Cover Page
Cover Page - shares | 6 Months Ended | |
Sep. 28, 2019 | Oct. 23, 2019 | |
Cover page. | ||
Document Transition Report | false | |
Document Quarterly Report | true | |
Title of 12(b) Security | Common Stock, $0.0001 par value | |
Entity Current Reporting Status | Yes | |
Entity Incorporation, State or Country Code | DE | |
Entity Registrant Name | Qorvo, Inc. | |
City Area Code | 336 | |
Entity Central Index Key | 0001604778 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 28, 2019 | |
Entity File Number | 001-36801 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --03-28 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 116,174,131 | |
Entity Address, Address Line One | 7628 Thorndike Road | |
Local Phone Number | 664-1233 | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Trading Symbol | QRVO | |
Security Exchange Name | NASDAQ | |
Entity Tax Identification Number | 46-5288992 | |
Entity Address, City or Town | Greensboro | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 27409-9421 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 28, 2019 | Mar. 30, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 586,794 | $ 711,035 |
Accounts receivable, less allowance of $43 and $40 as of September 28, 2019 and March 30, 2019, respectively | 405,108 | 378,172 |
Inventories (Note 3) | 485,284 | 511,793 |
Prepaid expenses | 27,286 | 25,766 |
Other receivables | 14,137 | 21,934 |
Other current assets | 33,205 | 36,141 |
Total current assets | 1,551,814 | 1,684,841 |
Property and equipment, net of accumulated depreciation of $1,322,103 at September 28, 2019 and $1,218,507 at March 30, 2019 | 1,296,103 | 1,366,513 |
Goodwill (Note 4) | 2,305,136 | 2,173,889 |
Intangible assets, net (Note 4) | 451,788 | 408,210 |
Long-term investments (Note 5) | 97,549 | 97,786 |
Other non-current assets (Note 6) | 146,181 | 76,785 |
Total assets | 5,848,571 | 5,808,024 |
Current liabilities: | ||
Accounts payable | 213,936 | 233,307 |
Accrued liabilities | 172,345 | 160,516 |
Current portion of long-term debt | 4,233 | 80 |
Other current liabilities (Note 6) | 59,115 | 41,711 |
Total current liabilities | 449,629 | 435,614 |
Long-term debt (Note 7) | 1,016,063 | 920,935 |
Other long-term liabilities (Note 6) | 117,385 | 91,796 |
Total liabilities | 1,583,077 | 1,448,345 |
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; 116,294 and 119,063 shares issued and outstanding at September 28, 2019 and March 30, 2019, respectively | 4,471,656 | 4,687,455 |
Accumulated other comprehensive loss, net of tax | (7,658) | (6,624) |
Accumulated deficit | (198,504) | (321,152) |
Total stockholders’ equity | 4,265,494 | 4,359,679 |
Total liabilities and stockholders’ equity | $ 5,848,571 | $ 5,808,024 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 28, 2019 | Mar. 30, 2019 |
Statement of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 43 | $ 40 |
Property and equipment, accumulated depreciation | $ 1,322,103 | $ 1,218,507 |
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 | 116,294,000 | 119,063,000 |
Common stock, shares outstanding | 116,294,000 | 119,063,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |
Income Statement [Abstract] | ||||
Revenues | $ 806,698 | $ 884,443 | $ 1,582,296 | $ 1,577,113 |
Gross profit | 323,582 | 353,514 | 617,871 | 590,247 |
Cost of Goods and Services Sold | 483,116 | 530,929 | 964,425 | 986,866 |
Operating expenses: | ||||
Research and development | 115,614 | 116,748 | 234,534 | 227,651 |
Research and Development Expense | 115,614 | 116,748 | 234,534 | 227,651 |
Other operating expense (Notes 4 and 10) | 6,927 | 6,782 | 38,091 | 15,897 |
Selling, General and Administrative Expense | 88,274 | 139,507 | 177,253 | 275,437 |
Total operating expenses | 210,815 | 263,037 | 449,878 | 518,985 |
Income from operations | 112,767 | 90,477 | 167,993 | 71,262 |
Interest expense (Note 7) | (12,693) | (9,689) | (24,557) | (24,042) |
Interest Income | 2,292 | 1,580 | 5,238 | 4,974 |
Other expense (Note 7) | (300) | (49,532) | (1,411) | (81,487) |
Income (loss) before income taxes | 102,066 | 32,836 | 147,263 | (29,293) |
Income Tax Expense (Benefit) | (19,028) | (752) | (24,684) | 31,384 |
Net income | $ 83,038 | $ 32,084 | $ 122,579 | $ 2,091 |
Net income per share (Note 13): | ||||
Basic | $ 0.71 | $ 0.26 | $ 1.04 | $ 0.02 |
Diluted | $ 0.70 | $ 0.25 | $ 1.02 | $ 0.02 |
Weighted average shares of common stock outstanding (Note 13): | ||||
Basic | 117,294 | 125,643 | 117,945 | 125,859 |
Diluted | 119,429 | 128,550 | 120,196 | 128,977 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 83,038 | $ 32,084 | $ 122,579 | $ 2,091 |
Other comprehensive loss: | ||||
Unrealized gain on marketable securities, net of tax | 0 | 85 | 0 | 90 |
Foreign currency translation adjustment, including intra-entity foreign currency transactions that are of a long-term investment nature | (1,242) | (181) | (1,455) | (2,394) |
Reclassification adjustments, net of tax: | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 231 | 0 | 353 | 0 |
Amortization of pension actuarial loss | 34 | 24 | 68 | 48 |
Other comprehensive loss | (977) | (72) | (1,034) | (2,256) |
Total comprehensive income (loss) | $ 82,061 | $ 32,012 | $ 121,545 | $ (165) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Common Stock, Shares, Outstanding | 126,322 | |||
Stockholders' Equity Attributable to Parent | $ 4,775,564 | $ 5,237,085 | $ (2,752) | $ (458,769) |
Net income | 2,091 | 2,091 | ||
Other Comprehensive Income (Loss), Net of Tax | (2,256) | (2,256) | ||
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes Shares | 818 | |||
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes | $ (19,859) | $ (19,859) | 0 | 0 |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 249 | |||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 14,282 | $ 14,282 | ||
Cumulative-effect adoption of ASU 2016-02 | 4,492 | |||
Cumulative-effect adoption of ASU 2014-09 | 4,492 | |||
Stock Repurchased During Period, Shares | 2,343 | |||
Stock Repurchased During Period, Value | (186,682) | $ (186,682) | 0 | 0 |
Stock-based compensation | 44,505 | $ 44,505 | 0 | 0 |
Payments for Repurchase of Common Stock | 186,682 | |||
Common Stock, Shares, Outstanding | 125,598 | |||
Stockholders' Equity Attributable to Parent | 4,678,105 | $ 5,167,311 | (4,936) | (484,270) |
Net income | 32,084 | 32,084 | ||
Other Comprehensive Income (Loss), Net of Tax | (72) | (72) | ||
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes Shares | 552 | |||
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes | (15,284) | $ (15,284) | 0 | 0 |
Stock Repurchased During Period, Shares | 1,104 | |||
Stock Repurchased During Period, Value | (86,678) | $ (86,678) | 0 | 0 |
Stock-based compensation | 23,982 | $ 23,982 | 0 | 0 |
Common Stock, Shares, Outstanding | 125,046 | |||
Stockholders' Equity Attributable to Parent | $ 4,632,137 | $ 5,089,331 | (5,008) | (452,186) |
Common Stock, Shares, Outstanding | 119,063 | 119,063 | ||
Common stock and additional paid-in capital, $.0001 par value; 405,000 shares authorized; 116,294 and 119,063 shares issued and outstanding at September 28, 2019 and March 30, 2019, respectively | $ 4,687,455 | |||
Stockholders' Equity Attributable to Parent | 4,359,679 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (6,624) | |||
Retained Earnings (Accumulated Deficit) | (321,152) | |||
Net income | 122,579 | 122,579 | ||
Other Comprehensive Income (Loss), Net of Tax | (1,034) | (1,034) | ||
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes Shares | 837 | |||
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes | $ (15,609) | $ (15,609) | 0 | 0 |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 239 | |||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 14,948 | $ 14,948 | ||
Cumulative-effect adoption of ASU 2016-02 | 69 | 69 | ||
Stock Repurchased During Period, Shares | 3,845 | |||
Stock Repurchased During Period, Value | (265,105) | $ (265,105) | 0 | 0 |
Stock-based compensation | 49,967 | $ 49,967 | 0 | 0 |
Payments for Repurchase of Common Stock | 265,105 | |||
Common Stock, Shares, Outstanding | 117,943 | |||
Stockholders' Equity Attributable to Parent | 4,337,343 | $ 4,625,566 | (6,681) | (281,542) |
Net income | 83,038 | 83,038 | ||
Other Comprehensive Income (Loss), Net of Tax | (977) | (977) | ||
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes Shares | 652 | |||
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes | (12,033) | $ (12,033) | 0 | 0 |
Stock Repurchased During Period, Shares | (2,301) | |||
Stock Repurchased During Period, Value | (165,032) | $ (165,032) | 0 | 0 |
Stock-based compensation | $ 23,155 | $ 23,155 | 0 | 0 |
Common Stock, Shares, Outstanding | 116,294 | 116,294 | ||
Common stock and additional paid-in capital, $.0001 par value; 405,000 shares authorized; 116,294 and 119,063 shares issued and outstanding at September 28, 2019 and March 30, 2019, respectively | $ 4,471,656 | |||
Stockholders' Equity Attributable to Parent | 4,265,494 | $ 4,471,656 | $ (7,658) | $ (198,504) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (7,658) | |||
Retained Earnings (Accumulated Deficit) | $ (198,504) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 122,579 | $ 2,091 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 118,622 | 90,214 |
Intangible assets amortization (Note 4) | 114,837 | 266,708 |
Loss on debt extinguishment (Note 7) | 0 | (82,152) |
Deferred income taxes | (9,517) | (42,962) |
Stock-based compensation expense | 45,829 | 40,250 |
Other, net | 5,153 | (1,714) |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (20,990) | (145,874) |
Inventories | 41,874 | 556 |
Prepaid expenses and other current and non-current assets | 8,380 | 1,589 |
Accounts payable and accrued liabilities | (4,201) | 23,980 |
Income tax payable and receivable | 5,072 | (20,965) |
Other liabilities | 2,892 | (6,229) |
Net cash provided by operating activities | 430,530 | 289,796 |
Investing activities: | ||
Purchase of property and equipment | (88,338) | (113,666) |
Purchase of available-for-sale debt securities | 0 | (132,729) |
Purchase of a business, net of cash acquired (Note 4) | 299,673 | 0 |
Proceeds from sales and maturities of available-for-sale debt securities | 1,950 | 133,132 |
Other investing activities | (1,242) | (19,492) |
Net cash used in investing activities | (387,303) | (132,755) |
Financing activities: | ||
Repurchase of debt (Note 7) | 0 | (954,745) |
Proceeds from borrowings (Note 7) | 100,000 | 0 |
Proceeds from debt issuances (Note 7) | 0 | 631,300 |
Repurchase of common stock, including transaction costs (Note 8) | (265,105) | (186,682) |
Proceeds from the issuance of common stock | 20,205 | 18,406 |
Tax withholding paid on behalf of employees for restricted stock units | (20,545) | (24,181) |
Other financing activities | (832) | (7,057) |
Net cash used in financing activities | (166,277) | (522,959) |
Effect of exchange rate changes on cash | (1,091) | (2,216) |
Net decrease in cash, cash equivalents and restricted cash | (124,141) | (368,134) |
Cash, cash equivalents and restricted cash at the beginning of the period | 711,382 | 926,402 |
Cash, cash equivalents and restricted cash at the end of the period | 587,241 | 558,268 |
Capital expenditure adjustments included in accounts payable and accrued liabilities | 30,052 | 44,634 |
Cash and cash equivalents | 586,794 | 557,924 |
Restricted Cash | $ 447 | $ 344 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 6 Months Ended |
Sep. 28, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES The accompanying Condensed Consolidated Financial Statements of Qorvo, Inc. and Subsidiaries (together, the "Company" or "Qorvo") have been prepared in conformity with accounting principles generally accepted in the United States ("U.S. GAAP"). The preparation of these financial statements requires management to make estimates and assumptions, which could differ materially from actual results. In addition, certain information or footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed, or omitted, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, the financial statements include all adjustments (which are of a normal and recurring nature) necessary for the fair presentation of the results of the interim periods presented. These Condensed Consolidated Financial Statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in Qorvo’s Annual Report on Form 10-K for the fiscal year ended March 30, 2019 . The Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain items in the fiscal 2019 financial statements have been reclassified to conform with the fiscal 2020 presentation. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Sep. 28, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS The Company assesses recently issued accounting standards by the Financial Accounting Standards Board ("FASB") to determine the expected impacts on the Company's financial statements. The summary below describes impacts from newly issued standards as well as material updates to our previous assessments, if any, from Qorvo’s Annual Report on Form 10-K for the fiscal year ended March 30, 2019 . In February 2016, the FASB issued Accounting Standards Update 2016-02, "Leases (Topic 842) , " with multiple amendments subsequently issued. The new guidance requires 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. The Company adopted the standard in the first quarter of fiscal 2020, using the modified retrospective approach which permits lessees to recognize a cumulative-effect adjustment to the opening balance of accumulated deficit in the period of adoption. Upon adoption, the Company recorded a right-of-use asset of $70.7 million and a lease liability of $75.0 million . The difference between the right-of-use asset and lease liability is primarily attributed to a deferred rent liability which existed under Accounting Standards Codification ("ASC") 840, "Leases . " The Company elected the transition package of practical expedients, under which the Company does not have to reassess (1) whether any expired or existing contracts are leases, or contain leases, (2) the lease classification for any expired or existing leases, and (3) initial direct costs for any existing leases. Further, the Company elected the practical expedient not to separate lease and non-lease components for substantially all of its classes of leases and to account for the combined lease and non-lease components as a single lease component. In addition, the Company made an accounting policy election to exclude leases with an initial term of 12 months or less from the balance sheet. The adoption of this standard resulted in a cumulative-effect adjustment to accumulated deficit of less than $0.1 million . This standard did not have a material impact on the Condensed Consolidated Statement of Income or Condensed Consolidated Statement of Cash Flows. See Note 6 |
Inventories
Inventories | 6 Months Ended |
Sep. 28, 2019 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES The components of inventories, net of reserves, are as follows (in thousands): September 28, 2019 March 30, 2019 Raw materials $ 106,500 $ 118,608 Work in process 259,031 272,469 Finished goods 119,753 120,716 Total inventories $ 485,284 $ 511,793 |
Business Acquisition
Business Acquisition | 6 Months Ended |
Sep. 28, 2019 | |
Business Combinations [Abstract] | |
