Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jan. 02, 2016 | Jan. 29, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Qorvo, Inc. | |
Entity Central Index Key | 1,604,778 | |
Document Type | 10-Q | |
Document Period End Date | Jan. 2, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --04-02 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 137,104,675 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jan. 02, 2016 | Mar. 28, 2015 |
Current assets: | ||
Cash and cash equivalents (Note 6) | $ 851,597 | $ 299,814 |
Short-term investments (Note 6) | 173,569 | 244,830 |
Accounts receivable, less allowance of $609 and $539 as of January 2, 2016 and March 28, 2015, respectively | 296,592 | 353,830 |
Inventories (Note 3) | 406,692 | 346,900 |
Prepaid expenses | 59,437 | 52,169 |
Other receivables | 31,003 | 25,816 |
Other current assets | 24,827 | 26,538 |
Deferred tax assets (Notes 5 and 8) | 0 | 150,208 |
Total current assets | 1,843,717 | 1,500,105 |
Property and equipment, net of accumulated depreciation of $719,382 at January 2, 2016 and $609,576 at March 28, 2015 | 1,012,836 | 883,371 |
Goodwill | 2,135,697 | 2,140,586 |
Intangible assets, net of accumulated amortization of $627,715 at January 2, 2016 and $268,926 at March 28, 2015 | 1,927,366 | 2,307,229 |
Long-term investments (Note 6) | 29,287 | 4,083 |
Other non-current assets | 62,207 | 57,005 |
Total assets | 7,011,110 | 6,892,379 |
Current liabilities: | ||
Accounts payable | 188,521 | 182,468 |
Accrued liabilities | 111,449 | 131,871 |
Other current liabilities | 715 | 10,971 |
Total current liabilities | 300,685 | 325,310 |
Deferred tax liabilities (Notes 5 and 8), | 143,103 | 310,189 |
Long-term debt, net of unamortized issuance costs (Note 4) | 987,888 | 0 |
Other long-term liabilities | 85,362 | 83,720 |
Total liabilities | 1,517,038 | 719,219 |
Stockholders’ equity: | ||
Preferred stock, $.0001 par value; 5,000 shares authorized; no shares issued and outstanding | 0 | |
Common stock, $.0001 par value; 405,000 shares authorized; 137,051 and 149,059 shares issued and outstanding at January 2, 2016 and March 28, 2015, respectively | 5,911,031 | 6,584,247 |
Accumulated other comprehensive loss, net of tax | (1,353) | (124) |
Accumulated deficit | (415,606) | (410,963) |
Total stockholders’ equity | 5,494,072 | 6,173,160 |
Total liabilities and stockholders’ equity | $ 7,011,110 | $ 6,892,379 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jan. 02, 2016 | Mar. 28, 2015 |
Statement of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 609 | $ 539 |
Property and equipment, accumulated depreciation | 719,283 | 609,576 |
Intangible assets, accumulated amortization | $ 627,715 | $ 268,926 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 405,000,000 | 405,000,000 |
Common stock, shares issued | 137,051,000 | 149,059,000 |
Common stock, shares outstanding | 137,051,000 | 149,059,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 02, 2016 | Dec. 27, 2014 | Jan. 02, 2016 | Dec. 27, 2014 | |
Income Statement [Abstract] | ||||
Revenue | $ 620,681 | $ 397,086 | $ 2,002,657 | $ 1,076,074 |
Cost of goods sold | 389,693 | 206,384 | 1,207,304 | 575,652 |
Gross profit | 230,988 | 190,702 | 795,353 | 500,422 |
Operating expenses: | ||||
Research and development | 105,992 | 48,865 | 341,495 | 142,018 |
Marketing and selling | 101,890 | 17,939 | 317,460 | 56,008 |
General and administrative | 24,404 | 12,026 | 89,556 | 48,845 |
Other operating expense (Note 10) | 11,915 | 8,237 | 43,351 | 28,540 |
Total operating expenses | 244,201 | 87,067 | 791,862 | 275,411 |
(Loss) income from operations | (13,213) | 103,635 | 3,491 | 225,011 |
Interest expense | (7,668) | (197) | (8,876) | (866) |
Interest income | 519 | 188 | 1,383 | 263 |
Other (expense) income, net | (639) | (195) | 3,861 | 326 |
(Loss) income before income taxes | (21,001) | 103,431 | (141) | 224,734 |
Income tax benefit (expense) (Note 5) | 9,874 | (15,568) | (4,502) | (34,913) |
Net (loss) income | $ (11,127) | $ 87,863 | $ (4,643) | $ 189,821 |
Net (loss) income per share (Note 2): | ||||
Basic (in dollars per share) | $ (0.08) | $ 1.21 | $ (0.03) | $ 2.63 |
Diluted (in dollars per share) | $ (0.08) | $ 1.18 | $ (0.03) | $ 2.56 |
Weighted average shares of common stock outstanding (Note 2): | ||||
Basic (in shares) | 139,343 | 72,723 | 144,936 | 72,167 |
Diluted (in shares) | 139,343 | 74,454 | 144,936 | 74,083 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 02, 2016 | Dec. 27, 2014 | Jan. 02, 2016 | Dec. 27, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net (loss) income | $ (11,127) | $ 87,863 | $ (4,643) | $ 189,821 |
Other comprehensive (loss) income: | ||||
Unrealized (loss) gain on marketable securities, net of tax | (5) | (302) | 702 | 2,836 |
Foreign currency translation adjustment, including intra-entity foreign currency transactions that are of a long-term-investment nature | (84) | (142) | (59) | (249) |
Reclassification adjustments, net of tax: | ||||
Realized gain on sale of marketable securities | (17) | 0 | (1,975) | 0 |
Amortization of pension actuarial loss | 34 | 7 | 103 | 21 |
Other comprehensive (loss) income | (72) | (437) | (1,229) | 2,608 |
Total comprehensive (loss) income | $ (11,199) | $ 87,426 | $ (5,872) | $ 192,429 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Jan. 02, 2016 | Dec. 27, 2014 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (4,643) | $ 189,821 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depreciation | 137,329 | 37,024 |
Amortization and other non-cash items | 379,587 | 19,727 |
Excess tax benefit from exercises of stock options | (339) | (4,640) |
Deferred income taxes | (19,053) | 8,745 |
Foreign currency adjustments | 586 | (596) |
Loss on assets and other, net | 367 | 1,561 |
Realized gain on sale of marketable securities | (3,992) | (199) |
Stock-based compensation expense | 114,208 | 22,831 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 56,867 | (77,840) |
Inventories | (64,997) | (44,663) |
Prepaid expense and other current and non-current assets | (8,628) | (43,484) |
Accounts payable and accrued liabilities | (37,679) | 48,602 |
Income tax payable/recoverable | (5,435) | 15,852 |
Other liabilities | (15,945) | (5,642) |
Net cash provided by operating activities | 528,233 | 167,099 |
Investing activities: | ||
Purchase of property and equipment | (231,154) | (49,830) |
Sale of business | 0 | 1,500 |
Purchase of intangibles | 0 | 1,100 |
Proceeds from sale of property and equipment | 668 | 7,371 |
Purchase of securities available-for-sale | (343,466) | (272,578) |
Proceeds from maturities of securities available-for-sale | 391,522 | 172,431 |
Net cash used in investing activities | (182,430) | (142,206) |
Financing activities: | ||
Proceeds from debt | 1,125,000 | 0 |
Payment of debt | (125,000) | (87,503) |
Debt issuance costs | (12,890) | (6) |
Excess tax benefit from exercises of stock options | 339 | 4,640 |
Proceeds from the issuance of common stock | 40,474 | 19,339 |
Repurchase of common stock, including transaction costs | (800,009) | 0 |
Tax withholding paid on behalf of employees for restricted stock units | (21,303) | (15,196) |
Restricted cash associated with financing activities | 115 | 288 |
Other financing | (28) | (52) |
Net cash provided by (used in) financing activities | 206,698 | (78,490) |
Effect of exchange rate changes on cash | (718) | (208) |
Net increase (decrease) in cash and cash equivalents | 551,783 | (53,805) |
Cash and cash equivalents at the beginning of the period | 299,814 | 171,898 |
Cash and cash equivalents at the end of the period | 851,597 | 118,093 |
Capital expenditure adjustments included in liabilities | $ 32,683 | $ 28,441 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Jan. 02, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES On February 22, 2014, RF Micro Devices, Inc. ("RFMD") and TriQuint Semiconductor, Inc. ("TriQuint") entered into an Agreement and Plan of Merger and Reorganization (as subsequently amended on July 15, 2014, the "Merger Agreement") providing for the business combination of RFMD and TriQuint ("Business Combination") under a new holding company named Qorvo, Inc. (formerly named Rocky Holding, Inc.) ("Qorvo"). The Business Combination closing was effective on January 1, 2015 (fourth quarter of fiscal 2015). For financial reporting and accounting purposes, RFMD was the acquirer of TriQuint. The results presented in the Condensed Consolidated Financial Statements, the Notes to the Condensed Consolidated Financial Statements and in the Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") reflect those of RFMD prior to the completion of the Business Combination with TriQuint on January 1, 2015 and those of Qorvo subsequent to the completion of the Business Combination. As used herein, all references to "the Company," "we," "us" and "our" prior to January 1, 2015 refer to RFMD and all such references on or after January 1, 2015 refer to Qorvo. The accompanying Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States. The preparation of these financial statements requires management to make estimates and assumptions, which could differ materially from actual results. In addition, certain information or footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed, or omitted, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, the financial statements include all adjustments (which are of a normal and recurring nature) necessary for the fair presentation of the results of the interim periods presented. These Condensed Consolidated Financial Statements should be read in conjunction with Qorvo’s audited consolidated financial statements and notes thereto included in Qorvo’s Annual Report on Form 10-K for the fiscal year ended March 28, 2015 . The Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company uses a 52- or 53-week fiscal year ending on the Saturday closest to March 31 of each year. The first fiscal quarter of each year ends on the Saturday closest to June 30, the second fiscal quarter of each year ends on the Saturday closest to September 30 and the third fiscal quarter of each year ends on the Saturday closest to December 31. |
