Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Sep. 27, 2013 | Nov. 12, 2013 | Mar. 29, 2013 | |
Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'Skyworks Solutions, Inc. | ' | ' |
Entity Central Index Key | '0000004127 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 27-Sep-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--09-27 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $4,182,673,981 |
Entity Common Stock, Shares Outstanding | ' | 188,414,735 | ' |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 12 Months Ended | ||||
In Millions, except Per Share data, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 | ||
Net revenue | $1,792 | $1,568.60 | $1,418.90 | ||
Cost of goods sold | 1,025.40 | 901.5 | 798.6 | ||
Gross profit | 766.6 | 667.1 | 620.3 | ||
Operating expenses: | ' | ' | ' | ||
Research and development | 226.3 | 212.5 | 168.6 | ||
Selling, general and administrative | 159.7 | 158.4 | 137.3 | ||
Amortization of intangibles | 29.1 | 32.8 | 16.7 | ||
Restructuring and other charges | 6.4 | 7.8 | 2.4 | ||
Total operating expenses | 421.5 | 411.5 | 325 | ||
Operating income | 345.1 | 255.6 | 295.3 | ||
Interest expense | 0 | -0.6 | -1.9 | ||
Other (expense) income, net | -0.6 | -0.1 | 0.5 | ||
Income before income taxes | 344.5 | 254.9 | 293.9 | ||
Provision for income taxes | 66.4 | 52.9 | 67.3 | ||
Net income | $278.10 | $202 | $226.60 | ||
Earnings per share: | ' | ' | ' | ||
Basic (in dollars per share) | $1.48 | [1] | $1.09 | [1] | $1.24 |
Diluted (in dollars per share) | $1.45 | [1] | $1.05 | [1] | $1.19 |
Weighted average shares: | ' | ' | ' | ||
Basic (in shares) | 187.5 | 185.8 | 182.9 | ||
Diluted (in shares) | 192.2 | 191.8 | 190.7 | ||
[1] | Earnings per share calculations for each of the quarters are based on the weighted average number of shares outstanding and included common stock equivalents in each period. Therefore, the sums of the quarters do not necessarily equal the full year earnings per share. |
Consolidated_Statement_of_Othe
Consolidated Statement of Other Comprehensive Income Statement (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Net Income | $278.10 | $202 | $226.60 |
Other Comprehensive Income, Net of Tax | ' | ' | ' |
Pension adjustments | 0.7 | -0.3 | 0 |
Comprehensive income | $278.80 | $201.70 | $226.60 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 27, 2013 | Sep. 28, 2012 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $511.10 | $307.10 |
Receivables, net of allowance for doubtful accounts of $0.5 and $0.5, respectively | 292.7 | 297.6 |
Inventory | 229.5 | 232.9 |
Other current assets | 40 | 45.7 |
Total current assets | 1,073.30 | 883.3 |
Property, plant and equipment, net | 328.6 | 279.4 |
Goodwill | 800.5 | 800.5 |
Intangible assets, net | 64.8 | 94 |
Deferred tax assets, net | 54.1 | 65.2 |
Other assets | 11.8 | 14.2 |
Total assets | 2,333.10 | 2,136.60 |
Current liabilities: | ' | ' |
Accounts payable | 126.5 | 140.6 |
Accrued compensation and benefits | 41.2 | 31.3 |
Other current liabilities | 12 | 10.8 |
Total current liabilities | 179.7 | 182.7 |
Long-term tax liabilities | 45.9 | 41.8 |
Other long-term liabilities | 6.4 | 6.6 |
Total liabilities | 232 | 231.1 |
Commitments and contingencies (Note 10 and Note 11) | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, no par value: 25.0 shares authorized, no shares issued | 0 | 0 |
Common stock, $0.25 par value: 525.0 shares authorized; 207.5 shares issued and 187.9 shares outstanding at September 27, 2013, and 202.9 shares issued and 192.3 shares outstanding at September 28, 2012 | 47 | 48.1 |
Additional paid-in capital | 2,041.40 | 1,920 |
Treasury stock, at cost | -365.3 | -161.8 |
Retained earnings | 378.9 | 100.8 |
Accumulated other comprehensive loss | -0.9 | -1.6 |
Total stockholders' equity | 2,101.10 | 1,905.50 |
Total liabilities and stockholders' equity | $2,333.10 | $2,136.60 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Sep. 27, 2013 | Sep. 28, 2012 |
In Millions, except Per Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts | $0.50 | $0.50 |
Preferred stock, par value | $0 | $0 |
Preferred Stock, Shares Authorized | 25 | 25 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, Par Value | $0.25 | $0.25 |
Common Stock, Shares Authorized | 525 | 525 |
Common Stock, Shares Issued | 207.5 | 202.9 |
Common Stock, Shares Outstanding | 187.9 | 192.3 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net Income | $278.10 | $202 | $226.60 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Share-based compensation | 71.7 | 72.2 | 58.3 |
Depreciation | 74.3 | 69.5 | 59.8 |
Amortization of intangible assets and other | 29.1 | 33.2 | 18.2 |
Contribution of common shares to savings and retirement plans | 17.1 | 16.1 | 13.7 |
Deferred income taxes | -13.7 | -12.9 | -12.4 |
Excess tax benefit from share-based compensation | -10.8 | -6.8 | -12.5 |
Change in fair value of contingent consideration | 0 | -5.4 | 0 |
Other | -0.3 | -0.5 | -0.2 |
Changes in assets and liabilities net of acquired balances: | ' | ' | ' |
Receivables, net | 4.9 | -109.2 | 12.9 |
Inventory | 3.4 | -19.3 | -49.7 |
Other current and long-term assets | -0.2 | -9.5 | -1.7 |
Accounts payable | -14.1 | 15.2 | -14.3 |
Other current and long-term liabilities | 32.2 | 13.8 | 41.9 |
Net cash provided by operating activities | 499.7 | 285.2 | 365.8 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures | -123.8 | -94.1 | -100.6 |
Payments for acquisitions, net of cash acquired | 0 | -229.6 | -249.3 |
Sales and maturities of short term investments | 0.8 | 20.9 | 0 |
Net cash used in investing activities | -123 | -302.8 | -349.9 |
Cash flows from financing activities: | ' | ' | ' |
Retirement of debt and line of credit | 0 | -48.1 | -50 |
Payment of Contingent Consideration | -1.1 | -52.9 | 0 |
Excess tax benefit from share-based compensation | 10.8 | 6.8 | 12.5 |
Repurchase of common stock - payroll tax withholdings on equity awards | -18.6 | -18.6 | -20.1 |
Repurchase of common stock - share repurchase program | -184.9 | -12.4 | -70 |
Net proceeds from exercise of stock options | 21.1 | 39.1 | 63.1 |
Net cash used in financing activities | -172.7 | -86.1 | -64.5 |
Net increase (decrease) in cash and cash equivalents | 204 | -103.7 | -48.6 |
Cash and cash equivalents at beginning of period | 307.1 | 410.8 | 459.4 |
Cash and cash equivalents at end of period | 511.1 | 307.1 | 410.8 |
Supplemental cash flow disclosures: | ' | ' | ' |
Income taxes paid | 26.2 | 19.8 | 16.1 |
Interest paid | $0 | $0.20 | $0.50 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity and Comprehensive Income (Loss) Statement (USD $) | Total | Common Stock | Treasury Stock | Additional Paid-in Capital | Common Stock Outstanding [Member] | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Loss |
In Millions, unless otherwise specified | |||||||
Beginning balance at Oct. 01, 2010 | $1,316.70 | $45.10 | ($40.70) | $1,641.40 | ' | ($327.80) | ($1.30) |
Beginning balance (in shares) at Oct. 01, 2010 | ' | ' | 5.4 | ' | ' | ' | ' |
Common stock, shares, outstanding beginning balance (in shares) at Oct. 01, 2010 | ' | 180.3 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | 226.6 | ' | ' | ' | ' | 226.6 | ' |
Exercise and settlement of share based awards and related tax benefit, net of shares withheld for taxes, shares | ' | 8.9 | 0.8 | ' | ' | ' | ' |
Exercise and settlement of share based awards and related tax benefit, net of shares withheld for taxes | 79.8 | 2.2 | -20.1 | 97.7 | ' | ' | ' |
Share-based Compensation expense | 56.2 | ' | ' | 56.2 | ' | ' | ' |
Share repurchase program (in shares) | ' | ' | ' | ' | -2.8 | ' | ' |
Share repurchase program (in shares) | ' | ' | 2.8 | ' | ' | ' | ' |
Share repurchase program | 70 | ' | 70 | -0.7 | 0.7 | ' | ' |
Ending balance at Sep. 30, 2011 | 1,609.30 | 46.6 | -130.8 | 1,796 | ' | -101.2 | -1.3 |
Common stock, shares, outstanding ending balance (in shares) at Sep. 30, 2011 | ' | 186.4 | ' | ' | ' | ' | ' |
Ending balance (in shares) at Sep. 30, 2011 | ' | ' | 9 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | 202 | ' | ' | ' | ' | 202 | ' |
Exercise and settlement of share based awards and related tax benefit, net of shares withheld for taxes, shares | ' | 6.7 | 0.8 | ' | ' | ' | ' |
Exercise and settlement of share based awards and related tax benefit, net of shares withheld for taxes | 56.5 | 1.7 | -18.6 | 73.4 | ' | ' | ' |
Share-based Compensation expense | 71.9 | ' | ' | 71.9 | ' | ' | ' |
Reacquisition of equity components of convertible notes | -21.5 | ' | ' | -21.5 | ' | ' | ' |
Share repurchase program (in shares) | ' | ' | ' | ' | -0.8 | ' | ' |
Share repurchase program (in shares) | ' | ' | 0.8 | ' | ' | ' | ' |
Share repurchase program | 12.4 | ' | 12.4 | -0.2 | 0.2 | ' | ' |
Other comprehensive loss | -0.3 | ' | ' | ' | ' | ' | -0.3 |
Ending balance at Sep. 28, 2012 | 1,905.50 | 48.1 | -161.8 | 1,920 | ' | 100.8 | -1.6 |
Common stock, shares, outstanding ending balance (in shares) at Sep. 28, 2012 | 192.3 | 192.3 | ' | ' | ' | ' | ' |
Ending balance (in shares) at Sep. 28, 2012 | ' | ' | 10.6 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | 278.1 | ' | ' | ' | ' | 278.1 | ' |
Exercise and settlement of share based awards and related tax benefit, net of shares withheld for taxes, shares | ' | 3.7 | 0.9 | ' | ' | ' | ' |
Exercise and settlement of share based awards and related tax benefit, net of shares withheld for taxes | 31.1 | 0.9 | -18.6 | 48.8 | ' | ' | ' |
Share-based Compensation expense | 70.6 | ' | ' | 70.6 | ' | ' | ' |
Share repurchase program (in shares) | ' | ' | ' | ' | -8.1 | ' | ' |
Share repurchase program (in shares) | ' | ' | 8.1 | ' | ' | ' | ' |
Share repurchase program | 184.9 | ' | 184.9 | -2 | 2 | ' | ' |
Other comprehensive loss | 0.7 | ' | ' | ' | ' | ' | 0.7 |
Ending balance at Sep. 27, 2013 | $2,101.10 | $47 | ($365.30) | $2,041.40 | ' | $378.90 | ($0.90) |
Common stock, shares, outstanding ending balance (in shares) at Sep. 27, 2013 | 187.9 | 187.9 | ' | ' | ' | ' | ' |
Ending balance (in shares) at Sep. 27, 2013 | ' | ' | 19.6 | ' | ' | ' | ' |
Description_Of_Business_And_Ba
Description Of Business And Basis Of Presentation | 12 Months Ended |
Sep. 27, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | ' |
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | |
Skyworks Solutions, Inc., together with its consolidated subsidiaries, (“Skyworks” or the “Company”) is an innovator of high performance analog semiconductors. Leveraging core technologies, the Company supports automotive, broadband, cellular infrastructure, energy management, GPS, industrial, medical, military, wireless networking, smartphone and tablet applications. Its portfolio consists of amplifiers, attenuators, battery chargers, DC/DC converters, circulators, demodulators, detectors, diodes, directional couplers, front-end modules, hybrids, infrastructure RF subsystems, isolators, LED drivers, mixers, modulators, optocouplers, optoisolators, phase shifters, PLLs/synthesizers/VCOs, power dividers/combiners, power management devices, receivers, switches, voltage regulators and technical ceramics. | |
The Company has evaluated subsequent events through the date of issuance of the audited consolidated financial statements. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 27, 2013 | |
Accounting Policies [Abstract] | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
PRINCIPLES OF CONSOLIDATION | |
All Skyworks subsidiaries are included in the Company’s consolidated financial statements and all intercompany balances are eliminated in consolidation. | |
FISCAL YEAR | |
The Company’s fiscal year ends on the Friday closest to September 30. Fiscal years 2013, 2012 and 2011 each consisted of 52 weeks and ended on September 27, 2013, September 28, 2012 and September 30, 2011, respectively. | |
USE OF ESTIMATES | |
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the amounts of assets, liabilities, revenue, expenses, comprehensive income and accumulated other comprehensive loss during the reporting period. The Company evaluates its estimates on an ongoing basis using historical experience and other factors, including the current economic environment. Significant judgment is required in determining the reserves for and fair value of items such as inventory, income taxes, share-based compensation, loss contingencies, bad debt allowance, contingent consideration, intangible assets associated with business combinations and overall fair value assessments of assets and liabilities particularly those classified as Level 2 or Level 3 in the fair value hierarchy. In addition, significant judgment is required in determining whether a potential indicator of impairment of long-lived assets exists and in estimating future cash flows for any necessary impairment testing. Actual results could differ significantly from these estimates. | |
REVENUE RECOGNITION | |
Revenue from product sales is recognized when there is persuasive evidence of an arrangement, the price to the buyer is fixed and determinable, delivery and transfer of title have occurred in accordance with the shipping terms specified in the arrangement with the customer and collectability is reasonable assured. Revenue from license fees and intellectual property is recognized when due and payable, and all other criteria of the Financial Accounting Standards Board's ("FASB") Accounting Standards Codification ("ASC") 605 Revenue Recognition, have been met. The Company ships product on consignment to certain customers and only recognizes revenue when the customer notifies the Company that the inventory has been consumed. Revenue recognition is deferred in all instances where the earnings process is incomplete. Certain product sales are made to electronic component distributors under agreements allowing for price protection and/or a right of return (stock rotation) on unsold products. Reserves for sales returns and allowances are recorded based on historical experience or pursuant to contractual arrangements necessitating revenue reserves. | |
