Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 30, 2019 | May 10, 2019 | Sep. 29, 2018 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Qorvo, Inc. | ||
Entity Central Index Key | 0001604778 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 30, 2019 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | Q4 | ||
Current Fiscal Year End Date | --03-30 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Public Float | $ 9,581,532,553 | ||
Entity Common Stock, Shares Outstanding | 119,149,525 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Current assets: | ||
Cash and cash equivalents (Notes 1 & 3) | $ 711,035 | $ 926,037 |
Accounts receivable, less allowance of $40 and $134 as of March 30, 2019 and March 31, 2018, respectively | 378,172 | 345,957 |
Inventories (Notes 1 & 4) | 511,793 | 472,292 |
Prepaid expenses | 25,766 | 23,909 |
Other receivables (Note 1) | 21,934 | 44,795 |
Other current assets (Notes 1 & 9) | 36,141 | 30,815 |
Total current assets | 1,684,841 | 1,843,805 |
Property and equipment, net (Notes 1 & 5) | 1,366,513 | 1,374,112 |
Goodwill (Notes 1, 6 & 7) | 2,173,889 | 2,173,889 |
Intangible assets, net (Notes 1, 6 & 7) | 408,210 | 860,336 |
Long-term investments (Notes 1 & 3) | 97,786 | 63,765 |
Other non-current assets (Notes 9 & 12) | 76,785 | 65,612 |
Total assets | 5,808,024 | 6,381,519 |
Current liabilities: | ||
Accounts payable | 233,307 | 213,193 |
Accrued liabilities (Notes 1, 9 & 11) | 160,516 | 167,182 |
Other current liabilities (Note 12) | 41,791 | 60,904 |
Total current liabilities | 435,614 | 441,279 |
Long-term debt (Note 8) | 919,270 | 983,290 |
Deferred tax liabilities (Note 12) | 333 | 63,084 |
Other long-term liabilities (Notes 9, 11 & 12) | 93,128 | 118,302 |
Total liabilities | 1,448,345 | 1,605,955 |
Commitments and contingent liabilities (Note 10) | ||
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; 119,063 and 126,322 shares issued and outstanding at March 30, 2019 and March 31, 2018, respectively | 4,687,455 | 5,237,085 |
Accumulated other comprehensive loss, net of tax | (6,624) | (2,752) |
Accumulated deficit | (321,152) | (458,769) |
Total stockholders’ equity | 4,359,679 | 4,775,564 |
Total liabilities and stockholders’ equity | $ 5,808,024 | $ 6,381,519 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 40 | $ 134 |
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 | 119,063,000 | 126,322,000 |
Common stock, shares outstanding | 119,063,000 | 126,322,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |||||||||
Income Statement [Abstract] | |||||||||||||||||||
Revenues | $ 680,882 | $ 832,330 | $ 884,443 | $ 692,670 | $ 665,383 | $ 845,739 | $ 821,583 | $ 640,831 | $ 3,090,325 | $ 2,973,536 | $ 3,032,574 | ||||||||
Cost of Goods and Services Sold | 1,895,142 | 1,826,570 | 1,897,062 | ||||||||||||||||
Gross profit | 266,573 | [1] | 338,363 | [1] | 353,514 | 236,733 | 252,640 | 336,927 | 321,022 | 236,377 | 1,195,183 | 1,146,966 | 1,135,512 | ||||||
Operating expenses: | |||||||||||||||||||
Research and development | 450,482 | 445,103 | 470,836 | ||||||||||||||||
Selling, general and administrative | 476,074 | 527,751 | 545,588 | ||||||||||||||||
Other operating expense (Note 11) | 52,161 | 103,830 | 31,029 | ||||||||||||||||
Total operating expenses | 978,717 | 1,076,684 | 1,047,453 | ||||||||||||||||
Operating income | 216,466 | 70,282 | 88,059 | ||||||||||||||||
Interest expense (Note 8) | (43,963) | (59,548) | (58,879) | ||||||||||||||||
Interest income | 10,971 | 7,017 | 1,212 | ||||||||||||||||
Other expense (Note 8) | (91,682) | (606) | (3,087) | ||||||||||||||||
Income before income taxes | 91,792 | 17,145 | 27,305 | ||||||||||||||||
Income tax benefit (expense) (Note 12) | 11,300 | 32,100 | 31,200 | (98,500) | 41,333 | (57,433) | (43,863) | ||||||||||||
Net income (loss) | $ 61,517 | [1],[2],[3] | $ 69,517 | [1],[3],[4] | $ 32,084 | [1],[3],[4] | $ (29,993) | [1],[3],[4],[5] | $ (12,501) | [1],[3],[4],[6],[7] | $ (33,082) | [1],[4],[7],[8] | $ 35,919 | [1],[4],[7] | $ (30,624) | [1],[4],[7] | $ 133,125 | $ (40,288) | $ (16,558) |
Net income (loss) per share (Note 13): | |||||||||||||||||||
Basic | $ 0.51 | $ 0.56 | $ 0.26 | $ (0.24) | $ (0.10) | $ (0.26) | $ 0.28 | $ (0.24) | $ 1.07 | $ (0.32) | $ (0.13) | ||||||||
Diluted | $ 0.50 | $ 0.55 | $ 0.25 | $ (0.24) | $ (0.10) | $ (0.26) | $ 0.27 | $ (0.24) | $ 1.05 | $ (0.32) | $ (0.13) | ||||||||
Weighted average shares of common stock outstanding (Note 13): | |||||||||||||||||||
Basic | 124,534 | 126,946 | 127,121 | ||||||||||||||||
Diluted | 127,356 | 126,946 | 127,121 | ||||||||||||||||
[1] | The Company recorded restructuring expenses, including accelerated depreciation and impairment charges on certain property and equipment, of $2.8 million, $0.5 million, $19.5 million and $27.9 million in the first, second, third and fourth quarters of fiscal 2019, respectively. The Company recorded restructuring expenses, including impairment charges on certain property and equipment, of $0.5 million, $10.5 million, $15.2 million and $41.5 million in the first, second, third and fourth quarters of fiscal 2018, respectively (Note 11). | ||||||||||||||||||
[2] | Income tax benefit of $11.3 million for the fourth quarter of fiscal 2019 relates primarily to a discrete benefit for the recognition of a previously unrecognized tax benefit as a result of legislative guidance issued during the year (Note 12). | ||||||||||||||||||
[3] | The Company recorded losses on debt extinguishment of $33.4 million, $48.8 million, $1.8 million and $6.2 million in the first, second, third and fourth quarters of fiscal 2019, respectively. The Company recorded a loss on debt extinguishment of $0.9 million in the fourth quarter of fiscal 2018 (Note 8). | ||||||||||||||||||
[4] | The Company recorded start-up expenses of $5.3 million, $5.9 million and $6.8 million in the first, second and third quarters of fiscal 2019, respectively. The Company recorded start-up expenses of $6.6 million, $7.2 million, $5.4 million and $5.1 million in the first, second, third and fourth quarters of fiscal 2018, respectively. | ||||||||||||||||||
[5] | Income tax benefit of $32.1 million for the first quarter of fiscal 2019 relates primarily to a discrete provisional benefit for adjustments to a third quarter fiscal 2018 provisional estimate of the impact of the Tax Act (Note 12). | ||||||||||||||||||
[6] | Income tax benefit of $31.2 million for the fourth quarter of fiscal 2018 relates primarily to a discrete provisional benefit for adjustments to a third quarter fiscal 2018 provisional estimate of the impact of the Tax Act (Note 12). | ||||||||||||||||||
[7] | The Company recorded integration related expenses of $1.5 million, $1.8 million, $1.7 million and $1.2 million in the first, second, third and fourth quarters of fiscal 2018, respectively, associated with the Business Combination (Note 6). | ||||||||||||||||||
[8] | Income tax expense of $98.5 million for the third quarter of fiscal 2018 relates primarily to a discrete provisional tax expense related to the enactment of the Tax Act (Note 12). |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 133,125 | $ (40,288) | $ (16,558) |
Total comprehensive income (loss): | |||
Unrealized gain on marketable securities, net of tax | 85 | 204 | 53 |
Change in pension liability, net of tax | (651) | 476 | (339) |
Foreign currency translation adjustment, including intra-entity foreign currency transactions that are of a long-term-investment nature | (3,396) | 1,276 | (1,014) |
Reclassification adjustments, net of tax: | |||
Foreign currency gain recognized and included in net loss | 0 | (581) | 0 |
Amortization of pension actuarial loss | 90 | 179 | 127 |
Other comprehensive (loss) income | (3,872) | 1,554 | (1,173) |
Total comprehensive income (loss) | $ 129,253 | $ (38,734) | $ (17,731) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Accumulated Other Comprehensive (Loss) Income | Accumulated Deficit |
Beginning Balance at Apr. 02, 2016 | $ 4,999,672 | $ 5,442,613 | $ (3,133) | $ (439,808) |
Beginning Balance, Shares at Apr. 02, 2016 | 127,386 | |||
Net income (loss) | $ (16,558) | 0 | 0 | (16,558) |
Other comprehensive income (loss) | (1,173) | 0 | (1,173) | 0 |
Exercise of stock options and vesting of restricted stock units, net of shares withheld for employee taxes | $ 16,832 | 16,832 | 0 | 0 |
Exercise of stock options and vesting of restricted stock units, net of shares withheld for employee taxes, Shares | 2,484 | |||
Issuance of common stock in connection with employee stock purchase plan | $ 25,640 | 25,640 | 0 | 0 |
Issuance of common stock in connection with employee stock purchase plan, Shares | 678 | |||
Tax benefit from exercised stock options | $ (56) | (56) | 0 | 0 |
Repurchase of common stock, including transaction costs | $ (209,357) | (209,357) | 0 | 0 |
Repurchase of common stock, including transaction costs, Shares | (4,084) | |||
Stock-based compensation expense | $ 81,722 | 81,722 | 0 | 0 |
Ending Balance at Apr. 01, 2017 | $ 4,896,722 | 5,357,394 | (4,306) | (456,366) |
Ending Balance, Shares at Apr. 01, 2017 | 126,464 | |||
Net income (loss) | $ (40,288) | 0 | 0 | (40,288) |
Other comprehensive income (loss) | 1,554 | 0 | 1,554 | 0 |
Exercise of stock options and vesting of restricted stock units, net of shares withheld for employee taxes | $ 4,735 | 4,735 | 0 | 0 |
Exercise of stock options and vesting of restricted stock units, net of shares withheld for employee taxes, Shares | 2,246 | |||
Issuance of common stock in connection with employee stock purchase plan | $ 28,064 | 28,064 | 0 | 0 |
Issuance of common stock in connection with employee stock purchase plan, Shares | 541 | |||
Cumulative-effect adoption of ASU 2016-09 | $ 36,684 | 36,684 | ||
Cumulative-effect adoption of ASU 2016-16 | 1,201 | 1,201 | ||
Repurchase of common stock, including transaction costs | $ (219,907) | (219,907) | 0 | 0 |
Repurchase of common stock, including transaction costs, Shares | (2,929) | |||
Stock-based compensation expense | $ 66,799 | 66,799 | 0 | 0 |
Ending Balance at Mar. 31, 2018 | $ 4,775,564 | 5,237,085 | (2,752) | (458,769) |
Ending Balance, Shares at Mar. 31, 2018 | 126,322 | |||
Net income (loss) | $ 133,125 | 0 | 0 | 133,125 |
Other comprehensive income (loss) | (3,872) | 0 | (3,872) | 0 |
Exercise of stock options and vesting of restricted stock units, net of shares withheld for employee taxes | $ (10,833) | (10,833) | 0 | 0 |
Exercise of stock options and vesting of restricted stock units, net of shares withheld for employee taxes, Shares | 1,368 | |||
Issuance of common stock in connection with employee stock purchase plan | $ 26,817 | 26,817 | 0 | 0 |
Issuance of common stock in connection with employee stock purchase plan, Shares | 468 | |||
Cumulative-effect adoption of ASU 2014-09 | $ 4,492 | 0 | 0 | 4,492 |
Repurchase of common stock, including transaction costs | $ (638,074) | (638,074) | 0 | 0 |
Repurchase of common stock, including transaction costs, Shares | (9,095) | |||
Stock-based compensation expense | $ 72,460 | 72,460 | 0 | 0 |
Ending Balance at Mar. 30, 2019 | $ 4,359,679 | $ 4,687,455 | $ (6,624) | $ (321,152) |
Ending Balance, Shares at Mar. 30, 2019 | 119,063 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 133,125 | $ (40,288) | $ (16,558) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation | 208,646 | 174,425 | 209,825 |
Intangible assets amortization (Note 7) | 454,451 | 539,790 | 494,752 |
Loss on debt extinguishment (Note 8) | 90,201 | 928 | 0 |
Deferred income taxes | (70,169) | (32,248) | (28,027) |
Foreign currency adjustments | (2,376) | 953 | (36) |
Asset impairment (Note 11) | 15,901 | 46,315 | 0 |
Stock-based compensation expense | 71,580 | 68,158 | 88,845 |
Other, net | 5,087 | 3,792 | 7,122 |
Changes in operating assets and liabilities: | |||
Accounts receivable, net | (32,119) | 12,906 | (36,873) |
Inventories | (39,590) | (41,887) | (6,442) |
Prepaid expenses and other current and non-current assets | 13,343 | 28,310 | 20,285 |
Accounts payable | 15,167 | 38,952 | (1,035) |
Accrued liabilities | (3,899) | (2,623) | 26,866 |
Income taxes payable and receivable | (38,206) | 50,801 | 13,414 |
Other liabilities | (10,778) | 4,236 | 4,682 |
Net cash provided by operating activities | 810,364 | 852,520 | 776,820 |
Investing activities: | |||
Purchase of property and equipment | (220,937) | (269,835) | (552,702) |
Purchase of available-for-sale securities | (132,732) | 0 | (469) |
Proceeds from sales and maturities of available-for-sale debt securities | 133,132 | 0 | 186,793 |
Purchase of business, net of cash acquired (Note 6) | 0 | 0 | (117,994) |
Other investing | (27,017) | (7,574) | (5,976) |
Net cash used in investing activities | (247,554) | (277,409) | (490,348) |
Financing activities: | |||
Repurchase and payment of debt (Note 8) | (1,050,680) | (107,729) | 0 |
Proceeds from the issuance of common stock | 41,289 | 57,412 | 59,148 |
Repurchase of common stock, including transaction costs (Note 15) | (638,074) | (219,907) | (209,357) |
Proceeds from debt issuances (Note 8) | 905,350 | 100,000 | 0 |
Tax withholding paid on behalf of employees for restricted stock units | (24,835) | (24,708) | (15,516) |
Other financing | (9,714) | (1,916) | 75 |
Net cash used in financing activities | (776,664) | (196,848) | (165,650) |
Effect of exchange rate changes on cash | (1,166) | 2,360 | (1,105) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (215,020) | 380,623 | 119,717 |
Cash, cash equivalents and restricted cash at the beginning of the period | 926,402 | 545,779 | 426,062 |
Cash, cash equivalents and restricted cash at the end of the period | 711,382 | 926,402 | 545,779 |
Supplemental disclosure of cash flow information: | |||
Cash paid during the year for interest | 64,853 | 70,208 | 71,171 |
Cash paid during the year for income taxes | 69,453 | 41,478 | 52,656 |
Non-cash investing and financing information: | |||
Capital expenditure adjustments included in liabilities | $ 37,728 | $ 31,769 | $ 75,340 |
The Company and Its Significant
The Company and Its Significant Accounting Policies | 12 Months Ended |
Mar. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
THE COMPANY AND ITS SIGNIFICANT ACCOUNTING POLICIES | THE COMPANY AND ITS SIGNIFICANT ACCOUNTING POLICIES On February 22, 2014, RF Micro Devices, Inc. ("RFMD") and TriQuint Semiconductor, Inc. ("TriQuint") entered into an Agreement and Plan of Merger and Reorganization (as subsequently amended on July 15, 2014, the "Merger Agreement") providing for the business combination of RFMD and TriQuint (the "Business Combination") under a new holding company named Qorvo, Inc. The stockholders of both RFMD and TriQuint approved the Merger Agreement at each company's special meeting of stockholders on September 5, 2014. During the third quarter of fiscal 2015, all necessary regulatory approvals were received to complete the Business Combination. The Business Combination closed on January 1, 2015 (fourth quarter of fiscal 2015). For financial reporting and accounting purposes, RFMD was the acquirer of TriQuint. The Company is a product and technology leader at the forefront of the growing global demand for always-on broadband connectivity. The Company combines a broad portfolio of innovative radio frequency ("RF") solutions, highly differentiated semiconductor technologies, systems-level expertise and global manufacturing scale to supply a diverse group of customers in expanding markets, including smartphones and other mobile devices, defense and aerospace, Wi-Fi customer premises equipment, cellular base stations, and multiple Internet of Things ("IoT") applications including the smart home and connected car. Within these markets, the Company's products enable a broad range of leading-edge applications – from very-high-power wired and wireless infrastructure solutions to ultra-low-power smart home solutions. The Company's products and technologies help people around the world connect with each other, access broadband data and critical networks, transact mobile commerce and interact through social media. The Company’s design and manufacturing expertise covers many semiconductor process technologies, which it sources both internally and through external suppliers. The Company’s primary wafer fabrication facilities are located in North Carolina, Oregon and Texas and its primary assembly and test facilities are located in China, Costa Rica, Germany and Texas. The Company operates design, sales and manufacturing facilities throughout Asia, Europe and North America. Principles of Consolidation and Basis of Presentation The 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. Certain items in the fiscal years 2018 and 2017 financial statements have been reclassified to conform to the fiscal 2019 presentation. Accounting Periods The Company uses a 52- or 53-week fiscal year ending on the Saturday closest to March 31 of each year. The most recent three fiscal years ended on March 30, 2019 , March 31, 2018 , and April 1, 2017 . Fiscal years 2019, 2018 and 2017 were 52-week years. Use of Estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and the disclosure of contingent liabilities. The Company evaluates its estimates on an ongoing basis, including those related to revenue recognition, product warranty obligations, valuation of inventories, tax related contingencies, valuation of long-lived and intangible assets, other contingencies and litigation, among others. The Company generally bases its estimates on historical experience, expected future conditions and third party evaluations. Accounting estimates require difficult and subjective judgments and actual results may differ from the Company’s estimates. Cash and Cash Equivalents Cash and cash equivalents consist of demand deposit accounts, money market funds, and other temporary, highly-liquid investments with original maturities of three months or less when purchased. Investments Available-for-sale investments at March 30, 2019 and March 31, 2018 consisted of debt securities and marketable equity securities. Available-for-sale investments with an original maturity date greater than three months and less than one year are classified as current investments. Available-for-sale investments with an original maturity date exceeding one year are classified as long-term. Available-for-sale debt securities are carried at fair value with the unrealized gains and losses, net of tax, reported in “Other comprehensive (loss) income.” The cost of securities sold is based on the specific identification method and any realized gain or loss is included in “Other (expense) income.” The cost of available-for-sale debt securities is adjusted for premiums and discounts, with the amortization or accretion of such amounts included as a portion of interest. Available-for-sale equity securities are carried at fair value with both the realized and unrealized gains and losses reported in “Other (expense) income.” The Company assesses individual investments for impairment quarterly. Investments are impaired when the fair value is less than the amortized cost. If an investment is impaired, the Company evaluates whether the impairment is other-than-temporary. An investment impairment is considered other-than-temporary if (i) the Company intends to sell the security, (ii) it is more likely than not that the Company will be required to sell the security before recovery of the entire amortized cost basis, or (iii) the Company does not expect to recover the entire amortized cost basis of the security (a credit loss). Other-than-temporary declines in the Company's investments are recognized as a loss in the statement of operations if due to credit loss; all other losses on debt securities are recorded in “Other comprehensive (loss) income.” The previous amortized cost basis less the other-than-temporary impairment becomes the new cost basis and is not adjusted for subsequent recoveries in fair value. Inventories Inventories are stated at the lower of cost or net realizable value (cost is based on standard cost, which approximates actual average cost). The Company’s business is subject to the risk of technological and design changes. The Company evaluates inventory levels quarterly against sales forecasts on a product family basis to evaluate its overall inventory risk. Reserves are adjusted to reflect inventory values in excess of forecasted sales and management's analysis and assessment of overall inventory risk. In the event the Company sells inventory that had been covered by a specific inventory reserve, the sale is recorded at the actual selling price and the related cost of goods sold is recorded at the full inventory cost, net of the reserve. Abnormal production levels are charged to the statement of operations in the period incurred rather than as a portion of inventory cost. Product Warranty The Company generally sells products with a limited warranty on product quality. The Company accrues for known warranty issues if a loss is probable and can be reasonably estimated, and accrues for estimated incurred but unidentified issues based on historical activity. The accrual and the related expense for known product warranty issues were not significant during the periods presented. Due to product testing and the short time typically between product shipment and the detection and correction of product failures and the historical rate of losses, the accrual and related expense for estimated incurred but unidentified issues was also not significant during the periods presented. Other Receivables The Company records miscellaneous non-product receivables that are collectible within 12 months in “Other receivables,” such as value-added tax receivables ( $18.9 million as of March 30, 2019 and $38.1 million as of March 31, 2018 , which are reported on a net basis), and other miscellaneous items. Property and Equipment Property and equipment are stated at cost, less accumulated depreciation. Depreciation of property and equipment is computed using the straight-line method over the estimated useful lives of the assets, ranging from one year to 39 years . The Company capitalizes interest on borrowings related to eligible capital expenditures. Capitalized interest is added to the cost of qualified assets and depreciated together with that asset cost. The Company’s assets acquired under capital leases and leasehold improvements are amortized over the lesser of the asset life or lease term (which is reasonably assured) and included in depreciation. The Company records capital-related government grants earned as a reduction to property and equipment and depreciates such grants over the estimated useful lives of the associated assets. The Company periodically evaluates the period over which it expects to recover the economic value of the Company’s property and equipment, considering factors such as changes in machinery and equipment technology, the ability to re-use equipment across generations of process technology and historical usage trends. If the Company determines that the useful lives of its assets are shorter or longer than originally estimated, the rate of depreciation is adjusted to reflect the revised useful lives of the assets. The Company assesses property and equipment for impairment when events or changes in circumstances indicate that the carrying amount of its assets may not be recoverable. Factors that are considered in deciding when to perform an impairment review include an adverse change in the use of the Company’s assets or an expectation that the assets will be sold or otherwise disposed. The Company assesses the recoverability of the assets held and used by comparing the projected undiscounted net cash flows associated with the related asset or group of assets over their remaining estimated useful lives against their respective carrying amounts. Assets identified as “held for sale” are recorded at the lesser of their carrying value or their fair market value less costs to sell. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets. Goodwill and Intangible Assets Goodwill is recorded when the purchase price paid for a business exceeds the estimated fair value of the net identified tangible and intangible assets acquired. Intangibles are recorded when such assets are acquired by purchase or license. The value of the Company's intangibles, including goodwill, could be impacted by future adverse changes such as: (i) any future declines in the Company's operating results; (ii) a decline in the value of technology company stocks, including the value of the Company's common stock; (iii) a prolonged or more significant slowdown in the worldwide economy or the semiconductor industry; or (iv) failure to meet the performance projections included in the Company's forecasts of future operating results. The Company accounts for goodwill and indefinite-lived intangible assets in accordance with the Financial Accounting Standards Board ("FASB") guidance, which requires annual testing for impairment or whenever events or circumstances make it more likely than not that an impairment may have occurred. The Company performs its annual impairment tests on the first day of the fourth quarter in each fiscal year. Indefinite-lived intangible assets consist of in-process research and development ("IPRD"). The Company may perform a qualitative assessment (commonly referred to as "step zero") to determine whether further quantitative analysis for impairment of goodwill or indefinite-lived intangible assets is necessary. In performing step zero for its impairment test, the Company is required to make assumptions and judgments, including the evaluation of macroeconomic conditions as related to the Company's business, industry and market trends, and the overall future financial performance of the Company's reporting units and future opportunities in the markets in which they operate. The Company also considers recent fair value calculations of its indefinite-lived intangible assets and reporting units as well as cost factors such as changes in raw materials, labor or other costs. If the step zero analysis indicates that it is more likely than not that the fair value of a reporting unit or indefinite-lived asset is less than its respective carrying value including goodwill, then the Company would perform an additional quantitative analysis. For goodwill, this involves a two-step process. The first step compares the fair value of the reporting unit, including its goodwill, to its carrying value. If the carrying value of the reporting unit exceeds its fair value, then the second step of the process is performed to determine the amount of impairment. The second step compares the implied fair value of the reporting unit's goodwill to the carrying value of the goodwill. An impairment charge is recognized for the amount the carrying value of the reporting unit's goodwill exceeds its implied fair value. For indefinite-lived intangible assets, the quantitative analysis compares the carrying value of the asset to its fair value and an impairment charge is recognized for the amount its carrying value exceeds its fair value. Determining the fair value of reporting units, indefinite-lived intangible assets and implied fair value of a reporting unit's goodwill is reliant upon estimated future revenues, profitability and cash flows and consideration of market factors. Assumptions, judgments and estimates are complex, subjective and can be affected by a variety of factors, including external factors such as industry and economic trends, and internal factors such as changes in the Company's business strategy or its internal forecasts. Although the Company believes the assumptions, judgments and estimates it has made have been reasonable and appropriate, different assumptions, judgments and estimates could materially affect its results of operations. Goodwill Goodwill is allocated to the Company's reporting units based on the expected benefit from the synergies of the business combinations generating the underlying goodwill. As of March 30, 2019 , the Company's goodwill balance of $2,173.9 million is allocated between its Mobile Products ("MP") and Infrastructure and Defense Products ("IDP") reporting units. In fiscal years 2019 , 2018 and 2017 , the Company completed qualitative assessments to determine whether conditions exist to indicate that it is more likely than not that the fair value of its reporting units was less than the related carrying value. If management concludes, based on assessment of relevant events, facts and circumstances, that it is more likely than not that a reporting unit’s fair value is greater than its carrying value, no further impairment testing is required. Management concluded that the fair value of each reporting unit exceeded the related carrying value for fiscal years 2019 , 2018 and 2017 , and no further testing was required. If management’s assessment of qualitative factors indicates that it is more likely than not that the fair value of its reporting units is less than its carrying value, then a quantitative assessment is performed. The Company also has the option to bypass the qualitative assessment described above and proceed directly to the quantitative assessment. The quantitative assessment requires comparing the fair value of the reporting units to its carrying value, including goodwill. The Company uses both the income and market approaches to estimate the fair value of its reporting units. The income approach involves discounting future estimated cash flows. The sum of the reporting unit cash flow projections is compared to the Company's market capitalization in a discounted cash flow framework to calculate an overall implied internal rate of return (or discount rate) for the Company. The Company's market capitalization is adjusted to a control basis assuming a reasonable control premium, which results in an implied discount rate. This implied discount rate serves as a baseline for estimating the specific discount rate for each reporting unit. The discount rate used is the value-weighted average of the Company's estimated cost of equity and debt (“cost of capital”) derived using both known and estimated customary market metrics. The Company's weighted average cost of capital is adjusted for each reporting unit to reflect a risk factor, if necessary, for each reporting unit. The Company performs sensitivity tests with respect to growth rates and discount rates used in the income approach. The Company also considers historical rates and current market conditions when determining the discount and growth rates used in its analysis. The Company believes the income approach is appropriate because it provides a fair value estimate based upon the respective reporting unit’s expected long-term operations and cash flow performance. In applying the market approach, valuation multiples are derived from historical and projected operating data of selected guideline companies, which are evaluated and adjusted, if necessary, based on the strengths and weaknesses of the reporting unit relative to the selected guideline companies. The valuation multiples are then applied to the appropriate historical and/or projected operating data of the reporting unit to arrive at an indication of fair value. The Company believes the market approach is appropriate because it provides a fair value using multiples from companies with operations and economic characteristics similar to its reporting units. The Company weights the results of the income approach and the results of the market approach at 50% each and for the MP and IDP reporting units, and if it is concluded that the fair value of the reporting units is determined to be substantially in excess of the carrying value, no further analysis is warranted. If the carrying amount exceeds the reporting unit’s fair value, a goodwill impairment charge is recognized for the amount in excess, not to exceed the total amount of goodwill allocated to that reporting unit. Intangible Assets with Indefinite Lives In fiscal 2015, as a result of the Business Combination, the Company recorded IPRD of $470.0 million . IPRD was recorded at fair value as of the date of acquisition as an indefinite-lived intangible asset until the completion or abandonment of the associated research and development ("R&D") efforts or impairment. The fair value of the acquired IPRD was determined based on an income approach using the "excess earnings method," which estimated the value of the intangible assets by discounting the future projected earnings of the asset to present value as of the valuation date. Upon completion of development, acquired IPRD assets are transferred to finite-lived intangible assets and amortized over their useful lives. In fiscal years 2018 and 2017 , the Company completed and transferred into developed technology approximately $37.0 million and $220.0 million , respectively, of IPRD. The Company performed a qualitative assessment of the remaining IPRD of $10.0 million during fiscal 2019 and concluded that IPRD was not impaired. Intangible Assets with Definite Lives Intangible assets are recorded when such assets are acquired by purchase or license. Finite-lived intangible assets consist primarily of developed technology and customer relationships resulting from business combinations and are subject to amortization. The fair value of developed technology acquired during fiscal years 2013, 2015 and 2017 was determined based on an income approach using the "excess earnings method," which estimated the value of the intangible assets by discounting the future projected earnings of the asset to present value as of the valuation date. Developed technology is amortized on a straight-line basis over the estimated useful life, ranging from three to six years. The fair value of customer relationships acquired during fiscal years 2015 and 2017 was determined based on an income approach using the “with and without method," in which the value of the asset is determined by the difference in discounted cash flows of the profitability of the Company "with" the asset and the profitability of the Company "without" the asset. Customer relationships are amortized on a straight-line basis over the estimated useful life, ranging from three to ten years. The Company regularly reviews identified intangible assets to determine if facts and circumstances indicate that the useful lives have changed from the original estimate or that the carrying amount of the assets may not be recoverable. If such facts and circumstances exist, the Company assesses the recoverability of identified intangible assets by comparing the projected undiscounted net cash flows associated with the related asset or group of assets over their remaining lives against their respective carrying amounts. Impairments, if any, are based on the excess of the carrying amount over the fair value of those assets and occur in the period in which the impairment determination was made. Accrued Liabilities The "Accrued liabilities" balance as of March 30, 2019 and March 31, 2018 includes accrued compensation and benefits of $93.2 million and $96.7 million , respectively, and interest payable of $11.2 million and $23.1 million , respectively. Revenue Recognition The Company generates revenue primarily from the sale of semiconductor products, either directly to a customer or to a distributor, or at completion of a consignment process. Revenue is recognized when control of the promised goods or services is transferred to the Company's customers, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. A majority of the Company's revenue is recognized at a point in time, either on shipment or delivery of the product, depending on individual customer terms and conditions. Revenue from sales to the Company’s distributors is recognized upon shipment of the product to the distributors (sell-in). Revenue is recognized from the Company’s consignment programs at a point in time when the products are pulled from consignment inventory by the customer. Revenue recognized for products and services over time is immaterial (less than 2% of overall revenue). The Company applies a five-step approach as defined