BUSINESS ACQUISITION | On May 6, 2019 , the Company completed its acquisition of Active-Semi International, Inc. ("Active-Semi"), a private fabless supplier of programmable analog power solutions. The acquisition expanded the Company's product offerings for existing customers and new customers in power management markets. The purchase price of $309.5 million was allocated to Active-Semi's net tangible assets (approximately $19.8 million ) and intangible assets (approximately $158.4 million ) based on their estimated fair values as of May 6, 2019. The excess of the purchase price over the value of the net tangible assets and intangible assets resulted in goodwill of approximately $131.2 million . The more significant intangible assets acquired included developed technology of $76.7 million (being amortized over 5 to 9 years), customer relationships of $40.9 million (being amortized over 5 years) and in-process research and development ("IPRD") of $40.6 million . During the six months ended September 28, 2019 , $31.0 million of IPRD assets were completed, transferred to finite-lived intangible assets, and are being amortized over their useful lives of 5 to 7 years. The IPRD remaining as of September 28, 2019 is expected to be completed during fiscal 2021 with remaining costs to complete of less than $2.0 million . The Company will continue to evaluate certain assets, liabilities and tax estimates that are subject to change within the measurement period (up to one year from the acquisition date). The Company recorded postcombination compensation expense as well as other acquisition and integration related costs during the three and six months ended September 28, 2019 of $1.7 million and $23.0 million , respectively, in "Other operating expense" in the Condensed Consolidated Statements of Income. In addition, the Company recorded acquisition and integration related costs during the three and six months ended September 28, 2019 of $3.5 million and $4.2 million , respectively, in "Cost of goods sold" in the Condensed Consolidated Statements of Income. The change in the carrying amount of goodwill for the six months ended September 28, 2019 , is as follows (in thousands): Mobile Products Infrastructure and Defense Products Total Balance as of March 30, 2019 $ 1,751,503 $ 422,386 $ 2,173,889 Goodwill resulting from Active-Semi acquisition — 131,247 131,247 Balance as of September 28, 2019 $ 1,751,503 $ 553,633 $ 2,305,136 The following summarizes information regarding the gross carrying amounts and accumulated amortization of intangible assets (in thousands): September 28, 2019 March 30, 2019 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Intangible assets: Developed technology $ 871,872 $ 557,626 $ 1,246,335 $ 960,793 Customer relationships 426,522 309,864 1,272,725 1,161,735 Trade names 200 167 29,391 29,391 Technology licenses 3,205 1,954 14,704 13,026 Non-compete agreement — — 1,026 1,026 IPRD 19,600 N/A 10,000 N/A Total $ 1,321,399 $ 869,611 $ 2,574,181 $ 2,165,971 In the first quarter of each fiscal year, the Company removes the fully amortized balances from the gross asset and accumulated amortization amounts of those intangible assets that were fully amortized as of the prior fiscal year end. Total intangible assets amortization expense was $56.4 million and $114.8 million , respectively, for the three and six months ended September 28, 2019 , and $133.4 million and $266.7 million , respectively, for the three and six months ended September 29, 2018 |
Investments and Fair Value Meas
Investments and Fair Value Measurements | 6 Months Ended |
Sep. 28, 2019 | |
Investments and Fair Value Measurements [Abstract] | |
INVESTMENTS AND FAIR VALUE MEASUREMENTS | INVESTMENTS AND FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements The fair value of the financial assets measured at fair value on a recurring basis was determined using the following levels of inputs as of September 28, 2019 and March 30, 2019 (in thousands): Total Quoted Prices In Significant Other September 28, 2019 Assets Marketable equity securities $ 979 $ 979 $ — Invested funds in deferred compensation plan (1) 20,541 20,541 — Total assets measured at fair value $ 21,520 $ 21,520 $ — Liabilities Deferred compensation plan obligation (1) $ 20,541 $ 20,541 $ — Total liabilities measured at fair value $ 20,541 $ 20,541 $ — March 30, 2019 Assets Money market funds $ 13 $ 13 $ — Marketable equity securities 901 901 — Auction rate securities (2) 1,950 — 1,950 Invested funds in deferred compensation plan (1) 18,737 18,737 — Total assets measured at fair value $ 21,601 $ 19,651 $ 1,950 Liabilities Deferred compensation plan obligation (1) $ 18,737 $ 18,737 $ — Total liabilities measured at fair value $ 18,737 $ 18,737 $ — (1) The Company's non-qualified deferred compensation plan provides eligible employees and members of the Board of Directors with the opportunity to defer a specified percentage of their cash compensation. The Company includes the assets deferred by the participants in the “Other current assets” and “Other non-current assets” line items of its Condensed Consolidated Balance Sheets and the Company's obligation to deliver the deferred compensation in the "Other current liabilities" and “Other long-term liabilities” line items of its Condensed Consolidated Balance Sheets. (2) The Company's Level 2 auction rate securities were debt instruments with interest rates that reset through periodic short-term auctions and were valued based on quoted prices for identical or similar instruments in markets that were not active. During the first quarter of fiscal 2020, the Company sold its auction rate securities at par value. As of September 28, 2019 and March 30, 2019 , the Company did not have any Level 3 assets or liabilities. Equity Investment Without a Readily Determinable Fair Value As of September 28, 2019 , the Company has invested $60.0 million to acquire preferred shares of Cavendish Kinetics Limited (“Cavendish”). 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 ASC 321, "Investments - Equity Securities . " As of September 28, 2019 , there was no impairment or observable price change for this investment. This investment is classified in "Long-term investments" in the Condensed Consolidated Balance Sheets. See Note 15 for additional disclosures related to the subsequent acquisition of the entire issued and outstanding capital of Cavendish. 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 Condensed 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 income (expense)" in the Condensed Consolidated Statements of Income (equity securities). 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 7 for further disclosures related to the fair value of the Company's debt. |
Leases
Leases | 6 Months Ended |
Sep. 28, 2019 | |
Leases [Abstract] | |
Leases | LEASES The Company leases certain of its corporate, manufacturing and other facilities from multiple third-party real estate developers. The Company also leases various machinery and office equipment. These operating leases expire at various dates through 2036, and some of these leases have renewal options, with the longest ranging up to two, ten-year periods. In fiscal 2018, the Company entered into a finance lease which is expected to commence in fiscal 2021 and is not recorded in the Condensed Consolidated Balance Sheet as of September 28, 2019 . The Company’s other finance lease, which is classified in "Property and equipment" in the Condensed Consolidated Balance Sheets, is immaterial for disclosure. The Company determines that a contract contains a lease at lease inception if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. In evaluating whether the right to control an identified asset exists, the Company assesses whether it has the right to direct the use of the identified asset and obtain substantially all of the economic benefit from the use of the identified asset. Right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The Company uses its estimated incremental borrowing rate in determining the present value of lease payments considering the term of the lease, which is derived from information available at the lease commencement date. The lease term includes renewal options when it is reasonably certain that the option will be exercised, and excludes termination options. To the extent that the Company's agreements have variable lease payments, the Company includes variable lease payments that depend on an index or a rate and excludes those that depend on facts or circumstances occurring after the commencement date, other than the passage of time. The components of lease expense for operating leases for the three and six months ended September 28, 2019 , are as follows: September 28, 2019 Three Months Ended Six Months Ended Operating lease expense $ 3,963 $ 7,417 Short-term lease expense 1,187 3,152 Variable lease expense 1,181 1,595 Total lease expense $ 6,331 $ 12,164 Supplemental cash information and non-cash activities related to operating leases are as follows (in thousands): Six Months Ended September 28, 2019 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 8,377 Non-cash activities: Operating lease assets obtained in exchange for new lease liabilities $ 2,486 Supplemental balance sheet information related to operating leases is as follows (in thousands): Classification on the Condensed Consolidated Balance Sheet September 28, 2019 Assets Operating lease assets Other non-current assets $ 61,693 Liabilities Operating lease current liabilities Other current liabilities $ 12,965 Operating lease non-current liabilities Other long-term liabilities $ 56,923 Weighted-average remaining lease term and discount rate related to operating leases are as follows: September 28, 2019 Weighted-average remaining lease term (years) - operating leases 8.70 Weighted-average discount rate - operating leases 4.24 % Maturities of lease liabilities under operating leases by fiscal year as of September 28, 2019 are as follows (in thousands): September 28, 2019 2020 $ 7,575 2021 14,980 2022 11,823 2023 9,167 2024 7,802 Thereafter 32,011 Total lease payments 83,358 Less imputed interest (13,470 ) Present value of lease liabilities $ 69,888 |
Debt
Debt | 6 Months Ended |
Sep. 28, 2019 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Long-term debt as of September 28, 2019 and March 30, 2019 is as follows (in thousands): September 28, 2019 March 30, 2019 Term loan $ 100,000 $ — 7.00% senior notes due 2025 23,404 23,404 5.50% senior notes due 2026 900,000 900,000 Finance leases 2,123 1,745 Less unamortized premium and issuance costs (5,231 ) (4,134 ) Less current portion of long-term debt (4,233 ) (80 ) Total long-term debt $ 1,016,063 $ 920,935 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 fiscal years 2018 and 2019, the Company retired all of the issued and outstanding 2023 Notes and $526.6 million of the 2025 Notes. During the three and six months ended September 29, 2018 , the Company recognized a loss on debt extinguishment of $48.8 million and $82.2 million , respectively, as "Other expense" in the Condensed Consolidated Statements of Income in connection with certain purchases of the 2023 Notes and the 2025 Notes. As of September 28, 2019 , an aggregate principal amount of $23.4 million of the 2025 Notes remained outstanding. 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. The Company paid no interest on the 2025 Notes during the three months ended September 28, 2019 and paid interest of $0.8 million on the 2025 Notes during the six months ended September 28, 2019 . Interest paid on the 2023 Notes and the 2025 Notes during the three and six months ended September 29, 2018 was $7.3 million and $41.5 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 (such indenture and supplemental indentures, collectively, the "2018 Indenture"). 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. In connection with the offerings of the 2026 Notes, the Company agreed to provide the holders of the 2026 Notes with an opportunity to exchange the 2026 Notes for registered notes having terms substantially identical to the 2026 Notes. On June 25, 2019, the Company completed the exchange offer, in which all of the privately placed 2026 Notes were exchanged for new notes that have been registered under the Securities Act of 1933, as amended (the "Securities Act"). Interest is payable on the 2026 Notes on January 15 and July 15 of each year at a rate of 5.50% per annum. Interest paid on the 2026 Notes during the three and six months ended September 28, 2019 was $24.8 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"). 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 subsequently repaid in March 2018). On June 17, 2019, the Company drew $100.0 million of the Term Loan, with the remaining $200.0 million available, at the discretion of the Company, in a final draw. Subsequent amendments to the Credit Agreement have, among other things, extended the delayed draw availability period to December 31, 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 the six months ended September 28, 2019 , there were no borrowings under the Revolving Facility. Interest paid on the Term Loan during the three and six months ended September 28, 2019 was $0.9 million . The Credit Agreement contains various conditions, covenants and representations with which the Company must be in compliance in order to borrow funds and to avoid an event of default. As of September 28, 2019 , the Company was in compliance with these covenants. Fair Value of Debt The Company's debt is carried at amortized cost and is measured at fair value quarterly for disclosure purposes. The estimated fair value of the 2025 Notes and the 2026 Notes as of September 28, 2019 was $25.1 million and $954.8 million , respectively (compared to a carrying value of $23.4 million and $900.0 million , respectively). The estimated fair value of the 2025 Notes and the 2026 Notes as of March 30, 2019 was $25.8 million and $929.3 million , respectively. The Company considers its 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. The Company had no outstanding amounts under the Revolving Facility as of September 28, 2019 . The Term Loan carries a variable interest rate set at current market rates, and as such, the fair value of the Term Loan approximated book value as of September 28, 2019 . Interest Expense During the three and six months ended September 28, 2019 , the Company recognized $13.6 million and $26.5 million , respectively, of interest expense related to the 2025 Notes, the 2026 Notes and the Term Loan, which was partially offset by $1.3 million and $3.0 million , respectively, of interest capitalized to property and equipment. During the three and six months ended September 29, 2018 , the Company recognized $10.9 million and $28.0 million , respectively, of interest expense related to the 2023 Notes, the 2025 Notes and the 2026 Notes, which was partially offset by $1.8 million and $5.3 million |
Stock Repurchases
Stock Repurchases | 6 Months Ended |
Sep. 28, 2019 | |
Equity [Abstract] | |
STOCK REPURCHASES | STOCK REPURCHASES 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 prior program which was terminated concurrent with the new authorization. Under this program, share repurchases are 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 depends 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. During the three and six months ended September 28, 2019 , the Company repurchased approximately 2.3 million shares and 3.8 million shares, respectively, of its common stock for approximately $165.0 million and $265.1 million , respectively. As of September 28, 2019 , $132.8 million remains available for repurchases under the current share repurchase program. See Note 15 for information regarding the new share repurchase program which was announced by the Company on October 31, 2019. During the three and six months ended September 29, 2018 , the Company repurchased approximately 1.1 million shares and 2.3 million shares, respectively, of its common stock for approximately $86.7 million and $186.7 million , respectively. |
Revenue
Revenue | 6 Months Ended |
Sep. 28, 2019 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE The following table presents the Company's revenue disaggregated by geography, based on the location of the customers' headquarters (in thousands): Three Months Ended Six Months Ended September 28, 2019 September 29, 2018 September 28, 2019 September 29, 2018 United States $ 452,926 $ 423,844 $ 720,422 $ 693,298 China 199,945 304,115 561,088 588,273 Other Asia 78,606 60,438 148,615 113,930 Taiwan 38,044 54,199 79,033 106,895 Europe 37,177 41,847 73,138 74,717 Total revenue $ 806,698 $ 884,443 $ 1,582,296 $ 1,577,113 During the first quarter of fiscal 2020, the Company changed its presentation of net revenue based on the "sold to" address of the customer to the above presentation of net revenue based on the location of the customers' headquarters. The September 29, 2018 information above has been reclassified to reflect this change. The Company believes that the disaggregation of revenue based on the location of the customers' headquarters is more representative of how its revenue and cash flows are impacted by geographically-sensitive changes in economic factors. The Company also disaggregates revenue by operating segments (see Note 11 ). |