CASH AND CASH EQUIVALENTS | |
The Company invests excess cash in time deposits, certificate of deposits and money market funds which primarily consist of United States treasury obligations, United States agency obligations, and repurchase agreements collateralized by United States government and agency obligations. The Company considers highly liquid investments with original maturities of 90 days or less when purchased as cash equivalents. | |
ALLOWANCE FOR DOUBTFUL ACCOUNTS | |
The Company maintains general allowances for doubtful accounts related to potential losses that could arise due to customers’ inability to make required payments. These reserves require management to apply judgment in deriving these estimates. In addition, as the Company becomes aware of any specific receivables which may be uncollectable, they perform additional analysis including, but not limited to factors such as a customer’s credit worthiness, intent and ability to pay, overall financial position and reserves are recorded if deemed necessary. If the data the Company uses to calculate the allowance for doubtful accounts does not reflect the future ability to collect outstanding receivables, additional provisions for doubtful accounts may be needed and results of operations could be materially affected. | |
INVESTMENTS | |
The Company accounts for its investment in marketable securities in accordance with ASC 320-Investments-Debt and Equity Securities, and classifies them as “available for sale”. Available for sale securities are carried at fair value with unrealized holding gains or losses recorded in other comprehensive income. Gains or losses are included in earnings in the period in which they are realized. | |
FAIR VALUE | |
The carrying value of cash and cash equivalents, accounts receivable, other current assets, accounts payable and accrued liabilities approximates fair value due to short-term maturities of these assets and liabilities. Fair values of long-term investments are based on quoted market prices if available, and if not available a fair value is determined through a discounted cash flow analysis at the date of measurement. | |
INVENTORY | |
Inventory is stated at the lower of cost or market on a first-in, first-out basis. On a quarterly basis, the Company estimates and establishes reserves for excess, obsolete or unmarketable inventory equal to the carrying value of the excess or obsolete inventory and once recorded are considered permanent adjustments. Reserve calculations require a number of assumptions and management judgments regarding forecasted demand in relation to the inventory on hand, competitiveness of its product offerings, general market conditions and product life cycles upon which the reserves are based. When inventory on hand exceeds foreseeable demand, reserves are established for the value of such inventory that is not expected to be sold. | |
If actual demand and market conditions are less favorable than those the Company projects, additional inventory reserves may be required and its results of operations could be materially affected. Some or all of the inventories that have been reserved may be retained and made available for sale; however, they are generally scrapped over time. | |
PROPERTY, PLANT AND EQUIPMENT | |
Property, plant and equipment are carried at cost less accumulated depreciation with significant renewals and betterments being capitalized and retired equipment written off in the respective periods. Maintenance and repairs are expensed as incurred. | |
Depreciation is calculated using the straight-line method. Estimated useful lives used for depreciation purposes range from five to thirty years for buildings and improvements and three to ten years for machinery and equipment. Leasehold improvements are depreciated over the lesser of the economic life or the life of the associated lease. | |
VALUATION OF LONG-LIVED ASSETS | |
Definite lived intangible assets are carried at cost less accumulated amortization. Amortization is calculated on a straight-line basis over the estimated useful lives of the assets. Carrying values for long-lived assets and definite lived intangible assets, which exclude goodwill, are reviewed for possible impairment as circumstances warrant. Factors considered important that could result in an impairment review include significant underperformance relative to expected, historical or projected future operating results, significant changes in the manner of use of assets or the Company’s business strategy, or significant negative industry or economic trends. In addition, impairment reviews are conducted at the judgment of management whenever asset/asset group values are deemed to be unrecoverable relative to future undiscounted cash flows expected to be generated by that particular asset/asset group. The determination of recoverability is based on an estimate of undiscounted cash flows expected to result from the use of an asset/asset group and its eventual disposition. Such estimates require management to exercise judgment and make assumptions regarding factors such as future revenue streams, operating expenditures, cost allocation and asset utilization levels, all of which collectively impact future operating performance. The Company’s estimates of undiscounted cash flows may differ from actual cash flows due to, among other things, technological changes, economic conditions, changes to its business model or changes in its operating performance. If the sum of the undiscounted cash flows (excluding interest) is less than the carrying value of an asset/asset group, the Company would recognize an impairment loss, measured as the amount by which the carrying value exceeds the fair value of the asset or asset group. | |
GOODWILL AND INDEFINITE INTANGIBLE ASSETS | |
Goodwill and intangible assets with indefinite useful lives are not amortized but are tested at least annually for impairment in accordance with the provisions of ASC 350 Intangibles-Goodwill and Other (“ASC 350”). Intangible assets with indefinite useful lives comprise an insignificant portion of the total book value of the Company’s intangible assets. The Company assesses the need to test its goodwill for impairment on a regular basis. The Company has determined that it has one reporting unit for the purposes of allocating and testing goodwill under ASC 350. The Company assesses its conclusion regarding reporting units in conjunction with the goodwill impairment tests. | |
The goodwill impairment test is a two-step process. The first step of the Company’s impairment analysis compares its fair value to its net book value to determine if there is an indicator of impairment. To determine fair value, ASC 350 allows for the use of several valuation methodologies, although it states that quoted market prices are the best evidence of fair value and shall be used as the basis for measuring fair value where available. In the Company’s assessment of its fair value, the Company considers the closing price of its common stock on the selected testing date, the number of shares of its common stock outstanding and other marketplace activity such as a related control premium. If the calculated fair value is determined to be less than the book value of the Company, then the Company performs step two of the impairment analysis. Step two of the analysis compares the implied fair value of the Company’s goodwill to its book value. If the book value of the Company’s goodwill exceeds its implied fair value, an impairment loss is recognized equal to that excess. In step two of the Company’s annual impairment analysis, if required, the Company primarily uses the income approach methodology of valuation, which includes the discounted cash flow method as well as other generally accepted valuation methodologies, to determine the implied fair value of the Company’s goodwill. Significant management judgment is required in preparing the forecasts of future operating results that are used in the discounted cash flow method of valuation. Should step two of the impairment test be required, the estimates management would use would be consistent with the plans and estimates that the Company uses to manage its business. In addition to testing goodwill for impairment on an annual basis, factors such as unexpected adverse business conditions, deterioration of the economic climate, unanticipated technological changes, adverse changes in the competitive environment, loss of key personnel and acts by governments and courts, are considered by management and may signal that the Company’s intangible assets including goodwill have possibly become impaired and result in additional interim impairment testing. | |
In fiscal 2013, the Company performed an impairment test of its goodwill as of the first day of the fourth fiscal quarter in accordance with the Company’s regularly scheduled annual testing. The results of this test indicated that the Company’s goodwill was not impaired based on step one of the test; accordingly step two of the test was not performed. | |
BUSINESS COMBINATIONS | |
The Company uses the acquisition method of accounting for business combinations and recognizes assets acquired and liabilities assumed at their fair values on the date acquired. Goodwill represents the excess of the purchase price over the fair value of the net assets. The fair values of the assets and liabilities acquired are determined based upon the Company’s valuation using a combination of market, income or cost approaches. The valuation involves making significant estimates and assumptions which are based on detailed financial models including the projection of future cash flows, the weighted average cost of capital and any cost savings that are expected to be derived in the future. | |
SHARE-BASED COMPENSATION | |
The Company applies ASC 718 Compensation-Stock Compensation (“ASC 718”) which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors including non-qualified employee stock options, share awards, employee stock purchase plan and other special share-based awards based on estimated fair values. The Company adopted ASC 718 using the modified prospective transition method, which requires the application of the applicable accounting standard as of October 1, 2005, the first day of the Company’s fiscal 2006. | |
The fair value of share-based awards is amortized over the requisite service period, which is defined as the period during which an employee is required to provide service in exchange for an award. The Company uses a straight-line attribution method for all grants that include only a service condition. Due to the existence of both performance and service conditions, certain restricted stock grants are expensed over the service period for each separately vesting tranche. | |
Share-based compensation expense recognized during the period is based on the value of the portion of share-based payment awards that is ultimately expected to vest during the period. Share-based compensation expense recognized in the Consolidated Statement of Operations for the fiscal year ended September 27, 2013 includes actual expense on vested awards and expense associated with unvested awards, and has been reduced for estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company reviews actual forfeitures on at least an annual basis. | |
The Company determines the fair value of share-based option awards based on the Company's closing stock price on the date of grant using a Black-Scholes options pricing model. Under the Black-Scholes model, a number of highly complex and subjective variables are used including, but not limited to: the expected stock price volatility over the term of the award, the risk-free rate, and the expected life of the award. The determination of fair value of restricted share awards and units is based on the value of the Company's stock on the date of grant. | |
CURRENCIES | |
The Company’s functional currency for all operations worldwide is the United States dollar. Accordingly, gains and losses related to foreign currency transactions, conversion of foreign denominated cash balances and translation of foreign currency financial statements are included in current results. | |
INCOME TAXES | |
The Company uses the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. This method also requires the recognition of future tax benefits such as net operating loss carry forwards, to the extent that realization of such benefits is more likely than not. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |
The carrying value of the Company's net deferred tax assets assumes the Company will be able to generate sufficient future taxable income in certain tax jurisdictions, based on estimates and assumptions. If these estimates and related assumptions change in the future, the Company may be required to record additional valuation allowances against its deferred tax assets resulting in additional income tax expense in its consolidated statement of operations. Management evaluates the realizability of the deferred tax assets and assesses the adequacy of the valuation allowance quarterly. Likewise, in the event the Company were to determine that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, an adjustment to the deferred tax assets would increase income or decrease the carrying value of goodwill in the period such determination was made. | |