in FASB Accounting Standards Codification ("ASC") 606 " Revenue from Contracts with Customers" in determining the amount and timing of revenue to be recognized: (1) identifying the contract with a customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations in the contract; and (5) recognizing revenue when the corresponding performance obligation is satisfied. Sales agreements are in place with certain customers and contain terms and conditions with respect to payment, delivery, warranty and supply, but typically do not require minimum purchase commitments. In the absence of a sales agreement, the Company’s standard terms and conditions apply. The Company considers a customer's purchase order, which is governed by a sales agreement or the Company’s standard terms and conditions, to be the contract with the customer. The Company’s pricing terms are negotiated independently, on a stand-alone basis. In determining the transaction price, the Company evaluates whether the price is subject to refund or adjustment to determine the net consideration to which the Company expects to be entitled. Variable consideration in the form of rebate programs is offered to certain customers, including distributors. A majority of these rebates are accrued and classified as a contra accounts receivable, and represent less than 5% of net revenue. The Company determines variable consideration by estimating the most likely amount of consideration it expects to receive from the customer. The Company's terms and conditions do not give its customers a right of return associated with the original sale of its products. However, the Company may authorize sales returns under certain circumstances, which include courtesy returns and like-kind exchanges. Sales returns are classified as a refund liability. The Company reduces revenue and records reserves for product returns and allowances, rebate programs and scrap allowance based on historical experience or specific identification depending on the contractual terms of the arrangement. The Company’s accounts receivable balance is from contracts with customers and represents the Company’s unconditional right to receive consideration from its customers. Payments are due upon completion of the performance obligation and subsequent invoicing. Substantially all payments are collected within the Company’s standard terms, which do not include any financing components. To date, there have been no material impairment losses on accounts receivable. Contract assets and contract liabilities recorded on the Consolidated Balance Sheet were immaterial as of March 30, 2019. The Company invoices customers upon shipment and recognizes revenues in accordance with delivery terms. As of March 30, 2019 , the Company had $32.0 million in remaining unsatisfied performance obligations with an original duration greater than one year, of which the majority is expected to be recognized as income over the next twelve months. The Company includes shipping charges billed to customers in "Revenue" and includes the related shipping costs in "Cost of goods sold" in the Consolidated Statements of Operations. Taxes assessed by government authorities on revenue-producing transactions, including tariffs, value-added and excise taxes, are excluded from revenue in the Consolidated Statements of Operations. The Company incurs commission expense that is incremental to obtaining contracts with customers. Sales commissions (which are recorded in the "Selling, general and administrative" expense line item in the Consolidated Statements of Operations) are expensed when incurred because such commissions are not owed until the performance obligation is satisfied, which coincides with the end of the contract term, and therefore no remaining period exists over which to amortize the commissions. Research and Development The Company charges all R&D costs to expense as incurred. Precious Metals Reclaim The Company uses historical experience to estimate the amount of reclaim on precious metals used in manufacturing at the end of each period and states the reclaim value at the lower of average cost or market. The estimated value to be received from precious metal reclaim is included in "Other current assets" and reclaims submitted for payment are included in "Other receivables" in the Consolidated Balance Sheets. Income Taxes The Company accounts for income taxes under the liability method, which requires recognition of deferred tax assets and liabilities for the temporary differences between the financial reporting and tax basis of assets and liabilities and for tax carryforwards. Deferred tax assets and liabilities for each tax jurisdiction are measured using the enacted statutory tax rates in effect for the years in which the differences are expected to reverse. A valuation allowance is provided against deferred tax assets to the extent the Company determines it is more likely than not that some portion or all of its deferred tax assets will not be realized. A more likely than not recognition threshold is required to be met before the Company recognizes the benefit of an income tax position in its financial statements. The Company’s policy is to recognize accrued interest and penalties, if incurred, on any unrecognized tax benefits as a component of income tax expense. It is the Company’s current intent and policy to invest the earnings of foreign subsidiaries indefinitely outside the U.S., except for Qorvo International Pte. Ltd. in Singapore. Accordingly, the Company does not record a deferred tax liability for U.S. income taxes on unremitted foreign earnings of other foreign subsidiaries. Stock-Based Compensation Under ASC 718, “Compensation – Stock Compensation," stock-based compensation cost is measured at the grant date, based on the estimated fair value of the award using an option pricing model for stock options (Black-Scholes) and market price for restricted stock units, and is recognized as expense over the employee's requisite service period. As of March 30, 2019 , total remaining unearned compensation cost related to unvested restricted stock units was $74.0 million , which will be amortized over the weighted-average remaining service period of approximately 1.2 years . Foreign Currency Translation The financial statements of foreign subsidiaries have been translated into U.S. dollars in accordance with FASB ASC 830, “ Foreign Currency Matters. ” The functional currency for most of the Company’s international operations is the U.S. dollar. The functional currency for the remainder of the Company’s foreign subsidiaries is the local currency. Assets and liabilities denominated in foreign currencies are translated using the exchange rates on the balance sheet dates. Revenues and expenses are translated using the average exchange rates throughout the year. Translation adjustments are shown separately as a component of “Accumulated other comprehensive loss” within “Stockholders’ equity” in the Consolidated Balance Sheets. Foreign currency transaction gains or losses (account balances and transactions denominated in a currency other than the functional currency) are reported in “Other (expense) income” in the Consolidated Statements of Operations. Recent Accounting Pronouncements Accounting Pronouncements Not Yet Effective In February 2016, the FASB issued Accounting Standards Update ("ASU") 2016-02, " Leases (Topic 842) ," with multiple amendments subsequently issued, which will require that lease arrangements be presented on the lessee's balance sheet by recording a right-of-use asset and a lease liability equal to the present value of the related future minimum lease payments. This standard will be effective for the Company in the first quarter of fiscal 2020. The Company plans to elect the optional transition method that allows lessees to apply the new guidance as of the adoption date and recognize any cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Upon adoption, the Company expects to elect the transition package of practical expedients which allows the Company (1) to not reassess whether any expired or existing contracts are leases, or contain leases, (2) to not reassess the lease classification for any expired or existing leases, and (3) to not reassess initial direct costs for any existing leases. Further, upon implementation of the new guidance, the Company intends to elect the practical expedient to not separate lease and non-lease components for all leases and account for the combined lease and non-lease components as a single lease component. The Company also plans to make an accounting policy election to exclude leases with an initial term of 12 months or less from the balance sheet. The Company expects to record a right-of-use asset and lease liability for substantially all of its operating lease arrangements, which is expected to approximate the present value of the Company's future minimum lease obligations pertaining to its operating leases as disclosed in Note 10 . Any new lease arrangements or material modifications entered into subsequent to the adoption date will be accounted for in accordance with the new standard. The Company does not expect the adoption of this new guidance will have a significant impact on its Consolidated Statements of Operations or its Consolidated Statements of Cash Flows. Accounting Pronouncements Recently Adopted In August 2018, the FASB issued ASU 2018-15, " Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract" which clarifies the accounting for implementation costs in cloud computing arrangements. The Company adopted ASU 2018-15, on a prospective basis, in the fourth quarter of fiscal 2019 and there was no material impact to the Company's Consolidated Financial Statements. In March 2017, the FASB issued ASU 2017-07, "Compensation—Retirement Benefits (T |
Concentrations of Credit Risk
Concentrations of Credit Risk | 12 Months Ended |
Mar. 30, 2019 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS OF CREDIT RISK | CONCENTRATIONS OF CREDIT RISK The Company’s principal financial instrument subject to potential concentration of credit risk is accounts receivable, which is unsecured. The Company provides an allowance for doubtful accounts equal to estimated losses expected to be incurred in the collection of accounts receivable. The Company has adopted credit policies and standards intended to accommodate industry growth and inherent risk and it believes that credit risks are moderated by the financial stability of its major customers, conservative payment terms and the Company’s strict credit policies. Revenue from significant customers, those representing 10% or more of revenue for the respective periods, are summarized as follows: Fiscal Year 2019 2018 2017 Apple Inc. ("Apple") 32% 36% 34% Huawei Technologies Co., Ltd. ("Huawei") 13% 8% 11% The Company provided its products to Apple through sales to multiple contract manufacturers. These customers primarily purchase RF and Wi-Fi solutions for cellular base stations and a variety of mobile devices, including smartphones, wearables, laptops, tablets and cellular-based applications for the IoT. Accounts receivable related to these customers (which includes multiple contract manufacturers) accounted for 49% , 26% , and 40% of the Company's total net accounts receivable balance as of March 30, 2019 , March 31, 2018 and April 1, 2017 , respectively. On May 16, 2019, the Bureau of Industry and Security (BIS) of the U.S. Department of Commerce placed Huawei and 68 of its non-U.S. affiliates on the “entity list” under Export Administration Regulations (EAR), which had the effect of prohibiting all future sales by the Company of any product to Huawei or its affiliates, absent obtaining a license from BIS. While BIS has broad authority to issue licenses, the rulemaking imposes a presumption that licenses will be denied. Although Huawei is not prohibited from paying (and the Company is not restricted from collecting) accounts receivable for products sold to Huawei prior to the BIS action, the credit risks associated with these accounts may have increased as a result of this development. As of the date of this report, the Company is unable to predict the scope or duration of the new EAR restrictions on Huawei or the impact to the Company’s business or future results of operations. |
Investments and Fair Value Meas
Investments and Fair Value Measurements | 12 Months Ended |
Mar. 30, 2019 | |
Investments and Fair Value Measurements [Abstract] | |
INVESTMENTS AND FAIR VALUE MEASUREMENTS | INVESTMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS Debt Securities The following is a summary of available-for-sale debt securities as of March 30, 2019 and March 31, 2018 (in thousands): Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value March 30, 2019 Auction rate securities (1) $ 1,950 $ — $ — $ 1,950 March 31, 2018 Auction rate securities (1) $ 1,950 $ — $ (107 ) $ 1,843 (1) The Company's available-for-sale debt securities have contractual maturity dates of greater than ten years. The estimated fair value of available-for-sale debt securities was based on the prevailing market values on March 30, 2019 and March 31, 2018 . The Company determines the cost of an investment sold based on the specific identification method. Equity Investment Without a Readily Determinable Fair Value As of March 30, 2019 , the Company has invested $60.0 million to acquire preferred shares of a private limited company. This investment was determined to be an equity investment without a readily determinable fair value and is accounted for using the measurement alternative in accordance with ASU 2016-01. As of March 30, 2019 , there was no impairment or observable price change for this investment. This investment is classified in "Long-term investments" in the Consolidated Balance Sheets. Fair Value of Financial Instruments Marketable securities are measured at fair value and recorded in "Cash and cash equivalents," "Other current assets" and "Long-term investments" in the Consolidated Balance Sheets, and the related unrealized gains and losses are included in "Accumulated other comprehensive loss," a component of stockholders’ equity, net of tax (debt securities) and "Other expense" on the Consolidated Statements of Operations (equity securities). Recurring Fair Value Measurements The fair value of the financial assets and liabilities measured at fair value on a recurring basis was determined using the following levels of inputs as of March 30, 2019 and March 31, 2018 (in thousands): Total Quoted Prices In Significant Other March 30, 2019 Assets Money market funds $ 13 $ 13 $ — Marketable equity securities 901 901 — Auction rate securities (1) 1,950 — 1,950 Invested funds in deferred compensation plan (2) 18,737 18,737 — Total assets measured at fair value $ 21,601 $ 19,651 $ 1,950 Liabilities Deferred compensation plan obligation (2) $ 18,737 $ 18,737 $ — Total liabilities measured at fair value $ 18,737 $ 18,737 $ — March 31, 2018 Assets Money market funds $ 9 $ 9 $ — Auction rate securities (1) 1,843 — 1,843 Invested funds in deferred compensation plan (2) 14,284 14,284 — Total assets measured at fair value $ 16,136 $ 14,293 $ 1,843 Liabilities Deferred compensation plan obligation (2) $ 14,284 $ 14,284 $ — Total liabilities measured at fair value $ 14,284 $ 14,284 $ — (1) The Company's Level 2 auction rate securities are debt instruments with interest rates that reset through periodic short-term auctions and are valued based on quoted prices for identical or similar instruments in markets that are not active. (2) 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 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 Consolidated Balance Sheets. As of March 30, 2019 and March 31, 2018 , the Company did not have any Level 3 assets or liabilities. Nonrecurring Fair Value Measurements The Company's non-financial assets, such as intangible assets and property and equipment, are measured at fair value when there is an indicator of impairment and recorded at fair value only when an impairment charge is recognized. See Note 11 for further information on impairment of property and equipment. 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 8 for further disclosures related to the fair value of the Company's long-term debt. |
Inventories
Inventories | 12 Months Ended |
Mar. 30, 2019 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES The components of inventories, net, are as follows (in thousands): March 30, 2019 March 31, 2018 Raw materials $ 118,608 $ 110,389 Work in process 272,469 221,137 Finished goods 120,716 140,766 Total inventories $ 511,793 $ 472,292 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Mar. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | PROPERTY AND EQUIPMENT The components of property and equipment are as follows (in thousands): March 30, 2019 March 31, 2018 Land $ 25,996 $ 23,778 Building and leasehold improvements 416,209 389,234 Machinery and equipment 2,025,110 1,660,138 2,467,315 2,073,150 Less accumulated depreciation (1,218,507 ) (911,910 ) 1,248,808 1,161,240 Construction in progress 117,705 212,872 Total property and equipment, net $ 1,366,513 $ 1,374,112 |
Business Acquisitions
Business Acquisitions | 12 Months Ended |
Mar. 30, 2019 | |
BUSINESS ACQUISITION DISCLOSURE [Abstract] | |
BUSINESS ACQUISITIONS | BUSINESS ACQUISITIONS Acquisition of GreenPeak Technologies, B.V. During fiscal 2017, the Company completed the acquisition of GreenPeak Technologies, B.V. ("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 systems-on-a-chip ("SoCs") for the connected home. The Company acquired 100% of the outstanding equity securities of GreenPeak for a purchase price of $118.1 million , net of cash acquired of $0.7 million . The total purchase price was allocated to GreenPeak's assets and liabilities based upon fair values as determined by the Company and resulted in goodwill of $38.2 million and an increase in intangible assets of $82.1 million . The more significant intangible assets acquired were developed technology of $74.2 million (which is being amortized over 7 years) and customer relationships of $5.6 million (which is being amortized over 3 years). Business Combination between RFMD and TriQuint Effective January 1, 2015, pursuant to the Merger Agreement, RFMD and TriQuint completed a strategic combination of their respective businesses through the “merger of equals” Business Combination. Based on an evaluation of the provisions of FASB ASC Topic 805, “ Business Combinations ,” RFMD was determined to be the acquirer for accounting purposes. The allocation to goodwill of $2,036.7 million represented the excess of the purchase price over the fair value of assets acquired and liabilities assumed, which amount was allocated to the Company's MP and IDP operating segments. The Business Combination resulted in an increase in intangible assets of $2,394.0 million . The more significant intangible assets acquired were developed technology of $610.0 million and customer relationships of $1,220.0 million (which are both being amortized over periods between 4 and 6 years) and IPRD of $470.0 million , of which $460.0 million has been completed as of March 30, 2019 and transferred to finite-lived intangible assets (which are being amortized over periods between 4 and 6 years ). During fiscal years 2018 and 2017 , the Company incurred integration costs (presented in the Consolidated Statements of Operations as "Other operating expense") of approximately $6.2 million and $16.9 million , respectively, associated with the Business Combination. See Note 11 for restructuring costs resulting from the Business Combination. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Mar. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS The Company's goodwill balance was $2,173.9 million (net of accumulated impairment losses and write-offs of $621.6 million ) as of March 30, 2019 and March 31, 2018 . Goodwill is allocated to the reporting units that are expected to benefit from the synergies of the business combinations generating the underlying goodwill. As of March 30, 2019 and March 31, 2018 , the Company's goodwill balance was allocated between its MP ( $1,751.5 million ) and IDP ( $422.4 million ) reporting units. The following summarizes information regarding the gross carrying amounts and accumulated amortization of intangible assets (in thousands): March 30, 2019 March 31, 2018 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Intangible Assets: Developed technology $ 1,246,335 $ 960,793 $ 1,246,335 $ 733,081 Customer relationships 1,272,725 1,161,735 1,272,725 936,175 Trade names 29,391 29,391 29,391 29,377 Technology licenses 14,704 13,026 12,379 11,904 Non-compete agreement 1,026 1,026 1,026 983 IPRD 10,000 N/A 10,000 N/A Total $ 2,574,181 $ 2,165,971 $ 2,571,856 $ 1,711,520 Total intangible assets amortization expense was $454.5 million , $539.8 million and $494.8 million in fiscal years 2019 , 2018 and 2017 , respectively. The following table provides the Company's estimated amortization expense for intangible assets based on current amortization periods for the periods indicated (in thousands): Fiscal Year Estimated Amortization Expense 2020 $ 208,000 2021 156,000 2022 28,000 2023 12,000 2024 3,000 |
Debt
Debt | 12 Months Ended |
Mar. 30, 2019 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Debt as of March 30, 2019 and March 31, 2018 is as follows (in thousands): March 30, 2019 March 31, 2018 6.75% Senior Notes due 2023 $ — $ 444,464 7.00% Senior Notes due 2025 23,404 548,500 5.50% Senior Notes due 2026 900,000 — Less unamortized issuance costs (4,134 ) (9,674 ) Total long-term debt $ 919,270 $ 983,290 Senior Notes due 2023 and 2025 On November 19, 2015, the Company issued $450.0 million aggregate principal amount 6.75% senior notes due December 1, 2023 (the “2023 Notes”) and $550.0 million aggregate principal amount 7.00% senior notes due December 1, 2025 (the “2025 Notes"). The 2023 Notes were, and the 2025 Notes are, senior unsecured obligations of the Company and guaranteed, jointly and severally, by the Company and certain of its U.S. subsidiaries (the "Guarantors"). The 2023 Notes and the 2025 Notes were issued pursuant to an indenture dated as of November 19, 2015 (the "2015 Indenture"), by and among the Company, the Guarantors and MUFG Union Bank, N.A., as trustee. The 2015 Indenture contains customary events of default, including payment default, failure to provide certain notices and certain provisions related to bankruptcy events. In March 2018, the Company repurchased $5.5 million and $1.5 million of the 2023 Notes and 2025 Notes, respectively, at prices of 107.50% and 109.50% , respectively, plus accrued and unpaid interest. On June 15, 2018, the Company commenced cash tender offers for any and all of the 2023 Notes and up to $150.0 million of the 2025 Notes (the "2025 Tender Offer"). On June 29, 2018, the Company repurchased $429.2 million aggregate principal amount of the 2023 Notes at a price equal to 106.75% of the principal amount of the 2023 Notes purchased, plus accrued and unpaid interest. On July 19, 2018, the Company redeemed the remaining $15.3 million principal amount of the 2023 Notes at a redemption price equal to 100.00% of the principal amount, plus a make-whole premium and accrued and unpaid interest. On July 16, 2018, following an increase of the tender cap for the 2025 Tender Offer to $300.0 million , the Company repurchased $300.0 million aggregate principal amount of the 2025 Notes at a price equal to 109.63% of the principal amount of the 2025 Notes purchased, plus accrued and unpaid interest. On August 14, 2018, the Company commenced a cash tender offer for up to $130.0 million of the 2025 Notes. On August 28, 2018, following an increase of the tender cap to $140.0 million , the Company repurchased $136.4 million aggregate principal amount of the 2025 Notes at a price equal to 110.00% of the principal amount of the 2025 Notes purchased, plus accrued and unpaid interest. On November 28, 2018 and December 11, 2018, the Company repurchased $1.1 million and $20.0 million , respectively, of the 2025 Notes, at prices equal to 107.25% and 107.63% , respectively, of the principal amount of the 2025 Notes purchased, plus accrued and unpaid interest. On February 20, 2019, the Company repurchased $67.6 million of the 2025 Notes at a price equal to 108.25% of the principal amount of the 2025 Notes purchased, plus accrued and unpaid interest. As of March 30, 2019 , 2025 Notes with an aggregate principal amount of $23.4 million remained outstanding. During fiscal 2019 , the Company recognized a loss on debt extinguishment of $90.2 million (related to the retirements of the 2023 Notes and 2025 Notes) as "Other expense" in the Company’s Consolidated Statement of Operations. 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 on or after December 1, 2020, the Company may redeem the 2025 Notes, in whole or in part, at the redemption prices specified in the 2015 Indenture, plus accrued and unpaid interest. With respect to the 2023 Notes, interest was payable on June 1 and December 1 of each year at a rate of 6.75% per annum, and with respect to the 2025 Notes, interest is payable on June 1 and December 1 of each year at a rate of 7.00% per annum. Interest paid on the 2023 Notes and 2025 Notes during fiscal years 2019 , 2018 and 2017 was $46.5 million , $68.9 million and $71.2 million , respectively. Senior Notes due 2026 On July 16, 2018, the Company issued $500.0 million aggregate principal amount 5.50% Senior Notes due 2026 (the “Initial 2026 Notes”). On August 28, 2018 and March 5, 2019, the Company issued an additional $130.0 million and $270.0 million , respectively, aggregate principal amount of such notes (together, the "Additional 2026 Notes", and together with the Initial 2026 Notes, the "2026 Notes"). The 2026 Notes will mature on July 15, 2026, unless earlier redeemed in accordance with their terms. The 2026 Notes are senior unsecured obligations of the Company and are initially guaranteed, jointly and severally, by the Guarantors. The Initial 2026 Notes were issued pursuant to an indenture, dated as of July 16, 2018 by and among the Company, the Guarantors and MUFG Union Bank, N.A., as trustee, and the Additional 2026 Notes were issued pursuant to supplemental indentures, dated as of August 28, 2018 and March 5, 2019, respectively (collectively, the "2018 Indenture" and together with the 2015 Indenture, the "Indentures"). The 2018 Indenture contains customary events of default, including payment default, exchange default, failure to provide certain notices thereunder and certain provisions related to bankruptcy events and also contains customary negative covenants. The 2026 Notes were sold in a private offering to certain institutions that then resold the 2026 Notes in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act, and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. The Company used a portion of the net proceeds of the 2026 Notes to fund the tender offers for the 2025 Notes and to pay related fees and expenses of the offerings and will use the remaining net proceeds for general corporate purposes. At any time prior to July 15, 2021, the Company may redeem all or part of the 2026 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 July 15, 2021, the Company may redeem up to 35% of the original aggregate principal amount of the 2026 Notes with the proceeds of one or more equity offerings, at a redemption price equal to 105.50% of the principal amount of the 2026 Notes redeemed, plus accrued and unpaid interest. Furthermore, at any time on or after July 15, 2021, the Company may redeem the 2026 Notes, in whole or in part, at the redemption prices specified in the 2018 Indenture, plus accrued and unpaid interest. In connection with the offering of the Initial 2026 Notes, the Company entered into a registration rights agreement, dated as of July 16, 2018, by and among the Company and the Guarantors, on the one hand, and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representative of the initial purchasers of the Initial 2026 Notes, on the other hand, and substantially similar agreements, dated as of August 28, 2018 and March 5, 2019, respectively, with respect to the offerings of the Additional 2026 Notes (together, the "Registration Rights Agreements"). Under the Registration Rights Agreements, the Company and the Guarantors have agreed to use their commercially reasonable efforts to (i) file with the Securities and Exchange Commission ("SEC") a registration statement (the "Exchange Offer Registration Statement") relating to the registered exchange offer (the "Exchange Offer") to exchange the 2026 Notes for a new series of the Company’s exchange notes having terms substantially identical in all material respects to, and in the same aggregate principal amount as, the 2026 Notes; (ii) cause the Exchange Offer Registration Statement to be declared effective by the SEC; and (iii) cause the Exchange Offer to be consummated no later than the 360th day after July 16, 2018 (or August 28, 2018 in the case of the Additional 2026 Notes issued on such date) (or if such 360th day is not a business day, the next succeeding business day). The Company and the Guarantors have also agreed to use their commercially reasonable efforts to cause the Exchange Offer Registration Statement to be effective continuously and keep the Exchange Offer open for a period of not less than the minimum period required under applicable federal and state securities laws to consummate the Exchange Offer. The Company and the Guarantors filed the Exchange Offer Registration Statement with the SEC on May 1, 2019. If the Company fails to cause the Exchange Offer to be consummated on the timing described above, the annual interest rate on the 2026 Notes will increase by 0.25% during the 90-day period following the default, and will increase by an additional 0.25% for each subsequent 90-day period during which the default continues, up to a maximum additional interest rate of 1.00% per year. If the Company cures the default, the interest rate on the 2026 Notes will revert to the original rate. Interest is payable on January 15 and July 15 of each year at a rate of 5.50% per annum. Interest paid on the 2026 Notes during fiscal 2019 was $17.2 million . Credit Agreement On December 5, 2017, the Company and the Guarantors entered into a five-year unsecured senior credit facility pursuant to a credit agreement 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"). On June 5, 2018, the Company and the Guarantors entered into the First Amendment (the "First Amendment") to the Credit Agreement, and on December 17, 2018, the Company and the Guarantors entered into the Second Amendment (the "Second Amendment") to the Credit Agreement. The Credit Agreement includes a senior delayed draw term loan of up to $400.0 million (the "Term Loan") and a $300.0 million senior revolving line of credit (the "Revolving Facility", together with the Term Loan, the "Credit Facility"). On the closing date, $100.0 million of the Term Loan was funded (and was subsequently repaid in March 2018), with the remainder available, at the discretion of the Company, in up to two draws. The First Amendment, among other things, extended the delayed draw availability period from June 5, 2018 to January 3, 2019, and the Second Amendment, among other things, further extended such period to June 30, 2019. The Revolving Facility 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 that the Credit Facility be increased by up to $300.0 million , subject to securing additional funding commitments from the existing or new lenders. The Credit Facility is available to finance working capital, capital expenditures and other corporate purposes. Outstanding amounts are due in full on the maturity date of December 5, 2022 (with amounts borrowed under the swingline option due in full no later than ten business days after such loan is made), subject to scheduled amortization of the Term Loan principal as set forth in the Credit Agreement prior to the maturity date. During fiscal 2019 , there were no borrowings under the Revolving Facility and the Company had no outstanding amounts under the Credit Facility as of March 30, 2019 . At the Company’s option, loans under the Credit Agreement bear interest at (i) the Applicable Rate (as defined in the Credit Agreement) plus the Eurodollar Rate (as defined in the Credit Agreement) or (ii) the Applicable Rate plus a rate equal to the highest of (a) the federal funds rate plus 0.50% , (b) the prime rate of the Administrative Agent, or (c) the Eurodollar Base Rate plus 1.0% (the “Base Rate”). All swingline loans will bear interest at a rate equal to the Applicable Rate plus the Base Rate. The Eurodollar Rate is the rate per annum equal to the reserve adjusted London Interbank Offered Rate (or a comparable or successor rate), for dollar deposits for interest periods of one, two, three, six or twelve months, as selected by the Company. The Applicable Rate for Eurodollar Rate loans ranges from 1.125% per annum to 1.375% per annum. The Applicable Rate for Base Rate loans ranges from 0.125% per annum to 0.375% 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 comply in order to borrow funds and to avoid an event of default, including the following financial covenants that the Company must maintain: (i) a consolidated leverage ratio not to exceed 3.0 to 1.0 as of the end of any fiscal quarter of the Company, provided that in connection with a permitted acquisition in excess of $300.0 million , the Company's maximum consolidated leverage ratio may increase on two occasions during the term of the Credit Facility to 3.5 to 1.0 for four consecutive fiscal quarters, beginning with the fiscal quarter in which such acquisition occurs and (ii) an interest coverage ratio not to be less than 3.0 to 1.0 as of the end of any fiscal quarter of the Company. As of March 30, 2019 , the Company was in compliance with these covenants. Fair Value of Long-Term Debt The Company's long-term debt is carried at amortized cost and is measured at fair value quarterly for disclosure purposes. The estimated fair value of the 2025 Notes as of March 30, 2019 and March 31, 2018 was $25.8 million and $596.5 million , respectively (compared to a carrying value of $23.4 million and $548.5 million , respectively). The estimated fair value of the 2026 Notes as of March 30, 2019 was $929.3 million (compared to a carrying value of $900.0 million ). The Company considers its long-term debt to be Level 2 in the fair value hierarchy. Fair values are estimated based on quoted market prices for identical or similar instruments. The 2025 Notes and 2026 Notes trade over the counter, and their fair values were estimated based upon the value of their last trade at the end of the period. Interest Expense During fiscal 2019 , the Company recognized $49.8 million of interest expense related to the 2023 Notes, the 2025 Notes and the 2026 Notes, which was partially offset by $8.8 million of interest capitalized to property and equipment. During fiscal years 2018 and 2017 , the Company recognized $70.5 million and $69.9 million of interest expense, respectively, primarily related to the 2023 Notes and the 2025 Notes. Interest expense in fiscal years 2018 and 2017 was partially offset by $13.6 million of interest capitalized to property and equipment. |
Retirement Benefit Plans
Retirement Benefit Plans | 12 Months Ended |
Mar. 30, 2019 | |
Retirement Benefits [Abstract] | |
