Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jul. 02, 2016 | Jul. 27, 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 | Jul. 2, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --04-01 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 127,896,371 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jul. 02, 2016 | Apr. 02, 2016 |
Current assets: | ||
Cash and cash equivalents (Note 7) | $ 433,034 | $ 425,881 |
Short-term investments (Note 7) | 13,873 | 186,808 |
Accounts receivable, less allowance of $171 and $143 as of July 2, 2016 and April 2, 2016, respectively | 400,679 | 316,356 |
Inventories (Note 3) | 455,771 | 427,551 |
Prepaid expenses | 68,329 | 63,850 |
Other receivables | 69,871 | 47,380 |
Other current assets | 43,863 | 41,384 |
Total current assets | 1,485,420 | 1,509,210 |
Property and equipment, net of accumulated depreciation of $779,610 at July 2, 2016 and $751,898 at April 2, 2016 | 1,160,953 | 1,046,888 |
Goodwill (Note 4) | 2,174,639 | 2,135,697 |
Intangible assets, net of accumulated amortization of $882,291 at July 2, 2016 and $763,640 at April 2, 2016 (Note 4) | 1,775,937 | 1,812,515 |
Long-term investments (Note 7) | 26,000 | 26,050 |
Other non-current assets | 65,038 | 66,459 |
Total assets | 6,687,987 | 6,596,819 |
Current liabilities: | ||
Accounts payable | 263,478 | 205,364 |
Accrued liabilities | 142,509 | 137,889 |
Other current liabilities | 14,346 | 30,548 |
Total current liabilities | 420,333 | 373,801 |
Long-term debt (Note 5) | 988,372 | 988,130 |
Deferred tax liabilities (Note 6) | 163,644 | 152,160 |
Other long-term liabilities | 82,062 | 83,056 |
Total liabilities | 1,654,411 | 1,597,147 |
Stockholders’ equity: | ||
Preferred stock, $.0001 par value; 5,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock and additional paid-in capital, $.0001 par value; 405,000 shares authorized; 127,817 and 127,386 shares issued and outstanding at July 2, 2016 and April 2, 2016, respectively | 5,483,200 | 5,442,613 |
Accumulated other comprehensive loss, net of tax | (4,141) | (3,133) |
Accumulated deficit | (445,483) | (439,808) |
Total stockholders’ equity | 5,033,576 | 4,999,672 |
Total liabilities and stockholders’ equity | $ 6,687,987 | $ 6,596,819 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jul. 02, 2016 | Apr. 02, 2016 |
Statement of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 171 | $ 143 |
Property and equipment, accumulated depreciation | 779,610 | 751,898 |
Intangible assets, accumulated amortization | $ 882,291 | $ 763,640 |
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 | 127,817,000 | 127,386,000 |
Common stock, shares outstanding | 127,817,000 | 127,386,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jul. 02, 2016 | Jun. 27, 2015 | |
Income Statement [Abstract] | ||
Revenue | $ 698,537 | $ 673,641 |
Cost of goods sold | 422,062 | 394,124 |
Gross profit | 276,475 | 279,517 |
Operating expenses: | ||
Research and development | 117,137 | 117,210 |
Marketing and selling | 109,036 | 109,645 |
General and administrative | 34,559 | 36,083 |
Other operating expense | 10,002 | 17,914 |
Total operating expenses | 270,734 | 280,852 |
Income (loss) from operations | 5,741 | (1,335) |
Interest expense (Note 5) | (15,187) | (548) |
Interest income | 278 | 392 |
Other (expense) income | (500) | 4,119 |
(Loss) income before income taxes | (9,668) | 2,628 |
Income tax benefit (expense) (Note 6) | 3,993 | (592) |
Net (loss) income | $ (5,675) | $ 2,036 |
Net (loss) income per share (Note 2): | ||
Basic | $ (0.04) | $ 0.01 |
Diluted | $ (0.04) | $ 0.01 |
Weighted average shares of common stock outstanding (Note 2): | ||
Basic | 127,541 | 149,322 |
Diluted | 127,541 | 154,461 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 02, 2016 | Jun. 27, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net (loss) income | $ (5,675) | $ 2,036 |
Other comprehensive (loss) income: | ||
Unrealized gain on marketable securities, net of tax | 72 | 812 |
Foreign currency translation adjustment, including intra-entity foreign currency transactions that are of a long-term-investment nature | (1,111) | 122 |
Reclassification adjustments, net of tax: | ||
Recognized gain on marketable securities | 0 | (1,928) |
Amortization of pension actuarial loss | 31 | 35 |
Other comprehensive loss | (1,008) | (959) |
Total comprehensive (loss) income | $ (6,683) | $ 1,077 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 02, 2016 | Jun. 27, 2015 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (5,675) | $ 2,036 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depreciation | 46,352 | 42,738 |
Amortization and other non-cash items | 119,735 | 123,121 |
Deferred income taxes | 2,509 | 3,849 |
Foreign currency adjustments | (1,645) | 76 |
Loss (income) on investments and other assets, net | (168) | 3,551 |
Stock-based compensation expense | 30,594 | 48,170 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (79,501) | (54,245) |
Inventories | (30,270) | (21,606) |
Prepaid expenses and other current and non-current assets | (28,578) | (9,600) |
Accounts payable and accrued liabilities | 23,010 | 22,631 |
Income tax (recoverable) / payable | (17,459) | (5,630) |
Other liabilities | 149 | (6,557) |
Net cash provided by operating activities | 59,389 | 141,432 |
Investing activities: | ||
Purchase of property and equipment | (130,440) | (89,395) |
Purchase of a business (Note 4) | 117,498 | 0 |
Proceeds from sale of property and equipment | 17 | 140 |
Purchase of available-for-sale securities | 0 | (86,145) |
Proceeds from maturities and sales of available-for-sale securities | 172,920 | 100,263 |
Net cash used in investing activities | (75,001) | (75,137) |
Financing activities: | ||
Debt issuance costs | (2) | (1,335) |
Proceeds from the issuance of common stock | 25,962 | 18,386 |
Repurchase of common stock, including transaction costs | 0 | (50,009) |
Tax withholding paid on behalf of employees for restricted stock units | (2,810) | (7,504) |
Restricted cash associated with financing activities | 4 | (8) |
Other financing | 0 | (3) |
Net cash provided by (used in) financing activities | 23,154 | (40,473) |
Effect of exchange rate changes on cash | (389) | (34) |
Net increase in cash and cash equivalents | 7,153 | 25,788 |
Cash and cash equivalents at the beginning of the period | 425,881 | 299,814 |
Cash and cash equivalents at the end of the period | 433,034 | 325,602 |
Capital expenditure adjustments included in liabilities | $ 29,885 | $ 6,599 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Jul. 02, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES The accompanying Condensed Consolidated Financial Statements of Qorvo, Inc. and Subsidiaries (together, the "Company" or "Qorvo") 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 the Company's audited consolidated financial statements and notes thereto included in Qorvo’s Annual Report on Form 10-K for the fiscal year ended April 2, 2016 . On February 22, 2014, RF Micro Devices, Inc. (“RFMD”) entered into an Agreement and Plan of Merger and Reorganization as subsequently amended on July 15, 2014 (the "Merger Agreement"), with TriQuint Semiconductor, Inc. ("TriQuint") providing for the combination of RFMD and TriQuint in a merger of equals (the "Business Combination") under a new holding company named Qorvo, Inc. The transactions contemplated by the Merger Agreement were consummated on January 1, 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. Fiscal 2017 is a 52-week year and fiscal 2016 was a 53-week year, however, the first quarters of both fiscal years 2017 and 2016 included 13 weeks. |
Net (Loss) Income Per Share
Net (Loss) Income Per Share | 3 Months Ended |
Jul. 02, 2016 | |
Earnings Per Share [Abstract] | |
NET INCOME PER SHARE | NET (LOSS) INCOME PER SHARE The following table sets forth the computation of basic and diluted net (loss) income per share (in thousands, except per share data): Three Months Ended July 2, 2016 June 27, 2015 Numerator: Numerator for basic and diluted net (loss) income per share — net (loss) income available to common stockholders $ (5,675 ) $ 2,036 Denominator: Denominator for basic net (loss) income per share — weighted average shares 127,541 149,322 Effect of dilutive securities: Stock-based awards — 5,139 Denominator for diluted net (loss) income per share — adjusted weighted average shares and assumed conversions 127,541 154,461 Basic net (loss) income per share $ (0.04 ) $ 0.01 Diluted net (loss) income per share $ (0.04 ) $ 0.01 In the computation of diluted net loss per share for the three months ended July 2, 2016 , approximately 5.1 million outstanding shares 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 June 27, 2015 , 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. |
Inventories
Inventories | 3 Months Ended |
Jul. 02, 2016 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories are stated at the lower of cost or market based on standard costs which approximates actual average costs. The components of inventories, net of reserves, are as follows (in thousands): July 2, 2016 April 2, 2016 Raw materials $ 102,910 $ 89,928 Work in process 241,276 228,626 Finished goods 111,585 108,997 Total inventories $ 455,771 $ 427,551 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Notes) | 3 Months Ended |
Jul. 02, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | GOODWILL AND INTANGIBLE ASSETS The changes in the carrying amount of goodwill for the three months ended July 2, 2016 are as follows (in thousands): Mobile Products Infrastructure and Defense Products Total Balance as of April 2, 2016 $ 1,751,503 $ 384,194 $ 2,135,697 Goodwill resulting from GreenPeak — 39,124 39,124 Translation — (182 ) (182 ) Balance at July 2, 2016 $ 1,751,503 $ 423,136 $ 2,174,639 On April 29, 2016, the Company completed the acquisition of GreenPeak Technologies ("GreenPeak"), a leader in ultra-low power, short range radio frequency ("RF") communication technology for a purchase price of $118.7 million . The acquisition expanded the Company's customer offering to include highly integrated RF solutions and systems-on-a-chip ("SoCs") for the connected home and the rapidly growing Internet of Things ("IoT"). The acquisition resulted in initial goodwill of $39.1 million and an increase in intangible assets of $82.1 million . The more significant intangibles assets acquired included developed technology of $74.2 million (being amortized over 7 years) and customer relationships of $5.6 million (being amortized over 3 years). The following summarizes information regarding the gross carrying amounts and accumulated amortization of intangibles assets (in thousands): July 2, 2016 April 2, 2016 Gross Accumulated Gross Accumulated Intangible Assets: In-process research and development $ 267,000 N/A $ 267,000 N/A Technology licenses 13,346 11,172 12,446 11,021 Customer relationships 1,272,725 447,072 1,267,103 377,357 Developed technology 989,335 323,989 915,163 277,736 Wafer supply agreement 20,443 20,443 20,443 20,443 Trade names 29,353 14,529 29,000 12,083 Backlog 65,000 65,000 65,000 65,000 Non-compete agreement 1,026 86 — — Total $ 2,658,228 $ 882,291 $ 2,576,155 $ 763,640 Total intangible assets amortization expense was $119.4 million for the three months ended July 2, 2016 and $123.2 million for the three months ended June 27, 2015 . The following table provides the Company's estimated amortization expense for intangible assets based on current amortization periods for the periods indicated (in thousands): Fiscal Year Estimated 2017 $ 505,502 2018 542,634 2019 455,402 2020 206,986 2021 144,066 |