Net (Loss) Income Per Share
Net (Loss) Income Per Share | 9 Months Ended |
Jan. 02, 2016 | |
Earnings Per Share [Abstract] | |
NET INCOME PER SHARE | NET (LOSS) INCOME PER SHARE Pursuant to the terms of the Merger Agreement, effective January 1, 2015, the Company effected a one-for-four reverse stock split of the Company's issued and outstanding shares of common stock. All share and per share information contained in the accompanying Condensed Consolidated Financial Statements, Notes to the Condensed Consolidated Financial Statements and MD&A have been retroactively adjusted to reflect the reverse stock split for all periods presented. The following table sets forth a reconciliation of the numerators and denominators in the computation of basic and diluted net (loss) income per share (in thousands, except per share data): Three Months Ended Nine Months Ended January 2, 2016 December 27, 2014 January 2, 2016 December 27, 2014 Numerator: Numerator for basic and diluted net (loss) income per share — net (loss) income available to common stockholders $ (11,127 ) $ 87,863 $ (4,643 ) $ 189,821 Denominator: Denominator for basic net (loss) income per share — weighted average shares 139,343 72,723 144,936 72,167 Effect of dilutive securities: Stock-based awards — 1,731 — 1,916 Denominator for diluted net (loss) income per share — adjusted weighted average shares and assumed conversions 139,343 74,454 144,936 74,083 Basic net (loss) income per share $ (0.08 ) $ 1.21 $ (0.03 ) $ 2.63 Diluted net (loss) income per share $ (0.08 ) $ 1.18 $ (0.03 ) $ 2.56 In the computation of diluted net loss per share for the three and nine months ended January 2, 2016 , all outstanding stock options were excluded because the effect of their inclusion would have been anti-dilutive. In the computation of diluted net income per share for the three months ended December 27, 2014 , no potential shares were excluded from the calculation. In the computation of diluted net income per share for the nine months ended December 27, 2014 , outstanding stock options to purchase less than 0.1 million shares were excluded because the exercise price of the options was greater than the average market price of the underlying common stock and the effect of their inclusion would have been anti-dilutive. The computation of diluted net income per share for the three and nine months ended December 27, 2014 does not assume the conversion of the Company’s previously issued $175 million initial aggregate principal amount of 1.00% convertible subordinated notes due 2014 (the "2014 Notes"). The 2014 Notes became due on April 15, 2014, and the remaining principal balance of $87.5 million was paid with cash on hand. |
Inventories
Inventories | 9 Months Ended |
Jan. 02, 2016 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories are stated at the lower of cost or market determined using the average cost method. The components of inventories are as follows (in thousands): January 2, 2016 March 28, 2015 Raw materials $ 89,131 $ 71,863 Work in process 189,912 137,306 Finished goods 127,649 137,731 Total inventories $ 406,692 $ 346,900 |
Debt
Debt | 9 Months Ended |
Jan. 02, 2016 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Debt balances at January 2, 2016 and March 28, 2015 are as follows (in thousands): January 2, 2016 March 28, 2015 6.75% Senior Notes due 2023 $ 450,000 $ — 7.00% Senior Notes due 2025 550,000 — Less unamortized issuance costs (12,112 ) — Total long-term debt $ 987,888 $ — Senior Notes On November 19, 2015, the Company completed an offering of $450 million aggregate principal amount of its 6.75% senior notes due December 1, 2023 (the “2023 Notes”) and $550 million aggregate principal amount of its 7.00% senior notes due December 1, 2025 (the “2025 Notes” and, together with the 2023 Notes, the “Notes”). The Notes were sold in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States pursuant to Regulation S under the Securities Act. The carrying value of issuance costs related to the Notes is $12.1 million as of January 2, 2016, and is presented on the Condensed Consolidated Balance Sheet as a direct deduction of the carrying value of the Notes. The Notes were issued pursuant to an indenture, dated as of November 19, 2015 (the “Indenture”), by and among the Company, the Company’s domestic subsidiaries that guarantee the Company’s obligations under its revolving credit facility, as guarantors (the “Guarantors”), and MUFG Union Bank, N.A., as trustee. The Company has used and intends to continue to use the net proceeds of the offering of the Notes for general corporate purposes, including share repurchases and merger and acquisition activity. Interest is payable on the 2023 Notes at a rate of 6.75% per annum and on the 2025 Notes at a rate of 7.00% per annum. Interest on both series of Notes is payable semi-annually on June 1 and December 1 of each year, commencing on June 1, 2016. At any time prior to December 1, 2018, the Company may redeem all or part of the 2023 Notes, at a redemption price equal to their principal amount, plus a “make whole” premium as of the redemption date, and accrued and unpaid interest. In addition, at any time prior to December 1, 2018, the Company may redeem up to 35% of the original aggregate principal amount of the 2023 Notes with the proceeds of one or more equity offerings, at a redemption price equal to 106.75% , plus accrued and unpaid interest. Furthermore, at any time on or after December 1, 2018, the Company may redeem the 2023 Notes, in whole or in part, at once or over time, at the specified redemption prices set forth in the Indenture plus accrued and unpaid interest thereon to the redemption date (subject to the rights of holders of record on the relevant record date to receive interest due on the relevant interest payment date). At any time prior to December 1, 2020, the Company may redeem all or part of the 2025 Notes, at a redemption price equal to their principal amount, plus a “make whole” premium as of the redemption date, and accrued and unpaid interest. In addition, at any time prior to December 1, 2018, the Company may redeem up to 35% of the original aggregate principal amount of the 2025 Notes with the proceeds of one or more equity offerings, at a redemption price equal to 107.00% , plus accrued and unpaid interest. Furthermore, at any time on or after December 1, 2020, the Company may redeem the 2025 Notes, in whole or in part, at once or over time, at the specified redemption prices set forth in the Indenture plus accrued and unpaid interest thereon to the redemption date (subject to the rights of holders of record on the relevant record date to receive interest due on the relevant interest payment date). The Indenture contains customary events of default, including, among other things, payment default, exchange default, failure to provide certain notices thereunder and certain provisions related to bankruptcy events. The Indenture also contains customary negative covenants. The Notes have not been registered under the Securities Act, or any state securities laws, and, unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. Registration Rights Agreement In connection with the offering of the Notes, the Company entered into a Registration Rights Agreement, dated as of November 19, 2015 (the “Registration Rights Agreement”), with the Guarantors party thereto, on the one hand, and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representative of the initial purchasers of the Notes (the “Initial Purchasers”), on the other hand. Under the Registration Rights Agreement, the Company and the Guarantors have agreed to use their commercially reasonable efforts to (i) file with the SEC a registration statement (the “Exchange Offer Registration Statement”) relating to the registered exchange offer (the “Exchange Offer”) to exchange the Notes for a new series of the Company’s exchange notes having terms substantially identical in all material respects to, and in the same aggregate principal amount, as the Notes, (ii) cause the Exchange Offer Registration Statement to be declared effective by the SEC; and (iii) cause the Exchange Offer to be consummated no later than the 360 th day after November 19, 2015 (or if such 360th day is not a business day, the next succeeding business day). The Company and the Guarantors have also agreed to use their commercially reasonable efforts to cause the Exchange Offer Registration Statement to be effective continuously and keep the Exchange Offer open for a period of not less than the minimum period required under applicable federal and state securities laws to consummate the Exchange Offer. Under certain circumstances, the Company and the Guarantors have agreed to use their commercially reasonable efforts to (i) file a shelf registration statement relating to the resale of the Notes as promptly as practicable, and (ii) cause the shelf registration statement to be declared effective by the SEC as promptly as practicable. The Company and the Guarantors have also