Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Oct. 01, 2016 | Oct. 31, 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 | Oct. 1, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --04-01 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 127,727,701 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Oct. 01, 2016 | Apr. 02, 2016 |
Current assets: | ||
Cash and cash equivalents (Note 7) | $ 469,219 | $ 425,881 |
Short-term investments (Note 7) | 0 | 186,808 |
Accounts receivable, less allowance of $100 and $143 as of October 1, 2016 and April 2, 2016, respectively | 491,489 | 316,356 |
Inventories (Note 3) | 437,135 | 427,551 |
Prepaid expenses | 58,579 | 63,850 |
Other receivables | 78,022 | 47,380 |
Other current assets | 48,092 | 41,384 |
Total current assets | 1,582,536 | 1,509,210 |
Property and equipment, net of accumulated depreciation of $820,306 at October 1, 2016 and $751,898 at April 2, 2016 | 1,240,050 | 1,046,888 |
Goodwill (Note 4) | 2,174,918 | 2,135,697 |
Intangible assets, net (Note 4) | 1,656,158 | 1,812,515 |
Long-term investments (Note 7) | 34,902 | 26,050 |
Other non-current assets | 63,058 | 66,459 |
Total assets | 6,751,622 | 6,596,819 |
Current liabilities: | ||
Accounts payable | 323,696 | 205,364 |
Accrued liabilities | 212,220 | 137,889 |
Other current liabilities | 21,529 | 30,548 |
Total current liabilities | 557,445 | 373,801 |
Long-term debt (Note 5) | 988,625 | 988,130 |
Deferred tax liabilities (Note 6) | 146,927 | 152,160 |
Other long-term liabilities | 82,249 | 83,056 |
Total liabilities | 1,775,246 | 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; 126,995 and 127,386 shares issued and outstanding at October 1, 2016 and April 2, 2016, respectively | 5,413,742 | 5,442,613 |
Accumulated other comprehensive loss, net of tax | (3,730) | (3,133) |
Accumulated deficit | (433,636) | (439,808) |
Total stockholders’ equity | 4,976,376 | 4,999,672 |
Total liabilities and stockholders’ equity | $ 6,751,622 | $ 6,596,819 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Oct. 01, 2016 | Apr. 02, 2016 |
Statement of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 100 | $ 143 |
Property and equipment, accumulated depreciation | $ 820,306 | $ 751,898 |
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 | 126,995,000 | 127,386,000 |
Common stock, shares outstanding | 126,995,000 | 127,386,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 01, 2016 | Oct. 03, 2015 | Oct. 01, 2016 | Oct. 03, 2015 | |
Income Statement [Abstract] | ||||
Revenue | $ 864,698 | $ 708,335 | $ 1,563,235 | $ 1,381,976 |
Cost of goods sold | 547,899 | 423,487 | 969,961 | 817,611 |
Gross profit | 316,799 | 284,848 | 593,274 | 564,365 |
Operating expenses: | ||||
Research and development | 126,078 | 118,293 | 243,215 | 235,503 |
Marketing and selling | 108,128 | 105,925 | 217,164 | 215,570 |
General and administrative | 30,455 | 29,069 | 65,014 | 65,152 |
Other operating expense | 6,745 | 13,522 | 16,747 | 31,436 |
Total operating expenses | 271,406 | 266,809 | 542,140 | 547,661 |
Income from operations | 45,393 | 18,039 | 51,134 | 16,704 |
Interest expense (Note 5) | (15,554) | (660) | (30,741) | (1,208) |
Interest income | 192 | 472 | 470 | 864 |
Other (expense) income | (311) | 381 | (811) | 4,500 |
Income before income taxes | 29,720 | 18,232 | 20,052 | 20,860 |
Income tax expense (Note 6) | (17,873) | (13,784) | (13,880) | (14,376) |
Net income | $ 11,847 | $ 4,448 | $ 6,172 | $ 6,484 |
Net income per share (Note 2): | ||||
Basic | $ 0.09 | $ 0.03 | $ 0.05 | $ 0.04 |
Diluted | $ 0.09 | $ 0.03 | $ 0.05 | $ 0.04 |
Weighted average shares of common stock outstanding (Note 2): | ||||
Basic | 127,546 | 146,053 | 127,543 | 147,627 |
Diluted | 132,329 | 150,783 | 132,461 | 152,562 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 01, 2016 | Oct. 03, 2015 | Oct. 01, 2016 | Oct. 03, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 11,847 | $ 4,448 | $ 6,172 | $ 6,484 |
Other comprehensive income (loss): | ||||
Unrealized gain (loss) on marketable securities, net of tax | 1 | (105) | 73 | 707 |
Foreign currency translation adjustment, including intra-entity foreign currency transactions that are of a long-term-investment nature | 353 | (97) | (758) | 25 |
Reclassification adjustments, net of tax: | ||||
Realized gain on marketable securities | 0 | (30) | 0 | (1,958) |
Amortization of pension actuarial loss | 57 | 34 | 88 | 69 |
Other comprehensive income (loss) | 411 | (198) | (597) | (1,157) |
Total comprehensive income | $ 12,258 | $ 4,250 | $ 5,575 | $ 5,327 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Oct. 01, 2016 | Oct. 03, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 6,172 | $ 6,484 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 97,177 | 88,807 |
Amortization and other non-cash items | 243,397 | 250,940 |
Excess tax benefit from exercises of stock options | (56) | 0 |
Deferred income taxes | (13,310) | 2,388 |
Foreign currency adjustments | 1,128 | 427 |
Gain on investments and other assets, net | (165) | (3,132) |
Stock-based compensation expense | 56,636 | 83,900 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (170,920) | (84,496) |
Inventories | (11,689) | (51,803) |
Prepaid expenses and other current and non-current assets | (23,617) | (5,469) |
Accounts payable and accrued liabilities | 136,832 | 31,599 |
Income tax (recoverable) / payable | (13,205) | (585) |
Other liabilities | 1,007 | (8,833) |
Net cash provided by operating activities | 309,387 | 310,227 |
Investing activities: | ||
Purchase of property and equipment | (250,419) | (169,686) |
Purchase of a business, net of cash acquired (Note 4) | (118,173) | 0 |
Purchase of available-for-sale securities | (469) | (150,104) |
Proceeds from maturities and sales of available-for-sale securities | 186,793 | 370,067 |
Other investing activities | (4,710) | (24,745) |
Net cash (used in) provided by investing activities | (186,978) | 25,532 |
Financing activities: | ||
Proceeds from debt issuances | 0 | 125,000 |
Payment of debt | 0 | (50,000) |
Debt issuance costs | 0 | (1,339) |
Excess tax benefit from exercises of stock options | 56 | 0 |
Proceeds from the issuance of common stock | 27,077 | 29,708 |
Repurchase of common stock, including transaction costs | (91,400) | (549,940) |
Tax withholding paid on behalf of employees for restricted stock units | (14,763) | (19,430) |
Other financing activities | (3) | 83 |
Net cash used in financing activities | (79,033) | (465,918) |
Effect of exchange rate changes on cash | (38) | (58) |
Net increase (decrease) in cash and cash equivalents | 43,338 | (130,217) |
Cash and cash equivalents at the beginning of the period | 425,881 | 299,814 |
Cash and cash equivalents at the end of the period | 469,219 | 169,597 |
Capital expenditure adjustments included in liabilities | $ 43,602 | $ 5,217 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 6 Months Ended |
Oct. 01, 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 the three and six months ended October 1, 2016 included 13 and 26 weeks, respectively. Comparatively, fiscal 2016 was a 53-week year and the three and six months ended October 3, 2015 included 14 and 27 weeks, respectively. |
Net (Loss) Income Per Share
Net (Loss) Income Per Share | 6 Months Ended |
Oct. 01, 2016 | |
Earnings Per Share [Abstract] | |
NET INCOME PER SHARE | NET INCOME PER SHARE The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share data): Three Months Ended Six Months Ended October 1, 2016 October 3, 2015 October 1, 2016 October 3, 2015 Numerator: Numerator for basic and diluted net income per share — net income available to common stockholders $ 11,847 $ 4,448 $ 6,172 $ 6,484 Denominator: Denominator for basic net income per share — weighted average shares 127,546 146,053 127,543 147,627 Effect of dilutive securities: Stock-based awards 4,783 4,730 4,918 4,935 Denominator for diluted net income per share — adjusted weighted average shares and assumed conversions 132,329 150,783 132,461 152,562 Basic net income per share $ 0.09 $ 0.03 $ 0.05 $ 0.04 Diluted net income per share $ 0.09 $ 0.03 $ 0.05 $ 0.04 In the computation of diluted net income per share for the three and six months ended October 1, 2016 , outstanding options to purchase less than 0.1 million shares were excluded because the exercise price of the options was greater than the average market price of the underlying common stock and the effect of their inclusion would have been anti-dilutive. In the computation of diluted net income per share for the three and six months ended October 3, 2015 , outstanding options to purchase approximately 0.2 million shares and 0.1 million shares, respectively, 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 | 6 Months Ended |
Oct. 01, 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): October 1, 2016 April 2, 2016 Raw materials $ 106,874 $ 89,928 Work in process 222,695 228,626 Finished goods 107,566 108,997 Total inventories $ 437,135 $ 427,551 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Notes) | 6 Months Ended |