RETIREMENT BENEFIT PLANS | RETIREMENT BENEFIT PLANS Defined Contribution Plans The Company offers tax-beneficial retirement contribution plans to eligible employees in the U.S. and certain other countries. Eligible employees in certain countries outside of the U.S. are eligible to participate in stakeholder or national pension plans with differing eligibility and contributory requirements based on local and national regulations. U.S. employees are eligible to participate in the Company's fully qualified 401(k) plan 30 days after their date of hire. An employee may invest pretax earnings in the 401(k) plan up to the maximum legal limits (as defined by Federal regulations). Employer contributions to the 401(k) plan are made at the discretion of the Company’s Board of Directors. Employees are immediately vested in their own contributions as well as employer matching contributions. In total, the Company contributed $14.0 million , $14.0 million and $11.5 million to its domestic and foreign defined contribution plans during fiscal years 2019 , 2018 and 2017 , respectively. Defined Benefit Pension Plans The Company maintains two qualified defined benefit pension plans for its subsidiaries located in Germany. One of the plans is funded through a self-paid reinsurance program with assets valued at $3.6 million and $4.0 million as of March 30, 2019 and March 31, 2018 , respectively (included in "Other non-current assets" in the Consolidated Balance Sheets). The net periodic benefit obligations of both plans were $12.9 million and $12.7 million as of March 30, 2019 and March 31, 2018 , respectively, which is included in “Accrued liabilities” and “Other long-term liabilities” in the Consolidated Balance Sheets. The assumptions used in calculating the benefit obligations for the plans are dependent on the local economic conditions and were measured as of March 30, 2019 and March 31, 2018 . The net periodic benefit costs were approximately $0.5 million , $0.7 million and $0.6 million for fiscal years 2019 , 2018 and 2017 , respectively. Non-Qualified Deferred Compensation Plan Certain employees and members of the Board of Directors are eligible to participate in the Company's Non-Qualified Deferred Compensation Plan ("NQDC Plan"). The NQDC Plan provides eligible participants the opportunity to defer and invest a specified percentage of their cash compensation. The NQDC Plan is a non-qualified plan that is maintained in a rabbi trust. The amount of compensation to be deferred by each participant is based on their own elections and is adjusted for any investment changes that the participant directs. The deferred compensation obligation and the fair value of the investments held in the rabbi trust were $18.7 million and $14.3 million as of March 30, 2019 and March 31, 2018 , respectively. The current portion of the deferred compensation obligation and fair value of the assets held in the rabbi trust were $1.1 million and $1.0 million as of March 30, 2019 and March 31, 2018 , respectively, and are included in "Other current assets" and "Accrued liabilities" in the Consolidated Balance Sheets. The non-current portion of the deferred compensation obligation and fair value of the assets held in the rabbi trust were $17.6 million and $13.3 million as of March 30, 2019 and March 31, 2018 , respectively, and are included in "Other non-current assets" and "Other long-term liabilities" in the Consolidated Balance Sheets. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Mar. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENT LIABILITIES | COMMITMENTS AND CONTINGENT LIABILITIES Operating Leases The Company leases certain of its corporate, manufacturing and other facilities from multiple third-party real estate developers. The operating leases expire at various dates through 2034 , and some of these leases have renewal options, with the longest ranging up to two , ten -year periods. Several of these leases also include market rate rent escalations, rent holidays, and leasehold improvement incentives, all of which are recognized to expense on a straight-line basis. Leasehold improvements made either at the inception of the lease or during the lease term are amortized over the lesser of the remaining life of the lease term (including renewals that are reasonably assured) or the useful life of the asset. The Company also leases various machinery and equipment and office equipment under non-cancelable operating leases. The remaining terms of these operating leases range from less than one year to approximately 15 years. Rent expense under operating leases, covering facilities and equipment, was approximately $19.3 million , $16.3 million , and $14.8 million for fiscal years 2019 , 2018 and 2017 , respectively. Capital Leases In fiscal 2018, the Company entered into a capital lease for a facility in Beijing, China that will allow the Company to consolidate several leased facilities as well as provide additional manufacturing space. The lease term is expected to commence in fiscal 2021 and therefore is not recorded on the Consolidated Balance Sheet as of March 30, 2019 . The lease has an initial term of five years and includes multiple renewal options, with the maximum lease term not to exceed 30 years. The minimum future payments for this lease are included in the table below. Purchase commitments The Company's other purchase commitments include payments due for materials and manufacturing services. The Company also has commitments for the purchase of property and equipment, a substantial majority of which will be due within the next 12 months. The Company's minimum payments under non-cancelable leases and purchase commitments as of March 30, 2019 , are as follows (in thousands): Fiscal Year Operating Leases Capital Leases Purchase Commitments 2020 $ 22,207 $ 241 $ 328,435 2021 13,382 1,220 24,005 2022 10,331 1,220 5,654 2023 8,224 1,220 3,596 2024 7,139 1,220 — Thereafter 31,598 47,258 — Total minimum payments $ 92,881 $ 52,379 $ 361,690 Legal Matters The Company accrues a liability for legal contingencies when it believes that it is both probable that a liability has been incurred and that it can reasonably estimate the amount of the loss. The Company reviews these accruals and adjusts them to reflect ongoing negotiations, settlements, rulings, advice of legal counsel and other relevant information. To the extent new information is obtained and the Company's views on the probable outcomes of claims, suits, assessments, investigations or legal proceedings change, changes in the Company's accrued liabilities would be recorded in the period in which such determination is made. The Company is involved in various legal proceedings and claims that have arisen in the ordinary course of its business that have not been fully adjudicated. These actions, when finally concluded and determined, will not, in the opinion of management, have a material adverse effect upon the Company’s consolidated financial position or results of operations. |
Restructuring
Restructuring | 12 Months Ended |
Mar. 30, 2019 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING | RESTRUCTURING During fiscal years 2019 , 2018 and 2017 , the Company recorded restructuring expenses totaling approximately $50.7 million , $67.7 million , and $2.1 million , respectively, related to (1) fiscal 2019 actions to reduce operating expenses and improve manufacturing cost structure, (2) fiscal 2018 actions to improve operating efficiencies, and (3) actions resulting from the Business Combination. In the third quarter of fiscal 2019, the Company initiated restructuring actions to reduce operating expenses and improve its manufacturing cost structure, including the phased closure of a wafer fabrication facility in Florida and idling production at a wafer fabrication facility in Texas. As a result of these actions, the Company recorded approximately $7.7 million of expenses primarily related to employee termination benefits in "Other operating expense" in the Consolidated Statement of Operations. Additionally, the Company recorded accelerated depreciation of $21.3 million (to reflect changes in estimated useful lives of certain property and equipment, pursuant to ASC 360) and impairment charges of $15.9 million (to adjust the carrying value of certain of its property and equipment to reflect its fair value, pursuant to ASC 360), which were recorded in "Cost of goods sold" and "Other operating expense," respectively, in the Consolidated Statement of Operations. The fair value of the real property was derived based upon a market approach with substantial input from market participants, including brokers, investors, developers and appraisers. The fair value of the personal property was determined using a market approach based upon quoted market prices from auction data for comparable assets. Factors such as age, condition, capacity and manufacturer were considered to adjust the auction price and determine an orderly liquidation value of the personal property assets. The significant inputs related to valuing these assets are classified as Level 2 in the fair value measurement hierarchy. During fiscal 2020, the Company expects to record additional charges associated with these restructuring actions, including approximately $45.0 million to $55.0 million related to accelerated depreciation, approximately $5.0 million to $10.0 million related to employee termination benefits and approximately $5.0 million to $10.0 million related to other exit costs. During fiscal 2018, the Company initiated restructuring actions to improve operating efficiencies. As a result of these actions, the Company (1) recorded approximately $4.5 million of expenses primarily related to employee termination benefits in "Other operating expense" in the Consolidated Statement of Operations in fiscal 2019, (2) recorded approximately $18.7 million of expenses primarily related to employee termination benefits in "Other operating expense" in the Consolidated Statement of Operations in fiscal 2018, and (3) adjusted the carrying value of certain of its held for sale assets located in China and the U.S. to fair market value in fiscal 2018 (resulting in impairment charges totaling approximately $46.3 million , pursuant to ASC 360). The fair value of the assets was based on quotes from third parties. Primarily as a result of the Business Combination (see Note 6 ), during fiscal years 2019 , 2018 and 2017 , the Company recorded restructuring expenses (including employee termination benefits and ongoing expenses related to exited leased facilities) of approximately $1.3 million , $2.7 million and $2.1 million , respectively. As of March 30, 2019 , the restructuring obligations associated with the above actions total $8.6 million (related to employee termination benefits of $7.0 million and lease termination costs of $1.6 million ), and are included in "Accrued liabilities" and "Other long-term liabilities," respectively, in the Consolidated Balance Sheets. At March 31, 2018 , the restructuring obligations related to the above actions totaled $6.1 million (related to employee termination benefits), and $2.6 million (related to lease termination costs) and are included in "Accrued liabilities" and "Other long-term liabilities," respectively, in the Consolidated Balance Sheets. |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES On December 22, 2017, the Tax Cuts and Jobs Act (“Tax Act”) was signed into law in the U.S. The Tax Act significantly revised the future ongoing U.S. corporate income tax by, among other things, lowering the U.S. corporate income tax rate to 21% from 35%, providing full expensing for investments in new and used qualified property made after September 27, 2017, and implementing a territorial tax system. In connection with the transition to the new territorial tax system, a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries was imposed for fiscal 2018 (the “Transitional Repatriation Tax”), for which an election can be made to pay over eight years. In addition, the Tax Act included two new U.S. tax base erosion provisions, the Global Intangible Low-Taxed Income ("GILTI") provisions and the Base-Erosion and Anti-Abuse Tax (“BEAT”) provisions, which became effective for the Company during fiscal 2019. The GILTI provisions generally result in inclusion of income earned by foreign subsidiaries in the U.S. taxable income. In response to the Tax Act, the SEC issued Staff Accounting Bulletin No. 118 which allowed companies to recognize provisional estimates in the preparation of a Company’s financial statements and permitted up to a one year measurement period after the enactment date of the Tax Act to finalize the recording of the related tax impacts. During fiscal 2018 , the Company recorded a net provisional tax expense of $77.3 million for the estimated effects of the Tax Act. This was comprised of a provisional Transitional Repatriation Tax expense of $116.4 million , offset by a provisional deferred tax benefit of $39.1 million from the remeasurement of U.S. deferred tax assets and liabilities. The Company completed its analysis of the impact of the Tax Act during the third quarter of fiscal 2019, and during the first three quarters of fiscal 2019 recorded a net discrete income tax benefit adjustment of $17.0 million to the prior year provisional estimates, comprised of a $1.9 million reduction to the provisional Transitional Repatriation Tax and a $15.1 million increase in U.S. deferred tax assets. The GILTI provisions became effective for the Company in fiscal 2019 and resulted in a net $30.4 million tax expense, consisting of a $70.8 million expense related to the inclusion of unremitted foreign earnings offset by a $40.4 million tax benefit from additional foreign tax credits. The Company has made an accounting policy decision under U.S. GAAP to treat taxes due on future GILTI inclusions in U.S. taxable income as a current-period expense (the “period cost method”). Income (loss) before income taxes consists of the following components (in thousands): Fiscal Year 2019 2018 2017 United States $ (297,975 ) $ (151,083 ) $ 2,439 Foreign 389,767 168,228 24,866 Total $ 91,792 $ 17,145 $ 27,305 The components of the income tax provision are as follows (in thousands): Fiscal Year 2019 2018 2017 Current (expense) benefit: Federal $ 17,222 $ (28,168 ) $ (23,835 ) State 209 (229 ) (476 ) Foreign (46,267 ) (61,284 ) (47,579 ) (28,836 ) (89,681 ) (71,890 ) Deferred benefit (expense): Federal $ 55,833 $ 11,817 $ 2,762 State 946 253 3,659 Foreign 13,390 20,178 21,606 70,169 32,248 28,027 Total $ 41,333 $ (57,433 ) $ (43,863 ) A reconciliation of the provision for income taxes to income tax expense computed by applying the statutory federal income tax rate to pre-tax income (loss) for fiscal years 2019 , 2018 and 2017 is as follows (dollars in thousands): Fiscal Year 2019 2018 2017 Amount Percentage Amount Percentage Amount Percentage Income tax (expense) benefit at statutory federal rate $ (19,276 ) 21.0 % $ (5,407 ) 31.5 % $ (9,557 ) 35.0 % (Increase) decrease resulting from: State benefit (provision), net of federal (provision) benefit 710 (0.8 ) 474 (2.8 ) (662 ) 2.4 Tax credits 69,856 (76.1 ) 38,054 (221.9 ) 15,352 (56.2 ) Effect of changes in income tax rate applied to net deferred tax assets 12,972 (14.1 ) 39,168 (228.4 ) 1,163 (4.3 ) Foreign tax rate difference 41,672 (45.4 ) 21,829 (127.3 ) (11,298 ) 41.4 Foreign permanent differences and related items 6,825 (7.4 ) (2,598 ) 15.2 (8,432 ) 30.9 Change in valuation allowance 2,353 (2.6 ) (1,632 ) 9.5 1,363 (5.0 ) Stock-based compensation (7,694 ) 8.4 9,924 (57.9 ) (3,228 ) 11.8 Tax reserve adjustments 5,213 (5.7 ) (29,188 ) 170.2 (21,789 ) 79.8 Actual and deemed dividend (76,215 ) 83.0 (5,098 ) 29.7 (6,989 ) 25.6 U.S. Tax Toll Charge 1,897 (2.1 ) (116,419 ) 679.0 — — Intra-entity transfer 3,935 (4.3 ) (6,873 ) 40.1 — — Other income tax (expense) benefit (915 ) 1.1 333 (1.9 ) 214 (0.8 ) $ 41,333 (45.0 )% $ (57,433 ) 335.0 % $ (43,863 ) 160.6 % Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the basis used for income tax purposes. The deferred income tax assets and liabilities are measured in each taxing jurisdiction using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Significant components of the Company’s net deferred income taxes are as follows (in thousands): Fiscal Year 2019 2018 Deferred income tax assets: Inventory reserve $ 8,588 $ 9,894 Equity compensation 27,380 37,724 Net operating loss carry-forwards 13,744 50,128 Research and other credits 95,640 39,513 Employee benefits 13,070 12,842 Other deferred assets 19,457 16,620 Total deferred income tax assets 177,879 166,721 Valuation allowance (40,433 ) (42,787 ) Total deferred income tax assets, net of valuation allowance $ 137,446 $ 123,934 Deferred income tax liabilities: Amortization and purchase accounting basis difference $ (45,665 ) $ (101,261 ) Accumulated depreciation/basis difference (62,097 ) (63,363 ) Total deferred income tax liabilities (107,762 ) (164,624 ) Net deferred income tax asset (liabilities) $ 29,684 $ (40,690 ) Amounts included in the Consolidated Balance Sheets: Non-current assets 30,017 22,394 Non-current liabilities (333 ) (63,084 ) Net deferred income tax asset (liabilities) $ 29,684 $ (40,690 ) The Company has recorded a $40.4 million and a $42.8 million valuation allowance against the U.S. and foreign deferred tax assets as of March 30, 2019 and March 31, 2018 , respectively. These valuation allowances were established based upon management's opinion that it is more likely than not (a likelihood of more than 50 percent) that the benefit of these deferred tax assets may not be realized. Realization is dependent upon generating future income in the taxing jurisdictions in which the operating loss carryovers, credit carryovers, depreciable tax basis and other deferred tax assets exist. Management reevaluates the ability to realize the benefit of the deferred tax assets of the Company on a quarterly basis. The valuation allowance against deferred tax assets decreased by $2.4 million in fiscal 2019 . The decrease was comprised of a $1.5 million decrease in the state deferred tax asset for net operating losses and credits, and a $0.9 million decrease for deferred tax assets for net operating losses at foreign subsidiaries. At the end of fiscal 2019 , a $1.1 million valuation allowance remained against deferred assets at foreign subsidiaries and a $39.3 million valuation allowance remained against state deferred tax assets. The valuation allowance against deferred tax assets increased by $9.7 million in fiscal 2018 . The increase was comprised of a $6.8 million increase resulting from tax rate changes, primarily the federal rate changes enacted in the Tax Act, a $1.9 million increase in the state deferred tax for net operating losses and tax credits, a $1.0 million increase for deferred tax assets for net operating losses at foreign subsidiaries and a $0.5 million increase in the valuation allowance for state tax credits due to the adoption of ASU 2016-09. It was partially offset by a $0.5 million decrease in valuation allowance for federal deferred tax assets for foreign tax credits. At the end of fiscal 2018 , a $2.0 million valuation allowance remained against deferred tax assets at foreign subsidiaries and a $40.8 million valuation allowance remained against domestic deferred tax assets. The valuation allowance against deferred tax assets decreased by $1.6 million in fiscal 2017 . The decrease was comprised of a $5.2 million decrease in the valuation allowance for foreign deferred tax assets primarily resulting from the removal of the valuation allowance at a China manufacturing subsidiary as management has determined it is more likely than not that the related deferred tax assets will be realized. The decrease was offset by a $2.8 million increase in the valuation allowance for federal deferred tax assets for foreign tax credits and state deferred tax assets for net operating losses and tax credits, as well as a $0.8 million increase for deferred tax assets for net operating losses at other foreign subsidiaries. At the end of fiscal 2017, a $0.8 million valuation allowance remained against deferred tax assets at other foreign subsidiaries and a $32.3 million valuation allowance remained against domestic deferred tax assets. During fiscal 2017, the Company's China manufacturing subsidiary, which operates as a cost-plus manufacturer for another Qorvo subsidiary, exited its start-up operational phase and generated sufficient income to substantially offset the losses earned in prior years. The balance of the cumulative pre-tax book loss was expected to be offset by income in the first half of fiscal 2018 as production at the assembly and test facility continued to increase as the Company reduced its dependence on outside assembly and test subcontractors. After evaluating the positive and negative evidence, management determined that it was more likely than not that the deferred tax assets of this China manufacturing subsidiary would be realized and a valuation allowance would not be provided as of the end of fiscal 2017. As of March 30, 2019 , the Company had federal loss carryovers of approximately $39.6 million that expire in fiscal years 2020 to 2030 if unused and state losses of approximately $105.2 million that expire in fiscal years 2020 to 2039 if unused. Federal research credits of $127.6 million , and state credits of $64.9 million may expire in fiscal years 2020 to 2039 and 2020 to 2037 , respectively. Foreign losses in the Netherlands of approximately $5.1 million expire in fiscal years 2020 to 2027 . Included in the amounts above may be certain net operating losses and other tax attribute assets acquired in conjunction with acquisitions in the current and prior years. The utilization of acquired domestic assets is subject to certain annual limitations as required under Section 382 of the Internal Revenue Code of 1986, as amended (the "Code") and similar state income tax provisions. The Company has continued to expand its operations and increase its investments in numerous international jurisdictions. These activities expose the Company to taxation in multiple foreign jurisdictions. It is management's opinion that current and future undistributed foreign earnings will be permanently reinvested, except for the earnings of Qorvo International Pte. Ltd., our operating subsidiary in Singapore. No provision for U.S. federal income, state income or foreign local withholding taxes has been made with respect to the undistributed earnings of any other foreign subsidiary. It is not practical to estimate the additional tax that would be incurred, if any, if the permanently reinvested earnings were repatriated. The Company has foreign subsidiaries with tax holiday agreements in Singapore and Costa Rica. These tax holiday agreements have varying rates and expire in December 2021 and March 2024, respectively. Incentives from these countries are subject to the Company meeting certain employment and investment requirements. The Company does not expect that the Singapore legislation enacted in February 2017, which will exclude from the Company's existing Development and Expansion Incentive grant the benefit of the reduced tax rate for intellectual property income earned after June 30, 2021, will have an impact on the Company. Income tax expense decreased by $34.6 million (an impact of approximately $0.28 and $0.27 per basic and diluted share, respectively) in fiscal 2019 and $7.9 million (an impact of approximately $0.06 per basic and diluted share) in fiscal 2018 as a result of these agreements. The Company’s gross unrecognized tax benefits totaled $103.2 million as of March 30, 2019 , $122.8 million as of March 31, 2018 , and $90.6 million as of April 1, 2017 . Of these amounts, $99.1 million (net of federal benefit of state taxes), $118.7 million (net of federal benefit of state taxes) and $84.4 million (net of federal benefit of state taxes) as of March 30, 2019 , March 31, 2018 , and April 1, 2017 , respectively, represent the amounts of unrecognized tax benefits that, if recognized, would impact the effective tax rate in each of the fiscal years. The Company’s gross unrecognized tax benefits decreased from $122.8 million as of March 31, 2018 to $103.2 million as of March 30, 2019 , primarily due to lapses of statutes of limitations, the conclusion of examinations by U.S. and Singapore tax authorities, the finalization of Regulations related to the Transitional Repatriation Tax, and finalization of the provisional estimates related to the impact of the Tax Act. A reconciliation of fiscal 2017 through fiscal 2019 beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands): Fiscal Year 2019 2018 2017 Beginning balance $ 122,823 $ 90,615 $ 69,052 Additions based on positions related to current year 7,193 26,431 20,036 Additions for tax positions in prior years 8,369 5,844 1,878 Reductions for tax positions in prior years (24,932 ) (67 ) (29 ) Expiration of statute of limitations (6,972 ) — (322 ) Settlements (3,303 ) — — Ending balance $ 103,178 $ 122,823 $ 90,615 It is the Company’s policy to recognize interest and penalties related to uncertain tax positions as a component of income tax expense. During fiscal years 2019 , 2018 and 2017 , the Company recognized $(0.2) million , $(2.5) million and $2.1 million , respectively, of interest and penalties related to uncertain tax positions. Accrued interest and penalties related to unrecognized tax benefits totaled $4.4 million , $4.6 million and $7.1 million as of March 30, 2019 , March 31, 2018 , and April 1, 2017 , respectively. The unrecognized tax benefits of $103.2 million and accrued interest and penalties of $4.4 million at the end of fiscal 2019 are recorded on the Consolidated Balance Sheet as a $14.8 million other long-term liability, with the balance reducing the carrying value of the gross deferred tax assets. Within the next 12 months , the Company believes it is reasonably possible that only a minimal amount of gross unrecognized tax benefits will be reduced for tax positions taken in prior years, which will be with respect to uncertainty on the timing of the tax deductions. Income taxes payable of $41.6 million and $60.0 million as of March 30, 2019 and March 31, 2018 , respectively, are included in "Other current liabilities" in the Consolidated Balance Sheets. Income taxes receivable of $6.2 million as of March 30, 2019 is included in “Other current assets” in the Consolidated Balance Sheets. Long term income taxes payable of $5.7 million as of March 30, 2019 , which relates to the Transitional Repatriation Tax which the Company has elected to pay over eight years, is included in "Other long-term liabilities" in the Consolidated Balance Sheets. Qorvo’s fiscal 2016 U.S. federal and state tax returns and subsequent tax years remain open for examination. Tax attributes (including net operating loss and credit carryovers) arising in earlier fiscal years remain open to adjustment. The Internal Revenue Service concluded its examination of the federal tax return for the short period ended January 1, 2015 for RFMD during fiscal 2019 with minimal adjustments. The Inland Revenue Authority of Singapore similarly concluded its examination of the Singapore tax returns during fiscal 2019 for calendar years 2012 through fiscal 2015, resulting in a settlement of approximately $3.3 million which had previously been substantially accrued as an unrecognized tax benefit. All years subsequent to fiscal 2015 remain open for examination by the Inland Revenue Authority of Singapore. An examination by taxing authorities of the Company's China subsidiary in Beijing of its calendar year 2013 through 2015 tax returns was completed in fiscal 2018 with minimal adjustments, and returns for subsequent tax years remain open for examination, as do all returns for the China subsidiary in Dezhou. An examination by the German taxing authorities of the returns for calendar years 2013 through 2015 was completed during fiscal 2017 with minimal adjustments, and returns for subsequent tax years remain open for examination. |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Mar. 30, 2019 | |
Earnings Per Share [Abstract] | |
NET INCOME (LOSS) PER SHARE | NET INCOME (LOSS) PER SHARE The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except per share data): For Fiscal Year 2019 2018 2017 Numerator: Numerator for basic and diluted net income (loss) per share — net income (loss) available to common stockholders $ 133,125 $ (40,288 ) $ (16,558 ) Denominator: Denominator for basic net income (loss) per share — weighted average shares 124,534 126,946 127,121 Effect of dilutive securities: Stock-based awards 2,822 — — Denominator for diluted net income (loss) per share — adjusted weighted average shares and assumed conversions 127,356 126,946 127,121 Basic net income (loss) per share $ 1.07 $ (0.32 ) $ (0.13 ) Diluted net income (loss) per share $ 1.05 $ (0.32 ) $ (0.13 ) In the computation of diluted net income (loss) per share for fiscal years 2019 , 2018 and 2017 , approximately 0.3 million shares, 3.7 million shares and 4.8 million shares, respectively, were excluded because the effect of their inclusion would have been anti-dilutive. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Mar. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION Summary of Stock Option Plans 2003 Stock Incentive Plan - RF Micro Devices, Inc. The 2003 Stock Incentive Plan (the "2003 Plan") was approved by the Company's stockholders on July 22, 2003, and the Company was permitted to grant stock options and other types of equity incentive awards, such as stock appreciation rights, restricted stock awards, performance shares and performance units, under the 2003 Plan. No further awards can be granted under this plan. 2006 Directors’ Stock Option Plan - RF Micro Devices, Inc. At the Company’s 2006 annual meeting of stockholders, stockholders of the Company adopted the 2006 Directors’ Stock Option Plan, which replaced the Non-Employee Directors’ Stock Option Plan and reserved an additional 0.3 million shares of common stock for issuance to non-employee directors. Under the terms of this plan, non-employee directors were entitled to receive options to acquire shares of common stock. No further awards can be granted under this plan. 1996 Stock Incentive Program - TriQuint Semiconductor, Inc. Effective upon the closing of the Business Combination, the Company assumed the TriQuint, Inc. 1996 Stock Incentive Program (the “TriQuint 1996 Stock Incentive Program”), originally adopted by TriQuint. The TriQuint 1996 Stock Incentive Program provided for the grant of incentive and non-qualified stock options to officers, outside directors and other employees of TriQuint or any parent or subsidiary. The TriQuint 1996 Stock Incentive Program was amended in 2002 to provide that options granted thereunder must have an exercise price per share no less than 100% of the fair market value of the share price on the grant date. In 2005, the TriQuint 1996 Stock Incentive Program was further amended to extend the term of the program to 2015 and permit the award of restricted stock, restricted stock units, stock appreciation rights, performance shares and performance units in addition to the grant of stock options. In addition, the amendment provided specific performance criteria that the plan administrator may use to establish performance objectives. The terms of each grant under the TriQuint 1996 Stock Incentive Program could not exceed ten years . No further awards can be granted under this program. 2008 Inducement Award Plan - TriQuint Semiconductor, Inc. Effective upon the closing of the Business Combination, the Company assumed the sponsorship of the TriQuint, Inc. 2008 Inducement Award Plan (the “TriQuint 2008 Inducement Award Plan”), originally adopted by TriQuint. The TriQuint 2008 Inducement Award Plan provided for the grant of nonstatutory stock options, restricted stock, restricted stock units, stock appreciation rights and other stock or cash awards to employees of TriQuint or any parent or subsidiary. The options granted thereunder were required to have an exercise price per share no less than 100% of the fair market value per share on the date of grant. The terms of each grant under the plan could not exceed ten years . No further awards can be granted under this plan. 2009 and 2012 Incentive Plans - TriQuint Semiconductor, Inc. Effective upon the closing of the Business Combination, the Company assumed the TriQuint, Inc. 2009 Incentive Plan and TriQuint, Inc. 2012 Incentive Plan (the “TriQuint Incentive Plans”), originally adopted by TriQuint. The TriQuint Incentive Plans provided for the grant of stock options, restricted stock units, stock appreciation rights and other stock or cash awards to employees, officers, directors, consultants, agents, advisors and independent contractors of TriQuint and its subsidiaries and affiliates. The options granted thereunder were required to have an exercise price per share no less than 100% of the fair market value per share on the date of grant. The terms of each grant under the TriQuint Incentive Plans could not exceed ten years . No further awards can be granted under these plans. 2012 Stock Incentive Plan - Qorvo, Inc. The Company currently grants stock options and restricted stock units to employees and directors under the 2012 Stock Incentive Plan (the "2012 Plan"), which was approved by the Company's stockholders on August 16, 2012, assumed by the Company in connection with the Business Combination and reapproved by the Company's stockholders on August 8, 2017 for purposes of Section 162(m) of the Code. Under the 2012 Plan, the Company is permitted to grant stock options and other types of equity incentive awards, such as stock appreciation rights, restricted stock awards, performance shares and performance units. The maximum number of shares issuable under the 2012 Plan may not exceed the sum of (a) 4.3 million shares, plus (b) any shares of common stock (i) remaining available for issuance as of the effective date of the 2012 Plan under the Company's prior plans and (ii) subject to an award granted under a prior plan, which awards are forfeited, canceled, terminated, expire or lapse for any reason. As of March 30, 2019 , 3.3 million shares were available for issuance under the 2012 Plan. The aggregate number of shares subject to performance-based restricted stock units awarded for fiscal 2019 under the 2012 Plan was 0.2 million shares. 