The determination of recording or releasing tax valuation allowances is made, in part, pursuant to an assessment performed by management regarding the likelihood that the Company will generate future taxable income against which benefits of its deferred tax assets may or may not be realized. This assessment requires management to exercise significant judgment and make estimates with respect to its ability to generate revenues, gross profits, operating income and taxable income in future periods. Amongst other factors, management must make assumptions regarding overall business and semiconductor industry conditions, operating efficiencies, the Company's ability to develop products to its customers' specifications, technological change, the competitive environment and changes in regulatory requirements which may impact its ability to generate taxable income and, in turn, realize the value of its deferred tax assets. | |
The calculation of the Company’s tax liabilities includes addressing uncertainties in the application of complex tax regulations and is based on the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. | |
The Company recognizes liabilities for anticipated tax audit issues in the United States and other tax jurisdictions based on its recognition threshold and measurement attribute of whether it is more likely than not that the positions the Company has taken in tax filings will be sustained upon tax audit, and the extent to which, additional taxes would be due. If payment of these amounts ultimately proves to be unnecessary, the reversal of the liabilities would result in tax benefits being recognized in the period in which it is determined the liabilities are no longer necessary. If the estimate of tax liabilities proves to be less than the ultimate assessment, a further charge to expense would result. The Company recognizes any interest or penalties, if incurred, on any unrecognized tax benefits as a component of income tax expense. | |
RESEARCH AND DEVELOPMENT COSTS | |
Research and development costs are expensed as incurred. | |
LOSS CONTINGENCIES | |
The Company records its best estimates of a loss contingency when it is considered probable and the amount can be reasonably estimated. When a range of loss can be reasonably estimated with no best estimate in the range, the Company records the minimum estimated liability related to the claim. As additional information becomes available, the Company assesses the potential liability related to the Company's pending loss contingency and revises its estimates. The Company discloses contingencies if there is at least a reasonable possibility that a loss or an additional loss may have been incurred. The Company's legal costs are expensed as incurred. | |
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | |
In February 2013, the FASB issued an Accounting Standards Update (“ASU”) to the guidance on comprehensive income to improve the reporting of reclassifications out of accumulated other comprehensive income. This guidance requires entities to provide information about the amounts reclassified out of accumulated other comprehensive income. The authoritative guidance also requires an entity to present significant amounts reclassified out of accumulated other comprehensive income on either the face of the statement of operations or in the notes if the reclassification is required under United States GAAP in the same reporting period. For amounts not required to be reclassified under United States GAAP, entities are required to cross-reference other disclosures that provide additional detail. The Company adopted this guidance in the first quarter of fiscal 2013 and its adoption did not have a significant impact on the Company's financial statements. | |
In July 2013, the FASB issued an ASU on income taxes, to improve the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This guidance is expected to reduce diversity in practice by and is expected to better reflect the manner in which an entity would settle at the reporting date any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exists. This guidance is not effective for the Company until fiscal 2015. The adoption of this guidance is not expected to have a material impact to the Company's financial position or results of operations. |
Fair_Value
Fair Value | 12 Months Ended | |||||||||||||||
Sep. 27, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
FAIR VALUE | ' | |||||||||||||||
FAIR VALUE | ||||||||||||||||
Fair value is the price that would be received from selling an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants as of the measurement date. Applicable accounting guidance provides a hierarchy for inputs used in measuring fair value that prioritize the use of observable inputs over the use of unobservable inputs, when such observable inputs are available. The three levels of inputs that may be used to measure fair value are as follows: | ||||||||||||||||
• | Level 1 - Quoted prices in active markets for identical assets or liabilities. | |||||||||||||||
• | Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-driven valuations in which all significant inputs are observable or can be derived principally from, or corroborated with, observable market data. | |||||||||||||||
• | Level 3 - Fair value is derived from valuation techniques in which one or more significant inputs are unobservable, including assumptions and judgments made by the Company. | |||||||||||||||
Assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurements. The Company reviews the fair value hierarchy classification on a quarterly basis. Changes in the observable inputs may result in a reclassification of assets and liabilities within the three levels of the hierarchy outlined above. | ||||||||||||||||
Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis | ||||||||||||||||
The Company measures certain assets and liabilities at fair value on a recurring basis such as our financial instruments which currently consist of marketable securities and recognizes transfers within the fair value hierarchy at the end of the fiscal quarter in which the change in circumstances that caused the transfer occurred. There have been no transfers between Level 1, 2 or 3 assets or liabilities during the fiscal year ended September 27, 2013. | ||||||||||||||||
As of September 27, 2013, the Company's marketable securities include an auction rate security which was classified as available for sale and recorded in other long term assets. This security is scheduled to mature in 2017. Due to the illiquid market for this security the Company has classified the carrying value as a Level 3 asset with the difference between the par and carrying value being categorized as a temporary loss and recorded in accumulated other comprehensive loss. The Company acquired these marketable securities as part of an acquisition in fiscal 2012, which were subsequently sold as of September 27, 2013. | ||||||||||||||||
As of September 27, 2013, assets recorded at fair value on a recurring basis consisted of the following (in millions): | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||
Total | Quoted prices in active markets for identical assets | Significant | Significant unobservable inputs | |||||||||||||
(Level 1) | other | (Level 3) | ||||||||||||||
observable inputs | ||||||||||||||||
(Level 2) | ||||||||||||||||
Assets | ||||||||||||||||
Money market funds | $ | 238.8 | $ | 238.8 | $ | — | $ | — | ||||||||
Auction rate security | 2.3 | — | — | 2.3 | ||||||||||||
Total | $ | 241.1 | $ | 238.8 | $ | — | $ | 2.3 | ||||||||
The following table summarizes changes to the fair value of the marketable securities which consists of auction rate securities, which are considered a Level 3 asset (in millions): | ||||||||||||||||
Auction rate securities | ||||||||||||||||
Balance at September 28, 2012 | $ | 3.1 | ||||||||||||||
Sale of auction rate security | (0.8 | ) | ||||||||||||||
Balance at September 27, 2013 | $ | 2.3 | ||||||||||||||
The fair value of the contingent consideration which was recorded as a Level 3 liability on September 28, 2012 was earned and paid during the fiscal year ended September 27, 2013. The Company has no further contingent consideration liabilities associated with prior acquisitions at September 27, 2013. | ||||||||||||||||
Assets Measured and Recorded at Fair Value on a Nonrecurring Basis | ||||||||||||||||
The Company's non-financial assets and liabilities, such as goodwill, intangible assets, and other long-lived assets resulting from business combinations are measured at fair value using income approach valuation methodologies at the date of acquisition and subsequently re-measured if there are indicators of impairment. There were no indicators of impairment identified during the fiscal year ended September 27, 2013. |
Inventory
Inventory | 12 Months Ended | |||||||
Sep. 27, 2013 | ||||||||
Inventory, Net [Abstract] | ' | |||||||
INVENTORY | ' | |||||||
INVENTORY | ||||||||
Inventory consists of the following (in millions): | ||||||||
As of | ||||||||
September 27, | September 28, | |||||||
2013 | 2012 | |||||||
Raw materials | $ | 25.2 | $ | 27.2 | ||||
Work-in-process | 128.3 | 111.2 | ||||||
Finished goods | 65 | 83 | ||||||
Finished goods held on consignment by customers | 11 | 11.5 | ||||||
Total inventories | $ | 229.5 | $ | 232.9 | ||||
Property_Plant_And_Equipment
Property, Plant And Equipment | 12 Months Ended | |||||||
Sep. 27, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Property, plant and equipment consist of the following (in millions): | ||||||||
As of | ||||||||
September 27, | September 28, | |||||||
2013 | 2012 | |||||||
Land and improvements | $ | 12.2 | $ | 12 | ||||
Buildings and improvements | 60.3 | 57 | ||||||
Furniture and fixtures | 23.4 | 25.4 | ||||||
Machinery and equipment | 668.1 | 623.3 | ||||||
Construction in progress | 95.3 | 36.9 | ||||||
Total property, plant and equipment, gross | 859.3 | 754.6 | ||||||
Accumulated depreciation and amortization | (530.7 | ) | (475.2 | ) | ||||
Total property, plant and equipment, net | $ | 328.6 | $ | 279.4 | ||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Sep. 27, 2013 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | ' | ||||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | |||||||||||||||||||||||||
The Company tests its goodwill and non-amortizing trademarks for impairment annually as of the first day of its fourth fiscal quarter and in interim periods if certain events occur indicating the carrying value of goodwill or non-amortizing trademarks may be impaired. There were no indicators of impairment noted during the fiscal year ended September 27, 2013. | |||||||||||||||||||||||||
Intangible assets consist of the following (in millions): | |||||||||||||||||||||||||
As of | As of | ||||||||||||||||||||||||
Weighted | September 27, 2013 | September 28, 2012 | |||||||||||||||||||||||
average | |||||||||||||||||||||||||
amortization | |||||||||||||||||||||||||
period remaining (years) | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
carrying | amortization | carrying | carrying | amortization | carrying | ||||||||||||||||||||
amount | amount | amount | amount | ||||||||||||||||||||||
Customer relationships | 2.9 | $ | 78.7 | $ | (49.3 | ) | $ | 29.4 | $ | 78.7 | $ | (36.2 | ) | $ | 42.5 | ||||||||||
Developed technology and other | 3.1 | 88.9 | (55.3 | ) | 33.6 | 89.3 | (42.3 | ) | 47 | ||||||||||||||||
IPR&D | 0.7 | 6.1 | (5.9 | ) | 0.2 | 6.1 | (3.2 | ) | 2.9 | ||||||||||||||||
Trademarks | Indefinite | 1.6 | — | 1.6 | 1.6 | — | 1.6 | ||||||||||||||||||
Total intangible assets | $ | 175.3 | $ | (110.5 | ) | $ | 64.8 | $ | 175.7 | $ | (81.7 | ) | $ | 94 | |||||||||||
Annual amortization expense for the next five years related to intangible assets is expected to be as follows (in millions): | |||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | ||||||||||||||||||||
Amortization expense | $ | 24 | $ | 21 | $ | 16.2 | $ | 2 | $ | — | $ | — | |||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Sep. 27, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
INCOME TAXES | ' | |||||||||||
INCOME TAXES | ||||||||||||
Income before income taxes consists of the following components (in millions): | ||||||||||||
Fiscal Years Ended | ||||||||||||
September 27, | September 28, | September 30, | ||||||||||
2013 | 2012 | 2011 | ||||||||||
United States | $ | 164.8 | $ | 113.1 | $ | 208.9 | ||||||
Foreign | 179.7 | 141.8 | 85 | |||||||||
Income before income taxes | $ | 344.5 | $ | 254.9 | $ | 293.9 | ||||||
The provision for income taxes consists of the following (in millions): | ||||||||||||
Fiscal Years Ended | ||||||||||||
September 27, | September 28, | September 30, | ||||||||||
2013 | 2012 | 2011 | ||||||||||
Current tax expense (benefit): | ||||||||||||
Federal | $ | 38 | $ | 32.4 | $ | 25.4 | ||||||
State | 0.1 | (1.7 | ) | 0.4 | ||||||||
Foreign | 14.8 | 8.6 | 4.4 | |||||||||
52.9 | 39.3 | 30.2 | ||||||||||
Deferred tax expense (benefit): | ||||||||||||
Federal | 14.4 | 13 | 35 | |||||||||
State | (4.9 | ) | (3.7 | ) | (1.0 | ) | ||||||
Foreign | (0.1 | ) | 0.4 | 1 | ||||||||
9.4 | 9.7 | 35 | ||||||||||
Change in valuation allowance | 4.1 | 3.9 | 2.1 | |||||||||
Provision for income taxes | $ | 66.4 | $ | 52.9 | $ | 67.3 | ||||||
The actual income tax expense is different than that which would have been computed by applying the federal statutory tax rate to income before income taxes. A reconciliation of income tax expense as computed at the United States Federal statutory income tax rate to the provision for income tax expense follows (in millions): | ||||||||||||
Fiscal Years Ended | ||||||||||||
September 27, | September 28, | September 30, | ||||||||||
2013 | 2012 | 2011 | ||||||||||
Tax expense at United States statutory rate | $ | 120.6 | $ | 89.2 | $ | 102.9 | ||||||