agreed to use their commercially reasonable efforts to keep the shelf registration statement continuously effective until one year after its effective date (or such shorter period that will terminate when all the Notes covered thereby have been sold pursuant thereto). If the Company fails to meet any of these targets, the annual interest rate on the Notes will increase by 0.25% during the 90-day period following the default, and will increase by an additional 0.25% for each subsequent 90-day period during which the default continues, up to a maximum additional interest rate of 1.00% per year. If the Company cures the default, the interest rate on the Notes will revert to the original level. The 2023 Notes and the 2025 Notes are traded over the counter and their fair values as of January 2, 2016 , of $459.8 million and $569.3 million , respectively (compared to carrying values of $450.0 million and $550.0 million , respectively) were estimated based upon the values of their last trade at the end of the period. Credit Agreement On April 7, 2015, the Company and the Guarantors entered into a five-year unsecured senior credit facility with Bank of America, N.A., as administrative agent (in such capacity, the “Administrative Agent”), swing line lender, and L/C issuer, and a syndicate of lenders (the “Credit Agreement”). The Credit Agreement includes a $300.0 million revolving credit facility, which includes a $25.0 million sublimit for the issuance of standby letters of credit and a $10.0 million sublimit for swingline loans. The Company may request, at any time and from time to time, that the revolving credit facility be increased by an amount not to exceed $150.0 million . The revolving credit facility is available to finance working capital, capital expenditures and other corporate purposes. The Company’s obligations under the Credit Agreement are jointly and severally guaranteed by the Guarantors. During the nine months ended January 2, 2016 , the Company borrowed and repaid $125.0 million under the revolving credit facility. The Company currently has no outstanding amounts under the Credit Agreement. At the Company’s option, loans under the Credit Agreement will bear interest at (i) the Applicable Rate (as defined in the Credit Agreement) plus the Eurodollar Rate (as defined in the Credit Agreement) or (ii) the Applicable Rate plus a rate equal to the highest of (a) the federal funds rate plus 0.50% , (b) the prime rate of the Administrative Agent, or (c) the Eurodollar Base Rate plus 1.0% (the “Base Rate”). All swingline loans will bear interest at a rate equal to the Applicable Rate plus the Base Rate. The Eurodollar Base Rate is the rate per annum equal to the London Interbank Offered Rate, as published by Bloomberg, for dollar deposits for interest periods of one, two, three or six months, as selected by the Company. The Applicable Rate for Eurodollar Rate loans ranges from 1.50% per annum to 2.00% per annum. The Applicable Rate for Base Rate loans ranges from 0.50% per annum to 1.00% per annum. Interest for Eurodollar Rate loans will be payable at the end of each applicable interest period or at three-month intervals, if such interest period exceeds three months. Interest for Base Rate loans will be payable quarterly in arrears. The Company will pay a letter of credit fee equal to the Applicable Rate multiplied by the daily amount available to be drawn under any letter of credit, a fronting fee, and any customary documentary and processing charges for any letter of credit issued under the Credit Agreement. The Credit Agreement contains various conditions, covenants and representations with which the Company must be in compliance in order to borrow funds and to avoid an event of default, including financial covenants that the Company must maintain. On November 12, 2015, the Credit Agreement was amended to increase the size of certain of the negative covenant baskets and the threshold for certain negative covenant incurrence-based permissions and to raise the consolidated leverage ratio test from 2.50 to 1.00 to 3.00 to 1.00 as of the end of any fiscal quarter. The Company must also maintain a consolidated interest coverage ratio of not less than 3.00 to 1.00 as of the end of any fiscal quarter. The Credit Agreement also contains customary events of default, and the occurrence of an event of default will increase the applicable rate of interest by 2.00% and could result in the termination of commitments under the revolving credit facility, the declaration that all outstanding loans are due and payable in whole or in part and the requirement of cash collateral deposits in respect of outstanding letters of credit. Outstanding amounts are due in full on the maturity date of April 7, 2020 (with amounts borrowed under the swingline option due in full no later than ten business days after such loan is made). Convertible Debt In April 2007, the Company issued the 2014 Notes, which became due on April 15, 2014. The remaining principal balance of $87.5 million plus interest of $0.4 million was paid at maturity with cash on hand. |
Income Taxes
Income Taxes | 9 Months Ended |
Jan. 02, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Income Tax Expense The Company’s provision for income taxes for the three and nine months ended January 2, 2016 and December 27, 2014 has been calculated by applying an estimate of the annual effective tax rate for the full fiscal year to “ordinary” income or loss (pre-tax income or loss excluding unusual or infrequently occurring discrete items) for the three and nine months ended January 2, 2016 and December 27, 2014 . The Company’s income tax (benefit) expense was $(9.9) million and $4.5 million for the three and nine months ended January 2, 2016 , respectively, and the Company's income tax expense was $15.6 million and $34.9 million for the three and nine months ended December 27, 2014 , respectively. The Company’s effective tax rate was 47.0% and (3,183.0)% for the three and nine months ended January 2, 2016 , respectively, and 15.1% and 15.5% for the three and nine months ended December 27, 2014 , respectively. The Company's effective tax rate for both the third quarter of fiscal 2016 and the third quarter of fiscal 2015 differed from the statutory rate primarily due to tax rate differences in foreign jurisdictions, state income taxes, domestic tax credits generated, adjustments to deferred tax assets and liabilities primarily related to changes in state tax laws, adjustments to the valuation allowance limiting the recognition of the benefit of domestic deferred tax assets, changes in uncertain tax position exposure, and the domestic production activity deduction (fiscal 2015). Deferred Taxes The valuation allowance against net deferred tax assets increased as of January 2, 2016 by $6.1 million from the $13.8 million balance as of the end of fiscal 2015 , primarily due to an increase in domestic deferred tax assets related to domestic state tax credits. A valuation allowance remained against certain domestic and foreign net deferred tax assets as it is more likely than not that the related deferred tax assets will not be realized. The Company has outstanding domestic federal and state tax net operating loss (“NOLs”) carry-forwards that expire in fiscal years 2016 to 2035 if unused. The use of the NOLs that were acquired in prior year acquisitions is subject to certain annual limitations under Internal Revenue Code Section 382 and similar state tax provisions. Uncertain Tax Positions The Company’s gross unrecognized tax benefits increased from $59.4 million as of the end of fiscal 2015 to $66.6 million as of the end of the third quarter of fiscal 2016 , due to a $7.1 million increase related to tax positions taken with respect to the current fiscal year and a $0.1 million increase related to tax positions taken with respect to prior fiscal years. |
Investments and Fair Value Meas
Investments and Fair Value Measurements | 9 Months Ended |
Jan. 02, 2016 | |
Investments and Fair Value Measurements [Abstract] | |
INVESTMENTS AND FAIR VALUE MEASUREMENTS | INVESTMENTS AND FAIR VALUE MEASUREMENTS Available-For-Sale The following is a summary of available-for-sale securities as of January 2, 2016 and March 28, 2015 (in thousands): Available-for-Sale Securities Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value January 2, 2016 U.S. government/agency securities $ 149,888 $ — $ (37 ) $ 149,851 Auction rate securities 2,150 — (341 ) 1,809 Corporate debt 196,144 — (7 ) 196,137 Marketable equity securities 856 4,698 — 5,554 Money market funds 409,070 — — 409,070 $ 758,108 $ 4,698 $ (385 ) $ 762,421 March 28, 2015 U.S. government/agency securities $ 197,516 $ 8 $ (17 ) $ 197,507 Auction rate securities 2,150 — (400 ) 1,750 Corporate debt 43,164 — (17 ) 43,147 Marketable equity securities 1,594 6,581 — 8,175 Money market funds 48,961 — — 48,961 $ 293,385 $ 6,589 $ (434 ) $ 299,540 The estimated fair value of available-for-sale securities was based on the prevailing market values on January 2, 2016 and March 28, 2015 . Determination of the cost for sold investments is based on the specific identification method. The gross realized gains and losses recognized on available-for-sale securities for the three months ended January 2, 2016 were insignificant. There were $4.0 million of gross realized gains and insignificant gross realized losses recognized on available-for-sale securities for the nine months ended January 2, 2016 . There were no gross realized gains and losses recognized on available-for-sale securities for the three and nine months ended