2013 Incentive Plan - Qorvo, Inc. Effective upon the closing of the Business Combination, the Company assumed the TriQuint, Inc. 2013 Incentive Plan (the “2013 Incentive Plan”), originally adopted by TriQuint, allowing Qorvo to issue awards under this plan. The 2013 Incentive Plan replaces the TriQuint 2012 Incentive Plan and provides for the grant of stock options, restricted stock units, stock appreciation rights and other stock or cash awards to employees, officers, directors, consultants, agents, advisors and independent contractors of TriQuint and its subsidiaries and affiliates who were such prior to the Business Combination or who become employed by the Company or its affiliates after the closing of the Business Combination. Former employees, officers and directors of RFMD are not eligible for awards under the 2013 Incentive Plan. The options granted thereunder must have an exercise price per share no less than 100% of the fair market value per share on the date of grant. The terms of each grant under the 2013 Incentive Plan may not exceed ten years . As of March 30, 2019 , 2.1 million shares were available for issuance under the 2013 Incentive Plan. 2015 Inducement Stock Plan - Qorvo, Inc. The 2015 Inducement Stock Plan (the "2015 Inducement Plan") provides for the grant of equity awards to persons as a material inducement to become employees of the Company or its affiliates. The plan provides for the grant of stock options, restricted stock units, stock appreciation rights and other stock-based awards. The maximum number of shares issuable under the 2015 Inducement Plan may not exceed the sum of (a) 0.3 million shares, plus (b) any shares of common stock (i) remaining available for issuance as of the effective date of the 2015 Inducement Stock Plan under the TriQuint 2008 Inducement Award Plan and (ii) subject to an award granted under the TriQuint 2008 Inducement Award Plan, which awards are forfeited, canceled, terminated, expire or lapse for any reason. No awards were made under the 2015 Inducement Plan in fiscal years 2019 , 2018 and 2017 . As of March 30, 2019 , 0.3 million shares were available for issuance under the 2015 Inducement Plan. Employee Stock Purchase Plan - Qorvo, Inc. Effective upon closing of the Business Combination, the Company assumed the TriQuint Employee Stock Purchase Plan ("ESPP"), which is intended to qualify as an “employee stock purchase plan” under Section 423 of the Code. All regular full-time employees of the Company (including officers) and all other employees who meet the eligibility requirements of the plan may participate in the ESPP. The ESPP provides eligible employees an opportunity to acquire the Company’s common stock at 85.0% of the lower of the closing price per share of the Company’s common stock on the first or last day of each six -month purchase period. At March 30, 2019 , 4.1 million shares were available for future issuance under this plan. The Company makes no cash contributions to the ESPP, but bears the expenses of its administration. The Company issued 0.5 million , 0.5 million and 0.7 million shares under the ESPP in fiscal years 2019 , 2018 and 2017 , respectively. For fiscal years 2019 , 2018 and 2017 , the primary stock-based awards and their general terms and conditions are as follows: Restricted stock units granted by the Company in fiscal years 2019 , 2018 and 2017 are either service-based, performance and service-based, or based on total stockholder return. Service-based restricted stock units generally vest over a four -year period from the grant date. Performance and service-based restricted stock units are earned based on Company performance of stated metrics during the fiscal year and, if earned, generally vest one-half when earned and the balance over two years. Restricted stock units based on total stockholder return are earned based upon total stockholder return of the Company in comparison to the total stockholder return of a benchmark index and can be earned over one -, two - and three -year performance periods. Restricted stock units granted to non-employee directors generally vest over a one-year period from the grant date. In fiscal 2019 , each non-employee director was eligible to receive an annual grant of restricted stock units. The options and restricted stock units granted to certain officers of the Company generally will, in the event of the officer's termination other than for cause and subject to the officer executing certain agreements in favor of the Company, continue to vest pursuant to the same vesting schedule as if the officer had remained an employee of the Company and, as a result, these awards are expensed at grant date. In fiscal 2019 , stock-based compensation of $21.8 million was recognized upon the grant of 0.2 million restricted share units to certain officers of the Company. Stock-Based Compensation Under ASC 718, stock-based compensation cost is measured at the grant date, based on the estimated fair value of the award using an option pricing model for stock options (Black-Scholes) and market price for restricted stock units, and is recognized as expense over the employee's requisite service period. ASC 718 covers a wide range of stock-based compensation arrangements including stock options, restricted share plans, performance-based awards, share appreciation rights and employee stock purchase plans. Total pre-tax stock-based compensation expense recognized in the Consolidated Statements of Operations was $71.6 million , $68.2 million and $88.8 million , for fiscal years 2019 , 2018 and 2017 , respectively, net of expense capitalized into inventory. A summary of activity under the Company’s director and employee stock option plans follows: Shares Weighted- Weighted-Average Remaining Contractual Term (in years) Aggregate Outstanding as of March 31, 2018 2,623 $ 20.06 Granted — — Exercised (727) $ 19.25 Canceled (8) $ 16.82 Forfeited (2) $ 56.91 Outstanding as of March 30, 2019 1,886 $ 20.36 2.98 $ 96,925 Vested and expected to vest as of March 30, 2019 1,886 $ 20.36 2.98 $ 96,925 Options exercisable as of March 30, 2019 1,886 $ 20.34 2.98 $ 96,925 The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value, based upon the Company’s closing stock price of $71.73 as of March 29, 2019 (the last business day prior to the fiscal year end on March 30, 2019 ), that would have been received by the option holders had all option holders with in-the-money options exercised their options as of that date. As of March 30, 2019 , there was no remaining unearned compensation cost related to unvested option awards. The fair value of each option award is estimated on the date of grant using a Black-Scholes option-pricing model based on the expected volatility, dividend yield, term and risk-free interest rate. There were no options granted during fiscal years 2019 , 2018 and 2017 . The total intrinsic value of options exercised during fiscal years 2019 , 2018 and 2017 was $37.9 million , $87.8 million and $81.0 million , respectively. Cash received from the exercise of stock options and from participation in the employee stock purchase plan (excluding accrued unremitted employee funds) was approximately $40.8 million for fiscal 2019 and is reflected in cash flows from financing activities in the Consolidated Statements of Cash Flows. The Company settles employee stock options with newly issued shares of the Company's common stock. The Company used the implied volatility of market-traded options on the Company’s common stock for the expected volatility assumption input to the Black-Scholes option-pricing model, consistent with the guidance in ASC 718. The selection of implied volatility data to estimate expected volatility was based upon the availability of actively-traded options on the Company’s common stock and the Company’s assessment that implied volatility is more representative of future common stock price trends than historical volatility. The dividend yield assumption is based on the Company’s history and expectation of future dividend payouts and may be subject to change in the future. The Company has never paid a dividend. The expected life of employee stock options represents the weighted-average period that the stock options are expected to remain outstanding. The Company’s method of calculating the expected term of an option assumes that all outstanding options will be exercised at the midpoint of the current date and full contractual term, combined with the average life of all options that have been exercised or canceled. The Company believes that this method provides a better estimate of the future expected life based on analysis of historical exercise behavioral data. The risk-free interest rate assumption is based upon observed interest rates appropriate for the terms of the Company’s employee stock options. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Based upon historical pre-vesting forfeiture experience, the Company assumed an annualized forfeiture rate of 1.4% for both stock options and restricted stock units. The following activity has occurred with respect to restricted stock unit awards: Shares Weighted-Average Balance at March 31, 2018 2,187 $ 59.46 Granted 869 81.83 Vested (944) 58.08 Forfeited (118) 64.01 Balance at March 30, 2019 1,994 $ 69.03 As of March 30, 2019 , total remaining unearned compensation cost related to unvested restricted stock units was $74.0 million , which will be amortized over the weighted-average remaining service period of approximately 1.2 years . The total fair value of restricted stock units that vested during fiscal years 2019 , 2018 and 2017 was $77.5 million , $73.2 million and $46.1 million , respectively, based upon the fair market value of the Company’s common stock on the vesting date. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Mar. 30, 2019 | |
Equity [Abstract] | |
SHAREHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Stock Repurchase On November 5, 2015, the Company announced that its Board of Directors authorized a share repurchase program to repurchase up to $1.0 billion of the Company's outstanding common stock through November 4, 2016. On February 16, 2016, as part of the $1.0 billion share repurchase program, the Company entered into variable maturity accelerated share repurchase ("ASR") agreements (a $250.0 million collared agreement and a $250.0 million uncollared agreement) with Bank of America, N.A. For the upfront payment of $500.0 million , the Company received 3.1 million shares of its common stock under the collared agreement (representing 50% of the shares the Company would have repurchased assuming an average share price of $40.78 ) and 4.9 million shares of the Company's common stock under the uncollared agreement (representing 80% of the shares the Company would have repurchased assuming an average share price of $40.78 ). On March 10, 2016, the Company received an additional 2.0 million shares of its common stock under the collared agreement. Final settlements of the ASR agreements were completed during the first quarter of fiscal 2017 with 0.4 million shares received resulting in a total of 10.4 million shares of the Company's common stock repurchased under the ASR agreements. The shares were retired in the periods they were delivered, and the upfront payment was accounted for as a reduction to stockholders' equity in the Consolidated Balance Sheet in the period the payment was made. The Company reflected each ASR as a repurchase of common stock in the period delivered for purposes of calculating earnings per share. On November 3, 2016, the Company announced that its Board of Directors authorized a share repurchase program to repurchase up to $500.0 million of the Company's outstanding stock, which included approximately $150.0 million authorized on the $1.0 billion repurchase program that expired November 4, 2016 (the "2016 program"). On May 23, 2018, the Company announced that its Board of Directors authorized a share repurchase program to repurchase up to $1.0 billion of the Company's outstanding stock, which included approximately $126.3 million authorized under the 2016 program which was terminated concurrent with the new authorization. Similar to the 2016 program, under this program, share repurchases will be made in accordance with applicable securities laws on the open market or in privately negotiated transactions. The extent to which the Company repurchases its shares, the number of shares and the timing of any repurchases will depend on general market conditions, regulatory requirements, alternative investment opportunities and other considerations. The program does not require the Company to repurchase a minimum number of shares, does not have a fixed term, and may be modified, suspended or terminated at any time without prior notice. The Company repurchased 9.1 million shares, 2.9 million shares, and 4.1 million shares (inclusive of 0.4 million shares received under the ASR agreement) of its common stock during fiscal years 2019 , 2018 and 2017 , respectively, at an aggregate cost of $638.1 million , $219.9 million and $209.4 million , respectively, in accordance with the share repurchase programs described above. As of March 30, 2019 , $397.9 million remains available for future repurchases under our current share repurchase program. Common Stock Reserved For Future Issuance At March 30, 2019 , the Company had reserved a total of approximately 13.6 million of its authorized 405.0 million shares of common stock for future issuance as follows (in thousands): Outstanding stock options under formal directors’ and employees’ stock option plans 1,886 Possible future issuance under Company stock incentive plans 5,597 Employee stock purchase plan 4,126 Restricted stock-based units outstanding 1,994 Total shares reserved 13,603 |
Operating Segment and Geographi
Operating Segment and Geographical Information | 12 Months Ended |
Mar. 30, 2019 | |
Segment Reporting [Abstract] | |
OPERATING SEGMENT AND GEOGRAPHIC INFORMATION | OPERATING SEGMENT AND GEOGRAPHIC INFORMATION The Company's reportable operating segments as of March 30, 2019 are MP and 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 ("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. MP is a global supplier of cellular RF and Wi-Fi solutions for a variety of mobile devices, including smartphones, wearables, laptops, tablets and cellular-based applications for the IoT. IDP is a global supplier of RF and system-on-a-chip solutions for cellular base stations and other wireless communications infrastructure, defense, smart home, automotive and other IoT applications. The “All other” category includes operating expenses such as stock-based compensation, amortization of intangible assets, acquisition and integration related costs, restructuring costs, start-up costs, asset impairment and accelerated depreciation, (loss) gain 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 operating segments and a reconciliation of the “All other” category (in thousands): Fiscal Year 2019 2018 2017 Revenue: MP $ 2,197,660 $ 2,181,161 $ 2,384,041 IDP 892,665 788,495 644,653 All other (1) — 3,880 3,880 Total revenue $ 3,090,325 $ 2,973,536 $ 3,032,574 Operating income (loss): MP $ 558,990 $ 549,574 $ 554,001 IDP 267,304 235,719 152,539 All other (609,828 ) (715,011 ) (618,481 ) Operating income $ 216,466 $ 70,282 $ 88,059 Interest expense $ (43,963 ) $ (59,548 ) $ (58,879 ) Interest income 10,971 7,017 1,212 Other expense (Note 8) (91,682 ) (606 ) (3,087 ) Income before income taxes $ 91,792 $ 17,145 $ 27,305 (1) "All other" revenue relates to royalty income that was not allocated to MP or IDP for fiscal years 2018 and 2017 . As a result of the adoption of ASU 2014-09, income related to a right-to-use license of intellectual property was recognized at a point-in-time and, therefore, was included as a transition adjustment impacting retained earnings. Fiscal Year 2019 2018 2017 Reconciliation of “All other” category: Stock-based compensation expense $ (71,580 ) $ (68,158 ) $ (88,845 ) Amortization of intangible assets (453,515 ) (539,362 ) (494,387 ) Acquisition and integration related costs (8,522 ) (10,561 ) (25,391 ) Restructuring costs (Note 11) (13,467 ) (21,406 ) (1,696 ) Start-up costs (18,035 ) (24,271 ) (9,694 ) Asset impairment and accelerated depreciation (Note 11) (37,246 ) (38,000 ) — Other (including (loss) gain on assets and other miscellaneous corporate overhead) (7,463 ) (13,253 ) 1,532 Loss from operations for “All other” $ (609,828 ) $ (715,011 ) $ (618,481 ) The consolidated financial statements include revenue to customers by geographic region that are summarized as follows (in thousands): Fiscal Year 2019 2018 2017 Revenue: China $ 1,747,955 $ 1,539,730 1,866,028 Taiwan 547,035 564,751 398,390 United States 480,352 524,472 467,031 Other Asia 151,293 224,781 176,677 Europe 144,009 98,521 88,638 Other 19,681 21,281 35,810 Total Revenue $ 3,090,325 $ 2,973,536 $ 3,032,574 Sales, for geographic disclosure purposes, are based on the “sold to” address of the customer. The “sold to” address is not always an accurate representation of the location of final consumption of the Company’s components. The consolidated financial statements include the following long-lived tangible asset amounts related to operations of the Company by geographic region (in thousands): March 30, 2019 March 31, 2018 Long-lived tangible assets: United States $ 1,106,705 $ 1,089,157 China 216,342 217,205 Other countries 43,466 67,750 |
Subsequent Event (Notes)
Subsequent Event (Notes) | 12 Months Ended |
Mar. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Event | SUBSEQUENT EVENT On May 6, 2019, the Company completed the acquisition of Active-Semi International, Inc. ("Active-Semi") for a cash purchase price of approximately $325.0 million , subject to customary purchase price adjustments. Active-Semi is a private fabless supplier of programmable analog power solutions and will become part of the Company's IDP operating segment. The acquisition is expected to expand IDP's product offerings to existing customers as well as expand the Company's offerings into the power management markets. |
Consolidating Financial Informa
Consolidating Financial Information | 12 Months Ended |
Mar. 30, 2019 | |
Consolidating Financial Information [Abstract] | |
Consolidating Financial Information | CONDENSED CONSOLIDATING FINANCIAL INFORMATION In accordance with the Indentures governing the Notes, the Company's obligations under the Notes are fully and unconditionally guaranteed on a joint and several basis by each Guarantor, each of which is 100% owned, directly or indirectly, by Qorvo, Inc. ("Parent Company"). A Guarantor can be released in certain customary circumstances. The following presents the condensed consolidating financial information separately for: (i) Parent Company, the issuer of the guaranteed obligations; (ii) Guarantor subsidiaries, on a combined basis, as specified in the Indentures; (iii) Non-guarantor subsidiaries, on a combined basis; (iv) Consolidating entries and eliminations representing adjustments to (a) eliminate intercompany transactions between or among Parent Company, the guarantor subsidiaries and the non-guarantor subsidiaries, (b) eliminate intercompany profit in inventory, (c) eliminate the investments in the Company’s subsidiaries and (d) record consolidating entries; and (v) The Company, on a consolidated basis. Each entity in the condensed consolidating financial information follows the same accounting policies as described in the consolidated financial statements, except for the use by the Parent Company and guarantor subsidiaries of the equity method of accounting to reflect ownership interests in subsidiaries that are eliminated upon consolidation. The financial information may not necessarily be indicative of the financial position, results of operations, comprehensive (loss) income, and cash flows, had the Parent Company, guarantor or non-guarantor subsidiaries operated as independent entities. Condensed Consolidating Balance Sheet March 30, 2019 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ 231,865 $ 479,170 $ — $ 711,035 Accounts receivable, less allowance — 47,181 330,991 — 378,172 Intercompany accounts and note receivable — 381,558 62,640 (444,198 ) — Inventories — 173,885 359,252 (21,344 ) 511,793 Prepaid expenses — 24,087 1,679 — 25,766 Other receivables — 5,121 16,813 — 21,934 Other current assets — 33,956 2,354 (169 ) 36,141 Total current assets — 897,653 1,252,899 (465,711 ) 1,684,841 Property and equipment, net — 1,090,171 268,040 8,302 1,366,513 Goodwill — 1,122,629 1,051,260 — 2,173,889 Intangible assets, net — 214,348 193,862 — 408,210 Long-term investments — 4,969 92,817 — 97,786 Long-term intercompany accounts and notes receivable — 1,239,474 93,923 (1,333,397 ) — Investment in subsidiaries 6,540,081 2,321,170 — (8,861,251 ) — Other non-current assets 17,245 46,784 28,234 (15,478 ) 76,785 Total assets $ 6,557,326 $ 6,937,198 $ 2,981,035 $ (10,667,535 ) $ 5,808,024 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ — $ 95,089 $ 138,218 $ — $ 233,307 Intercompany accounts and notes payable — 62,640 381,558 (444,198 ) — Accrued liabilities 11,174 96,238 51,781 1,323 160,516 Other current liabilities — — 41,960 (169 ) 41,791 Total current liabilities 11,174 253,967 613,517 (443,044 ) 435,614 Long-term debt 919,270 — — — 919,270 Deferred tax liabilities — 30,361 333 (30,361 ) 333 Long-term intercompany accounts and notes payable 1,267,203 66,195 — (1,333,398 ) — Other long-term liabilities — 46,594 46,534 — 93,128 Total liabilities 2,197,647 397,117 660,384 (1,806,803 ) 1,448,345 Total stockholders’ equity 4,359,679 6,540,081 2,320,651 (8,860,732 ) 4,359,679 Total liabilities and stockholders’ equity $ 6,557,326 $ 6,937,198 $ 2,981,035 $ (10,667,535 ) $ 5,808,024 Condensed Consolidating Balance Sheet March 31, 2018 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ 629,314 $ 296,723 $ — $ 926,037 Accounts receivable, less allowance — 76,863 269,094 — 345,957 Intercompany accounts and notes receivable — 272,409 53,363 (325,772 ) — Inventories — 154,651 339,434 (21,793 ) 472,292 Prepaid expenses — 17,530 6,379 — 23,909 Other receivables — 5,959 38,836 — 44,795 Other current assets — 29,627 1,188 — 30,815 Total current assets — 1,186,353 1,005,017 (347,565 ) 1,843,805 Property and equipment, net — 1,085,255 289,146 (289 ) 1,374,112 Goodwill — 1,121,941 1,051,948 — 2,173,889 Intangible assets, net — 395,317 465,019 — 860,336 Long-term investments — 1,847 61,918 — 63,765 Long-term intercompany accounts and notes receivable — 543,127 116,494 (659,621 ) — Investment in subsidiaries 6,198,885 2,388,222 — (8,587,107 ) — Other non-current assets 72,122 31,011 32,516 (70,037 ) 65,612 Total assets $ 6,271,007 $ 6,753,073 $ 3,022,058 $ (9,664,619 ) $ 6,381,519 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ — $ 78,278 $ 134,915 $ — $ 213,193 Intercompany accounts and notes payable — 53,363 272,409 (325,772 ) — Accrued liabilities 23,102 101,286 43,163 (369 ) 167,182 Other current liabilities — 3,882 57,022 — 60,904 Total current liabilities 23,102 236,809 507,509 (326,141 ) 441,279 Long-term debt 983,290 — — — 983,290 Deferred tax liabilities — 83,449 16,366 (36,731 ) 63,084 Long-term intercompany accounts and notes payable 489,051 116,494 54,076 (659,621 ) — Other long-term liabilities — 62,417 55,885 — 118,302 Total liabilities 1,495,443 499,169 633,836 (1,022,493 ) 1,605,955 Total stockholders’ equity 4,775,564 6,253,904 2,388,222 (8,642,126 ) 4,775,564 Total liabilities and stockholders’ equity $ 6,271,007 $ 6,753,073 $ 3,022,058 $ (9,664,619 ) $ 6,381,519 Condensed Consolidating Statement of Operations and Comprehensive Income Fiscal Year 2019 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated Revenue $ — $ 997,043 $ 2,835,977 $ (742,695 ) 3,090,325 Cost of goods sold — 911,837 1,642,313 (659,008 ) 1,895,142 Gross profit — 85,206 1,193,664 (83,687 ) 1,195,183 Operating expenses: Research and development 28,717 13,914 414,571 (6,720 ) 450,482 Selling, general and administrative 42,377 206,604 305,060 (77,967 ) 476,074 Other operating expense 486 39,729 11,470 476 52,161 Total operating expenses 71,580 260,247 731,101 (84,211 ) 978,717 Operating income (loss) (71,580 ) (175,041 ) 462,563 524 216,466 Interest expense (42,482 ) (2,106 ) (971 ) 1,596 (43,963 ) Interest income — 3,717 8,851 (1,597 ) 10,971 Other (expense) income (90,201 ) 455 (1,936 ) — (91,682 ) Income (loss) before income taxes (204,263 ) (172,975 ) 468,507 523 91,792 Income tax benefit (expense) 49,642 24,568 (32,877 ) — 41,333 Income in subsidiaries 287,746 435,630 — (723,376 ) — Net income $ 133,125 $ 287,223 $ 435,630 $ (722,853 ) $ 133,125 Comprehensive income $ 129,253 $ 286,662 $ 432,023 $ (718,685 ) $ 129,253 Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income Fiscal Year 2018 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated Revenue $ — $ 1,137,783 $ 2,689,676 $ (853,923 ) 2,973,536 Cost of goods sold — 828,496 1,723,829 (725,755 ) 1,826,570 Gross profit — 309,287 965,847 (128,168 ) 1,146,966 Operating expenses: Research and development 27,688 54,663 382,109 (19,357 ) 445,103 Selling, general and administrative 39,882 248,601 349,739 (110,471 ) 527,751 Other operating expense 588 89,454 13,463 325 103,830 Total operating expenses 68,158 392,718 745,311 (129,503 ) 1,076,684 Operating income (loss) (68,158 ) (83,431 ) 220,536 1,335 70,282 Interest expense (58,133 ) (2,340 ) (1,505 ) 2,430 (59,548 ) Interest income — 2,696 6,751 (2,430 ) 7,017 Other (expense) income (929 ) 973 (642 ) (8 ) (606 ) Income (loss) before income taxes (127,220 ) (82,102 ) 225,140 1,327 17,145 Income tax expense (26 ) (15,586 ) (41,821 ) — (57,433 ) Income in subsidiaries 86,958 183,319 — (270,277 ) — Net (loss) income $ (40,288 ) $ 85,631 $ 183,319 $ (268,950 ) $ (40,288 ) Comprehensive (loss) income $ (38,734 ) $ 87,654 $ 186,172 $ (273,826 ) $ (38,734 ) Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income Fiscal Year 2017 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated Revenue $ — $ 1,316,576 $ 2,918,865 $ (1,202,867 ) 3,032,574 Cost of goods sold — 979,190 2,023,715 (1,105,843 ) 1,897,062 Gross profit — 337,386 895,150 (97,024 ) 1,135,512 Operating expenses: Research and development 35,379 40,918 416,869 (22,330 ) 470,836 Selling, general and administrative 53,465 253,531 370,812 (132,220 ) 545,588 Other operating expense — 16,065 8,409 6,555 31,029 Total operating expenses 88,844 310,514 796,090 (147,995 ) 1,047,453 Operating income (loss) (88,844 ) 26,872 99,060 50,971 88,059 Interest expense (57,344 ) (2,619 ) (3,129 ) 4,213 (58,879 ) Interest income — 4,457 759 (4,004 ) 1,212 Other (expense) income — 426 (1,999 ) (1,514 ) (3,087 ) Income (loss) before income taxes (146,188 ) 29,136 94,691 49,666 27,305 Income tax (expense) benefit 46,003 (63,893 ) (25,973 ) — (43,863 ) Income in subsidiaries 83,627 68,718 — (152,345 ) — Net (loss) income $ (16,558 ) $ 33,961 $ 68,718 $ (102,679 ) $ (16,558 ) Comprehensive (loss) income $ (17,731 ) $ 34,014 $ 67,492 $ (101,506 ) $ (17,731 ) Condensed Consolidating Statement of Cash Flows Fiscal Year 2019 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated Net cash provided by (used in) operating activities $ 776,598 $ (675,191 ) $ 708,957 $ — $ 810,364 Investing activities: Purchase of property and equipment — (183,482 ) (37,455 ) — (220,937 ) Purchase of available-for-sale securities — (132,732 ) — — (132,732 ) Proceeds from sales and maturities of available-for-sale debt securities — 133,132 — — 133,132 Other investing — (3,581 ) (23,436 ) — (27,017 ) Net transactions with related parties — 505,050 — (505,050 ) — Net cash (used in) provided by investing activities — 318,387 (60,891 ) (505,050 ) (247,554 ) Financing activities: Repurchase of debt (1,050,680 ) — — — (1,050,680 ) Proceeds from debt issuances 905,350 — — — 905,350 Repurchase of common stock, including transaction costs (638,074 ) — — — (638,074 ) Proceeds from the issuance of common stock 41,289 — — — 41,289 Tax withholding paid on behalf of employees for restricted stock units (24,835 ) — — — (24,835 ) Other financing activities (9,648 ) — (66 ) — (9,714 ) Net transactions with related parties — (40,645 ) (464,405 ) 505,050 — Net cash used in financing activities (776,598 ) (40,645 ) (464,471 ) 505,050 (776,664 ) Effect of exchange rate changes on cash — — (1,166 ) — (1,166 ) Net (decrease) increase in cash, cash equivalents and restricted cash — (397,449 ) 182,429 — (215,020 ) Cash, cash equivalents and restricted cash at the beginning of the period — 629,314 297,088 — 926,402 Cash, cash equivalents and restricted cash at the end of the period $ — $ 231,865 $ 479,517 $ — $ 711,382 Condensed Consolidating Statement of Cash Flows Fiscal Year 2018 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated Net cash provided by operating activities $ 196,848 $ 165,883 $ 489,789 $ — $ 852,520 Investing activities: Purchase of property and equipment — (226,860 ) (42,975 ) — (269,835 ) Other investing — 22,800 (30,374 ) — (7,574 ) Net transactions with related parties — 439,925 (24,100 ) (415,825 ) — Net cash (used in) provided by investing activities — 235,865 (97,449 ) (415,825 ) (277,409 ) Financing activities: Payment of debt (107,729 ) — — — (107,729 ) Proceeds from debt issuances 100,000 — — — 100,000 Repurchase of common stock, including transaction costs (219,907 ) — — — (219,907 ) Proceeds from the issuance of common stock 57,412 — — — 57,412 Tax withholding paid on behalf of employees for restricted stock units (24,708 ) — — — (24,708 ) Other financing (1,916 ) — — — (1,916 ) Net transactions with related parties — 1,380 (417,205 ) 415,825 — Net cash (used in) provided by financing activities (196,848 ) 1,380 (417,205 ) 415,825 (196,848 ) Effect of exchange rate changes on cash — — 2,360 — 2,360 Net increase (decrease) in cash, cash equivalents and restricted cash — 403,128 (22,505 ) — 380,623 Cash, cash equivalents and restricted cash at the beginning of the period — 226,186 319,593 — 545,779 Cash, cash equivalents and restricted cash at the end of the period $ — $ 629,314 $ 297,088 $ — $ 926,402 Condensed Consolidating Statement of Cash Flows Fiscal Year 2017 (in thousands) Parent Company Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations and Reclassifications Consolidated Net cash provided by operating activities $ 165,660 $ 175,988 $ 435,172 $ — $ 776,820 Investing activities: Purchase of property and equipment — (424,175 ) (128,527 ) — (552,702 ) Purchase of available-for-sale securities — (469 ) — — (469 ) Proceeds from maturities of available-for-sale securities — 186,793 — — 186,793 Purchase of business, net of cash acquired — — (117,994 ) — (117,994 ) Other investing — 3,924 (9,900 ) — (5,976 ) Net transactions with related parties — 61,891 — (61,891 ) — Net cash used in investing activities — (172,036 ) (256,421 ) (61,891 ) (490,348 ) Financing activities: Repurchase of common stock, including transaction costs (209,357 ) — — — (209,357 ) Proceeds from the issuance of common stock 59,148 — — — 59,148 Tax withholding paid on behalf of employees for restricted stock units (15,516 ) — — — (15,516 ) Other financing 65 14 (4 ) — 75 Net transactions with related parties — 1,587 (63,478 ) 61,891 — Net cash (used in) provided by financing activities (165,660 ) 1,601 (63,482 ) 61,891 (165,650 ) Effect of exchange rate changes on cash — — (1,105 ) — (1,105 ) Net increase in cash, cash equivalents and restricted cash — 5,553 114,164 — 119,717 Cash, cash equivalents and restricted cash at the beginning of the period — 220,633 205,429 — 426,062 Cash, cash equivalents and restricted cash at the end of the period $ — $ 226,186 $ 319,593 $ — $ 545,779 |
Quarterly Financial Summary (Un
Quarterly Financial Summary (Unaudited) | 12 Months Ended |
Mar. 30, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL SUMMARY (UNAUDITED) | QUARTERLY FINANCIAL SUMMARY (UNAUDITED): Fiscal 2019 Quarter (in thousands, except per share data) First Second Third Fourth Revenue $ 692,670 $ 884,443 $ 832,330 $ 680,882 Gross profit 236,733 353,514 338,363 (1) 266,573 (1) Net (loss) income (29,993 ) (1),(2),(3),(4) 32,084 (1),(2),(3) 69,517 (1),(2),(3) 61,517 (1),(3),(5) Net (loss) income per share: Basic $ (0.24 ) $ 0.26 $ 0.56 $ 0.51 Diluted $ (0.24 ) $ 0.25 $ 0.55 $ 0.50 Fiscal 2018 Quarter (in thousands, except per share data) First Second Third Fourth Revenue $ 640,831 $ 821,583 $ 845,739 $ 665,383 Gross profit 236,377 321,022 336,927 252,640 Net (loss) income (30,624 ) (1),(2),(6) 35,919 (1),(2),(6) (33,082 ) (1),(2),(6),(7) (12,501 ) (1),(2),(3),(6),(8) Net (loss) income per share: Basic $ (0.24 ) $ 0.28 $ (0.26 ) $ (0.10 ) Diluted $ (0.24 ) $ 0.27 $ (0.26 ) $ (0.10 ) 1. The Company recorded restructuring expenses, including accelerated depreciation and impairment charges on certain property and equipment, of $2.8 million , $0.5 million , $19.5 million and $27.9 million in the first, second, third and fourth quarters of fiscal 2019 , respectively. The Company recorded restructuring expenses, including impairment charges on certain property and equipment, of $0.5 million , $10.5 million , $15.2 million and $41.5 million in the first, second, third and fourth quarters of fiscal 2018 , respectively (Note 11 ). 2. The Company recorded start-up expenses of $5.3 million , $5.9 million and $6.8 million in the first, second and third quarters of fiscal 2019 , respectively. The Company recorded start-up expenses of $6.6 million , $7.2 million , $5.4 million and $5.1 million in the first, second, third and fourth quarters of fiscal 2018 , respectively. 3. The Company recorded losses on debt extinguishment of $33.4 million , $48.8 million , $1.8 million and $6.2 million in the first, second, third and fourth quarters of fiscal 2019 , respectively. The Company recorded a loss on debt extinguishment of $0.9 million in the fourth quarter of fiscal 2018 (Note 8 ). 4. Income tax benefit of $32.1 million for the first quarter of fiscal 2019 relates primarily to a discrete provisional benefit for adjustments to a third quarter fiscal 2018 provisional estimate of the impact of the Tax Act (Note 12). 5. Income tax benefit of $11.3 million for the fourth quarter of fiscal 2019 relates primarily to a discrete benefit for the recognition of a previously unrecognized tax benefit as a result of legislative guidance issued during the year (Note 12). 6. The Company recorded integration related expenses of $1.5 million , $1.8 million , $1.7 million and $1.2 million in the first, second, third and fourth quarters of fiscal 2018 , respectively, associated with the Business Combination (Note 6 ). 7. Income tax expense of $98.5 million for the third quarter of fiscal 2018 relates primarily to a discrete provisional tax expense related to the enactment of the Tax Act (Note 12 ). 8. Income tax benefit of $31.2 million for the fourth quarter of fiscal 2018 relates primarily to a discrete provisional benefit for adjustments to a third quarter fiscal 2018 provisional estimate of the impact of the Tax Act (Note 12 ). 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. Each quarter of fiscal 2019 and fiscal 2018 contained a comparable number of weeks (13 weeks). |
The Company and Its Significa_2
The Company and Its Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The 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. Certain items in the fiscal years 2018 and 2017 financial statements have been reclassified to conform to the fiscal 2019 presentation. |
Accounting Periods | Accounting Periods The Company uses a 52- or 53-week fiscal year ending on the Saturday closest to March 31 of each year. The most recent three fiscal years ended on March 30, 2019 , March 31, 2018 , and April 1, 2017 . Fiscal years 2019, 2018 and 2017 were 52-week years. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and the disclosure of contingent liabilities. The Company evaluates its estimates on an ongoing basis, including those related to revenue recognition, product warranty obligations, valuation of inventories, tax related contingencies, valuation of long-lived and intangible assets, other contingencies and litigation, among others. The Company generally bases its estimates on historical experience, expected future conditions and third party evaluations. Accounting estimates require difficult and subjective judgments and actual results may differ from the Company’s estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of demand deposit accounts, money market funds, and other temporary, highly-liquid investments with original maturities of three months or less when purchased. |
Investments | Investments Available-for-sale investments at March 30, 2019 and March 31, 2018 consisted of debt securities and marketable equity securities. Available-for-sale investments with an original maturity date greater than three months and less than one year are classified as current investments. Available-for-sale investments with an original maturity date exceeding one year are classified as long-term. Available-for-sale debt securities are carried at fair value with the unrealized gains and losses, net of tax, reported in “Other comprehensive (loss) income.” The cost of securities sold is based on the specific identification method and any realized gain or loss is included in “Other (expense) income.” The cost of available-for-sale debt securities is adjusted for premiums and discounts, with the amortization or accretion of such amounts included as a portion of interest. Available-for-sale equity securities are carried at fair value with both the realized and unrealized gains and losses reported in “Other (expense) income.” The Company assesses individual investments for impairment quarterly. Investments are impaired when the fair value is less than the amortized cost. If an investment is impaired, the Company evaluates whether the impairment is other-than-temporary. An investment impairment is considered other-than-temporary if (i) the Company intends to sell the security, (ii) it is more likely than not that the Company will be required to sell the security before recovery of the entire amortized cost basis, or (iii) the Company does not expect to recover the entire amortized cost basis of the security (a credit loss). Other-than-temporary declines in the Company's investments are recognized as a loss in the statement of operations if due to credit loss; all other losses on debt securities are recorded in “Other comprehensive (loss) income.” The previous amortized cost basis less the other-than-temporary impairment becomes the new cost basis and is not adjusted for subsequent recoveries in fair value. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value (cost is based on standard cost, which approximates actual average cost). The Company’s business is subject to the risk of technological and design changes. The Company evaluates inventory levels quarterly against sales forecasts on a product family basis to evaluate its overall inventory risk. Reserves are adjusted to reflect inventory values in excess of forecasted sales and management's analysis and assessment of overall inventory risk. In the event the Company sells inventory that had been covered by a specific inventory reserve, the sale is recorded at the actual selling price and the related cost of goods sold is recorded at the full inventory cost, net of the reserve. Abnormal production levels are charged to the statement of operations in the period incurred rather than as a portion of inventory cost. |