Foreign tax rate difference | (49.8 | ) | (44.7 | ) | (24.4 | ) | ||||||
Deemed dividend from foreign subsidiary | — | 2.4 | — | |||||||||
Research and development credits | (16.3 | ) | (1.7 | ) | (17.7 | ) | ||||||
Change in tax reserve | 11.7 | 10.4 | 9.4 | |||||||||
Change in valuation allowance | 4.1 | 3.9 | 2.1 | |||||||||
Domestic production activities deduction | (5.0 | ) | (3.9 | ) | (6.1 | ) | ||||||
Other, net | 1.1 | (2.7 | ) | 1.1 | ||||||||
Provision for income taxes | $ | 66.4 | $ | 52.9 | $ | 67.3 | ||||||
The Company operates in foreign jurisdictions with income tax rates lower than the United States tax rate of 35%. The Company's tax benefits related to foreign earnings taxed at a rate less than the United States federal rate were $49.8 million and $44.7 million for the fiscal years ended September 27, 2013 and September 28, 2012, respectively. | ||||||||||||
On October 2, 2010, the Company expanded its presence in Asia by launching operations in Singapore. The Company operates under a tax holiday in Singapore, which is effective through September 30, 2020. The tax holiday is conditional upon the Company's compliance with certain employment and investment thresholds in Singapore. The impact of the tax holiday decreased Singapore's taxes by $10.0 million and $5.9 million for the fiscal years ended September 27, 2013 and September 28, 2012, respectively. This resulted in tax benefits of $0.05 and $0.03 of diluted earnings per share for the fiscal years ended September 27, 2013 and September 28, 2012, respectively. | ||||||||||||
As a result of the enactment of the Tax Relief Act of 2012, which retroactively reinstated and extended the research and development tax credit, $7.0 million of federal research and development tax credits which were earned in fiscal 2012 reduced our tax rate during the fiscal year ended September 27, 2013. | ||||||||||||
Deferred income tax assets and liabilities consist of the tax effects of temporary differences related to the following (in millions): | ||||||||||||
Fiscal Years Ended | ||||||||||||
September 27, | September 28, | |||||||||||
2013 | 2012 | |||||||||||
Deferred Tax Assets: | ||||||||||||
Current: | ||||||||||||
Inventory | $ | 3.7 | $ | 5.3 | ||||||||
Bad debts | 0.2 | 0.2 | ||||||||||
Accrued compensation and benefits | 4 | 4 | ||||||||||
Product returns, allowances and warranty | 1.6 | 1.9 | ||||||||||
Restructuring | 0.3 | 0.6 | ||||||||||
Other – net | 0.5 | 0.5 | ||||||||||
Current deferred tax assets | 10.3 | 12.5 | ||||||||||
Less valuation allowance | (3.2 | ) | (3.1 | ) | ||||||||
Net current deferred tax assets | 7.1 | 9.4 | ||||||||||
Long-term: | ||||||||||||
Intangible assets | 5.5 | 6.6 | ||||||||||
Share-based and other deferred compensation | 37 | 37.6 | ||||||||||
Net operating loss carry forwards | 20.3 | 35.8 | ||||||||||
Federal tax credits | 16 | 17.2 | ||||||||||
State tax credits | 38.5 | 33.6 | ||||||||||
Other - net | 2 | 1.9 | ||||||||||
Long-term deferred tax assets | 119.3 | 132.7 | ||||||||||
Less valuation allowance | (47.8 | ) | (43.8 | ) | ||||||||
Net long-term deferred tax assets | 71.5 | 88.9 | ||||||||||
Deferred tax assets | 129.6 | 145.2 | ||||||||||
Less valuation allowance | (51.0 | ) | (46.9 | ) | ||||||||
Net deferred tax assets | 78.6 | 98.3 | ||||||||||
Deferred Tax Liabilities: | ||||||||||||
Current: | ||||||||||||
Prepaid insurance | (0.8 | ) | (0.9 | ) | ||||||||
Current deferred tax liabilities | (0.8 | ) | (0.9 | ) | ||||||||
Long-term: | ||||||||||||
Property, plant and equipment | (14.3 | ) | (17.6 | ) | ||||||||
Intangible assets | (3.1 | ) | (6.2 | ) | ||||||||
Long-term deferred tax liabilities | (17.4 | ) | (23.8 | ) | ||||||||
Net deferred tax liabilities | (18.2 | ) | (24.7 | ) | ||||||||
Total deferred tax assets | $ | 60.4 | $ | 73.6 | ||||||||
In accordance with GAAP, management has determined that it is more likely than not that a portion of its historic and current year income tax benefits will not be realized. As of September 27, 2013, the Company has maintained a valuation allowance of $51.0 million. This valuation allowance is comprised of $38.5 million related to United States state tax credits, and $12.5 million related to foreign deferred tax assets. If these benefits are recognized in a future period the valuation allowance on deferred tax assets will be reversed and up to a $50.6 million income tax benefit, and up to a $0.4 million reduction to goodwill, may be recognized. The Company will need to generate $171.5 million of future United States federal taxable income to utilize our United States deferred tax assets as of September 27, 2013. | ||||||||||||
Deferred tax assets are recognized for foreign operations when management believes it is more likely than not that the deferred tax assets will be recovered during the carry forward period. The Company will continue to assess its valuation allowance in future periods. | ||||||||||||
As of September 27, 2013, the Company has United States federal net operating loss carry forwards of approximately $50.7 million, including $15.8 million related to the acquisition of SiGe Semiconductor Inc. ("SiGe"), which will expire at various dates through 2030 and $18.8 million related to the acquisition of Advanced Analogic Technologies Inc. ("AATI"), which will expire at various dates through 2031. The utilization of these net operating losses is subject to certain annual limitations as required under Internal Revenue Code section 382 and similar state income tax provisions. The Company also has United States federal income tax credit carry forwards of $34.4 million, of which $32.3 million of federal income tax credit carry forwards have not been recorded as a deferred tax asset. The Company also has state income tax credit carry forwards of $38.5 million, net of federal benefits, for which the Company has provided a valuation allowance. The United States federal tax credits expire at various dates through 2032. The state tax credits relate primarily to California research tax credits which can be carried forward indefinitely. | ||||||||||||
The Company has continued to expand its operations and increase its investments in numerous international jurisdictions. These activities will increase the Company’s earnings attributable to foreign jurisdictions. As of September 27, 2013, no provision has been made for United States federal, state, or additional foreign income taxes related to approximately $591.0 million of undistributed earnings of foreign subsidiaries which have been or are intended to be permanently reinvested. It is not practicable to determine the United States federal income tax liability, if any, which would be payable if such earnings were not permanently reinvested. | ||||||||||||
The Company’s gross unrecognized tax benefits totaled $63.2 million and $52.4 million as of September 27, 2013 and September 28, 2012, respectively. Of the total unrecognized tax benefits at September 27, 2013, $50.4 million would impact the effective tax rate, if recognized. The remaining unrecognized tax benefits would not impact the effective tax rate, if recognized, due to the Company’s valuation allowance and certain positions which were required to be capitalized. There are no positions which the Company anticipates could change within the next twelve months. | ||||||||||||
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in millions): | ||||||||||||
Unrecognized tax benefits | ||||||||||||
Balance at September 28, 2012 | $ | 52.4 | ||||||||||
Decreases based on positions related to prior years | (0.1 | ) | ||||||||||
Increases based on positions related to current year | 11.6 | |||||||||||
Decreases relating to settlements with taxing authorities | — | |||||||||||
Decreases relating to lapses of applicable statutes of limitations | (0.7 | ) | ||||||||||
Balance at September 27, 2013 | $ | 63.2 | ||||||||||
During the year ended September 27, 2013, the Company recognized $0.7 million of previously unrecognized tax benefits related to the expiration of the statute of limitations. The Company recognized $1.2 million of accrued interest or penalties related to unrecognized tax benefits during fiscal 2013. | ||||||||||||
The Company’s major tax jurisdictions as of September 27, 2013 are the United States, California, Iowa, Singapore, Mexico and Canada. For the United States, the Company has open tax years dating back to fiscal 1998 due to the carry forward of tax attributes. For California, the Company has open tax years dating back to fiscal 1999 due to the carry forward of tax attributes. For Iowa, the Company has open tax years dating back to fiscal 2003 due to the carry forward of tax attributes. For Canada, the Company has open tax years dating back to fiscal 2004. For Mexico, the Company has open tax years back to fiscal 2008. For Singapore, the Company has open tax years dating back to fiscal 2011. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||
Sep. 27, 2013 | |||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||
STOCKHOLDERSb EQUITY | ' | ||||||||||||
STOCKHOLDERS’ EQUITY | |||||||||||||
COMMON STOCK | |||||||||||||
At September 27, 2013, the Company is authorized to issue 525.0 million shares of common stock, par value $0.25 per share, of which 207.5 million shares are issued and 187.9 million shares outstanding. | |||||||||||||
Holders of the Company’s common stock are entitled to dividends in the event declared by the Company’s Board of Directors out of funds legally available for such purpose. Dividends may not be paid on common stock unless all accrued dividends on preferred stock, if any, have been paid or declared and set aside. In the event of the Company’s liquidation, dissolution or winding up, the holders of common stock will be entitled to share pro rata in the assets remaining after payment to creditors and after payment of the liquidation preference plus any unpaid dividends to holders of any outstanding preferred stock. | |||||||||||||
Each holder of the Company’s common stock is entitled to one vote for each such share outstanding in the holder’s name. No holder of common stock is entitled to cumulate votes in voting for directors. The Company’s restated certificate of incorporation as amended to date, ("the Certificate of Incorporation") provides that, unless otherwise determined by the Company’s Board of Directors, no holder of stock has any preemptive right to purchase or subscribe for any stock of any class which the Company may issue or sell. | |||||||||||||
During the fiscal year ended September 27, 2013, the Company paid approximately $184.9 million (including commissions) in connection with the repurchase of 8.1 million shares of its common stock (paying an average price of $22.75 per share). Of this amount, $164.5 million of stock was repurchased under the November 8, 2012 program (which approved up to $200.0 million in repurchases) and $20.4 million was repurchased under the current $250.0 million share repurchase plan which was initiated on July 16, 2013 by the Board of Directors. This plan is valid through July 16, 2015 and allows for the repurchase of the Company's common stock on the open market or in privately negotiated transactions, in compliance with applicable securities laws and other legal requirements. As of September 27, 2013, $229.6 million remained available under the available share repurchase plan. | |||||||||||||
During the fiscal year ended September 28, 2012, the Company paid approximately $12.4 million (including commissions) in connection with the repurchase of 0.8 million shares of its common stock (paying an average price of $16.54 per share). This stock repurchase program expired on August 3, 2012. | |||||||||||||
PREFERRED STOCK | |||||||||||||
The Company’s Certificate of Incorporation has authorized and permits the Company to issue up to 25.0 million shares of preferred stock without par value in one or more series and with rights and preferences that may be fixed or designated by the Company’s Board of Directors without any further action by the Company’s stockholders. The designation, powers, preferences, rights and qualifications, limitations and restrictions of the preferred stock of each series will be fixed by the certificate of designation relating to such series, which will specify the terms of the preferred stock. At September 27, 2013, the Company had no shares of preferred stock issued or outstanding. | |||||||||||||
EMPLOYEE STOCK BENEFIT PLANS | |||||||||||||
As of September 27, 2013, the Company has the following equity compensation plans under which its equity securities were authorized for issuance to its employees and/or directors: | |||||||||||||
• | the 1999 Employee Long-Term Incentive Plan | ||||||||||||
• | the Directors’ 2001 Stock Option Plan | ||||||||||||
• | the Non-Qualified Employee Stock Purchase Plan | ||||||||||||
• | the 2002 Employee Stock Purchase Plan | ||||||||||||
• | the 2005 Long-Term Incentive Plan | ||||||||||||
• | the 2008 Director Long-Term Incentive Plan | ||||||||||||
• | AATI 1998 Amended Stock Plan | ||||||||||||
• | AATI 2005 Equity Incentive Plan | ||||||||||||
Except for the 1999 Employee Long-Term Incentive Plan and the Non-Qualified Employee Stock Purchase Plan, each of the foregoing equity compensation plans was approved by the Company’s stockholders. | |||||||||||||
As of September 27, 2013, a total of 90.9 million shares are authorized for grant under the Company's share-based compensation plans, with 10.7 million options outstanding. The number of common shares reserved for future awards to employees and directors under these plans was 19.6 million at September 27, 2013. The Company grants equity awards under the 2005 Long-Term Incentive Plan to employees and the 2008 Director Long-Term Incentive Plan for non-employee directors. | |||||||||||||