December 27, 2014 . The aggregate amount of available-for-sale securities in an unrealized loss position for fewer than 12 months as of January 2, 2016 was $161.6 million , with $0.4 million in unrealized losses. The aggregate amount of available-for-sale securities in an unrealized loss position for fewer than 12 months as of March 28, 2015 was $112.9 million , with $0.4 million in unrealized losses. No available-for-sale investments were in a continuous unrealized loss position for 12 months or greater as of January 2, 2016 or as of March 28, 2015 . The amortized cost of available-for-sale investments with contractual maturities is as follows (in thousands): January 2, 2016 March 28, 2015 Cost Estimated Fair Value Cost Estimated Fair Value Due in less than one year $ 755,102 $ 755,058 $ 289,641 $ 289,615 Due after ten years 2,150 1,809 2,150 1,750 Total investments in debt securities $ 757,252 $ 756,867 $ 291,791 $ 291,365 Other Investments On August 4, 2015, Qorvo's wholly-owned subsidiary, TriQuint, invested $25.0 million to acquire shares of Series F Preferred Stock of Cavendish Kinetics Limited, a private limited company incorporated in England and Wales. This investment was accounted for as a cost method investment and classified in "Long-term investments" on the Company's Condensed Consolidated Balance Sheet as of January 2, 2016. No impairment was recognized on the Company's cost-method investment during the nine months ended January 2, 2016 . Fair Value Measurements On a quarterly basis, the Company measures the fair value of its marketable securities, which are comprised of U.S. government/agency securities, corporate debt, auction rate securities (ARS), marketable equity securities, and money market funds. Marketable securities are reported at fair value in "Cash and cash equivalents", "Short-term investments" and "Long-term investments" on the Company’s Condensed Consolidated Balance Sheet. The related unrealized gains and losses are included in "Accumulated other comprehensive loss", a component of "Stockholders’ equity", net of tax. Recurring Fair Value Measurements The fair value of the financial assets measured at fair value on a recurring basis was determined using the following levels of inputs as of January 2, 2016 and March 28, 2015 (in thousands): Total Quoted Prices In Active Markets For Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) January 2, 2016 Assets: Available-for-sale securities U.S. government/agency securities $ 149,851 $ 149,851 $ — Auction rate securities (1) 1,809 — 1,809 Corporate debt (2) 196,137 — 196,137 Marketable equity securities 5,554 5,554 — Money market funds 409,070 409,070 — Total available-for-sale securities 762,421 564,475 197,946 Invested funds in deferred compensation plan (3) 6,077 6,077 — Total assets measured at fair value: $ 768,498 $ 570,552 $ 197,946 Liabilities: Invested funds in deferred compensation plan (3) 6,077 6,077 — Total liabilities measured at fair value: $ 6,077 $ 6,077 $ — March 28, 2015 Assets: Available-for-sale securities U.S. government/agency securities $ 197,507 $ 197,507 $ — Auction rate securities (1) 1,750 — 1,750 Corporate debt (2) 43,147 — 43,147 Marketable equity securities 8,175 8,175 — Money market funds 48,961 48,961 — Total available-for-sale securities 299,540 254,643 44,897 Invested funds in deferred compensation plan (3) 8,614 8,614 — Total assets measured at fair value: $ 308,154 $ 263,257 $ 44,897 Liabilities: Invested funds in deferred compensation plan (3) 8,614 8,614 — Total liabilities measured at fair value: $ 8,614 $ 8,614 $ — (1) ARS are debt instruments with interest rates that reset through periodic short-term auctions. The Company’s Level 2 ARS are valued based on quoted prices for identical or similar instruments in markets that are not active. (2) Corporate debt includes corporate bonds and commercial paper that are valued using observable market prices for identical securities that are traded in less active markets. (3) The Company's non-qualified deferred compensation plan provides eligible employees and members of the Board of Directors with the opportunity to defer a specified percentage of their cash compensation. The Company includes the assets deferred by the participants in the “Other current assets” and “Other non-current assets” line items of its Condensed Consolidated Balance Sheets and the Company's obligation to deliver the deferred compensation in the "Other current liabilities" and “Other long-term liabilities” line items of its Condensed Consolidated Balance Sheets. Other Fair Value Disclosures The carrying values of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair values because of the relatively short-term maturities of these instruments. |
Share Repurchases
Share Repurchases | 9 Months Ended |
Jan. 02, 2016 | |
Equity [Abstract] | |
SHARE REPURCHASES | SHARE REPURCHASES On February 5, 2015, the Company's Board of Directors authorized the repurchase of up to $200.0 million of the Company's outstanding common stock, exclusive of related fees, commissions or other expenses. On August 11, 2015, the Company announced the completion of this $200.0 million share repurchase program having repurchased approximately 2.4 million shares of the Company's common stock for approximately $150.0 million during fiscal 2016 . On August 11, 2015, the Company announced that its Board of Directors authorized a new share repurchase program to repurchase up to $400.0 million of the Company's outstanding common stock. On September 10, 2015, the Company announced the completion of this $400.0 million share repurchase program having repurchased approximately 7.3 million shares of common stock for approximately $400.0 million during the second quarter of fiscal 2016 . On November 5, 2015, the Company announced that its Board of Directors authorized a new share repurchase program to repurchase up to $1,000.0 million of the Company's outstanding stock through November 4, 2016. Under the share repurchase program, share repurchases will be made in accordance with applicable securities laws on the open market or in privately negotiated transactions. The extent to which the Company repurchases its shares, the number of shares and the timing of any repurchases will depend on general market conditions, regulatory requirements, alternative investment opportunities and other considerations. The program does not require the Company to repurchase a minimum number of shares, and may be modified, suspended or terminated at any time without prior notice. During the three months ended January 2, 2016 , the Company repurchased approximately 4.6 million shares of common stock for approximately $250.0 million . |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Jan. 02, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS In November 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-17, "Balance Sheet Classification of Deferred Taxes," which will require entities to present deferred tax assets ("DTA") and deferred tax liabilities ("DTL") as non-current in a classified balance sheet. This ASU simplifies the current guidance, which requires entities to separately present DTAs and DTLs as current and non-current in a classified balance sheet. This standard is effective for annual periods and interim periods within those fiscal years, beginning after December 15, 2016, but permits entities to early adopt at the beginning of any interim or annual period. The Company adopted ASU 2015-17 in the period ending January 2, 2016, prospectively, as it believes the adoption of this standard reduces complexity of its Condensed Consolidated Financial Statements as well as enhances the usefulness of the related financial information. Prior periods presented in the Condensed Consolidated Balance Sheet were not retrospectively adjusted. In September 2015, the FASB issued ASU No. 2015-16, " Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments" . This ASU requires an acquirer in a business combination to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The effect on earnings of changes in depreciation, amortization or other income effects, as a result of the change in provisional amounts, are to be included in the same period’s financial statements, calculated as if the accounting had been completed at the acquisition date. The amendments in this update are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years and shall be applied prospectively to adjustments to provisional amounts that occur after the effective date of this ASU. In July 2015, the FASB issued ASU 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory" . Entities that measure their inventory other than the last-in, last-out and retail inventory methods will measure their inventory at the lower of cost or net realized value. Net realized value is the estimated selling price in the ordinary cost of business less reasonably predictable costs to completion, transportation, or disposal. Currently, inventory is required to be measured at the lower of cost or market where market could be the replacement cost, net realizable value, or net realizable value less an approximated normal profit margin. The new authoritative guidance is effective for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. Early adoption is permitted and implementation will be applied on a prospective basis. The Company will adopt the provisions of ASU 2015-11 in the first quarter of fiscal 2018, and is currently evaluating the impact on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-05 , "Customer's Accounting for Fees Paid in a Cloud Computing Arrangement " which provides additional guidance to customers about whether a cloud computing arrangement includes a software license. Under ASU 2015-05, if a cloud computing arrangement contains a software license, customers should account for the license element of the arrangement in a manner consistent with the acquisition of other software licenses. If the arrangement does not contain a software license, customers should account for the arrangement as a service contract. The Company will adopt the provisions of ASU 2015-05 in the first quarter of fiscal 2017, and is currently evaluating the impact on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, "Interest - Imputation of Interest (Topic 835-30): Simplifying the Presentation of Debt Issuance Costs" ("ASU 2015-03"). ASU 2015-03 requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the related debt liability's carrying value, which is consistent with the presentation of debt discounts. ASU 2015-03 is effective for financial statements issued for fiscal years beginning after December 15, 2015. The Company elected to early adopt this new guidance, and as a result, debt issuance costs are presented as a direct deduction of the Notes' carrying value on the Condensed Consolidated Balance Sheet. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09") that amends existing guidance on revenue recognition. The new guidance is based on principles that an entity will recognize revenue to depict the transfer of goods and services to customers at an amount the entity expects to be entitled to in exchange for those goods and services. The guidance requires additional disclosures regarding the nature, amount, timing, and uncertainty of cash flows and both qualitative and quantitative information about contracts with customers and applied significant judgments. In August 2015, the FASB issued ASU 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date" which deferred the effective date for the adoption of ASU 2014-09 by one year. Early adoption is permissible but not before its original effective date of annual reporting periods beginning after December 15, 2016. The new authoritative guidance will become effective for the Company in the first quarter of fiscal 2019, using one of two retrospective methods of adoption. The Company has not determined which method it will adopt and is evaluating the effects the new guidance will have on its consolidated financial statements. |
Operating Segment Information
Operating Segment Information | 9 Months Ended |
Jan. 02, 2016 | |
Segment Reporting [Abstract] | |
OPERATING SEGMENT INFORMATION | OPERATING SEGMENT INFORMATION The Company’s operating segments as of January 2, 2016 are Mobile Products (MP) and Infrastructure and Defense Products (IDP). In the fourth quarter of fiscal 2015 , the Company renamed its reportable segments from Cellular Products Group to MP, and Multi-Market Products Group to IDP, as a result of the Business Combination. Additionally, the chief operating decision maker (CODM) elected to discontinue reporting Compound Semiconductor Group as an operating segment. MP is a leading global supplier of radio frequency (RF) solutions that perform various functions in the cellular radio front end section of smartphones, tablets and other mobile devices. These RF solutions are required for devices that operate under 4G, Wi-Fi and other communications standards. These solutions include various discrete RF components and module configurations, including complete RF front end modules that combine high-performance filters, power amplifiers and switches into single placement solutions. IDP is a leading global supplier of a broad array of RF solutions to wireless network infrastructure, defense and aerospace markets and short-range connectivity applications for commercial, consumer, industrial and automotive markets. IDP’s solutions include high power gallium arsenide ("GaAs") and gallium nitride ("GaN") components and various multichip and hybrid assemblies. As of January 2, 2016 , MP and IDP are separate reportable segments based on the organizational structure and information reviewed by the Company's Chief Executive Officer, who is the Company's CODM, and are managed separately based on the end markets and applications they support. The CODM allocates resources and assesses the performance of each operating segment primarily based on non-GAAP operating income (loss) and non-GAAP operating income (loss) as a percentage of revenue. The “All other” category includes operating expenses such as stock-based compensation, amortization of purchased intangible assets, acquisition and integration-related costs, intellectual property rights (IPR) litigation costs, restructuring and disposal costs, start-up costs, gain (loss) on assets, and other miscellaneous corporate overhead expenses that the Company does not allocate to its reportable segments because these expenses are not included in the segment operating performance measures evaluated by the Company’s CODM. The CODM does not evaluate operating segments using discrete asset information. The Company’s operating segments do not record inter-company revenue. The Company does not allocate gains and losses from equity investments, interest and other income, or taxes to operating segments. Except as discussed above regarding the “All other” category, the Company’s accounting policies for segment reporting are the same as for the Company as a whole. The following tables present details of the Company’s reportable segments and a reconciliation of the “All other” category (in thousands): Three Months Ended Nine Months Ended January 2, December 27, January 2, December 27, Net revenue: MP $ 489,397 $ 341,999 $ 1,618,444 $ 901,576 IDP 130,314 54,113 381,303 172,817 All other 970 974 2,910 1,681 Total net revenue $ 620,681 $ 397,086 $ 2,002,657 $ 1,076,074 (Loss) income from operations: MP $ 126,019 $ 112,672 $ 471,736 $ 269,014 IDP 30,896 10,467 67,818 36,535 All other (170,128 ) (19,504 ) (536,063 ) (80,538 ) (Loss) income from operations (13,213 ) 103,635 3,491 225,011 Interest expense (7,668 ) (197 ) (8,876 ) (866 ) Interest income 519 188 1,383 263 Other (expense) income, net (639 ) (195 ) 3,861 326 (Loss) income before income taxes $ (21,001 ) $ 103,431 $ (141 ) $ 224,734 Three Months Ended Nine Months Ended January 2, December 27, January 2, December 27, Reconciliation of “All other” category: Stock-based compensation expense $ (30,308 ) $ (4,119 ) $ (114,208 ) $ (22,831 ) Amortization of intangible assets (128,542 ) (5,467 ) (379,772 ) (19,234 ) Acquisition and integration related costs (4,955 ) (7,548 ) (20,958 ) (21,462 ) Restructuring and disposal costs (301 ) (224 ) (4,131 ) (1,801 ) IPR litigation costs (337 ) (189 ) (677 ) (8,195 ) Start-up costs (3,835 ) (268 ) (11,041 ) (593 ) Other expenses (including gain (loss) on assets and other miscellaneous corporate overhead) (1,850 ) (1,689 ) (5,276 ) (6,422 ) Loss from operations for “All other” $ (170,128 ) $ (19,504 ) $ (536,063 ) $ (80,538 ) |
Business Acquisition
Business Acquisition | 9 Months Ended |
Jan. 02, 2016 | |
Business Combinations [Abstract] | |
BUSINESS ACQUISITION | BUSINESS ACQUISITION Effective January 1, 2015, pursuant to the Merger Agreement, RFMD and TriQuint completed a strategic combination of their respective businesses through the “merger of equals” Business Combination under a new holding company named Qorvo, Inc. The total purchase price was approximately $5,254.4 million . The Business Combination resulted in the recognition of $470.0 million of in-process research and development (IPRD) of which $350.0 million relates to the MP operating segment and $120.0 million relates to the IDP operating segment. The IPRD encompasses a broad technology portfolio of product innovations in RF applications for MP and IDP. These technologies include a variety of semiconductor processes in GaAs and GaN for power and switching applications and surface acoustic wave (SAW) and bulk acoustic wave (BAW) structures for filter applications. Included in IPRD are continuous improvements in the process for design and manufacturing as well as innovation in fundamental research areas such as materials, simulation and modeling, circuit design, device packaging and test. During the nine months ended January 2, 2016, $101.0 million of IPRD assets were completed, transferred to finite-lived intangible assets, and are being amortized over their useful lives of 4 to 6 years. As of January 2, 2016 , the IPRD projects for the MP operating segment totaled $287.0 million and are between 65% to 85% complete with estimated completion dates through the end of fiscal 2017. As of January 2, 2016 , the IPRD projects associated with the IDP operating segment totaled $82.0 million and are between 60% to 90% complete with estimated completion dates through the end of fiscal 2017. Remaining costs to complete the IPRD projects for the MP operating segment and the IDP operating segment are approximately $10.0 million to $20.0 million and $5.0 million to $10.0 million , respectively. The remaining IPRD asset is classified as an indefinite lived intangible asset that is not currently subject to amortization but is reviewed for impairment annually or whenever events or changes in circumstances indicate that the carrying value of such asset may not be recoverable. The IPRD asset will be subject to amortization upon completion of its respective research project and at the start of commercialization. The fair value assigned to the IPRD asset was determined using the income approach based on estimates and judgments regarding risks inherent in the development process, including the likelihood of achieving technological success and market acceptance. If the IPRD project is abandoned, the acquired technology attributable to the project will be expensed in the Condensed Consolidated Statements of Operations. During the three and nine months ended January 2, 2016 , the Company incurred approximately $4.9 million and $21.0 million , respectively, of integration costs and approximately $3.0 million and $9.3 million , respectively, of restructuring costs (including stock-based compensation) associated with the Business Combination (primarily related to employee termination benefits). During the three and nine months ended December 27, 2014 , the Company incurred approximately $0.7 million and $4.5 million , respectively, of acquisition costs and approximately $6.8 million and $18.9 million , respectively, of integration costs associated with the Business Combination. The acquisition, integration and restructuring costs are being expensed as incurred and are presented in the Condensed Consolidated Statements of Operations as "Other operating expense." |