Product Warranty | Product Warranty The Company generally sells products with a limited warranty on product quality. The Company accrues for known warranty issues if a loss is probable and can be reasonably estimated, and accrues for estimated incurred but unidentified issues based on historical activity. The accrual and the related expense for known product warranty issues were not significant during the periods presented. Due to product testing and the short time typically between product shipment and the detection and correction of product failures and the historical rate of losses, the accrual and related expense for estimated incurred but unidentified issues was also not significant during the periods presented. |
Other Receivables | Other Receivables The Company records miscellaneous non-product receivables that are collectible within 12 months in “Other receivables,” such as value-added tax receivables ( $18.9 million as of March 30, 2019 and $38.1 million as of March 31, 2018 , which are reported on a net basis), and other miscellaneous items. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost, less accumulated depreciation. Depreciation of property and equipment is computed using the straight-line method over the estimated useful lives of the assets, ranging from one year to 39 years . The Company capitalizes interest on borrowings related to eligible capital expenditures. Capitalized interest is added to the cost of qualified assets and depreciated together with that asset cost. The Company’s assets acquired under capital leases and leasehold improvements are amortized over the lesser of the asset life or lease term (which is reasonably assured) and included in depreciation. The Company records capital-related government grants earned as a reduction to property and equipment and depreciates such grants over the estimated useful lives of the associated assets. The Company periodically evaluates the period over which it expects to recover the economic value of the Company’s property and equipment, considering factors such as changes in machinery and equipment technology, the ability to re-use equipment across generations of process technology and historical usage trends. If the Company determines that the useful lives of its assets are shorter or longer than originally estimated, the rate of depreciation is adjusted to reflect the revised useful lives of the assets. The Company assesses property and equipment for impairment when events or changes in circumstances indicate that the carrying amount of its assets may not be recoverable. Factors that are considered in deciding when to perform an impairment review include an adverse change in the use of the Company’s assets or an expectation that the assets will be sold or otherwise disposed. The Company assesses the recoverability of the assets held and used by comparing the projected undiscounted net cash flows associated with the related asset or group of assets over their remaining estimated useful lives against their respective carrying amounts. Assets identified as “held for sale” are recorded at the lesser of their carrying value or their fair market value less costs to sell. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill is recorded when the purchase price paid for a business exceeds the estimated fair value of the net identified tangible and intangible assets acquired. Intangibles are recorded when such assets are acquired by purchase or license. The value of the Company's intangibles, including goodwill, could be impacted by future adverse changes such as: (i) any future declines in the Company's operating results; (ii) a decline in the value of technology company stocks, including the value of the Company's common stock; (iii) a prolonged or more significant slowdown in the worldwide economy or the semiconductor industry; or (iv) failure to meet the performance projections included in the Company's forecasts of future operating results. The Company accounts for goodwill and indefinite-lived intangible assets in accordance with the Financial Accounting Standards Board ("FASB") guidance, which requires annual testing for impairment or whenever events or circumstances make it more likely than not that an impairment may have occurred. The Company performs its annual impairment tests on the first day of the fourth quarter in each fiscal year. Indefinite-lived intangible assets consist of in-process research and development ("IPRD"). The Company may perform a qualitative assessment (commonly referred to as "step zero") to determine whether further quantitative analysis for impairment of goodwill or indefinite-lived intangible assets is necessary. In performing step zero for its impairment test, the Company is required to make assumptions and judgments, including the evaluation of macroeconomic conditions as related to the Company's business, industry and market trends, and the overall future financial performance of the Company's reporting units and future opportunities in the markets in which they operate. The Company also considers recent fair value calculations of its indefinite-lived intangible assets and reporting units as well as cost factors such as changes in raw materials, labor or other costs. If the step zero analysis indicates that it is more likely than not that the fair value of a reporting unit or indefinite-lived asset is less than its respective carrying value including goodwill, then the Company would perform an additional quantitative analysis. For goodwill, this involves a two-step process. The first step compares the fair value of the reporting unit, including its goodwill, to its carrying value. If the carrying value of the reporting unit exceeds its fair value, then the second step of the process is performed to determine the amount of impairment. The second step compares the implied fair value of the reporting unit's goodwill to the carrying value of the goodwill. An impairment charge is recognized for the amount the carrying value of the reporting unit's goodwill exceeds its implied fair value. For indefinite-lived intangible assets, the quantitative analysis compares the carrying value of the asset to its fair value and an impairment charge is recognized for the amount its carrying value exceeds its fair value. Determining the fair value of reporting units, indefinite-lived intangible assets and implied fair value of a reporting unit's goodwill is reliant upon estimated future revenues, profitability and cash flows and consideration of market factors. Assumptions, judgments and estimates are complex, subjective and can be affected by a variety of factors, including external factors such as industry and economic trends, and internal factors such as changes in the Company's business strategy or its internal forecasts. Although the Company believes the assumptions, judgments and estimates it has made have been reasonable and appropriate, different assumptions, judgments and estimates could materially affect its results of operations. Goodwill Goodwill is allocated to the Company's reporting units based on the expected benefit from the synergies of the business combinations generating the underlying goodwill. As of March 30, 2019 , the Company's goodwill balance of $2,173.9 million is allocated between its Mobile Products ("MP") and Infrastructure and Defense Products ("IDP") reporting units. In fiscal years 2019 , 2018 and 2017 , the Company completed qualitative assessments to determine whether conditions exist to indicate that it is more likely than not that the fair value of its reporting units was less than the related carrying value. If management concludes, based on assessment of relevant events, facts and circumstances, that it is more likely than not that a reporting unit’s fair value is greater than its carrying value, no further impairment testing is required. Management concluded that the fair value of each reporting unit exceeded the related carrying value for fiscal years 2019 , 2018 and 2017 , and no further testing was required. If management’s assessment of qualitative factors indicates that it is more likely than not that the fair value of its reporting units is less than its carrying value, then a quantitative assessment is performed. The Company also has the option to bypass the qualitative assessment described above and proceed directly to the quantitative assessment. The quantitative assessment requires comparing the fair value of the reporting units to its carrying value, including goodwill. The Company uses both the income and market approaches to estimate the fair value of its reporting units. The income approach involves discounting future estimated cash flows. The sum of the reporting unit cash flow projections is compared to the Company's market capitalization in a discounted cash flow framework to calculate an overall implied internal rate of return (or discount rate) for the Company. The Company's market capitalization is adjusted to a control basis assuming a reasonable control premium, which results in an implied discount rate. This implied discount rate serves as a baseline for estimating the specific discount rate for each reporting unit. The discount rate used is the value-weighted average of the Company's estimated cost of equity and debt (“cost of capital”) derived using both known and estimated customary market metrics. The Company's weighted average cost of capital is adjusted for each reporting unit to reflect a risk factor, if necessary, for each reporting unit. The Company performs sensitivity tests with respect to growth rates and discount rates used in the income approach. The Company also considers historical rates and current market conditions when determining the discount and growth rates used in its analysis. The Company believes the income approach is appropriate because it provides a fair value estimate based upon the respective reporting unit’s expected long-term operations and cash flow performance. In applying the market approach, valuation multiples are derived from historical and projected operating data of selected guideline companies, which are evaluated and adjusted, if necessary, based on the strengths and weaknesses of the reporting unit relative to the selected guideline companies. The valuation multiples are then applied to the appropriate historical and/or projected operating data of the reporting unit to arrive at an indication of fair value. The Company believes the market approach is appropriate because it provides a fair value using multiples from companies with operations and economic characteristics similar to its reporting units. The Company weights the results of the income approach and the results of the market approach at 50% each and for the MP and IDP reporting units, and if it is concluded that the fair value of the reporting units is determined to be substantially in excess of the carrying value, no further analysis is warranted. If the carrying amount exceeds the reporting unit’s fair value, a goodwill impairment charge is recognized for the amount in excess, not to exceed the total amount of goodwill allocated to that reporting unit. Intangible Assets with Indefinite Lives In fiscal 2015, as a result of the Business Combination, the Company recorded IPRD of $470.0 million . IPRD was recorded at fair value as of the date of acquisition as an indefinite-lived intangible asset until the completion or abandonment of the associated research and development ("R&D") efforts or impairment. The fair value of the acquired IPRD was determined based on an income approach using the "excess earnings method," which estimated the value of the intangible assets by discounting the future projected earnings of the asset to present value as of the valuation date. Upon completion of development, acquired IPRD assets are transferred to finite-lived intangible assets and amortized over their useful lives. In fiscal years 2018 and 2017 , the Company completed and transferred into developed technology approximately $37.0 million and $220.0 million , respectively, of IPRD. The Company performed a qualitative assessment of the remaining IPRD of $10.0 million during fiscal 2019 and concluded that IPRD was not impaired. Intangible Assets with Definite Lives Intangible assets are recorded when such assets are acquired by purchase or license. Finite-lived intangible assets consist primarily of developed technology and customer relationships resulting from business combinations and are subject to amortization. The fair value of developed technology acquired during fiscal years 2013, 2015 and 2017 was determined based on an income approach using the "excess earnings method," which estimated the value of the intangible assets by discounting the future projected earnings of the asset to present value as of the valuation date. Developed technology is amortized on a straight-line basis over the estimated useful life, ranging from three to six years. The fair value of customer relationships acquired during fiscal years 2015 and 2017 was determined based on an income approach using the “with and without method," in which the value of the asset is determined by the difference in discounted cash flows of the profitability of the Company "with" the asset and the profitability of the Company "without" the asset. Customer relationships are amortized on a straight-line basis over the estimated useful life, ranging from three to ten years. The Company regularly reviews identified intangible assets to determine if facts and circumstances indicate that the useful lives have changed from the original estimate or that the carrying amount of the assets may not be recoverable. If such facts and circumstances exist, the Company assesses the recoverability of identified intangible assets by comparing the projected undiscounted net cash flows associated with the related asset or group of assets over their remaining lives against their respective carrying amounts. Impairments, if any, are based on the excess of the carrying amount over the fair value of those assets and occur in the period in which the impairment determination was made. |
Accrued Liabilities | Accrued Liabilities The "Accrued liabilities" balance as of March 30, 2019 and March 31, 2018 includes accrued compensation and benefits of $93.2 million and $96.7 million , respectively, and interest payable of $11.2 million and $23.1 million , respectively. |
Revenue Recognition | Revenue Recognition The Company generates revenue primarily from the sale of semiconductor products, either directly to a customer or to a distributor, or at completion of a consignment process. Revenue is recognized when control of the promised goods or services is transferred to the Company's customers, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. A majority of the Company's revenue is recognized at a point in time, either on shipment or delivery of the product, depending on individual customer terms and conditions. Revenue from sales to the Company’s distributors is recognized upon shipment of the product to the distributors (sell-in). Revenue is recognized from the Company’s consignment programs at a point in time when the products are pulled from consignment inventory by the customer. Revenue recognized for products and services over time is immaterial (less than 2% of overall revenue). The Company applies a five-step approach as defined in FASB Accounting Standards Codification ("ASC") 606 " Revenue from Contracts with Customers" in determining the amount and timing of revenue to be recognized: (1) identifying the contract with a customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations in the contract; and (5) recognizing revenue when the corresponding performance obligation is satisfied. Sales agreements are in place with certain customers and contain terms and conditions with respect to payment, delivery, warranty and supply, but typically do not require minimum purchase commitments. In the absence of a sales agreement, the Company’s standard terms and conditions apply. The Company considers a customer's purchase order, which is governed by a sales agreement or the Company’s standard terms and conditions, to be the contract with the customer. The Company’s pricing terms are negotiated independently, on a stand-alone basis. In determining the transaction price, the Company evaluates whether the price is subject to refund or adjustment to determine the net consideration to which the Company expects to be entitled. Variable consideration in the form of rebate programs is offered to certain customers, including distributors. A majority of these rebates are accrued and classified as a contra accounts receivable, and represent less than 5% of net revenue. The Company determines variable consideration by estimating the most likely amount of consideration it expects to receive from the customer. The Company's terms and conditions do not give its customers a right of return associated with the original sale of its products. However, the Company may authorize sales returns under certain circumstances, which include courtesy returns and like-kind exchanges. Sales returns are classified as a refund liability. The Company reduces revenue and records reserves for product returns and allowances, rebate programs and scrap allowance based on historical experience or specific identification depending on the contractual terms of the arrangement. The Company’s accounts receivable balance is from contracts with customers and represents the Company’s unconditional right to receive consideration from its customers. Payments are due upon completion of the performance obligation and subsequent invoicing. Substantially all payments are collected within the Company’s standard terms, which do not include any financing components. To date, there have been no material impairment losses on accounts receivable. Contract assets and contract liabilities recorded on the Consolidated Balance Sheet were immaterial as of March 30, 2019. The Company invoices customers upon shipment and recognizes revenues in accordance with delivery terms. As of March 30, 2019 , the Company had $32.0 million in remaining unsatisfied performance obligations with an original duration greater than one year, of which the majority is expected to be recognized as income over the next twelve months. The Company includes shipping charges billed to customers in "Revenue" and includes the related shipping costs in "Cost of goods sold" in the Consolidated Statements of Operations. Taxes assessed by government authorities on revenue-producing transactions, including tariffs, value-added and excise taxes, are excluded from revenue in the Consolidated Statements of Operations. The Company incurs commission expense that is incremental to obtaining contracts with customers. Sales commissions (which are recorded in the "Selling, general and administrative" expense line item in the Consolidated Statements of Operations) are expensed when incurred because such commissions are not owed until the performance obligation is satisfied, which coincides with the end of the contract term, and therefore no remaining period exists over which to amortize the commissions. |
Research and Development | Research and Development The Company charges all R&D costs to expense as incurred. |
Precious Metals Reclaim | Precious Metals Reclaim The Company uses historical experience to estimate the amount of reclaim on precious metals used in manufacturing at the end of each period and states the reclaim value at the lower of average cost or market. The estimated value to be received from precious metal reclaim is included in "Other current assets" and reclaims submitted for payment are included in "Other receivables" in the Consolidated Balance Sheets. |
Income Taxes | Income Taxes The Company accounts for income taxes under the liability method, which requires recognition of deferred tax assets and liabilities for the temporary differences between the financial reporting and tax basis of assets and liabilities and for tax carryforwards. Deferred tax assets and liabilities for each tax jurisdiction are measured using the enacted statutory tax rates in effect for the years in which the differences are expected to reverse. A valuation allowance is provided against deferred tax assets to the extent the Company determines it is more likely than not that some portion or all of its deferred tax assets will not be realized. A more likely than not recognition threshold is required to be met before the Company recognizes the benefit of an income tax position in its financial statements. The Company’s policy is to recognize accrued interest and penalties, if incurred, on any unrecognized tax benefits as a component of income tax expense. It is the Company’s current intent and policy to invest the earnings of foreign subsidiaries indefinitely outside the U.S., except for Qorvo International Pte. Ltd. in Singapore. Accordingly, the Company does not record a deferred tax liability for U.S. income taxes on unremitted foreign earnings of other foreign subsidiaries. |
Stock-Based Compensation | Stock-Based Compensation Under ASC 718, “Compensation – Stock Compensation," stock-based compensation cost is measured at the grant date, based on the estimated fair value of the award using an option pricing model for stock options (Black-Scholes) and market price for restricted stock units, and is recognized as expense over the employee's requisite service period. As of March 30, 2019 , total remaining unearned compensation cost related to unvested restricted stock units was |
Foreign Currency Translation | Foreign Currency Translation The financial statements of foreign subsidiaries have been translated into U.S. dollars in accordance with FASB ASC 830, “ Foreign Currency Matters. ” The functional currency for most of the Company’s international operations is the U.S. dollar. The functional currency for the remainder of the Company’s foreign subsidiaries is the local currency. Assets and liabilities denominated in foreign currencies are translated using the exchange rates on the balance sheet dates. Revenues and expenses are translated using the average exchange rates throughout the year. Translation adjustments are shown separately as a component of “Accumulated other comprehensive loss” within “Stockholders’ equity” in the Consolidated Balance Sheets. Foreign currency transaction gains or losses (account balances and transactions denominated in a currency other than the functional currency) are reported in “Other (expense) income” in the Consolidated Statements of Operations. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Pronouncements Not Yet Effective In February 2016, the FASB issued Accounting Standards Update ("ASU") 2016-02, " Leases (Topic 842) ," with multiple amendments subsequently issued, which will require that lease arrangements be presented on the lessee's balance sheet by recording a right-of-use asset and a lease liability equal to the present value of the related future minimum lease payments. This standard will be effective for the Company in the first quarter of fiscal 2020. The Company plans to elect the optional transition method that allows lessees to apply the new guidance as of the adoption date and recognize any cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Upon adoption, the Company expects to elect the transition package of practical expedients which allows the Company (1) to not reassess whether any expired or existing contracts are leases, or contain leases, (2) to not reassess the lease classification for any expired or existing leases, and (3) to not reassess initial direct costs for any existing leases. Further, upon implementation of the new guidance, the Company intends to elect the practical expedient to not separate lease and non-lease components for all leases and account for the combined lease and non-lease components as a single lease component. The Company also plans to make an accounting policy election to exclude leases with an initial term of 12 months or less from the balance sheet. The Company expects to record a right-of-use asset and lease liability for substantially all of its operating lease arrangements, which is expected to approximate the present value of the Company's future minimum lease obligations pertaining to its operating leases as disclosed in Note 10 . Any new lease arrangements or material modifications entered into subsequent to the adoption date will be accounted for in accordance with the new standard. The Company does not expect the adoption of this new guidance will have a significant impact on its Consolidated Statements of Operations or its Consolidated Statements of Cash Flows. Accounting Pronouncements Recently Adopted In August 2018, the FASB issued ASU 2018-15, " Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract" which clarifies the accounting for implementation costs in cloud computing arrangements. The Company adopted ASU 2018-15, on a prospective basis, in the fourth quarter of fiscal 2019 and there was no material impact to the Company's Consolidated Financial Statements. In March 2017, the FASB issued ASU 2017-07, "Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost" which requires that an employer report the service cost component of pension and postretirement benefits in the same line item or items as other compensation costs. The other components of net benefit costs (non-service costs) are required to be presented on the income statement separately from the service cost component, and outside of a subtotal of income from operations. The non-service costs are not eligible for capitalization under the guidance. The Company adopted ASU 2017-07 in the first quarter of fiscal 2019 and there was no material impact to the Company's Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business" which clarifies the definition of a business and provides further guidance for evaluating whether a transaction will be accounted for as an acquisition of an asset or a business. The Company adopted ASU 2017-01 in the first quarter of fiscal 2019 and there was no impact to the Company's 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)" which addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The Company adopted ASU 2016-15 in the first quarter of fiscal 2019. The Company's historical policies were consistent with the guidance in this standard, and therefore, there was no impact to the Company's Consolidated Financial Statements. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities" which affects 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 Company adopted ASU 2016-01 in the first quarter of fiscal 2019 and there was no material impact to the Company's Consolidated Financial Statements. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)," with several amendments subsequently issued, which provided an updated framework for revenue recognition, resulting in a single revenue model to be applied by reporting companies under accounting principals generally accepted in the United States ("U.S. GAAP"). Under this model, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company adopted ASU 2014-09 in the first quarter of fiscal 2019 for open contracts using the modified retrospective approach through a cumulative adjustment to "Accumulated deficit" in the Consolidated Balance Sheet for the fiscal year beginning April 1, 2018. The impact from the cumulative-effect adjustment was immaterial (less than 1% of revenue in the quarter of adoption), related to over time revenue recognition for customer-controlled inventory and point in time revenue recognition for intellectual property with a right to use. In addition, the impact from the adoption did not have a material impact on any of the Company's balance sheet accounts. The Company implemented changes to its accounting policies, internal controls and disclosures to support the new standard; however, these changes were not material. |
Operating Segment | The Company's reportable operating segments as of March 30, 2019 are MP and 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 ("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. |
Fair Value Measurement | Nonrecurring Fair Value Measurements The Company's non-financial assets, such as intangible assets and property and equipment, are measured at fair value when there is an indicator of impairment and recorded at fair value only when an impairment charge is recognized. See Note 11 for further information on impairment of property and equipment. 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 8 for further disclosures related to the fair value of the Company's long-term debt. |
Concentrations of Credit Risk (
Concentrations of Credit Risk (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Risks and Uncertainties [Abstract] | |
Revenue from significant customers | Revenue from significant customers, those representing 10% or more of revenue for the respective periods, are summarized as follows: Fiscal Year 2019 2018 2017 Apple Inc. ("Apple") 32% 36% 34% Huawei Technologies Co., Ltd. ("Huawei") 13% 8% 11% |
Investments and Fair Value Me_2
Investments and Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Schedule of available-for-sale debt securities | |
Available-for-sale securities | The following is a summary of available-for-sale debt securities as of March 30, 2019 and March 31, 2018 (in thousands): Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value March 30, 2019 Auction rate securities (1) $ 1,950 $ — $ — $ 1,950 March 31, 2018 Auction rate securities (1) $ 1,950 $ — $ (107 ) $ 1,843 (1) The Company's available-for-sale debt securities have contractual maturity dates of greater than ten years. |
Fair value of the financial assets measured at fair value on a recurring basis | The fair value of the financial assets and liabilities measured at fair value on a recurring basis was determined using the following levels of inputs as of March 30, 2019 and March 31, 2018 (in thousands): Total Quoted Prices In Significant Other March 30, 2019 Assets Money market funds $ 13 $ 13 $ — Marketable equity securities 901 901 — Auction rate securities (1) 1,950 — 1,950 Invested funds in deferred compensation plan (2) 18,737 18,737 — Total assets measured at fair value $ 21,601 $ 19,651 $ 1,950 Liabilities Deferred compensation plan obligation (2) $ 18,737 $ 18,737 $ — Total liabilities measured at fair value $ 18,737 $ 18,737 $ — March 31, 2018 Assets Money market funds $ 9 $ 9 $ — Auction rate securities (1) 1,843 — 1,843 Invested funds in deferred compensation plan (2) 14,284 14,284 — Total assets measured at fair value $ 16,136 $ 14,293 $ 1,843 Liabilities Deferred compensation plan obligation (2) $ 14,284 $ 14,284 $ — Total liabilities measured at fair value $ 14,284 $ 14,284 $ — (1) The Company's Level 2 auction rate securities are debt instruments with interest rates that reset through periodic short-term auctions and are valued based on quoted prices for identical or similar instruments in markets that are not active. (2) 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 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 Consolidated Balance Sheets. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Components of inventories | The components of inventories, net, are as follows (in thousands): March 30, 2019 March 31, 2018 Raw materials $ 118,608 $ 110,389 Work in process 272,469 221,137 Finished goods 120,716 140,766 Total inventories $ 511,793 $ 472,292 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | The components of property and equipment are as follows (in thousands): March 30, 2019 March 31, 2018 Land $ 25,996 $ 23,778 Building and leasehold improvements 416,209 389,234 Machinery and equipment 2,025,110 1,660,138 2,467,315 2,073,150 Less accumulated depreciation (1,218,507 ) (911,910 ) 1,248,808 1,161,240 Construction in progress 117,705 212,872 Total property and equipment, net $ 1,366,513 $ 1,374,112 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Indefinite-lived Intangible Assets [Line Items] | |
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): March 30, 2019 March 31, 2018 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Intangible Assets: Developed technology $ 1,246,335 $ 960,793 $ 1,246,335 $ 733,081 Customer relationships 1,272,725 1,161,735 1,272,725 936,175 Trade names 29,391 29,391 29,391 29,377 Technology licenses 14,704 13,026 12,379 11,904 Non-compete agreement 1,026 1,026 1,026 983 IPRD 10,000 N/A 10,000 N/A Total $ 2,574,181 $ 2,165,971 $ 2,571,856 $ 1,711,520 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The following table provides the Company's estimated amortization expense for intangible assets based on current amortization periods for the periods indicated (in thousands): Fiscal Year Estimated Amortization Expense 2020 $ 208,000 2021 156,000 2022 28,000 2023 12,000 2024 3,000 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Debt as of March 30, 2019 and March 31, 2018 is as follows (in thousands): March 30, 2019 March 31, 2018 6.75% Senior Notes due 2023 $ — $ 444,464 7.00% Senior Notes due 2025 23,404 548,500 5.50% Senior Notes due 2026 900,000 — Less unamortized issuance costs (4,134 ) (9,674 ) Total long-term debt $ 919,270 $ 983,290 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Minimum future lease payments | The Company's minimum payments under non-cancelable leases and purchase commitments as of March 30, 2019 , are as follows (in thousands): Fiscal Year Operating Leases Capital Leases Purchase Commitments 2020 $ 22,207 $ 241 $ 328,435 2021 13,382 1,220 24,005 2022 10,331 1,220 5,654 2023 8,224 1,220 3,596 2024 7,139 1,220 — Thereafter 31,598 47,258 — Total minimum payments $ 92,881 $ 52,379 $ 361,690 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income before income taxes | Income (loss) before income taxes consists of the following components (in thousands): Fiscal Year 2019 2018 2017 United States $ (297,975 ) $ (151,083 ) $ 2,439 Foreign 389,767 168,228 24,866 Total $ 91,792 $ 17,145 $ 27,305 |
Components of the income tax (provision) benefit | The components of the income tax provision are as follows (in thousands): Fiscal Year 2019 2018 2017 Current (expense) benefit: Federal $ 17,222 $ (28,168 ) $ (23,835 ) State 209 (229 ) (476 ) Foreign (46,267 ) (61,284 ) (47,579 ) (28,836 ) (89,681 ) (71,890 ) Deferred benefit (expense): Federal $ 55,833 $ 11,817 $ 2,762 State 946 253 3,659 Foreign 13,390 20,178 21,606 70,169 32,248 28,027 Total $ 41,333 $ (57,433 ) $ (43,863 ) |