Debt
Debt | 3 Months Ended |
Jul. 02, 2016 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Debt at July 2, 2016 and April 2, 2016 is as follows (in thousands): July 2, 2016 April 2, 2016 6.75% Senior Notes due 2023 $ 450,000 $ 450,000 7.00% Senior Notes due 2025 550,000 550,000 Less unamortized issuance costs (11,628 ) (11,870 ) Total long-term debt $ 988,372 $ 988,130 Senior Notes On November 19, 2015, the Company completed an offering of $450.0 million aggregate principal amount of its 6.75% senior notes due December 1, 2023 (the “2023 Notes”) and $550.0 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 $11.6 million as of July 2, 2016 and $11.9 million as of April 2, 2016 , and is presented on the Condensed Consolidated Balance Sheet as a direct deduction of Long-term debt. 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. During the three months ended July 2, 2016 , the Company recognized $17.5 million of interest expense related to the Notes which was offset by $3.0 million of interest capitalized to property and equipment. Interest on both series of Notes is payable semi-annually on June 1 and December 1 of each year, and commenced on June 1, 2016. Interest paid on the Notes during the three months ended July 2, 2016 was $36.7 million . 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, 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 would increase by 0.25% during the 90-day period following the default, and would 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 would revert to the original level. The 2023 Notes and the 2025 Notes are traded over the counter and their fair values as of July 2, 2016 , of $469.1 million and $581.6 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. The fair values of the 2023 Notes and the 2025 Notes were $465.8 million and $581.6 million , respectively as of April 2, 2016 . 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 swing line 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 three months ended July 2, 2016 , there were no borrowings under the revolving credit facility. The Company had no outstanding amounts under the Credit Agreement as of July 2, 2016 and April 2, 2016 . 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 swing line 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 swing line option due in full no later than ten business days after such loan is made). |
Income Taxes
Income Taxes | 3 Months Ended |
Jul. 02, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Income Tax Expense The Company’s provision for income taxes for the three months ended July 2, 2016 and June 27, 2015 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 months ended July 2, 2016 and June 27, 2015 . The Company’s income tax benefit was $4.0 million for the three months ended July 2, 2016 , and income tax expense was $0.6 million for the three months ended June 27, 2015 . The Company’s effective tax rate was 41.3% for the three months ended July 2, 2016 and 22.5% for the three months ended June 27, 2015 . The Company's effective tax rate for both the first quarter of fiscal 2017 and the first quarter of fiscal 2016 differed from the statutory rate primarily due to tax rate differences in foreign jurisdictions, state income taxes, domestic tax credits generated, and changes in unrecognized tax benefits. Deferred Taxes 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 domestic federal and state tax net operating loss (“NOLs”) carry-forwards that expire in fiscal years 2017 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 income tax provisions. Uncertain Tax Positions The Company’s gross unrecognized tax benefits increased from $69.1 million as of the end of fiscal 2016 to $72.8 million as of the end of the first quarter of fiscal 2017 , due to a $3.7 million increase related to tax positions taken with respect to the current fiscal year. |
Investments and Fair Value Meas
Investments and Fair Value Measurements | 3 Months Ended |
Jul. 02, 2016 | |
Investments and Fair Value Measurements [Abstract] | |
INVESTMENTS AND FAIR VALUE MEASUREMENTS | INVESTMENTS AND FAIR VALUE MEASUREMENTS Investments The following is a summary of cash equivalents and available-for-sale securities as of July 2, 2016 and April 2, 2016 (in thousands): Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value July 2, 2016 Auction rate securities $ 2,150 $ — $ (400 ) $ 1,750 Corporate debt 13,873 — — 13,873 Money market funds 57,798 — — 57,798 $ 73,821 $ — $ (400 ) $ 73,421 April 2, 2016 U.S. government/agency securities $ 149,874 $ 19 $ (1 ) $ 149,892 Auction rate securities 2,150 — (350 ) 1,800 Corporate debt 45,510 — — 45,510 Money market funds 146,779 — — 146,779 $ 344,313 $ 19 $ (351 ) $ 343,981 The estimated fair value of available-for-sale securities was based on the prevailing market values on July 2, 2016 and April 2, 2016 . The Company determines the cost of an investment sold based on the specific identification method. There were no gross realized gains and no gross realized losses recognized on available-for-sale securities for the three months ended July 2, 2016 . There were $4.0 million of gross realized gains and no gross realized losses recognized on available-for-sale securities for the three months ended June 27, 2015 . There were no unrealized losses on available-for-sale securities in a continuous loss position for fewer than 12 months as of July 2, 2016 , and as of April 2, 2016 , such unrealized losses were insignificant. Unrealized losses on available-for-sale securities in a continuous loss position for 12 months or greater were $0.4 million as of July 2, 2016 and $0.4 million as of April 2, 2016 . The aggregate amount of available-for-sale securities in an unrealized loss position at July 2, 2016 was $1.8 million , with $0.4 million in unrealized losses. The aggregate amount of available-for-sale securities in an unrealized loss position at April 2, 2016 was $55.6 million , with $0.4 million in unrealized losses. The expected maturity distribution of cash equivalents and available-for-sale debt securities is as follows (in thousands): July 2, 2016 April 2, 2016 Cost Estimated Fair Value Cost Estimated Fair Value Due in less than one year $ 71,671 $ 71,671 $ 342,163 $ 342,181 Due after ten years 2,150 1,750 2,150 1,800 Total investments in debt securities $ 73,821 $ 73,421 $ 344,313 $ 343,981 During the quarter, our investments in commercial paper and U.S. government treasury bills matured and a portion of the proceeds was used for the GreenPeak acquisition. Other Investments On August 4, 2015, the Company 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. No impairment was recognized on the Company's cost-method investment during the three months ended July 2, 2016 . Fair Value of Financial Instruments 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), 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 July 2, 2016 and April 2, 2016 (in thousands): Total Quoted Prices In Active Markets For Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) July 2, 2016 Assets: Available-for-sale securities Auction rate securities (1) $ 1,750 $ — $ 1,750 Corporate debt (2) 13,873 — 13,873 Money market funds 57,798 57,798 — Total available-for-sale securities 73,421 57,798 15,623 Invested funds in deferred compensation plan (3) 7,169 7,169 — Total assets measured at fair value $ 80,590 $ 64,967 $ 15,623 Liabilities: Deferred compensation plan obligation (3) 7,169 7,169 — Total liabilities measured at fair value $ 7,169 $ 7,169 $ — April 2, 2016 Assets: Available-for-sale securities U.S. government/agency securities $ 149,892 $ 149,892 $ — Auction rate securities (1) 1,800 — 1,800 Corporate debt (2) 45,510 — 45,510 Money market funds 146,779 146,779 — Total available-for-sale securities 343,981 296,671 47,310 Invested funds in deferred compensation plan (3) 6,468 6,468 — Total assets measured at fair value $ 350,449 $ 303,139 $ 47,310 Liabilities: Deferred compensation plan obligation (3) 6,468 6,468 — Total liabilities measured at fair value $ 6,468 $ 6,468 $ — (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 other accrued liabilities approximate fair values because of the relatively short-term maturities of these instruments. See Note 5 for the fair value of the Company's long-term debt. |
Share Repurchases
Share Repurchases | 3 Months Ended |
Jul. 02, 2016 | |
Equity [Abstract] | |
SHARE REPURCHASES | REPURCHASES On February 5, 2015, the Company announced that its 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 on the open market approximately 2.4 million shares at an average price of $63.14 during fiscal 2016 (of which approximately 0.6 million shares at an average price of $83.10 were repurchased during the first quarter of 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 at an average price of $54.75 on the open market 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 $1.0 billion 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 fiscal 2016, the Company repurchased approximately 14.6 million shares of common stock pursuant to this authorization for approximately $750.0 million . As part of the $1.0 billion share repurchase program described above, on February 16, 2016, the Company entered into variable maturity accelerated share repurchase ("ASR") agreements (a $250.0 million collared agreement and a $250.0 million uncollared agreement) with Bank of America, N.A. For the upfront payment of $500.0 million , the Company received 3.1 million shares of our common stock under the collared agreement (representing 50% of the shares the Company would have repurchased assuming an average share price of $40.78 ) and 4.9 million shares of our common stock under the uncollared agreement (representing 80% of the shares the Company would have repurchased assuming an average share price of $40.78 ). On March 10, 2016, the Company received an additional 2.0 million shares of our common stock under the collared agreement. Final settlements of the ASR agreements were completed during the first quarter of fiscal 2017 with an additional 0.4 million shares received resulting in a total of 10.4 million shares of our common stock repurchased under the ASR agreements. The shares were retired in the periods they were delivered, and the upfront payment was accounted for as a reduction to stockholders' equity in the Company's Consolidated Balance Sheet in the period the payment was made. The Company reflected each ASR as a repurchase of common stock in the period delivered for purposes of calculating earnings per share. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Jul. 02, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS Accounting Pronouncements Not Yet Effective In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." The new guidance introduces an approach based on current expected losses over the life of the exposure to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. The new standard will become effective for the Company beginning in the first quarter of fiscal year 2021. The Company is currently evaluating the effects the new guidance will have on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting." The new guidance will simplify certain aspects of accounting for share-based payment transactions, including income tax consequences, forfeitures, classification of awards on the balance sheet and presentation on the statement of cash flows. The new standard will become effective for the Company beginning in the first quarter of fiscal 2018. The Company is currently evaluating the effects this new guidance will have on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)." The new standard will revise the current guidance for lessees, lessors and sale-leaseback transactions. Under the new guidance, substantially all lessees will now recognize a right-of-use asset and a lease liability for all of their leases with terms greater than 12 months even if the lease is an operating lease. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flow arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. The new guidance becomes effective for the Company in the first quarter of fiscal 2020. The Company is currently evaluating the effects this new guidance will have on its consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurements of Financial Assets and Financial Liabilities." This new standard will affect the accounting for equity investments, financial liabilities measured under the fair value option and presentation and disclosure requirements for financial instruments. In addition, the FASB clarified guidance related to the assessment of valuation allowances when recognizing deferred tax assets related to unrealized losses on available-for-sale debt securities. The new standard is effective for the Company beginning in the first quarter of fiscal 2019. The Company is currently evaluating the effects this new standard will have on its consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory." Entities that measure their inventory other than pursuant to 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 course 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 Company will adopt the provisions of this standard in the first quarter of fiscal 2018, and is currently evaluating the impact on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)" 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. The FASB has issued several amendments to the new guidance. In August 2015, they delayed the effective date for adoption by one year. In March 2016, additional guidance was issued that clarifies the principal versus agent considerations within the new revenue standard. In April, 2016, additional guidance was issued that clarifies the identification of distinct performance obligations in a contract as well as clarifies the accounting for licenses of intellectual property. In May 2016, additional guidance was issued related to transition, collectibility, non-cash consideration and the presentation of sales and other similar taxes. The new amended 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. Accounting Pronouncements Recently Adopted In April 2015, the FASB issued ASU 2015-05 , "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement " which provided additional guidance to customers about whether a cloud computing arrangement includes a software license. Under this guidance, 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 adopted the provisions of this standard in the first quarter of fiscal 2017, and there was no impact on its condensed consolidated financial statements. In September 2015, the FASB issued ASU No. 2015-16, " Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments." This standard 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 became effective for the Company beginning in the first quarter of fiscal 2017 and will be applied prospectively to adjustments to provisional amounts that occur in the future. |
Operating Segment Information
Operating Segment Information | 3 Months Ended |
Jul. 02, 2016 | |
Segment Reporting [Abstract] | |
OPERATING SEGMENT INFORMATION | OPERATING SEGMENT INFORMATION The Company’s operating segments as of July 2, 2016 are Mobile Products (MP) and Infrastructure and Defense Products (IDP) based on the organizational structure and information reviewed by the Company's Chief Executive Officer, who is the Company's chief operating decision maker (or CODM), and these segments 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. MP is a leading global supplier of RF solutions that perform various functions in the increasingly complex cellular radio front end section of smartphones and other cellular devices. These RF solutions are required in fourth generation (“4G”) data-centric devices operating under Long-Term Evolution (“LTE”) 4G networks, as well as third generation (“3G”) and second generation mobile devices. These solutions include complete RF front end modules that combine high-performance filters, power amplifiers (“PAs”), low noise amplifiers (“LNAs”) and switches, PA modules, transmit modules, antenna control solutions, antenna switch modules, diversity receive modules and envelope tracking power management devices. MP supplies its broad portfolio of RF solutions into a variety of mobile devices, including smartphones, notebook computers, wearables, tablets and cellular-based applications for the IoT. IDP is a leading global supplier of RF solutions that support diverse global applications, including ubiquitous high-speed network connectivity to the cloud, data center communications, rapid internet connectivity throughout the home and workplace, and upgraded military capabilities across the globe. These RF solutions enhance performance and reduce complexity in cellular base stations, optical long haul, data center and metro networks, WiFi networks, cable networks, and emerging fifth generation (“5G”) wireless networks. Products include high power gallium arsenide (“GaAs”) and gallium nitride (“GaN”) PAs, LNAs, switches, RF filter solutions, CMOS system-on-a-chip (“SoC”) solutions and various multichip and hybrid assemblies. IDP market-leading RF solutions for defense and aerospace upgrade communications and radar systems for air, land and sea. IDP RF solutions for the IoT enable the connected car and an array of industrial applications, and serve the home automation market with SoC solutions based on ZigBee and Bluetooth Smart technologies. During the first quarter of fiscal 2017, the Company acquired GreenPeak, a leader in ultra-low power, short range RF communication technology. The acquisition expanded the Company's customer offering to include highly integrated RF solutions and SoCs for the connected home and the rapidly growing IoT. The “All other” category includes operating expenses such as stock-based compensation, amortization of intangible assets, acquisition and integration related costs, acquired inventory step-up and revaluation, 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 intercompany 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 July 2, June 27, Revenue: MP $ 547,077 $ 550,886 IDP 150,490 121,785 All other (1) 970 970 Total revenue $ 698,537 $ 673,641 Income (loss) from operations: MP $ 132,977 $ 173,742 IDP 34,651 14,073 All other (161,887 ) (189,150 ) Income (loss) from operations 5,741 (1,335 ) Interest expense (15,187 ) (548 ) Interest income 278 392 Other (expense) income (500 ) 4,119 (Loss) income before income taxes $ (9,668 ) $ 2,628 (1) "All other" revenue relates to royalty income that is not allocated to MP or IDP. Three Months Ended July 2, June 27, Reconciliation of “All other” category: Stock-based compensation expense $ (30,594 ) $ (48,170 ) Amortization of intangible assets (119,345 ) (123,202 ) Acquisition and integration related costs (6,760 ) (10,415 ) Acquired inventory step-up and revaluation (1,199 ) — Restructuring and disposal costs (414 ) (1,427 ) IPR litigation costs (156 ) (148 ) Start-up costs (2,076 ) (3,710 ) Other expenses (including gain (loss) on assets and other miscellaneous corporate overhead) (1,343 ) (2,078 ) Loss from operations for “All other” $ (161,887 ) $ (189,150 ) |
Consolidating Financial Informa
Consolidating Financial Information (Notes) | 3 Months Ended |
Jul. 02, 2016 | |
Consolidating Financial Information [Abstract] | |
Consolidating Financial Information [Text Block] | CONSOLIDATING FINANCIAL INFORMATION As discussed in Note 5, the Notes were issued pursuant to 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, and MUFG Union Bank, N.A., as trustee. The Notes are fully and unconditionally guaranteed on a joint and several basis by each guarantor subsidiary, each of which is 100% owned, directly or indirectly, by Qorvo, Inc. (the "Parent Company"). A guarantor subsidiary’s guarantee can be released in certain customary circumstances. In accordance with Rule 3-10 of Regulation S-X, the following presents the condensed consolidating financial information separately for: (i) the Parent Company, the issuer of the Notes; (ii) the guarantor subsidiaries, on a combined basis, as specified in the Indenture; (iii) the non-guarantor subsidiaries, on a combined basis; (iv) consolidating entries and eliminations representing adjustments to (a) eliminate intercompany transactions between or among the Parent Company, the guarantor subsidiaries and the non-guarantor subsidiaries, (b) eliminate intercompany profit in inventory, (c) eliminate the investments in the Company’s subsidiaries and (d) record consolidating entries; and (v) the Company, on a consolidated basis. Each entity in the condensed consolidating financial information follows the same accounting policies as described in the consolidated financial statements, except for the use by the Parent Company and guarantor subsidiaries of the equity method of accounting to reflect ownership interests in subsidiaries that are eliminated upon consolidation. The financial information may not necessarily be indicative of the financial position, results of operations, comprehensive income (loss), and cash flows, had the Parent Company, guarantor or non-guarantor subsidiaries operated as independent entities. Condensed Consolidating Balance Sheet July 2, 2016 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ 150,131 $ 282,903 $ — $ 433,034 Short-term investments — 13,873 — — 13,873 Accounts receivable, less allowance — 75,532 325,147 — 400,679 Intercompany accounts and notes receivable — 617,320 134,392 (751,712 ) — Inventories — 118,262 439,544 (102,035 ) 455,771 Prepaid expenses — 56,469 11,860 — 68,329 Other receivables — 5,770 64,101 — 69,871 Other current assets — 43,493 370 — 43,863 Total current assets — 1,080,850 1,258,317 (853,747 ) 1,485,420 Property and equipment, net — 883,197 277,756 — 1,160,953 Goodwill — 1,953,102 221,537 — 2,174,639 Intangible assets, net — 741,188 1,068,586 (33,837 ) 1,775,937 Long-term investments — 26,000 — — 26,000 Long-term intercompany accounts and notes receivable — 424,333 131,713 (556,046 ) — Investment in subsidiaries 6,137,196 1,664,717 — (7,801,913 ) — Other non-current assets 1,023 38,619 25,396 — 65,038 Total assets $ 6,138,219 $ 6,812,006 $ 2,983,305 $ (9,245,543 ) $ 6,687,987 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ — $ 99,265 $ 166,091 $ (1,878 ) $ 263,478 Intercompany accounts and notes payable — 134,392 617,320 (751,712 ) — Accrued liabilities 5,931 103,492 33,086 — 142,509 Other current liabilities — 197 14,149 — 14,346 Total current liabilities 5,931 337,346 830,646 (753,590 ) 420,333 Long-term debt 988,372 — — — 988,372 Deferred tax liabilities (103,634 ) 204,465 62,813 — 163,644 Long-term intercompany accounts and notes payable 213,974 131,713 210,359 (556,046 ) — Other long-term liabilities — 33,879 48,183 — 82,062 Total liabilities 1,104,643 