2005 Long-Term Incentive Plan. Under this plan, officers, employees, non-employee directors and certain consultants may be granted stock options, restricted stock awards, restricted stock units, performance awards and other share-based awards. The plan has been approved by the stockholders. Under the plan, up to 55.9 million shares have been authorized for grant. A total of 18.8 million shares are available for new grants as of September 27, 2013. The maximum contractual term of the awards is seven years from the date of grant. Options granted under the plan are exercisable at the determination of the compensation committee and generally vest ratably over four years. Restricted stock awards and units granted under the plan at the determination of the compensation committee and generally vest over four or more years. Performance awards are contingently granted depending on the achievement of certain predetermined performance goals and generally vest over three or more years. | |||||||||||||
2008 Director Long-Term Incentive Plan. Under this plan, non-employee directors may be granted stock options, restricted stock awards and other share-based awards. The plan has been approved by the stockholders. Under the plan a total of 1.5 million shares have been authorized for option grants. A total of 0.8 million shares are available for new grants as of September 27, 2013. The maximum contractual term of the director awards is ten years from the date of grant. Options granted under the plan are generally exercisable over four years. Restricted stock awards granted under the plan are exercisable at the determination of the compensation committee and generally vest over three or more years. | |||||||||||||
2002 Employee Stock Purchase Plan. The Company maintains a domestic and an international employee stock purchase plan. Under these plans, eligible employees may purchase common stock through payroll deductions of up to 10% of their compensation. The price per share is the lower of 85% of the fair market value of the common stock at the beginning or end of each offering period (generally six months). The plans provide for purchases by employees of up to an aggregate of 10.6 million shares. Shares of common stock purchased under these plans in fiscal years ended September 27, 2013, September 28, 2012, and September 30, 2011 were 0.5 million, 0.5 million, and 0.5 million, respectively. At September 27, 2013, there are 2.0 million shares available for purchase. The Company recognized compensation expense of $3.9 million, $3.5 million and $2.5 million for the fiscal years ended September 27, 2013, September 28, 2012, and September 30, 2011, respectively. The unrecognized compensation expense on the employee stock purchase plan at September 27, 2013 was $1.4 million. The weighted average period over which the cost is expected to be recognized is approximately four months. | |||||||||||||
Stock Options | |||||||||||||
The following table represents a summary of the Company's stock options: | |||||||||||||
Shares (in millions) | Weighted average remaining contractual life (in years) | Aggregate intrinsic value (in millions) | |||||||||||
Weighted average exercise price | |||||||||||||
Balance outstanding at September 28, 2012 | 11.9 | $ | 15.57 | ||||||||||
Granted | 1.7 | $ | 20.53 | ||||||||||
Exercised | (2.0 | ) | $ | 10.43 | |||||||||
Canceled/forfeited | (0.9 | ) | $ | 22.55 | |||||||||
Balance outstanding at September 27, 2013 | 10.7 | $ | 16.76 | 4.1 | $ | 88 | |||||||
Exercisable at September 27, 2013 | 5.6 | $ | 13.41 | 3.3 | $ | 64.4 | |||||||
The weighted-average grant date fair value per share of employee stock options granted during the fiscal years ended September 27, 2013, September 28, 2012, and September 30, 2011 was $9.31, $8.91, and $9.63, respectively. The total grant date fair value of the options vested during the fiscal years ending September 27, 2013, September 28, 2012 and September 30, 2011 was $33.5 million, $25.4 million and $22.1 million, respectively. | |||||||||||||
Restricted and Performance Awards and Units | |||||||||||||
The following table represents a summary of the Company's restricted and performance transactions: | |||||||||||||
Shares (In millions) | Weighted average | ||||||||||||
grant date fair value | |||||||||||||
Non-vested awards outstanding at September 28, 2012 | 5.9 | $ | 19.79 | ||||||||||
Granted | 2.9 | $ | 20.19 | ||||||||||
Vested | (2.5 | ) | $ | 19.06 | |||||||||
Canceled/forfeited | (0.6 | ) | $ | 20.31 | |||||||||
Non-vested awards outstanding at September 27, 2013 | 5.7 | $ | 20.31 | ||||||||||
The weighted average grant date fair value per share for awards granted during the fiscal years ended September 27, 2013, September 28, 2012, and September 30, 2011 was $20.19, $19.31, and $23.61, respectively. The total grant date fair value of the awards vested during the fiscal years ending September 27, 2013, September 28, 2012 and September 30, 2011 was $53.5 million, $53.8 million and $28.4 million, respectively. | |||||||||||||
The following table summarizes the total intrinsic value for stock options exercised and awards vested (in millions): | |||||||||||||
Fiscal Years Ended | |||||||||||||
September 27 | September 28 | September 30 | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Options | $ | 26.2 | $ | 54.5 | $ | 90.1 | |||||||
Awards | $ | 53.5 | $ | 53.8 | $ | 53.6 | |||||||
Valuation and Expense Information under ASC 718 | |||||||||||||
The following table summarizes pre-tax share-based compensation expense by financial statement line (in millions): | |||||||||||||
Fiscal Years Ended | |||||||||||||
September 27, | September 28, | September 30, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Cost of goods sold | $ | 10.2 | $ | 9.4 | $ | 7.5 | |||||||
Research and development | 28.2 | 28 | 18.1 | ||||||||||
Selling, general and administrative | 33.3 | 34.8 | 32.7 | ||||||||||
Total share-based compensation expense | $ | 71.7 | $ | 72.2 | $ | 58.3 | |||||||
The Company had capitalized share-based compensation expense of $2.1 million, $2.0 million and $2.1 million in inventory at September 27, 2013, September 28, 2012 and September 30, 2011, respectively. | |||||||||||||
The following table summarizes total compensation costs related to unvested share based awards not yet recognized and the weighted average period over which it is expected to be recognized at September 27, 2013: | |||||||||||||
Unrecognized compensation cost for unvested awards | Weighted average remaining recognition period | ||||||||||||
(in millions) | (in years) | ||||||||||||
Options | $ | 30.3 | 2 | ||||||||||
Awards | $ | 56.8 | 1.3 | ||||||||||
The fair value of each stock option is estimated on the date of the grant using the Black-Scholes option pricing model with the following weighted average assumptions. The fair value of the restricted awards and units are equal to the closing market price of the Company's common stock on the date of grant. The fair value of the performance awards and units are equal to the closing market price of the Company's common stock on the date of grant and updated for the achievement of the underlying performance metrics. | |||||||||||||
Fiscal Years Ended | |||||||||||||
September 27, | September 28, | September 30, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Expected volatility | 57.71 | % | 59.21 | % | 49.26 | % | |||||||
Risk free interest rate | 1.29 | % | 0.52 | % | 0.63 | % | |||||||
Dividend yield | 0 | 0 | 0 | ||||||||||
Expected option life (in years) | 4.2 | 4.1 | 4.1 | ||||||||||
The Company used a historical volatility calculated by the mean reversion of the weekly-adjusted closing stock price over the expected life of the options. The risk-free interest rate assumption is based upon observed treasury bill interest rates appropriate for the expected life of the Company’s employee stock options. | |||||||||||||
The expected life of employee stock options represents a calculation based upon the historical exercise, cancellation and forfeiture experience for the Company across its demographic population. The Company believes that this historical data is the best estimate of the expected life of a new option and that generally all groups of the Company's employees exhibit similar behavior. |
Employee_Benefit_Plans_Pension
Employee Benefit Plans, Pensions, and Other Retiree Benefits | 12 Months Ended | |||||||
Sep. 27, 2013 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||
EMPLOYEE BENEFIT PLAN, PENSIONS AND OTHER RETIREE BENEFITS | ' | |||||||
EMPLOYEE BENEFIT PLAN, PENSIONS AND OTHER RETIREE BENEFITS | ||||||||
The Company maintains a 401(k) plan covering substantially all of its employees based in the United States under which all employees at least twenty-one years old are eligible to receive discretionary Company contributions. Discretionary Company contributions are determined by the Board of Directors and may be in the form of cash or the Company’s stock. The Company has generally contributed a match of up to 4% of an employee’s contributed annual eligible compensation. For the fiscal years ended September 27, 2013, September 28, 2012, and September 30, 2011, the Company contributed shares of 0.3 million, 0.3 million, and 0.2 million, respectively, and recognized expense of $6.2 million, $6.0 million, and $5.5 million, respectively. | ||||||||
Pre-Merger Defined Benefit Pension: | ||||||||
The Company maintains a pre-merger pension benefit plan that was inherited as part of the 2002 merger that created Skyworks covering certain former employees. Since the plan was inherited, no new participants have been added. The liability and related plan assets have been reported in the Company’s Consolidated Balance Sheets as follows (in millions): | ||||||||
Fiscal Years Ended | ||||||||
September 27, | September 28, | |||||||
2013 | 2012 | |||||||
Benefit obligation at end of fiscal year | $ | 3.2 | $ | 3.6 | ||||
Fair value of plan assets at end of fiscal year | 3.6 | 3.1 | ||||||
Funded status | $ | 0.4 | $ | (0.5 | ) | |||
The Company incurred net periodic benefit costs of $0.1 million and $0.1 million for pension benefits during the fiscal years ended September 27, 2013, and September 28, 2012, respectively. |
Commitments
Commitments | 12 Months Ended | |||||||||||||||||||||||
Sep. 27, 2013 | ||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||||||||||
COMMITMENTS | ' | |||||||||||||||||||||||
COMMITMENTS | ||||||||||||||||||||||||
The Company has various operating leases primarily for buildings, computers and equipment. Rent expense amounted to $10.8 million, $10.5 million, and $7.6 million in fiscal years ended September 27, 2013, September 28, 2012, and September 30, 2011, respectively. Future minimum payments under these non-cancelable leases are as follows (in millions): | ||||||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | Thereafter | Total | ||||||||||||||||||
Future minimum payments | $ | 9.2 | 8.3 | 5.5 | 3.5 | 2.6 | 5.1 | $ | 34.2 | |||||||||||||||
In addition, the Company has entered into licensing agreements for intellectual property rights and maintenance and support services. Pursuant to the terms of these agreements, the Company is committed to making aggregate payments of $7.0 million and $4.0 million in fiscal years 2014 and 2015, respectively. |
Contingencies
Contingencies | 12 Months Ended |
Sep. 27, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
CONTINGENCIES | ' |
CONTINGENCIES | |
Legal Matters | |
From time to time, various lawsuits, claims and proceedings have been, and may in the future be, instituted or asserted against the Company, including those pertaining to patent infringement, intellectual property, environmental, product liability and warranty, safety and health, employment and contractual matters. | |
Additionally, the semiconductor industry is characterized by vigorous protection and pursuit of intellectual property rights. From time to time, third parties have asserted and may in the future assert patent, copyright, trademark and other intellectual property rights to technologies that are important to the Company's business and have demanded and may in the future demand that the Company license their technology. The outcome of any such litigation cannot be predicted with certainty and some such lawsuits, claims or proceedings may be disposed of unfavorably to the Company. Generally speaking, intellectual property disputes often have a risk of injunctive relief, which, if imposed against the Company, could materially and adversely affect the Company's financial condition, or results of operations. From time to time the Company may also be involved in legal proceedings in the ordinary course of business. Legal costs are expensed as incurred. | |
On June 6 and 7, 2011, two putative stockholder class action lawsuits (Case No. 111CV202403 (the “Bushansky action”) and Case No. 111CV202501 (the “Venette action”), respectively) were filed in California Superior Court in Santa Clara County naming AATI, members of AATI's board of directors, the Company and PowerCo Acquisition Corp. (“Merger Sub”) as defendants. The lawsuits related to conduct surrounding the Company's acquisition of AATI. On July 26, 2011, the Court issued an order consolidating the Bushansky action and Venette action into a single, consolidated action captioned In re Advanced Analogic Technologies Inc. Shareholder Litigation, Lead Case No. 111CV202403, and designating an amended complaint filed on July 14, 2011, in the Venette action as the operative complaint in the litigation. | |