Restructuring
Restructuring | 6 Months Ended |
Sep. 28, 2019 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING | RESTRUCTURING 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 expects to record total restructuring charges of approximately $95.0 million , including accelerated depreciation of $49.0 million (to reflect changes in estimated useful lives of certain property and equipment), impairment charges of $16.0 million (to adjust the carrying value of certain property and equipment to reflect its fair value), employee termination benefits of $16.0 million , and other exit costs of $14.0 million . As of the end of the second quarter of fiscal 2020, the Company has recorded cumulative expenses of approximately $42.9 million , $16.0 million , $12.3 million and $6.9 million for accelerated depreciation, impairment charges, employee termination benefits and other exit costs, respectively, as a result of these restructuring actions (which are expected to be substantially completed by the end of fiscal 2020). During fiscal 2018, the Company initiated restructuring actions to improve operating efficiencies. As of the end of the second quarter of fiscal 2020, the Company has recorded cumulative expenses of $46.3 million , $23.4 million and $0.2 million for impairment charges, employee termination benefits and other exit costs, respectively, as a result of these restructuring actions. The Company believes these amounts approximate the total costs to be recognized as these restructuring actions are substantially complete. In addition, the Company recorded immaterial restructuring expenses in the three and six months ended September 28, 2019 and September 29, 2018 , related to exited leased facilities associated with other restructuring events. The Company does not allocate restructuring costs to its reportable segments. The following table summarizes the restructuring activity primarily resulting from these restructuring events: Three Months Ended September 28, 2019 Three Months Ended September 29, 2018 Cost of Goods Sold Other Operating Expense Total Cost of Goods Sold Other Operating Expense Total One-time employee termination benefits $ — $ 1,414 $ 1,414 $ — $ 497 $ 497 Contract termination and other associated costs 1,035 1,414 2,449 — 13 13 Accelerated depreciation 5,578 — 5,578 — — — Total $ 6,613 $ 2,828 $ 9,441 $ — $ 510 $ 510 Six Months Ended September 28, 2019 Six Months Ended September 29, 2018 Cost of Goods Sold Other Operating Expense Total Cost of Goods Sold Other Operating Expense Total One-time employee termination benefits $ — $ 4,809 $ 4,809 $ — $ 3,135 $ 3,135 Contract termination and other associated costs 2,870 4,215 7,085 — 177 177 Accelerated depreciation 21,516 — 21,516 — — — Total $ 24,386 $ 9,024 $ 33,410 $ — $ 3,312 $ 3,312 The following table presents a roll-forward of the Company's restructuring liabilities for the six months ended September 28, 2019 : One-Time Employee Termination Benefits Accelerated Depreciation Contract Termination and Other Associated Costs Total Accrued restructuring balance as of March 30, 2019 $ 6,988 $ — $ 1,626 $ 8,614 Costs incurred and charged to expense 4,809 21,516 7,085 33,410 Transfer to right-of-use asset — — (1,248 ) (1,248 ) Cash payments (5,115 ) — (4,269 ) (9,384 ) Non-cash activity — (21,516 ) (2,870 ) (24,386 ) Accrued restructuring balance as of September 28, 2019 $ 6,682 $ — $ 324 $ 7,006 |
Operating Segment Information
Operating Segment Information | 6 Months Ended |
Sep. 28, 2019 | |
Segment Reporting [Abstract] | |
OPERATING SEGMENT INFORMATION | OPERATING SEGMENT INFORMATION The Company's operating segments as of September 28, 2019 are Mobile Products (MP) and Infrastructure and Defense Products (IDP) based on the organizational structure and information reviewed by the Company's Chief Executive Officer, who is the Company's chief operating decision maker ("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 radio frequency ("RF") and Wi-Fi solutions for a variety of mobile devices, including smartphones, wearables, laptops, tablets and cellular-based applications for the Internet of Things ("IoT"). IDP is a global supplier of RF, system-on-a-chip and power management solutions for cellular base station, smart home, IoT and other wireless communications, defense, automotive and multiple analog power management 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 segments and a reconciliation of the “All other” category (in thousands): Three Months Ended Six Months Ended September 28, September 29, September 28, September 29, Revenue: MP $ 623,106 $ 666,539 $ 1,179,359 $ 1,152,618 IDP 183,592 217,904 402,937 424,495 Total revenue $ 806,698 $ 884,443 $ 1,582,296 $ 1,577,113 Operating income (loss): MP $ 193,431 $ 196,948 $ 333,366 $ 286,119 IDP 14,969 56,311 65,093 111,515 All other (95,633 ) (162,782 ) (230,466 ) (326,372 ) Operating income 112,767 90,477 167,993 71,262 Interest expense (12,693 ) (9,689 ) (24,557 ) (24,042 ) Interest income 2,292 1,580 5,238 4,974 Other expense (Note 7) (300 ) (49,532 ) (1,411 ) (81,487 ) Income (loss) before income taxes $ 102,066 $ 32,836 $ 147,263 $ (29,293 ) Three Months Ended Six Months Ended September 28, September 29, September 28, September 29, Reconciliation of “All other” category: Stock-based compensation expense $ (20,876 ) $ (20,905 ) $ (45,829 ) $ (40,250 ) Amortization of intangible assets (56,288 ) (133,116 ) (114,470 ) (266,291 ) Acquisition and integration related costs (7,549 ) (1,098 ) (30,679 ) (2,180 ) Restructuring costs (3,863 ) (510 ) (11,894 ) (3,312 ) Start-up costs (4 ) (5,883 ) (100 ) (11,244 ) Asset impairment and accelerated depreciation (6,635 ) — (22,573 ) — Other (including (loss) gain on assets and other miscellaneous corporate overhead) (418 ) (1,270 ) (4,921 ) (3,095 ) Loss from operations for “All other” $ (95,633 ) $ (162,782 ) $ (230,466 ) $ (326,372 ) |
Income Taxes
Income Taxes | 6 Months Ended |
Sep. 28, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Income Tax Expense The Company’s provision for income taxes for the three and six months ended September 28, 2019 and September 29, 2018 was calculated by applying an estimate of the annual effective tax rate for the full fiscal year to “ordinary” income or loss (pre- tax income or loss excluding unusual or infrequently occurring discrete items) for the three and six months ended September 28, 2019 and September 29, 2018 . The Company’s income tax expense was $19.0 million and $24.7 million , respectively, for the three and six months ended September 28, 2019 , and the Company’s income tax expense was $0.8 million and income tax benefit was $31.4 million , for the three and six months ended September 29, 2018 , respectively. The Company’s effective tax rate was 18.6% and 16.8% for the three and six months ended September 28, 2019 , respectively, and 2.3% and 107.1% for the three and six months ended September 29, 2018 , respectively. The Company's effective tax rate for the three and six months ended September 28, 2019 differed from the statutory rate primarily due to tax rate differences in foreign jurisdictions, global intangible low tax income (“GILTI”), domestic tax credits generated, foreign permanent differences, the discrete treatment of postcombination compensation expenses related to the Active-Semi acquisition, and a discrete expense related to the Company’s change in its permanent reinvestment assertion for certain unrepatriated foreign earnings previously subject to U.S. federal taxation. The Company's effective tax rate for the three and six months ended September 29, 2018 differed from the statutory rate primarily due to tax rate differences in foreign jurisdictions, foreign permanent differences, state income taxes, domestic tax credits generated, changes in unrecognized tax benefits, GILTI, a discrete tax benefit for changes in provisional estimates related to the one-time transition tax on certain unrepatriated earnings of foreign subsidiaries enacted in the Tax Cuts and Jobs Act and a discrete tax benefit resulting from a retroactive incentive allowing previously non-deductible payments to be amortized. Management has concluded that it can no longer support an assertion that certain earnings which have previously been subject to U.S. federal taxation at its foreign subsidiaries are permanently reinvested. During the second quarter of fiscal 2020, the Company updated forecasts of cash balances and cash flow outside the U.S. and began to implement a more centralized approach to cash management. As a result, the Company recorded $4.0 million discrete tax expense during the second quarter of fiscal 2020. The Company had previously released in the third quarter of fiscal 2018 its permanent reinvestment assertion on its operating subsidiary in Singapore, Qorvo International Pte. Ltd. |
Net Income Per Share
Net Income Per Share | 6 Months Ended |
Sep. 28, 2019 | |
Earnings Per Share [Abstract] | |
NET INCOME (LOSS) PER SHARE | NET INCOME PER SHARE The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share data): Three Months Ended Six Months Ended September 28, 2019 September 29, 2018 September 28, 2019 September 29, 2018 Numerator: Numerator for basic and diluted net income per share — net income available to common stockholders $ 83,038 $ 32,084 $ 122,579 $ 2,091 Denominator: Denominator for basic net income per share — weighted average shares 117,294 125,643 117,945 125,859 Effect of dilutive securities: Stock-based awards 2,135 2,907 2,251 3,118 Denominator for diluted net income per share — adjusted weighted average shares and assumed conversions 119,429 128,550 120,196 128,977 Basic net income per share $ 0.71 $ 0.26 $ 1.04 $ 0.02 Diluted net income per share $ 0.70 $ 0.25 $ 1.02 $ 0.02 In the computation of diluted net income per share for the three and six months ended September 28, 2019 , approximately 0.4 million and 0.2 million outstanding shares, respectively, were excluded because the effect of their inclusion would have been anti-dilutive. In the computation of diluted net income per share for the three and six months ended September 29, 2018 , approximately 0.3 million and 0.2 million |
Consolidating Financial Informa
Consolidating Financial Information | 6 Months Ended |
Sep. 28, 2019 | |
Consolidating Financial Information [Abstract] | |
CONSOLIDATING FINANCIAL INFORMATION | CONDENSED CONSOLIDATING FINANCIAL INFORMATION In accordance with the applicable indentures governing the 2025 Notes and 2026 Notes, the Company's obligations under the 2025 Notes and 2026 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. (the "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 applicable indenture; (iii) Non-guarantor subsidiaries, on a combined basis; (iv) Consolidating entries, eliminations and reclassifications representing adjustments to (a) eliminate intercompany transactions between or among the Parent Company, the Guarantor subsidiaries and the non-guarantor subsidiaries, (b) eliminate intercompany profit in inventory, (c) eliminate the investments in the Company’s subsidiaries and (d) record consolidating entries; and (v) The Company, on a consolidated basis. Each entity in the condensed consolidating financial information follows the same accounting policies as described in the consolidated financial statements, except for the use by the Parent Company and Guarantor subsidiaries of the equity method of accounting to reflect ownership interests in subsidiaries that are eliminated upon consolidation. The financial information may not necessarily be indicative of the financial position, results of operations, comprehensive (loss) income, and cash flows, had the Parent Company, Guarantor or non-guarantor subsidiaries operated as independent entities. Condensed Consolidating Balance Sheet September 28, 2019 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ 80,065 $ 506,729 $ — $ 586,794 Accounts receivable, less allowance — 43,952 361,156 — 405,108 Intercompany accounts and notes receivable — 473,809 4,624 (478,433 ) — Inventories — 165,456 341,741 (21,913 ) 485,284 Prepaid expenses — 20,793 6,493 — 27,286 Other receivables — 1,799 12,338 — 14,137 Other current assets — 29,930 3,275 — 33,205 Total current assets — 815,804 1,236,356 (500,346 ) 1,551,814 Property and equipment, net — 1,059,674 233,337 3,092 1,296,103 Goodwill — 1,122,629 1,182,507 — 2,305,136 Intangible assets, net — 154,482 297,306 — 451,788 Long-term investments — 5,537 92,012 — 97,549 Long-term intercompany accounts and notes receivable — 1,341,488 220,231 (1,561,719 ) — Investment in subsidiaries 6,716,288 2,591,241 — (9,307,529 ) — Other non-current assets 6,635 101,258 43,286 (4,998 ) 146,181 Total assets $ 6,722,923 $ 7,192,113 $ 3,305,035 $ (11,371,500 ) $ 5,848,571 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ — $ 70,435 $ 143,501 $ — $ 213,936 Intercompany accounts and notes payable — 4,624 473,809 (478,433 ) — Accrued liabilities 10,854 114,289 45,578 1,624 172,345 Current portion of long-term debt 3,750 — 483 — 4,233 Other current liabilities — 10,167 48,948 — 59,115 Total current liabilities 14,604 199,515 712,319 (476,809 ) 449,629 Long-term debt 1,014,423 — 1,640 — 1,016,063 Long-term intercompany accounts and notes payable 1,428,402 133,317 — (1,561,719 ) — Other long-term liabilities — 114,388 28,440 (25,443 ) 117,385 Total liabilities 2,457,429 447,220 742,399 (2,063,971 ) 1,583,077 Total stockholders’ equity 4,265,494 6,744,893 2,562,636 (9,307,529 ) 4,265,494 Total liabilities and stockholders’ equity $ 6,722,923 $ 7,192,113 $ 3,305,035 $ (11,371,500 ) $ 5,848,571 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 notes 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 Current portion of long-term debt — — 80 — 80 Other current liabilities — — 41,880 (169 ) 41,711 Total current liabilities 11,174 253,967 613,517 (443,044 ) 435,614 Long-term debt 919,270 — 1,665 — 920,935 Long-term intercompany accounts and notes payable 1,267,203 66,195 — (1,333,398 ) — Other long-term liabilities — 76,955 45,202 (30,361 ) 91,796 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 Statement of Income and Comprehensive Income Three Months Ended September 28, 2019 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated Revenue $ — $ 215,097 $ 749,581 $ (157,980 ) $ 806,698 Cost of goods sold — 193,994 423,834 (134,712 ) 483,116 Gross profit — 21,103 325,747 (23,268 ) 323,582 Operating expenses: Research and development 7,113 (4,054 ) 113,453 (898 ) 115,614 Selling, general and administrative 13,763 44,710 51,819 (22,018 ) 88,274 Other operating expense — 4,497 2,418 12 6,927 Total operating expenses 20,876 45,153 167,690 (22,904 ) 210,815 Income (loss) from operations (20,876 ) (24,050 ) 158,057 (364 ) 112,767 Interest expense (12,496 ) (577 ) (103 ) 483 (12,693 ) Interest income — 648 2,128 (484 ) 2,292 Other (expense) income — (679 ) 379 — (300 ) Income (loss) before income taxes (33,372 ) (24,658 ) 160,461 (365 ) 102,066 Income tax (expense) benefit 7,359 (4,183 ) (22,204 ) — (19,028 ) Income in subsidiaries 109,051 138,256 — (247,307 ) — Net income $ 83,038 $ 109,415 $ 138,257 $ (247,672 ) $ 83,038 Comprehensive income $ 82,061 $ 109,510 $ 136,942 $ (246,452 ) $ 82,061 Condensed Consolidating Statement of Income and Comprehensive Income Three Months Ended September 29, 2018 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated Revenue $ — $ 236,631 $ 825,844 $ (178,032 ) $ 884,443 Cost of goods sold — 207,221 476,256 (152,548 ) 530,929 Gross profit — 29,410 349,588 (25,484 ) 353,514 Operating expenses: Research and development 6,910 7,340 103,671 (1,173 ) 116,748 Selling, general and administrative 13,876 58,924 91,399 (24,692 ) 139,507 Other operating expense (income) 119 (2,192 ) 8,458 397 6,782 Total operating expenses 20,905 64,072 203,528 (25,468 ) 263,037 Income (loss) from operations (20,905 ) (34,662 ) 146,060 (16 ) 90,477 Interest expense (9,400 ) (522 ) (160 ) 393 (9,689 ) Interest income — 477 1,495 (392 ) 1,580 Other (expense) income (48,779 ) 798 (1,551 ) — (49,532 ) Income (loss) before income taxes (79,084 ) (33,909 ) 145,844 (15 ) 32,836 Income tax (expense) benefit 25,920 (20,470 ) (6,202 ) — (752 ) Income in subsidiaries 85,248 139,642 — (224,890 ) — Net income $ 32,084 $ 85,263 $ 139,642 $ (224,905 ) $ 32,084 Comprehensive income $ 32,012 $ 85,347 $ 139,472 $ (224,819 ) $ 32,012 Condensed Consolidating Statement of Income and Comprehensive Income Six Months Ended September 28, 2019 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated Revenue $ — $ 472,039 $ 1,474,695 $ (364,438 ) $ 1,582,296 Cost of goods sold — 437,864 843,949 (317,388 ) 964,425 Gross profit — 34,175 630,746 (47,050 ) 617,871 Operating expenses: Research and development 14,002 11,529 210,721 (1,718 ) 234,534 Selling, general and administrative 31,827 94,992 95,643 (45,209 ) 177,253 Other operating expense — 19,321 18,960 (190 ) 38,091 Total operating expenses 45,829 125,842 325,324 (47,117 ) 449,878 Income (loss) from operations (45,829 ) (91,667 ) 305,422 67 167,993 Interest expense (24,085 ) (1,069 ) (278 ) 875 (24,557 ) Interest income — 1,406 4,707 (875 ) 5,238 Other expense — (107 ) (1,304 ) — (1,411 ) Income (loss) before income taxes (69,914 ) (91,437 ) 308,547 67 147,263 Income tax (expense) benefit 15,165 (1,443 ) (38,406 ) — (24,684 ) Income in subsidiaries 177,328 270,140 — (447,468 ) — Net income $ 122,579 $ 177,260 $ 270,141 $ (447,401 ) $ 122,579 Comprehensive income $ 121,545 $ 177,355 $ 268,833 $ (446,188 ) $ 121,545 Condensed Consolidating Statement of Income and Comprehensive (Loss) Income Six Months Ended September 29, 2018 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated Revenue $ — $ 468,570 $ 1,451,805 $ (343,262 ) $ 1,577,113 Cost of goods sold — 397,532 885,953 (296,619 ) 986,866 Gross profit — 71,038 565,852 (46,643 ) 590,247 Operating expenses: Research and development 13,311 10,619 206,119 (2,398 ) 227,651 Selling, general and administrative 26,671 116,880 177,778 (45,892 ) 275,437 Other operating expense 269 5,748 9,512 368 15,897 Total operating expenses 40,251 133,247 393,409 (47,922 ) 518,985 Income (loss) from operations (40,251 ) (62,209 ) 172,443 1,279 71,262 Interest expense (23,442 ) (1,059 ) (321 ) 780 (24,042 ) Interest income — 2,883 2,870 (779 ) 4,974 Other (expense) income (82,152 ) 1,126 (461 ) — (81,487 ) (Loss) income before income taxes (145,845 ) (59,259 ) 174,531 1,280 (29,293 ) Income tax benefit (expense) 37,374 (3,666 ) (2,324 ) — 31,384 Income in subsidiaries 110,562 172,207 — (282,769 ) — Net income $ 2,091 $ 109,282 $ 172,207 $ (281,489 ) $ 2,091 Comprehensive (loss) income $ (165 ) $ 109,371 $ 169,727 $ (279,098 ) $ (165 ) Condensed Consolidating Statement of Cash Flows Six Months Ended September 28, 2019 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated Net cash provided by (used in) operating activities $ 166,127 $ (144,146 ) $ 408,549 $ — $ 430,530 Investing activities: Purchase of property and equipment — (75,365 ) (12,973 ) — (88,338 ) Purchase of a business, net of cash acquired — — (299,673 ) — (299,673 ) Proceeds from sale of available-for-sale debt securities — 1,950 — — 1,950 Other investing activities — (1,748 ) 506 — (1,242 ) Net transactions with related parties — 28,086 — (28,086 ) — Net cash used in investing activities — (47,077 ) (312,140 ) (28,086 ) (387,303 ) Financing activities: Proceeds from borrowings 100,000 — — — 100,000 Repurchase of common stock, including transaction costs (265,105 ) — — — (265,105 ) Proceeds from the issuance of common stock 20,205 — — — 20,205 Tax withholding paid on behalf of employees for restricted stock units (20,545 ) — — — (20,545 ) Other financing activities (682 ) — (150 ) — (832 ) Net transactions with related parties — 39,423 (67,509 ) 28,086 — Net cash (used in) provided by financing activities (166,127 ) 39,423 (67,659 ) 28,086 (166,277 ) Effect of exchange rate changes on cash — — (1,091 ) — (1,091 ) Net (decrease) increase in cash, cash equivalents and restricted cash — (151,800 ) 27,659 — (124,141 ) Cash, cash equivalents and restricted cash at the beginning of the period — 231,865 479,517 — 711,382 Cash, cash equivalents and restricted cash at the end of the period $ — $ 80,065 $ 507,176 $ — $ 587,241 Condensed Consolidating Statement of Cash Flows Six Months Ended September 29, 2018 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated Net cash provided by (used in) operating activities $ 522,959 $ (548,315 ) $ 315,152 $ — $ 289,796 Investing activities: Purchase of property and equipment — (95,897 ) (17,769 ) — (113,666 ) Purchase of available-for-sale debt securities — (132,729 ) — — (132,729 ) Proceeds from maturities and sales of available-for-sale debt securities — 133,132 — — 133,132 Other investing activities — (1,086 ) (18,406 ) — (19,492 ) Net transactions with related parties — 110,047 — (110,047 ) — Net cash (used in) provided by investing activities — 13,467 (36,175 ) (110,047 ) (132,755 ) Financing activities: Repurchase of debt (954,745 ) — — — (954,745 ) Proceeds from debt issuances 631,300 — — — 631,300 Repurchase of common stock, including transaction costs (186,682 ) — — — (186,682 ) Proceeds from the issuance of common stock 18,406 — — — 18,406 Tax withholding paid on behalf of employees for restricted stock units (24,181 ) — — — (24,181 ) Other financing activities (7,057 ) — — — (7,057 ) Net transactions with related parties — 686 (110,733 ) 110,047 — Net cash (used in) provided by financing activities (522,959 ) 686 (110,733 ) 110,047 (522,959 ) Effect of exchange rate changes on cash — — (2,216 ) — (2,216 ) Net (decrease) increase in cash, cash equivalents and restricted cash — (534,162 ) 166,028 — (368,134 ) 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 $ — $ 95,152 $ 463,116 $ — $ 558,268 |
Subsequent Event
Subsequent Event | 6 Months Ended |
Sep. 28, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | 15 . SUBSEQUENT EVENTS Senior Notes due 2029 On September 30, 2019, the Company issued $350.0 million aggregate principal amount of its 4.375% senior notes due 2029 (the “2029 Notes”). The 2029 Notes pay interest semi-annually on April 15 and October 15 at a rate of 4.375% per annum. The 2029 Notes will mature on October 15, 2029, unless earlier redeemed in accordance with their terms. The 2029 Notes were sold in a private offering to certain institutions that then resold the 2029 Notes in the United States to persons reasonably believed to be 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 intends to use the net proceeds of the offering for general corporate purposes. The 2029 Notes are senior unsecured obligations of the Company and are initially guaranteed, jointly and severally, by each of the Guarantors. The 2029 Notes were issued pursuant to an indenture, dated as of September 30, 2019 (the “2019 Indenture”), by and among the Company, the Guarantors and MUFG Union Bank, N.A., as trustee. The 2019 Indenture contains customary events of default, including payment default, exchange default, failure to provide certain notices thereunder and certain provisions related to bankruptcy events. The 2019 Indenture also contains customary negative covenants. At any time prior to October 15, 2024, the Company may redeem all or part of the 2029 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 October 15, 2024, the Company may redeem up to 35% of the original aggregate principal amount of the 2029 Notes with the proceeds of one or more equity offerings, at a redemption price equal to 104.375% , plus accrued and unpaid interest. Furthermore, at any time on or after October 15, 2024, the Company may redeem the 2029 Notes, in whole or in part, at the redemption prices specified in the 2019 Indenture, plus accrued and unpaid interest. The 2029 Notes have not been registered under the Securities Act, or any state securities laws, and, unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. In connection with the offering of the 2029 Notes, the Company entered into a Registration Rights Agreement, dated as of September 30, 2019 (the “Registration Rights Agreement”), by and among the Company and the Guarantors, on the one hand, and BofA Securities, Inc., as representative of the initial purchasers of the 2029 Notes, on the other hand. Under the Registration Rights Agreement, the Company and the Guarantors have agreed to use their commercially reasonable efforts to (i) file with the SEC a registration statement (the “Exchange Offer Registration Statement”) relating to the registered exchange offer (the “Exchange Offer”) to exchange the 2029 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 2029 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 September 30, 2019 (or if such 360th day is not a business day, the next succeeding business day). The Company and the Guarantors have also agreed to use their commercially reasonable efforts to cause the Exchange Offer Registration Statement to be effective continuously and keep the Exchange Offer open for a period of not less than the minimum period required under applicable federal and state securities laws to consummate the Exchange Offer. Under certain circumstances, the Company and the Guarantors have agreed to use their commercially reasonable efforts to (i) file a shelf registration statement relating to the resale of the 2029 Notes as promptly as practicable, and (ii) cause the shelf registration statement to be declared effective by the SEC as promptly as practicable. The Company and the Guarantors have also agreed to use their commercially reasonable efforts to keep the shelf registration statement continuously effective until one year after its effective date (or such shorter period that will terminate when all the 2029 Notes covered thereby have been sold pursuant thereto). If the Company fails to meet any of these targets, the annual interest rate on the 2029 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 2029 Notes will revert to the original level. Cavendish Kinetics Limited Acquisition On October 4, 2019, the Company completed the acquisition of the entire issued and outstanding capital of Cavendish for a cash purchase price of approximately $203.0 million , subject to customary purchase price adjustments. Cavendish is a private supplier of high-performance RF microelectromechanical system ("MEMS") technology for antenna tuning applications and will become part of the Company's MP operating segment. As a result of the acquisition, RF MEMS technology will be advanced for applications across the Company's products and the technology will be transitioned into high-volume manufacturing for mobile devices and other markets. Share Repurchase Program On October 31, 2019, the Company announced that its Board of Directors authorized a new share repurchase program to repurchase up to $1.0 billion of the Company's outstanding common stock, which includes approximately $117.0 million authorized under the prior program terminated concurrent with the new authorization. Under this new 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. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 6 Months Ended |
Sep. 28, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Leases Policy | The Company determines that a contract contains a lease at lease inception if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. In evaluating whether the right to control an identified asset exists, the Company assesses whether it has the right to direct the use of the identified asset and obtain substantially all of the economic benefit from the use of the identified asset. Right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The Company uses its estimated incremental borrowing rate in determining the present value of lease payments considering the term of the lease, which is derived from information available at the lease commencement date. The lease term includes renewal options when it is reasonably certain that the option will be exercised, and excludes termination options. To the extent that the Company's agreements have variable lease payments, the Company includes variable lease payments that depend on an index or a rate and excludes those that depend on facts or circumstances occurring after the commencement date, other than the passage of time. |
Intangible Assets Amortization Policy | In the first quarter of each fiscal year, the Company removes the fully amortized balances from the gross asset and accumulated amortization amounts of those intangible assets that were fully amortized as of the prior fiscal year end. |
Fair Value of Debt Policy | The Company's debt is carried at amortized cost and is measured at fair value quarterly for disclosure purposes. The estimated fair value of the 2025 Notes and the 2026 Notes as of September 28, 2019 was $25.1 million and $954.8 million , respectively (compared to a carrying value of $23.4 million and $900.0 million , respectively). The estimated fair value of the 2025 Notes and the 2026 Notes as of March 30, 2019 was $25.8 million and $929.3 million , respectively. The Company considers its 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. |
Equity Securities without Readily Determinable Fair Value Policy | As of September 28, 2019 , the Company has invested $60.0 million to acquire preferred shares of Cavendish Kinetics Limited (“Cavendish”). 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 ASC 321, "Investments - Equity Securities . |
Fair Value Measurements Policy | 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. |
Operating Segment Policy | The Company's operating segments as of September 28, 2019 are Mobile Products (MP) and Infrastructure and Defense Products (IDP) based on the organizational structure and information reviewed by the Company's Chief Executive Officer, who is the Company's chief operating decision maker ("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 of Financial Instruments Policy | Marketable securities are measured at fair value and recorded in "Cash and cash equivalents," "Other current assets" and "Long-term investments" in the Condensed 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 income (expense)" in the Condensed Consolidated Statements of Income (equity securities). |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Sep. 28, 2019 | |
Inventory Disclosure [Abstract] | |
Components of inventories | The components of inventories, net of reserves, are as follows (in thousands): September 28, 2019 March 30, 2019 Raw materials $ 106,500 $ 118,608 Work in process 259,031 272,469 Finished goods 119,753 120,716 Total inventories $ 485,284 $ 511,793 |
Business Acquisition (Tables)
Business Acquisition (Tables) | 6 Months Ended |
Sep. 28, 2019 | |
Business Combinations [Abstract] | |
Schedule of Goodwill | The change in the carrying amount of goodwill for the six months ended September 28, 2019 , is as follows (in thousands): Mobile Products Infrastructure and Defense Products Total Balance as of March 30, 2019 $ 1,751,503 $ 422,386 $ 2,173,889 Goodwill resulting from Active-Semi acquisition — 131,247 131,247 Balance as of September 28, 2019 $ 1,751,503 $ 553,633 $ 2,305,136 |
Schedule of Finite-Lived Intangible Assets | The following summarizes information regarding the gross carrying amounts and accumulated amortization of intangible assets (in thousands): September 28, 2019 March 30, 2019 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Intangible assets: Developed technology $ 871,872 $ 557,626 $ 1,246,335 $ 960,793 Customer relationships 426,522 309,864 1,272,725 1,161,735 Trade names 200 167 29,391 29,391 Technology licenses 3,205 1,954 14,704 13,026 Non-compete agreement — — 1,026 1,026 IPRD 19,600 N/A 10,000 N/A Total $ 1,321,399 $ 869,611 $ 2,574,181 $ 2,165,971 |
Investments and Fair Value Me_2
Investments and Fair Value Measurements (Tables) | 6 Months Ended |
Sep. 28, 2019 | |
Investments and Fair Value Measurements [Abstract] | |