Reconciliation of the (provision for) or benefit from income taxes to income tax(expense) or benefit computed by applying the statutory federal income tax rate to pre-tax income. | A reconciliation of the provision for income taxes to income tax expense computed by applying the statutory federal income tax rate to pre-tax income (loss) for fiscal years 2019 , 2018 and 2017 is as follows (dollars in thousands): Fiscal Year 2019 2018 2017 Amount Percentage Amount Percentage Amount Percentage Income tax (expense) benefit at statutory federal rate $ (19,276 ) 21.0 % $ (5,407 ) 31.5 % $ (9,557 ) 35.0 % (Increase) decrease resulting from: State benefit (provision), net of federal (provision) benefit 710 (0.8 ) 474 (2.8 ) (662 ) 2.4 Tax credits 69,856 (76.1 ) 38,054 (221.9 ) 15,352 (56.2 ) Effect of changes in income tax rate applied to net deferred tax assets 12,972 (14.1 ) 39,168 (228.4 ) 1,163 (4.3 ) Foreign tax rate difference 41,672 (45.4 ) 21,829 (127.3 ) (11,298 ) 41.4 Foreign permanent differences and related items 6,825 (7.4 ) (2,598 ) 15.2 (8,432 ) 30.9 Change in valuation allowance 2,353 (2.6 ) (1,632 ) 9.5 1,363 (5.0 ) Stock-based compensation (7,694 ) 8.4 9,924 (57.9 ) (3,228 ) 11.8 Tax reserve adjustments 5,213 (5.7 ) (29,188 ) 170.2 (21,789 ) 79.8 Actual and deemed dividend (76,215 ) 83.0 (5,098 ) 29.7 (6,989 ) 25.6 U.S. Tax Toll Charge 1,897 (2.1 ) (116,419 ) 679.0 — — Intra-entity transfer 3,935 (4.3 ) (6,873 ) 40.1 — — Other income tax (expense) benefit (915 ) 1.1 333 (1.9 ) 214 (0.8 ) $ 41,333 (45.0 )% $ (57,433 ) 335.0 % $ (43,863 ) 160.6 % |
Significant components of net deferred income taxes | Significant components of the Company’s net deferred income taxes are as follows (in thousands): Fiscal Year 2019 2018 Deferred income tax assets: Inventory reserve $ 8,588 $ 9,894 Equity compensation 27,380 37,724 Net operating loss carry-forwards 13,744 50,128 Research and other credits 95,640 39,513 Employee benefits 13,070 12,842 Other deferred assets 19,457 16,620 Total deferred income tax assets 177,879 166,721 Valuation allowance (40,433 ) (42,787 ) Total deferred income tax assets, net of valuation allowance $ 137,446 $ 123,934 Deferred income tax liabilities: Amortization and purchase accounting basis difference $ (45,665 ) $ (101,261 ) Accumulated depreciation/basis difference (62,097 ) (63,363 ) Total deferred income tax liabilities (107,762 ) (164,624 ) Net deferred income tax asset (liabilities) $ 29,684 $ (40,690 ) Amounts included in the Consolidated Balance Sheets: Non-current assets 30,017 22,394 Non-current liabilities (333 ) (63,084 ) Net deferred income tax asset (liabilities) $ 29,684 $ (40,690 ) |
Reconciliation of gross unrecognized tax benefits | A reconciliation of fiscal 2017 through fiscal 2019 beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands): Fiscal Year 2019 2018 2017 Beginning balance $ 122,823 $ 90,615 $ 69,052 Additions based on positions related to current year 7,193 26,431 20,036 Additions for tax positions in prior years 8,369 5,844 1,878 Reductions for tax positions in prior years (24,932 ) (67 ) (29 ) Expiration of statute of limitations (6,972 ) — (322 ) Settlements (3,303 ) — — Ending balance $ 103,178 $ 122,823 $ 90,615 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of the numerators and denominators in the computation of basic and diluted net income (loss) per share | The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except per share data): For Fiscal Year 2019 2018 2017 Numerator: Numerator for basic and diluted net income (loss) per share — net income (loss) available to common stockholders $ 133,125 $ (40,288 ) $ (16,558 ) Denominator: Denominator for basic net income (loss) per share — weighted average shares 124,534 126,946 127,121 Effect of dilutive securities: Stock-based awards 2,822 — — Denominator for diluted net income (loss) per share — adjusted weighted average shares and assumed conversions 127,356 126,946 127,121 Basic net income (loss) per share $ 1.07 $ (0.32 ) $ (0.13 ) Diluted net income (loss) per share $ 1.05 $ (0.32 ) $ (0.13 ) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of activity of the Company's director and employee stock option plans | A summary of activity under the Company’s director and employee stock option plans follows: Shares Weighted- Weighted-Average Remaining Contractual Term (in years) Aggregate Outstanding as of March 31, 2018 2,623 $ 20.06 Granted — — Exercised (727) $ 19.25 Canceled (8) $ 16.82 Forfeited (2) $ 56.91 Outstanding as of March 30, 2019 1,886 $ 20.36 2.98 $ 96,925 Vested and expected to vest as of March 30, 2019 1,886 $ 20.36 2.98 $ 96,925 Options exercisable as of March 30, 2019 1,886 $ 20.34 2.98 $ 96,925 |
Restricted share plans | The following activity has occurred with respect to restricted stock unit awards: Shares Weighted-Average Balance at March 31, 2018 2,187 $ 59.46 Granted 869 81.83 Vested (944) 58.08 Forfeited (118) 64.01 Balance at March 30, 2019 1,994 $ 69.03 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Equity [Abstract] | |
Common stock reserved for future issuance | At March 30, 2019 , the Company had reserved a total of approximately 13.6 million of its authorized 405.0 million shares of common stock for future issuance as follows (in thousands): Outstanding stock options under formal directors’ and employees’ stock option plans 1,886 Possible future issuance under Company stock incentive plans 5,597 Employee stock purchase plan 4,126 Restricted stock-based units outstanding 1,994 Total shares reserved 13,603 |
Operating Segment and Geograp_2
Operating Segment and Geographical Information (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Segment Reporting [Abstract] | |
Summary of details of reportable segments | The following tables present details of the Company’s reportable operating segments and a reconciliation of the “All other” category (in thousands): Fiscal Year 2019 2018 2017 Revenue: MP $ 2,197,660 $ 2,181,161 $ 2,384,041 IDP 892,665 788,495 644,653 All other (1) — 3,880 3,880 Total revenue $ 3,090,325 $ 2,973,536 $ 3,032,574 Operating income (loss): MP $ 558,990 $ 549,574 $ 554,001 IDP 267,304 235,719 152,539 All other (609,828 ) (715,011 ) (618,481 ) Operating income $ 216,466 $ 70,282 $ 88,059 Interest expense $ (43,963 ) $ (59,548 ) $ (58,879 ) Interest income 10,971 7,017 1,212 Other expense (Note 8) (91,682 ) (606 ) (3,087 ) Income before income taxes $ 91,792 $ 17,145 $ 27,305 (1) "All other" revenue relates to royalty income that was not allocated to MP or IDP for fiscal years 2018 and 2017 . As a result of the adoption of ASU 2014-09, income related to a right-to-use license of intellectual property was recognized at a point-in-time and, therefore, was included as a transition adjustment impacting retained earnings. |
Summary of reconciliation of All other category | Fiscal Year 2019 2018 2017 Reconciliation of “All other” category: Stock-based compensation expense $ (71,580 ) $ (68,158 ) $ (88,845 ) Amortization of intangible assets (453,515 ) (539,362 ) (494,387 ) Acquisition and integration related costs (8,522 ) (10,561 ) (25,391 ) Restructuring costs (Note 11) (13,467 ) (21,406 ) (1,696 ) Start-up costs (18,035 ) (24,271 ) (9,694 ) Asset impairment and accelerated depreciation (Note 11) (37,246 ) (38,000 ) — Other (including (loss) gain on assets and other miscellaneous corporate overhead) (7,463 ) (13,253 ) 1,532 Loss from operations for “All other” $ (609,828 ) $ (715,011 ) $ (618,481 ) |
Sales to customers by geographic region | The consolidated financial statements include revenue to customers by geographic region that are summarized as follows (in thousands): Fiscal Year 2019 2018 2017 Revenue: China $ 1,747,955 $ 1,539,730 1,866,028 Taiwan 547,035 564,751 398,390 United States 480,352 524,472 467,031 Other Asia 151,293 224,781 176,677 Europe 144,009 98,521 88,638 Other 19,681 21,281 35,810 Total Revenue $ 3,090,325 $ 2,973,536 $ 3,032,574 |
Long-lived assets by geographic region | The consolidated financial statements include the following long-lived tangible asset amounts related to operations of the Company by geographic region (in thousands): March 30, 2019 March 31, 2018 Long-lived tangible assets: United States $ 1,106,705 $ 1,089,157 China 216,342 217,205 Other countries 43,466 67,750 |
Consolidating Financial Infor_2
Consolidating Financial Information (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Consolidating Financial Information [Abstract] | |
Condensed consolidating balance sheets | Condensed Consolidating Balance Sheet March 30, 2019 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ 231,865 $ 479,170 $ — $ 711,035 Accounts receivable, less allowance — 47,181 330,991 — 378,172 Intercompany accounts and note receivable — 381,558 62,640 (444,198 ) — Inventories — 173,885 359,252 (21,344 ) 511,793 Prepaid expenses — 24,087 1,679 — 25,766 Other receivables — 5,121 16,813 — 21,934 Other current assets — 33,956 2,354 (169 ) 36,141 Total current assets — 897,653 1,252,899 (465,711 ) 1,684,841 Property and equipment, net — 1,090,171 268,040 8,302 1,366,513 Goodwill — 1,122,629 1,051,260 — 2,173,889 Intangible assets, net — 214,348 193,862 — 408,210 Long-term investments — 4,969 92,817 — 97,786 Long-term intercompany accounts and notes receivable — 1,239,474 93,923 (1,333,397 ) — Investment in subsidiaries 6,540,081 2,321,170 — (8,861,251 ) — Other non-current assets 17,245 46,784 28,234 (15,478 ) 76,785 Total assets $ 6,557,326 $ 6,937,198 $ 2,981,035 $ (10,667,535 ) $ 5,808,024 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ — $ 95,089 $ 138,218 $ — $ 233,307 Intercompany accounts and notes payable — 62,640 381,558 (444,198 ) — Accrued liabilities 11,174 96,238 51,781 1,323 160,516 Other current liabilities — — 41,960 (169 ) 41,791 Total current liabilities 11,174 253,967 613,517 (443,044 ) 435,614 Long-term debt 919,270 — — — 919,270 Deferred tax liabilities — 30,361 333 (30,361 ) 333 Long-term intercompany accounts and notes payable 1,267,203 66,195 — (1,333,398 ) — Other long-term liabilities — 46,594 46,534 — 93,128 Total liabilities 2,197,647 397,117 660,384 (1,806,803 ) 1,448,345 Total stockholders’ equity 4,359,679 6,540,081 2,320,651 (8,860,732 ) 4,359,679 Total liabilities and stockholders’ equity $ 6,557,326 $ 6,937,198 $ 2,981,035 $ (10,667,535 ) $ 5,808,024 Condensed Consolidating Balance Sheet March 31, 2018 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ 629,314 $ 296,723 $ — $ 926,037 Accounts receivable, less allowance — 76,863 269,094 — 345,957 Intercompany accounts and notes receivable — 272,409 53,363 (325,772 ) — Inventories — 154,651 339,434 (21,793 ) 472,292 Prepaid expenses — 17,530 6,379 — 23,909 Other receivables — 5,959 38,836 — 44,795 Other current assets — 29,627 1,188 — 30,815 Total current assets — 1,186,353 1,005,017 (347,565 ) 1,843,805 Property and equipment, net — 1,085,255 289,146 (289 ) 1,374,112 Goodwill — 1,121,941 1,051,948 — 2,173,889 Intangible assets, net — 395,317 465,019 — 860,336 Long-term investments — 1,847 61,918 — 63,765 Long-term intercompany accounts and notes receivable — 543,127 116,494 (659,621 ) — Investment in subsidiaries 6,198,885 2,388,222 — (8,587,107 ) — Other non-current assets 72,122 31,011 32,516 (70,037 ) 65,612 Total assets $ 6,271,007 $ 6,753,073 $ 3,022,058 $ (9,664,619 ) $ 6,381,519 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ — $ 78,278 $ 134,915 $ — $ 213,193 Intercompany accounts and notes payable — 53,363 272,409 (325,772 ) — Accrued liabilities 23,102 101,286 43,163 (369 ) 167,182 Other current liabilities — 3,882 57,022 — 60,904 Total current liabilities 23,102 236,809 507,509 (326,141 ) 441,279 Long-term debt 983,290 — — — 983,290 Deferred tax liabilities — 83,449 16,366 (36,731 ) 63,084 Long-term intercompany accounts and notes payable 489,051 116,494 54,076 (659,621 ) — Other long-term liabilities — 62,417 55,885 — 118,302 Total liabilities 1,495,443 499,169 633,836 (1,022,493 ) 1,605,955 Total stockholders’ equity 4,775,564 6,253,904 2,388,222 (8,642,126 ) 4,775,564 Total liabilities and stockholders’ equity $ 6,271,007 $ 6,753,073 $ 3,022,058 $ (9,664,619 ) $ 6,381,519 |
Condensed consolidating statements of operations and comprehensive income (loss) | Condensed Consolidating Statement of Operations and Comprehensive Income Fiscal Year 2019 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated Revenue $ — $ 997,043 $ 2,835,977 $ (742,695 ) 3,090,325 Cost of goods sold — 911,837 1,642,313 (659,008 ) 1,895,142 Gross profit — 85,206 1,193,664 (83,687 ) 1,195,183 Operating expenses: Research and development 28,717 13,914 414,571 (6,720 ) 450,482 Selling, general and administrative 42,377 206,604 305,060 (77,967 ) 476,074 Other operating expense 486 39,729 11,470 476 52,161 Total operating expenses 71,580 260,247 731,101 (84,211 ) 978,717 Operating income (loss) (71,580 ) (175,041 ) 462,563 524 216,466 Interest expense (42,482 ) (2,106 ) (971 ) 1,596 (43,963 ) Interest income — 3,717 8,851 (1,597 ) 10,971 Other (expense) income (90,201 ) 455 (1,936 ) — (91,682 ) Income (loss) before income taxes (204,263 ) (172,975 ) 468,507 523 91,792 Income tax benefit (expense) 49,642 24,568 (32,877 ) — 41,333 Income in subsidiaries 287,746 435,630 — (723,376 ) — Net income $ 133,125 $ 287,223 $ 435,630 $ (722,853 ) $ 133,125 Comprehensive income $ 129,253 $ 286,662 $ 432,023 $ (718,685 ) $ 129,253 Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income Fiscal Year 2018 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated Revenue $ — $ 1,137,783 $ 2,689,676 $ (853,923 ) 2,973,536 Cost of goods sold — 828,496 1,723,829 (725,755 ) 1,826,570 Gross profit — 309,287 965,847 (128,168 ) 1,146,966 Operating expenses: Research and development 27,688 54,663 382,109 (19,357 ) 445,103 Selling, general and administrative 39,882 248,601 349,739 (110,471 ) 527,751 Other operating expense 588 89,454 13,463 325 103,830 Total operating expenses 68,158 392,718 745,311 (129,503 ) 1,076,684 Operating income (loss) (68,158 ) (83,431 ) 220,536 1,335 70,282 Interest expense (58,133 ) (2,340 ) (1,505 ) 2,430 (59,548 ) Interest income — 2,696 6,751 (2,430 ) 7,017 Other (expense) income (929 ) 973 (642 ) (8 ) (606 ) Income (loss) before income taxes (127,220 ) (82,102 ) 225,140 1,327 17,145 Income tax expense (26 ) (15,586 ) (41,821 ) — (57,433 ) Income in subsidiaries 86,958 183,319 — (270,277 ) — Net (loss) income $ (40,288 ) $ 85,631 $ 183,319 $ (268,950 ) $ (40,288 ) Comprehensive (loss) income $ (38,734 ) $ 87,654 $ 186,172 $ (273,826 ) $ (38,734 ) Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income Fiscal Year 2017 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated Revenue $ — $ 1,316,576 $ 2,918,865 $ (1,202,867 ) 3,032,574 Cost of goods sold — 979,190 2,023,715 (1,105,843 ) 1,897,062 Gross profit — 337,386 895,150 (97,024 ) 1,135,512 Operating expenses: Research and development 35,379 40,918 416,869 (22,330 ) 470,836 Selling, general and administrative 53,465 253,531 370,812 (132,220 ) 545,588 Other operating expense — 16,065 8,409 6,555 31,029 Total operating expenses 88,844 310,514 796,090 (147,995 ) 1,047,453 Operating income (loss) (88,844 ) 26,872 99,060 50,971 88,059 Interest expense (57,344 ) (2,619 ) (3,129 ) 4,213 (58,879 ) Interest income — 4,457 759 (4,004 ) 1,212 Other (expense) income — 426 (1,999 ) (1,514 ) (3,087 ) Income (loss) before income taxes (146,188 ) 29,136 94,691 49,666 27,305 Income tax (expense) benefit 46,003 (63,893 ) (25,973 ) — (43,863 ) Income in subsidiaries 83,627 68,718 — (152,345 ) — Net (loss) income $ (16,558 ) $ 33,961 $ 68,718 $ (102,679 ) $ (16,558 ) Comprehensive (loss) income $ (17,731 ) $ 34,014 $ 67,492 $ (101,506 ) $ (17,731 ) |
Condensed consolidating statements of cash flows | Condensed Consolidating Statement of Cash Flows Fiscal Year 2019 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated Net cash provided by (used in) operating activities $ 776,598 $ (675,191 ) $ 708,957 $ — $ 810,364 Investing activities: Purchase of property and equipment — (183,482 ) (37,455 ) — (220,937 ) Purchase of available-for-sale securities — (132,732 ) — — (132,732 ) Proceeds from sales and maturities of available-for-sale debt securities — 133,132 — — 133,132 Other investing — (3,581 ) (23,436 ) — (27,017 ) Net transactions with related parties — 505,050 — (505,050 ) — Net cash (used in) provided by investing activities — 318,387 (60,891 ) (505,050 ) (247,554 ) Financing activities: Repurchase of debt (1,050,680 ) — — — (1,050,680 ) Proceeds from debt issuances 905,350 — — — 905,350 Repurchase of common stock, including transaction costs (638,074 ) — — — (638,074 ) Proceeds from the issuance of common stock 41,289 — — — 41,289 Tax withholding paid on behalf of employees for restricted stock units (24,835 ) — — — (24,835 ) Other financing activities (9,648 ) — (66 ) — (9,714 ) Net transactions with related parties — (40,645 ) (464,405 ) 505,050 — Net cash used in financing activities (776,598 ) (40,645 ) (464,471 ) 505,050 (776,664 ) Effect of exchange rate changes on cash — — (1,166 ) — (1,166 ) Net (decrease) increase in cash, cash equivalents and restricted cash — (397,449 ) 182,429 — (215,020 ) Cash, cash equivalents and restricted cash at the beginning of the period — 629,314 297,088 — 926,402 Cash, cash equivalents and restricted cash at the end of the period $ — $ 231,865 $ 479,517 $ — $ 711,382 Condensed Consolidating Statement of Cash Flows Fiscal Year 2018 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated Net cash provided by operating activities $ 196,848 $ 165,883 $ 489,789 $ — $ 852,520 Investing activities: Purchase of property and equipment — (226,860 ) (42,975 ) — (269,835 ) Other investing — 22,800 (30,374 ) — (7,574 ) Net transactions with related parties — 439,925 (24,100 ) (415,825 ) — Net cash (used in) provided by investing activities — 235,865 (97,449 ) (415,825 ) (277,409 ) Financing activities: Payment of debt (107,729 ) — — — (107,729 ) Proceeds from debt issuances 100,000 — — — 100,000 Repurchase of common stock, including transaction costs (219,907 ) — — — (219,907 ) Proceeds from the issuance of common stock 57,412 — — — 57,412 Tax withholding paid on behalf of employees for restricted stock units (24,708 ) — — — (24,708 ) Other financing (1,916 ) — — — (1,916 ) Net transactions with related parties — 1,380 (417,205 ) 415,825 — Net cash (used in) provided by financing activities (196,848 ) 1,380 (417,205 ) 415,825 (196,848 ) Effect of exchange rate changes on cash — — 2,360 — 2,360 Net increase (decrease) in cash, cash equivalents and restricted cash — 403,128 (22,505 ) — 380,623 Cash, cash equivalents and restricted cash at the beginning of the period — 226,186 319,593 — 545,779 Cash, cash equivalents and restricted cash at the end of the period $ — $ 629,314 $ 297,088 $ — $ 926,402 Condensed Consolidating Statement of Cash Flows Fiscal Year 2017 (in thousands) Parent Company Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations and Reclassifications Consolidated Net cash provided by operating activities $ 165,660 $ 175,988 $ 435,172 $ — $ 776,820 Investing activities: Purchase of property and equipment — (424,175 ) (128,527 ) — (552,702 ) Purchase of available-for-sale securities — (469 ) — — (469 ) Proceeds from maturities of available-for-sale securities — 186,793 — — 186,793 Purchase of business, net of cash acquired — — (117,994 ) — (117,994 ) Other investing — 3,924 (9,900 ) — (5,976 ) Net transactions with related parties — 61,891 — (61,891 ) — Net cash used in investing activities — (172,036 ) (256,421 ) (61,891 ) (490,348 ) Financing activities: Repurchase of common stock, including transaction costs (209,357 ) — — — (209,357 ) Proceeds from the issuance of common stock 59,148 — — — 59,148 Tax withholding paid on behalf of employees for restricted stock units (15,516 ) — — — (15,516 ) Other financing 65 14 (4 ) — 75 Net transactions with related parties — 1,587 (63,478 ) 61,891 — Net cash (used in) provided by financing activities (165,660 ) 1,601 (63,482 ) 61,891 (165,650 ) Effect of exchange rate changes on cash — — (1,105 ) — (1,105 ) Net increase in cash, cash equivalents and restricted cash — 5,553 114,164 — 119,717 Cash, cash equivalents and restricted cash at the beginning of the period — 220,633 205,429 — 426,062 Cash, cash equivalents and restricted cash at the end of the period $ — $ 226,186 $ 319,593 $ — $ 545,779 |
Quarterly Financial Summary (_2
Quarterly Financial Summary (Unaudited) (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Summary (Unaudited) | QUARTERLY FINANCIAL SUMMARY (UNAUDITED): Fiscal 2019 Quarter (in thousands, except per share data) First Second Third Fourth Revenue $ 692,670 $ 884,443 $ 832,330 $ 680,882 Gross profit 236,733 353,514 338,363 (1) 266,573 (1) Net (loss) income (29,993 ) (1),(2),(3),(4) 32,084 (1),(2),(3) 69,517 (1),(2),(3) 61,517 (1),(3),(5) Net (loss) income per share: Basic $ (0.24 ) $ 0.26 $ 0.56 $ 0.51 Diluted $ (0.24 ) $ 0.25 $ 0.55 $ 0.50 Fiscal 2018 Quarter (in thousands, except per share data) First Second Third Fourth Revenue $ 640,831 $ 821,583 $ 845,739 $ 665,383 Gross profit 236,377 321,022 336,927 252,640 Net (loss) income (30,624 ) (1),(2),(6) 35,919 (1),(2),(6) (33,082 ) (1),(2),(6),(7) (12,501 ) (1),(2),(3),(6),(8) Net (loss) income per share: Basic $ (0.24 ) $ 0.28 $ (0.26 ) $ (0.10 ) Diluted $ (0.24 ) $ 0.27 $ (0.26 ) $ (0.10 ) 1. The Company recorded restructuring expenses, including accelerated depreciation and impairment charges on certain property and equipment, of $2.8 million , $0.5 million , $19.5 million and $27.9 million in the first, second, third and fourth quarters of fiscal 2019 , respectively. The Company recorded restructuring expenses, including impairment charges on certain property and equipment, of $0.5 million , $10.5 million , $15.2 million and $41.5 million in the first, second, third and fourth quarters of fiscal 2018 , respectively (Note 11 ). 2. The Company recorded start-up expenses of $5.3 million , $5.9 million and $6.8 million in the first, second and third quarters of fiscal 2019 , respectively. The Company recorded start-up expenses of $6.6 million , $7.2 million , $5.4 million and $5.1 million in the first, second, third and fourth quarters of fiscal 2018 , respectively. 3. The Company recorded losses on debt extinguishment of $33.4 million , $48.8 million , $1.8 million and $6.2 million in the first, second, third and fourth quarters of fiscal 2019 , respectively. The Company recorded a loss on debt extinguishment of $0.9 million in the fourth quarter of fiscal 2018 (Note 8 ). 4. Income tax benefit of $32.1 million for the first quarter of fiscal 2019 relates primarily to a discrete provisional benefit for adjustments to a third quarter fiscal 2018 provisional estimate of the impact of the Tax Act (Note 12). 5. Income tax benefit of $11.3 million for the fourth quarter of fiscal 2019 relates primarily to a discrete benefit for the recognition of a previously unrecognized tax benefit as a result of legislative guidance issued during the year (Note 12). 6. The Company recorded integration related expenses of $1.5 million , $1.8 million , $1.7 million and $1.2 million in the first, second, third and fourth quarters of fiscal 2018 , respectively, associated with the Business Combination (Note 6 ). 7. Income tax expense of $98.5 million for the third quarter of fiscal 2018 relates primarily to a discrete provisional tax expense related to the enactment of the Tax Act (Note 12 ). 8. Income tax benefit of $31.2 million for the fourth quarter of fiscal 2018 relates primarily to a discrete provisional benefit for adjustments to a third quarter fiscal 2018 provisional estimate of the impact of the Tax Act (Note 12 ). |
The Company and Its Significa_3
The Company and Its Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Mar. 28, 2015 | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | Mar. 28, 2015 | Jan. 01, 2015 | |
The Company and Its Significant Accounting Policies [Line Items] | ||||||
Revenue for product and services over time as a percent of total revenue | 2.00% | |||||
Revenue, Remaining Performance Obligation, Amount | $ 32,000,000 | |||||
Cumulative effect of adoption as a percentage of revenue | 1.00% | |||||
Effective Income Tax Rate Reconciliation, Intra-Entity Transfer, Amount | $ (3,935,000) | $ 6,873,000 | $ 0 | |||
Maturity Period For Available For Sale Investments Classification As Current Investments Minimum [greater than] | 3 months | |||||
Maturity Period For Available For Sale Investments Classification As Current Investments Maximum [less than] | 1 year | |||||
Maturity Period for Available for Sale Investments Classification As Long Term Investments Minimum [exceeding] | 1 year | |||||
Value Added Tax Receivable | $ 18,900,000 | 38,100,000 | ||||
Goodwill | $ 2,173,889,000 | 2,173,889,000 | ||||
Document Fiscal Year Focus | 2019 | |||||
Goodwill, Impairment Loss | $ 0 | 0 | 0 | |||
Completed and transferred acquired in-process research and development during period | 37,000,000 | $ 220,000,000 | ||||
Accrued compensation and benefits | 93,200,000 | 96,700,000 | ||||
Interest Payable | $ 11,200,000 | $ 23,100,000 | ||||
Rebates As Percentage Of Sales [Less Than] | 5.00% | |||||
Minimum | ||||||
The Company and Its Significant Accounting Policies [Line Items] | ||||||
Property, Plant and Equipment, Useful Life | 1 year | |||||
Maximum | ||||||
The Company and Its Significant Accounting Policies [Line Items] | ||||||
Property, Plant and Equipment, Useful Life | 39 years | |||||
In-process research and development | ||||||
The Company and Its Significant Accounting Policies [Line Items] | ||||||
Remaining research and development costs | $ 10,000,000 | |||||
Developed Technology | Minimum | ||||||
The Company and Its Significant Accounting Policies [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | |||||
Developed Technology | Maximum | ||||||
The Company and Its Significant Accounting Policies [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 6 years | |||||
Customer Relationships | Minimum | ||||||
The Company and Its Significant Accounting Policies [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 4 years | 3 years | ||||
Customer Relationships | Maximum | ||||||
The Company and Its Significant Accounting Policies [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 6 years | 10 years | ||||
TriQuint Merger | ||||||
The Company and Its Significant Accounting Policies [Line Items] | ||||||
Goodwill | $ 2,036,700,000 | |||||
Finite-Lived Intangible Assets, Period Increase (Decrease) | $ 2,394,000,000 | |||||
TriQuint Merger | In-process research and development | ||||||
The Company and Its Significant Accounting Policies [Line Items] | ||||||
Indefinite-lived Intangible Assets, Period Increase (Decrease) | $ 470,000,000 | |||||
Finite-Lived Intangible Assets, Period Increase (Decrease) | 470,000,000 | |||||
TriQuint Merger | Developed Technology | ||||||
The Company and Its Significant Accounting Policies [Line Items] | ||||||
Finite-Lived Intangible Assets, Period Increase (Decrease) | 610,000,000 | |||||
TriQuint Merger | Customer Relationships | ||||||
The Company and Its Significant Accounting Policies [Line Items] | ||||||
Finite-Lived Intangible Assets, Period Increase (Decrease) | $ 1,220,000,000 | |||||
Restricted Stock | ||||||
The Company and Its Significant Accounting Policies [Line Items] | ||||||
Total remaining unearned compensation cost related to nonvested restricted stock units and options | $ 74,000,000 | |||||
Weighted-average remaining service period of unearned compensation costs related to nonvested restricted stock units and options | 1 year 2 months 10 days |
Concentrations of Credit Risk_2
Concentrations of Credit Risk (Details) - Sales Revenue, Net - Customer Concentration Risk | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Apple | |||
Revenue from significant customers | |||
Percentage | 32.00% | 36.00% | 34.00% |
Huawei | |||
Revenue from significant customers | |||
Percentage | 13.00% | 8.00% | 11.00% |
Concentrations of Credit Risk_3
Concentrations of Credit Risk (Details Textual) | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Accounts Receivable | Credit Concentration Risk | |||
Concentrations of Credit Risk (Textual) | |||
Percentage | 49.00% | 26.00% | 40.00% |
Investments and Fair Value Me_3
Investments and Fair Value Measurements (Details) - Auction rate securities - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 | |
Schedule of available-for-sale debt securities | |||
Cost | [1] | $ 1,950 | $ 1,950 |
Gross unrealized losses | [1] | (107) | |
Estimated fair value | [1] | $ 1,950 | $ 1,843 |
[1] | The Company's available-for-sale debt securities have contractual maturity dates of greater than ten years. |
Investments and Fair Value Me_4
Investments and Fair Value Measurements (Details 2) - Recurring - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Deferred compensation plan assets | $ 18,737 | $ 14,284 | [1] | |
Total assets measured at fair value | 21,601 | 16,136 | ||
Deferred compensation plan liability | [1] | 18,737 | 14,284 | |
Total liabilities measured at fair value | 18,737 | 14,284 | ||
Quoted Prices In Active Markets For Identical Assets (Level 1) | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Deferred compensation plan assets | 18,737 | 14,284 | [1] | |
Total assets measured at fair value | 19,651 | 14,293 | ||
Deferred compensation plan liability | [1] | 18,737 | 14,284 | |
Total liabilities measured at fair value | 18,737 | 14,284 | ||
Significant Other Observable Inputs (Level 2) | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Deferred compensation plan assets | 0 | 0 | [1] | |
Total assets measured at fair value | 1,950 | 1,843 | ||
Total liabilities measured at fair value | 0 | 0 | ||
Auction rate securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | [2] | 1,950 | 1,843 | |
Auction rate securities | Significant Other Observable Inputs (Level 2) | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | [2] | 1,950 | 1,843 | |
Money market funds | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Cash equivalents | 13 | 9 | ||
Money market funds | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Cash equivalents | 13 | $ 9 | ||
Equity Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Marketable Securities | 901 | |||
Equity Securities | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Marketable Securities | 901 | |||
Equity Securities | Significant Other Observable Inputs (Level 2) | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Marketable Securities | $ 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 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 Consolidated Balance Sheets | |||
[2] | The Company's Level 2 auction rate securities are debt instruments with interest rates that reset through periodic short-term auctions and are valued based on quoted prices for identical or similar instruments in markets that are not active. |
Investments and Fair Value Me_5
Investments and Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Schedule of available-for-sale debt securities | ||
Equity Securities without Readily Determinable Fair Value, Amount | $ 60,000 | |
Fair Value, Inputs, Level 3 | ||
Schedule of available-for-sale debt securities | ||
Available-for-sale Securities | $ 0 | $ 0 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Components of inventories | ||
Raw materials | $ 118,608 | $ 110,389 |
Work in process | 272,469 | 221,137 |
Finished goods | 120,716 | 140,766 |
Total inventories | $ 511,793 | $ 472,292 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 25,996 | $ 23,778 |
Building and leasehold improvements | 416,209 | 389,234 |
Machinery and equipment | 2,025,110 | 1,660,138 |
Property, Plant and Equipment, Gross | 2,467,315 | 2,073,150 |
Less accumulated depreciation | (1,218,507) | (911,910) |
Property And Equipment Net Excluding Construction In Progress | 1,248,808 | 1,161,240 |
Construction in progress | 117,705 | 212,872 |
Property and equipment, net | $ 1,366,513 | $ 1,374,112 |
Business Acquisitions (Details
Business Acquisitions (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Apr. 29, 2016 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Mar. 28, 2015 | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | Jan. 01, 2015 |
Business Acquisition [Line Items] | ||||||||||||||
Share Price | $ 71.73 | $ 71.73 | ||||||||||||
Business combination, Cash acquired | $ 700 | |||||||||||||
Integration related costs | $ 1,200 | $ 1,700 | $ 1,800 | $ 1,500 | $ 6,200 | $ 16,900 | ||||||||
Goodwill | $ 2,173,889 | 2,173,889 | $ 2,173,889 | 2,173,889 | ||||||||||
Restructuring costs | 27,900 | $ 19,500 | $ 500 | $ 2,800 | 41,500 | $ 15,200 | $ 10,500 | $ 500 | 50,700 | 67,700 | $ 2,100 | |||
GreenPeak | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Combination, Consideration Transferred | (118,100) | |||||||||||||
Finite-lived Intangible Assets Acquired | 82,100 | |||||||||||||
Goodwill | 38,200 | 38,200 | ||||||||||||
TriQuint Merger | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Goodwill | $ 2,036,700 | |||||||||||||
Finite-Lived Intangible Assets, Period Increase (Decrease) | $ 2,394,000 | |||||||||||||
Mobile Products | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Goodwill | 1,751,500 | 1,751,500 | 1,751,500 | 1,751,500 | ||||||||||
Infrastructure and Defense Products | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Goodwill | $ 422,400 | $ 422,400 | 422,400 | $ 422,400 | ||||||||||
Developed Technology | GreenPeak | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Finite-lived Intangible Assets Acquired | $ 74,200 | |||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | |||||||||||||
Developed Technology | TriQuint Merger | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Finite-Lived Intangible Assets, Period Increase (Decrease) | 610,000 | |||||||||||||
Customer Relationships | GreenPeak | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Finite-lived Intangible Assets Acquired | $ 5,600 | |||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | |||||||||||||
Customer Relationships | TriQuint Merger | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Finite-Lived Intangible Assets, Period Increase (Decrease) | 1,220,000 | |||||||||||||
In-process research and development | TriQuint Merger | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Finite-Lived Intangible Assets, Period Increase (Decrease) | $ 470,000 | |||||||||||||
In-process research and development placed in service | $ 460,000 | |||||||||||||
Minimum | Developed Technology | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | |||||||||||||
Minimum | Customer Relationships | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 4 years | 3 years | ||||||||||||
Minimum | Transferred and in service in-process research and development | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 4 years | |||||||||||||
Maximum | Developed Technology | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 6 years | |||||||||||||
Maximum | Customer Relationships | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 6 years | 10 years | ||||||||||||
Maximum | Transferred and in service in-process research and development | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 6 years |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Goodwill and Intangible Assets [Line Items] | ||
Document Period End Date | Mar. 30, 2019 | |
Gross carrying amounts and amortization of intangibles | ||
Accumulated Amortization | $ 2,165,971 | $ 1,711,520 |
Gross Carrying Amount | 2,574,181 | 2,571,856 |
Technology licenses | ||
Gross carrying amounts and amortization of intangibles | ||
Gross Carrying Amount | 14,704 | 12,379 |
Accumulated Amortization | 13,026 | 11,904 |
Noncompete Agreements [Member] | ||
Gross carrying amounts and amortization of intangibles | ||
Gross Carrying Amount | 1,026 | 1,026 |
Accumulated Amortization | 1,026 | 983 |
Customer Relationships | ||
Gross carrying amounts and amortization of intangibles | ||
Gross Carrying Amount | 1,272,725 | 1,272,725 |
Accumulated Amortization | 1,161,735 | 936,175 |
Developed Technology | ||
Gross carrying amounts and amortization of intangibles | ||
Gross Carrying Amount | 1,246,335 | 1,246,335 |
Accumulated Amortization | 960,793 | 733,081 |
Trade Names | ||
Gross carrying amounts and amortization of intangibles | ||
Gross Carrying Amount | 29,391 | 29,391 |
Accumulated Amortization | 29,391 | 29,377 |
In-process research and development | ||
Gross carrying amounts and amortization of intangibles | ||