On November 30, 2011, following confidential arbitration proceedings in the Delaware Court of Chancery, the Company announced that it and AATI had amended their previously announced merger agreement whereby the Company would acquire AATI at a reduced price through a tender offer. The Company and AATI completed the transaction on January 9, 2012. On March 2, 2012, the Court stayed all discovery in the matter and ordered that Plaintiffs file an amended complaint by April 20, 2012. | |
On April 20, 2012, Plaintiffs filed an amended complaint (“First Amended Complaint”) against each of the original defendants with the exception of Merger Sub. The First Amended Complaint alleged, among other things, that (1) members of AATI's board of directors breached their fiduciary duties by (a) failing to take steps to maximize the value of AATI to its public shareholders by failing to adequately consider potential acquirers, (b) agreeing to the merger for inadequate consideration on unfair terms; (c) causing the filing of a materially misleading Schedule 14D-9 that failed to (i) disclose a basis for the price reduction, (ii) describe the arbitration proceedings, and (iii) include any financial valuation or fairness opinion concerning whether the revised merger consideration was fair; and (d) causing the issuance of amendments to the Schedule 14D-9 that failed to respond adequately to the SEC's disclosure directives; and (2) Skyworks and AATI allegedly aided and abetted these purported breaches of fiduciary duties. On June 22, 2012, the defendants moved to dismiss the First Amended Complaint. On February 20, 2013, the Court entered an order dismissing the First Amended Complaint with leave to amend. | |
On March 4, 2013, Plaintiffs filed an amended complaint (“Second Amended Complaint”) against the same defendants asserting the same causes of action as in the First Amended Complaint. The defendants moved to dismiss the Second Amended Complaint on April 5, 2013. On August 7, 2013, the Court entered an order dismissing the Second Amended Complaint and denying Plaintiffs the right to file another amended complaint. On September 12, 2013, the Court entered a final order concluding the matter and approving a stipulation whereby plaintiffs waived any rights to appeal the Court's dismissal of the lawsuit. | |
The Company monitors the status of these and other contingencies on an ongoing basis to ensure amounts are recognized and/or disclosed in our financial statements and footnotes as required by ASC 450, Loss Contingencies. At the time of this filing, the Company had not recorded any accrual for loss contingencies associated with its legal proceedings as losses resulting from such matters were determined not to be probable. In addition, the Company does not believe there are any legal proceedings that are reasonably possible to result in a material loss. We are engaged in various other legal actions, not described above, in the normal course of business and, while there can be no assurances, the Company believes the outcome of all pending litigation involving the Company will not have, individually or in the aggregate, a material adverse effect on our business. |
Guarantees_and_Indemnities
Guarantees and Indemnities | 12 Months Ended |
Sep. 27, 2013 | |
Guarantees and Indemnities [Abstract] | ' |
GUARANTEES AND INDEMNITIES | ' |
GUARANTEES AND INDEMNITIES | |
The Company has made no contractual guarantees for the benefit of third parties. However, the Company generally indemnifies its customers from third-party intellectual property infringement litigation claims related to its products, and, on occasion, also provides other indemnities related to product sales. In connection with certain facility leases, the Company has indemnified its lessors for certain claims arising from the facility or the lease. | |
The Company indemnifies its directors and officers to the maximum extent permitted under the laws of the state of Delaware. The duration of the indemnities varies, and in many cases is indefinite. The indemnities to customers in connection with product sales generally are subject to limits based upon the amount of the related product sales and in many cases are subject to geographic and other restrictions. In certain instances, the Company's indemnities do not provide for any limitation of the maximum potential future payments the Company could be obligated to make. The Company has not recorded any liability for these indemnities in the accompanying consolidated balance sheets and does not expect that such obligations will have a material adverse impact on its financial condition or results of operations. |
Restructuring_and_Other_Charge
Restructuring and Other Charges | 12 Months Ended | |||||||||||||||
Sep. 27, 2013 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||
RESTRUCTURING AND OTHER CHARGES | ' | |||||||||||||||
RESTRUCTURING AND OTHER CHARGES | ||||||||||||||||
The Company recorded restructuring and other charges of approximately $6.4 million related to severance costs associated with separate organizational restructuring plans undertaken to reduce headcount during the fiscal year ended September 27, 2013. These restructuring plans are largely complete and have been aggregated into the "FY13 Restructuring Programs" line item in the summary table below. The Company does not anticipate any material charges in future periods related to these plans. | ||||||||||||||||
During the fiscal year ended September 28, 2012, the Company implemented a restructuring plan to reduce redundancies associated with the acquisition of AATI. The Company recorded approximately $5.8 million related to employee severance and $0.6 million related to lease termination costs associated with the AATI restructuring actions during the fiscal year. The Company began formulating the restructuring plans prior to the acquisition of AATI and none of these costs were included in the purchase accounting for AATI. As of September 27, 2013, these restructuring activities and cash payments are substantially complete and the Company does not anticipate any further charges. Charges and payments related to these restructuring plans are summarized under "Other Restructuring" in the table below. | ||||||||||||||||
During the fiscal year ended September 30, 2011, the Company implemented a restructuring plan to reduce the repetitive functions associated with its acquisition of SiGe and recorded a restructuring charge for severance costs of $2.4 million. During the fiscal year ended September 28, 2012, the Company recorded an additional charge of $0.7 million related to this plan. The Company began formulating the restructuring plan prior to the acquisition of SiGe in fiscal 2011. As of September 27, 2013, these restructuring activities and cash payments are substantially complete and the Company does not anticipate any further charges. Charges and payments related to these restructuring plans are summarized under "Other Restructuring" in the table below. | ||||||||||||||||
Activity and liability balances related to the Company's restructuring actions are as follows (in millions): | ||||||||||||||||
Balance at October 2, 2010 | Current Charges | Cash Payments | Balance at September 30, 2011 | |||||||||||||
Other Restructuring | ||||||||||||||||
Employee Severance costs | $ | — | $ | 2.4 | $ | (1.9 | ) | $ | 0.5 | |||||||
Lease and other contractual obligations | 2.2 | — | (0.7 | ) | 1.5 | |||||||||||
Total | $ | 2.2 | $ | 2.4 | $ | (2.6 | ) | $ | 2 | |||||||
Balance at September 30, 2011 | Current Charges | Cash Payments | Balance at September 28, 2012 | |||||||||||||
Other Restructuring | ||||||||||||||||
Employee Severance costs | $ | 0.5 | $ | 7.2 | $ | (6.8 | ) | $ | 0.9 | |||||||
Lease and other contractual obligations | 1.5 | 0.6 | (1.3 | ) | 0.8 | |||||||||||
Total | $ | 2 | $ | 7.8 | $ | (8.1 | ) | $ | 1.7 | |||||||
Balance at September 28, 2012 | Current Charges | Cash Payments | Balance at September 27, 2013 | |||||||||||||
FY13 Restructuring Programs | ||||||||||||||||
Employee Severance costs | $ | — | $ | 6.4 | $ | (5.8 | ) | $ | 0.6 | |||||||
Other Restructuring | ||||||||||||||||
Employee Severance costs | 0.9 | — | (0.9 | ) | — | |||||||||||
Lease and other contractual obligations | 0.8 | — | (0.4 | ) | 0.4 | |||||||||||
Total | $ | 1.7 | $ | 6.4 | $ | (7.1 | ) | $ | 1 | |||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Sep. 27, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
EARNINGS PER SHARE | ' | |||||||||||
EARNINGS PER SHARE | ||||||||||||
The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share amounts): | ||||||||||||
Fiscal Years Ended | ||||||||||||
September 27, | September 28, | September 30, | ||||||||||
2013 | 2012 | 2011 | ||||||||||
Net income | $ | 278.1 | $ | 202 | $ | 226.6 | ||||||
Weighted average shares outstanding – basic | 187.5 | 185.8 | 182.9 | |||||||||
Effect of dilutive equity based awards | 4.7 | 5.7 | 6 | |||||||||
Dilutive effect of convertible debt | — | 0.3 | 1.8 | |||||||||
Weighted average shares outstanding – diluted | 192.2 | 191.8 | 190.7 | |||||||||
Net income per share – basic | $ | 1.48 | $ | 1.09 | $ | 1.24 | ||||||
Net income per share - diluted | $ | 1.45 | $ | 1.05 | $ | 1.19 | ||||||
Anti-dilutive common stock equivalents | 5.4 | 4 | 2 | |||||||||
Basic earnings per share are calculated by dividing net income by the weighted average number of shares of the Company's common stock outstanding. The calculation of diluted earnings per share includes the dilutive effect of equity based awards and convertible debt which were outstanding during the fiscal years ending September 27, 2013, September 28, 2012 and September 30, 2011, using the treasury stock method. Certain of the Company's outstanding stock options, noted in the table above, were excluded because they were anti-dilutive, but could become dilutive in the future. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||
Sep. 27, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
SEGMENT INFORMATION AND CONCENTRATIONS | ' | |||||||||||
SEGMENT INFORMATION AND CONCENTRATIONS | ||||||||||||
In accordance with ASC 280-Segment Reporting, the Company considers itself to be a single reportable operating segment which designs, develops, manufactures and markets similar proprietary semiconductor products, including intellectual property. In reaching this conclusion, management considers the definition of the chief operating decision maker ("CODM"), how the business is defined by the CODM, the nature of the information provided to the CODM and how that information is used to make operating decisions, allocate resources and assess performance. The Company's CODM is the chief executive officer. The results of operations provided to and analyzed by the CODM are at the consolidated level and accordingly, key resource decisions and assessment of performance is performed at the consolidated level. The Company assesses its determination of operating segments at least annually. | ||||||||||||
GEOGRAPHIC INFORMATION | ||||||||||||
Net revenue by geographic area presented based upon the country of destination and are as follows (in millions): | ||||||||||||
Fiscal Years Ended | ||||||||||||
September 27, | September 28, | September 30, | ||||||||||
2013 | 2012 | 2011 | ||||||||||
United States | $ | 67.3 | $ | 70.3 | $ | 76.7 | ||||||
Other Americas | 10.2 | 18.4 | 38.8 | |||||||||
Total Americas | 77.5 | 88.7 | 115.5 | |||||||||
China | 979.3 | 820.1 | 914.7 | |||||||||
South Korea | 102.9 | 103.2 | 148.4 | |||||||||
Taiwan | 387.5 | 311.7 | 93.8 | |||||||||
Other Asia-Pacific | 202 | 207.4 | 91.5 | |||||||||
Total Asia-Pacific | 1,671.70 | 1,442.40 | 1,248.40 | |||||||||
Europe, Middle East and Africa | 42.8 | 37.5 | 55 | |||||||||
$ | 1,792.00 | $ | 1,568.60 | $ | 1,418.90 | |||||||
The Company’s revenues by geography do not necessarily correlate to end market demand by region. For example, if the Company sells a product to a distributor in Taiwan, the sale is reflected within the Taiwan line item above; however, that distributor, in turn, may sell the product to an end customer in a different geography. | ||||||||||||
Net property, plant and equipment balances, based on the physical locations within the indicated geographic areas are as follows (in millions): | ||||||||||||
As of | ||||||||||||
September 27, | September 28, | |||||||||||
2013 | 2012 | |||||||||||
United States | $ | 140.2 | $ | 124.8 | ||||||||
Mexico | 176.9 | 145.9 | ||||||||||
Rest of world | 11.5 | 8.7 | ||||||||||
$ | 328.6 | $ | 279.4 | |||||||||
CONCENTRATIONS | ||||||||||||
Financial instruments that potentially subject the Company to concentration of credit risk consist principally of trade accounts receivable. Trade accounts receivables are primarily derived from sales to manufacturers of communications and consumer products and electronic component distributors. Ongoing credit evaluations of customers’ financial condition are performed and collateral, such as letters of credit and bank guarantees, are required whenever deemed necessary. | ||||||||||||
In fiscal 2013, 2012 and 2011, Foxconn Technology Group, its affiliates and other suppliers to a large OEM for use in multiple applications including smartphones, tablets, routers, desktop and notebook computers, constituted more than ten percent of our net revenue. In fiscal 2013, 2012 and 2011, Samsung Electronics constituted more than ten percent of our net revenue. In fiscal 2011, Nokia constituted more than ten percent of our net revenue. | ||||||||||||
The Company's greater than ten percent customers comprised the following percentages of net revenue: | ||||||||||||
Fiscal Years Ended | ||||||||||||
September 27, | September 28, | September 30, | ||||||||||
2013 | 2012 | 2011 | ||||||||||
Company A | 36% | 29% | 27% | |||||||||
Company B | 15% | 17% | 11% | |||||||||
Company C | * | * | 13% | |||||||||