Oct. 01, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | GOODWILL AND INTANGIBLE ASSETS The change in the carrying amount of goodwill for the six months ended October 1, 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 Acquisition — 39,221 39,221 Balance at October 1, 2016 $ 1,751,503 $ 423,415 $ 2,174,918 On April 29, 2016, the Company completed the acquisition of GreenPeak Technologies, B.V. ("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 offerings to include integrated RF solutions and systems-on-a-chip ("SoCs") for the connected home and the Internet of Things ("IoT"). The acquisition resulted in initial goodwill of $39.2 million and an increase in intangible assets of $82.1 million . The more significant intangible assets acquired were 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 intangible assets (in thousands): October 1, 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 11,357 12,446 11,021 Customer relationships 1,272,725 516,943 1,267,103 377,357 Developed technology 989,335 371,125 915,163 277,736 Wafer supply agreement 20,443 20,443 20,443 20,443 Trade names 29,353 16,989 29,000 12,083 Backlog 65,000 65,000 65,000 65,000 Non-compete agreement 1,026 213 — — Total $ 2,658,228 $ 1,002,070 $ 2,576,155 $ 763,640 Total intangible assets amortization expense was $119.8 million and $239.2 million for the three and six months ended October 1, 2016 , respectively, and $128.0 million and $251.2 million for the three and six months ended October 3, 2015 , respectively. Based on identified intangible assets as of October 1, 2016, we expect amortization expense for each period to be as follows (in thousands): Fiscal Year Estimated 2017 $ 505,502 2018 542,634 2019 455,402 2020 206,986 2021 144,066 |
Debt
Debt | 6 Months Ended |
Oct. 01, 2016 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Debt as of October 1, 2016 and April 2, 2016 is as follows (in thousands): October 1, 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 (11,375 ) (11,870 ) Total long-term debt $ 988,625 $ 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 $11.4 million as of October 1, 2016 and $11.9 million as of April 2, 2016 , and is presented on the Condensed Consolidated Balance Sheets 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 used 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. For the three and six months ended October 1, 2016 , the Company recognized $17.3 million and $34.8 million , respectively, of interest expense related to the Notes which was offset by $2.4 million and $5.4 million , respectively, 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 six months ended October 1, 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, failure to provide certain notices thereunder and certain provisions related to bankruptcy events. The Indenture also contains customary negative covenants. In connection with the offering of the Notes, the Company agreed to provide the holders of the Notes with an opportunity to exchange the Notes for registered notes having terms substantially identical to the Notes. On September 19, 2016, the Company completed the exchange offer, in which all of the 2023 Notes and substantially all of the 2025 Notes were exchanged for new notes that have been registered under the Securities Act. The 2023 Notes and the 2025 Notes are traded over the counter and their fair values as of October 1, 2016 , of $487.1 million and $598.1 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 six months ended October 1, 2016 , there were no borrowings under the revolving credit facility. The Company had no outstanding amounts under the Credit Agreement as of October 1, 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 | 6 Months Ended |
Oct. 01, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Income Tax Expense The Company’s provision for income taxes for the three and six months ended October 1, 2016 and October 3, 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 and six months ended October 1, 2016 and October 3, 2015 . The Company’s income tax expense was $17.9 million and $13.9 million for the three and six months ended October 1, 2016 , respectively, and the Company's income tax expense was $13.8 million and $14.4 million for the three and six months ended October 3, 2015 , respectively. The Company’s effective tax rate was 60.1% and 69.2% for the three and six months ended October 1, 2016 , respectively, and 75.7% and 69.0% for the three and six months ended October 3, 2015 , respectively. The Company's effective tax rate for both the second quarter of fiscal 2017 and the second 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 2036 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 $79.4 million as of the end of the second quarter of fiscal 2017 , due to a $10.3 million increase related to tax positions taken with respect to the current fiscal year. |
Investments and Fair Value Meas
Investments and Fair Value Measurements | 6 Months Ended |
Oct. 01, 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 October 1, 2016 and April 2, 2016 (in thousands): Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value October 1, 2016 Auction rate securities $ 2,150 $ — $ (398 ) $ 1,752 Money market funds 91,878 — — 91,878 $ 94,028 $ — $ (398 ) $ 93,630 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 October 1, 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 insignificant gross realized losses recognized on available-for-sale securities for the three and six months ended October 1, 2016 . The gross realized gains and losses realized on available-for-sale securities for the three months ended October 3, 2015 were insignificant. There were $4.0 million of gross realized gains and insignificant gross realized losses recognized on available-for-sale securities for the six months ended October 3, 2015 . There were no unrealized losses on available-for-sale securities in a continuous loss position for fewer than 12 months as of October 1, 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 October 1, 2016 and April 2, 2016 . The aggregate amount of available-for-sale securities in an unrealized loss position at October 1, 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): October 1, 2016 April 2, 2016 Cost Estimated Fair Value Cost Estimated Fair Value Due in less than one year $ 91,878 $ 91,878 $ 342,163 $ 342,181 Due after ten years 2,150 1,752 2,150 1,800 Total investments in debt securities $ 94,028 $ 93,630 $ 344,313 $ 343,981 During the first quarter of fiscal 2017, 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 is 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 six months ended October 1, 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 October 1, 2016 and April 2, 2016 (in thousands): Total Quoted Prices In Active Markets For Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) October 1, 2016 Assets: Available-for-sale securities Auction rate securities (1) $ 1,752 $ — $ 1,752 Money market funds 91,878 91,878 — Total available-for-sale securities 93,630 91,878 1,752 Invested funds in deferred compensation plan (3) 7,858 7,858 — Total assets measured at fair value $ 101,488 $ 99,736 $ 1,752 Liabilities: Deferred compensation plan obligation (3) 7,858 7,858 — Total liabilities measured at fair value $ 7,858 $ 7,858 $ — 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 | 6 Months Ended |
Oct. 01, 2016 | |
Equity [Abstract] | |
SHARE REPURCHASES | REPURCHASES During the first half of fiscal 2016, the Company completed share repurchases under two programs approved by its Board of Directors under which it repurchased on the open market approximately 2.4 million shares for $150.0 million and approximately 7.3 million shares for $400.0 million . On November 5, 2015, the Company announced a new share repurchase program to repurchase up to $1.0 billion of the Company's outstanding stock through November 4, 2016. During the third quarter of fiscal 2016, the Company repurchased approximately 4.6 million shares of its common stock for approximately $250 million and during the fourth quarter of fiscal 2016, the Company repurchased approximately 10.0 million shares of its common stock for approximately $500.0 million . The amounts for the fourth quarter of fiscal 2016 reflect shares repurchased pursuant to variable maturity accelerated shares repurchase ("ASR") agreements that the Company entered into with Bank of America, N.A. on February 16, 2016 as part of the $1.0 billion share repurchase program described above. Final settlements of the ASR agreements were completed during the first quarter of fiscal 2017 with an additional 0.4 million shares received. During the second quarter of fiscal 2017, the Company repurchased approximately 1.6 million shares of its common stock for approximately $91.4 million . |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Oct. 01, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS Accounting Pronouncements Not Yet Effective In October 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-16, " Income Taxes (Topic 740), Intra-Entity Transfers of Assets Other Than Inventory" , which requires the recognition of the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. The new standard will become effective for the Company in the first quarter of fiscal year 2019. The Company is currently evaluating the effects this new guidance will have on its consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, a consensus of the FASB’s Emerging Issues Task Force." The new guidance addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The new standard will become effective for the Company beginning in the first quarter of fiscal year 2019. The Company is currently evaluating the effects the new guidance will have on its consolidated financial statements. In June 2016, the FASB issued 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 does not believe it will have a significant impact 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 does not believe it will have a significant impact 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 | 6 Months Ended |
Oct. 01, 2016 | |
Segment Reporting [Abstract] | |