Fair value of the financial assets measured at fair value on a recurring basis | The fair value of the financial assets measured at fair value on a recurring basis was determined using the following levels of inputs as of September 28, 2019 and March 30, 2019 (in thousands): Total Quoted Prices In Significant Other September 28, 2019 Assets Marketable equity securities $ 979 $ 979 $ — Invested funds in deferred compensation plan (1) 20,541 20,541 — Total assets measured at fair value $ 21,520 $ 21,520 $ — Liabilities Deferred compensation plan obligation (1) $ 20,541 $ 20,541 $ — Total liabilities measured at fair value $ 20,541 $ 20,541 $ — March 30, 2019 Assets Money market funds $ 13 $ 13 $ — Marketable equity securities 901 901 — Auction rate securities (2) 1,950 — 1,950 Invested funds in deferred compensation plan (1) 18,737 18,737 — Total assets measured at fair value $ 21,601 $ 19,651 $ 1,950 Liabilities Deferred compensation plan obligation (1) $ 18,737 $ 18,737 $ — Total liabilities measured at fair value $ 18,737 $ 18,737 $ — (1) The Company's non-qualified deferred compensation plan provides eligible employees and members of the Board of Directors with the opportunity to defer a specified percentage of their cash compensation. The Company includes the assets deferred by the participants in the “Other current assets” and “Other non-current assets” line items of its Condensed Consolidated Balance Sheets and the Company's obligation to deliver the deferred compensation in the "Other current liabilities" and “Other long-term liabilities” line items of its Condensed Consolidated Balance Sheets. (2) The Company's Level 2 auction rate securities were debt instruments with interest rates that reset through periodic short-term auctions and were valued based on quoted prices for identical or similar instruments in markets that were not active. During the first quarter of fiscal 2020, the Company sold its auction rate securities at par value. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Sep. 28, 2019 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The components of lease expense for operating leases for the three and six months ended September 28, 2019 , are as follows: September 28, 2019 Three Months Ended Six Months Ended Operating lease expense $ 3,963 $ 7,417 Short-term lease expense 1,187 3,152 Variable lease expense 1,181 1,595 Total lease expense $ 6,331 $ 12,164 |
Schedule of supplemental cash information and non-cash activities related to operating leases [Table Text Block] | Supplemental cash information and non-cash activities related to operating leases are as follows (in thousands): Six Months Ended September 28, 2019 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 8,377 Non-cash activities: Operating lease assets obtained in exchange for new lease liabilities $ 2,486 |
Schedule of supplemental balance sheet information related to operating leases [Table Text Block] | Supplemental balance sheet information related to operating leases is as follows (in thousands): Classification on the Condensed Consolidated Balance Sheet September 28, 2019 Assets Operating lease assets Other non-current assets $ 61,693 Liabilities Operating lease current liabilities Other current liabilities $ 12,965 Operating lease non-current liabilities Other long-term liabilities $ 56,923 |
Schedule of weighted-average remaining lease term and discount rate related to operating leases | Weighted-average remaining lease term and discount rate related to operating leases are as follows: September 28, 2019 Weighted-average remaining lease term (years) - operating leases 8.70 Weighted-average discount rate - operating leases 4.24 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturities of lease liabilities under operating leases by fiscal year as of September 28, 2019 are as follows (in thousands): September 28, 2019 2020 $ 7,575 2021 14,980 2022 11,823 2023 9,167 2024 7,802 Thereafter 32,011 Total lease payments 83,358 Less imputed interest (13,470 ) Present value of lease liabilities $ 69,888 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Sep. 28, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt as of September 28, 2019 and March 30, 2019 is as follows (in thousands): September 28, 2019 March 30, 2019 Term loan $ 100,000 $ — 7.00% senior notes due 2025 23,404 23,404 5.50% senior notes due 2026 900,000 900,000 Finance leases 2,123 1,745 Less unamortized premium and issuance costs (5,231 ) (4,134 ) Less current portion of long-term debt (4,233 ) (80 ) Total long-term debt $ 1,016,063 $ 920,935 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Sep. 28, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents the Company's revenue disaggregated by geography, based on the location of the customers' headquarters (in thousands): Three Months Ended Six Months Ended September 28, 2019 September 29, 2018 September 28, 2019 September 29, 2018 United States $ 452,926 $ 423,844 $ 720,422 $ 693,298 China 199,945 304,115 561,088 588,273 Other Asia 78,606 60,438 148,615 113,930 Taiwan 38,044 54,199 79,033 106,895 Europe 37,177 41,847 73,138 74,717 Total revenue $ 806,698 $ 884,443 $ 1,582,296 $ 1,577,113 During the first quarter of fiscal 2020, the Company changed its presentation of net revenue based on the "sold to" address of the customer to the above presentation of net revenue based on the location of the customers' headquarters. The September 29, 2018 information above has been reclassified to reflect this change. The Company believes that the disaggregation of revenue based on the location of the customers' headquarters is more representative of how its revenue and cash flows are impacted by geographically-sensitive changes in economic factors. The Company also disaggregates revenue by operating segments (see Note 11 ). |
Restructuring (Tables)
Restructuring (Tables) | 6 Months Ended |
Sep. 28, 2019 | |
Restructuring and Related Activities [Abstract] | |
Schedule of restructuring activity | The following table summarizes the restructuring activity primarily resulting from these restructuring events: Three Months Ended September 28, 2019 Three Months Ended September 29, 2018 Cost of Goods Sold Other Operating Expense Total Cost of Goods Sold Other Operating Expense Total One-time employee termination benefits $ — $ 1,414 $ 1,414 $ — $ 497 $ 497 Contract termination and other associated costs 1,035 1,414 2,449 — 13 13 Accelerated depreciation 5,578 — 5,578 — — — Total $ 6,613 $ 2,828 $ 9,441 $ — $ 510 $ 510 Six Months Ended September 28, 2019 Six Months Ended September 29, 2018 Cost of Goods Sold Other Operating Expense Total Cost of Goods Sold Other Operating Expense Total One-time employee termination benefits $ — $ 4,809 $ 4,809 $ — $ 3,135 $ 3,135 Contract termination and other associated costs 2,870 4,215 7,085 — 177 177 Accelerated depreciation 21,516 — 21,516 — — — Total $ 24,386 $ 9,024 $ 33,410 $ — $ 3,312 $ 3,312 The following table presents a roll-forward of the Company's restructuring liabilities for the six months ended September 28, 2019 : One-Time Employee Termination Benefits Accelerated Depreciation Contract Termination and Other Associated Costs Total Accrued restructuring balance as of March 30, 2019 $ 6,988 $ — $ 1,626 $ 8,614 Costs incurred and charged to expense 4,809 21,516 7,085 33,410 Transfer to right-of-use asset — — (1,248 ) (1,248 ) Cash payments (5,115 ) — (4,269 ) (9,384 ) Non-cash activity — (21,516 ) (2,870 ) (24,386 ) Accrued restructuring balance as of September 28, 2019 $ 6,682 $ — $ 324 $ 7,006 |
Operating Segment Information (
Operating Segment Information (Tables) | 6 Months Ended |
Sep. 28, 2019 | |
Segment Reporting [Abstract] | |
Summary of details of reportable segments | The following tables present details of the Company’s reportable segments and a reconciliation of the “All other” category (in thousands): Three Months Ended Six Months Ended September 28, September 29, September 28, September 29, Revenue: MP $ 623,106 $ 666,539 $ 1,179,359 $ 1,152,618 IDP 183,592 217,904 402,937 424,495 Total revenue $ 806,698 $ 884,443 $ 1,582,296 $ 1,577,113 Operating income (loss): MP $ 193,431 $ 196,948 $ 333,366 $ 286,119 IDP 14,969 56,311 65,093 111,515 All other (95,633 ) (162,782 ) (230,466 ) (326,372 ) Operating income 112,767 90,477 167,993 71,262 Interest expense (12,693 ) (9,689 ) (24,557 ) (24,042 ) Interest income 2,292 1,580 5,238 4,974 Other expense (Note 7) (300 ) (49,532 ) (1,411 ) (81,487 ) Income (loss) before income taxes $ 102,066 $ 32,836 $ 147,263 $ (29,293 ) Three Months Ended Six Months Ended September 28, September 29, September 28, September 29, Reconciliation of “All other” category: Stock-based compensation expense $ (20,876 ) $ (20,905 ) $ (45,829 ) $ (40,250 ) Amortization of intangible assets (56,288 ) (133,116 ) (114,470 ) (266,291 ) Acquisition and integration related costs (7,549 ) (1,098 ) (30,679 ) (2,180 ) Restructuring costs (3,863 ) (510 ) (11,894 ) (3,312 ) Start-up costs (4 ) (5,883 ) (100 ) (11,244 ) Asset impairment and accelerated depreciation (6,635 ) — (22,573 ) — Other (including (loss) gain on assets and other miscellaneous corporate overhead) (418 ) (1,270 ) (4,921 ) (3,095 ) Loss from operations for “All other” $ (95,633 ) $ (162,782 ) $ (230,466 ) $ (326,372 ) |
Summary of reconciliation of "All other" category | Three Months Ended Six Months Ended September 28, September 29, September 28, September 29, Reconciliation of “All other” category: Stock-based compensation expense $ (20,876 ) $ (20,905 ) $ (45,829 ) $ (40,250 ) Amortization of intangible assets (56,288 ) (133,116 ) (114,470 ) (266,291 ) Acquisition and integration related costs (7,549 ) (1,098 ) (30,679 ) (2,180 ) Restructuring costs (3,863 ) (510 ) (11,894 ) (3,312 ) Start-up costs (4 ) (5,883 ) (100 ) (11,244 ) Asset impairment and accelerated depreciation (6,635 ) — (22,573 ) — Other (including (loss) gain on assets and other miscellaneous corporate overhead) (418 ) (1,270 ) (4,921 ) (3,095 ) Loss from operations for “All other” $ (95,633 ) $ (162,782 ) $ (230,466 ) $ (326,372 ) |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 6 Months Ended |
Sep. 28, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of the numerators and denominators in the computation of basic and diluted net loss per share | The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share data): Three Months Ended Six Months Ended September 28, 2019 September 29, 2018 September 28, 2019 September 29, 2018 Numerator: Numerator for basic and diluted net income per share — net income available to common stockholders $ 83,038 $ 32,084 $ 122,579 $ 2,091 Denominator: Denominator for basic net income per share — weighted average shares 117,294 125,643 117,945 125,859 Effect of dilutive securities: Stock-based awards 2,135 2,907 2,251 3,118 Denominator for diluted net income per share — adjusted weighted average shares and assumed conversions 119,429 128,550 120,196 128,977 Basic net income per share $ 0.71 $ 0.26 $ 1.04 $ 0.02 Diluted net income per share $ 0.70 $ 0.25 $ 1.02 $ 0.02 |
Consolidating Financial Infor_2
Consolidating Financial Information Consolidating Financial Information (Tables) | 6 Months Ended |
Sep. 28, 2019 | |
Consolidating Financial Information [Abstract] | |
Condensed Balance Sheet | Condensed Consolidating Balance Sheet September 28, 2019 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ 80,065 $ 506,729 $ — $ 586,794 Accounts receivable, less allowance — 43,952 361,156 — 405,108 Intercompany accounts and notes receivable — 473,809 4,624 (478,433 ) — Inventories — 165,456 341,741 (21,913 ) 485,284 Prepaid expenses — 20,793 6,493 — 27,286 Other receivables — 1,799 12,338 — 14,137 Other current assets — 29,930 3,275 — 33,205 Total current assets — 815,804 1,236,356 (500,346 ) 1,551,814 Property and equipment, net — 1,059,674 233,337 3,092 1,296,103 Goodwill — 1,122,629 1,182,507 — 2,305,136 Intangible assets, net — 154,482 297,306 — 451,788 Long-term investments — 5,537 92,012 — 97,549 Long-term intercompany accounts and notes receivable — 1,341,488 220,231 (1,561,719 ) — Investment in subsidiaries 6,716,288 2,591,241 — (9,307,529 ) — Other non-current assets 6,635 101,258 43,286 (4,998 ) 146,181 Total assets $ 6,722,923 $ 7,192,113 $ 3,305,035 $ (11,371,500 ) $ 5,848,571 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ — $ 70,435 $ 143,501 $ — $ 213,936 Intercompany accounts and notes payable — 4,624 473,809 (478,433 ) — Accrued liabilities 10,854 114,289 45,578 1,624 172,345 Current portion of long-term debt 3,750 — 483 — 4,233 Other current liabilities — 10,167 48,948 — 59,115 Total current liabilities 14,604 199,515 712,319 (476,809 ) 449,629 Long-term debt 1,014,423 — 1,640 — 1,016,063 Long-term intercompany accounts and notes payable 1,428,402 133,317 — (1,561,719 ) — Other long-term liabilities — 114,388 28,440 (25,443 ) 117,385 Total liabilities 2,457,429 447,220 742,399 (2,063,971 ) 1,583,077 Total stockholders’ equity 4,265,494 6,744,893 2,562,636 (9,307,529 ) 4,265,494 Total liabilities and stockholders’ equity $ 6,722,923 $ 7,192,113 $ 3,305,035 $ (11,371,500 ) $ 5,848,571 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 notes 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 Current portion of long-term debt — — 80 — 80 Other current liabilities — — 41,880 (169 ) 41,711 Total current liabilities 11,174 253,967 613,517 (443,044 ) 435,614 Long-term debt 919,270 — 1,665 — 920,935 Long-term intercompany accounts and notes payable 1,267,203 66,195 — (1,333,398 ) — Other long-term liabilities — 76,955 45,202 (30,361 ) 91,796 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 Statement of Comprehensive Income | Condensed Consolidating Statement of Income and Comprehensive Income Three Months Ended September 28, 2019 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated Revenue $ — $ 215,097 $ 749,581 $ (157,980 ) $ 806,698 Cost of goods sold — 193,994 423,834 (134,712 ) 483,116 Gross profit — 21,103 325,747 (23,268 ) 323,582 Operating expenses: Research and development 7,113 (4,054 ) 113,453 (898 ) 115,614 Selling, general and administrative 13,763 44,710 51,819 (22,018 ) 88,274 Other operating expense — 4,497 2,418 12 6,927 Total operating expenses 20,876 45,153 167,690 (22,904 ) 210,815 Income (loss) from operations (20,876 ) (24,050 ) 158,057 (364 ) 112,767 Interest expense (12,496 ) (577 ) (103 ) 483 (12,693 ) Interest income — 648 2,128 (484 ) 2,292 Other (expense) income — (679 ) 379 — (300 ) Income (loss) before income taxes (33,372 ) (24,658 ) 160,461 (365 ) 102,066 Income tax (expense) benefit 7,359 (4,183 ) (22,204 ) — (19,028 ) Income in subsidiaries 109,051 138,256 — (247,307 ) — Net income $ 83,038 $ 109,415 $ 138,257 $ (247,672 ) $ 83,038 Comprehensive income $ 82,061 $ 109,510 $ 136,942 $ (246,452 ) $ 82,061 Condensed Consolidating Statement of Income and Comprehensive Income Three Months Ended September 29, 2018 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated Revenue $ — $ 236,631 $ 825,844 $ (178,032 ) $ 884,443 Cost of goods sold — 207,221 476,256 (152,548 ) 530,929 Gross profit — 29,410 349,588 (25,484 ) 353,514 Operating expenses: Research and development 6,910 7,340 103,671 (1,173 ) 116,748 Selling, general and administrative 13,876 58,924 91,399 (24,692 ) 139,507 Other operating expense (income) 119 (2,192 ) 8,458 397 6,782 Total operating expenses 20,905 64,072 203,528 (25,468 ) 263,037 Income (loss) from operations (20,905 ) (34,662 ) 146,060 (16 ) 90,477 Interest expense (9,400 ) (522 ) (160 ) 393 (9,689 ) Interest income — 477 1,495 (392 ) 1,580 Other (expense) income (48,779 ) 798 (1,551 ) — (49,532 ) Income (loss) before income taxes (79,084 ) (33,909 ) 145,844 (15 ) 32,836 Income tax (expense) benefit 25,920 (20,470 ) (6,202 ) — (752 ) Income in subsidiaries 85,248 139,642 — (224,890 ) — Net income $ 32,084 $ 85,263 $ 139,642 $ (224,905 ) $ 32,084 Comprehensive income $ 32,012 $ 85,347 $ 139,472 $ (224,819 ) $ 32,012 Condensed Consolidating Statement of Income and Comprehensive Income Six Months Ended September 28, 2019 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated Revenue $ — $ 472,039 $ 1,474,695 $ (364,438 ) $ 1,582,296 Cost of goods sold — 437,864 843,949 (317,388 ) 964,425 Gross profit — 34,175 630,746 (47,050 ) 617,871 Operating expenses: Research and development 14,002 11,529 210,721 (1,718 ) 234,534 Selling, general and administrative 31,827 94,992 95,643 (45,209 ) 177,253 Other operating expense — 19,321 18,960 (190 ) 38,091 Total operating expenses 45,829 125,842 325,324 (47,117 ) 449,878 Income (loss) from operations (45,829 ) (91,667 ) 305,422 67 167,993 Interest expense (24,085 ) (1,069 ) (278 ) 875 (24,557 ) Interest income — 1,406 4,707 (875 ) 5,238 Other expense — (107 ) (1,304 ) — (1,411 ) Income (loss) before income taxes (69,914 ) (91,437 ) 308,547 67 147,263 Income tax (expense) benefit 15,165 (1,443 ) (38,406 ) — (24,684 ) Income in subsidiaries 177,328 270,140 — (447,468 ) — Net income $ 122,579 $ 177,260 $ 270,141 $ (447,401 ) $ 122,579 Comprehensive income $ 121,545 $ 177,355 $ 268,833 $ (446,188 ) $ 121,545 Condensed Consolidating Statement of Income and Comprehensive (Loss) Income Six Months Ended September 29, 2018 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated Revenue $ — $ 468,570 $ 1,451,805 $ (343,262 ) $ 1,577,113 Cost of goods sold — 397,532 885,953 (296,619 ) 986,866 Gross profit — 71,038 565,852 (46,643 ) 590,247 Operating expenses: Research and development 13,311 10,619 206,119 (2,398 ) 227,651 Selling, general and administrative 26,671 116,880 177,778 (45,892 ) 275,437 Other operating expense 269 5,748 9,512 368 15,897 Total operating expenses 40,251 133,247 393,409 (47,922 ) 518,985 Income (loss) from operations (40,251 ) (62,209 ) 172,443 1,279 71,262 Interest expense (23,442 ) (1,059 ) (321 ) 780 (24,042 ) Interest income — 2,883 2,870 (779 ) 4,974 Other (expense) income (82,152 ) 1,126 (461 ) — (81,487 ) (Loss) income before income taxes (145,845 ) (59,259 ) 174,531 1,280 (29,293 ) Income tax benefit (expense) 37,374 (3,666 ) (2,324 ) — 31,384 Income in subsidiaries 110,562 172,207 — (282,769 ) — Net income $ 2,091 $ 109,282 $ 172,207 $ (281,489 ) $ 2,091 Comprehensive (loss) income $ (165 ) $ 109,371 $ 169,727 $ (279,098 ) $ (165 ) |