707,403 1,152,001 (1,309,636 ) 1,654,411 Total stockholders’ equity 5,033,576 6,104,603 1,831,304 (7,935,907 ) 5,033,576 Total liabilities and stockholders’ equity $ 6,138,219 $ 6,812,006 $ 2,983,305 $ (9,245,543 ) $ 6,687,987 Condensed Consolidating Balance Sheet April 2, 2016 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ 220,633 $ 205,248 $ — $ 425,881 Short-term investments — 186,808 — — 186,808 Accounts receivable, less allowance — 203,488 112,868 — 316,356 Intercompany accounts and notes receivable — 532,508 404,330 (936,838 ) — Inventories — 186,627 325,346 (84,422 ) 427,551 Prepaid expenses — 56,151 7,699 — 63,850 Other receivables — 37,033 10,347 — 47,380 Other current assets — 40,866 518 — 41,384 Total current assets — 1,464,114 1,066,356 (1,021,260 ) 1,509,210 Property and equipment, net — 807,586 239,495 (193 ) 1,046,888 Goodwill — 1,868,816 266,881 — 2,135,697 Intangible assets, net — 786,314 1,026,201 — 1,812,515 Long-term investments — 26,050 — — 26,050 Long-term intercompany accounts and notes receivable — 564,397 267,823 (832,220 ) — Investment in subsidiaries 6,151,119 1,645,846 — (7,796,965 ) — Other non-current assets 1,091 39,478 25,890 — 66,459 Total assets $ 6,152,210 $ 7,202,601 $ 2,892,646 $ (9,650,638 ) $ 6,596,819 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ — $ 141,792 $ 66,508 $ (2,936 ) $ 205,364 Intercompany accounts and notes payable — 404,330 532,508 (936,838 ) — Accrued liabilities 25,445 93,609 18,835 — 137,889 Other current liabilities — 20,122 10,426 — 30,548 Total current liabilities 25,445 659,853 628,277 (939,774 ) 373,801 Long-term debt 988,130 — — — 988,130 Deferred tax liabilities (93,340 ) 195,462 50,038 — 152,160 Long-term intercompany accounts and notes payable 232,303 267,823 332,094 (832,220 ) — Other long-term liabilities — 39,288 43,768 — 83,056 Total liabilities 1,152,538 1,162,426 1,054,177 (1,771,994 ) 1,597,147 Total stockholders’ equity 4,999,672 6,040,175 1,838,469 (7,878,644 ) 4,999,672 Total liabilities and stockholders’ equity $ 6,152,210 $ 7,202,601 $ 2,892,646 $ (9,650,638 ) $ 6,596,819 Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income Three Months Ended July 2, 2016 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 404,978 $ 732,494 $ (438,935 ) $ 698,537 Cost of goods sold — 344,567 479,042 (401,547 ) 422,062 Gross profit — 60,411 253,452 (37,388 ) 276,475 Operating expenses: Research and development 11,669 9,840 98,487 (2,859 ) 117,137 Marketing and selling 6,058 25,534 86,612 (9,168 ) 109,036 General and administrative 12,867 2,099 19,926 (333 ) 34,559 Other operating expense — 4,093 5,941 (32 ) 10,002 Total operating expenses 30,594 41,566 210,966 (12,392 ) 270,734 Income (loss) from operations (30,594 ) 18,845 42,486 (24,996 ) 5,741 Interest expense (14,768 ) (818 ) (1,578 ) 1,977 (15,187 ) Interest income — 1,482 567 (1,771 ) 278 Other (expense) income — (321 ) (945 ) 766 (500 ) (Loss) income before income taxes (45,362 ) 19,188 40,530 (24,024 ) (9,668 ) Income tax benefit (expense) 10,295 (27,087 ) 20,785 — 3,993 Income in subsidiaries 29,392 — — (29,392 ) — Net (loss) income $ (5,675 ) $ (7,899 ) $ 61,315 $ (53,416 ) $ (5,675 ) Comprehensive (loss) income $ (6,683 ) $ (7,827 ) $ 60,235 $ (52,408 ) $ (6,683 ) Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended June 27, 2015 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 725,762 $ 566,828 $ (618,949 ) 673,641 Cost of goods sold — 547,523 463,940 (617,339 ) 394,124 Gross profit — 178,239 102,888 (1,610 ) 279,517 Operating expenses: Research and development 21,473 43,670 60,011 (7,944 ) 117,210 Marketing and selling 20,087 33,508 62,859 (6,809 ) 109,645 General and administrative 6,610 22,556 9,179 (2,262 ) 36,083 Other operating expense — 15,428 2,486 — 17,914 Total operating expenses 48,170 115,162 134,535 (17,015 ) 280,852 (Loss) income from operations (48,170 ) 63,077 (31,647 ) 15,405 (1,335 ) Interest expense — (886 ) (559 ) 897 (548 ) Interest income — 522 607 (737 ) 392 Other income (expense) — 4,517 (239 ) (159 ) 4,119 Income (loss) before income taxes (48,170 ) 67,230 (31,838 ) 15,406 2,628 Income tax (expense) benefit 16,083 (11,888 ) (4,787 ) — (592 ) Income in subsidiaries 34,123 — — (34,123 ) — Net income (loss) $ 2,036 $ 55,342 $ (36,625 ) $ (18,717 ) $ 2,036 Comprehensive income (loss) $ 1,077 $ 53,889 $ (36,467 ) $ (17,422 ) $ 1,077 Condensed Consolidating Statement of Cash Flows Three Months Ended July 2, 2016 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided by (used in) operating activities $ (23,150 ) $ (137,694 ) $ 220,233 $ — $ 59,389 Investing activities: Purchase of property and equipment — (106,301 ) (24,139 ) — (130,440 ) Purchase of a business — — (117,498 ) — (117,498 ) Proceeds from sale of property and equipment — 17 — — 17 Proceeds from maturities of available-for-sale securities — 172,920 — — 172,920 Net cash (used in) provided by investing activities — 66,636 (141,637 ) — (75,001 ) Financing activities: Debt issuance costs (2 ) — — — (2 ) Proceeds from the issuance of common stock 25,962 — — — 25,962 Tax withholding paid on behalf of employees for restricted stock units (2,810 ) — — — (2,810 ) Restricted cash associated with financing activities — 4 — — 4 Net transactions with related parties — 552 (552 ) — — Net cash provided by (used in) financing activities 23,150 556 (552 ) — 23,154 Effect of exchange rate changes on cash — — (389 ) — (389 ) Net increase (decrease) in cash and cash equivalents — (70,502 ) 77,655 — 7,153 Cash and cash equivalents at the beginning of the period — 220,633 205,248 — 425,881 Cash and cash equivalents at the end of the period $ — $ 150,131 $ 282,903 $ — $ 433,034 Condensed Consolidating Statement of Cash Flows Three Months Ended June 27, 2015 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided by operating activities $ 40,462 $ 94,864 $ 6,106 $ — $ 141,432 Investing activities: Purchase of property and equipment — (71,602 ) (17,793 ) — (89,395 ) Proceeds from sale of property and equipment — 140 — — 140 Purchase of available-for-sale securities — (86,145 ) — — (86,145 ) Proceeds from maturities and sales of available-for-sale securities — 100,263 — — 100,263 Net cash used in investing activities — (57,344 ) (17,793 ) — (75,137 ) Financing activities: Debt issuance costs (1,335 ) — — — (1,335 ) Proceeds from the issuance of common stock 18,386 — — — 18,386 Repurchase of common stock, including transaction costs (50,009 ) — — — (50,009 ) Tax withholding paid on behalf of employees for restricted stock units (7,504 ) — — — (7,504 ) Restricted cash associated with financing activities — (8 ) — — (8 ) Other financing — (3 ) — — (3 ) Net transactions with related parties — (341 ) 341 — — Net cash (used in) provided by financing activities (40,462 ) (352 ) 341 — (40,473 ) Effect of exchange rate changes on cash — — (34 ) — (34 ) Net increase (decrease) in cash and cash equivalents — 37,168 (11,380 ) — 25,788 Cash and cash equivalents at the beginning of the period — 154,332 145,482 — 299,814 Cash and cash equivalents at the end of the period $ — $ 191,500 $ 134,102 $ — $ 325,602 |
Basis of Presentation and Sig18
Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Jul. 02, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Income Tax Policy | The Company’s provision for income taxes for the three months ended July 2, 2016 and June 27, 2015 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 months ended July 2, 2016 and June 27, 2015 |
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), 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 | The Company’s operating segments as of July 2, 2016 are Mobile Products (MP) and Infrastructure and Defense Products (IDP) based on the organizational structure and information reviewed by the Company's Chief Executive Officer, who is the Company's chief operating decision maker (or CODM), and these segments 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) | 3 Months Ended |
Jul. 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 the computation of basic and diluted net (loss) income per share (in thousands, except per share data): Three Months Ended July 2, 2016 June 27, 2015 Numerator: Numerator for basic and diluted net (loss) income per share — net (loss) income available to common stockholders $ (5,675 ) $ 2,036 Denominator: Denominator for basic net (loss) income per share — weighted average shares 127,541 149,322 Effect of dilutive securities: Stock-based awards — 5,139 Denominator for diluted net (loss) income per share — adjusted weighted average shares and assumed conversions 127,541 154,461 Basic net (loss) income per share $ (0.04 ) $ 0.01 Diluted net (loss) income per share $ (0.04 ) $ 0.01 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Jul. 02, 2016 | |
Inventory Disclosure [Abstract] | |
Components of inventories | Inventories are stated at the lower of cost or market based on standard costs which approximates actual average costs. The components of inventories, net of reserves, are as follows (in thousands): July 2, 2016 April 2, 2016 Raw materials $ 102,910 $ 89,928 Work in process 241,276 228,626 Finished goods 111,585 108,997 Total inventories $ 455,771 $ 427,551 |
Goodwill and Intangible Asset21
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Jul. 02, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | The changes in the carrying amount of goodwill for the three months ended July 2, 2016 are as follows (in thousands): Mobile Products Infrastructure and Defense Products Total Balance as of April 2, 2016 $ 1,751,503 $ 384,194 $ 2,135,697 Goodwill resulting from GreenPeak — 39,124 39,124 Translation — (182 ) (182 ) Balance at July 2, 2016 $ 1,751,503 $ 423,136 $ 2,174,639 |
Schedule of finite-lived and indefinite-lived intangible assets [Table Text Block] | The following summarizes information regarding the gross carrying amounts and accumulated amortization of intangibles assets (in thousands): July 2, 2016 April 2, 2016 Gross Accumulated Gross Accumulated Intangible Assets: In-process research and development $ 267,000 N/A $ 267,000 N/A Technology licenses 13,346 11,172 12,446 11,021 Customer relationships 1,272,725 447,072 1,267,103 377,357 Developed technology 989,335 323,989 915,163 277,736 Wafer supply agreement 20,443 20,443 20,443 20,443 Trade names 29,353 14,529 29,000 12,083 Backlog 65,000 65,000 65,000 65,000 Non-compete agreement 1,026 86 — — Total $ 2,658,228 $ 882,291 $ 2,576,155 $ 763,640 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The following table provides the Company's estimated amortization expense for intangible assets based on current amortization periods for the periods indicated (in thousands): Fiscal Year Estimated 2017 $ 505,502 2018 542,634 2019 455,402 2020 206,986 2021 144,066 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Jul. 02, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Debt at July 2, 2016 and April 2, 2016 is as follows (in thousands): July 2, 2016 April 2, 2016 6.75% Senior Notes due 2023 $ 450,000 $ 450,000 7.00% Senior Notes due 2025 550,000 550,000 Less unamortized issuance costs (11,628 ) (11,870 ) Total long-term debt $ 988,372 $ 988,130 |
Investments and Fair Value Me23
Investments and Fair Value Measurements (Tables) | 3 Months Ended |
Jul. 02, 2016 | |
Investments and Fair Value Measurements [Abstract] | |