OPERATING SEGMENT INFORMATION | OPERATING SEGMENT INFORMATION The Company’s operating segments as of October 1, 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, including the connected car. 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 offerings to include integrated RF solutions and SoCs for the connected home and the 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 settlement (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 Six Months Ended October 1, October 3, October 1, October 3, Revenue: MP $ 706,138 $ 578,160 $ 1,253,215 $ 1,129,047 IDP 157,590 129,205 308,080 250,989 All other (1) 970 970 1,940 1,940 Total revenue $ 864,698 $ 708,335 $ 1,563,235 $ 1,381,976 Income (loss) from operations: MP $ 164,397 $ 171,974 $ 297,374 $ 345,717 IDP 32,416 22,850 67,067 36,922 All other (151,420 ) (176,785 ) (313,307 ) (365,935 ) Income from operations 45,393 18,039 51,134 16,704 Interest expense (15,554 ) (660 ) (30,741 ) (1,208 ) Interest income 192 472 470 864 Other (expense) income (311 ) 381 (811 ) 4,500 Income before income taxes $ 29,720 $ 18,232 $ 20,052 $ 20,860 (1) "All other" revenue relates to royalty income that is not allocated to MP or IDP. Three Months Ended Six Months Ended October 1, October 3, October 1, October 3, Reconciliation of “All other” category: Stock-based compensation expense $ (26,042 ) $ (35,729 ) $ (56,636 ) $ (83,900 ) Amortization of intangible assets (119,646 ) (128,028 ) (238,991 ) (251,230 ) Acquisition and integration related costs (8,962 ) (5,589 ) (15,722 ) (16,003 ) Acquired inventory step-up and revaluation (318 ) — (1,517 ) — Restructuring and disposal costs (468 ) (2,403 ) (882 ) (3,830 ) IPR litigation settlement (costs) 5,100 (192 ) 4,944 (340 ) Start-up costs (2,012 ) (3,496 ) (4,088 ) (7,206 ) Other expenses (including gain (loss) on assets and other miscellaneous corporate overhead) 928 (1,348 ) (415 ) (3,426 ) Loss from operations for “All other” $ (151,420 ) $ (176,785 ) $ (313,307 ) $ (365,935 ) |
Consolidating Financial Informa
Consolidating Financial Information (Notes) | 6 Months Ended |
Oct. 01, 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 a direct or indirect wholly owned subsidiary of the 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 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 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 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 Company, guarantor or non-guarantor subsidiaries operated as independent entities. Condensed Consolidating Balance Sheet October 1, 2016 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ 195,307 $ 273,912 $ — $ 469,219 Accounts receivable, less allowance — 52,707 439,934 (1,152 ) 491,489 Intercompany accounts and notes receivable — 636,122 71,542 (707,664 ) — Inventories — 97,206 416,982 (77,053 ) 437,135 Prepaid expenses — 50,024 8,555 — 58,579 Other receivables — 5,830 72,192 — 78,022 Other current assets — 47,752 340 — 48,092 Total current assets — 1,084,948 1,283,457 (785,869 ) 1,582,536 Property and equipment, net — 924,409 315,641 — 1,240,050 Goodwill — 1,953,102 221,816 — 2,174,918 Intangible assets, net — 696,062 960,096 — 1,656,158 Long-term investments — 26,002 8,900 — 34,902 Long-term intercompany accounts and notes receivable — 398,243 129,734 (527,977 ) — Investment in subsidiaries 6,144,541 1,664,717 — (7,809,258 ) — Other non-current assets 955 37,666 24,437 — 63,058 Total assets $ 6,145,496 $ 6,785,149 $ 2,944,081 $ (9,123,104 ) $ 6,751,622 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ — $ 116,802 $ 206,894 $ — $ 323,696 Intercompany accounts and notes payable — 71,542 636,122 (707,664 ) — Accrued liabilities 23,152 144,233 44,835 — 212,220 Other current liabilities — 715 20,814 — 21,529 Total current liabilities 23,152 333,292 908,665 (707,664 ) 557,445 Long-term debt 988,625 — — — 988,625 Deferred tax liabilities (113,216 ) 211,501 48,642 — 146,927 Long-term intercompany accounts and notes payable 270,559 129,734 127,684 (527,977 ) — Other long-term liabilities — 33,369 48,880 — 82,249 Total liabilities 1,169,120 707,896 1,133,871 (1,235,641 ) 1,775,246 Total stockholders’ equity 4,976,376 6,077,253 1,810,210 (7,887,463 ) 4,976,376 Total liabilities and stockholders’ equity $ 6,145,496 $ 6,785,149 $ 2,944,081 $ (9,123,104 ) $ 6,751,622 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 Income (Loss) Three Months Ended October 1, 2016 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 272,065 $ 842,144 $ (249,511 ) $ 864,698 Cost of goods sold — 240,837 529,298 (222,236 ) 547,899 Gross profit — 31,228 312,846 (27,275 ) 316,799 Operating expenses: Research and development 6,248 12,427 115,044 (7,641 ) 126,078 Marketing and selling 1,796 33,251 84,910 (11,829 ) 108,128 General and administrative 17,998 13,929 7,790 (9,262 ) 30,455 Other operating expense — 94 1,012 5,639 6,745 Total operating expenses 26,042 59,701 208,756 (23,093 ) 271,406 Income (loss) from operations (26,042 ) (28,473 ) 104,090 (4,182 ) 45,393 Interest expense (15,167 ) (589 ) (1,741 ) 1,943 (15,554 ) Interest income — 1,510 624 (1,942 ) 192 Other (expense) income — 189 1,780 (2,280 ) (311 ) Income (loss) before income taxes (41,209 ) (27,363 ) 104,753 (6,461 ) 29,720 Income tax (expense) benefit 9,581 (23,457 ) (3,997 ) — (17,873 ) Income in subsidiaries 43,475 — — (43,475 ) — Net income (loss) $ 11,847 $ (50,820 ) $ 100,756 $ (49,936 ) $ 11,847 Comprehensive income (loss) $ 12,258 $ (50,819 ) $ 101,166 $ (50,347 ) $ 12,258 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended October 3, 2015 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 640,261 $ 697,459 $ (629,385 ) $ 708,335 Cost of goods sold — 491,627 538,663 (606,803 ) 423,487 Gross profit — 148,634 158,796 (22,582 ) 284,848 Operating expenses: Research and development 16,802 48,962 59,942 (7,413 ) 118,293 Marketing and selling 14,949 28,155 66,751 (3,930 ) 105,925 General and administrative 3,979 17,039 27,722 (19,671 ) 29,069 Other operating expense — 13,121 399 2 13,522 Total operating expenses 35,730 107,277 154,814 (31,012 ) 266,809 Income (loss) from operations (35,730 ) 41,357 3,982 8,430 18,039 Interest expense (579 ) (504 ) (596 ) 1,019 (660 ) Interest income — 625 705 (858 ) 472 Other income (expense) — (1,515 ) (165 ) 2,061 381 Income (loss) before income taxes (36,309 ) 39,963 3,926 10,652 18,232 Income tax (expense) benefit 9,566 (4,736 ) (18,614 ) — (13,784 ) Income in subsidiaries 31,191 — — (31,191 ) — Net income (loss) $ 4,448 $ 35,227 $ (14,688 ) $ (20,539 ) $ 4,448 Comprehensive income (loss) $ 4,250 $ 35,093 $ (14,751 ) $ (20,342 ) $ 4,250 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Six Months Ended October 1, 2016 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 677,043 $ 1,574,638 $ (688,446 ) $ 1,563,235 Cost of goods sold — 585,404 1,008,340 (623,783 ) 969,961 Gross profit — 91,639 566,298 (64,663 ) 593,274 Operating expenses: Research and development 17,917 22,267 213,531 (10,500 ) 243,215 Marketing and selling 7,854 58,785 171,522 (20,997 ) 217,164 General and administrative 30,865 16,028 27,716 (9,595 ) 65,014 Other operating expense — 4,187 6,953 5,607 16,747 Total operating expenses 56,636 101,267 419,722 (35,485 ) 542,140 Income (loss) from operations (56,636 ) (9,628 ) 146,576 (29,178 ) 51,134 Interest expense (29,935 ) (1,407 ) (3,319 ) 3,920 (30,741 ) Interest income — 2,992 1,191 (3,713 ) 470 Other (expense) income — (132 ) 835 (1,514 ) (811 ) Income (loss) before income taxes (86,571 ) (8,175 ) 145,283 (30,485 ) 20,052 Income tax (expense) benefit 19,876 (50,544 ) 16,788 — (13,880 ) Income in subsidiaries 72,867 — — (72,867 ) — Net income (loss) $ 6,172 $ (58,719 ) $ 162,071 $ (103,352 ) $ 6,172 Comprehensive income (loss) $ 5,575 $ (58,646 ) $ 161,401 $ (102,755 ) $ 5,575 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Six Months Ended October 3, 2015 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 1,366,023 $ 1,264,287 $ (1,248,334 ) $ 1,381,976 Cost of goods sold — 1,039,150 1,002,603 (1,224,142 ) 817,611 Gross profit — 326,873 261,684 (24,192 ) 564,365 Operating expenses: Research and development 38,275 92,632 119,953 (15,357 ) 235,503 Marketing and selling 35,036 61,663 129,610 (10,739 ) 215,570 General and administrative 10,589 39,595 36,901 (21,933 ) 65,152 Other operating expense — 28,549 2,885 2 31,436 Total operating expenses 83,900 222,439 289,349 (48,027 ) 547,661 Income (loss) from operations (83,900 ) 104,434 (27,665 ) 23,835 16,704 Interest expense (579 ) (1,390 ) (1,155 ) 1,916 (1,208 ) Interest income — 1,147 1,312 (1,595 ) 864 Other income (expense) — 3,002 (404 ) 1,902 4,500 Income (loss) before income taxes (84,479 ) 107,193 (27,912 ) 26,058 20,860 Income tax (expense) benefit 25,649 (16,624 ) (23,401 ) — (14,376 ) Income in subsidiaries 65,314 — — (65,314 ) — Net income (loss) $ 6,484 $ 90,569 $ (51,313 ) $ (39,256 ) $ 6,484 Comprehensive income (loss) $ 5,327 $ 89,318 $ (51,219 ) $ (38,099 ) $ 5,327 Condensed Consolidating Statement of Cash Flows Six Months Ended October 1, 2016 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided by (used in) operating activities $ 79,030 $ (27,693 ) $ 258,050 $ — $ 309,387 Investing activities: Purchase of property and equipment — (189,037 ) (61,382 ) — (250,419 ) Purchase of a business — — (118,173 ) — (118,173 ) Purchase of available-for-sale securities — (469 ) — — (469 ) Proceeds from maturities and sales of available-for-sale securities — 186,793 — — 186,793 Other investing activities — 4,190 (8,900 ) — (4,710 ) Net cash (used in) provided by investing activities — 1,477 (188,455 ) — (186,978 ) Financing activities: Excess tax benefit from exercises of stock options 56 — — — 56 Proceeds from the issuance of common stock 27,077 — — — 27,077 Repurchase of common stock, including transaction costs (91,400 ) — — — (91,400 ) Tax withholding paid on behalf of employees for restricted stock units (14,763 ) — — — (14,763 ) Other financing — (3 ) — — (3 ) Net transactions with related parties — 893 (893 ) — — Net cash provided by (used in) financing activities (79,030 ) 