Condensed Cash Flow Statement | Condensed Consolidating Statement of Cash Flows Six Months Ended September 28, 2019 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated Net cash provided by (used in) operating activities $ 166,127 $ (144,146 ) $ 408,549 $ — $ 430,530 Investing activities: Purchase of property and equipment — (75,365 ) (12,973 ) — (88,338 ) Purchase of a business, net of cash acquired — — (299,673 ) — (299,673 ) Proceeds from sale of available-for-sale debt securities — 1,950 — — 1,950 Other investing activities — (1,748 ) 506 — (1,242 ) Net transactions with related parties — 28,086 — (28,086 ) — Net cash used in investing activities — (47,077 ) (312,140 ) (28,086 ) (387,303 ) Financing activities: Proceeds from borrowings 100,000 — — — 100,000 Repurchase of common stock, including transaction costs (265,105 ) — — — (265,105 ) Proceeds from the issuance of common stock 20,205 — — — 20,205 Tax withholding paid on behalf of employees for restricted stock units (20,545 ) — — — (20,545 ) Other financing activities (682 ) — (150 ) — (832 ) Net transactions with related parties — 39,423 (67,509 ) 28,086 — Net cash (used in) provided by financing activities (166,127 ) 39,423 (67,659 ) 28,086 (166,277 ) Effect of exchange rate changes on cash — — (1,091 ) — (1,091 ) Net (decrease) increase in cash, cash equivalents and restricted cash — (151,800 ) 27,659 — (124,141 ) Cash, cash equivalents and restricted cash at the beginning of the period — 231,865 479,517 — 711,382 Cash, cash equivalents and restricted cash at the end of the period $ — $ 80,065 $ 507,176 $ — $ 587,241 Condensed Consolidating Statement of Cash Flows Six Months Ended September 29, 2018 (in thousands) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Reclassifications Consolidated Net cash provided by (used in) operating activities $ 522,959 $ (548,315 ) $ 315,152 $ — $ 289,796 Investing activities: Purchase of property and equipment — (95,897 ) (17,769 ) — (113,666 ) Purchase of available-for-sale debt securities — (132,729 ) — — (132,729 ) Proceeds from maturities and sales of available-for-sale debt securities — 133,132 — — 133,132 Other investing activities — (1,086 ) (18,406 ) — (19,492 ) Net transactions with related parties — 110,047 — (110,047 ) — Net cash (used in) provided by investing activities — 13,467 (36,175 ) (110,047 ) (132,755 ) Financing activities: Repurchase of debt (954,745 ) — — — (954,745 ) Proceeds from debt issuances 631,300 — — — 631,300 Repurchase of common stock, including transaction costs (186,682 ) — — — (186,682 ) Proceeds from the issuance of common stock 18,406 — — — 18,406 Tax withholding paid on behalf of employees for restricted stock units (24,181 ) — — — (24,181 ) Other financing activities (7,057 ) — — — (7,057 ) Net transactions with related parties — 686 (110,733 ) 110,047 — Net cash (used in) provided by financing activities (522,959 ) 686 (110,733 ) 110,047 (522,959 ) Effect of exchange rate changes on cash — — (2,216 ) — (2,216 ) Net (decrease) increase in cash, cash equivalents and restricted cash — (534,162 ) 166,028 — (368,134 ) 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 $ — $ 95,152 $ 463,116 $ — $ 558,268 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements Recent Accounting Pronouncements (Details) - Accounting Standards Update 2016-02 - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 29, 2019 | Sep. 28, 2019 | |
Right-of-Use Asset | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Effect of adoption | $ 70.7 | |
Lease Liability | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Effect of adoption | $ 75 | |
Accumulated Deficit | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Effect of adoption | $ 0.1 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 28, 2019 | Mar. 30, 2019 |
Components of inventories | ||
Raw materials | $ 106,500 | $ 118,608 |
Work in process | 259,031 | 272,469 |
Finished goods | 119,753 | 120,716 |
Total inventories | $ 485,284 | $ 511,793 |
Business Acquisition Schedule o
Business Acquisition Schedule of Goodwill (Details) $ in Thousands | 6 Months Ended |
Sep. 28, 2019USD ($) | |
Goodwill [Line Items] | |
Balance as of March 30, 2019 | $ 2,173,889 |
Goodwill resulting from Active-Semi acquisition | 131,247 |
Balance as of September 28, 2019 | 2,305,136 |
MP | |
Goodwill [Line Items] | |
Balance as of March 30, 2019 | 1,751,503 |
Goodwill resulting from Active-Semi acquisition | 0 |
Balance as of September 28, 2019 | 1,751,503 |
IDP | |
Goodwill [Line Items] | |
Balance as of March 30, 2019 | 422,386 |
Goodwill resulting from Active-Semi acquisition | 131,247 |
Balance as of September 28, 2019 | $ 553,633 |
Business Acquisition Schedule_2
Business Acquisition Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 28, 2019 | Mar. 30, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, accumulated amortization | $ 869,611 | $ 2,165,971 |
Intangible Assets, Gross (Excluding Goodwill) | 1,321,399 | 2,574,181 |
Developed Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 871,872 | 1,246,335 |
Intangible assets, accumulated amortization | 557,626 | 960,793 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 426,522 | 1,272,725 |
Intangible assets, accumulated amortization | 309,864 | 1,161,735 |
Trade Names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 200 | 29,391 |
Intangible assets, accumulated amortization | 167 | 29,391 |
Technology Licenses | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 3,205 | 14,704 |
Intangible assets, accumulated amortization | 1,954 | 13,026 |
Non-compete agreement | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 0 | 1,026 |
Intangible assets, accumulated amortization | 0 | 1,026 |
IPRD | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 19,600 | $ 10,000 |
Business Acquisition Narrative
Business Acquisition Narrative (Details) - USD ($) $ in Thousands | May 06, 2019 | Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | Mar. 30, 2019 |
Business Acquisition [Line Items] | ||||||
Intangible assets amortization expense | $ 56,400 | $ 133,400 | $ 114,837 | $ 266,708 | ||
Goodwill | 2,305,136 | 2,305,136 | $ 2,173,889 | |||
Completed and transferred acquired in-process research and development during period | 31,000 | |||||
Remaining research and development costs | 2,000 | 2,000 | ||||
Active-Semi | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Consideration Transferred | $ 309,500 | |||||
Business Combination, Net Tangible Assets Acquired | 19,800 | |||||
Intangible Assets Acquired | 158,400 | |||||
Goodwill | 131,200 | |||||
Research and Development in Process | 40,600 | |||||
Active-Semi | Other operating expense | ||||||
Business Acquisition [Line Items] | ||||||
Postcombination compensation expense and other acquisition and integration related costs | 1,700 | 23,000 | ||||
Active-Semi | Cost of goods sold | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition and integration related costs | $ 3,500 | $ 4,200 | ||||
Developed Technology | Active-Semi | ||||||
Business Acquisition [Line Items] | ||||||
Finite-lived Intangible Assets Acquired | 76,700 | |||||
Customer Relationships | Active-Semi | ||||||
Business Acquisition [Line Items] | ||||||
Finite-lived Intangible Assets Acquired | $ 40,900 | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||||
Minimum | Developed Technology | Active-Semi | ||||||
Business Acquisition [Line Items] | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||||
Minimum | IPRD | Active-Semi | ||||||
Business Acquisition [Line Items] | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||||
Maximum | Developed Technology | Active-Semi | ||||||
Business Acquisition [Line Items] | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years | |||||
Maximum | IPRD | Active-Semi | ||||||
Business Acquisition [Line Items] | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years |
Investments and Fair Value Me_3
Investments and Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Sep. 28, 2019 | Mar. 30, 2019 | |
Schedule of Available-for-sale debt securities | |||
Deferred Compensation Plan Assets | [1] | $ 20,541 | $ 18,737 |
Assets, Fair Value Disclosure | 21,520 | 21,601 | |
Deferred Compensation Liability, Current and Noncurrent | [1] | 20,541 | 18,737 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 20,541 | 18,737 | |
Auction Rate Securities | |||
Schedule of Available-for-sale debt securities | |||
Debt Securities, Available-for-sale | [2] | 1,950 | |
Equity Securities | |||
Schedule of Available-for-sale debt securities | |||
Marketable Securities | 979 | 901 | |
Money Market Funds | |||
Schedule of Available-for-sale debt securities | |||
Cash Equivalents, at Carrying Value | 13 | ||
Quoted Prices In Active Markets For Identical Assets (Level 1) | |||
Schedule of Available-for-sale debt securities | |||
Deferred Compensation Plan Assets | [1] | 20,541 | 18,737 |
Assets, Fair Value Disclosure | 21,520 | 19,651 | |
Deferred Compensation Liability, Current and Noncurrent | [1] | 20,541 | 18,737 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 20,541 | 18,737 | |
Quoted Prices In Active Markets For Identical Assets (Level 1) | Equity Securities | |||
Schedule of Available-for-sale debt securities | |||
Marketable Securities | 979 | 901 | |
Quoted Prices In Active Markets For Identical Assets (Level 1) | Money Market Funds | |||
Schedule of Available-for-sale debt securities | |||
Cash Equivalents, at Carrying Value | 13 | ||
Significant Other Observable Inputs (Level 2) | |||
Schedule of Available-for-sale debt securities | |||
Deferred Compensation Plan Assets | [1] | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 1,950 | |
Deferred Compensation Liability, Current and Noncurrent | 0 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | Auction Rate Securities | |||
Schedule of Available-for-sale debt securities | |||
Debt Securities, Available-for-sale | [2] | 1,950 | |
Significant Other Observable Inputs (Level 2) | Equity Securities | |||
Schedule of Available-for-sale debt securities | |||
Marketable Securities | $ 0 | 0 | |
Cash Equivalents, at Carrying Value | $ 0 | ||
[1] | The Company's non-qualified deferred compensation plan provides eligible employees and members of the Board of Directors with the opportunity to defer a specified percentage of their cash compensation. The Company includes the assets deferred by the participants in the “Other current assets” and “Other non-current assets” line items of its Condensed Consolidated Balance Sheets and the Company's obligation to deliver the deferred compensation in the "Other current liabilities" and “Other long-term liabilities” line items of its Condensed Consolidated Balance Sheets. | ||
[2] | The Company's Level 2 auction rate securities were debt instruments with interest rates that reset through periodic short-term auctions and were valued based on quoted prices for identical or similar instruments in markets that were not active. During the first quarter of fiscal 2020, the Company sold its auction rate securities at par value. |
Investments and Fair Value Me_4
Investments and Fair Value Measurements (Details Textual) $ in Millions | Sep. 28, 2019USD ($) |
Investments and Fair Value Measurements [Abstract] | |
Equity Securities without Readily Determinable Fair Value, Amount | $ 60 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Sep. 28, 2019 | Sep. 28, 2019 | |
Leases [Abstract] | ||
Operating lease expense | $ 3,963 | $ 7,417 |
Short-term lease expense | 1,187 | 3,152 |
Variable lease expense | 1,181 | 1,595 |
Total lease expense | $ 6,331 | $ 12,164 |
Leases Schedule of supplemental
Leases Schedule of supplemental cash flow and non-cash activities (Details) $ in Thousands | 6 Months Ended |
Sep. 28, 2019USD ($) | |
Leases [Abstract] | |
Operating Lease, Payments | $ 8,377 |
Operating lease assets obtained in exchange for new lease liabilities | $ 2,486 |
Leases Supplemental balance she
Leases Supplemental balance sheet information (Details) $ in Thousands | Sep. 28, 2019USD ($) |
Leases [Abstract] | |
Operating lease asset | $ 61,693 |
Current operating lease liability | 12,965 |
Non-current operating lease liability | $ 56,923 |
Leases Weighted average remaini
Leases Weighted average remaining lease term and discount rate (Details) | Sep. 28, 2019 |
Leases [Abstract] | |
Weighted-average remaining lease term (years) - operating leases | 8 years 8 months 12 days |
Weighted-average discount rate - operating leases | 4.24% |
Leases Schedule of lease maturi
Leases Schedule of lease maturities (Details) $ in Thousands | Sep. 28, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 7,575 |
2021 | 14,980 |
2022 | 11,823 |
2023 | 9,167 |
2024 | 7,802 |
Thereafter | 32,011 |
Total lease payments | 83,358 |
Less imputed interest | (13,470) |
Present value of lease liabilities | $ 69,888 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | Sep. 28, 2019 | Mar. 30, 2019 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,016,063 | $ 920,935 |
Unamortized premium and issuance costs | 5,231 | 4,134 |
Current portion of long-term debt | 4,233 | 80 |
Term Loan | ||
Debt Instrument [Line Items] | ||
Long-term debt | 100,000 | 0 |
7.00% Senior Notes due 2025 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 23,404 | 23,404 |
5.5% Senior Notes due 2026 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 900,000 | 900,000 |
Finance leases [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 2,123 | $ 1,745 |
Debt (Details Textual)
Debt (Details Textual) - USD ($) $ in Thousands | Jun. 17, 2019 | Dec. 05, 2017 | Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | Mar. 30, 2019 | Mar. 05, 2019 | Aug. 28, 2018 | Jul. 16, 2018 | Nov. 19, 2015 |
Debt Instrument [Line Items] | |||||||||||
Interest paid on notes | $ 900 | ||||||||||
Loss on debt extinguishment (Note 7) | 0 | $ (82,152) | |||||||||
Proceeds from borrowings (Note 7) | 100,000 | 0 | |||||||||
Long-term debt | $ 1,016,063 | $ 1,016,063 | $ 920,935 | ||||||||
6.75% Senior Notes due 2023 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 450,000 | ||||||||||
Stated Interest Rate | 6.75% | 6.75% | |||||||||
7.00% Senior Notes due 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest paid on notes | $ 0 | $ 800 | |||||||||
Debt Instrument, Face Amount | $ 550,000 | ||||||||||
Stated Interest Rate | 7.00% | 7.00% | |||||||||
Repayments of Senior Debt | 526,600 | ||||||||||
Long-term Debt, Fair Value | $ 25,100 | $ 25,100 | 25,800 | ||||||||
Long-term debt | 23,404 | 23,404 | 23,404 | ||||||||
Senior notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest Expense, Borrowings | 13,600 | $ 10,900 | 26,500 | 28,000 | |||||||
Interest Costs Capitalized | 1,300 | 1,800 | 3,000 | 5,300 | |||||||
Interest Paid | 7,300 | 41,500 | |||||||||
5.5% Senior Notes due 2026 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest paid on notes | 24,800 | ||||||||||