Available-for-sale securities | The following is a summary of cash equivalents and available-for-sale securities as of July 2, 2016 and April 2, 2016 (in thousands): Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value July 2, 2016 Auction rate securities $ 2,150 $ — $ (400 ) $ 1,750 Corporate debt 13,873 — — 13,873 Money market funds 57,798 — — 57,798 $ 73,821 $ — $ (400 ) $ 73,421 April 2, 2016 U.S. government/agency securities $ 149,874 $ 19 $ (1 ) $ 149,892 Auction rate securities 2,150 — (350 ) 1,800 Corporate debt 45,510 — — 45,510 Money market funds 146,779 — — 146,779 $ 344,313 $ 19 $ (351 ) $ 343,981 |
Expected distribution of cash equivalents and available-for-sale debt securities | The expected maturity distribution of cash equivalents and available-for-sale debt securities is as follows (in thousands): July 2, 2016 April 2, 2016 Cost Estimated Fair Value Cost Estimated Fair Value Due in less than one year $ 71,671 $ 71,671 $ 342,163 $ 342,181 Due after ten years 2,150 1,750 2,150 1,800 Total investments in debt securities $ 73,821 $ 73,421 $ 344,313 $ 343,981 |
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 July 2, 2016 and April 2, 2016 (in thousands): Total Quoted Prices In Active Markets For Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) July 2, 2016 Assets: Available-for-sale securities Auction rate securities (1) $ 1,750 $ — $ 1,750 Corporate debt (2) 13,873 — 13,873 Money market funds 57,798 57,798 — Total available-for-sale securities 73,421 57,798 15,623 Invested funds in deferred compensation plan (3) 7,169 7,169 — Total assets measured at fair value $ 80,590 $ 64,967 $ 15,623 Liabilities: Deferred compensation plan obligation (3) 7,169 7,169 — Total liabilities measured at fair value $ 7,169 $ 7,169 $ — April 2, 2016 Assets: Available-for-sale securities U.S. government/agency securities $ 149,892 $ 149,892 $ — Auction rate securities (1) 1,800 — 1,800 Corporate debt (2) 45,510 — 45,510 Money market funds 146,779 146,779 — Total available-for-sale securities 343,981 296,671 47,310 Invested funds in deferred compensation plan (3) 6,468 6,468 — Total assets measured at fair value $ 350,449 $ 303,139 $ 47,310 Liabilities: Deferred compensation plan obligation (3) 6,468 6,468 — Total liabilities measured at fair value $ 6,468 $ 6,468 $ — (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) | 3 Months Ended |
Jul. 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 July 2, June 27, Revenue: MP $ 547,077 $ 550,886 IDP 150,490 121,785 All other (1) 970 970 Total revenue $ 698,537 $ 673,641 Income (loss) from operations: MP $ 132,977 $ 173,742 IDP 34,651 14,073 All other (161,887 ) (189,150 ) Income (loss) from operations 5,741 (1,335 ) Interest expense (15,187 ) (548 ) Interest income 278 392 Other (expense) income (500 ) 4,119 (Loss) income before income taxes $ (9,668 ) $ 2,628 |
Summary of reconciliation of "All other" category | Three Months Ended July 2, June 27, Reconciliation of “All other” category: Stock-based compensation expense $ (30,594 ) $ (48,170 ) Amortization of intangible assets (119,345 ) (123,202 ) Acquisition and integration related costs (6,760 ) (10,415 ) Acquired inventory step-up and revaluation (1,199 ) — Restructuring and disposal costs (414 ) (1,427 ) IPR litigation costs (156 ) (148 ) Start-up costs (2,076 ) (3,710 ) Other expenses (including gain (loss) on assets and other miscellaneous corporate overhead) (1,343 ) (2,078 ) Loss from operations for “All other” $ (161,887 ) $ (189,150 ) |
Consolidating Financial Infor25
Consolidating Financial Information (Tables) | 3 Months Ended |
Jul. 02, 2016 | |
Consolidating Financial Information [Abstract] | |
Condensed Balance Sheet [Table Text Block] | Condensed Consolidating Balance Sheet July 2, 2016 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ 150,131 $ 282,903 $ — $ 433,034 Short-term investments — 13,873 — — 13,873 Accounts receivable, less allowance — 75,532 325,147 — 400,679 Intercompany accounts and notes receivable — 617,320 134,392 (751,712 ) — Inventories — 118,262 439,544 (102,035 ) 455,771 Prepaid expenses — 56,469 11,860 — 68,329 Other receivables — 5,770 64,101 — 69,871 Other current assets — 43,493 370 — 43,863 Total current assets — 1,080,850 1,258,317 (853,747 ) 1,485,420 Property and equipment, net — 883,197 277,756 — 1,160,953 Goodwill — 1,953,102 221,537 — 2,174,639 Intangible assets, net — 741,188 1,068,586 (33,837 ) 1,775,937 Long-term investments — 26,000 — — 26,000 Long-term intercompany accounts and notes receivable — 424,333 131,713 (556,046 ) — Investment in subsidiaries 6,137,196 1,664,717 — (7,801,913 ) — Other non-current assets 1,023 38,619 25,396 — 65,038 Total assets $ 6,138,219 $ 6,812,006 $ 2,983,305 $ (9,245,543 ) $ 6,687,987 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ — $ 99,265 $ 166,091 $ (1,878 ) $ 263,478 Intercompany accounts and notes payable — 134,392 617,320 (751,712 ) — Accrued liabilities 5,931 103,492 33,086 — 142,509 Other current liabilities — 197 14,149 — 14,346 Total current liabilities 5,931 337,346 830,646 (753,590 ) 420,333 Long-term debt 988,372 — — — 988,372 Deferred tax liabilities (103,634 ) 204,465 62,813 — 163,644 Long-term intercompany accounts and notes payable 213,974 131,713 210,359 (556,046 ) — Other long-term liabilities — 33,879 48,183 — 82,062 Total liabilities 1,104,643 707,403 1,152,001 (1,309,636 ) 1,654,411 Total stockholders’ equity 5,033,576 6,104,603 1,831,304 (7,935,907 ) 5,033,576 Total liabilities and stockholders’ equity $ 6,138,219 $ 6,812,006 $ 2,983,305 $ (9,245,543 ) $ 6,687,987 Condensed Consolidating Balance Sheet April 2, 2016 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ 220,633 $ 205,248 $ — $ 425,881 Short-term investments — 186,808 — — 186,808 Accounts receivable, less allowance — 203,488 112,868 — 316,356 Intercompany accounts and notes receivable — 532,508 404,330 (936,838 ) — Inventories — 186,627 325,346 (84,422 ) 427,551 Prepaid expenses — 56,151 7,699 — 63,850 Other receivables — 37,033 10,347 — 47,380 Other current assets — 40,866 518 — 41,384 Total current assets — 1,464,114 1,066,356 (1,021,260 ) 1,509,210 Property and equipment, net — 807,586 239,495 (193 ) 1,046,888 Goodwill — 1,868,816 266,881 — 2,135,697 Intangible assets, net — 786,314 1,026,201 — 1,812,515 Long-term investments — 26,050 — — 26,050 Long-term intercompany accounts and notes receivable — 564,397 267,823 (832,220 ) — Investment in subsidiaries 6,151,119 1,645,846 — (7,796,965 ) — Other non-current assets 1,091 39,478 25,890 — 66,459 Total assets $ 6,152,210 $ 7,202,601 $ 2,892,646 $ (9,650,638 ) $ 6,596,819 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ — $ 141,792 $ 66,508 $ (2,936 ) $ 205,364 Intercompany accounts and notes payable — 404,330 532,508 (936,838 ) — Accrued liabilities 25,445 93,609 18,835 — 137,889 Other current liabilities — 20,122 10,426 — 30,548 Total current liabilities 25,445 659,853 628,277 (939,774 ) 373,801 Long-term debt 988,130 — — — 988,130 Deferred tax liabilities (93,340 ) 195,462 50,038 — 152,160 Long-term intercompany accounts and notes payable 232,303 267,823 332,094 (832,220 ) — Other long-term liabilities — 39,288 43,768 — 83,056 Total liabilities 1,152,538 1,162,426 1,054,177 (1,771,994 ) 1,597,147 Total stockholders’ equity 4,999,672 6,040,175 1,838,469 (7,878,644 ) 4,999,672 Total liabilities and stockholders’ equity $ 6,152,210 $ 7,202,601 $ 2,892,646 $ (9,650,638 ) $ 6,596,819 |
Condensed Statement of Comprehensive Income [Table Text Block] | Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income Three Months Ended July 2, 2016 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 404,978 $ 732,494 $ (438,935 ) $ 698,537 Cost of goods sold — 344,567 479,042 (401,547 ) 422,062 Gross profit — 60,411 253,452 (37,388 ) 276,475 Operating expenses: Research and development 11,669 9,840 98,487 (2,859 ) 117,137 Marketing and selling 6,058 25,534 86,612 (9,168 ) 109,036 General and administrative 12,867 2,099 19,926 (333 ) 34,559 Other operating expense — 4,093 5,941 (32 ) 10,002 Total operating expenses 30,594 41,566 210,966 (12,392 ) 270,734 Income (loss) from operations (30,594 ) 18,845 42,486 (24,996 ) 5,741 Interest expense (14,768 ) (818 ) (1,578 ) 1,977 (15,187 ) Interest income — 1,482 567 (1,771 ) 278 Other (expense) income — (321 ) (945 ) 766 (500 ) (Loss) income before income taxes (45,362 ) 19,188 40,530 (24,024 ) (9,668 ) Income tax benefit (expense) 10,295 (27,087 ) 20,785 — 3,993 Income in subsidiaries 29,392 — — (29,392 ) — Net (loss) income $ (5,675 ) $ (7,899 ) $ 61,315 $ (53,416 ) $ (5,675 ) Comprehensive (loss) income $ (6,683 ) $ (7,827 ) $ 60,235 $ (52,408 ) $ (6,683 ) Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended June 27, 2015 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 725,762 $ 566,828 $ (618,949 ) 673,641 Cost of goods sold — 547,523 463,940 (617,339 ) 394,124 Gross profit — 178,239 102,888 (1,610 ) 279,517 Operating expenses: Research and development 21,473 43,670 60,011 (7,944 ) 117,210 Marketing and selling 20,087 33,508 62,859 (6,809 ) 109,645 General and administrative 6,610 22,556 9,179 (2,262 ) 36,083 Other operating expense — 15,428 2,486 — 17,914 Total operating expenses 48,170 115,162 134,535 (17,015 ) 280,852 (Loss) income from operations (48,170 ) 63,077 (31,647 ) 15,405 (1,335 ) Interest expense — (886 ) (559 ) 897 (548 ) Interest income — 522 607 (737 ) 392 Other income (expense) — 4,517 (239 ) (159 ) 4,119 Income (loss) before income taxes (48,170 ) 67,230 (31,838 ) 15,406 2,628 Income tax (expense) benefit 16,083 (11,888 ) (4,787 ) — (592 ) Income in subsidiaries 34,123 — — (34,123 ) — Net income (loss) $ 2,036 $ 55,342 $ (36,625 ) $ (18,717 ) $ 2,036 Comprehensive income (loss) $ 1,077 $ 53,889 $ (36,467 ) $ (17,422 ) $ 1,077 |
Condensed Cash Flow Statement [Table Text Block] | Condensed Consolidating Statement of Cash Flows Three Months Ended July 2, 2016 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided by (used in) operating activities $ (23,150 ) $ (137,694 ) $ 220,233 $ — $ 59,389 Investing activities: Purchase of property and equipment — (106,301 ) (24,139 ) — (130,440 ) Purchase of a business — — (117,498 ) — (117,498 ) Proceeds from sale of property and equipment — 17 — — 17 Proceeds from maturities of available-for-sale securities — 172,920 — — 172,920 Net cash (used in) provided by investing activities — 66,636 (141,637 ) — (75,001 ) Financing activities: Debt issuance costs (2 ) — — — (2 ) Proceeds from the issuance of common stock 25,962 — — — 25,962 Tax withholding paid on behalf of employees for restricted stock units (2,810 ) — — — (2,810 ) Restricted cash associated with financing activities — 4 — — 4 Net transactions with related parties — 552 (552 ) — — Net cash provided by (used in) financing activities 23,150 556 (552 ) — 23,154 Effect of exchange rate changes on cash — — (389 ) — (389 ) Net increase (decrease) in cash and cash equivalents — (70,502 ) 77,655 — 7,153 Cash and cash equivalents at the beginning of the period — 220,633 205,248 — 425,881 Cash and cash equivalents at the end of the period $ — $ 150,131 $ 282,903 $ — $ 433,034 Condensed Consolidating Statement of Cash Flows Three Months Ended June 27, 2015 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided by operating activities $ 40,462 $ 94,864 $ 6,106 $ — $ 141,432 Investing activities: Purchase of property and equipment — (71,602 ) (17,793 ) — (89,395 ) Proceeds from sale of property and equipment — 140 — — 140 Purchase of available-for-sale securities — (86,145 ) — — (86,145 ) Proceeds from maturities and sales of available-for-sale securities — 100,263 — — 100,263 Net cash used in investing activities — (57,344 ) (17,793 ) — (75,137 ) Financing activities: Debt issuance costs (1,335 ) — — — (1,335 ) Proceeds from the issuance of common stock 18,386 — — — 18,386 Repurchase of common stock, including transaction costs (50,009 ) — — — (50,009 ) Tax withholding paid on behalf of employees for restricted stock units (7,504 ) — — — (7,504 ) Restricted cash associated with financing activities — (8 ) — — (8 ) Other financing — (3 ) — — (3 ) Net transactions with related parties — (341 ) 341 — — Net cash (used in) provided by financing activities (40,462 ) (352 ) 341 — (40,473 ) Effect of exchange rate changes on cash — — (34 ) — (34 ) Net increase (decrease) in cash and cash equivalents — 37,168 (11,380 ) — 25,788 Cash and cash equivalents at the beginning of the period — 154,332 145,482 — 299,814 Cash and cash equivalents at the end of the period $ — $ 191,500 $ 134,102 $ — $ 325,602 |