890 (893 ) — (79,033 ) Effect of exchange rate changes on cash — — (38 ) — (38 ) Net increase (decrease) in cash and cash equivalents — (25,326 ) 68,664 — 43,338 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 $ — $ 195,307 $ 273,912 $ — $ 469,219 Condensed Consolidating Statement of Cash Flows Six Months Ended October 3, 2015 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided by operating activities $ 466,001 $ (110,207 ) $ (45,567 ) $ — $ 310,227 Investing activities: Purchase of property and equipment — (156,030 ) (13,656 ) — (169,686 ) Purchase of available-for-sale securities — (150,104 ) — — (150,104 ) Proceeds from maturities and sales of available-for-sale securities — 370,067 — — 370,067 Other investing activities — (24,745 ) — — (24,745 ) Net cash used in investing activities — 39,188 (13,656 ) — 25,532 Financing activities: Proceeds from debt 125,000 — — — 125,000 Payment of debt (50,000 ) — — — (50,000 ) Debt issuance costs (1,339 ) — — — (1,339 ) Proceeds from the issuance of common stock 29,708 — — — 29,708 Repurchase of common stock, including transaction costs (549,940 ) — — — (549,940 ) Tax withholding paid on behalf of employees for restricted stock units (19,430 ) — — — (19,430 ) Other financing — 83 — — 83 Net transactions with related parties — (709 ) 709 — — Net cash (used in) provided by financing activities (466,001 ) (626 ) 709 — (465,918 ) Effect of exchange rate changes on cash — — (58 ) — (58 ) Net increase (decrease) in cash and cash equivalents — (71,645 ) (58,572 ) — (130,217 ) 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 $ — $ 82,687 $ 86,910 $ — $ 169,597 |
Basis of Presentation and Sig18
Basis of Presentation and Significant Accounting Policies (Policies) | 6 Months Ended |
Oct. 01, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Income Tax Policy | The Company’s provision for income taxes for the three and six months ended October 1, 2016 and October 3, 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 and six months ended October 1, 2016 and October 3, 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 October 1, 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) | 6 Months Ended |
Oct. 01, 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 income per share (in thousands, except per share data): Three Months Ended Six Months Ended October 1, 2016 October 3, 2015 October 1, 2016 October 3, 2015 Numerator: Numerator for basic and diluted net income per share — net income available to common stockholders $ 11,847 $ 4,448 $ 6,172 $ 6,484 Denominator: Denominator for basic net income per share — weighted average shares 127,546 146,053 127,543 147,627 Effect of dilutive securities: Stock-based awards 4,783 4,730 4,918 4,935 Denominator for diluted net income per share — adjusted weighted average shares and assumed conversions 132,329 150,783 132,461 152,562 Basic net income per share $ 0.09 $ 0.03 $ 0.05 $ 0.04 Diluted net income per share $ 0.09 $ 0.03 $ 0.05 $ 0.04 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Oct. 01, 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): October 1, 2016 April 2, 2016 Raw materials $ 106,874 $ 89,928 Work in process 222,695 228,626 Finished goods 107,566 108,997 Total inventories $ 437,135 $ 427,551 |
Goodwill and Intangible Asset21
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Oct. 01, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | The change in the carrying amount of goodwill for the six months ended October 1, 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 Acquisition — 39,221 39,221 Balance at October 1, 2016 $ 1,751,503 $ 423,415 $ 2,174,918 |
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 intangible assets (in thousands): October 1, 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 11,357 12,446 11,021 Customer relationships 1,272,725 516,943 1,267,103 377,357 Developed technology 989,335 371,125 915,163 277,736 Wafer supply agreement 20,443 20,443 20,443 20,443 Trade names 29,353 16,989 29,000 12,083 Backlog 65,000 65,000 65,000 65,000 Non-compete agreement 1,026 213 — — Total $ 2,658,228 $ 1,002,070 $ 2,576,155 $ 763,640 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | assets as of October 1, 2016, we expect amortization expense for each period to be as follows (in thousands): Fiscal Year Estimated 2017 $ 505,502 2018 542,634 2019 455,402 2020 206,986 2021 144,066 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Oct. 01, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Debt as of October 1, 2016 and April 2, 2016 is as follows (in thousands): October 1, 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 (11,375 ) (11,870 ) Total long-term debt $ 988,625 $ 988,130 |
Investments and Fair Value Me23
Investments and Fair Value Measurements (Tables) | 6 Months Ended |
Oct. 01, 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 October 1, 2016 and April 2, 2016 (in thousands): Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value October 1, 2016 Auction rate securities $ 2,150 $ — $ (398 ) $ 1,752 Money market funds 91,878 — — 91,878 $ 94,028 $ — $ (398 ) $ 93,630 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): October 1, 2016 April 2, 2016 Cost Estimated Fair Value Cost Estimated Fair Value Due in less than one year $ 91,878 $ 91,878 $ 342,163 $ 342,181 Due after ten years 2,150 1,752 2,150 1,800 Total investments in debt securities $ 94,028 $ 93,630 $ 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 October 1, 2016 and April 2, 2016 (in thousands): Total Quoted Prices In Active Markets For Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) October 1, 2016 Assets: Available-for-sale securities Auction rate securities (1) $ 1,752 $ — $ 1,752 Money market funds 91,878 91,878 — Total available-for-sale securities 93,630 91,878 1,752 Invested funds in deferred compensation plan (3) 7,858 7,858 — Total assets measured at fair value $ 101,488 $ 99,736 $ 1,752 Liabilities: Deferred compensation plan obligation (3) 7,858 7,858 — Total liabilities measured at fair value $ 7,858 $ 7,858 $ — 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) | 6 Months Ended |
Oct. 01, 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 Six Months Ended October 1, October 3, October 1, October 3, Revenue: MP $ 706,138 $ 578,160 $ 1,253,215 $ 1,129,047 IDP 157,590 129,205 308,080 250,989 All other (1) 970 970 1,940 1,940 Total revenue $ 864,698 $ 708,335 $ 1,563,235 $ 1,381,976 Income (loss) from operations: MP $ 164,397 $ 171,974 $ 297,374 $ 345,717 IDP 32,416 22,850 67,067 36,922 All other (151,420 ) (176,785 ) (313,307 ) (365,935 ) Income from operations 45,393 18,039 51,134 16,704 Interest expense (15,554 ) (660 ) (30,741 ) (1,208 ) Interest income 192 472 470 864 Other (expense) income (311 ) 381 (811 ) 4,500 Income before income taxes $ 29,720 $ 18,232 $ 20,052 $ 20,860 |
Summary of reconciliation of "All other" category | Three Months Ended Six Months Ended October 1, October 3, October 1, October 3, Reconciliation of “All other” category: Stock-based compensation expense $ (26,042 ) $ (35,729 ) $ (56,636 ) $ (83,900 ) Amortization of intangible assets (119,646 ) (128,028 ) (238,991 ) (251,230 ) Acquisition and integration related costs (8,962 ) (5,589 ) (15,722 ) (16,003 ) Acquired inventory step-up and revaluation (318 ) — (1,517 ) — Restructuring and disposal costs (468 ) (2,403 ) (882 ) (3,830 ) IPR litigation settlement (costs) 5,100 (192 ) 4,944 (340 ) Start-up costs (2,012 ) (3,496 ) (4,088 ) (7,206 ) Other expenses (including gain (loss) on assets and other miscellaneous corporate overhead) 928 (1,348 ) (415 ) (3,426 ) Loss from operations for “All other” $ (151,420 ) $ (176,785 ) $ (313,307 ) $ (365,935 ) |
Consolidating Financial Infor25
Consolidating Financial Information (Tables) | 6 Months Ended |
Oct. 01, 2016 | |
Consolidating Financial Information [Abstract] | |
Condensed Balance Sheet [Table Text Block] | Condensed Consolidating Balance Sheet October 1, 2016 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ 195,307 $ 273,912 $ — $ 469,219 Accounts receivable, less allowance — 52,707 439,934 (1,152 ) 491,489 Intercompany accounts and notes receivable — 636,122 71,542 (707,664 ) — Inventories — 97,206 416,982 (77,053 ) 437,135 Prepaid expenses — 50,024 8,555 — 58,579 Other receivables — 5,830 72,192 — 78,022 Other current assets — 47,752 340 — 48,092 Total current assets — 1,084,948 1,283,457 (785,869 ) 1,582,536 Property and equipment, net — 924,409 315,641 — 1,240,050 Goodwill — 1,953,102 221,816 — 2,174,918 Intangible assets, net — 696,062 960,096 — 1,656,158 Long-term investments — 26,002 8,900 — 34,902 Long-term intercompany accounts and notes receivable — 398,243 129,734 (527,977 ) — Investment in subsidiaries 6,144,541 1,664,717 — (7,809,258 ) — Other non-current assets 955 37,666 24,437 — 63,058 Total assets $ 6,145,496 $ 6,785,149 $ 2,944,081 $ (9,123,104 ) $ 6,751,622 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ — $ 116,802 $ 206,894 $ — $ 323,696 Intercompany accounts and notes payable — 71,542 636,122 (707,664 ) — Accrued liabilities 23,152 144,233 44,835 — 212,220 Other current liabilities — 715 20,814 — 21,529 Total current liabilities 23,152 333,292 908,665 (707,664 ) 557,445 Long-term debt 988,625 — — — 988,625 Deferred tax liabilities (113,216 ) 211,501 48,642 — 146,927 Long-term intercompany accounts and notes payable 270,559 129,734 127,684 (527,977 ) — Other long-term liabilities — 33,369 48,880 — 82,249 Total liabilities 1,169,120 707,896 1,133,871 (1,235,641 ) 1,775,246 Total stockholders’ equity 4,976,376 6,077,253 1,810,210 (7,887,463 ) 4,976,376 Total liabilities and stockholders’ equity $ 6,145,496 $ 6,785,149 $ 2,944,081 $ (9,123,104 ) $ 6,751,622 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 Income (Loss) Three Months Ended October 1, 2016 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 272,065 $ 842,144 $ (249,511 ) $ 864,698 Cost of goods sold — 240,837 529,298 (222,236 ) 547,899 Gross profit — 31,228 312,846 (27,275 ) 316,799 Operating expenses: Research and development 6,248 12,427 115,044 (7,641 ) 126,078 Marketing and selling 1,796 33,251 84,910 (11,829 ) 108,128 General and administrative 17,998 13,929 7,790 (9,262 ) 30,455 Other operating expense — 94 1,012 5,639 6,745 Total operating expenses 26,042 59,701 208,756 (23,093 ) 271,406 Income (loss) from operations (26,042 ) (28,473 ) 104,090 (4,182 ) 45,393 Interest expense (15,167 ) (589 ) (1,741 ) 1,943 (15,554 ) Interest income — 1,510 624 (1,942 ) 192 Other (expense) income — 189 1,780 (2,280 ) (311 ) Income (loss) before income taxes (41,209 ) (27,363 ) 104,753 (6,461 ) 29,720 Income tax (expense) benefit 9,581 (23,457 ) (3,997 ) — (17,873 ) Income in subsidiaries 43,475 — — (43,475 ) — Net income (loss) $ 11,847 $ (50,820 ) $ 100,756 $ (49,936 ) $ 11,847 Comprehensive income (loss) $ 12,258 $ (50,819 ) $ 101,166 $ (50,347 ) $ 12,258 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended October 3, 2015 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 640,261 $ 697,459 $ (629,385 ) $ 708,335 Cost of goods sold — 491,627 538,663 (606,803 ) 423,487 Gross profit — 148,634 158,796 (22,582 ) 284,848 Operating expenses: Research and development 16,802 48,962 59,942 (7,413 ) 118,293 Marketing and selling 14,949 28,155 66,751 (3,930 ) 105,925 General and administrative 3,979 17,039 27,722 (19,671 ) 29,069 Other operating expense — 13,121 399 2 13,522 Total operating expenses 35,730 107,277 154,814 (31,012 ) 266,809 Income (loss) from operations (35,730 ) 41,357 3,982 8,430 18,039 Interest expense (579 ) (504 ) (596 ) 1,019 (660 ) Interest income — 625 705 (858 ) 472 Other income (expense) — (1,515 ) (165 ) 2,061 381 Income (loss) before income taxes (36,309 ) 39,963 3,926 10,652 18,232 Income tax (expense) benefit 9,566 (4,736 ) (18,614 ) — (13,784 ) Income in subsidiaries 31,191 — — (31,191 ) — Net income (loss) $ 4,448 $ 35,227 $ (14,688 ) $ (20,539 ) $ 4,448 Comprehensive income (loss) $ 4,250 $ 35,093 $ (14,751 ) $ (20,342 ) $ 4,250 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Six Months Ended October 1, 2016 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 677,043 $ 1,574,638 $ (688,446 ) $ 1,563,235 Cost of goods sold — 585,404 1,008,340 (623,783 ) 969,961 Gross profit — 91,639 566,298 (64,663 ) 593,274 Operating expenses: Research and development 17,917 22,267 213,531 (10,500 ) 243,215 Marketing and selling 7,854 58,785 171,522 (20,997 ) 217,164 General and administrative 30,865 16,028 27,716 (9,595 ) 65,014 Other operating expense — 4,187 6,953 5,607 16,747 Total operating expenses 56,636 101,267 419,722 (35,485 ) 542,140 Income (loss) from operations (56,636 ) (9,628 ) 146,576 (29,178 ) 51,134 Interest expense (29,935 ) (1,407 ) (3,319 ) 3,920 (30,741 ) Interest income — 2,992 1,191 (3,713 ) 470 Other (expense) income — (132 ) 835 (1,514 ) (811 ) Income (loss) before income taxes (86,571 ) (8,175 ) 145,283 (30,485 ) 20,052 Income tax (expense) benefit 19,876 (50,544 ) 16,788 — (13,880 ) Income in subsidiaries 72,867 — — (72,867 ) — Net income (loss) $ 6,172 $ (58,719 ) $ 162,071 $ (103,352 ) $ 6,172 Comprehensive income (loss) $ 5,575 $ (58,646 ) $ 161,401 $ (102,755 ) $ 5,575 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Six Months Ended October 3, 2015 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 1,366,023 $ 1,264,287 $ (1,248,334 ) $ 1,381,976 Cost of goods sold — 1,039,150 1,002,603 (1,224,142 ) 817,611 Gross profit — 326,873 261,684 (24,192 ) 564,365 Operating expenses: Research and development 38,275 92,632 119,953 (15,357 ) 235,503 Marketing and selling 35,036 61,663 129,610 (10,739 ) 215,570 General and administrative 10,589 39,595 36,901 (21,933 ) 65,152 Other operating expense — 28,549 2,885 2 31,436 Total operating expenses 83,900 222,439 289,349 (48,027 ) 547,661 Income (loss) from operations (83,900 ) 104,434 (27,665 ) 23,835 16,704 Interest expense (579 ) (1,390 ) (1,155 ) 1,916 (1,208 ) Interest income — 1,147 1,312 (1,595 ) 864 Other income (expense) — 3,002 (404 ) 1,902 4,500 Income (loss) before income taxes (84,479 ) 107,193 (27,912 ) 26,058 20,860 Income tax (expense) benefit 25,649 (16,624 ) (23,401 ) — (14,376 ) Income in subsidiaries 65,314 — — (65,314 ) — Net income (loss) $ 6,484 $ 90,569 $ (51,313 ) $ (39,256 ) $ 6,484 Comprehensive income (loss) $ 5,327 $ 89,318 $ (51,219 ) $ (38,099 ) $ 5,327 |
Condensed Cash Flow Statement [Table Text Block] | Condensed Consolidating Statement of Cash Flows Six Months Ended October 1, 2016 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided by (used in) operating activities $ 79,030 $ (27,693 ) $ 258,050 $ — $ 309,387 Investing activities: Purchase of property and equipment — (189,037 ) (61,382 ) — (250,419 ) Purchase of a business — — (118,173 ) — (118,173 ) Purchase of available-for-sale securities — (469 ) — — (469 ) Proceeds from maturities and sales of available-for-sale securities — 186,793 — — 186,793 Other investing activities — 4,190 (8,900 ) — (4,710 ) Net cash (used in) provided by investing activities — 1,477 (188,455 ) — (186,978 ) Financing activities: Excess tax benefit from exercises of stock options 56 — — — 56 Proceeds from the issuance of common stock 27,077 — — — 27,077 Repurchase of common stock, including transaction costs (91,400 ) — — — (91,400 ) Tax withholding paid on behalf of employees for restricted stock units (14,763 ) — — — (14,763 ) Other financing — (3 ) — — (3 ) Net transactions with related parties — 893 (893 ) — — Net cash provided by (used in) financing activities (79,030 ) 890 (893 ) — (79,033 ) Effect of exchange rate changes on cash — — (38 ) — (38 ) Net increase (decrease) in cash and cash equivalents — (25,326 ) 68,664 — 43,338 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 $ — $ 195,307 $ 273,912 $ — $ 469,219 Condensed Consolidating Statement of Cash Flows Six Months Ended October 3, 2015 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided by operating activities $ 466,001 $ (110,207 ) $ (45,567 ) $ — $ 310,227 Investing activities: Purchase of property and equipment — (156,030 ) (13,656 ) — (169,686 ) Purchase of available-for-sale securities — (150,104 ) — — (150,104 ) Proceeds from maturities and sales of available-for-sale securities — 370,067 — — 370,067 Other investing activities — (24,745 ) — — (24,745 ) Net cash used in investing activities — 39,188 (13,656 ) — 25,532 Financing activities: Proceeds from debt 125,000 — — — 125,000 Payment of debt (50,000 ) — — — (50,000 ) Debt issuance costs (1,339 ) — — — (1,339 ) Proceeds from the issuance of common stock 29,708 — — — 29,708 Repurchase of common stock, including transaction costs (549,940 ) — — — (549,940 ) Tax withholding paid on behalf of employees for restricted stock units (19,430 ) — — — (19,430 ) Other financing — 83 — — 83 Net transactions with related parties — (709 ) 709 — — Net cash (used in) provided by financing activities (466,001 ) (626 ) 709 — (465,918 ) Effect of exchange rate changes on cash — — (58 ) — (58 ) Net increase (decrease) in cash and cash equivalents — (71,645 ) (58,572 ) — (130,217 ) 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 $ — $ 82,687 $ 86,910 $ — $ 169,597 |
Net (Loss) Income Per Share (De
Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 01, 2016 | Oct. 03, 2015 | Oct. 01, 2016 | Oct. 03, 2015 | |
Numerator: | ||||
Numerator for basic and diluted net income per share — net income available to common stockholders | $ 11,847 | $ 4,448 | $ 6,172 | $ 6,484 |
Denominator: | ||||
Denominator for basic net income per share — weighted average shares | 127,546 | 146,053 | 127,543 | 147,627 |
Effect of dilutive securities: | ||||
Stock-based awards | 4,783 | 4,730 | 4,918 | 4,935 |
Denominator for diluted net income per share — adjusted weighted average shares and assumed conversions | 132,329 | 150,783 | 132,461 | 152,562 |
Basic net income per share (in dollars per share) | $ 0.09 | $ 0.03 | $ 0.05 | $ 0.04 |
Diluted net income per share (in dollars per share) | $ 0.09 | $ 0.03 | $ 0.05 | $ 0.04 |
Net (Loss) Income Per Share (27
Net (Loss) Income Per Share (Details Textual) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Oct. 01, 2016 | Oct. 03, 2015 | Oct. 01, 2016 | Oct. 03, 2015 | |
Net Income (Loss) Per Share (Textual) | ||||
Approximate number of shares excluded from the computation of diluted shares outstanding | 0.1 | 0.2 | 0.1 | 0.1 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Oct. 01, 2016 | Apr. 02, 2016 |
Components of inventories | ||
Raw materials | $ 106,874 | $ 89,928 |
Work in process | 222,695 | 228,626 |
Finished goods | 107,566 | 108,997 |
Total inventories | $ 437,135 | $ 427,551 |
Goodwill and Intangible Asset29
Goodwill and Intangible Assets (Details) $ in Thousands | 6 Months Ended |
Oct. 01, 2016USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 2,135,697 |
Goodwill, ending balance | 2,174,918 |
MP | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 1,751,503 |
Goodwill, Acquired During Period | 0 |
Goodwill, ending balance | 1,751,503 |
IDP | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 384,194 |
Goodwill, Acquired During Period | 39,221 |
Goodwill, ending balance | 423,415 |
GreenPeak [Member] | |
Goodwill [Roll Forward] | |
Goodwill, Acquired During Period | $ 39,221 |
Goodwill and Intangible Asset30
Goodwill and Intangible Assets (Details 1) - USD ($) $ in Thousands | Oct. 01, 2016 | Apr. 02, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, accumulated amortization | $ 1,002,070 | $ 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 | 11,357 | 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 | 516,943 | 377,357 |