Gross Carrying Amount | $ 10,000 | $ 10,000 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Details 2) $ in Thousands | Mar. 30, 2019USD ($) |
Estimated Amortization Expense | |
2020 | $ 208,000 |
2021 | 156,000 |
2022 | 28,000 |
2023 | 12,000 |
2024 | $ 3,000 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Goodwill and Intangible Assets [Line Items] | |||
Intangible assets amortization (Note 7) | $ 454,451 | $ 539,790 | $ 494,752 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | Apr. 29, 2016 | Mar. 28, 2015 | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | Mar. 28, 2015 | Jan. 01, 2015 |
Goodwill and Intangible Assets [Line Items] | |||||||
Goodwill | $ 2,173,889 | $ 2,173,889 | |||||
Accumulated impairment losses and write-offs | 621,600 | 621,600 | |||||
Intangible assets amortization (Note 6) | 454,451 | 539,790 | $ 494,752 | ||||
In-process research and development | |||||||
Goodwill and Intangible Assets [Line Items] | |||||||
Intangible assets | 10,000 | 10,000 | |||||
Remaining research and development costs | 10,000 | ||||||
GreenPeak | |||||||
Goodwill and Intangible Assets [Line Items] | |||||||
Finite-lived Intangible Assets Acquired | 82,100 | ||||||
Goodwill | 38,200 | ||||||
GreenPeak | Developed Technology | |||||||
Goodwill and Intangible Assets [Line Items] | |||||||
Finite-lived Intangible Assets Acquired | $ 74,200 | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | ||||||
GreenPeak | Customer Relationships | |||||||
Goodwill and Intangible Assets [Line Items] | |||||||
Finite-lived Intangible Assets Acquired | $ 5,600 | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | ||||||
TriQuint Merger | |||||||
Goodwill and Intangible Assets [Line Items] | |||||||
Goodwill | $ 2,036,700 | ||||||
Finite-Lived Intangible Assets, Period Increase (Decrease) | $ 2,394,000 | ||||||
TriQuint Merger | Developed Technology | |||||||
Goodwill and Intangible Assets [Line Items] | |||||||
Finite-Lived Intangible Assets, Period Increase (Decrease) | 610,000 | ||||||
TriQuint Merger | Customer Relationships | |||||||
Goodwill and Intangible Assets [Line Items] | |||||||
Finite-Lived Intangible Assets, Period Increase (Decrease) | 1,220,000 | ||||||
TriQuint Merger | In-process research and development | |||||||
Goodwill and Intangible Assets [Line Items] | |||||||
Indefinite-lived Intangible Assets, Period Increase (Decrease) | $ 470,000 | ||||||
Finite-Lived Intangible Assets, Period Increase (Decrease) | $ 470,000 | ||||||
In-process research and development placed in service | 460,000 | ||||||
Mobile Products | |||||||
Goodwill and Intangible Assets [Line Items] | |||||||
Goodwill | 1,751,500 | 1,751,500 | |||||
Infrastructure and Defense Products | |||||||
Goodwill and Intangible Assets [Line Items] | |||||||
Goodwill | $ 422,400 | $ 422,400 | |||||
Minimum | Developed Technology | |||||||
Goodwill and Intangible Assets [Line Items] | |||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||||||
Minimum | Customer Relationships | |||||||
Goodwill and Intangible Assets [Line Items] | |||||||
Finite-Lived Intangible Asset, Useful Life | 4 years | 3 years | |||||
Minimum | Transferred and in service in-process research and development | |||||||
Goodwill and Intangible Assets [Line Items] | |||||||
Finite-Lived Intangible Asset, Useful Life | 4 years | ||||||
Maximum | Developed Technology | |||||||
Goodwill and Intangible Assets [Line Items] | |||||||
Finite-Lived Intangible Asset, Useful Life | 6 years | ||||||
Maximum | Customer Relationships | |||||||
Goodwill and Intangible Assets [Line Items] | |||||||
Finite-Lived Intangible Asset, Useful Life | 6 years | 10 years | |||||
Maximum | Transferred and in service in-process research and development | |||||||
Goodwill and Intangible Assets [Line Items] | |||||||
Finite-Lived Intangible Asset, Useful Life | 6 years |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Debt Instrument [Line Items] | ||
Long-term debt (Note 8) | $ 919,270 | $ 983,290 |
Unamortized Debt Issuance Expense | 4,134 | 9,674 |
6.75% Senior Notes due 2023 | ||
Debt Instrument [Line Items] | ||
Long-term debt (Note 8) | 0 | 444,464 |
7.00% Senior Notes due 2025 | ||
Debt Instrument [Line Items] | ||
Long-term debt (Note 8) | 23,404 | 548,500 |
5.5% Senior Notes due 2026 | ||
Debt Instrument [Line Items] | ||
Long-term debt (Note 8) | $ 900,000 | $ 0 |
Debt (Details Textual)
Debt (Details Textual) $ in Thousands | Feb. 20, 2019USD ($) | Dec. 11, 2018USD ($) | Nov. 28, 2018USD ($) | Aug. 28, 2018USD ($) | Jul. 19, 2018USD ($) | Jul. 16, 2018USD ($) | Jun. 29, 2018USD ($) | Dec. 05, 2017USD ($) | Mar. 31, 2018USD ($) | Mar. 30, 2019USD ($) | Dec. 29, 2018USD ($) | Sep. 29, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Mar. 30, 2019USD ($) | Mar. 31, 2018USD ($) | Apr. 01, 2017USD ($) | Mar. 05, 2019USD ($) | Aug. 14, 2018USD ($) | Jul. 10, 2018USD ($) | Jun. 15, 2018USD ($) | Nov. 19, 2015USD ($) |
Debt Instrument [Line Items] | ||||||||||||||||||||||
Interest paid | $ 64,853 | $ 70,208 | $ 71,171 | |||||||||||||||||||
Net carrying amount of debt | $ 983,290 | $ 919,270 | $ 983,290 | 919,270 | 983,290 | |||||||||||||||||
Proceeds from debt issuances (Note 8) | 905,350 | 100,000 | 0 | |||||||||||||||||||
Gain (Loss) on Extinguishment of Debt | $ (6,200) | $ (1,800) | $ (48,800) | $ (33,400) | (900) | (90,201) | (928) | 0 | ||||||||||||||
Senior Notes | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Interest Expense, Borrowings | 49,800 | 70,500 | 69,900 | |||||||||||||||||||
Interest Costs Capitalized | 8,800 | 13,600 | ||||||||||||||||||||
Interest paid | $ 46,500 | 68,900 | $ 71,200 | |||||||||||||||||||
6.75% Senior Notes due 2023 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt Instrument, Face Amount | $ 450,000 | |||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | 6.75% | ||||||||||||||||||||
Repayments of Senior Debt | $ 15,300 | $ 429,200 | $ 5,500 | |||||||||||||||||||
Senior notes, redemption percentage, actual | 100.00% | 106.75% | 107.50% | |||||||||||||||||||
Net carrying amount of debt | $ 444,464 | $ 0 | 444,464 | $ 0 | 444,464 | |||||||||||||||||
7.00% Senior Notes due 2025 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt Instrument, Face Amount | $ 550,000 | |||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | 7.00% | ||||||||||||||||||||
Repayments of Senior Debt | $ 67,600 | $ 20,000 | $ 1,100 | $ 136,400 | $ 300,000 | $ 1,500 | ||||||||||||||||
Senior notes, redemption percentage, actual | 108.25% | 107.63% | 107.25% | 110.00% | 109.63% | 109.50% | ||||||||||||||||
Tender Offer Cap | $ 140,000 | $ 130,000 | $ 300,000 | $ 150,000 | ||||||||||||||||||
Long-term Debt, Fair Value | $ 596,500 | $ 25,800 | 596,500 | $ 25,800 | 596,500 | |||||||||||||||||
Net carrying amount of debt | 548,500 | $ 23,404 | 548,500 | $ 23,404 | 548,500 | |||||||||||||||||
5.5% Senior Notes due 2026 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt Instrument, Face Amount | $ 130,000 | $ 500,000 | $ 270,000 | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | 5.50% | 5.50% | |||||||||||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 35.00% | |||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 105.50% | |||||||||||||||||||||
Interest paid on notes | $ 17,200 | |||||||||||||||||||||
Long-term Debt, Fair Value | $ 929,300 | 929,300 | ||||||||||||||||||||
Net carrying amount of debt | $ 0 | $ 900,000 | $ 0 | $ 900,000 | $ 0 | |||||||||||||||||
Bank of America Syndicate [Member] | Credit Agreement | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Line of Credit Facility, Maximum Consolidated Total Leverage Ratio Allowed | 3 | 3 | ||||||||||||||||||||
Permitted acquisition amount for increase in leverage ratio | $ 300,000 | $ 300,000 | ||||||||||||||||||||
Line of credit facility, maximum consolidated total leverage ratio allowed, with permitted acquisition | 3.5 | 3.5 | ||||||||||||||||||||
Line of Credit Facility, Minimum Consolidated Interest Coverage Ratio Required | 3 | 3 | ||||||||||||||||||||
Bank of America Syndicate [Member] | Revolving Credit Facility | Credit Agreement | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Net carrying amount of debt | $ 0 | $ 0 | ||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300,000 | |||||||||||||||||||||
Line of Credit Facility, Maximum amount of increase that may be requested | 300,000 | |||||||||||||||||||||
Bank of America Syndicate [Member] | Senior Delayed Draw Term Loan | Credit Agreement | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Senior Delayed Draw Term Loan, Maximum Amount | 400,000 | |||||||||||||||||||||
Proceeds from debt issuances (Note 8) | 100,000 | |||||||||||||||||||||
Bank of America Syndicate [Member] | Standby Letters of Credit | Credit Agreement | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 25,000 | |||||||||||||||||||||
Bank of America Syndicate [Member] | Swingline Loan | Credit Agreement | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000 | |||||||||||||||||||||
Bank of America Syndicate [Member] | Federal Funds Rate | Credit Agreement | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||||||||||||||||
Bank of America Syndicate [Member] | Eurodollar | Credit Agreement | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||||||||||||||||
Maximum | 5.5% Senior Notes due 2026 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt, Interest Rate, Default Increase, Percentage | 1.00% | |||||||||||||||||||||
Maximum | Bank of America Syndicate [Member] | Eurodollar | Credit Agreement | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.375% | 1.375% | ||||||||||||||||||||
Maximum | Bank of America Syndicate [Member] | Base Rate | Credit Agreement | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.375% | 0.375% | ||||||||||||||||||||
Minimum | 5.5% Senior Notes due 2026 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt, Interest Rate, Default Increase, Percentage | 0.25% | |||||||||||||||||||||
Minimum | Bank of America Syndicate [Member] | Eurodollar | Credit Agreement | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.125% | 1.125% | ||||||||||||||||||||
Minimum | Bank of America Syndicate [Member] | Base Rate | Credit Agreement | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.125% | 0.125% | ||||||||||||||||||||
Weighted Average [Member] | 5.5% Senior Notes due 2026 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt, Interest Rate, Default Increase, Percentage | 0.25% |
Retirement Benefit Plans (Detai
Retirement Benefit Plans (Details) $ in Millions | 12 Months Ended | ||
Mar. 30, 2019USD ($) | Mar. 31, 2018USD ($) | Apr. 01, 2017USD ($) | |
U. S. Defined Contribution Plan [Member] | |||
Retirement Benefit Plan (Textual) | |||
Defined Contribution Plan, Company Contribution Amount | $ 14 | $ 14 | $ 11.5 |
Non-Qualified Deferred Compensation Plan [Member] | |||
Retirement Benefit Plan (Textual) | |||
Assets held in rabbi trust | 18.7 | 14.3 | |
Assets held in rabbi trust, current | 1.1 | 1 | |
Assets held in rabbi trust, noncurrent | 17.6 | 13.3 | |
Foreign Plan [Member] | |||
Retirement Benefit Plan (Textual) | |||
Defined benefit plan insurance receivable | 3.6 | 4 | |
Defined Benefit Pension Plan, Benefit Obligation | 12.9 | 12.7 | |
Defined Benefit Pension Plan, Net Periodic Benefit Cost | $ 0.5 | $ 0.7 | $ 0.6 |
Number of retirement benefit plans offered by the Company | 2 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities (Details) $ in Thousands | Mar. 30, 2019USD ($) |
Schedule of Operating Lease Future Minimum Lease Payments [Line Items] | |
Operating Leases due 2020 | $ 22,207 |
Operating Leases due 2021 | 13,382 |
Operating Leases due 2022 | 10,331 |
Operating Leases due 2023 | 8,224 |
Operating Leases due 2024 | 7,139 |
Operating Leases due Thereafter | 31,598 |
Total operating minimum payment | 92,881 |
Capital Lease due 2020 | 241 |
Capital Lease due 2021 | 1,220 |
Capital Lease due 2022 | 1,220 |
Capital Lease due 2023 | 1,220 |
Capital Lease due 2024 | 1,220 |
Capital Lease due Thereafter | 47,258 |
Total capital lease minimum payment | 52,379 |
Purchase commitments due 2020 | 328,435 |
Purchase commitments due 2021 | 24,005 |
Purchase commitments due 2022 | 5,654 |
Purchase commitments due 2023 | 3,596 |
Purchase commitments due 2024 | 0 |
Purchase commitments due Thereafter | 0 |
Total purchase commitments | $ 361,690 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities (Details Textual) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019USD ($)period | Mar. 31, 2018USD ($) | Apr. 01, 2017USD ($) | |
Commitments and Contingent Liabilities (Textual) | |||
Total future minimum lease payments | $ 92,881 | ||
Rent expense under operating leases | $ 19,300 | $ 16,300 | $ 14,800 |
Capital Lease Term | 5 years | ||
Maximum | |||
Commitments and Contingent Liabilities (Textual) | |||
Capital Lease Term | 30 years | ||
Facility | |||
Commitments and Contingent Liabilities (Textual) | |||
Number of renewal periods for operating leases | period | 2 | ||
Operating lease renewal period | 10 years | ||
Equipment | Minimum | |||
Commitments and Contingent Liabilities (Textual) | |||
Operating Leases, remaining terms | 1 year | ||
Equipment | Maximum | |||
Commitments and Contingent Liabilities (Textual) | |||
Operating Leases, remaining terms | 15 years |
Restructuring (Details)
Restructuring (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||||||||||
Asset Impairment Charges | $ 15,901 | $ 46,315 | $ 0 | ||||||||
Restructuring costs | $ 27,900 | $ 19,500 | $ 500 | $ 2,800 | $ 41,500 | $ 15,200 | $ 10,500 | $ 500 | 50,700 | 67,700 | 2,100 |
Restructuring obligations | 8,600 | 8,600 | |||||||||
Business combination | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring costs | 1,300 | 2,700 | $ 2,100 | ||||||||
Accrued liabilities | Employee termination benefits | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring obligations | 7,000 | 6,100 | 7,000 | 6,100 | |||||||
Other noncurrent liabilities | Lease obligations | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring obligations | 1,600 | $ 2,600 | 1,600 | 2,600 | |||||||
Minimum | Accelerated depreciation | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and Related Cost, Expected Cost Remaining | 45,000 | 45,000 | |||||||||
Minimum | One-time termination benefits | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and Related Cost, Expected Cost Remaining | 5,000 | 5,000 | |||||||||
Minimum | Other restructuring | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and Related Cost, Expected Cost Remaining | 5,000 | 5,000 | |||||||||
Maximum | Accelerated depreciation | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and Related Cost, Expected Cost Remaining | 55,000 | 55,000 | |||||||||
Maximum | One-time termination benefits | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and Related Cost, Expected Cost Remaining | 10,000 | 10,000 | |||||||||
Maximum | Other restructuring | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and Related Cost, Expected Cost Remaining | $ 10,000 | 10,000 | |||||||||
Fiscal Year 2019 | Cost of sales | Accelerated depreciation | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and Related Cost, Incurred Cost | 21,300 | ||||||||||
Fiscal Year 2019 | Other operating expense | Impairment of property and equipment | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and Related Cost, Incurred Cost | $ 15,900 | ||||||||||
Fiscal Year 2019 | Other operating expense | Employee termination benefits | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring costs | 7,700 | ||||||||||
Fiscal Year 2018 | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Asset Impairment Charges | 46,300 | ||||||||||
Fiscal Year 2018 | Other operating expense | Employee termination benefits | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring costs | $ 4,500 | $ 18,700 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Income Tax Disclosure [Abstract] | |||
Document Fiscal Year Focus | 2019 | ||
Income (loss) before income taxes | |||
United States | $ (297,975) | $ (151,083) | $ 2,439 |
Foreign | 389,767 | 168,228 | 24,866 |
Income before income taxes | $ 91,792 | $ 17,145 | $ 27,305 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Mar. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Income Tax Disclosure [Abstract] | |||||||
Document Fiscal Year Focus | 2019 | ||||||
Current (expense) benefit: | |||||||
Federal | $ 17,222 | $ (28,168) | $ (23,835) | ||||
State | 209 | (229) | (476) | ||||
Foreign | (46,267) | (61,284) | (47,579) | ||||
Total current (expense) benefit | (28,836) | (89,681) | (71,890) | ||||
Deferred (expense) benefit: | |||||||
Federal | 55,833 | 11,817 | 2,762 | ||||
State | 946 | 253 | 3,659 | ||||
Foreign | 13,390 | 20,178 | 21,606 | ||||
Total deferred (expense) benefit | 70,169 | 32,248 | 28,027 | ||||
Total | $ 11,300 | $ 32,100 | $ 31,200 | $ (98,500) | $ 41,333 | $ (57,433) | $ (43,863) |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Mar. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
ReconciliationOfProvisionOfIncomeTaxes [Line Items] | |||||||
Income tax expense at statutory federal rate | $ (19,276) | $ (5,407) | $ (9,557) | ||||
Income tax expense at statutory federal rate, Percentage | 21.00% | 31.50% | 35.00% | ||||
Decrease (increase) resulting from: | |||||||
State benefit (provision), net of federal (provision) benefit | $ 710 | $ 474 | $ (662) | ||||
State benefit (provision), net of federal (provision) benefit, Percentage | (0.80%) | (2.80%) | 2.40% | ||||
Research and development credits | $ 69,856 | $ 38,054 | $ 15,352 | ||||
Research and development credits, Percentage | (76.10%) | (221.90%) | (56.20%) | ||||
Effect of changes in income tax rate applied to net deferred tax assets | $ 12,972 | $ 39,168 | $ 1,163 | ||||
Effect of changes in income tax rate applied to net deferred tax assets, Percentage | (14.10%) | (228.40%) | (4.30%) | ||||
Foreign tax rate difference | $ 41,672 | $ 21,829 | $ (11,298) | ||||
Foreign tax rate difference, Percentage | (45.40%) | (127.30%) | 41.40% | ||||
Foreign permanent differences, amount | $ 6,825 | $ (2,598) | $ (8,432) | ||||
Foreign permanent differences, percent | (7.40%) | 15.20% | 30.90% | ||||
Change in valuation allowance | $ 2,353 | $ (1,632) | $ 1,363 | ||||
Change in valuation allowance, Percentage | (2.60%) | 9.50% | (5.00%) | ||||
Stock-based compensation | $ (7,694) | $ 9,924 | $ (3,228) | ||||
Share-based compensation, Percentage | 8.40% | (57.90%) | 11.80% | ||||
Tax reserve adjustments | $ 5,213 | $ (29,188) | $ (21,789) | ||||
Tax reserve adjustments, Percentage | (5.70%) | 170.20% | 79.80% | ||||
Deemed dividend | $ (76,215) | $ (5,098) | $ (6,989) | ||||
Deemed Dividend, Percentage | 83.00% | 29.70% | 25.60% | ||||
U.S. Tax Toll Charge | $ 1,897 | $ (116,419) | $ 0 | ||||
U.S. Tax Toll Charge, Percent | (2.10%) | 679.00% | 0.00% | ||||
Intra-entity transfer | $ 3,935 | $ (6,873) | $ 0 | ||||
Intra-entity transfer, percent | (4.30%) | 40.10% | 0.00% | ||||
Other income tax benefit (expense) | $ (915) | $ 333 | $ 214 | ||||
Other income tax benefit (expense), Percentage | 1.10% | (1.90%) | (0.80%) | ||||
Total | $ 11,300 | $ 32,100 | $ 31,200 | $ (98,500) | $ 41,333 | $ (57,433) | $ (43,863) |
Total, Percentage | (45.00%) | 335.00% | 160.60% |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Deferred income tax assets: | ||
Inventory reserve | $ 8,588 | $ 9,894 |
Equity compensation | 27,380 | 37,724 |
Net operating loss carry-forwards | 13,744 | 50,128 |
Research and other credits | 95,640 | 39,513 |
Employee benefits | 13,070 | 12,842 |
Other deferred assets | 19,457 | 16,620 |
Total deferred income tax assets | 177,879 | 166,721 |
Valuation allowance | (40,433) | (42,787) |
Total deferred income tax assets, net of valuation allowance | 137,446 | 123,934 |
Deferred income tax liabilities: | ||
Amortization and purchase accounting basis difference | (45,665) | (101,261) |
Accumulated depreciation/basis difference | (62,097) | (63,363) |
Total deferred tax liabilities | 107,762 | 164,624 |
Amounts included in consolidated balance sheets: | ||
Non-current assets | 30,017 | 22,394 |
Non-current liabilities | (333) | (63,084) |
Total deferred income tax liabilities | $ 29,684 | $ (40,690) |
Income Taxes (Details 4)
Income Taxes (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Reconciliation of gross unrecognized tax benefits | |||
Beginning balance | $ 122,823 | $ 90,615 | $ 69,052 |
Additions based on positions related to current year | 7,193 | 26,431 | 20,036 |
Additions for tax positions in prior years | 8,369 | 5,844 | 1,878 |
Reductions for tax positions in prior years | (24,932) | (67) | (29) |
Expiration of statute of limitations | (6,972) | 0 | (322) |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | (3,303) | 0 | 0 |
Ending balance | $ 103,178 | $ 122,823 | $ 90,615 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Mar. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Dec. 29, 2018 | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | Apr. 02, 2016 | |
Valuation Allowance [Line Items] | |||||||||
U.S. statutory federal rate | 21.00% | 31.50% | 35.00% | ||||||
Income Taxes (Textual) | |||||||||
Valuation Allowance | $ 40,433 | $ 42,787 | $ 40,433 | $ 42,787 | |||||
Valuation Allowance, Deferred Tax Asset, Change in Amount | 2,400 | (9,700) | $ 1,600 | ||||||
Foreign jurisdiction exemption reduction, Dollar Amount | 34,600 | $ 7,900 | |||||||
Foreign jurisdiction exemption reduction, per share amount | $ 0.06 | ||||||||
Gross unrecognized tax benefits | 103,178 | 122,823 | 103,178 | $ 122,823 | 90,615 | $ 69,052 | |||
Unrecognized tax benefits, if recognized, would impact the effective tax rate | 99,100 | 118,700 | 99,100 | 118,700 | 84,400 | ||||
Additions for tax positions in prior years | 8,369 | 5,844 | 1,878 | ||||||
Interest and penalties expense (benefit) recognized related to uncertain tax positions | 200 | (2,500) | (2,100) | ||||||
Accrued interest and penalties related to unrecognized tax benefits | 4,400 | 4,600 | 4,400 | 4,600 | 7,100 | ||||
Long-term Tax Liability | 14,800 | $ 14,800 | |||||||
Period gross unrecognized tax benefits may be reduced | 12 months | ||||||||
Taxes Payable, Current | 41,600 | 60,000 | $ 41,600 | 60,000 | |||||
Income Taxes Receivable, Current | 6,200 | 6,200 | |||||||
Long-term income taxes payable | 5,700 | 5,700 | |||||||
Income tax expense (benefit) | (11,300) | $ (32,100) | (31,200) | $ 98,500 | (41,333) | 57,433 | 43,863 | ||
Deferred Income Tax Expense (Benefit) | (70,169) | (32,248) | (28,027) | ||||||
Tax settlement | 3,303 | 0 | 0 | ||||||
Tax rate changes | |||||||||
Income Taxes (Textual) | |||||||||
Valuation Allowance, Deferred Tax Asset, Change in Amount | (6,800) | ||||||||
Domestic deferred tax assets | |||||||||
Income Taxes (Textual) | |||||||||
Valuation Allowance | 39,300 | 40,800 | 39,300 | 40,800 | 32,300 | ||||
Foreign deferred tax assets | |||||||||
Income Taxes (Textual) | |||||||||
Valuation Allowance | 1,100 | $ 2,000 | 1,100 | 2,000 | 800 | ||||
Valuation Allowance, Deferred Tax Asset, Change in Amount | 500 | 5,200 | |||||||
State net operating losses and credits | |||||||||
Income Taxes (Textual) | |||||||||
Valuation Allowance, Deferred Tax Asset, Change in Amount | 1,500 | (1,900) | (2,800) | ||||||
Foreign net operating losses | |||||||||
Income Taxes (Textual) | |||||||||
Valuation Allowance, Deferred Tax Asset, Change in Amount | 900 | (1,000) | $ (800) | ||||||
State tax credits | |||||||||
Income Taxes (Textual) | |||||||||
Valuation Allowance, Deferred Tax Asset, Change in Amount | (500) | ||||||||
U.S. Tax Cuts and Jobs Act, Effective 2018 [Member] | |||||||||
Income Taxes (Textual) | |||||||||
Income tax expense (benefit) | $ (1,900) | 77,300 | |||||||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | 116,400 | ||||||||
Deferred Income Tax Expense (Benefit) | $ (39,100) | ||||||||
Measurement period adjustment, income tax expense (benefit) | 17,000 | ||||||||
Increase (decrease) in deferred tax assets | $ 15,100 | ||||||||
GILTI | |||||||||
Income Taxes (Textual) | |||||||||
Income tax expense (benefit) | 30,400 | ||||||||
U.S. Federal | |||||||||
Income Taxes (Textual) | |||||||||
Loss carryovers | 39,600 | 39,600 | |||||||
State | |||||||||
Income Taxes (Textual) | |||||||||
Loss carryovers | 105,200 | 105,200 | |||||||
Research Tax Credit Carryforward [Member] | |||||||||
Income Taxes (Textual) | |||||||||
Income tax credits | 127,600 | 127,600 | |||||||
State | |||||||||
Income Taxes (Textual) | |||||||||
Income tax credits | 64,900 | 64,900 | |||||||
NETHERLANDS | Foreign deferred tax assets | |||||||||
Income Taxes (Textual) | |||||||||
Loss carryovers | $ 5,100 | 5,100 | |||||||
Unremitted foreign earnings | GILTI | |||||||||
Income Taxes (Textual) | |||||||||
Income tax expense (benefit) | 70,800 | ||||||||
Additional foreign tax credits | GILTI | |||||||||
Income Taxes (Textual) | |||||||||
Income tax expense (benefit) | $ (40,400) | ||||||||
Basic | |||||||||
Income Taxes (Textual) | |||||||||
Foreign jurisdiction exemption reduction, per share amount | $ 0.28 | ||||||||
Diluted | |||||||||
Income Taxes (Textual) | |||||||||
Foreign jurisdiction exemption reduction, per share amount | $ 0.27 |
Net Loss Per Share (Details)
Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |||||||||
Numerator: | |||||||||||||||||||
Numerator for basic and diluted net (loss) income per share - net (loss) income available to common stockholders | $ 61,517 | [1],[2],[3] | $ 69,517 | [2],[3],[4] | $ 32,084 | [2],[3],[4] | $ (29,993) | [2],[3],[4],[5] | $ (12,501) | [2],[3],[4],[6],[7] | $ (33,082) | [3],[4],[7],[8] | $ 35,919 | [3],[4],[7] | $ (30,624) | [3],[4],[7] | $ 133,125 | $ (40,288) | $ (16,558) |
Denominator: | |||||||||||||||||||
Denominator for basic net (loss) income per share — weighted average shares | 124,534 | 126,946 | 127,121 | ||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||
Stock-based awards | 2,822 | 0 | 0 | ||||||||||||||||
Denominator for diluted net (loss) income per share — adjusted weighted average shares and assumed conversions | 127,356 | 126,946 | 127,121 | ||||||||||||||||
Basic net (loss) income per share | $ 0.51 | $ 0.56 | $ 0.26 | $ (0.24) | $ (0.10) | $ (0.26) | $ 0.28 | $ (0.24) | $ 1.07 | $ (0.32) | $ (0.13) | ||||||||
Diluted net (loss) income per share | $ 0.50 | $ 0.55 | $ 0.25 | $ (0.24) | $ (0.10) | $ (0.26) | $ 0.27 | $ (0.24) | $ 1.05 | $ (0.32) | $ (0.13) | ||||||||
[1] | Income tax benefit of $11.3 million for the fourth quarter of fiscal 2019 relates primarily to a discrete benefit for the recognition of a previously unrecognized tax benefit as a result of legislative guidance issued during the year (Note 12). | ||||||||||||||||||
[2] | The Company recorded losses on debt extinguishment of $33.4 million, $48.8 million, $1.8 million and $6.2 million in the first, second, third and fourth quarters of fiscal 2019, respectively. The Company recorded a loss on debt extinguishment of $0.9 million in the fourth quarter of fiscal 2018 (Note 8). | ||||||||||||||||||
[3] | The Company recorded restructuring expenses, including accelerated depreciation and impairment charges on certain property and equipment, of $2.8 million, $0.5 million, $19.5 million and $27.9 million in the first, second, third and fourth quarters of fiscal 2019, respectively. The Company recorded restructuring expenses, including impairment charges on certain property and equipment, of $0.5 million, $10.5 million, $15.2 million and $41.5 million in the first, second, third and fourth quarters of fiscal 2018, respectively (Note 11). | ||||||||||||||||||
[4] | The Company recorded start-up expenses of $5.3 million, $5.9 million and $6.8 million in the first, second and third quarters of fiscal 2019, respectively. The Company recorded start-up expenses of $6.6 million, $7.2 million, $5.4 million and $5.1 million in the first, second, third and fourth quarters of fiscal 2018, respectively. | ||||||||||||||||||
[5] | Income tax benefit of $32.1 million for the first quarter of fiscal 2019 relates primarily to a discrete provisional benefit for adjustments to a third quarter fiscal 2018 provisional estimate of the impact of the Tax Act (Note 12). | ||||||||||||||||||
[6] | Income tax benefit of $31.2 million for the fourth quarter of fiscal 2018 relates primarily to a discrete provisional benefit for adjustments to a third quarter fiscal 2018 provisional estimate of the impact of the Tax Act (Note 12). | ||||||||||||||||||
[7] | The Company recorded integration related expenses of $1.5 million, $1.8 million, $1.7 million and $1.2 million in the first, second, third and fourth quarters of fiscal 2018, respectively, associated with the Business Combination (Note 6). | ||||||||||||||||||
[8] | Income tax expense of $98.5 million for the third quarter of fiscal 2018 relates primarily to a discrete provisional tax expense related to the enactment of the Tax Act (Note 12). |
Net Loss Per Share (Details Tex
Net Loss Per Share (Details Textual) - shares shares in Millions | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Earnings Per Share [Abstract] | |||
Shares excluded from the computation of diluted shares outstanding | 0.3 | 3.7 | 4.8 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Mar. 30, 2019USD ($)$ / sharesshares | |
Summary of activity of the Company's director and employee stock option plans | |
Outstanding beginning balance, Shares | shares | 2,623 |
Outstanding beginning balance, Weighted-Average Exercise Price | $ / shares | $ 20.06 |
Granted, Shares | shares | 0 |
Granted, Weighted-Average Exercise Price | $ / shares | $ 0 |
Exercised, Shares | shares | (727) |
Exercised, Weighted-Average Exercise Price | $ / shares | $ 19.25 |
Canceled, Shares | shares | (8) |
Canceled, Weighted-Average Exercise Price | $ / shares | $ 16.82 |
Forfeited, Shares | shares | (2) |
Forfeited, Weighted-Average Exercise Price | $ / shares | $ 56.91 |
Outstanding ending balance, Shares | shares | 1,886 |
Outstanding ending balance, Weighted-Average Exercise Price | $ / shares | $ 20.36 |
Outstanding ending balance, Weighted-Average Remaining Contractual Term | 2 years 11 months 23 days |
Outstanding ending balance, Aggregate Intrinsic Value | $ | $ 96,925 |
Vested and expected to vest, Shares | shares | 1,886 |
Vested and expected to vest, Weighted-Average Exercise Price | $ / shares | $ 20.36 |
Vested and expected to vest, Weighted-Average Remaining Contractual Term | 2 years 11 months 23 days |
Vested and expected to vest, Aggregate Intrinsic Value | $ | $ 96,925 |
Options exercisable, Shares | shares | 1,886 |
Options exercisable, Weighted-Average Exercise Price Ending Balance | $ / shares | $ 20.34 |
Options exercisable, Weighted-Average Remaining Contractual Term Ending Balance | 2 years 11 months 23 days |
Options exercisable, Aggregate Intrinsic Value | $ | $ 96,925 |
Stock-Based Compensation (Det_2
Stock-Based Compensation (Details 2) shares in Thousands | 12 Months Ended |
Mar. 30, 2019$ / sharesshares | |
Restricted share plans | |
Balance at beginning balance, Shares | shares | 2,187 |
Balance at beginning balance, Weighted-Average Grant-Date Fair Value | $ / shares | $ 59.46 |
Granted, Shares | shares | 869 |
Granted, Weighted-Average Grant-Date Fair Value | $ / shares | $ 81.83 |
Vested, Shares | shares | (944) |
Vested, Weighted-Average Grant-Date Fair Value | $ / shares | $ 58.08 |
Forfeited, Shares | shares | (118) |
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares | $ 64.01 |
Balance at ending balance, Shares | shares | 1,994 |
Balance at ending balance, Weighted-Average Grant-Date Fair Value | $ / shares | $ 69.03 |
Stock-Based Compensation (Det_3
Stock-Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | Apr. 01, 2006 | |
Share-Based Compensation (Textual) | ||||
Number of shares available for grant or issuance | 5,597,000 | |||
Shares granted | 0 | |||
Stock-based compensation expense | $ 71,580 | $ 68,158 | $ 88,845 | |
Closing stock price | $ 71.73 | |||
Total intrinsic value of options exercised | $ 37,900 | 87,800 | 81,000 | |
Cash received from the exercise of stock options (excluding accrued unremitted employee funds) | $ 40,800 | |||
Annual forfeiture rate | 1.40% | |||
Total fair value of vested restricted stock units | $ 77,500 | $ 73,200 | $ 46,100 | |
Certain officers of the Company (Section 16 Officers) | ||||
Share-Based Compensation (Textual) | ||||
Shares granted | 200,000 | |||
Stock-based compensation expense | $ 21,800 | |||
Employee Stock Purchase Plan | ||||
Share-Based Compensation (Textual) | ||||
Number of shares available for grant or issuance | 4,100,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Percent of Market Price | 85.00% | |||
Period employees can acquire common stock | 6 months | |||
Shares issued under plan | 500,000 | 500,000 | 700,000 | |
2006 Directors' Stock Option Plan | ||||
Share-Based Compensation (Textual) | ||||
Number of shares available for grant or issuance | 0 | |||
Reserved additional shares of common stock | 300,000 | |||
1996 Stock Incentive Program - TriQuint | ||||
Share-Based Compensation (Textual) | ||||
Number of shares available for grant or issuance | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Percent of Market Price | 100.00% | |||
Expected term (in years) | 10 years | |||
2008 Inducement Award Plan - TriQuint | ||||
Share-Based Compensation (Textual) | ||||
Number of shares available for grant or issuance | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Percent of Market Price | 100.00% | |||
Expected term (in years) | 10 years | |||
2009 and 2012 Incentive Plans - TriQuint | ||||
Share-Based Compensation (Textual) | ||||
Number of shares available for grant or issuance | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Percent of Market Price | 100.00% | |||
Expected term (in years) | 10 years | |||
2013 Incentive Plan - Qorvo | ||||
Share-Based Compensation (Textual) | ||||
Number of shares available for grant or issuance | 2,100,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Percent of Market Price | 100.00% | |||
Expected term (in years) | 10 years | |||
2015 Inducement Stock Plan - Qorvo | ||||
Share-Based Compensation (Textual) | ||||
Number of shares available for grant or issuance | 300,000 | |||
Maximum number of shares of common stock to be issued under plan | 300,000 | |||
Maximum available options under the plan, description | The maximum number of shares issuable under the 2015 Inducement Plan may not exceed the sum of (a) 0.3 million shares, plus (b) any shares of common stock (i) remaining available for issuance as of the effective date of the 2015 Inducement Stock Plan under the TriQuint 2008 Inducement Award Plan and (ii) subject to an award granted under the TriQuint 2008 Inducement Award Plan, which awards are forfeited, canceled, terminated, expire or lapse for any reason. | |||
Shares granted | 0 | 0 | 0 | |
2012 Stock Incentive Plan - Qorvo | ||||
Share-Based Compensation (Textual) | ||||
Number of shares available for grant or issuance | 3,300,000 | |||
Maximum number of shares of common stock to be issued under plan | 4,300,000 | |||
2003 Stock Incentive Plan - RF Micro Devices | ||||
Share-Based Compensation (Textual) | ||||
Number of shares available for grant or issuance | 0 | |||
Performance-based restricted stock | 2012 Stock Incentive Plan - Qorvo | ||||
Share-Based Compensation (Textual) | ||||
Shares granted | 200,000 | |||
Restricted Stock | ||||
Share-Based Compensation (Textual) | ||||
Vesting period | 4 years | |||
Total remaining unearned compensation cost related to nonvested restricted stock unit | $ 74,000 | |||
Weighted-average remaining service period of unearned compensation costs related to nonvested restricted stock units | 1 year 2 months 10 days | |||
Performance and service-based restricted stock units | ||||
Share-Based Compensation (Textual) | ||||
Vesting percentage when earned | 50.00% | |||
Vesting period | 2 years | |||
Performance period 1 | ||||
Share-Based Compensation (Textual) | ||||
Vesting period | 1 year | |||
Performance period 2 | ||||
Share-Based Compensation (Textual) | ||||
Vesting period | 2 years | |||
Performance period 3 | ||||
Share-Based Compensation (Textual) | ||||