Debt Instrument, Face Amount | $ 270,000 | $ 130,000 | $ 500,000 | ||||||||
Stated Interest Rate | 5.50% | ||||||||||
Long-term Debt, Fair Value | 954,800 | 954,800 | 929,300 | ||||||||
Long-term debt | 900,000 | $ 900,000 | $ 900,000 | ||||||||
Bank of America Syndicate [Member] | Senior Delayed Draw Term Loan [Member] | Credit Agreement [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior Delayed Draw Term Loan, Maximum Amount | $ 400,000 | ||||||||||
Proceeds from borrowings (Note 7) | $ 100,000 | 100,000 | |||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 200,000 | ||||||||||
Bank of America Syndicate [Member] | Revolving Credit Facility [Member] | Credit Agreement [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Proceeds from Lines of Credit | $ 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] | Standby Letters of Credit [Member] | Credit Agreement [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 25,000 | ||||||||||
Bank of America Syndicate [Member] | Swingline Loan | Credit Agreement [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000 | ||||||||||
Other Expense [Member] | 6.75% Senior Notes due 2023 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Loss on debt extinguishment (Note 7) | $ 48,800 | $ 82,200 |
Stock Repurchases (Details)
Stock Repurchases (Details) - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | 6 Months Ended | ||||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | Oct. 30, 2019 | May 23, 2018 | |
Class of Stock [Line Items] | ||||||
Stock Repurchased During Period, Value | $ 165,032 | $ 86,678 | $ 265,105 | $ 186,682 | ||
November 2016 Program | ||||||
Class of Stock [Line Items] | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 126,300 | |||||
May 2018 Program | ||||||
Class of Stock [Line Items] | ||||||
Stock Repurchase Program, Authorized Amount | $ 1,000,000 | |||||
Stock Repurchased During Period, Shares | 2.3 | 1.1 | 3.8 | 2.3 | ||
Stock Repurchased During Period, Value | $ 165,000 | $ 86,700 | $ 265,100 | $ 186,700 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 132,800 | $ 132,800 | ||||
Subsequent Event [Member] | May 2018 Program | ||||||
Class of Stock [Line Items] | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 117,000 | |||||
Subsequent Event [Member] | October 2019 Program [Member] | ||||||
Class of Stock [Line Items] | ||||||
Stock Repurchase Program, Authorized Amount | $ 1,000,000 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |
Disaggregation of Revenue | ||||
Revenues | $ 806,698 | $ 884,443 | $ 1,582,296 | $ 1,577,113 |
China | ||||
Disaggregation of Revenue | ||||
Revenues | 199,945 | 304,115 | 561,088 | 588,273 |
Taiwan | ||||
Disaggregation of Revenue | ||||
Revenues | 38,044 | 54,199 | 79,033 | 106,895 |
United States | ||||
Disaggregation of Revenue | ||||
Revenues | 452,926 | 423,844 | 720,422 | 693,298 |
Europe | ||||
Disaggregation of Revenue | ||||
Revenues | 37,177 | 41,847 | 73,138 | 74,717 |
Other Asia | ||||
Disaggregation of Revenue | ||||
Revenues | $ 78,606 | $ 60,438 | $ 148,615 | $ 113,930 |
Restructuring (Details)
Restructuring (Details) $ in Millions | 6 Months Ended |
Sep. 28, 2019USD ($) | |
Accelerated Depreciation | |
Restructuring | |
Restructuring and Related Cost, Expected Cost | $ 49 |
Impairment charges | |
Restructuring | |
Restructuring and Related Cost, Expected Cost | 16 |
Other Restructuring [Member] | |
Restructuring | |
Restructuring and Related Cost, Expected Cost | 14 |
One-time Employee Termination Benefits | |
Restructuring | |
Restructuring and Related Cost, Expected Cost | 16 |
Fiscal Year 2019 [Member] | |
Restructuring | |
Restructuring and Related Cost, Expected Cost | 95 |
Fiscal Year 2019 [Member] | Accelerated Depreciation | |
Restructuring | |
Cumulative restructuring and related costs | 42.9 |
Fiscal Year 2019 [Member] | Impairment charges | |
Restructuring | |
Cumulative restructuring and related costs | 16 |
Fiscal Year 2019 [Member] | Other Restructuring [Member] | |
Restructuring | |
Cumulative restructuring and related costs | 6.9 |
Fiscal Year 2019 [Member] | One-time Employee Termination Benefits | |
Restructuring | |
Cumulative restructuring and related costs | 12.3 |
Fiscal Year 2018 | Impairment charges | |
Restructuring | |
Cumulative restructuring and related costs | 46.3 |
Fiscal Year 2018 | Other Restructuring [Member] | |
Restructuring | |
Cumulative restructuring and related costs | 0.2 |
Fiscal Year 2018 | One-time Employee Termination Benefits | |
Restructuring | |
Cumulative restructuring and related costs | $ 23.4 |
Restructuring Restructuring Act
Restructuring Restructuring Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |
Restructuring | ||||
Restructuring Charges | $ 9,441 | $ 510 | $ 33,410 | $ 3,312 |
Cost of goods sold | ||||
Restructuring | ||||
Restructuring Charges | 6,613 | 0 | 24,386 | 0 |
Other operating expense | ||||
Restructuring | ||||
Restructuring Charges | 2,828 | 510 | 9,024 | 3,312 |
One-time Employee Termination Benefits | ||||
Restructuring | ||||
Restructuring Charges | 1,414 | 497 | 4,809 | 3,135 |
One-time Employee Termination Benefits | Cost of goods sold | ||||
Restructuring | ||||
Restructuring Charges | 0 | 0 | 0 | 0 |
One-time Employee Termination Benefits | Other operating expense | ||||
Restructuring | ||||
Restructuring Charges | 1,414 | 497 | 4,809 | 3,135 |
Accelerated Depreciation | ||||
Restructuring | ||||
Restructuring Charges | 5,578 | 0 | 21,516 | 0 |
Accelerated Depreciation | Cost of goods sold | ||||
Restructuring | ||||
Restructuring Charges | 5,578 | 0 | 21,516 | 0 |
Accelerated Depreciation | Other operating expense | ||||
Restructuring | ||||
Restructuring Charges | 0 | 0 | 0 | 0 |
Lease and other contract terminations | ||||
Restructuring | ||||
Restructuring Charges | 2,449 | 13 | 7,085 | 177 |
Lease and other contract terminations | Cost of goods sold | ||||
Restructuring | ||||
Restructuring Charges | 1,035 | 0 | 2,870 | 0 |
Lease and other contract terminations | Other operating expense | ||||
Restructuring | ||||
Restructuring Charges | $ 1,414 | $ 13 | $ 4,215 | $ 177 |
Restructuring Rollforward of re
Restructuring Rollforward of restructuring accrual (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |
Restructuring | ||||
Accrued restructuring balance as of March 30, 2019 | $ 8,614 | |||
Restructuring Charges | $ 9,441 | $ 510 | 33,410 | $ 3,312 |
Transfer to right-of-use asset | (1,248) | |||
Payments for Restructuring | (9,384) | |||
Restructuring Reserve, Non-Cash Activity | (24,386) | |||
Accrued restructuring balance as of September 28, 2019 | 7,006 | 7,006 | ||
One-time Employee Termination Benefits | ||||
Restructuring | ||||
Accrued restructuring balance as of March 30, 2019 | 6,988 | |||
Restructuring Charges | 1,414 | 497 | 4,809 | 3,135 |
Transfer to right-of-use asset | 0 | |||
Payments for Restructuring | (5,115) | |||
Restructuring Reserve, Non-Cash Activity | 0 | |||
Accrued restructuring balance as of September 28, 2019 | 6,682 | 6,682 | ||
Accelerated Depreciation | ||||
Restructuring | ||||
Accrued restructuring balance as of March 30, 2019 | 0 | |||
Restructuring Charges | 5,578 | 0 | 21,516 | 0 |
Transfer to right-of-use asset | 0 | |||
Payments for Restructuring | 0 | |||
Restructuring Reserve, Non-Cash Activity | (21,516) | |||
Accrued restructuring balance as of September 28, 2019 | 0 | 0 | ||
Lease and other contract terminations | ||||
Restructuring | ||||
Accrued restructuring balance as of March 30, 2019 | 1,626 | |||
Restructuring Charges | 2,449 | $ 13 | 7,085 | $ 177 |
Transfer to right-of-use asset | (1,248) | |||
Payments for Restructuring | (4,269) | |||
Restructuring Reserve, Non-Cash Activity | (2,870) | |||
Accrued restructuring balance as of September 28, 2019 | $ 324 | $ 324 |
Operating Segment Information_2
Operating Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |
Revenue: | ||||
Revenues | $ 806,698 | $ 884,443 | $ 1,582,296 | $ 1,577,113 |
Income from operations: | ||||
Income (loss) from operations | 112,767 | 90,477 | 167,993 | 71,262 |
Interest expense (Note 7) | (12,693) | (9,689) | (24,557) | (24,042) |
Interest income | 2,292 | 1,580 | 5,238 | 4,974 |
Other expense (Note 7) | (300) | (49,532) | (1,411) | (81,487) |
Income (loss) before income taxes | 102,066 | 32,836 | 147,263 | (29,293) |
Operating Segments | MP | ||||
Revenue: | ||||
Revenues | 623,106 | 666,539 | 1,179,359 | 1,152,618 |
Income from operations: | ||||
Income (loss) from operations | 193,431 | 196,948 | 333,366 | 286,119 |
Operating Segments | IDP | ||||
Revenue: | ||||
Revenues | 183,592 | 217,904 | 402,937 | 424,495 |
Income from operations: | ||||
Income (loss) from operations | 14,969 | 56,311 | 65,093 | 111,515 |
All other | ||||
Income from operations: | ||||
Income (loss) from operations | $ (95,633) | $ (162,782) | $ (230,466) | $ (326,372) |
Operating Segment Information_3
Operating Segment Information (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |
Reconciliation of "All other" category: | ||||
Stock-based compensation expense | $ (45,829) | $ (40,250) | ||
Amortization of intangible assets | $ (56,400) | $ (133,400) | (114,837) | (266,708) |
Loss from operations for “All other” | 112,767 | 90,477 | 167,993 | 71,262 |
All other | ||||
Reconciliation of "All other" category: | ||||
Stock-based compensation expense | (20,876) | (20,905) | (45,829) | (40,250) |
Amortization of intangible assets | (56,288) | (133,116) | (114,470) | (266,291) |
Acquisition and integration related costs | (7,549) | (1,098) | (30,679) | (2,180) |
Restructuring costs | (3,863) | (510) | (11,894) | (3,312) |
Start-up costs | (4) | (5,883) | (100) | (11,244) |
Accelerated depreciation | (6,635) | 0 | (22,573) | 0 |
Other (including (loss) gain on assets and other miscellaneous corporate overhead) | (418) | (1,270) | (4,921) | (3,095) |
Loss from operations for “All other” | $ (95,633) | $ (162,782) | $ (230,466) | $ (326,372) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Income Tax Expense (Benefit) | $ 19,028 | $ 752 | $ 24,684 | $ (31,384) |
Discrete tax expense (benefit) | $ 4,000 | |||
Effective tax rate | 18.60% | 2.30% | 16.80% | 107.10% |
Net Income Per Share (Details)
Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |
Numerator: | ||||
Numerator for basic and diluted net income (loss) per share — net income (loss) available to common stockholders | $ 83,038 | $ 32,084 | $ 122,579 | $ 2,091 |
Denominator: | ||||
Denominator for basic net income (loss) per share — weighted average shares | 117,294 | 125,643 | 117,945 | 125,859 |
Effect of dilutive securities: | ||||
Stock-based awards | 2,135 | 2,907 | 2,251 | 3,118 |
Denominator for diluted net income (loss) per share — adjusted weighted average shares and assumed conversions | 119,429 | 128,550 | 120,196 | 128,977 |
Basic net income (loss) per share (in dollars per share) | $ 0.71 | $ 0.26 | $ 1.04 | $ 0.02 |
Diluted net income (loss) per share (in dollars per share) | $ 0.70 | $ 0.25 | $ 1.02 | $ 0.02 |
Net Income Per Share (Details T
Net Income Per Share (Details Textual) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |
Earnings Per Share [Abstract] | ||||
Antidilutive shares excluded from the computation of diluted shares outstanding | 0.4 | 0.3 | 0.2 | 0.2 |
Consolidating Financial Infor_3
Consolidating Financial Information Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Thousands | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 |
Cash and cash equivalents | $ 586,794 | $ 711,035 | $ 557,924 | |||
Accounts receivable, less allowance | 405,108 | 378,172 | ||||
Intercompany accounts and notes receivable | 0 | 0 | ||||
Inventories | 485,284 | 511,793 | ||||
Prepaid expenses | 27,286 | 25,766 | ||||
Other receivables | 14,137 | 21,934 | ||||
Other current assets | 33,205 | 36,141 | ||||
Total current assets | 1,551,814 | 1,684,841 | ||||
Property and equipment, net | 1,296,103 | 1,366,513 | ||||
Goodwill | 2,305,136 | 2,173,889 | ||||
Intangible assets, net | 451,788 | 408,210 | ||||
Long-term Investments | 97,549 | 97,786 | ||||
Long-term intercompany accounts and notes receivable | 0 | 0 | ||||
Investment in subsidiaries | 0 | 0 | ||||
Other non-current assets (Note 6) | 146,181 | 76,785 | ||||
Total assets | 5,848,571 | 5,808,024 | ||||
Accounts payable | 213,936 | 233,307 | ||||
Intercompany accounts and notes payable | 0 | 0 | ||||
Accrued liabilities | 172,345 | 160,516 | ||||
Current portion of long-term debt | 4,233 | 80 | ||||
Other current liabilities (Note 6) | 59,115 | 41,711 | ||||
Total current liabilities | 449,629 | 435,614 | ||||
Long-term Debt, Current Maturities [Abstract] | ||||||
Long-term debt | 1,016,063 | 920,935 | ||||
Long-term intercompany accounts and notes payable | 0 | 0 | ||||
Other long-term liabilities (Note 6) | 117,385 | 91,796 | ||||
Total liabilities | 1,583,077 | 1,448,345 | ||||
Total stockholders’ equity | 4,265,494 | $ 4,337,343 | 4,359,679 | $ 4,632,137 | $ 4,678,105 | $ 4,775,564 |
Total liabilities and stockholders’ equity | 5,848,571 | 5,808,024 | ||||
Guarantor Subsidiaries | ||||||
Cash and cash equivalents | 80,065 | 231,865 | ||||
Accounts receivable, less allowance | 43,952 | 47,181 | ||||
Intercompany accounts and notes receivable | 473,809 | 381,558 | ||||
Inventories | 165,456 | 173,885 | ||||
Prepaid expenses | 20,793 | 24,087 | ||||
Other receivables | 1,799 | 5,121 | ||||
Other current assets | 29,930 | 33,956 | ||||
Total current assets | 815,804 | 897,653 | ||||
Property and equipment, net | 1,059,674 | 1,090,171 | ||||
Goodwill | 1,122,629 | 1,122,629 | ||||
Intangible assets, net | 154,482 | 214,348 | ||||
Long-term Investments | 5,537 | 4,969 | ||||
Long-term intercompany accounts and notes receivable | 1,341,488 | 1,239,474 | ||||
Investment in subsidiaries | 2,591,241 | 2,321,170 | ||||
Other non-current assets (Note 6) | 101,258 | 46,784 | ||||
Total assets | 7,192,113 | 6,937,198 | ||||
Accounts payable | 70,435 | 95,089 | ||||
Intercompany accounts and notes payable | 4,624 | 62,640 | ||||
Accrued liabilities | 114,289 | 96,238 | ||||
Current portion of long-term debt | 0 | 0 | ||||
Other current liabilities (Note 6) | 10,167 | 0 | ||||
Total current liabilities | 199,515 | 253,967 | ||||
Long-term Debt, Current Maturities [Abstract] | ||||||
Long-term debt | 0 | 0 | ||||
Long-term intercompany accounts and notes payable | 133,317 | 66,195 | ||||
Other long-term liabilities (Note 6) | 114,388 | 76,955 | ||||
Total liabilities | 447,220 | 397,117 | ||||
Total stockholders’ equity | 6,744,893 | 6,540,081 | ||||
Total liabilities and stockholders’ equity | 7,192,113 | 6,937,198 | ||||
Non-Guarantor Subsidiaries | ||||||
Cash and cash equivalents | 506,729 | 479,170 | ||||
Accounts receivable, less allowance | 361,156 | 330,991 | ||||
Intercompany accounts and notes receivable | 4,624 | 62,640 | ||||
Inventories | 341,741 | 359,252 | ||||
Prepaid expenses | 6,493 | 1,679 | ||||
Other receivables | 12,338 | 16,813 | ||||
Other current assets | 3,275 | 2,354 | ||||
Total current assets | 1,236,356 | 1,252,899 | ||||
Property and equipment, net | 233,337 | 268,040 | ||||
Goodwill | 1,182,507 | 1,051,260 | ||||
Intangible assets, net | 297,306 | 193,862 | ||||
Long-term Investments | 92,012 | 92,817 | ||||
Long-term intercompany accounts and notes receivable | 220,231 | 93,923 | ||||
Investment in subsidiaries | 0 | 0 | ||||
Other non-current assets (Note 6) | 43,286 | 28,234 | ||||
Total assets | 3,305,035 | 2,981,035 | ||||
Accounts payable | 143,501 | 138,218 | ||||
Intercompany accounts and notes payable | 473,809 | 381,558 | ||||
Accrued liabilities | 45,578 | 51,781 | ||||
Current portion of long-term debt | 483 | 80 | ||||
Other current liabilities (Note 6) | 48,948 | 41,880 | ||||
Total current liabilities | 712,319 | 613,517 | ||||
Long-term Debt, Current Maturities [Abstract] | ||||||
Long-term debt | 1,640 | 1,665 | ||||
Long-term intercompany accounts and notes payable | 0 | 0 | ||||
Other long-term liabilities (Note 6) | 28,440 | 45,202 | ||||
Total liabilities | 742,399 | 660,384 | ||||
Total stockholders’ equity | 2,562,636 | 2,320,651 | ||||
Total liabilities and stockholders’ equity | 3,305,035 | 2,981,035 | ||||
Parent Company | ||||||
Cash and cash equivalents | 0 | 0 | ||||
Accounts receivable, less allowance | 0 | 0 | ||||
Intercompany accounts and notes receivable | 0 | 0 | ||||