Developed Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 989,335 | 915,163 |
Intangible assets, accumulated amortization | 371,125 | 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 | 16,989 | 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 | 0 |
Intangible assets, accumulated amortization | $ 213 | $ 0 |
Goodwill and Intangible Asset31
Goodwill and Intangible Assets (Details 2) $ in Thousands | Oct. 01, 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. 29, 2016 | Oct. 01, 2016 | Oct. 03, 2015 | Oct. 01, 2016 | Oct. 03, 2015 | Apr. 02, 2016 |
Business Acquisition [Line Items] | ||||||
Amortization of Intangible Assets | $ 119,800 | $ 128,000 | $ 239,200 | $ 251,200 | ||
Goodwill | 2,174,918 | 2,174,918 | $ 2,135,697 | |||
GreenPeak [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | $ 39,200 | |||||
Finite-lived Intangible Assets Acquired | 82,100 | |||||
Purchase price | 118,700 | |||||
Goodwill, Acquired During Period | 39,221 | |||||
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 | 1,751,503 | |||
Goodwill, Acquired During Period | 0 | |||||
IDP | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | $ 423,415 | 423,415 | $ 384,194 | |||
Goodwill, Acquired During Period | $ 39,221 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | Oct. 01, 2016 | Apr. 02, 2016 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 988,625 | $ 988,130 |
Unamortized Debt Issuance Expense | 11,375 | 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 | 6 Months Ended | ||||
Oct. 01, 2016USD ($) | Oct. 01, 2016USD ($) | Apr. 02, 2016USD ($) | Nov. 19, 2015USD ($) | Nov. 12, 2015 | Apr. 07, 2015USD ($) | |
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 988,625 | $ 988,625 | $ 988,130 | |||
Unamortized Debt Issuance Expense | 11,375 | 11,375 | 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 | 450,000 | |||
Stated Interest Rate | 6.75% | 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 | $ 487,100 | $ 487,100 | 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 | 550,000 | |||
Stated Interest Rate | 7.00% | 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 | $ 598,100 | $ 598,100 | $ 581,600 | |||
Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Expense, Borrowings | 17,300 | 34,800 | ||||
Interest Costs Capitalized | $ 2,400 | 5,400 | ||||
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 | 3 | 2.50 | |||
Line of Credit Facility, Minimum Consolidated Interest Coverage Ratio Required | 3 | 3 | ||||
Bank of America Syndicate [Member] | Revolving Credit Facility [Member] | Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 0 | $ 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% | 1.50% | ||||
Minimum | Base Rate [Member] | Bank of America Syndicate [Member] | Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated Interest Rate | 0.50% | 0.50% | ||||
Maximum | Eurodollar [Member] | Bank of America Syndicate [Member] | Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated Interest Rate | 2.00% | 2.00% | ||||
Maximum | Base Rate [Member] | Bank of America Syndicate [Member] | Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated Interest Rate | 1.00% | 1.00% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Oct. 01, 2016 | Oct. 03, 2015 | Oct. 01, 2016 | Oct. 03, 2015 | Apr. 02, 2016 | |
Income Tax Disclosure [Abstract] | |||||
Income tax expense | $ 17,873 | $ 13,784 | $ 13,880 | $ 14,376 | |
Effective tax rate | 60.10% | 75.70% | 69.20% | 69.00% | |
Gross unrecognized tax benefits | $ 79,400 | $ 79,400 | $ 69,100 | ||
Change in unrecognized tax benefits arising from increases related to current period tax positions | $ 10,300 |
Investments and Fair Value Me36
Investments and Fair Value Measurements (Details) - USD ($) $ in Thousands | Oct. 01, 2016 | Apr. 02, 2016 |
Available-for-Sale securities | ||
Cost basis | $ 94,028 | $ 344,313 |
Gross unrealized gains | 19 | |
Gross unrealized losses | (398) | (351) |
Estimated fair value | 93,630 | 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 | (398) | (350) |
Estimated fair value | 1,752 | 1,800 |
Corporate Debt Securities [Member] | ||
Available-for-Sale securities | ||
Cost basis | 45,510 | |
Estimated fair value | 45,510 | |
Money Market Funds [Member] | ||
Available-for-Sale securities | ||
Cost basis | 91,878 | 146,779 |
Estimated fair value | $ 91,878 | $ 146,779 |
Investments and Fair Value Me37
Investments and Fair Value Measurements (Details 1) - Debt Securities [Member] - USD ($) $ in Thousands | Oct. 01, 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 | $ 91,878 | $ 342,163 |
Cost of investments in debt securities due after ten years | 2,150 | 2,150 |
Cost | 94,028 | 344,313 |
Estimated fair value investments in debt securities due in less than one year | 91,878 | 342,181 |
Estimated fair value of investments in debt securities due after ten years | 1,752 | 1,800 |
Estimated fair value | $ 93,630 | $ 343,981 |
Investments and Fair Value Me38
Investments and Fair Value Measurements (Details 2) - Recurring [Member] - USD ($) $ in Thousands | Oct. 01, 2016 | Apr. 02, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | $ 101,488 | $ 350,449 | |
Invested funds in deferred compensation plan (3) | [1] | 7,858 | 6,468 |
Total assets measured at fair value | 93,630 | 343,981 | |
Deferred compensation plan obligation (3) | [1] | 7,858 | 6,468 |
Total liabilities measured at fair value | 7,858 | 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 | 99,736 | 303,139 | |
Invested funds in deferred compensation plan (3) | [1] | 7,858 | 6,468 |
Total assets measured at fair value | 91,878 | 296,671 | |
Deferred compensation plan obligation (3) | [1] | 7,858 | 6,468 |
Total liabilities measured at fair value | 7,858 | 6,468 | |
Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | 1,752 | 47,310 | |
Invested funds in deferred compensation plan (3) | [1] | 0 | 0 |
Total assets measured at fair value | 1,752 | 47,310 | |
Deferred compensation plan obligation (3) | [1] | 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 | [2] | 1,752 | 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 | [2] | 1,752 | 1,800 |
Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Total assets measured at fair value | [3] | 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 | [3] | 45,510 | |
Money Market Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Total assets measured at fair value | 91,878 | 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 | $ 91,878 | 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 | ||
[1] | The Company's non-qualified deferred compensation plan provides eligible employees and members of the Board of Directors with the opportunity to defer a specified percentage of their cash compensation. The Company includes the assets deferred by the participants in the “Other current assets” and “Other non-current assets” line items of its Condensed Consolidated Balance Sheets and the Company's obligation to deliver the deferred compensation in the "Other current liabilities" and “Other long-term liabilities” line items of its Condensed Consolidated Balance Sheets. | ||
[2] | ARS are debt instruments with interest rates that reset through periodic short-term auctions. The Company’s Level 2 ARS are valued based on quoted prices for identical or similar instruments in markets that are not active. | ||
[3] | Corporate debt includes corporate bonds and commercial paper that are valued using observable market prices for identical securities that are traded in less active markets. |
Investments and Fair Value Me39
Investments and Fair Value Measurements (Details Textual) - USD ($) | 6 Months Ended | |||
Oct. 01, 2016 | Oct. 03, 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 | ||
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 Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | Oct. 03, 2015 | Jan. 02, 2016 | Nov. 05, 2015 | |
Class of Stock [Line Items] | |||||||
Accelerated Share Repurchases, Shares Received | 0.4 | ||||||
February 2015 Program [Member] | |||||||
Class of Stock [Line Items] | |||||||
Stock Repurchased During Period, Shares | 2.4 | ||||||
Stock Repurchased During Period, Value | $ 150 | ||||||
August 2015 Program [Member] | |||||||
Class of Stock [Line Items] | |||||||
Stock Repurchased During Period, Shares | 7.3 | ||||||
Stock Repurchased During Period, Value | $ 400 | ||||||
November 2015 Program [Member] | |||||||
Class of Stock [Line Items] | |||||||
Stock Repurchase Program, Authorized Amount | $ 1,000 | ||||||
Stock Repurchased During Period, Shares | 1.6 | 10 | 4.6 | ||||
Stock Repurchased During Period, Value | $ 91.4 | $ 500 | $ 250 |
Operating Segment Information41
Operating Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 01, 2016 | Oct. 03, 2015 | Oct. 01, 2016 | Oct. 03, 2015 | |
Revenue: | ||||
Net revenue | $ 864,698 | $ 708,335 | $ 1,563,235 | $ 1,381,976 |
Income from operations: | ||||
Income (loss) from operations | 45,393 | 18,039 | 51,134 | 16,704 |
Interest expense (Note 5) | (15,554) | (660) | (30,741) | (1,208) |
Interest income | 192 | 472 | 470 | 864 |
Other (expense) income | (311) | 381 | (811) | 4,500 |
Income before income taxes | 29,720 | 18,232 | 20,052 | 20,860 |
Operating Segments | MP | ||||
Revenue: | ||||
Net revenue | 706,138 | 578,160 | 1,253,215 | 1,129,047 |
Income from operations: | ||||
Income (loss) from operations | 164,397 | 171,974 | 297,374 | 345,717 |
Operating Segments | IDP | ||||
Revenue: | ||||
Net revenue | 157,590 | 129,205 | 308,080 | 250,989 |
Income from operations: | ||||
Income (loss) from operations | 32,416 | 22,850 | 67,067 | 36,922 |
All other | ||||
Revenue: | ||||
Net revenue | 970 | 970 | 1,940 | 1,940 |
Income from operations: | ||||