Vesting period | 3 years |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - shares shares in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Common stock reserved for future issuance | ||
Outstanding stock options under formal directors’ and employees’ stock option plans | 1,886 | 2,623 |
Possible future issuance under Company stock incentive plans | 5,597 | |
Employee stock purchase plan | 4,126 | |
Restricted stock-based units granted | 1,994 | 2,187 |
Total shares reserved | 13,603 |
Stockholders' Equity (Details T
Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Mar. 10, 2016 | Feb. 16, 2016 | Jul. 02, 2016 | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | May 23, 2018 | Nov. 03, 2016 | Nov. 05, 2015 |
Shareholders' Equity (Textual) | |||||||||
Share repurchase program, authorized amount | $ 397,900 | ||||||||
Stock Repurchased During Period, Shares | 9,095 | 2,929 | 4,084 | ||||||
Stock Repurchased During Period, Value | $ 638,074 | $ 219,907 | $ 209,357 | ||||||
Document Period End Date | Mar. 30, 2019 | ||||||||
Common stock reserved for future issuance | 13,603 | ||||||||
Common stock, shares authorized | 405,000 | 405,000 | |||||||
November 2016 Program | |||||||||
Shareholders' Equity (Textual) | |||||||||
Share repurchase program, authorized amount | $ 500,000 | ||||||||
Stock Repurchase Program, Authorized Amount rolled into new plan | $ 150,000 | ||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 126,300 | ||||||||
November 2015 Program | |||||||||
Shareholders' Equity (Textual) | |||||||||
Share repurchase program, authorized amount | $ 1,000,000 | ||||||||
Accelerated Share Repurchases, Settlement (Payment) or Receipt | $ 500,000 | ||||||||
Accelerated share repurchase, total shares received | 400 | 10,400 | |||||||
November 2015 Program | Collared Agreement [Member] | |||||||||
Shareholders' Equity (Textual) | |||||||||
Share repurchase program, authorized amount | $ 250,000 | ||||||||
Accelerated Share Repurchases, Shares Received | 2,000 | 3,100 | |||||||
Accelerated Share Repurchases, percent | 50.00% | ||||||||
Accelerated Share Repurchases, Initial Price Paid Per Share | $ 40.78 | ||||||||
November 2015 Program | Uncollared Agreement [Member] | |||||||||
Shareholders' Equity (Textual) | |||||||||
Share repurchase program, authorized amount | $ 250,000 | ||||||||
Accelerated Share Repurchases, Shares Received | 4,900 | ||||||||
Accelerated Share Repurchases, percent | 80.00% | ||||||||
Accelerated Share Repurchases, Initial Price Paid Per Share | $ 40.78 | ||||||||
May 2018 Program | |||||||||
Shareholders' Equity (Textual) | |||||||||
Share repurchase program, authorized amount | $ 1,000,000 |
Operating Segment and Geograp_3
Operating Segment and Geographical Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | ||
Revenue: | ||||||||||||
Revenues | $ 680,882 | $ 832,330 | $ 884,443 | $ 692,670 | $ 665,383 | $ 845,739 | $ 821,583 | $ 640,831 | $ 3,090,325 | $ 2,973,536 | $ 3,032,574 | |
Income from operations: | ||||||||||||
Income from operations | 216,466 | 70,282 | 88,059 | |||||||||
Interest expense | (43,963) | (59,548) | (58,879) | |||||||||
Interest income | 10,971 | 7,017 | 1,212 | |||||||||
Other expense (Note 8) | (91,682) | (606) | (3,087) | |||||||||
(Loss) income before income taxes | 91,792 | 17,145 | 27,305 | |||||||||
Operating Segments [Member] | MP [Member] | ||||||||||||
Revenue: | ||||||||||||
Revenues | 2,197,660 | 2,181,161 | 2,384,041 | |||||||||
Income from operations: | ||||||||||||
Income from operations | 558,990 | 549,574 | 554,001 | |||||||||
Operating Segments [Member] | IDP [Member] | ||||||||||||
Revenue: | ||||||||||||
Revenues | 892,665 | 788,495 | 644,653 | |||||||||
Income from operations: | ||||||||||||
Income from operations | 267,304 | 235,719 | 152,539 | |||||||||
All other | ||||||||||||
Revenue: | ||||||||||||
Revenues | [1] | 0 | 3,880 | 3,880 | ||||||||
Income from operations: | ||||||||||||
Income from operations | $ (609,828) | $ (715,011) | $ (618,481) | |||||||||
[1] | "All other" revenue relates to royalty income that was not allocated to MP or IDP for fiscal years 2018 and 2017. As a result of the adoption of ASU 2014-09, income related to a right-to-use license of intellectual property was recognized at a point-in-time and, therefore, was included as a transition adjustment impacting retained earnings. |
Operating Segment and Geograp_4
Operating Segment and Geographical Information (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Reconciliation of "All other" category: | ||||||||||
Stock-based compensation expense | $ (71,580) | $ (68,158) | $ (88,845) | |||||||
Amortization of intangible assets | (454,451) | (539,790) | (494,752) | |||||||
Start-up costs | $ (6,800) | $ (5,900) | $ (5,300) | $ (5,100) | $ (5,400) | $ (7,200) | $ (6,600) | |||
Asset impairment and accelerated depreciation | (15,901) | (46,315) | 0 | |||||||
Operating income | 216,466 | 70,282 | 88,059 | |||||||
All other | ||||||||||
Reconciliation of "All other" category: | ||||||||||
Stock-based compensation expense | (71,580) | (68,158) | (88,845) | |||||||
Amortization of intangible assets | (453,515) | (539,362) | (494,387) | |||||||
Acquisition and integration related costs | (8,522) | (10,561) | (25,391) | |||||||
Restructuring and disposal costs | (13,467) | (21,406) | (1,696) | |||||||
Start-up costs | (18,035) | (24,271) | (9,694) | |||||||
Asset impairment and accelerated depreciation | (37,246) | (38,000) | 0 | |||||||
Other expenses (including (gain) loss on assets and other miscellaneous corporate overhead) | (7,463) | (13,253) | 1,532 | |||||||
Operating income | $ (609,828) | $ (715,011) | $ (618,481) |
Operating Segment and Geograp_5
Operating Segment and Geographical Information (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | ||
Revenues from External Customers [Line Items] | ||||||||||||
Revenues | $ 680,882 | $ 832,330 | $ 884,443 | $ 692,670 | $ 665,383 | $ 845,739 | $ 821,583 | $ 640,831 | $ 3,090,325 | $ 2,973,536 | $ 3,032,574 | |
CHINA | ||||||||||||
Revenues from External Customers [Line Items] | ||||||||||||
Revenues | 1,747,955 | 1,539,730 | 1,866,028 | |||||||||
TAIWAN, PROVINCE OF CHINA | ||||||||||||
Revenues from External Customers [Line Items] | ||||||||||||
Revenues | 547,035 | 564,751 | 398,390 | |||||||||
United States | ||||||||||||
Revenues from External Customers [Line Items] | ||||||||||||
Revenues | 480,352 | 524,472 | 467,031 | |||||||||
Other Asia | ||||||||||||
Revenues from External Customers [Line Items] | ||||||||||||
Revenues | 151,293 | 224,781 | 176,677 | |||||||||
Europe | ||||||||||||
Revenues from External Customers [Line Items] | ||||||||||||
Revenues | 144,009 | 98,521 | 88,638 | |||||||||
Other | ||||||||||||
Revenues from External Customers [Line Items] | ||||||||||||
Revenues | 19,681 | 21,281 | 35,810 | |||||||||
Geographic Concentration Risk [Member] | Sales [Member] | United States | ||||||||||||
Revenues from External Customers [Line Items] | ||||||||||||
Revenues | 3,090,325 | 2,973,536 | 3,032,574 | |||||||||
All other | ||||||||||||
Revenues from External Customers [Line Items] | ||||||||||||
Revenues | [1] | $ 0 | $ 3,880 | $ 3,880 | ||||||||
[1] | "All other" revenue relates to royalty income that was not allocated to MP or IDP for fiscal years 2018 and 2017. As a result of the adoption of ASU 2014-09, income related to a right-to-use license of intellectual property was recognized at a point-in-time and, therefore, was included as a transition adjustment impacting retained earnings. |
Operating Segment and Geograp_6
Operating Segment and Geographical Information (Details 3) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Long-Lived Assets [Line Items] | ||
Long-lived tangible assets | $ 1,366,513 | $ 1,374,112 |
CHINA | ||
Long-Lived Assets [Line Items] | ||
Long-lived tangible assets | 216,342 | 217,205 |
Geographic Concentration Risk [Member] | Property, Plant and Equipment | United States | ||
Long-Lived Assets [Line Items] | ||
Long-lived tangible assets | 1,106,705 | 1,089,157 |
Geographic Concentration Risk [Member] | Property, Plant and Equipment | Other Countries | ||
Long-Lived Assets [Line Items] | ||
Long-lived tangible assets | $ 43,466 | $ 67,750 |
Subsequent Event (Details)
Subsequent Event (Details) $ in Millions | Apr. 10, 2019USD ($) |
Active-Semi | Announced | Subsequent event | |
Subsequent Event [Line Items] | |
Expected purchase price | $ 325 |
Consolidating Financial Infor_3
Consolidating Financial Information Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | Apr. 02, 2016 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Document Period End Date | Mar. 30, 2019 | |||
Cash and cash equivalents | $ 711,035 | $ 926,037 | ||
Accounts receivable, less allowance | 378,172 | 345,957 | ||
Intercompany receivables | 0 | 0 | ||
Inventories | 511,793 | 472,292 | ||
Prepaid expenses | 25,766 | 23,909 | ||
Other receivables | 21,934 | 44,795 | ||
Other current assets | 36,141 | 30,815 | ||
Total current assets | 1,684,841 | 1,843,805 | ||
Property and equipment, net (Notes 1 & 5) | 1,366,513 | 1,374,112 | ||
Goodwill | 2,173,889 | 2,173,889 | ||
Intangible assets, net (Notes 1, 6 & 7) | 408,210 | 860,336 | ||
Long-term Investments | 97,786 | 63,765 | ||
Long-term intercompany accounts and notes receivable | 0 | 0 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 | ||
Other Assets, Noncurrent | 76,785 | 65,612 | ||
Total assets | 5,808,024 | 6,381,519 | ||
Accounts payable | 233,307 | 213,193 | ||
Intercompany accounts and notes payable | 0 | 0 | ||
Accrued liabilities | 160,516 | 167,182 | ||
Other current liabilities | 41,791 | 60,904 | ||
Total current liabilities | 435,614 | 441,279 | ||
Long-term debt (Note 8) | 919,270 | 983,290 | ||
Deferred tax liabilities | 333 | 63,084 | ||
Long-term intercompany accounts and notes payable | 0 | 0 | ||
Other long-term liabilities | 93,128 | 118,302 | ||
Total liabilities | 1,448,345 | 1,605,955 | ||
Total stockholders’ equity | 4,359,679 | 4,775,564 | $ 4,896,722 | $ 4,999,672 |
Total liabilities and stockholders’ equity | 5,808,024 | 6,381,519 | ||
Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Accounts receivable, less allowance | 0 | 0 | ||
Intercompany receivables | 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 (Notes 1 & 5) | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net (Notes 1, 6 & 7) | 0 | 0 | ||
Long-term Investments | 0 | 0 | ||
Long-term intercompany accounts and notes receivable | 0 | 0 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 6,540,081 | 6,198,885 | ||
Other Assets, Noncurrent | 17,245 | 72,122 | ||
Total assets | 6,557,326 | 6,271,007 | ||
Accounts payable | 0 | 0 | ||
Intercompany accounts and notes payable | 0 | 0 | ||
Accrued liabilities | 11,174 | 23,102 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 11,174 | 23,102 | ||
Long-term debt (Note 8) | 919,270 | 983,290 | ||
Deferred tax liabilities | 0 | 0 | ||
Long-term intercompany accounts and notes payable | 1,267,203 | 489,051 | ||
Other long-term liabilities | 0 | 0 | ||
Total liabilities | 2,197,647 | 1,495,443 | ||
Total stockholders’ equity | 4,359,679 | 4,775,564 | ||
Total liabilities and stockholders’ equity | 6,557,326 | 6,271,007 | ||
Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 231,865 | 629,314 | ||
Accounts receivable, less allowance | 47,181 | 76,863 | ||
Intercompany receivables | 381,558 | 272,409 | ||
Inventories | 173,885 | 154,651 | ||
Prepaid expenses | 24,087 | 17,530 | ||
Other receivables | 5,121 | 5,959 | ||
Other current assets | 33,956 | 29,627 | ||
Total current assets | 897,653 | 1,186,353 | ||
Property and equipment, net (Notes 1 & 5) | 1,090,171 | 1,085,255 | ||
Goodwill | 1,122,629 | 1,121,941 | ||
Intangible assets, net (Notes 1, 6 & 7) | 214,348 | 395,317 | ||
Long-term Investments | 4,969 | 1,847 | ||
Long-term intercompany accounts and notes receivable | 1,239,474 | 543,127 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 2,321,170 | 2,388,222 | ||
Other Assets, Noncurrent | 46,784 | 31,011 | ||
Total assets | 6,937,198 | 6,753,073 | ||
Accounts payable | 95,089 | 78,278 | ||
Intercompany accounts and notes payable | 62,640 | 53,363 | ||
Accrued liabilities | 96,238 | 101,286 | ||
Other current liabilities | 0 | 3,882 | ||
Total current liabilities | 253,967 | 236,809 | ||
Long-term debt (Note 8) | 0 | 0 | ||
Deferred tax liabilities | 30,361 | 83,449 | ||
Long-term intercompany accounts and notes payable | 66,195 | 116,494 | ||
Other long-term liabilities | 46,594 | 62,417 | ||
Total liabilities | 397,117 | 499,169 | ||
Total stockholders’ equity | 6,540,081 | 6,253,904 | ||
Total liabilities and stockholders’ equity | 6,937,198 | 6,753,073 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 479,170 | 296,723 | ||
Accounts receivable, less allowance | 330,991 | 269,094 | ||
Intercompany receivables | 62,640 | 53,363 | ||
Inventories | 359,252 | 339,434 | ||
Prepaid expenses | 1,679 | 6,379 | ||
Other receivables | 16,813 | 38,836 | ||
Other current assets | 2,354 | 1,188 | ||
Total current assets | 1,252,899 | 1,005,017 | ||
Property and equipment, net (Notes 1 & 5) | 268,040 | 289,146 | ||
Goodwill | 1,051,260 | 1,051,948 | ||
Intangible assets, net (Notes 1, 6 & 7) | 193,862 | 465,019 | ||
Long-term Investments | 92,817 | 61,918 | ||
Long-term intercompany accounts and notes receivable | 93,923 | 116,494 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 | ||
Other Assets, Noncurrent | 28,234 | 32,516 | ||
Total assets | 2,981,035 | 3,022,058 | ||
Accounts payable | 138,218 | 134,915 | ||
Intercompany accounts and notes payable | 381,558 | 272,409 | ||
Accrued liabilities | 51,781 | 43,163 | ||
Other current liabilities | 41,960 | 57,022 | ||
Total current liabilities | 613,517 | 507,509 | ||
Long-term debt (Note 8) | 0 | 0 | ||
Deferred tax liabilities | 333 | 16,366 | ||
Long-term intercompany accounts and notes payable | 0 | 54,076 | ||
Other long-term liabilities | 46,534 | 55,885 | ||
Total liabilities | 660,384 | 633,836 | ||
Total stockholders’ equity | 2,320,651 | 2,388,222 | ||
Total liabilities and stockholders’ equity | 2,981,035 | 3,022,058 | ||
Eliminations and Reclassifications | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Accounts receivable, less allowance | 0 | 0 | ||
Intercompany receivables | (444,198) | (325,772) | ||
Inventories | (21,344) | (21,793) | ||
Prepaid expenses | 0 | 0 | ||
Other receivables | 0 | 0 | ||
Other current assets | (169) | 0 | ||
Total current assets | (465,711) | (347,565) | ||
Property and equipment, net (Notes 1 & 5) | 8,302 | (289) | ||
Goodwill | 0 | 0 | ||
Intangible assets, net (Notes 1, 6 & 7) | 0 | 0 | ||
Long-term Investments | 0 | 0 | ||
Long-term intercompany accounts and notes receivable | (1,333,397) | (659,621) | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | (8,861,251) | (8,587,107) | ||
Other Assets, Noncurrent | (15,478) | (70,037) | ||
Total assets | (10,667,535) | (9,664,619) | ||
Accounts payable | 0 | 0 | ||
Intercompany accounts and notes payable | (444,198) | (325,772) | ||
Accrued liabilities | 1,323 | (369) | ||
Other current liabilities | (169) | 0 | ||
Total current liabilities | (443,044) | (326,141) | ||
Long-term debt (Note 8) | 0 | 0 | ||
Deferred tax liabilities | (30,361) | (36,731) | ||
Long-term intercompany accounts and notes payable | (1,333,398) | (659,621) | ||
Other long-term liabilities | 0 | 0 | ||
Total liabilities | (1,806,803) | (1,022,493) | ||
Total stockholders’ equity | (8,860,732) | (8,642,126) | ||
Total liabilities and stockholders’ equity | $ (10,667,535) | $ (9,664,619) |
Consolidating Financial Infor_4
Consolidating Financial Information Condensed Consolidating Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |||||||||
Revenues | $ 680,882 | $ 832,330 | $ 884,443 | $ 692,670 | $ 665,383 | $ 845,739 | $ 821,583 | $ 640,831 | $ 3,090,325 | $ 2,973,536 | $ 3,032,574 | ||||||||
Cost of Goods and Services Sold | 1,895,142 | 1,826,570 | 1,897,062 | ||||||||||||||||
Gross Profit | 266,573 | [1] | 338,363 | [1] | 353,514 | 236,733 | 252,640 | 336,927 | 321,022 | 236,377 | 1,195,183 | 1,146,966 | 1,135,512 | ||||||
Operating Expenses [Abstract] | |||||||||||||||||||
Research and development | 450,482 | 445,103 | 470,836 | ||||||||||||||||
Selling, general and administrative | 476,074 | 527,751 | 545,588 | ||||||||||||||||
Other operating expense (income) | 52,161 | 103,830 | 31,029 | ||||||||||||||||
Total operating expenses | 978,717 | 1,076,684 | 1,047,453 | ||||||||||||||||
Income (loss) from operations | 216,466 | 70,282 | 88,059 | ||||||||||||||||
Interest expense | (43,963) | (59,548) | (58,879) | ||||||||||||||||
Interest income | 10,971 | 7,017 | 1,212 | ||||||||||||||||
Other expense (Note 8) | (91,682) | (606) | (3,087) | ||||||||||||||||
Income (loss) before income taxes | 91,792 | 17,145 | 27,305 | ||||||||||||||||
Income Tax (Benefit) Expense | 11,300 | 32,100 | 31,200 | (98,500) | 41,333 | (57,433) | (43,863) | ||||||||||||
Income in subsidiaries | 0 | 0 | 0 | ||||||||||||||||
Net income (loss) | $ 61,517 | [1],[2],[3] | $ 69,517 | [1],[3],[4] | $ 32,084 | [1],[3],[4] | $ (29,993) | [1],[3],[4],[5] | $ (12,501) | [1],[3],[4],[6],[7] | $ (33,082) | [1],[4],[7],[8] | $ 35,919 | [1],[4],[7] | $ (30,624) | [1],[4],[7] | 133,125 | (40,288) | (16,558) |
Comprehensive income (loss) | 129,253 | (38,734) | (17,731) | ||||||||||||||||
Parent Company [Member] | |||||||||||||||||||
Revenues | 0 | 0 | 0 | ||||||||||||||||
Cost of Goods and Services Sold | 0 | 0 | 0 | ||||||||||||||||
Gross Profit | 0 | 0 | 0 | ||||||||||||||||
Operating Expenses [Abstract] | |||||||||||||||||||
Research and development | 28,717 | 27,688 | 35,379 | ||||||||||||||||
Selling, general and administrative | 42,377 | 39,882 | 53,465 | ||||||||||||||||
Other operating expense (income) | 486 | 588 | 0 | ||||||||||||||||
Total operating expenses | 71,580 | 68,158 | 88,844 | ||||||||||||||||
Income (loss) from operations | (71,580) | (68,158) | (88,844) | ||||||||||||||||
Interest expense | (42,482) | (58,133) | (57,344) | ||||||||||||||||
Interest income | 0 | 0 | 0 | ||||||||||||||||
Other expense (Note 8) | (90,201) | (929) | 0 | ||||||||||||||||
Income (loss) before income taxes | (204,263) | (127,220) | (146,188) | ||||||||||||||||
Income Tax (Benefit) Expense | 49,642 | (26) | 46,003 | ||||||||||||||||
Income in subsidiaries | 287,746 | 86,958 | 83,627 | ||||||||||||||||
Net income (loss) | 133,125 | (40,288) | (16,558) | ||||||||||||||||
Comprehensive income (loss) | 129,253 | (38,734) | (17,731) | ||||||||||||||||
Guarantor Subsidiaries [Member] | |||||||||||||||||||
Revenues | 997,043 | 1,137,783 | 1,316,576 | ||||||||||||||||
Cost of Goods and Services Sold | 911,837 | 828,496 | 979,190 | ||||||||||||||||
Gross Profit | 85,206 | 309,287 | 337,386 | ||||||||||||||||
Operating Expenses [Abstract] | |||||||||||||||||||
Research and development | 13,914 | 54,663 | 40,918 | ||||||||||||||||
Selling, general and administrative | 206,604 | 248,601 | 253,531 | ||||||||||||||||
Other operating expense (income) | 39,729 | 89,454 | 16,065 | ||||||||||||||||
Total operating expenses | 260,247 | 392,718 | 310,514 | ||||||||||||||||
Income (loss) from operations | (175,041) | (83,431) | 26,872 | ||||||||||||||||
Interest expense | (2,106) | (2,340) | (2,619) | ||||||||||||||||
Interest income | 3,717 | 2,696 | 4,457 | ||||||||||||||||
Other expense (Note 8) | 455 | 973 | 426 | ||||||||||||||||
Income (loss) before income taxes | (172,975) | (82,102) | 29,136 | ||||||||||||||||
Income Tax (Benefit) Expense | 24,568 | (15,586) | (63,893) | ||||||||||||||||
Income in subsidiaries | 435,630 | 183,319 | 68,718 | ||||||||||||||||
Net income (loss) | 287,223 | 85,631 | 33,961 | ||||||||||||||||
Comprehensive income (loss) | 286,662 | 87,654 | 34,014 | ||||||||||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||||||||||
Revenues | 2,835,977 | 2,689,676 | 2,918,865 | ||||||||||||||||
Cost of Goods and Services Sold | 1,642,313 | 1,723,829 | 2,023,715 | ||||||||||||||||
Gross Profit | 1,193,664 | 965,847 | 895,150 | ||||||||||||||||
Operating Expenses [Abstract] | |||||||||||||||||||
Research and development | 414,571 | 382,109 | 416,869 | ||||||||||||||||
Selling, general and administrative | 305,060 | 349,739 | 370,812 | ||||||||||||||||
Other operating expense (income) | 11,470 | 13,463 | 8,409 | ||||||||||||||||
Total operating expenses | 731,101 | 745,311 | 796,090 | ||||||||||||||||
Income (loss) from operations | 462,563 | 220,536 | 99,060 | ||||||||||||||||
Interest expense | (971) | (1,505) | (3,129) | ||||||||||||||||
Interest income | 8,851 | 6,751 | 759 | ||||||||||||||||
Other expense (Note 8) | (1,936) | (642) | (1,999) | ||||||||||||||||
Income (loss) before income taxes | 468,507 | 225,140 | 94,691 | ||||||||||||||||
Income Tax (Benefit) Expense | (32,877) | (41,821) | (25,973) | ||||||||||||||||
Income in subsidiaries | 0 | 0 | 0 | ||||||||||||||||
Net income (loss) | 435,630 | 183,319 | 68,718 | ||||||||||||||||
Comprehensive income (loss) | 432,023 | 186,172 | 67,492 | ||||||||||||||||
Eliminations and Reclassifications | |||||||||||||||||||
Revenues | (742,695) | (853,923) | (1,202,867) | ||||||||||||||||
Cost of Goods and Services Sold | (659,008) | (725,755) | (1,105,843) | ||||||||||||||||
Gross Profit | (83,687) | (128,168) | (97,024) | ||||||||||||||||
Operating Expenses [Abstract] | |||||||||||||||||||
Research and development | (6,720) | (19,357) | (22,330) | ||||||||||||||||
Selling, general and administrative | (77,967) | (110,471) | (132,220) | ||||||||||||||||
Other operating expense (income) | 476 | 325 | 6,555 | ||||||||||||||||
Total operating expenses | (84,211) | (129,503) | (147,995) | ||||||||||||||||
Income (loss) from operations | 524 | 1,335 | 50,971 | ||||||||||||||||
Interest expense | 1,596 | 2,430 | 4,213 | ||||||||||||||||
Interest income | (1,597) | (2,430) | (4,004) | ||||||||||||||||
Other expense (Note 8) | 0 | (8) | (1,514) | ||||||||||||||||
Income (loss) before income taxes | 523 | 1,327 | 49,666 | ||||||||||||||||
Income Tax (Benefit) Expense | 0 | 0 | 0 | ||||||||||||||||
Income in subsidiaries | (723,376) | (270,277) | (152,345) | ||||||||||||||||
Net income (loss) | (722,853) | (268,950) | (102,679) | ||||||||||||||||
Comprehensive income (loss) | $ (718,685) | $ (273,826) | $ (101,506) | ||||||||||||||||
[1] | The Company recorded restructuring expenses, including accelerated depreciation and impairment charges on certain property and equipment, of $2.8 million, $0.5 million, $19.5 million and $27.9 million in the first, second, third and fourth quarters of fiscal 2019, respectively. The Company recorded restructuring expenses, including impairment charges on certain property and equipment, of $0.5 million, $10.5 million, $15.2 million and $41.5 million in the first, second, third and fourth quarters of fiscal 2018, respectively (Note 11). | ||||||||||||||||||
[2] | Income tax benefit of $11.3 million for the fourth quarter of fiscal 2019 relates primarily to a discrete benefit for the recognition of a previously unrecognized tax benefit as a result of legislative guidance issued during the year (Note 12). | ||||||||||||||||||
[3] | The Company recorded losses on debt extinguishment of $33.4 million, $48.8 million, $1.8 million and $6.2 million in the first, second, third and fourth quarters of fiscal 2019, respectively. The Company recorded a loss on debt extinguishment of $0.9 million in the fourth quarter of fiscal 2018 (Note 8). | ||||||||||||||||||
[4] | The Company recorded start-up expenses of $5.3 million, $5.9 million and $6.8 million in the first, second and third quarters of fiscal 2019, respectively. The Company recorded start-up expenses of $6.6 million, $7.2 million, $5.4 million and $5.1 million in the first, second, third and fourth quarters of fiscal 2018, respectively. | ||||||||||||||||||
[5] | Income tax benefit of $32.1 million for the first quarter of fiscal 2019 relates primarily to a discrete provisional benefit for adjustments to a third quarter fiscal 2018 provisional estimate of the impact of the Tax Act (Note 12). | ||||||||||||||||||
[6] | Income tax benefit of $31.2 million for the fourth quarter of fiscal 2018 relates primarily to a discrete provisional benefit for adjustments to a third quarter fiscal 2018 provisional estimate of the impact of the Tax Act (Note 12). | ||||||||||||||||||
[7] | The Company recorded integration related expenses of $1.5 million, $1.8 million, $1.7 million and $1.2 million in the first, second, third and fourth quarters of fiscal 2018, respectively, associated with the Business Combination (Note 6). | ||||||||||||||||||
[8] | Income tax expense of $98.5 million for the third quarter of fiscal 2018 relates primarily to a discrete provisional tax expense related to the enactment of the Tax Act (Note 12). |
Consolidating Financial Infor_5
Consolidating Financial Information Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Net Cash Provided by (Used in) Operating Activities | $ 810,364 | $ 852,520 | $ 776,820 |
Purchase of available-for-sale securities | (132,732) | 0 | (469) |
Proceeds from sales and maturities of available-for-sale debt securities | 133,132 | 0 | 186,793 |
Purchase of business, net of cash acquired (Note 6) | 0 | 0 | (117,994) |
Purchase of property and equipment | (220,937) | (269,835) | (552,702) |
Other investing | (27,017) | (7,574) | (5,976) |
Net transactions with related parties, investing | 0 | 0 | 0 |
Net cash used in investing activities | (247,554) | (277,409) | (490,348) |
Proceeds from debt issuances (Note 8) | 905,350 | 100,000 | 0 |
Repayments of Long-term Debt | (1,050,680) | (107,729) | 0 |
Proceeds from the issuance of common stock | 41,289 | 57,412 | 59,148 |
Repurchase of common stock, including transaction costs (Note 15) | (638,074) | (219,907) | (209,357) |
Tax withholding paid on behalf of employees for restricted stock units | (24,835) | (24,708) | (15,516) |
Other financing | (9,714) | (1,916) | 75 |
Net transactions with related parties | 0 | 0 | 0 |
Net cash used in financing activities | (776,664) | (196,848) | (165,650) |
Effect of Exchange Rate on Cash and Cash Equivalents | (1,166) | 2,360 | (1,105) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (215,020) | 380,623 | 119,717 |
Cash, cash equivalents and restricted cash at the beginning of the period | 926,402 | 545,779 | 426,062 |
Cash, cash equivalents and restricted cash at the end of the period | 711,382 | 926,402 | 545,779 |
Parent Company [Member] | |||
Net Cash Provided by (Used in) Operating Activities | 776,598 | 196,848 | 165,660 |
Purchase of available-for-sale securities | 0 | 0 | |
Proceeds from sales and maturities of available-for-sale debt securities | 0 | 0 | |
Purchase of business, net of cash acquired (Note 6) | 0 | ||
Purchase of property and equipment | 0 | 0 | 0 |
Other investing | 0 | 0 | 0 |
Net transactions with related parties, investing | 0 | 0 | 0 |
Net cash used in investing activities | 0 | 0 | 0 |
Proceeds from debt issuances (Note 8) | 905,350 | 100,000 | |
Repayments of Long-term Debt | (1,050,680) | (107,729) | |
Proceeds from the issuance of common stock | 41,289 | 57,412 | 59,148 |
Repurchase of common stock, including transaction costs (Note 15) | (638,074) | (219,907) | (209,357) |
Tax withholding paid on behalf of employees for restricted stock units | (24,835) | (24,708) | (15,516) |
Other financing | (9,648) | (1,916) | 65 |
Net transactions with related parties | 0 | 0 | 0 |
Net cash used in financing activities | (776,598) | (196,848) | (165,660) |
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | 0 |
Net (decrease) increase in cash, cash equivalents and restricted cash | 0 | 0 | 0 |
Cash, cash equivalents and restricted cash at the beginning of the period | 0 | 0 | 0 |
Cash, cash equivalents and restricted cash at the end of the period | 0 | 0 | 0 |
Guarantor Subsidiaries [Member] | |||
Net Cash Provided by (Used in) Operating Activities | (675,191) | 165,883 | 175,988 |
Purchase of available-for-sale securities | (132,732) | (469) | |
Proceeds from sales and maturities of available-for-sale debt securities | 133,132 | 186,793 | |
Purchase of business, net of cash acquired (Note 6) | 0 | ||
Purchase of property and equipment | (183,482) | (226,860) | (424,175) |
Other investing | (3,581) | 22,800 | 3,924 |
Net transactions with related parties, investing | 505,050 | 439,925 | 61,891 |
Net cash used in investing activities | 318,387 | 235,865 | (172,036) |
Proceeds from debt issuances (Note 8) | 0 | 0 | |
Repayments of Long-term Debt | 0 | 0 | |
Proceeds from the issuance of common stock | 0 | 0 | 0 |
Repurchase of common stock, including transaction costs (Note 15) | 0 | 0 | 0 |
Tax withholding paid on behalf of employees for restricted stock units | 0 | 0 | 0 |
Other financing | 0 | 0 | 14 |
Net transactions with related parties | (40,645) | 1,380 | 1,587 |
Net cash used in financing activities | (40,645) | 1,380 | 1,601 |
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | 0 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (397,449) | 403,128 | 5,553 |
Cash, cash equivalents and restricted cash at the beginning of the period | 629,314 | 226,186 | 220,633 |
Cash, cash equivalents and restricted cash at the end of the period | 231,865 | 629,314 | 226,186 |
Non-Guarantor Subsidiaries [Member] | |||
Net Cash Provided by (Used in) Operating Activities | 708,957 | 489,789 | 435,172 |
Purchase of available-for-sale securities | 0 | 0 | |
Proceeds from sales and maturities of available-for-sale debt securities | 0 | 0 | |
Purchase of business, net of cash acquired (Note 6) | (117,994) | ||
Purchase of property and equipment | (37,455) | (42,975) | (128,527) |
Other investing | (23,436) | (30,374) | (9,900) |
Net transactions with related parties, investing | 0 | (24,100) | 0 |
Net cash used in investing activities | (60,891) | (97,449) | (256,421) |
Proceeds from debt issuances (Note 8) | 0 | 0 | |
Repayments of Long-term Debt | 0 | 0 | |
Proceeds from the issuance of common stock | 0 | 0 | 0 |
Repurchase of common stock, including transaction costs (Note 15) | 0 | 0 | 0 |
Tax withholding paid on behalf of employees for restricted stock units | 0 | 0 | 0 |
Other financing | (66) | 0 | (4) |
Net transactions with related parties | (464,405) | (417,205) | (63,478) |
Net cash used in financing activities | (464,471) | (417,205) | (63,482) |
Effect of Exchange Rate on Cash and Cash Equivalents | (1,166) | 2,360 | (1,105) |
Net (decrease) increase in cash, cash equivalents and restricted cash | 182,429 | (22,505) | 114,164 |
Cash, cash equivalents and restricted cash at the beginning of the period | 297,088 | 319,593 | 205,429 |
Cash, cash equivalents and restricted cash at the end of the period | 479,517 | 297,088 | 319,593 |
Eliminations and Reclassifications | |||
Net Cash Provided by (Used in) Operating Activities | 0 | 0 | 0 |
Purchase of available-for-sale securities | 0 | 0 | |
Proceeds from sales and maturities of available-for-sale debt securities | 0 | 0 | |
Purchase of business, net of cash acquired (Note 6) | 0 | ||
Purchase of property and equipment | 0 | 0 | 0 |
Other investing | 0 | 0 | 0 |
Net transactions with related parties, investing | (505,050) | (415,825) | (61,891) |
Net cash used in investing activities | (505,050) | (415,825) | (61,891) |
Proceeds from debt issuances (Note 8) | 0 | 0 | |
Repayments of Long-term Debt | 0 | 0 | |
Proceeds from the issuance of common stock | 0 | 0 | 0 |
Repurchase of common stock, including transaction costs (Note 15) | 0 | 0 | 0 |
Tax withholding paid on behalf of employees for restricted stock units | 0 | 0 | 0 |
Other financing | 0 | 0 | 0 |
Net transactions with related parties | 505,050 | 415,825 | 61,891 |
Net cash used in financing activities | 505,050 | 415,825 | 61,891 |
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | 0 |
Net (decrease) increase in cash, cash equivalents and restricted cash | 0 | 0 | 0 |
Cash, cash equivalents and restricted cash at the beginning of the period | 0 | 0 | 0 |
Cash, cash equivalents and restricted cash at the end of the period | $ 0 | $ 0 | $ 0 |
Quarterly Financial Summary (_3
Quarterly Financial Summary (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |||||||||
Integration related costs | $ 1,200 | $ 1,700 | $ 1,800 | $ 1,500 | $ 6,200 | $ 16,900 | |||||||||||||
Restructuring costs | $ 27,900 | $ 19,500 | $ 500 | $ 2,800 | 41,500 | 15,200 | 10,500 | 500 | $ 50,700 | 67,700 | 2,100 | ||||||||
Start-up costs | 6,800 | 5,900 | 5,300 | 5,100 | 5,400 | 7,200 | 6,600 | ||||||||||||
Income tax expense (benefit) | (11,300) | (32,100) | (31,200) | 98,500 | (41,333) | 57,433 | 43,863 | ||||||||||||
Loss on extinguishment of debt | (6,200) | (1,800) | (48,800) | (33,400) | (900) | (90,201) | (928) | 0 | |||||||||||
Quarterly Financial Summary (Unaudited) | |||||||||||||||||||
Revenues | 680,882 | 832,330 | 884,443 | 692,670 | 665,383 | 845,739 | 821,583 | 640,831 | 3,090,325 | 2,973,536 | 3,032,574 | ||||||||
Gross profit | 266,573 | [1] | 338,363 | [1] | 353,514 | 236,733 | 252,640 | 336,927 | 321,022 | 236,377 | 1,195,183 | 1,146,966 | 1,135,512 | ||||||
Net income (loss) | $ 61,517 | [1],[2],[3] | $ 69,517 | [1],[3],[4] | $ 32,084 | [1],[3],[4] | $ (29,993) | [1],[3],[4],[5] | $ (12,501) | [1],[3],[4],[6],[7] | $ (33,082) | [1],[4],[7],[8] | $ 35,919 | [1],[4],[7] | $ (30,624) | [1],[4],[7] | $ 133,125 | $ (40,288) | $ (16,558) |
Net (loss) income per share: | |||||||||||||||||||
Basic | $ 0.51 | $ 0.56 | $ 0.26 | $ (0.24) | $ (0.10) | $ (0.26) | $ 0.28 | $ (0.24) | $ 1.07 | $ (0.32) | $ (0.13) | ||||||||
Diluted | $ 0.50 | $ 0.55 | $ 0.25 | $ (0.24) | $ (0.10) | $ (0.26) | $ 0.27 | $ (0.24) | $ 1.05 | $ (0.32) | $ (0.13) | ||||||||
[1] | The Company recorded restructuring expenses, including accelerated depreciation and impairment charges on certain property and equipment, of $2.8 million, $0.5 million, $19.5 million and $27.9 million in the first, second, third and fourth quarters of fiscal 2019, respectively. The Company recorded restructuring expenses, including impairment charges on certain property and equipment, of $0.5 million, $10.5 million, $15.2 million and $41.5 million in the first, second, third and fourth quarters of fiscal 2018, respectively (Note 11). | ||||||||||||||||||
[2] | Income tax benefit of $11.3 million for the fourth quarter of fiscal 2019 relates primarily to a discrete benefit for the recognition of a previously unrecognized tax benefit as a result of legislative guidance issued during the year (Note 12). | ||||||||||||||||||
[3] | The Company recorded losses on debt extinguishment of $33.4 million, $48.8 million, $1.8 million and $6.2 million in the first, second, third and fourth quarters of fiscal 2019, respectively. The Company recorded a loss on debt extinguishment of $0.9 million in the fourth quarter of fiscal 2018 (Note 8). | ||||||||||||||||||
[4] | The Company recorded start-up expenses of $5.3 million, $5.9 million and $6.8 million in the first, second and third quarters of fiscal 2019, respectively. The Company recorded start-up expenses of $6.6 million, $7.2 million, $5.4 million and $5.1 million in the first, second, third and fourth quarters of fiscal 2018, respectively. | ||||||||||||||||||
[5] | Income tax benefit of $32.1 million for the first quarter of fiscal 2019 relates primarily to a discrete provisional benefit for adjustments to a third quarter fiscal 2018 provisional estimate of the impact of the Tax Act (Note 12). | ||||||||||||||||||
[6] | Income tax benefit of $31.2 million for the fourth quarter of fiscal 2018 relates primarily to a discrete provisional benefit for adjustments to a third quarter fiscal 2018 provisional estimate of the impact of the Tax Act (Note 12). | ||||||||||||||||||
[7] | The Company recorded integration related expenses of $1.5 million, $1.8 million, $1.7 million and $1.2 million in the first, second, third and fourth quarters of fiscal 2018, respectively, associated with the Business Combination (Note 6). | ||||||||||||||||||
[8] | Income tax expense of $98.5 million for the third quarter of fiscal 2018 relates primarily to a discrete provisional tax expense related to the enactment of the Tax Act (Note 12). |