Net (Loss) Income Per Share (De
Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Jul. 02, 2016 | Jun. 27, 2015 | |
Numerator: | ||
Numerator for basic and diluted net (loss) income per share — net (loss) income available to common stockholders | $ (5,675) | $ 2,036 |
Denominator: | ||
Denominator for basic net (loss) income per share — weighted average shares | 127,541 | 149,322 |
Effect of dilutive securities: | ||
Stock-based awards | 0 | 5,139 |
Denominator for diluted net (loss) income per share — adjusted weighted average shares and assumed conversions | 127,541 | 154,461 |
Basic net income per share (in dollars per share) | $ (0.04) | $ 0.01 |
Diluted net income per share (in dollars per share) | $ (0.04) | $ 0.01 |
Net (Loss) Income Per Share (27
Net (Loss) Income Per Share (Details Textual) - shares shares in Millions | 3 Months Ended | |
Jul. 02, 2016 | Jun. 27, 2015 | |
Net Income (Loss) Per Share (Textual) | ||
Approximate number of shares excluded from the computation of diluted shares outstanding | 5.1 | 0.1 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jul. 02, 2016 | Apr. 02, 2016 |
Components of inventories | ||
Raw materials | $ 102,910 | $ 89,928 |
Work in process | 241,276 | 228,626 |
Finished goods | 111,585 | 108,997 |
Total inventories | $ 455,771 | $ 427,551 |
Goodwill and Intangible Asset29
Goodwill and Intangible Assets (Details) $ in Thousands | 3 Months Ended |
Jul. 02, 2016USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 2,135,697 |
Goodwill, Foreign Currency Translation Gain (Loss) | (182) |
Goodwill, ending balance | 2,174,639 |
MP | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 1,751,503 |
Goodwill, Acquired During Period | 0 |
Goodwill, Foreign Currency Translation Gain (Loss) | 0 |
Goodwill, ending balance | 1,751,503 |
IDP | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 384,194 |
Goodwill, Acquired During Period | 39,124 |
Goodwill, Foreign Currency Translation Gain (Loss) | (182) |
Goodwill, ending balance | 423,136 |
GreenPeak [Member] | |
Goodwill [Roll Forward] | |
Goodwill, Acquired During Period | $ 39,124 |
Goodwill and Intangible Asset30
Goodwill and Intangible Assets (Details 1) - USD ($) $ in Thousands | Jul. 02, 2016 | Apr. 02, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 0 | |
Intangible assets, accumulated amortization | $ 882,291 | 763,640 |
Intangible Assets, Gross (Excluding Goodwill) | 2,658,228 | 2,576,155 |
In Process Research and Development [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 267,000 | 267,000 |
Licensing Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 13,346 | 12,446 |
Intangible assets, accumulated amortization | 11,172 | 11,021 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 1,272,725 | 1,267,103 |
Intangible assets, accumulated amortization | 447,072 | 377,357 |
Developed Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 989,335 | 915,163 |
Intangible assets, accumulated amortization | 323,989 | 277,736 |
Wafer Supply Agreement [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 20,443 | 20,443 |
Intangible assets, accumulated amortization | 20,443 | 20,443 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 29,353 | 29,000 |
Intangible assets, accumulated amortization | 14,529 | 12,083 |
Order or Production Backlog [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 65,000 | 65,000 |
Intangible assets, accumulated amortization | 65,000 | 65,000 |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 1,026 | |
Intangible assets, accumulated amortization | $ 86 | $ 0 |
Goodwill and Intangible Asset31
Goodwill and Intangible Assets (Details 2) $ in Thousands | Jul. 02, 2016USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,017 | $ 505,502 |
2,018 | 542,634 |
2,019 | 455,402 |
2,020 | 206,986 |
2,021 | $ 144,066 |
Goodwill and Intangible Asset32
Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | Apr. 15, 2016 | Jul. 02, 2016 | Jun. 27, 2015 | Apr. 02, 2016 |
Business Acquisition [Line Items] | ||||
Amortization of Intangible Assets | $ 119,400 | $ 123,200 | ||
Goodwill | 2,174,639 | $ 2,135,697 | ||
GreenPeak [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived Intangible Assets Acquired | $ 82,100 | |||
Purchase price | 118,700 | |||
Goodwill, Acquired During Period | 39,124 | |||
Developed Technology | GreenPeak [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived Intangible Assets Acquired | $ 74,200 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | |||
Customer Relationships | GreenPeak [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived Intangible Assets Acquired | $ 5,600 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | |||
MP | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 1,751,503 | 1,751,503 | ||
Goodwill, Acquired During Period | 0 | |||
IDP | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 423,136 | $ 384,194 | ||
Goodwill, Acquired During Period | $ 39,124 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | Jul. 02, 2016 | Apr. 02, 2016 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 988,372 | $ 988,130 |
Unamortized Debt Issuance Expense | 11,628 | 11,870 |
6.75% Senior Notes due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 450,000 | 450,000 |
7.00% Senior Notes due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 550,000 | $ 550,000 |
Debt (Details Textual)
Debt (Details Textual) $ in Thousands | 3 Months Ended | ||||
Jul. 02, 2016USD ($) | Apr. 02, 2016USD ($) | Nov. 19, 2015USD ($) | Nov. 12, 2015 | Apr. 07, 2015USD ($) | |
Debt Instrument [Line Items] | |||||
Long-term debt | $ 988,372 | $ 988,130 | |||
Interest Costs Capitalized | 3,000 | ||||
Unamortized Debt Issuance Expense | (11,628) | (11,870) | |||
6.75% Senior Notes due 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 450,000 | ||||
Long-term debt | $ 450,000 | 450,000 | |||
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 | $ 469,100 | 465,800 | |||
7.00% Senior Notes due 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 550,000 | ||||
Long-term debt | $ 550,000 | 550,000 | |||
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 | $ 581,600 | $ 581,600 | |||
Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Expense, Borrowings | $ 17,500 | ||||
Default interest rate increase | 0.25% | ||||
Default interest rate increase increments | 0.25% | ||||
Maximum default interest rate increase | 1.00% | ||||
Interest Paid | $ 36,700 | ||||
Bank of America Syndicate [Member] | Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Consolidated Total Leverage Ratio Allowed | 3 | 2.50 | |||
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 | ||||
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, Basis Spread on Variable Rate | 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% | ||||
Minimum | Eurodollar [Member] | Bank of America Syndicate [Member] | Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Stated Interest Rate | 1.50% | ||||
Minimum | Base Rate [Member] | Bank of America Syndicate [Member] | Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Stated Interest Rate | 0.50% | ||||
Maximum | Eurodollar [Member] | Bank of America Syndicate [Member] | Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Stated Interest Rate | 2.00% | ||||
Maximum | Base Rate [Member] | Bank of America Syndicate [Member] | Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Stated Interest Rate | 1.00% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 02, 2016 | Jun. 27, 2015 | Apr. 02, 2016 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense | $ 3,993 | $ (592) | |
Effective tax rate | 41.30% | 22.50% | |
Gross unrecognized tax benefits | $ 72,800 | $ 69,100 | |
Change in unrecognized tax benefits arising from increases related to current period tax positions | $ 3,700 |
Investments and Fair Value Me36
Investments and Fair Value Measurements (Details) - USD ($) $ in Thousands | Jul. 02, 2016 | Apr. 02, 2016 |
Available-for-Sale securities | ||
Cost basis | $ 73,821 | $ 344,313 |
Gross unrealized gains | 19 | |
Gross unrealized losses | (400) | (351) |
Estimated fair value | 73,421 | 343,981 |
U.S. government/agency securities [Member] | ||
Available-for-Sale securities | ||
Cost basis | 149,874 | |
Gross unrealized gains | 19 | |
Gross unrealized losses | (1) | |
Estimated fair value | 149,892 | |
Auction Rate Securities [Member] | ||
Available-for-Sale securities | ||
Cost basis | 2,150 | 2,150 |
Gross unrealized losses | (400) | (350) |
Estimated fair value | 1,750 | 1,800 |
Corporate Debt Securities [Member] | ||
Available-for-Sale securities | ||
Cost basis | 13,873 | 45,510 |
Estimated fair value | 13,873 | 45,510 |
Money Market Funds [Member] | ||
Available-for-Sale securities | ||
Cost basis | 57,798 | 146,779 |
Estimated fair value | $ 57,798 | $ 146,779 |
Investments and Fair Value Me37
Investments and Fair Value Measurements (Details 1) - Debt Securities [Member] - USD ($) $ in Thousands | Jul. 02, 2016 | Apr. 02, 2016 |
Schedule of Expected Maturities of Cash Equivalents and Available-for-Sale Securities[Line Items] | ||
Cost of investments in debt securities due in less than one year | $ 71,671 | $ 342,163 |
Cost of investments in debt securities due after ten years | 2,150 | 2,150 |
Cost | 73,821 | 344,313 |
Estimated fair value investments in debt securities due in less than one year | 71,671 | 342,181 |
Estimated fair value of investments in debt securities due after ten years | 1,750 | 1,800 |
Estimated fair value | $ 73,421 | $ 343,981 |
Investments and Fair Value Me38
Investments and Fair Value Measurements (Details 2) - Recurring [Member] - USD ($) $ in Thousands | Jul. 02, 2016 | Apr. 02, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale securities | $ 80,590 | $ 350,449 |
Invested funds in deferred compensation plan (3) | 7,169 | 6,468 |
Total assets measured at fair value | 73,421 | 343,981 |
Deferred compensation plan obligation (3) | 7,169 | 6,468 |
Total liabilities measured at fair value | 7,169 | 6,468 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale securities | 64,967 | 303,139 |
Invested funds in deferred compensation plan (3) | 7,169 | 6,468 |
Total assets measured at fair value | 57,798 | 296,671 |
Deferred compensation plan obligation (3) | 7,169 | 6,468 |
Total liabilities measured at fair value | 7,169 | 6,468 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale securities | 15,623 | 47,310 |
Invested funds in deferred compensation plan (3) | 0 | 0 |
Total assets measured at fair value | 15,623 | 47,310 |
Deferred compensation plan obligation (3) | 0 | 0 |