Income (loss) from operations | $ (151,420) | $ (176,785) | $ (313,307) | $ (365,935) |
Operating Segment Information42
Operating Segment Information (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 01, 2016 | Oct. 03, 2015 | Oct. 01, 2016 | Oct. 03, 2015 | |
Reconciliation of "All other" category: | ||||
Stock-based compensation expense | $ (56,636) | $ (83,900) | ||
Amortization of intangible assets | $ (119,800) | $ (128,000) | (239,200) | (251,200) |
Loss from operations for “All other” | 45,393 | 18,039 | 51,134 | 16,704 |
All other | ||||
Reconciliation of "All other" category: | ||||
Stock-based compensation expense | (26,042) | (35,729) | (56,636) | (83,900) |
Amortization of intangible assets | (119,646) | (128,028) | (238,991) | (251,230) |
Acquisition and integration related costs | (8,962) | (5,589) | (15,722) | (16,003) |
Acquired inventory step-up and revaluation | (318) | 0 | (1,517) | 0 |
Restructuring and disposal costs | (468) | (2,403) | (882) | (3,830) |
IPR litigation settlement (costs) | 5,100 | (192) | 4,944 | (340) |
Start-up costs | (2,012) | (3,496) | (4,088) | (7,206) |
Other expenses (including gain (loss) on assets and other miscellaneous corporate overhead) | 928 | (1,348) | (415) | (3,426) |
Loss from operations for “All other” | $ (151,420) | $ (176,785) | $ (313,307) | $ (365,935) |
Consolidating Financial Infor43
Consolidating Financial Information Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Thousands | Oct. 01, 2016 | Apr. 02, 2016 | Oct. 03, 2015 | Mar. 28, 2015 |
Cash and cash equivalents | $ 469,219 | $ 425,881 | $ 169,597 | $ 299,814 |
Short-term investments | 0 | 186,808 | ||
Accounts receivable, less allowance | 491,489 | 316,356 | ||
Intercompany accounts and receivable | 0 | 0 | ||
Inventories | 437,135 | 427,551 | ||
Prepaid expenses | 58,579 | 63,850 | ||
Other receivables | 78,022 | 47,380 | ||
Other current assets | 48,092 | 41,384 | ||
Total current assets | 1,582,536 | 1,509,210 | ||
Property and equipment, net | 1,240,050 | 1,046,888 | ||
Goodwill | 2,174,918 | 2,135,697 | ||
Intangible assets, net | 1,656,158 | 1,812,515 | ||
Long-term investments | 34,902 | 26,050 | ||
Long-term intercompany accounts and notes receivable | 0 | 0 | ||
Investment in subsidiaries | 0 | 0 | ||
Other non-current assets | 63,058 | 66,459 | ||
Total assets | 6,751,622 | 6,596,819 | ||
Accounts payable | 323,696 | 205,364 | ||
Intercompany accounts and notes payable | 0 | 0 | ||
Accrued liabilities | 212,220 | 137,889 | ||
Other current liabilities | 21,529 | 30,548 | ||
Total current liabilities | 557,445 | 373,801 | ||
Long-term debt | 988,625 | 988,130 | ||
Deferred tax liabilities | 146,927 | 152,160 | ||
Intercompany accounts and notes payable, long-term | 0 | 0 | ||
Other long-term liabilities | 82,249 | 83,056 | ||
Total liabilities | 1,775,246 | 1,597,147 | ||
Total stockholders’ equity | 4,976,376 | 4,999,672 | ||
Total liabilities and stockholders’ equity | 6,751,622 | 6,596,819 | ||
Guarantor Subsidiaries | ||||
Cash and cash equivalents | 195,307 | 220,633 | 82,687 | 154,332 |
Short-term investments | 186,808 | |||
Accounts receivable, less allowance | 52,707 | 203,488 | ||
Intercompany accounts and receivable | 636,122 | 532,508 | ||
Inventories | 97,206 | 186,627 | ||
Prepaid expenses | 50,024 | 56,151 | ||
Other receivables | 5,830 | 37,033 | ||
Other current assets | 47,752 | 40,866 | ||
Total current assets | 1,084,948 | 1,464,114 | ||
Property and equipment, net | 924,409 | 807,586 | ||
Goodwill | 1,953,102 | 1,868,816 | ||
Intangible assets, net | 696,062 | 786,314 | ||
Long-term investments | 26,002 | 26,050 | ||
Long-term intercompany accounts and notes receivable | 398,243 | 564,397 | ||
Investment in subsidiaries | 1,664,717 | 1,645,846 | ||
Other non-current assets | 37,666 | 39,478 | ||
Total assets | 6,785,149 | 7,202,601 | ||
Accounts payable | 116,802 | 141,792 | ||
Intercompany accounts and notes payable | 71,542 | 404,330 | ||
Accrued liabilities | 144,233 | 93,609 | ||
Other current liabilities | 715 | 20,122 | ||
Total current liabilities | 333,292 | 659,853 | ||
Long-term debt | 0 | 0 | ||
Deferred tax liabilities | 211,501 | 195,462 | ||
Intercompany accounts and notes payable, long-term | 129,734 | 267,823 | ||
Other long-term liabilities | 33,369 | 39,288 | ||
Total liabilities | 707,896 | 1,162,426 | ||
Total stockholders’ equity | 6,077,253 | 6,040,175 | ||
Total liabilities and stockholders’ equity | 6,785,149 | 7,202,601 | ||
Non-Guarantor Subsidiaries | ||||
Cash and cash equivalents | 273,912 | 205,248 | 86,910 | 145,482 |
Short-term investments | 0 | |||
Accounts receivable, less allowance | 439,934 | 112,868 | ||
Intercompany accounts and receivable | 71,542 | 404,330 | ||
Inventories | 416,982 | 325,346 | ||
Prepaid expenses | 8,555 | 7,699 | ||
Other receivables | 72,192 | 10,347 | ||
Other current assets | 340 | 518 | ||
Total current assets | 1,283,457 | 1,066,356 | ||
Property and equipment, net | 315,641 | 239,495 | ||
Goodwill | 221,816 | 266,881 | ||
Intangible assets, net | 960,096 | 1,026,201 | ||
Long-term investments | 8,900 | 0 | ||
Long-term intercompany accounts and notes receivable | 129,734 | 267,823 | ||
Investment in subsidiaries | 0 | 0 | ||
Other non-current assets | 24,437 | 25,890 | ||
Total assets | 2,944,081 | 2,892,646 | ||
Accounts payable | 206,894 | 66,508 | ||
Intercompany accounts and notes payable | 636,122 | 532,508 | ||
Accrued liabilities | 44,835 | 18,835 | ||
Other current liabilities | 20,814 | 10,426 | ||
Total current liabilities | 908,665 | 628,277 | ||
Long-term debt | 0 | 0 | ||
Deferred tax liabilities | 48,642 | 50,038 | ||
Intercompany accounts and notes payable, long-term | 127,684 | 332,094 | ||
Other long-term liabilities | 48,880 | 43,768 | ||
Total liabilities | 1,133,871 | 1,054,177 | ||
Total stockholders’ equity | 1,810,210 | 1,838,469 | ||
Total liabilities and stockholders’ equity | 2,944,081 | 2,892,646 | ||
Eliminations | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Short-term investments | 0 | |||
Accounts receivable, less allowance | (1,152) | 0 | ||
Intercompany accounts and receivable | (707,664) | (936,838) | ||
Inventories | (77,053) | (84,422) | ||
Prepaid expenses | 0 | 0 | ||
Other receivables | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | (785,869) | (1,021,260) | ||
Property and equipment, net | 0 | (193) | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Long-term investments | 0 | 0 | ||
Long-term intercompany accounts and notes receivable | (527,977) | (832,220) | ||
Investment in subsidiaries | (7,809,258) | (7,796,965) | ||
Other non-current assets | 0 | 0 | ||
Total assets | (9,123,104) | (9,650,638) | ||
Accounts payable | 0 | (2,936) | ||
Intercompany accounts and notes payable | (707,664) | (936,838) | ||
Accrued liabilities | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | (707,664) | (939,774) | ||
Long-term debt | 0 | 0 | ||
Deferred tax liabilities | 0 | 0 | ||
Intercompany accounts and notes payable, long-term | (527,977) | (832,220) | ||
Other long-term liabilities | 0 | 0 | ||
Total liabilities | (1,235,641) | (1,771,994) | ||
Total stockholders’ equity | (7,887,463) | (7,878,644) | ||
Total liabilities and stockholders’ equity | (9,123,104) | (9,650,638) | ||
Parent Company | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Short-term investments | 0 | |||
Accounts receivable, less allowance | 0 | 0 | ||
Intercompany accounts and receivable | 0 | 0 | ||
Inventories | 0 | 0 | ||
Prepaid expenses | 0 | 0 | ||
Other receivables | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Long-term investments | 0 | 0 | ||
Long-term intercompany accounts and notes receivable | 0 | 0 | ||
Investment in subsidiaries | 6,144,541 | 6,151,119 | ||
Other non-current assets | 955 | 1,091 | ||
Total assets | 6,145,496 | 6,152,210 | ||
Accounts payable | 0 | 0 | ||
Intercompany accounts and notes payable | 0 | 0 | ||
Accrued liabilities | 23,152 | 25,445 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 23,152 | 25,445 | ||
Long-term debt | 988,625 | 988,130 | ||
Deferred tax liabilities | (113,216) | (93,340) | ||
Intercompany accounts and notes payable, long-term | 270,559 | 232,303 | ||
Other long-term liabilities | 0 | 0 | ||
Total liabilities | 1,169,120 | 1,152,538 | ||
Total stockholders’ equity | 4,976,376 | 4,999,672 | ||
Total liabilities and stockholders’ equity | $ 6,145,496 | $ 6,152,210 |
Consolidating Financial Infor44
Consolidating Financial Information Condensed Consolidating Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 01, 2016 | Oct. 03, 2015 | Oct. 01, 2016 | Oct. 03, 2015 | |
Revenue | $ 864,698 | $ 708,335 | $ 1,563,235 | $ 1,381,976 |
Cost of Goods Sold | 547,899 | 423,487 | 969,961 | 817,611 |
Gross profit | 316,799 | 284,848 | 593,274 | 564,365 |
Research and development | 126,078 | 118,293 | 243,215 | 235,503 |
Marketing and selling | 108,128 | 105,925 | 217,164 | 215,570 |
General and administrative | 30,455 | 29,069 | 65,014 | 65,152 |
Other operating expense | 6,745 | 13,522 | 16,747 | 31,436 |
Total operating expenses | 271,406 | 266,809 | 542,140 | 547,661 |
Income from operations | 45,393 | 18,039 | 51,134 | 16,704 |
Interest expense | (15,554) | (660) | (30,741) | (1,208) |
Interest income | 192 | 472 | 470 | 864 |
Other Nonoperating Income (Expense) | (311) | 381 | (811) | 4,500 |
Income before income taxes | 29,720 | 18,232 | 20,052 | 20,860 |
Income tax expense | (17,873) | (13,784) | (13,880) | (14,376) |
Income in subsidiaries | 0 | 0 | 0 | 0 |
Net income | 11,847 | 4,448 | 6,172 | 6,484 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 12,258 | 4,250 | 5,575 | 5,327 |
Parent Company | ||||
Revenue | 0 | 0 | 0 | 0 |
Cost of Goods Sold | 0 | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 | 0 |