Inventories | 0 | 0 | ||||
Prepaid expenses | 0 | 0 | ||||
Other receivables | 0 | 0 | ||||
Other current assets | 0 | 0 | ||||
Total current assets | 0 | 0 | ||||
Property and equipment, net | 0 | 0 | ||||
Goodwill | 0 | 0 | ||||
Intangible assets, net | 0 | 0 | ||||
Long-term Investments | 0 | 0 | ||||
Long-term intercompany accounts and notes receivable | 0 | 0 | ||||
Investment in subsidiaries | 6,716,288 | 6,540,081 | ||||
Other non-current assets (Note 6) | 6,635 | 17,245 | ||||
Total assets | 6,722,923 | 6,557,326 | ||||
Accounts payable | 0 | 0 | ||||
Intercompany accounts and notes payable | 0 | 0 | ||||
Accrued liabilities | 10,854 | 11,174 | ||||
Current portion of long-term debt | 3,750 | 0 | ||||
Other current liabilities (Note 6) | 0 | 0 | ||||
Total current liabilities | 14,604 | 11,174 | ||||
Long-term Debt, Current Maturities [Abstract] | ||||||
Long-term debt | 1,014,423 | 919,270 | ||||
Long-term intercompany accounts and notes payable | 1,428,402 | 1,267,203 | ||||
Other long-term liabilities (Note 6) | 0 | 0 | ||||
Total liabilities | 2,457,429 | 2,197,647 | ||||
Total stockholders’ equity | 4,265,494 | 4,359,679 | ||||
Total liabilities and stockholders’ equity | 6,722,923 | 6,557,326 | ||||
Eliminations and Reclassifications | ||||||
Cash and cash equivalents | 0 | 0 | ||||
Accounts receivable, less allowance | 0 | 0 | ||||
Intercompany accounts and notes receivable | (478,433) | (444,198) | ||||
Inventories | (21,913) | (21,344) | ||||
Prepaid expenses | 0 | 0 | ||||
Other receivables | 0 | 0 | ||||
Other current assets | 0 | (169) | ||||
Total current assets | (500,346) | (465,711) | ||||
Property and equipment, net | 3,092 | 8,302 | ||||
Goodwill | 0 | 0 | ||||
Intangible assets, net | 0 | 0 | ||||
Long-term Investments | 0 | 0 | ||||
Long-term intercompany accounts and notes receivable | (1,561,719) | (1,333,397) | ||||
Investment in subsidiaries | (9,307,529) | (8,861,251) | ||||
Other non-current assets (Note 6) | (4,998) | (15,478) | ||||
Total assets | (11,371,500) | (10,667,535) | ||||
Accounts payable | 0 | 0 | ||||
Intercompany accounts and notes payable | (478,433) | (444,198) | ||||
Accrued liabilities | 1,624 | 1,323 | ||||
Current portion of long-term debt | 0 | 0 | ||||
Other current liabilities (Note 6) | 0 | (169) | ||||
Total current liabilities | (476,809) | (443,044) | ||||
Long-term Debt, Current Maturities [Abstract] | ||||||
Long-term debt | 0 | 0 | ||||
Long-term intercompany accounts and notes payable | (1,561,719) | (1,333,398) | ||||
Other long-term liabilities (Note 6) | (25,443) | (30,361) | ||||
Total liabilities | (2,063,971) | (1,806,803) | ||||
Total stockholders’ equity | (9,307,529) | (8,860,732) | ||||
Total liabilities and stockholders’ equity | $ (11,371,500) | $ (10,667,535) |
Consolidating Financial Infor_4
Consolidating Financial Information Condensed Consolidating Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |
Revenues | $ 806,698 | $ 884,443 | $ 1,582,296 | $ 1,577,113 |
Cost of Goods and Services Sold | 483,116 | 530,929 | 964,425 | 986,866 |
Gross profit | 323,582 | 353,514 | 617,871 | 590,247 |
Research and Development Expense | 115,614 | 116,748 | 234,534 | 227,651 |
Selling, General and Administrative Expense | 88,274 | 139,507 | 177,253 | 275,437 |
Other operating expense (Notes 4 and 10) | 6,927 | 6,782 | 38,091 | 15,897 |
Total operating expenses | 210,815 | 263,037 | 449,878 | 518,985 |
Income (loss) from operations | 112,767 | 90,477 | 167,993 | 71,262 |
Interest expense | (12,693) | (9,689) | (24,557) | (24,042) |
Interest Income | 2,292 | 1,580 | 5,238 | 4,974 |
Other (expense) income | (300) | (49,532) | (1,411) | (81,487) |
Income (loss) before income taxes | 102,066 | 32,836 | 147,263 | (29,293) |
Income tax (expense) benefit (Note 12) | (19,028) | (752) | (24,684) | 31,384 |
Income in subsidiaries | 0 | 0 | 0 | 0 |
Net income | 83,038 | 32,084 | 122,579 | 2,091 |
Comprehensive income (loss) | 82,061 | 32,012 | 121,545 | (165) |
Parent Company | ||||
Revenues | 0 | 0 | 0 | 0 |
Cost of Goods and Services Sold | 0 | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 | 0 |
Research and Development Expense | 7,113 | 6,910 | 14,002 | 13,311 |
Selling, General and Administrative Expense | 13,763 | 13,876 | 31,827 | 26,671 |
Other operating expense (Notes 4 and 10) | 0 | 119 | 0 | 269 |
Total operating expenses | 20,876 | 20,905 | 45,829 | 40,251 |
Income (loss) from operations | (20,876) | (20,905) | (45,829) | (40,251) |
Interest expense | (12,496) | (9,400) | (24,085) | (23,442) |
Interest Income | 0 | 0 | 0 | 0 |
Other (expense) income | 0 | (48,779) | 0 | (82,152) |
Income (loss) before income taxes | (33,372) | (79,084) | (69,914) | (145,845) |
Income tax (expense) benefit (Note 12) | 7,359 | 25,920 | 15,165 | 37,374 |
Income in subsidiaries | 109,051 | 85,248 | 177,328 | 110,562 |
Net income | 83,038 | 32,084 | 122,579 | 2,091 |
Comprehensive income (loss) | 82,061 | 32,012 | 121,545 | (165) |
Guarantor Subsidiaries | ||||
Revenues | 215,097 | 236,631 | 472,039 | 468,570 |
Cost of Goods and Services Sold | 193,994 | 207,221 | 437,864 | 397,532 |
Gross profit | 21,103 | 29,410 | 34,175 | 71,038 |
Research and Development Expense | (4,054) | 7,340 | 11,529 | 10,619 |
Selling, General and Administrative Expense | 44,710 | 58,924 | 94,992 | 116,880 |
Other operating expense (Notes 4 and 10) | 4,497 | (2,192) | 19,321 | 5,748 |
Total operating expenses | 45,153 | 64,072 | 125,842 | 133,247 |
Income (loss) from operations | (24,050) | (34,662) | (91,667) | (62,209) |
Interest expense | (577) | (522) | (1,069) | (1,059) |
Interest Income | 648 | 477 | 1,406 | 2,883 |
Other (expense) income | (679) | 798 | (107) | 1,126 |
Income (loss) before income taxes | (24,658) | (33,909) | (91,437) | (59,259) |
Income tax (expense) benefit (Note 12) | (4,183) | (20,470) | (1,443) | (3,666) |
Income in subsidiaries | 138,256 | 139,642 | 270,140 | 172,207 |
Net income | 109,415 | 85,263 | 177,260 | 109,282 |
Comprehensive income (loss) | 109,510 | 85,347 | 177,355 | 109,371 |
Non-Guarantor Subsidiaries | ||||
Revenues | 749,581 | 825,844 | 1,474,695 | 1,451,805 |
Cost of Goods and Services Sold | 423,834 | 476,256 | 843,949 | 885,953 |
Gross profit | 325,747 | 349,588 | 630,746 | 565,852 |
Research and Development Expense | 113,453 | 103,671 | 210,721 | 206,119 |
Selling, General and Administrative Expense | 51,819 | 91,399 | 95,643 | 177,778 |
Other operating expense (Notes 4 and 10) | 2,418 | 8,458 | 18,960 | 9,512 |
Total operating expenses | 167,690 | 203,528 | 325,324 | 393,409 |
Income (loss) from operations | 158,057 | 146,060 | 305,422 | 172,443 |
Interest expense | (103) | (160) | (278) | (321) |
Interest Income | 2,128 | 1,495 | 4,707 | 2,870 |
Other (expense) income | 379 | (1,551) | (1,304) | (461) |
Income (loss) before income taxes | 160,461 | 145,844 | 308,547 | 174,531 |
Income tax (expense) benefit (Note 12) | (22,204) | (6,202) | (38,406) | (2,324) |
Income in subsidiaries | 0 | 0 | 0 | 0 |
Net income | 138,257 | 139,642 | 270,141 | 172,207 |
Comprehensive income (loss) | 136,942 | 139,472 | 268,833 | 169,727 |
Eliminations and Reclassifications | ||||
Revenues | (157,980) | (178,032) | (364,438) | (343,262) |
Cost of Goods and Services Sold | (134,712) | (152,548) | (317,388) | (296,619) |
Gross profit | (23,268) | (25,484) | (47,050) | (46,643) |
Research and Development Expense | (898) | (1,173) | (1,718) | (2,398) |
Selling, General and Administrative Expense | (22,018) | (24,692) | (45,209) | (45,892) |
Other operating expense (Notes 4 and 10) | 12 | 397 | (190) | 368 |
Total operating expenses | (22,904) | (25,468) | (47,117) | (47,922) |
Income (loss) from operations | (364) | (16) | 67 | 1,279 |
Interest expense | 483 | 393 | 875 | 780 |
Interest Income | (484) | (392) | (875) | (779) |
Other (expense) income | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | (365) | (15) | 67 | 1,280 |
Income tax (expense) benefit (Note 12) | 0 | 0 | 0 | 0 |
Income in subsidiaries | (247,307) | (224,890) | (447,468) | (282,769) |
Net income | (247,672) | (224,905) | (447,401) | (281,489) |
Comprehensive income (loss) | $ (246,452) | $ (224,819) | $ (446,188) | $ (279,098) |
Consolidating Financial Infor_5
Consolidating Financial Information Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Net Cash Provided by (Used in) Operating Activities | $ 430,530 | $ 289,796 |
Payments to Acquire Property, Plant, and Equipment | (88,338) | (113,666) |
Purchase of a business, net of cash acquired (Note 4) | 299,673 | 0 |
Purchase of available-for-sale debt securities | 0 | (132,729) |
Proceeds from sales and maturities of available-for-sale debt securities | 1,950 | 133,132 |
Other investing activities | (1,242) | (19,492) |
Net transactions with related parties, investing | 0 | 0 |
Net cash used in investing activities | (387,303) | (132,755) |
Repurchase of debt (Note 7) | 0 | (954,745) |
Proceeds from borrowings (Note 7) | 100,000 | 0 |
Repurchase of common stock, including transaction costs (Note 8) | (265,105) | (186,682) |
Proceeds from the issuance of common stock | 20,205 | 18,406 |
Tax withholding paid on behalf of employees for restricted stock units | (20,545) | (24,181) |
Other financing activities | (832) | (7,057) |
Net transactions with related parties | 0 | 0 |
Net cash used in financing activities | (166,277) | (522,959) |
Effect of Exchange Rate on Cash and Cash Equivalents | (1,091) | (2,216) |
Net decrease in cash, cash equivalents and restricted cash | (124,141) | (368,134) |
Cash, cash equivalents and restricted cash at the beginning of the period | 711,382 | 926,402 |
Cash, cash equivalents and restricted cash at the end of the period | 587,241 | 558,268 |
Proceeds from debt issuances (Note 7) | 0 | 631,300 |
Parent Company | ||
Net Cash Provided by (Used in) Operating Activities | 166,127 | 522,959 |
Payments to Acquire Property, Plant, and Equipment | 0 | 0 |
Purchase of a business, net of cash acquired (Note 4) | 0 | |
Purchase of available-for-sale debt securities | 0 | |
Proceeds from sales and maturities of available-for-sale debt securities | 0 | 0 |
Other investing activities | 0 | 0 |
Net transactions with related parties, investing | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Repurchase of debt (Note 7) | (954,745) | |
Proceeds from borrowings (Note 7) | 100,000 | |
Repurchase of common stock, including transaction costs (Note 8) | (265,105) | (186,682) |
Proceeds from the issuance of common stock | 20,205 | 18,406 |
Tax withholding paid on behalf of employees for restricted stock units | (20,545) | (24,181) |
Other financing activities | (682) | (7,057) |
Net transactions with related parties | 0 | 0 |
Net cash used in financing activities | (166,127) | (522,959) |
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 |
Net decrease in cash, cash equivalents and restricted cash | 0 | 0 |
Cash, cash equivalents and restricted cash at the beginning of the period | 0 | 0 |
Cash, cash equivalents and restricted cash at the end of the period | 0 | 0 |
Proceeds from debt issuances (Note 7) | 631,300 | |
Guarantor Subsidiaries | ||
Net Cash Provided by (Used in) Operating Activities | (144,146) | (548,315) |
Payments to Acquire Property, Plant, and Equipment | (75,365) | (95,897) |
Purchase of a business, net of cash acquired (Note 4) | 0 | |
Purchase of available-for-sale debt securities | (132,729) | |
Proceeds from sales and maturities of available-for-sale debt securities | 1,950 | 133,132 |
Other investing activities | (1,748) | (1,086) |
Net transactions with related parties, investing | 28,086 | 110,047 |
Net cash used in investing activities | (47,077) | 13,467 |
Repurchase of debt (Note 7) | 0 | |
Proceeds from borrowings (Note 7) | 0 | |
Repurchase of common stock, including transaction costs (Note 8) | 0 | 0 |
Proceeds from the issuance of common stock | 0 | 0 |
Tax withholding paid on behalf of employees for restricted stock units | 0 | 0 |
Other financing activities | 0 | 0 |
Net transactions with related parties | 39,423 | 686 |
Net cash used in financing activities | 39,423 | 686 |
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 |
Net decrease in cash, cash equivalents and restricted cash | (151,800) | (534,162) |
Cash, cash equivalents and restricted cash at the beginning of the period | 231,865 | 629,314 |
Cash, cash equivalents and restricted cash at the end of the period | 80,065 | 95,152 |
Proceeds from debt issuances (Note 7) | 0 | |
Non-Guarantor Subsidiaries | ||
Net Cash Provided by (Used in) Operating Activities | 408,549 | 315,152 |
Payments to Acquire Property, Plant, and Equipment | (12,973) | (17,769) |
Purchase of a business, net of cash acquired (Note 4) | 299,673 | |
Purchase of available-for-sale debt securities | 0 | |
Proceeds from sales and maturities of available-for-sale debt securities | 0 | 0 |
Other investing activities | 506 | (18,406) |
Net transactions with related parties, investing | 0 | 0 |
Net cash used in investing activities | (312,140) | (36,175) |
Repurchase of debt (Note 7) | 0 | |
Proceeds from borrowings (Note 7) | 0 | |
Repurchase of common stock, including transaction costs (Note 8) | 0 | 0 |
Proceeds from the issuance of common stock | 0 | 0 |
Tax withholding paid on behalf of employees for restricted stock units | 0 | 0 |
Other financing activities | (150) | 0 |
Net transactions with related parties | (67,509) | (110,733) |
Net cash used in financing activities | (67,659) | (110,733) |
Effect of Exchange Rate on Cash and Cash Equivalents | (1,091) | (2,216) |
Net decrease in cash, cash equivalents and restricted cash | 27,659 | 166,028 |
Cash, cash equivalents and restricted cash at the beginning of the period | 479,517 | 297,088 |
Cash, cash equivalents and restricted cash at the end of the period | 507,176 | 463,116 |
Proceeds from debt issuances (Note 7) | 0 | |
Eliminations and Reclassifications | ||
Net Cash Provided by (Used in) Operating Activities | 0 | 0 |
Payments to Acquire Property, Plant, and Equipment | 0 | 0 |
Purchase of a business, net of cash acquired (Note 4) | 0 | |
Purchase of available-for-sale debt securities | 0 | |
Proceeds from sales and maturities of available-for-sale debt securities | 0 | 0 |
Other investing activities | 0 | 0 |
Net transactions with related parties, investing | (28,086) | (110,047) |
Net cash used in investing activities | (28,086) | (110,047) |
Repurchase of debt (Note 7) | 0 | |
Proceeds from borrowings (Note 7) | 0 | |
Repurchase of common stock, including transaction costs (Note 8) | 0 | 0 |
Proceeds from the issuance of common stock | 0 | 0 |
Tax withholding paid on behalf of employees for restricted stock units | 0 | 0 |
Other financing activities | 0 | 0 |
Net transactions with related parties | 28,086 | 110,047 |
Net cash used in financing activities | 28,086 | 110,047 |
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 |
Net decrease in cash, cash equivalents and restricted cash | 0 | 0 |
Cash, cash equivalents and restricted cash at the beginning of the period | 0 | 0 |
Cash, cash equivalents and restricted cash at the end of the period | $ 0 | 0 |
Proceeds from debt issuances (Note 7) | $ 0 |
Subsequent Event (Details Textu
Subsequent Event (Details Textual) - USD ($) $ in Millions | Oct. 04, 2019 | Oct. 30, 2019 | Sep. 30, 2019 | Sep. 28, 2019 | May 23, 2018 |
Subsequent Event [Member] | |||||
Subsequent Event | |||||
Business Combination, Consideration Transferred | $ 203 | ||||
Senior Notes Due 2029 4.375% [Member] | Subsequent Event [Member] | |||||
Subsequent Event | |||||
Debt Instrument, Face Amount | $ 350 | ||||
Stated Interest Rate | 4.375% | ||||
Debt, Senior Notes, Redemption Percentage | 104.375% | ||||
Debt, Interest Rate, Default Increase, Percentage | 0.25% | ||||
Senior Notes Due 2029 4.375% [Member] | Maximum default interest rate increase | Subsequent Event [Member] | |||||
Subsequent Event | |||||
Debt, Senior Notes, Redemption Percentage | 35.00% | ||||
Debt, Interest Rate, Default Increase, Percentage | 1.00% | ||||
May 2018 Program | |||||
Subsequent Event | |||||
Stock Repurchase Program, Authorized Amount | $ 1,000 | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 132.8 | ||||
May 2018 Program | Subsequent Event [Member] | |||||
Subsequent Event | |||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 117 |