* Customer did not represent greater than ten percent of net revenue | ||||||||||||
At September 27, 2013, the Company's three largest accounts receivable balances comprised 51% of aggregate gross accounts receivable. This concentration was 60% and 53% at September 28, 2012 and September 30, 2011, respectively. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudted) | 12 Months Ended | |||||||||||||||||||
Sep. 27, 2013 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
QUARTERLY FINANCIAL DATA (UNAUDITED) | ' | |||||||||||||||||||
QUARTERLY FINANCIAL DATA (UNAUDITED) | ||||||||||||||||||||
The following table summarizes the quarterly and annual results (in millions, except per share data): | ||||||||||||||||||||
First quarter | Second quarter | Third quarter | Fourth quarter | Fiscal year | ||||||||||||||||
Fiscal 2013 | ||||||||||||||||||||
Net revenue | $ | 453.7 | $ | 425.2 | $ | 436.1 | $ | 477 | $ | 1,792.00 | ||||||||||
Gross profit | 192.6 | 176.7 | 188.2 | 209.1 | 766.6 | |||||||||||||||
Net income | 66.5 | 61.7 | 65.7 | 84.2 | 278.1 | |||||||||||||||
Per share data (1) | ||||||||||||||||||||
Net income, basic | $ | 0.35 | $ | 0.33 | $ | 0.35 | $ | 0.45 | $ | 1.48 | ||||||||||
Net income, diluted | $ | 0.34 | $ | 0.32 | $ | 0.34 | $ | 0.44 | $ | 1.45 | ||||||||||
Fiscal 2012 | ||||||||||||||||||||
Net revenue | $ | 393.8 | $ | 364.7 | $ | 389 | $ | 421.1 | $ | 1,568.60 | ||||||||||
Gross profit | 171.8 | 152.3 | 165.3 | 177.7 | 667.1 | |||||||||||||||
Net income | 57.1 | 34 | 49.3 | 61.6 | 202 | |||||||||||||||
Per share data (1) | ||||||||||||||||||||
Net income, basic | $ | 0.31 | $ | 0.18 | $ | 0.26 | $ | 0.33 | $ | 1.09 | ||||||||||
Net income, diluted | $ | 0.3 | $ | 0.18 | $ | 0.26 | $ | 0.32 | $ | 1.05 | ||||||||||
____________ | ||||||||||||||||||||
-1 | Earnings per share calculations for each of the quarters are based on the weighted average number of shares outstanding and included common stock equivalents in each period. Therefore, the sums of the quarters do not necessarily equal the full year earnings per share. |
Valuation_and_Qualiifying_Acco
Valuation and Qualiifying Accounts | 12 Months Ended | |||||||||||||||||||
Sep. 27, 2013 | ||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||||||
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | ' | |||||||||||||||||||
SCHEDULE II | ||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Description | Beginning Balance | Charged to | Deductions | Misc. (1) | Ending | |||||||||||||||
Cost and | Balance | |||||||||||||||||||
Expenses | ||||||||||||||||||||
Year Ended September 30, 2011 | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 1.2 | $ | 0.3 | $ | (1.0 | ) | $ | 0.3 | $ | 0.8 | |||||||||
Reserve for sales returns | $ | 1.3 | $ | 4.6 | $ | (3.4 | ) | $ | 0.8 | $ | 3.3 | |||||||||
Allowance for excess and obsolete inventories | $ | 11.8 | $ | 6.4 | $ | (6.8 | ) | $ | — | $ | 11.5 | |||||||||
Year Ended September 28, 2012 | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 0.8 | $ | 0.3 | $ | (0.5 | ) | $ | — | $ | 0.5 | |||||||||
Reserve for sales returns | $ | 3.3 | $ | 8.5 | $ | (6.1 | ) | $ | 0.7 | $ | 6.4 | |||||||||
Allowance for excess and obsolete inventories | $ | 11.5 | $ | 6.6 | $ | (7.6 | ) | $ | 7.8 | $ | 18.3 | |||||||||
Year Ended September 27, 2013 | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 0.5 | $ | 0.2 | $ | (0.2 | ) | $ | — | $ | 0.5 | |||||||||
Reserve for sales returns | $ | 6.4 | $ | 3.1 | $ | (4.8 | ) | $ | — | $ | 4.7 | |||||||||
Allowance for excess and obsolete inventories | $ | 18.3 | $ | 12.6 | $ | (16.4 | ) | $ | — | $ | 14.5 | |||||||||
(1) Includes acquired balances |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 27, 2013 | |
Accounting Policies [Abstract] | ' |
Principles of Consolidation | ' |
PRINCIPLES OF CONSOLIDATION | |
All Skyworks subsidiaries are included in the Company’s consolidated financial statements and all intercompany balances are eliminated in consolidation. | |
Fiscal Year | ' |
FISCAL YEAR | |
The Company’s fiscal year ends on the Friday closest to September 30. Fiscal years 2013, 2012 and 2011 each consisted of 52 weeks and ended on September 27, 2013, September 28, 2012 and September 30, 2011, respectively. | |
Use of Estimates | ' |
USE OF ESTIMATES | |
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the amounts of assets, liabilities, revenue, expenses, comprehensive income and accumulated other comprehensive loss during the reporting period. The Company evaluates its estimates on an ongoing basis using historical experience and other factors, including the current economic environment. Significant judgment is required in determining the reserves for and fair value of items such as inventory, income taxes, share-based compensation, loss contingencies, bad debt allowance, contingent consideration, intangible assets associated with business combinations and overall fair value assessments of assets and liabilities particularly those classified as Level 2 or Level 3 in the fair value hierarchy. In addition, significant judgment is required in determining whether a potential indicator of impairment of long-lived assets exists and in estimating future cash flows for any necessary impairment testing. Actual results could differ significantly from these estimates. | |
Revenue Recognition | ' |
REVENUE RECOGNITION | |
Revenue from product sales is recognized when there is persuasive evidence of an arrangement, the price to the buyer is fixed and determinable, delivery and transfer of title have occurred in accordance with the shipping terms specified in the arrangement with the customer and collectability is reasonable assured. Revenue from license fees and intellectual property is recognized when due and payable, and all other criteria of the Financial Accounting Standards Board's ("FASB") Accounting Standards Codification ("ASC") 605 Revenue Recognition, have been met. The Company ships product on consignment to certain customers and only recognizes revenue when the customer notifies the Company that the inventory has been consumed. Revenue recognition is deferred in all instances where the earnings process is incomplete. Certain product sales are made to electronic component distributors under agreements allowing for price protection and/or a right of return (stock rotation) on unsold products. Reserves for sales returns and allowances are recorded based on historical experience or pursuant to contractual arrangements necessitating revenue reserves. | |
Cash and Cash Equivalents | ' |
CASH AND CASH EQUIVALENTS | |
The Company invests excess cash in time deposits, certificate of deposits and money market funds which primarily consist of United States treasury obligations, United States agency obligations, and repurchase agreements collateralized by United States government and agency obligations. The Company considers highly liquid investments with original maturities of 90 days or less when purchased as cash equivalents. | |
Allowance for Doubtful Accounts | ' |
ALLOWANCE FOR DOUBTFUL ACCOUNTS | |
The Company maintains general allowances for doubtful accounts related to potential losses that could arise due to customers’ inability to make required payments. These reserves require management to apply judgment in deriving these estimates. In addition, as the Company becomes aware of any specific receivables which may be uncollectable, they perform additional analysis including, but not limited to factors such as a customer’s credit worthiness, intent and ability to pay, overall financial position and reserves are recorded if deemed necessary. If the data the Company uses to calculate the allowance for doubtful accounts does not reflect the future ability to collect outstanding receivables, additional provisions for doubtful accounts may be needed and results of operations could be materially affected. | |
Investments | ' |
INVESTMENTS | |
The Company accounts for its investment in marketable securities in accordance with ASC 320-Investments-Debt and Equity Securities, and classifies them as “available for sale”. Available for sale securities are carried at fair value with unrealized holding gains or losses recorded in other comprehensive income. Gains or losses are included in earnings in the period in which they are realized. | |
Fair Value | ' |
FAIR VALUE | |
The carrying value of cash and cash equivalents, accounts receivable, other current assets, accounts payable and accrued liabilities approximates fair value due to short-term maturities of these assets and liabilities. Fair values of long-term investments are based on quoted market prices if available, and if not available a fair value is determined through a discounted cash flow analysis at the date of measurement. | |
Inventory | ' |
INVENTORY | |
Inventory is stated at the lower of cost or market on a first-in, first-out basis. On a quarterly basis, the Company estimates and establishes reserves for excess, obsolete or unmarketable inventory equal to the carrying value of the excess or obsolete inventory and once recorded are considered permanent adjustments. Reserve calculations require a number of assumptions and management judgments regarding forecasted demand in relation to the inventory on hand, competitiveness of its product offerings, general market conditions and product life cycles upon which the reserves are based. When inventory on hand exceeds foreseeable demand, reserves are established for the value of such inventory that is not expected to be sold. | |
If actual demand and market conditions are less favorable than those the Company projects, additional inventory reserves may be required and its results of operations could be materially affected. Some or all of the inventories that have been reserved may be retained and made available for sale; however, they are generally scrapped over time. | |
Property, Plant and Equipment | ' |
PROPERTY, PLANT AND EQUIPMENT | |
Property, plant and equipment are carried at cost less accumulated depreciation with significant renewals and betterments being capitalized and retired equipment written off in the respective periods. Maintenance and repairs are expensed as incurred. | |
Depreciation is calculated using the straight-line method. Estimated useful lives used for depreciation purposes range from five to thirty years for buildings and improvements and three to ten years for machinery and equipment. Leasehold improvements are depreciated over the lesser of the economic life or the life of the associated lease. | |
Valuaton of Long-Lived Assets | ' |
VALUATION OF LONG-LIVED ASSETS | |
Definite lived intangible assets are carried at cost less accumulated amortization. Amortization is calculated on a straight-line basis over the estimated useful lives of the assets. Carrying values for long-lived assets and definite lived intangible assets, which exclude goodwill, are reviewed for possible impairment as circumstances warrant. Factors considered important that could result in an impairment review include significant underperformance relative to expected, historical or projected future operating results, significant changes in the manner of use of assets or the Company’s business strategy, or significant negative industry or economic trends. In addition, impairment reviews are conducted at the judgment of management whenever asset/asset group values are deemed to be unrecoverable relative to future undiscounted cash flows expected to be generated by that particular asset/asset group. The determination of recoverability is based on an estimate of undiscounted cash flows expected to result from the use of an asset/asset group and its eventual disposition. Such estimates require management to exercise judgment and make assumptions regarding factors such as future revenue streams, operating expenditures, cost allocation and asset utilization levels, all of which collectively impact future operating performance. The Company’s estimates of undiscounted cash flows may differ from actual cash flows due to, among other things, technological changes, economic conditions, changes to its business model or changes in its operating performance. If the sum of the undiscounted cash flows (excluding interest) is less than the carrying value of an asset/asset group, the Company would recognize an impairment loss, measured as the amount by which the carrying value exceeds the fair value of the asset or asset group. | |
Goodwill and Indefinite Intangible Assets | ' |
GOODWILL AND INDEFINITE INTANGIBLE ASSETS | |
Goodwill and intangible assets with indefinite useful lives are not amortized but are tested at least annually for impairment in accordance with the provisions of ASC 350 Intangibles-Goodwill and Other (“ASC 350”). Intangible assets with indefinite useful lives comprise an insignificant portion of the total book value of the Company’s intangible assets. The Company assesses the need to test its goodwill for impairment on a regular basis. The Company has determined that it has one reporting unit for the purposes of allocating and testing goodwill under ASC 350. The Company assesses its conclusion regarding reporting units in conjunction with the goodwill impairment tests. | |