Total liabilities measured at fair value | 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 | 149,892 | |
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 | 149,892 | |
Auction Rate Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | 1,750 | 1,800 |
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 | 1,750 | 1,800 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | 13,873 | 45,510 |
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 | 13,873 | 45,510 |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | 57,798 | 146,779 |
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 | $ 57,798 | 146,779 |
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 | $ 0 |
Investments and Fair Value Me39
Investments and Fair Value Measurements (Details Textual) - USD ($) | 3 Months Ended | |||
Jul. 02, 2016 | Jun. 27, 2015 | Apr. 02, 2016 | Aug. 04, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Gross Realized Gains | $ 0 | $ 4,000,000 | ||
Available-for-sale Securities, Gross Realized Losses | 0 | $ 0 | ||
Investments and Fair Value Measurements (Textual) | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 400,000 | $ 400,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,800,000 | 55,600,000 | ||
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 Units, shares in Millions, $ in Millions | Mar. 10, 2016 | Feb. 16, 2016 | Jul. 02, 2016 | Oct. 03, 2015 | Jun. 27, 2015 | Apr. 02, 2016 | Nov. 05, 2015 | Aug. 11, 2015 | Feb. 05, 2015 |
February 2015 Program [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock Repurchase Program, Authorized Amount | $ 200 | ||||||||
Stock Repurchased During Period, Shares | 2.4 | 0.6 | |||||||
Shares Acquired Average Cost Per Share | $ 83.10 | $ 63.14 | |||||||
August 2015 Program [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock Repurchase Program, Authorized Amount | $ 400 | ||||||||
Stock Repurchased During Period, Shares | 7.3 | ||||||||
Shares Acquired Average Cost Per Share | $ 54.75 | ||||||||
November 2015 Program [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock Repurchase Program, Authorized Amount | $ 1,000 | ||||||||
Accelerated Share Repurchases, Settlement (Payment) or Receipt | $ 500 | ||||||||
Stock Repurchased During Period, Shares | 14.6 | ||||||||
Stock Repurchased During Period, Value | $ 750 | ||||||||
Accelerated Share Repurchases, Shares Received | 10.4 | ||||||||
Collared Agreement [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Accelerated Share Repurchases, Shares Received | 2 | ||||||||
Collared Agreement [Member] | November 2015 Program [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock Repurchase Program, Authorized Amount | $ 250 | ||||||||
Accelerated Share Repurchases, Shares Received | 3.1 | 0.4 | |||||||
Accelerated Share Repurchases, percent | 50.00% | ||||||||
Accelerated Share Repurchases, Initial Price Paid Per Share | $ 40.78 | ||||||||
Uncollared Agreement [Member] | November 2015 Program [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock Repurchase Program, Authorized Amount | $ 250 | ||||||||
Accelerated Share Repurchases, Shares Received | 4.9 | ||||||||
Accelerated Share Repurchases, percent | 80.00% | ||||||||
Accelerated Share Repurchases, Initial Price Paid Per Share | $ 40.78 |
Operating Segment Information41
Operating Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 02, 2016 | Jun. 27, 2015 | |
Revenue: | ||
Net revenue | $ 698,537 | $ 673,641 |
Income from operations: | ||
Loss from operations for “All other” | 5,741 | (1,335) |
Interest expense (Note 5) | (15,187) | (548) |
Interest income | 278 | 392 |
Other (expense) income | (500) | 4,119 |
(Loss) income before income taxes | (9,668) | 2,628 |
Operating Segments | MP | ||
Revenue: | ||
Net revenue | 547,077 | 550,886 |
Income from operations: | ||
Loss from operations for “All other” | 132,977 | 173,742 |
Operating Segments | IDP | ||
Revenue: | ||
Net revenue | 150,490 | 121,785 |
Income from operations: | ||
Loss from operations for “All other” | 34,651 | 14,073 |
All other | ||
Revenue: | ||
Net revenue | 970 | 970 |
Income from operations: | ||
Loss from operations for “All other” | $ (161,887) | $ (189,150) |
Operating Segment Information42
Operating Segment Information (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 02, 2016 | Jun. 27, 2015 | |
Reconciliation of "All other" category: | ||
Stock-based compensation expense | $ (30,594) | $ (48,170) |
Amortization of intangible assets | (119,400) | (123,200) |
Loss from operations for “All other” | 5,741 | (1,335) |
All other | ||
Reconciliation of "All other" category: | ||
Stock-based compensation expense | (30,594) | (48,170) |
Amortization of intangible assets | (119,345) | (123,202) |
Acquisition and integration related costs | (6,760) | (10,415) |
Acquired inventory step-up and revaluation | (1,199) | 0 |
Restructuring and disposal costs | (414) | (1,427) |
IPR litigation costs | (156) | (148) |
Start-up costs | (2,076) | (3,710) |
Other expenses (including gain (loss) on assets and other miscellaneous corporate overhead) | (1,343) | (2,078) |
Loss from operations for “All other” | $ (161,887) | $ (189,150) |
Consolidating Financial Infor43
Consolidating Financial Information Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Thousands | Jul. 02, 2016 | Apr. 02, 2016 | Jun. 27, 2015 | Mar. 28, 2015 |
Cash and Cash Equivalents, at Carrying Value | $ 433,034 | $ 425,881 | $ 325,602 | $ 299,814 |
Short-term Investments | 13,873 | 186,808 | ||
Accounts Receivable, Net, Current | 400,679 | 316,356 | ||
Intercompany receivables | 0 | 0 | ||
Inventory, Net | 455,771 | 427,551 | ||
Prepaid Expense, Current | 68,329 | 63,850 | ||
Other Receivables | 69,871 | 47,380 | ||
Other Assets, Current | 43,863 | 41,384 | ||
Total current assets | 1,485,420 | 1,509,210 | ||
Property, Plant and Equipment, Net | 1,160,953 | 1,046,888 | ||
Goodwill | 2,174,639 | 2,135,697 | ||
Finite-Lived Intangible Assets, Net | 1,775,937 | 1,812,515 | ||
Long-term Investments | 26,000 | 26,050 | ||
Intercompany Notes Receivable, Long-Term | 0 | 0 | ||
Investment in subsidiaries | 0 | 0 | ||
Other Assets, Noncurrent | 65,038 | 66,459 | ||
Total assets | 6,687,987 | 6,596,819 | ||
Accounts Payable, Current | 263,478 | 205,364 | ||
Intercompany accounts and notes payable | 0 | 0 | ||
Accrued Liabilities, Current | 142,509 | 137,889 | ||
Other Liabilities, Current | 14,346 | 30,548 | ||
Total current liabilities | 420,333 | 373,801 | ||
Long-term debt | 988,372 | 988,130 | ||
Deferred tax liabilities (Note 6) | 163,644 | 152,160 | ||
Intercompany accounts and notes payable, long-term | 0 | 0 | ||
Other Liabilities, Noncurrent | 82,062 | 83,056 | ||
Total liabilities | 1,654,411 | 1,597,147 | ||
Stockholders' Equity Attributable to Parent | 5,033,576 | 4,999,672 | ||
Liabilities and Equity | 6,687,987 | 6,596,819 | ||
Guarantor Subsidiaries | ||||
Cash and Cash Equivalents, at Carrying Value | 150,131 | 220,633 | 191,500 | 154,332 |
Short-term Investments | 13,873 | 186,808 | ||
Accounts Receivable, Net, Current | 75,532 | 203,488 | ||
Intercompany receivables | 617,320 | 532,508 | ||
Inventory, Net | 118,262 | 186,627 | ||
Prepaid Expense, Current | 56,469 | 56,151 | ||
Other Receivables | 5,770 | 37,033 | ||
Other Assets, Current | 43,493 | 40,866 | ||
Total current assets | 1,080,850 | 1,464,114 | ||
Property, Plant and Equipment, Net | 883,197 | 807,586 | ||
Goodwill | 1,953,102 | 1,868,816 | ||
Finite-Lived Intangible Assets, Net | 741,188 | 786,314 | ||
Long-term Investments | 26,000 | 26,050 | ||
Intercompany Notes Receivable, Long-Term | 424,333 | 564,397 | ||
Investment in subsidiaries | 1,664,717 | 1,645,846 | ||
Other Assets, Noncurrent | 38,619 | 39,478 | ||
Total assets | 6,812,006 | 7,202,601 | ||
Accounts Payable, Current | 99,265 | 141,792 | ||
Intercompany accounts and notes payable | 134,392 | 404,330 | ||
Accrued Liabilities, Current | 103,492 | 93,609 | ||
Other Liabilities, Current | 197 | 20,122 | ||
Total current liabilities | 337,346 | 659,853 | ||
Long-term debt | 0 | 0 | ||
Deferred tax liabilities (Note 6) | 204,465 | 195,462 | ||
Intercompany accounts and notes payable, long-term | 131,713 | 267,823 | ||
Other Liabilities, Noncurrent | 33,879 | 39,288 | ||
Total liabilities | 707,403 | 1,162,426 | ||
Stockholders' Equity Attributable to Parent | 6,104,603 | 6,040,175 | ||
Liabilities and Equity | 6,812,006 | 7,202,601 | ||
Non-Guarantor Subsidiaries | ||||
Cash and Cash Equivalents, at Carrying Value | 282,903 | 205,248 | 134,102 | 145,482 |
Short-term Investments | 0 | 0 | ||
Accounts Receivable, Net, Current | 325,147 | 112,868 | ||
Intercompany receivables | 134,392 | 404,330 | ||
Inventory, Net | 439,544 | 325,346 | ||
Prepaid Expense, Current | 11,860 | 7,699 | ||
Other Receivables | 64,101 | 10,347 | ||
Other Assets, Current | 370 | 518 | ||
Total current assets | 1,258,317 | 1,066,356 | ||
Property, Plant and Equipment, Net | 277,756 | 239,495 | ||
Goodwill | 221,537 | 266,881 | ||
Finite-Lived Intangible Assets, Net | 1,068,586 | 1,026,201 | ||
Long-term Investments | 0 | 0 | ||
Intercompany Notes Receivable, Long-Term | 131,713 | 267,823 | ||
Investment in subsidiaries | 0 | 0 | ||
Other Assets, Noncurrent | 25,396 | 25,890 | ||
Total assets | 2,983,305 | 2,892,646 | ||
Accounts Payable, Current | 166,091 | 66,508 | ||
Intercompany accounts and notes payable | 617,320 | 532,508 | ||
Accrued Liabilities, Current | 33,086 | 18,835 | ||
Other Liabilities, Current | 14,149 | 10,426 | ||
Total current liabilities | 830,646 | 628,277 | ||
Long-term debt | 0 | 0 | ||
Deferred tax liabilities (Note 6) | 62,813 | 50,038 | ||
Intercompany accounts and notes payable, long-term | 210,359 | 332,094 | ||
Other Liabilities, Noncurrent | 48,183 | 43,768 | ||
Total liabilities | 1,152,001 | 1,054,177 | ||
Stockholders' Equity Attributable to Parent | 1,831,304 | 1,838,469 | ||
Liabilities and Equity | 2,983,305 | 2,892,646 | ||
Eliminations | ||||
Cash and Cash Equivalents, at Carrying Value | 0 | 0 | 0 | 0 |
Short-term Investments | 0 | 0 | ||
Accounts Receivable, Net, Current | 0 | 0 | ||
Intercompany receivables | (751,712) | (936,838) | ||
Inventory, Net | (102,035) | (84,422) | ||
Prepaid Expense, Current | 0 | 0 | ||
Other Receivables | 0 | 0 | ||
Other Assets, Current | 0 | |||
Total current assets | (853,747) | (1,021,260) | ||
Property, Plant and Equipment, Net | 0 | (193) | ||
Goodwill | 0 | 0 | ||
Finite-Lived Intangible Assets, Net | (33,837) | 0 | ||
Long-term Investments | 0 | 0 | ||
Intercompany Notes Receivable, Long-Term | (556,046) | (832,220) | ||
Investment in subsidiaries | (7,801,913) | (7,796,965) | ||
Other Assets, Noncurrent | 0 | 0 | ||
Total assets | (9,245,543) | (9,650,638) | ||
Accounts Payable, Current | (1,878) | (2,936) | ||
Intercompany accounts and notes payable | (751,712) | (936,838) | ||
Accrued Liabilities, Current | 0 | 0 | ||
Other Liabilities, Current | 0 | |||
Total current liabilities | (753,590) | (939,774) | ||
Long-term debt | 0 | 0 | ||
Deferred tax liabilities (Note 6) | 0 | 0 | ||
Intercompany accounts and notes payable, long-term | (556,046) | (832,220) | ||
Other Liabilities, Noncurrent | 0 | 0 | ||
Total liabilities | (1,309,636) | (1,771,994) | ||
Stockholders' Equity Attributable to Parent | (7,935,907) | (7,878,644) | ||
Liabilities and Equity | (9,245,543) | (9,650,638) | ||
Parent Company | ||||
Cash and Cash Equivalents, at Carrying Value | 0 | 0 | $ 0 | $ 0 |
Short-term Investments | 0 | 0 | ||