Research and development | 6,248 | 16,802 | 17,917 | 38,275 |
Marketing and selling | 1,796 | 14,949 | 7,854 | 35,036 |
General and administrative | 17,998 | 3,979 | 30,865 | 10,589 |
Other operating expense | 0 | 0 | 0 | 0 |
Total operating expenses | 26,042 | 35,730 | 56,636 | 83,900 |
Income from operations | (26,042) | (35,730) | (56,636) | (83,900) |
Interest expense | (15,167) | (579) | (29,935) | (579) |
Interest income | 0 | 0 | 0 | 0 |
Other Nonoperating Income (Expense) | 0 | 0 | 0 | 0 |
Income before income taxes | (41,209) | (36,309) | (86,571) | (84,479) |
Income tax expense | 9,581 | 9,566 | 19,876 | 25,649 |
Income in subsidiaries | 43,475 | 31,191 | 72,867 | 65,314 |
Net income | 11,847 | 4,448 | 6,172 | 6,484 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 12,258 | 4,250 | 5,575 | 5,327 |
Guarantor Subsidiaries | ||||
Revenue | 272,065 | 640,261 | 677,043 | 1,366,023 |
Cost of Goods Sold | 240,837 | 491,627 | 585,404 | 1,039,150 |
Gross profit | 31,228 | 148,634 | 91,639 | 326,873 |
Research and development | 12,427 | 48,962 | 22,267 | 92,632 |
Marketing and selling | 33,251 | 28,155 | 58,785 | 61,663 |
General and administrative | 13,929 | 17,039 | 16,028 | 39,595 |
Other operating expense | 94 | 13,121 | 4,187 | 28,549 |
Total operating expenses | 59,701 | 107,277 | 101,267 | 222,439 |
Income from operations | (28,473) | 41,357 | (9,628) | 104,434 |
Interest expense | (589) | (504) | (1,407) | (1,390) |
Interest income | 1,510 | 625 | 2,992 | 1,147 |
Other Nonoperating Income (Expense) | 189 | (1,515) | (132) | 3,002 |
Income before income taxes | (27,363) | 39,963 | (8,175) | 107,193 |
Income tax expense | (23,457) | (4,736) | (50,544) | (16,624) |
Income in subsidiaries | 0 | 0 | 0 | 0 |
Net income | (50,820) | 35,227 | (58,719) | 90,569 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (50,819) | 35,093 | (58,646) | 89,318 |
Non-Guarantor Subsidiaries | ||||
Revenue | 842,144 | 697,459 | 1,574,638 | 1,264,287 |
Cost of Goods Sold | 529,298 | 538,663 | 1,008,340 | 1,002,603 |
Gross profit | 312,846 | 158,796 | 566,298 | 261,684 |
Research and development | 115,044 | 59,942 | 213,531 | 119,953 |
Marketing and selling | 84,910 | 66,751 | 171,522 | 129,610 |
General and administrative | 7,790 | 27,722 | 27,716 | 36,901 |
Other operating expense | 1,012 | 399 | 6,953 | 2,885 |
Total operating expenses | 208,756 | 154,814 | 419,722 | 289,349 |
Income from operations | 104,090 | 3,982 | 146,576 | (27,665) |
Interest expense | (1,741) | (596) | (3,319) | (1,155) |
Interest income | 624 | 705 | 1,191 | 1,312 |
Other Nonoperating Income (Expense) | 1,780 | (165) | 835 | (404) |
Income before income taxes | 104,753 | 3,926 | 145,283 | (27,912) |
Income tax expense | (3,997) | (18,614) | 16,788 | (23,401) |
Income in subsidiaries | 0 | 0 | 0 | 0 |
Net income | 100,756 | (14,688) | 162,071 | (51,313) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 101,166 | (14,751) | 161,401 | (51,219) |
Eliminations | ||||
Revenue | (249,511) | (629,385) | (688,446) | (1,248,334) |
Cost of Goods Sold | (222,236) | (606,803) | (623,783) | (1,224,142) |
Gross profit | (27,275) | (22,582) | (64,663) | (24,192) |
Research and development | (7,641) | (7,413) | (10,500) | (15,357) |
Marketing and selling | (11,829) | (3,930) | (20,997) | (10,739) |
General and administrative | (9,262) | (19,671) | (9,595) | (21,933) |
Other operating expense | 5,639 | 2 | 5,607 | 2 |
Total operating expenses | (23,093) | (31,012) | (35,485) | (48,027) |
Income from operations | (4,182) | 8,430 | (29,178) | 23,835 |
Interest expense | 1,943 | 1,019 | 3,920 | 1,916 |
Interest income | (1,942) | (858) | (3,713) | (1,595) |
Other Nonoperating Income (Expense) | (2,280) | 2,061 | (1,514) | 1,902 |
Income before income taxes | (6,461) | 10,652 | (30,485) | 26,058 |
Income tax expense | 0 | 0 | 0 | 0 |
Income in subsidiaries | (43,475) | (31,191) | (72,867) | (65,314) |
Net income | (49,936) | (20,539) | (103,352) | (39,256) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (50,347) | $ (20,342) | $ (102,755) | $ (38,099) |
Consolidating Financial Infor45
Consolidating Financial Information Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Oct. 01, 2016 | Oct. 03, 2015 | Apr. 02, 2016 | Mar. 28, 2015 | |
Net Cash Provided by (Used in) Operating Activities | $ 309,387 | $ 310,227 | ||
Payments to Acquire Property, Plant, and Equipment | (250,419) | (169,686) | ||
Payments to Acquire Businesses, Net of Cash Acquired | (118,173) | 0 | ||
Payments to Acquire Available-for-sale Securities | (469) | (150,104) | ||
Proceeds from maturities and sales of available-for-sale securities | 186,793 | 370,067 | ||
Other investing activities | (4,710) | (24,745) | ||
Net Cash Provided by (Used in) Investing Activities | (186,978) | 25,532 | ||
Proceeds from debt issuances | 0 | 125,000 | ||
Payment of debt | 0 | (50,000) | ||
Excess tax benefit from exercises of stock options | 56 | 0 | ||
Debt issuance costs | 0 | (1,339) | ||
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 27,077 | 29,708 | ||
Payments for Repurchase of Common Stock | (91,400) | (549,940) | ||
Payments Related to Tax Withholding for Share-based Compensation | (14,763) | (19,430) | ||
Other financing activities | (3) | 83 | ||
Net transactions with related parties | 0 | 0 | ||
Net Cash Provided by (Used in) Financing Activities | (79,033) | (465,918) | ||
Effect of Exchange Rate on Cash and Cash Equivalents | (38) | (58) | ||
Cash and Cash Equivalents, Period Increase (Decrease) | 43,338 | (130,217) | ||
Cash and cash equivalents | 469,219 | 169,597 | $ 425,881 | $ 299,814 |
Parent Company | ||||
Net Cash Provided by (Used in) Operating Activities | 79,030 | 466,001 | ||
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | ||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | |||
Payments to Acquire Available-for-sale Securities | 0 | 0 | ||
Proceeds from maturities and sales of available-for-sale securities | 0 | 0 | ||
Other investing activities | 0 | 0 | ||
Net Cash Provided by (Used in) Investing Activities | 0 | 0 | ||
Proceeds from debt issuances | 125,000 | |||
Payment of debt | (50,000) | |||
Excess tax benefit from exercises of stock options | 56 | |||
Debt issuance costs | (1,339) | |||
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 27,077 | 29,708 | ||
Payments for Repurchase of Common Stock | (91,400) | (549,940) | ||
Payments Related to Tax Withholding for Share-based Compensation | (14,763) | (19,430) | ||
Other financing activities | 0 | 0 | ||
Net transactions with related parties | 0 | 0 | ||
Net Cash Provided by (Used in) Financing Activities | (79,030) | (466,001) | ||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | 0 | ||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Guarantor Subsidiaries | ||||
Net Cash Provided by (Used in) Operating Activities | (27,693) | (110,207) | ||
Payments to Acquire Property, Plant, and Equipment | (189,037) | (156,030) | ||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | |||
Payments to Acquire Available-for-sale Securities | (469) | (150,104) | ||
Proceeds from maturities and sales of available-for-sale securities | 186,793 | 370,067 | ||
Other investing activities | 4,190 | (24,745) | ||
Net Cash Provided by (Used in) Investing Activities | 1,477 | 39,188 | ||
Proceeds from debt issuances | 0 | |||
Payment of debt | 0 | |||
Excess tax benefit from exercises of stock options | 0 | |||
Debt issuance costs | 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 | 0 | ||
Payments Related to Tax Withholding for Share-based Compensation | 0 | 0 | ||
Other financing activities | (3) | 83 | ||
Net transactions with related parties | 893 | (709) | ||
Net Cash Provided by (Used in) Financing Activities | 890 | (626) | ||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | (25,326) | (71,645) | ||
Cash and cash equivalents | 195,307 | 82,687 | 220,633 | 154,332 |
Non-Guarantor Subsidiaries | ||||
Net Cash Provided by (Used in) Operating Activities | 258,050 | (45,567) | ||
Payments to Acquire Property, Plant, and Equipment | (61,382) | (13,656) | ||
Payments to Acquire Businesses, Net of Cash Acquired | (118,173) | |||
Payments to Acquire Available-for-sale Securities | 0 | 0 | ||
Proceeds from maturities and sales of available-for-sale securities | 0 | 0 | ||
Other investing activities | (8,900) | 0 | ||
Net Cash Provided by (Used in) Investing Activities | (188,455) | (13,656) | ||
Proceeds from debt issuances | 0 | |||
Payment of debt | 0 | |||
Excess tax benefit from exercises of stock options | 0 | |||
Debt issuance costs | 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 | 0 | ||
Payments Related to Tax Withholding for Share-based Compensation | 0 | 0 | ||
Other financing activities | 0 | 0 | ||
Net transactions with related parties | (893) | 709 | ||
Net Cash Provided by (Used in) Financing Activities | (893) | 709 | ||
Effect of Exchange Rate on Cash and Cash Equivalents | (38) | (58) | ||
Cash and Cash Equivalents, Period Increase (Decrease) | 68,664 | (58,572) | ||
Cash and cash equivalents | 273,912 | 86,910 | 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 | |||
Payments to Acquire Available-for-sale Securities | 0 | 0 | ||
Proceeds from maturities and sales of available-for-sale securities | 0 | 0 | ||
Other investing activities | 0 | 0 | ||
Net Cash Provided by (Used in) Investing Activities | 0 | 0 | ||
Proceeds from debt issuances | 0 | |||
Payment of debt | 0 | |||
Excess tax benefit from exercises of stock options | 0 | |||
Debt issuance costs | 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 | 0 | ||
Payments Related to Tax Withholding for Share-based Compensation | 0 | 0 | ||
Other financing activities | 0 | 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 | $ 0 | $ 0 | $ 0 | $ 0 |