by employees to purchase common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum value of common stock available for eligible employees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum number of common stock available for eligible employees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' |
Purchase period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | ' | ' | ' | ' | ' | ' | ' | ' |
Look back commencement period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock purchase price determined over percentage of closing price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Overlapping offering period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense capitalized | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options expected to vest | ' | ' | ' | ' | 82,300,000 | ' | ' | ' | ' | ' | ' | ' | 48,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee stock options expected to be recognized over a weighted-average period | ' | ' | ' | ' | '2 years 8 months 12 days | ' | ' | ' | ' | ' | ' | ' | '2 years 8 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, dividends declared (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends, amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 408,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total incremental charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,900,000 | ' | ' | ' | ' | 11,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total incremental compensation cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | 4,200,000 | ' | ' | ' | 2,400,000 | 3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining authorization to purchase additional shares | $75,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_And_StockB3
Stockholders' Equity And Stock-Based Compensation (Summary Of Stock Options Issued To Officers, Directors, And Employees Under 2000 Stock Incentive Plan And 2005 Stock Plan) (Details) (USD $) | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Jun. 27, 2014 | |
Shares | ' | |
Shares, Options outstanding at beginning of period | 6,385 | |
Shares, Grants | 2,442 | |
Shares, Exercises | -669 | |
Shares, Forfeitures and cancellations | -246 | |
Shares, Options outstanding at end of period | 7,912 | |
Shares, Options vested and expected to vest | 7,581 | |
Shares, Options exercisable | 3,278 | |
Weighted-Average Exercise Price | ' | |
Weighted Average Exercise Price, Options outstanding at beginning of period | $29.82 | |
Weighted Average Exercise Price, Grants (in usd per share) | $37.96 | |
Weighted Average Exercise Price, Exercises (in usd per share) | $25.58 | |
Weighted Average Exercise Price, Forfeitures and cancellations (in usd per share) | $31.24 | |
Weighted Average Exercise Price, Options outstanding at end of period | $32.65 | |
Weighted Average Exercise Price, Options vested and expected to vest (in usd per share) | $32.60 | |
Weighted Average Exercise Price, Options exercisable (in usd per share) | $30.01 | |
Weighted Average Remaining Contractual Life, Options outstanding | '7 years 7 months 6 days | |
Weighted Average Remaining Contractual Life, Options vested and expected to vest at end of period | '7 years 7 months 6 days | |
Weighted Average Remaining Contractual Life, Options exercisable | '5 years 10 months 24 days | |
Aggregate Intrinsic Value, Options outstanding | $76,481 | [1] |
Aggregate Intrinsic Value, Options vested and expected to vest | 73,678 | [1] |
Aggregate Intrinsic Value, Options exercisable | $40,842 | [1] |
[1] | Aggregate intrinsic value is based on the closing price of our common stock on JuneB 27, 2014 of $42.18 and excludes the impact of options that were not in-the-money. |
Stockholders_Equity_And_StockB4
Stockholders' Equity And Stock-Based Compensation (Summary Of Restricted Stock Units Issued To Officers, Directors, And Employees Under 2005 Stock Incentive Plan) (Details) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jun. 27, 2014 |
Shares | ' |
Shares, Non-vested at beginning of period | 2,853 |
Shares, Granted | 1,237 |
Shares, Vested | -746 |
Shares, Forfeitures | -187 |
Shares, Non-vested at end of period | 3,157 |
Weighted-Average Grant Date Fair Value | ' |
Weighted Average Fair Value, Non-vested at beginning of period | $34.66 |
Weighted Average Fair Value, Granted | $38.21 |
Weighted Average Fair Value, Vested | $36.65 |
Weighted Average Fair Value, Forfeitures | $34.84 |
Weighted Average Fair Value, Non-vested at end of period | $35.57 |
Stockholders_Equity_And_StockB5
Stockholders' Equity And Stock-Based Compensation (Schedule Of Fair Value Of Stock-Based Awards Estimated Using Weighted-Average Assumptions) (Details) | 3 Months Ended | 9 Months Ended | ||
Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 | |
Stockholders' Equity And Stock-Based Compensation [Abstract] | ' | ' | ' | ' |
Expected life (in years) | '4 years 6 months 29 days | '4 years 4 months 13 days | '4 years 6 months 29 days | '4 years 4 months 13 days |
Risk-free interest rate | 1.50% | 0.60% | 1.40% | 0.50% |
Expected stock price volatility | 31.50% | 35.30% | 32.00% | 40.40% |
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Stockholders_Equity_And_StockB6
Stockholders' Equity And Stock-Based Compensation (Schedule Of Stock-Based Compensation Expense By Plan) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 |
Stockholders' Equity And Stock-Based Compensation [Line Items] | ' | ' | ' | ' |
Share based compensation expense | $15,966 | $17,283 | $48,773 | $49,932 |
Benefit from income taxes | -4,700 | -5,143 | -14,386 | -15,053 |
Total stock-based compensation, net of tax | 11,266 | 12,140 | 34,387 | 34,879 |
Stock Option [Member] | ' | ' | ' | ' |
Stockholders' Equity And Stock-Based Compensation [Line Items] | ' | ' | ' | ' |
Share based compensation expense | 5,121 | 5,438 | 14,378 | 17,437 |
Restricted Stock Units [Member] | ' | ' | ' | ' |
Stockholders' Equity And Stock-Based Compensation [Line Items] | ' | ' | ' | ' |
Share based compensation expense | 9,899 | 10,967 | 31,721 | 29,826 |
Employee Stock Purchase Plan [Member] | ' | ' | ' | ' |
Stockholders' Equity And Stock-Based Compensation [Line Items] | ' | ' | ' | ' |
Share based compensation expense | $946 | $878 | $2,674 | $2,669 |
Stockholders_Equity_And_StockB7
Stockholders' Equity And Stock-Based Compensation (Schedule of Stock-Based Compensation By Classification) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $15,966 | $17,283 | $48,773 | $49,932 |
Cost of products [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 193 | 187 | 600 | 585 |
Cost of services [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 97 | 84 | 297 | 308 |
Research and development [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 4,476 | 4,133 | 13,672 | 13,033 |
Sales and marketing [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 5,764 | 5,569 | 17,121 | 16,736 |
General and administrative [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 5,436 | 5,443 | 17,083 | 17,403 |
Restructuring [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $0 | $1,867 | $0 | $1,867 |
Stockholders_Equity_And_StockB8
Stockholders' Equity And Stock-Based Compensation (Tax Benefit from Exercise of Options) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' |
Tax Benefit - stock option exercises & shares issued under ESPP | $148 | $220 | $458 | $360 |
Stockholders_Equity_And_StockB9
Stockholders' Equity And Stock-Based Compensation (Stock Repurchase Authorizations) (Details) (USD $) | 1 Months Ended | 56 Months Ended | 1 Months Ended | ||
Nov. 30, 2009 | Jun. 27, 2014 | Feb. 29, 2012 | Jul. 31, 2011 | Jul. 31, 2010 | |
Additional Stock Approved [Member] | Additional Stock Approved [Member] | Additional Stock Approved [Member] | |||
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ' | ' |
Authorization Amount | $250,000,000 | $900,000,000 | $100,000,000 | $250,000,000 | $300,000,000 |
Recovered_Sheet7
Stockholders' Equity And Stock-Based Compensation (Stock Repurchase) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, except Share data, unless otherwise specified | Jun. 27, 2014 | Mar. 28, 2014 | Dec. 27, 2013 | Jun. 27, 2014 | Jun. 28, 2013 | ||||
Stockholders' Equity And Stock-Based Compensation [Abstract] | ' | ' | ' | ' | ' | ||||
Shares repurchased (in shares) | 730,000 | 0 | 330,000 | 1,060,000 | ' | ||||
Cost | $29,298 | [1] | $0 | [1] | $11,660 | [1] | $40,958 | [1] | $74,142 |
Average Price Paid per Share (in dollars per share) | $40.12 | [2] | $0 | [2] | $35.32 | [2] | $40.12 | [2] | ' |
[1] | Cost of share repurchases includes the price paid per share and applicable commissions. | ||||||||
[2] | AverageB price paidB perB share excludes commission costs. |
Restructuring_Details
Restructuring (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Restructuring charges | ($688) | $5,930 | $2,613 | $5,930 |
Restructuring Charges [Member] | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Restructuring charges | ' | ' | 3,300 | ' |
2014 Restructuring Plan [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Number of positions eliminated | ' | ' | 50 | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Restructuring charges | ' | ' | 3,301 | ' |
Cash payments | ' | ' | -3,025 | ' |
Non-cash charges and other adjustments | ' | ' | -5 | ' |