Accounts Receivable, Net, Current | 0 | 0 | ||
Intercompany receivables | 0 | 0 | ||
Inventory, Net | 0 | 0 | ||
Prepaid Expense, Current | 0 | 0 | ||
Other Receivables | 0 | 0 | ||
Other Assets, Current | 0 | 0 | ||
Total current assets | 0 | 0 | ||
Property, Plant and Equipment, Net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Finite-Lived Intangible Assets, Net | 0 | 0 | ||
Long-term Investments | 0 | 0 | ||
Intercompany Notes Receivable, Long-Term | 0 | 0 | ||
Investment in subsidiaries | 6,137,196 | 6,151,119 | ||
Other Assets, Noncurrent | 1,023 | 1,091 | ||
Total assets | 6,138,219 | 6,152,210 | ||
Accounts Payable, Current | 0 | 0 | ||
Intercompany accounts and notes payable | 0 | 0 | ||
Accrued Liabilities, Current | 5,931 | 25,445 | ||
Other Liabilities, Current | 0 | 0 | ||
Total current liabilities | 5,931 | 25,445 | ||
Long-term debt | 988,372 | 988,130 | ||
Deferred tax liabilities (Note 6) | (103,634) | (93,340) | ||
Intercompany accounts and notes payable, long-term | 213,974 | 232,303 | ||
Other Liabilities, Noncurrent | 0 | 0 | ||
Total liabilities | 1,104,643 | 1,152,538 | ||
Stockholders' Equity Attributable to Parent | 5,033,576 | 4,999,672 | ||
Liabilities and Equity | $ 6,138,219 | $ 6,152,210 |
Consolidating Financial Infor44
Consolidating Financial Information Condensed Consolidating Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 02, 2016 | Jun. 27, 2015 | |
Revenue | $ 698,537 | $ 673,641 |
Cost of Goods Sold | 422,062 | 394,124 |
Gross profit | 276,475 | 279,517 |
Research and Development Expense | 117,137 | 117,210 |
Selling and Marketing Expense | 109,036 | 109,645 |
General and Administrative Expense | 34,559 | 36,083 |
Other Operating Income (Expense), Net | 10,002 | 17,914 |
Total operating expenses | 270,734 | 280,852 |
Income (loss) from operations | 5,741 | (1,335) |
Interest Expense | (15,187) | (548) |
Interest income | 278 | 392 |
Income (Loss) from Subsidiaries, before Tax | 0 | 0 |
Other Nonoperating Income (Expense) | (500) | 4,119 |
(Loss) income before income taxes | (9,668) | 2,628 |
Income tax expense | 3,993 | (592) |
Net (loss) income | (5,675) | 2,036 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (6,683) | 1,077 |
Parent Company | ||
Revenue | 0 | 0 |
Cost of Goods Sold | 0 | 0 |
Gross profit | 0 | 0 |
Research and Development Expense | 11,669 | 21,473 |
Selling and Marketing Expense | 6,058 | 20,087 |
General and Administrative Expense | 12,867 | 6,610 |
Other Operating Income (Expense), Net | 0 | 0 |
Total operating expenses | 30,594 | 48,170 |
Income (loss) from operations | (30,594) | (48,170) |
Interest Expense | (14,768) | 0 |
Interest income | 0 | 0 |
Income (Loss) from Subsidiaries, before Tax | 29,392 | 34,123 |
Other Nonoperating Income (Expense) | 0 | 0 |
(Loss) income before income taxes | (45,362) | (48,170) |
Income tax expense | 10,295 | 16,083 |
Net (loss) income | (5,675) | 2,036 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (6,683) | 1,077 |
Guarantor Subsidiaries | ||
Revenue | 404,978 | 725,762 |
Cost of Goods Sold | 344,567 | 547,523 |
Gross profit | 60,411 | 178,239 |
Research and Development Expense | 9,840 | 43,670 |
Selling and Marketing Expense | 25,534 | 33,508 |
General and Administrative Expense | 2,099 | 22,556 |
Other Operating Income (Expense), Net | 4,093 | 15,428 |
Total operating expenses | 41,566 | 115,162 |
Income (loss) from operations | 18,845 | 63,077 |
Interest Expense | (818) | (886) |
Interest income | 1,482 | 522 |
Income (Loss) from Subsidiaries, before Tax | 0 | 0 |
Other Nonoperating Income (Expense) | (321) | 4,517 |
(Loss) income before income taxes | 19,188 | 67,230 |
Income tax expense | (27,087) | (11,888) |
Net (loss) income | (7,899) | 55,342 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (7,827) | 53,889 |
Non-Guarantor Subsidiaries | ||
Revenue | 732,494 | 566,828 |
Cost of Goods Sold | 479,042 | 463,940 |
Gross profit | 253,452 | 102,888 |
Research and Development Expense | 98,487 | 60,011 |
Selling and Marketing Expense | 86,612 | 62,859 |
General and Administrative Expense | 19,926 | 9,179 |
Other Operating Income (Expense), Net | 5,941 | 2,486 |
Total operating expenses | 210,966 | 134,535 |
Income (loss) from operations | 42,486 | (31,647) |
Interest Expense | (1,578) | (559) |
Interest income | 567 | 607 |
Income (Loss) from Subsidiaries, before Tax | 0 | 0 |
Other Nonoperating Income (Expense) | (945) | (239) |
(Loss) income before income taxes | 40,530 | (31,838) |
Income tax expense | 20,785 | (4,787) |
Net (loss) income | 61,315 | (36,625) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 60,235 | (36,467) |
Eliminations | ||
Revenue | (438,935) | (618,949) |
Cost of Goods Sold | (401,547) | (617,339) |
Gross profit | (37,388) | (1,610) |
Research and Development Expense | (2,859) | (7,944) |
Selling and Marketing Expense | (9,168) | (6,809) |
General and Administrative Expense | (333) | (2,262) |
Other Operating Income (Expense), Net | (32) | 0 |
Total operating expenses | (12,392) | (17,015) |
Income (loss) from operations | (24,996) | 15,405 |
Interest Expense | 1,977 | 897 |
Interest income | (1,771) | (737) |
Income (Loss) from Subsidiaries, before Tax | (29,392) | (34,123) |
Other Nonoperating Income (Expense) | 766 | (159) |
(Loss) income before income taxes | (24,024) | 15,406 |
Income tax expense | 0 | 0 |
Net (loss) income | (53,416) | (18,717) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (52,408) | $ (17,422) |
Consolidating Financial Infor45
Consolidating Financial Information Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Jul. 02, 2016 | Jun. 27, 2015 | Apr. 02, 2016 | Mar. 28, 2015 | |
Net Cash Provided by (Used in) Operating Activities | $ 59,389 | $ 141,432 | ||
Payments to Acquire Property, Plant, and Equipment | (130,440) | (89,395) | ||
Payments to Acquire Businesses, Net of Cash Acquired | (117,498) | 0 | ||
Proceeds from Sale of Property, Plant, and Equipment | 17 | 140 | ||
Payments to Acquire Available-for-sale Securities | 0 | (86,145) | ||
Proceeds from maturities and sales of available-for-sale securities | 172,920 | 100,263 | ||
Net Cash Provided by (Used in) Investing Activities | (75,001) | (75,137) | ||
Debt issuance costs | (2) | (1,335) | ||
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 25,962 | 18,386 | ||
Payments for Repurchase of Common Stock | 0 | (50,009) | ||
Payments Related to Tax Withholding for Share-based Compensation | (2,810) | (7,504) | ||
Proceeds from (Repayments of) Restricted Cash, Financing Activities | 4 | (8) | ||
Other financing | 0 | (3) | ||
Net transactions with related parties | 0 | 0 | ||
Net Cash Provided by (Used in) Financing Activities | 23,154 | (40,473) | ||
Effect of Exchange Rate on Cash and Cash Equivalents | (389) | (34) | ||
Cash and Cash Equivalents, Period Increase (Decrease) | 7,153 | 25,788 | ||
Cash and Cash Equivalents, at Carrying Value | 433,034 | 325,602 | $ 425,881 | $ 299,814 |
Parent Company | ||||
Net Cash Provided by (Used in) Operating Activities | (23,150) | 40,462 | ||
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | ||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | |||
Proceeds from Sale of Property, Plant, and Equipment | 0 | 0 | ||
Payments to Acquire Available-for-sale Securities | 0 | |||
Proceeds from maturities and sales of available-for-sale securities | 0 | 0 | ||
Net Cash Provided by (Used in) Investing Activities | 0 | 0 | ||
Debt issuance costs | (2) | (1,335) | ||
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 25,962 | 18,386 | ||
Payments for Repurchase of Common Stock | (50,009) | |||
Payments Related to Tax Withholding for Share-based Compensation | (2,810) | (7,504) | ||
Proceeds from (Repayments of) Restricted Cash, Financing Activities | 0 | 0 | ||
Other financing | 0 | |||
Net transactions with related parties | 0 | 0 | ||
Net Cash Provided by (Used in) Financing Activities | 23,150 | (40,462) | ||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | 0 | ||
Cash and Cash Equivalents, at Carrying Value | 0 | 0 | 0 | 0 |
Guarantor Subsidiaries | ||||
Net Cash Provided by (Used in) Operating Activities | (137,694) | 94,864 | ||
Payments to Acquire Property, Plant, and Equipment | (106,301) | (71,602) | ||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | |||
Proceeds from Sale of Property, Plant, and Equipment | 17 | 140 | ||
Payments to Acquire Available-for-sale Securities | (86,145) | |||
Proceeds from maturities and sales of available-for-sale securities | 172,920 | 100,263 | ||
Net Cash Provided by (Used in) Investing Activities | 66,636 | (57,344) | ||
Debt issuance costs | 0 | 0 | ||
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 0 | 0 | ||
Payments for Repurchase of Common Stock | 0 | |||
Payments Related to Tax Withholding for Share-based Compensation | 0 | 0 | ||
Proceeds from (Repayments of) Restricted Cash, Financing Activities | 4 | (8) | ||
Other financing | (3) | |||
Net transactions with related parties | 552 | (341) | ||
Net Cash Provided by (Used in) Financing Activities | 556 | (352) | ||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | (70,502) | 37,168 | ||
Cash and Cash Equivalents, at Carrying Value | 150,131 | 191,500 | 220,633 | 154,332 |
Non-Guarantor Subsidiaries | ||||
Net Cash Provided by (Used in) Operating Activities | 220,233 | 6,106 | ||
Payments to Acquire Property, Plant, and Equipment | (24,139) | (17,793) | ||
Payments to Acquire Businesses, Net of Cash Acquired | (117,498) | |||
Proceeds from Sale of Property, Plant, and Equipment | 0 | 0 | ||
Payments to Acquire Available-for-sale Securities | 0 | |||
Proceeds from maturities and sales of available-for-sale securities | 0 | 0 | ||
Net Cash Provided by (Used in) Investing Activities | (141,637) | (17,793) | ||
Debt issuance costs | 0 | 0 | ||
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 0 | 0 | ||
Payments for Repurchase of Common Stock | 0 | |||
Payments Related to Tax Withholding for Share-based Compensation | 0 | 0 | ||
Proceeds from (Repayments of) Restricted Cash, Financing Activities | 0 | 0 | ||
Other financing | 0 | |||
Net transactions with related parties | (552) | 341 | ||
Net Cash Provided by (Used in) Financing Activities | (552) | 341 | ||
Effect of Exchange Rate on Cash and Cash Equivalents | (389) | (34) | ||
Cash and Cash Equivalents, Period Increase (Decrease) | 77,655 | (11,380) | ||
Cash and Cash Equivalents, at Carrying Value | 282,903 | 134,102 | 205,248 | 145,482 |
Eliminations | ||||
Net Cash Provided by (Used in) Operating Activities | 0 | 0 | ||
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | ||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | |||
Proceeds from Sale of Property, Plant, and Equipment | 0 | 0 | ||
Payments to Acquire Available-for-sale Securities | 0 | |||
Proceeds from maturities and sales of available-for-sale securities | 0 | 0 | ||
Net Cash Provided by (Used in) Investing Activities | 0 | 0 | ||
Debt issuance costs | 0 | 0 | ||
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 0 | 0 | ||
Payments for Repurchase of Common Stock | 0 | |||
Payments Related to Tax Withholding for Share-based Compensation | 0 | 0 | ||
Proceeds from (Repayments of) Restricted Cash, Financing Activities | 0 | 0 | ||
Other financing | 0 | |||
Net transactions with related parties | 0 | 0 | ||
Net Cash Provided by (Used in) Financing Activities | 0 | 0 | ||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | 0 | ||
Cash and Cash Equivalents, at Carrying Value | $ 0 | $ 0 | $ 0 | $ 0 |