Basis of Presentation and Sig17
Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended |
Jan. 02, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Income Tax Policy | The Company’s provision for income taxes for the three and nine months ended January 2, 2016 and December 27, 2014 has been calculated by applying an estimate of the annual effective tax rate for the full fiscal year to “ordinary” income or loss (pre-tax income or loss excluding unusual or infrequently occurring discrete items) for the three and nine months ended January 2, 2016 and December 27, 2014 |
Fair Value Measurements Policy | On a quarterly basis, the Company measures the fair value of its marketable securities, which are comprised of U.S. government/agency securities, corporate debt, auction rate securities (ARS), marketable equity securities, and money market funds. Marketable securities are reported at fair value in "Cash and cash equivalents", "Short-term investments" and "Long-term investments" on the Company’s Condensed Consolidated Balance Sheet. The related unrealized gains and losses are included in "Accumulated other comprehensive loss", a component of "Stockholders’ equity", net of tax. |
Operating Segment Policy | As of January 2, 2016 , MP and IDP are separate reportable segments based on the organizational structure and information reviewed by the Company's Chief Executive Officer, who is the Company's CODM, and are managed separately based on the end markets and applications they support. The CODM allocates resources and assesses the performance of each operating segment primarily based on non-GAAP operating income (loss) and non-GAAP operating income (loss) as a percentage of revenue. |
Net (Loss) Income Per Share (Ta
Net (Loss) Income Per Share (Tables) | 9 Months Ended |
Jan. 02, 2016 | |
Earnings Per Share [Abstract] | |
Reconciliation of the numerators and denominators in the computation of basic and diluted net income per share | The following table sets forth a reconciliation of the numerators and denominators in the computation of basic and diluted net (loss) income per share (in thousands, except per share data): Three Months Ended Nine Months Ended January 2, 2016 December 27, 2014 January 2, 2016 December 27, 2014 Numerator: Numerator for basic and diluted net (loss) income per share — net (loss) income available to common stockholders $ (11,127 ) $ 87,863 $ (4,643 ) $ 189,821 Denominator: Denominator for basic net (loss) income per share — weighted average shares 139,343 72,723 144,936 72,167 Effect of dilutive securities: Stock-based awards — 1,731 — 1,916 Denominator for diluted net (loss) income per share — adjusted weighted average shares and assumed conversions 139,343 74,454 144,936 74,083 Basic net (loss) income per share $ (0.08 ) $ 1.21 $ (0.03 ) $ 2.63 Diluted net (loss) income per share $ (0.08 ) $ 1.18 $ (0.03 ) $ 2.56 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Jan. 02, 2016 | |
Inventory Disclosure [Abstract] | |
Components of inventories | Inventories are stated at the lower of cost or market determined using the average cost method. The components of inventories are as follows (in thousands): January 2, 2016 March 28, 2015 Raw materials $ 89,131 $ 71,863 Work in process 189,912 137,306 Finished goods 127,649 137,731 Total inventories $ 406,692 $ 346,900 |
Debt Debt (Tables)
Debt Debt (Tables) | 9 Months Ended |
Jan. 02, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Debt balances at January 2, 2016 and March 28, 2015 are as follows (in thousands): January 2, 2016 March 28, 2015 6.75% Senior Notes due 2023 $ 450,000 $ — 7.00% Senior Notes due 2025 550,000 — Less unamortized issuance costs (12,112 ) — Total long-term debt $ 987,888 $ — |
Investments and Fair Value Me21
Investments and Fair Value Measurements (Tables) | 9 Months Ended |
Jan. 02, 2016 | |
Investments and Fair Value Measurements [Abstract] | |
Available-for-sale securities | The following is a summary of available-for-sale securities as of January 2, 2016 and March 28, 2015 (in thousands): Available-for-Sale Securities Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value January 2, 2016 U.S. government/agency securities $ 149,888 $ — $ (37 ) $ 149,851 Auction rate securities 2,150 — (341 ) 1,809 Corporate debt 196,144 — (7 ) 196,137 Marketable equity securities 856 4,698 — 5,554 Money market funds 409,070 — — 409,070 $ 758,108 $ 4,698 $ (385 ) $ 762,421 March 28, 2015 U.S. government/agency securities $ 197,516 $ 8 $ (17 ) $ 197,507 Auction rate securities 2,150 — (400 ) 1,750 Corporate debt 43,164 — (17 ) 43,147 Marketable equity securities 1,594 6,581 — 8,175 Money market funds 48,961 — — 48,961 $ 293,385 $ 6,589 $ (434 ) $ 299,540 |
Amortized cost of available-for-sale investments in debt securities with contractual maturities | The amortized cost of available-for-sale investments with contractual maturities is as follows (in thousands): January 2, 2016 March 28, 2015 Cost Estimated Fair Value Cost Estimated Fair Value Due in less than one year $ 755,102 $ 755,058 $ 289,641 $ 289,615 Due after ten years 2,150 1,809 2,150 1,750 Total investments in debt securities $ 757,252 $ 756,867 $ 291,791 $ 291,365 |
Fair value of the financial assets measured at fair value on a recurring basis | The fair value of the financial assets measured at fair value on a recurring basis was determined using the following levels of inputs as of January 2, 2016 and March 28, 2015 (in thousands): Total Quoted Prices In Active Markets For Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) January 2, 2016 Assets: Available-for-sale securities U.S. government/agency securities $ 149,851 $ 149,851 $ — Auction rate securities (1) 1,809 — 1,809 Corporate debt (2) 196,137 — 196,137 Marketable equity securities 5,554 5,554 — Money market funds 409,070 409,070 — Total available-for-sale securities 762,421 564,475 197,946 Invested funds in deferred compensation plan (3) 6,077 6,077 — Total assets measured at fair value: $ 768,498 $ 570,552 $ 197,946 Liabilities: Invested funds in deferred compensation plan (3) 6,077 6,077 — Total liabilities measured at fair value: $ 6,077 $ 6,077 $ — March 28, 2015 Assets: Available-for-sale securities U.S. government/agency securities $ 197,507 $ 197,507 $ — Auction rate securities (1) 1,750 — 1,750 Corporate debt (2) 43,147 — 43,147 Marketable equity securities 8,175 8,175 — Money market funds 48,961 48,961 — Total available-for-sale securities 299,540 254,643 44,897 Invested funds in deferred compensation plan (3) 8,614 8,614 — Total assets measured at fair value: $ 308,154 $ 263,257 $ 44,897 Liabilities: Invested funds in deferred compensation plan (3) 8,614 8,614 — Total liabilities measured at fair value: $ 8,614 $ 8,614 $ — (1) ARS are debt instruments with interest rates that reset through periodic short-term auctions. The Company’s Level 2 ARS are valued based on quoted prices for identical or similar instruments in markets that are not active. (2) Corporate debt includes corporate bonds and commercial paper that are valued using observable market prices for identical securities that are traded in less active markets. (3) The Company's non-qualified deferred compensation plan provides eligible employees and members of the Board of Directors with the opportunity to defer a specified percentage of their cash compensation. The Company includes the assets deferred by the participants in the “Other current assets” and “Other non-current assets” line items of its Condensed Consolidated Balance Sheets and the Company's obligation to deliver the deferred compensation in the "Other current liabilities" and “Other long-term liabilities” line items of its Condensed Consolidated Balance Sheets. |
Operating Segment Information (
Operating Segment Information (Tables) | 9 Months Ended |
Jan. 02, 2016 | |
Segment Reporting [Abstract] | |
Summary of details of reportable segments | The following tables present details of the Company’s reportable segments and a reconciliation of the “All other” category (in thousands): Three Months Ended Nine Months Ended January 2, December 27, January 2, December 27, Net revenue: MP $ 489,397 $ 341,999 $ 1,618,444 $ 901,576 IDP 130,314 54,113 381,303 172,817 All other 970 974 2,910 1,681 Total net revenue $ 620,681 $ 397,086 $ 2,002,657 $ 1,076,074 (Loss) income from operations: MP $ 126,019 $ 112,672 $ 471,736 $ 269,014 IDP 30,896 10,467 67,818 36,535 All other (170,128 ) (19,504 ) (536,063 ) (80,538 ) (Loss) income from operations (13,213 ) 103,635 3,491 225,011 Interest expense (7,668 ) (197 ) (8,876 ) (866 ) Interest income 519 188 1,383 263 Other (expense) income, net (639 ) (195 ) 3,861 326 (Loss) income before income taxes $ (21,001 ) $ 103,431 $ (141 ) $ 224,734 |