Restructuring reserve, ending balance | 271 | ' | 271 | ' |
2013 Restructuring Plan [Member] | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Non-cash charges and other adjustments | ($700) | ' | ' | ' |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Unrecognized tax benefits, gross | $33.90 | ' | $33.90 | ' |
Unrecognized tax benefits if recognized, would affect our effective tax rate | $22.10 | ' | $22.10 | ' |
Effective tax rate (as a percent) | 22.00% | 19.00% | 25.00% | 25.00% |
Income_Taxes_Withholding_Taxes
Income Taxes (Withholding Taxes) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Withholding taxes | $12,022 | $8,970 | $35,120 | $30,261 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 27, 2014 | Jun. 27, 2014 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ||
Balance, Beginning Of Period | $8,694 | $7,814 | ||
Income Tax Effect - Benefit/(Expense) | -102 | [1] | -370 | [1] |
Net Of Tax | 16 | 1,086 | ||
Realized (Gains) - Investment Securities | -49 | [2] | -345 | [2] |
Income Tax Effect - (Benefit)/Expense | 17 | [1] | 123 | [1] |
Net Of Tax | -16 | 864 | ||
Balance, End Of Period | 8,678 | 8,678 | ||
Unrealized Gains/Losses On Available-For-Sale Securities [Member] | ' | ' | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ||
Balance, Beginning Of Period | 380 | 203 | ||
Unrealized Gains (Losses) | 484 | 1,055 | ||
Income Tax Effect - Benefit/(Expense) | -173 | [1] | -377 | [1] |
Net Of Tax | 311 | 678 | ||
Realized (Gains) - Investment Securities | -49 | [2] | -345 | [2] |
Income Tax Effect - (Benefit)/Expense | 17 | [1] | 123 | [1] |
Net Of Tax | 279 | 456 | ||
Balance, End Of Period | 659 | 659 | ||
Foreign Currency Translation Adjustments [Member] | ' | ' | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ||
Balance, Beginning Of Period | 8,314 | 7,611 | ||
Unrealized Gains (Losses) | -366 | [2] | 401 | [2] |
Income Tax Effect - Benefit/(Expense) | 71 | [1] | 7 | [1] |
Net Of Tax | -295 | 408 | ||
Net Of Tax | -295 | 408 | ||
Balance, End Of Period | $8,019 | $8,019 | ||
[1] | The income tax benefit or expense is included within provision for income taxes in our consolidated statements of operations. | |||
[2] | Realized gains or losses from the sale of our available-for-sale investment securities or from foreign currency translation adjustments are included within other income/expense, net in our consolidated statements of operations. |
Commitments_And_Contingencies_1
Commitments And Contingencies (Schedule Of Contractual Obligations And Commitments) (Details) (USD $) | Jun. 27, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Naming rights, Remainder of Fiscal 2014 | $0 |
Naming rights, Fiscal 2015 | 7,432 |
Naming rights, Fiscal 2016 | 7,525 |
Naming rights, Fiscal 2017 | 7,619 |
Naming rights, Fiscal 2018 | 7,715 |
Naming rights, Thereafter | 118,699 |
Naming rights, Total | 148,990 |
Operating leases, Remainder of Fiscal 2014 | 4,625 |
Operating leases, Fiscal 2015 | 15,481 |
Operating leases, Fiscal 2016 | 10,458 |
Operating leases, Fiscal 2017 | 9,056 |
Operating leases, Fiscal 2018 | 7,939 |
Operating leases, Thereafter | 40,329 |
Operating leases, Total | 87,888 |
Purchase obligation, Remainder of Fiscal 2014 | 1,681 |
Purchase obligation, Fiscal 2015 | 3,082 |
Purchase obligation, Fiscal 2016 | 1,454 |
Purchase Obligation, Fiscal 2017 | 67 |
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 0 |
Unrecorded Unconditional Purchase Obligation, Due after Five Years | 0 |
Purchase obligation, Total | 6,284 |
Total, due in Remainder of Fiscal 2014 | 6,306 |
Total, due in Fiscal 2015 | 25,995 |
Total, due in Fiscal 2016 | 19,437 |
Total, due in Fiscal 2017 | 16,742 |
Total, due in Fiscal 2018 | 15,654 |
Total, due Thereafter | 159,028 |
Total due | $243,162 |
Commitments_And_Contingencies_2
Commitments And Contingencies (Narrative) (Details) | 12 Months Ended |
Sep. 28, 2012 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Term of agreement | '20 years |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (Doremi Labs [Member], USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Feb. 23, 2014 |
Doremi Labs [Member] | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' |
Cash paid for acquisition | $92.50 |
Contingent consideration for acquisition | $20 |
Contingent consideration earnout period | '4 years |
Subsequent_Events_Narrative_De
Subsequent Events (Narrative) (Details) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Jun. 27, 2014 | Sep. 28, 2012 | Jul. 14, 2014 |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | ' | ' | ' |
Purchase price of property | ' | $109.80 | $19.70 |
Lease term prior to acquisition | '7 years 6 months | ' | ' |