Summary of reconciliation of "All other" category | Three Months Ended Nine Months Ended January 2, December 27, January 2, December 27, Reconciliation of “All other” category: Stock-based compensation expense $ (30,308 ) $ (4,119 ) $ (114,208 ) $ (22,831 ) Amortization of intangible assets (128,542 ) (5,467 ) (379,772 ) (19,234 ) Acquisition and integration related costs (4,955 ) (7,548 ) (20,958 ) (21,462 ) Restructuring and disposal costs (301 ) (224 ) (4,131 ) (1,801 ) IPR litigation costs (337 ) (189 ) (677 ) (8,195 ) Start-up costs (3,835 ) (268 ) (11,041 ) (593 ) Other expenses (including gain (loss) on assets and other miscellaneous corporate overhead) (1,850 ) (1,689 ) (5,276 ) (6,422 ) Loss from operations for “All other” $ (170,128 ) $ (19,504 ) $ (536,063 ) $ (80,538 ) |
Net (Loss) Income Per Share (De
Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Jan. 01, 2015 | Jan. 02, 2016 | Dec. 27, 2014 | Jan. 02, 2016 | Dec. 27, 2014 |
Earnings Per Share [Line Items] | |||||
One-for-four reverse stock split | one-for-four | ||||
Numerator: | |||||
Numerator for basic and diluted net (loss) income per share — net (loss) income available to common stockholders | $ (11,127) | $ 87,863 | $ (4,643) | $ 189,821 | |
Denominator: | |||||
Denominator for basic net (loss) income per share — weighted average shares | 139,343 | 72,723 | 144,936 | 72,167 | |
Effect of dilutive securities: | |||||
Stock-based awards | 0 | 1,731 | 0 | 1,916 | |
Denominator for diluted net (loss) income per share — adjusted weighted average shares and assumed conversions | 139,343 | 74,454 | 144,936 | 74,083 | |
Basic net income per share (in dollars per share) | $ (0.08) | $ 1.21 | $ (0.03) | $ 2.63 | |
Diluted net income per share (in dollars per share) | $ (0.08) | $ 1.18 | $ (0.03) | $ 2.56 |
Net (Loss) Income Per Share (24
Net (Loss) Income Per Share (Details Textual) - USD ($) shares in Millions, $ in Millions | Jan. 01, 2015 | Apr. 15, 2014 | Dec. 27, 2014 | Apr. 30, 2007 |
Net Income (Loss) Per Share (Textual) | ||||
One-for-four reverse stock split | one-for-four | |||
Approximate number of shares excluded from the computation of diluted shares outstanding | 0.1 | |||
Convertible Notes Due 2014 [Member] | ||||
Net Income (Loss) Per Share (Textual) | ||||
Initial aggregate principal amount of Notes issued | $ 175 | |||
Repayments of Convertible Debt | $ 87.5 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jan. 02, 2016 | Mar. 28, 2015 |
Components of inventories | ||
Raw materials | $ 89,131 | $ 71,863 |
Work in process | 189,912 | 137,306 |
Finished goods | 127,649 | 137,731 |
Total inventories | $ 406,692 | $ 346,900 |
Debt Debt (Details)
Debt Debt (Details) - USD ($) $ in Thousands | Jan. 02, 2016 | Nov. 19, 2015 | Mar. 28, 2015 |
Debt Instrument [Line Items] | |||
Long-term debt, net of unamortized issuance costs (Note 4) | $ 987,888 | $ 0 | |
Unamortized Debt Issuance Expense | 12,112 | 0 | |
6.75% Senior Notes due 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, net of unamortized issuance costs (Note 4) | 450,000 | $ 450,000 | 0 |
7.00% Senior Notes due 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, net of unamortized issuance costs (Note 4) | $ 550,000 | $ 550,000 | $ 0 |
Debt (Details Textual)
Debt (Details Textual) $ in Thousands | Apr. 15, 2014USD ($) | Jan. 02, 2016USD ($) | Nov. 19, 2015USD ($) | Oct. 03, 2015 | Apr. 07, 2015USD ($) | Mar. 28, 2015USD ($) |
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 987,888 | $ 0 | ||||
Default interest rate increase | 0.25% | |||||
Default interest rate increase increments | 0.25% | |||||
Maximum default interest rate increase | 1.00% | |||||
Unamortized Debt Issuance Expense | $ (12,112) | 0 | ||||
6.75% Senior Notes due 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 450,000 | $ 450,000 | 0 | |||
Stated Interest Rate | 6.75% | 6.75% | ||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 35.00% | |||||
Debt Instrument, Redemption Price, Percentage | 106.75% | |||||
Long-term Debt, Fair Value | $ 459,800 | |||||
Convertible Notes Due 2014 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of Convertible Debt | $ 87,500 | |||||
Interest Paid | $ 400 | |||||
7.00% Senior Notes due 2025 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 550,000 | $ 550,000 | $ 0 | |||
Stated Interest Rate | 7.00% | 7.00% | ||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 35.00% | |||||
Debt Instrument, Redemption Price, Percentage | 107.00% | |||||
Long-term Debt, Fair Value | $ 569,300 | |||||
Bank of America Syndicate [Member] | Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Consolidated Total Leverage Ratio Allowed | 3 | 2.5 | ||||
Line of Credit Facility, Minimum Consolidated Interest Coverage Ratio Required | 3 | |||||
Bank of America Syndicate [Member] | Revolving Credit Facility [Member] | Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 0 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300,000 | |||||
Line of Credit Facility, Maximum amount of increase that may be requested | 150,000 | |||||
Borrowings from credit facility | 125,000 | |||||
Remittances toward credit facility | $ 125,000 | |||||
Bank of America Syndicate [Member] | Standby Letters of Credit [Member] | Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 25,000 | |||||
Bank of America Syndicate [Member] | Swingline Loan [Member] | Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000 | |||||
Federal Funds Rate [Member] | Bank of America Syndicate [Member] | Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||
Eurodollar [Member] | Bank of America Syndicate [Member] | Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 1.50% | |||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 2.00% | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||
Base Rate [Member] | Bank of America Syndicate [Member] | Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 0.50% | |||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 1.00% | |||||
Default rate [Member] | Bank of America Syndicate [Member] | Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jan. 02, 2016 | Dec. 27, 2014 | Jan. 02, 2016 | Dec. 27, 2014 | Mar. 28, 2015 | |
Income Tax Disclosure [Abstract] | |||||
Income tax expense | $ (9,874) | $ 15,568 | $ 4,502 | $ 34,913 | |
Effective tax rate | 47.00% | 15.10% | (3183.00%) | 15.50% | |
Increase in valuation allowance against net deferred tax assets | $ 6,100 | ||||
Valuation allowance against net deferred tax assets | $ 13,800 | ||||
Gross unrecognized tax benefits | $ 66,600 | 66,600 | $ 59,400 | ||
Change in unrecognized tax benefits arising from increases related to current period tax positions | 7,100 | ||||
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | $ 100 |
Investments and Fair Value Me29
Investments and Fair Value Measurements (Details) - USD ($) $ in Thousands | Jan. 02, 2016 | Mar. 28, 2015 |
Available-for-Sale securities | ||
Cost basis | $ 758,108 | $ 293,385 |
Gross unrealized gains | 4,698 | 6,589 |
Gross unrealized losses | (385) | (434) |
Estimated fair value | 762,421 | 299,540 |
U.S. government/agency securities [Member] | ||
Available-for-Sale securities | ||
Cost basis | 149,888 | 197,516 |
Gross unrealized gains | 0 | 8 |
Gross unrealized losses | (37) | (17) |
Estimated fair value | 149,851 | 197,507 |
Auction Rate Securities [Member] | ||
Available-for-Sale securities | ||
Cost basis | 2,150 | 2,150 |
Gross unrealized losses | (341) | (400) |
Estimated fair value | 1,809 | 1,750 |
Corporate Debt Securities [Member] | ||
Available-for-Sale securities | ||
Cost basis | 196,144 | 43,164 |
Gross unrealized losses | (7) | (17) |
Estimated fair value | 196,137 | 43,147 |
Marketable Equity Securities [Member] | ||
Available-for-Sale securities | ||
Cost basis | 856 | 1,594 |
Gross unrealized gains | 4,698 | 6,581 |
Gross unrealized losses | 0 | 0 |
Estimated fair value | 5,554 | 8,175 |
Money Market Funds [Member] | ||
Available-for-Sale securities | ||
Cost basis | 409,070 | 48,961 |
Estimated fair value | $ 409,070 | $ 48,961 |
Investments and Fair Value Me30
Investments and Fair Value Measurements (Details 1) - Debt Securities [Member] - USD ($) $ in Thousands | Jan. 02, 2016 | Mar. 28, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Cost of investments in debt securities due in less than one year | $ 755,102 | $ 289,641 |
Cost of investments in debt securities due after ten years | 2,150 | 2,150 |
Cost | 757,252 | 291,791 |
Estimated fair value investments in debt securities due in less than one year | 755,058 | 289,615 |
Estimated fair value of investments in debt securities due after ten years | 1,809 | 1,750 |
Estimated fair value | $ 756,867 | $ 291,365 |
Investments and Fair Value Me31
Investments and Fair Value Measurements (Details 2) - Recurring [Member] - USD ($) $ in Thousands | Jan. 02, 2016 | Mar. 28, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | $ 768,498 | $ 308,154 | |
Invested funds in deferred compensation plan | [1] | 6,077 | 8,614 |
Total assets measured at fair value on a recurring basis | 762,421 | 299,540 | |
Invested funds in deferred compensation plan | [1] | 6,077 | 8,614 |
Liabilities, Fair Value Disclosure, Recurring | 6,077 | 8,614 | |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 570,552 | 263,257 | |
Invested funds in deferred compensation plan | [1] | 6,077 | 8,614 |
Total assets measured at fair value on a recurring basis | 564,475 | 254,643 | |
Invested funds in deferred compensation plan | [1] | 6,077 | 8,614 |
Liabilities, Fair Value Disclosure, Recurring | 6,077 | 8,614 | |
Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 197,946 | 44,897 | |
Invested funds in deferred compensation plan | [1] | 0 | 0 |
Total assets measured at fair value on a recurring basis | 197,946 | 44,897 | |
Invested funds in deferred compensation plan | [1] | 0 | 0 |
Liabilities, Fair Value Disclosure, Recurring | 0 | 0 | |
U.S. government/agency securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Total assets measured at fair value on a recurring basis | 149,851 | 197,507 | |
U.S. government/agency securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Total assets measured at fair value on a recurring basis | 149,851 | 197,507 | |
Auction Rate Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Total assets measured at fair value on a recurring basis | [2] | 1,809 | 1,750 |
Auction Rate Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Total assets measured at fair value on a recurring basis | [2] | 1,809 | 1,750 |
Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Total assets measured at fair value on a recurring basis | [3] | 196,137 | 43,147 |
Corporate Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Total assets measured at fair value on a recurring basis | [3] | 196,137 | 43,147 |
Marketable Equity Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Total assets measured at fair value on a recurring basis | 5,554 | 8,175 | |
Marketable Equity Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Total assets measured at fair value on a recurring basis | 5,554 | 8,175 | |
Marketable Equity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Total assets measured at fair value on a recurring basis | 0 | ||
Money Market Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Total assets measured at fair value on a recurring basis | 409,070 | 48,961 | |
Money Market Funds [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Total assets measured at fair value on a recurring basis | $ 409,070 | 48,961 | |
Money Market Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Total assets measured at fair value on a recurring basis | $ 0 | ||
[1] | The Company's non-qualified deferred compensation plan provides eligible employees and members of the Board of Directors with the opportunity to defer a specified percentage of their cash compensation. The Company includes the assets deferred by the participants in the “Other current assets” and “Other non-current assets” line items of its Condensed Consolidated Balance Sheets and the Company's obligation to deliver the deferred compensation in the "Other current liabilities" and “Other long-term liabilities” line items of its Condensed Consolidated Balance Sheets. | ||
[2] | ARS are debt instruments with interest rates that reset through periodic short-term auctions. The Company’s Level 2 ARS are valued based on quoted prices for identical or similar instruments in markets that are not active. | ||
[3] | Corporate debt includes corporate bonds and commercial paper that are valued using observable market prices for identical securities that are traded in less active markets. |
Investments and Fair Value Me32
Investments and Fair Value Measurements (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 27, 2014 | Jan. 02, 2016 | Dec. 27, 2014 | Aug. 04, 2015 | Mar. 28, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Securities, Gross Realized Gains | $ 0 | $ 4,000,000 | $ 0 | ||
Investments and Fair Value Measurements (Textual) | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | $ 0 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 161,600,000 | 112,900,000 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 400,000 | $ 400,000 | |||
Cost-method investment impairment | $ 0 | ||||
Cavendish [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Equity Method Investments | $ 25,000,000 |
Share Repurchases (Details)
Share Repurchases (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jan. 02, 2016 | Jan. 02, 2016 | Nov. 05, 2015 | Aug. 11, 2015 | Feb. 05, 2015 | |
Class of Stock [Line Items] | |||||
Stock Repurchased During Period, Shares | 4.6 | ||||
February 2015 Program [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Repurchase Program, Authorized Amount | $ 200 | ||||
Stock Repurchased During Period, Shares | 2.4 | ||||
Stock Repurchased During Period, Value | $ 150 | ||||
August 2015 Program [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Repurchase Program, Authorized Amount | $ 400 | ||||
Stock Repurchased During Period, Shares | 7.3 | ||||
November 2015 Program [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Repurchase Program, Authorized Amount | $ 1,000 | ||||
Stock Repurchased During Period, Value | $ 250 |
Operating Segment Information34
Operating Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 02, 2016 | Dec. 27, 2014 | Jan. 02, 2016 | Dec. 27, 2014 | |
Net revenue: | ||||
Net revenue | $ 620,681 | $ 397,086 | $ 2,002,657 | $ 1,076,074 |
Income from operations: | ||||
Income from operations | (13,213) | 103,635 | 3,491 | 225,011 |
Interest expense | (7,668) | (197) | (8,876) | (866) |
Interest income | 519 | 188 | 1,383 | 263 |
Other (expense) income, net | (639) | (195) | 3,861 | 326 |
(Loss) income before income taxes | (21,001) | 103,431 | (141) | 224,734 |
Operating Segments | MP | ||||
Net revenue: | ||||
Net revenue | 489,397 | 341,999 | 1,618,444 | 901,576 |
Income from operations: | ||||
Income from operations | 126,019 | 112,672 | 471,736 | 269,014 |
Operating Segments | IDP | ||||
Net revenue: | ||||
Net revenue | 130,314 | 54,113 | 381,303 | 172,817 |
Income from operations: | ||||
Income from operations | 30,896 | 10,467 | 67,818 | 36,535 |
All other | ||||
Net revenue: | ||||
Net revenue | 970 | 974 | 2,910 | 1,681 |
Income from operations: | ||||
Income from operations | $ (170,128) | $ (19,504) | $ (536,063) | $ (80,538) |
Operating Segment Information35
Operating Segment Information (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 02, 2016 | Dec. 27, 2014 | Jan. 02, 2016 | Dec. 27, 2014 | |
Reconciliation of "All other" category: | ||||
Stock-based compensation expense | $ (114,208) | $ (22,831) | ||
(Loss) income from operations | $ (13,213) | $ 103,635 | 3,491 | 225,011 |
All other | ||||
Reconciliation of "All other" category: | ||||
Stock-based compensation expense | (30,308) | (4,119) | (114,208) | (22,831) |
Amortization of intangible assets | (128,542) | (5,467) | (379,772) | (19,234) |
Acquisition and integration related costs | (4,955) | (7,548) | (20,958) | (21,462) |
Restructuring and disposal costs | (301) | (224) | (4,131) | (1,801) |
IPR litigation costs | (337) | (189) | (677) | (8,195) |
Start-up costs | (3,835) | (268) | (11,041) | (593) |
Other expenses (including gain (loss) on assets and other miscellaneous corporate overhead) | (1,850) | (1,689) | (5,276) | (6,422) |
(Loss) income from operations | $ (170,128) | $ (19,504) | $ (536,063) | $ (80,538) |
Business Acquisition (Details)
Business Acquisition (Details) - USD ($) $ in Millions | Jan. 01, 2015 | Jan. 02, 2016 | Dec. 27, 2014 | Jan. 02, 2016 | Dec. 27, 2014 |
Business Acquisition [Line Items] | |||||
Restructuring costs (including stock-based compensation) | $ 3 | $ 9.3 | |||
Acquisition costs | $ 0.7 | $ 4.5 | |||
Integration-related costs | 4.9 | $ 6.8 | 21 | $ 18.9 | |
In-process research and development placed in service | 101 | ||||
TriQuint Merger [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price | $ 5,254.4 | ||||
Payments to Acquire in Process Research and Development | 470 | ||||
MP | TriQuint Merger [Member] | |||||
Business Acquisition [Line Items] | |||||
Payments to Acquire in Process Research and Development | 350 | ||||
IDP | TriQuint Merger [Member] | |||||
Business Acquisition [Line Items] | |||||
Payments to Acquire in Process Research and Development | $ 120 | ||||
In Process Research and Development [Member] | MP | |||||
Business Acquisition [Line Items] | |||||
Intangible Assets, Gross (Excluding Goodwill) | 287 | 287 | |||
In Process Research and Development [Member] | IDP | |||||
Business Acquisition [Line Items] | |||||
Intangible Assets, Gross (Excluding Goodwill) | $ 82 | $ 82 | |||
Minimum | |||||
Business Acquisition [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 4 years | ||||
Minimum | In Process Research and Development [Member] | MP | |||||
Business Acquisition [Line Items] | |||||
Acquired in-process research and development percentage complete | 65.00% | 65.00% | |||
Remaining research and development costs | $ 10 | $ 10 | |||
Minimum | In Process Research and Development [Member] | IDP | |||||
Business Acquisition [Line Items] | |||||
Acquired in-process research and development percentage complete | 60.00% | 60.00% | |||
Remaining research and development costs | $ 5 | $ 5 | |||
Maximum | |||||
Business Acquisition [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 6 years | ||||
Maximum | In Process Research and Development [Member] | MP | |||||
Business Acquisition [Line Items] | |||||
Acquired in-process research and development percentage complete | 85.00% | 85.00% | |||
Remaining research and development costs | $ 20 | $ 20 | |||
Maximum | In Process Research and Development [Member] | IDP | |||||
Business Acquisition [Line Items] | |||||
Acquired in-process research and development percentage complete | 90.00% | 90.00% | |||
Remaining research and development costs | $ 10 | $ 10 |