The goodwill impairment test is a two-step process. The first step of the Company’s impairment analysis compares its fair value to its net book value to determine if there is an indicator of impairment. To determine fair value, ASC 350 allows for the use of several valuation methodologies, although it states that quoted market prices are the best evidence of fair value and shall be used as the basis for measuring fair value where available. In the Company’s assessment of its fair value, the Company considers the closing price of its common stock on the selected testing date, the number of shares of its common stock outstanding and other marketplace activity such as a related control premium. If the calculated fair value is determined to be less than the book value of the Company, then the Company performs step two of the impairment analysis. Step two of the analysis compares the implied fair value of the Company’s goodwill to its book value. If the book value of the Company’s goodwill exceeds its implied fair value, an impairment loss is recognized equal to that excess. In step two of the Company’s annual impairment analysis, if required, the Company primarily uses the income approach methodology of valuation, which includes the discounted cash flow method as well as other generally accepted valuation methodologies, to determine the implied fair value of the Company’s goodwill. Significant management judgment is required in preparing the forecasts of future operating results that are used in the discounted cash flow method of valuation. Should step two of the impairment test be required, the estimates management would use would be consistent with the plans and estimates that the Company uses to manage its business. In addition to testing goodwill for impairment on an annual basis, factors such as unexpected adverse business conditions, deterioration of the economic climate, unanticipated technological changes, adverse changes in the competitive environment, loss of key personnel and acts by governments and courts, are considered by management and may signal that the Company’s intangible assets including goodwill have possibly become impaired and result in additional interim impairment testing. | |
In fiscal 2013, the Company performed an impairment test of its goodwill as of the first day of the fourth fiscal quarter in accordance with the Company’s regularly scheduled annual testing. The results of this test indicated that the Company’s goodwill was not impaired based on step one of the test; accordingly step two of the test was not performed. | |
Business Combinations | ' |
BUSINESS COMBINATIONS | |
The Company uses the acquisition method of accounting for business combinations and recognizes assets acquired and liabilities assumed at their fair values on the date acquired. Goodwill represents the excess of the purchase price over the fair value of the net assets. The fair values of the assets and liabilities acquired are determined based upon the Company’s valuation using a combination of market, income or cost approaches. The valuation involves making significant estimates and assumptions which are based on detailed financial models including the projection of future cash flows, the weighted average cost of capital and any cost savings that are expected to be derived in the future. | |
Share-based Compensation | ' |
SHARE-BASED COMPENSATION | |
The Company applies ASC 718 Compensation-Stock Compensation (“ASC 718”) which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors including non-qualified employee stock options, share awards, employee stock purchase plan and other special share-based awards based on estimated fair values. The Company adopted ASC 718 using the modified prospective transition method, which requires the application of the applicable accounting standard as of October 1, 2005, the first day of the Company’s fiscal 2006. | |
The fair value of share-based awards is amortized over the requisite service period, which is defined as the period during which an employee is required to provide service in exchange for an award. The Company uses a straight-line attribution method for all grants that include only a service condition. Due to the existence of both performance and service conditions, certain restricted stock grants are expensed over the service period for each separately vesting tranche. | |
Share-based compensation expense recognized during the period is based on the value of the portion of share-based payment awards that is ultimately expected to vest during the period. Share-based compensation expense recognized in the Consolidated Statement of Operations for the fiscal year ended September 27, 2013 includes actual expense on vested awards and expense associated with unvested awards, and has been reduced for estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company reviews actual forfeitures on at least an annual basis. | |
The Company determines the fair value of share-based option awards based on the Company's closing stock price on the date of grant using a Black-Scholes options pricing model. Under the Black-Scholes model, a number of highly complex and subjective variables are used including, but not limited to: the expected stock price volatility over the term of the award, the risk-free rate, and the expected life of the award. The determination of fair value of restricted share awards and units is based on the value of the Company's stock on the date of grant. | |
Currencies | ' |
CURRENCIES | |
The Company’s functional currency for all operations worldwide is the United States dollar. Accordingly, gains and losses related to foreign currency transactions, conversion of foreign denominated cash balances and translation of foreign currency financial statements are included in current results. | |
Income Tax | ' |
INCOME TAXES | |
The Company uses the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. This method also requires the recognition of future tax benefits such as net operating loss carry forwards, to the extent that realization of such benefits is more likely than not. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |
The carrying value of the Company's net deferred tax assets assumes the Company will be able to generate sufficient future taxable income in certain tax jurisdictions, based on estimates and assumptions. If these estimates and related assumptions change in the future, the Company may be required to record additional valuation allowances against its deferred tax assets resulting in additional income tax expense in its consolidated statement of operations. Management evaluates the realizability of the deferred tax assets and assesses the adequacy of the valuation allowance quarterly. Likewise, in the event the Company were to determine that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, an adjustment to the deferred tax assets would increase income or decrease the carrying value of goodwill in the period such determination was made. | |
The determination of recording or releasing tax valuation allowances is made, in part, pursuant to an assessment performed by management regarding the likelihood that the Company will generate future taxable income against which benefits of its deferred tax assets may or may not be realized. This assessment requires management to exercise significant judgment and make estimates with respect to its ability to generate revenues, gross profits, operating income and taxable income in future periods. Amongst other factors, management must make assumptions regarding overall business and semiconductor industry conditions, operating efficiencies, the Company's ability to develop products to its customers' specifications, technological change, the competitive environment and changes in regulatory requirements which may impact its ability to generate taxable income and, in turn, realize the value of its deferred tax assets. | |
The calculation of the Company’s tax liabilities includes addressing uncertainties in the application of complex tax regulations and is based on the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. | |
The Company recognizes liabilities for anticipated tax audit issues in the United States and other tax jurisdictions based on its recognition threshold and measurement attribute of whether it is more likely than not that the positions the Company has taken in tax filings will be sustained upon tax audit, and the extent to which, additional taxes would be due. If payment of these amounts ultimately proves to be unnecessary, the reversal of the liabilities would result in tax benefits being recognized in the period in which it is determined the liabilities are no longer necessary. If the estimate of tax liabilities proves to be less than the ultimate assessment, a further charge to expense would result. The Company recognizes any interest or penalties, if incurred, on any unrecognized tax benefits as a component of income tax expense. | |
Research and Development Costs | ' |
RESEARCH AND DEVELOPMENT COSTS | |
Research and development costs are expensed as incurred. | |
Loss Contingencies | ' |
LOSS CONTINGENCIES | |
The Company records its best estimates of a loss contingency when it is considered probable and the amount can be reasonably estimated. When a range of loss can be reasonably estimated with no best estimate in the range, the Company records the minimum estimated liability related to the claim. As additional information becomes available, the Company assesses the potential liability related to the Company's pending loss contingency and revises its estimates. The Company discloses contingencies if there is at least a reasonable possibility that a loss or an additional loss may have been incurred. The Company's legal costs are expensed as incurred |
Fair_Value_Tables
Fair Value (Tables) | 12 Months Ended | |||||||||||||||
Sep. 27, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Of Assets and Liabilities Measured on a Recurring Basis | ' | |||||||||||||||
As of September 27, 2013, assets recorded at fair value on a recurring basis consisted of the following (in millions): | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||
Total | Quoted prices in active markets for identical assets | Significant | Significant unobservable inputs | |||||||||||||
(Level 1) | other | (Level 3) | ||||||||||||||
observable inputs | ||||||||||||||||
(Level 2) | ||||||||||||||||
Assets | ||||||||||||||||
Money market funds | $ | 238.8 | $ | 238.8 | $ | — | $ | — | ||||||||
Auction rate security | 2.3 | — | — | 2.3 | ||||||||||||
Total | $ | 241.1 | $ | 238.8 | $ | — | $ | 2.3 | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | ' | |||||||||||||||
The following table summarizes changes to the fair value of the marketable securities which consists of auction rate securities, which are considered a Level 3 asset (in millions): | ||||||||||||||||
Auction rate securities | ||||||||||||||||
Balance at September 28, 2012 | $ | 3.1 | ||||||||||||||
Sale of auction rate security | (0.8 | ) | ||||||||||||||
Balance at September 27, 2013 | $ | 2.3 | ||||||||||||||
Inventory_Tables
Inventory (Tables) | 12 Months Ended | |||||||
Sep. 27, 2013 | ||||||||
Inventory, Net [Abstract] | ' | |||||||
Schedule Of Inventories | ' | |||||||
Inventory consists of the following (in millions): | ||||||||
As of | ||||||||
September 27, | September 28, | |||||||
2013 | 2012 | |||||||
Raw materials | $ | 25.2 | $ | 27.2 | ||||
Work-in-process | 128.3 | 111.2 | ||||||
Finished goods | 65 | 83 | ||||||
Finished goods held on consignment by customers | 11 | 11.5 | ||||||
Total inventories | $ | 229.5 | $ | 232.9 | ||||
Property_Plant_And_Equipment_T
Property, Plant And Equipment (Tables) | 12 Months Ended | |||||||
Sep. 27, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Schedule Of Property, Plant And Equipment | ' | |||||||
Property, plant and equipment consist of the following (in millions): | ||||||||
As of | ||||||||
September 27, | September 28, | |||||||
2013 | 2012 | |||||||
Land and improvements | $ | 12.2 | $ | 12 | ||||
Buildings and improvements | 60.3 | 57 | ||||||
Furniture and fixtures | 23.4 | 25.4 | ||||||
Machinery and equipment | 668.1 | 623.3 | ||||||
Construction in progress | 95.3 | 36.9 | ||||||
Total property, plant and equipment, gross | 859.3 | 754.6 | ||||||
Accumulated depreciation and amortization | (530.7 | ) | (475.2 | ) | ||||
Total property, plant and equipment, net | $ | 328.6 | $ | 279.4 | ||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Sep. 27, 2013 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule Of Intangible Assets Excluding Goodwill | ' | ||||||||||||||||||||||||
Intangible assets consist of the following (in millions): | |||||||||||||||||||||||||
As of | As of | ||||||||||||||||||||||||
Weighted | September 27, 2013 | September 28, 2012 | |||||||||||||||||||||||
average | |||||||||||||||||||||||||
amortization | |||||||||||||||||||||||||
period remaining (years) | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
carrying | amortization | carrying | carrying | amortization | carrying | ||||||||||||||||||||
amount | amount | amount | amount | ||||||||||||||||||||||
Customer relationships | 2.9 | $ | 78.7 | $ | (49.3 | ) | $ | 29.4 | $ | 78.7 | $ | (36.2 | ) | $ | 42.5 | ||||||||||
Developed technology and other | 3.1 | 88.9 | (55.3 | ) | 33.6 | 89.3 | (42.3 | ) | 47 | ||||||||||||||||
IPR&D | 0.7 | 6.1 | (5.9 | ) | 0.2 | 6.1 | (3.2 | ) | 2.9 | ||||||||||||||||
Trademarks | Indefinite | 1.6 | — | 1.6 | 1.6 | — | 1.6 | ||||||||||||||||||
Total intangible assets | $ | 175.3 | $ | (110.5 | ) | $ | 64.8 | $ | 175.7 | $ | (81.7 | ) | $ | 94 | |||||||||||
Schedule of Expected Amortization Expense | ' | ||||||||||||||||||||||||
Annual amortization expense for the next five years related to intangible assets is expected to be as follows (in millions): | |||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | ||||||||||||||||||||
Amortization expense | $ | 24 | $ | 21 | $ | 16.2 | $ | 2 | $ | — | $ | — | |||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Sep. 27, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Income before Income Tax, Domestic and Foreign | ' | |||||||||||
Income before income taxes consists of the following components (in millions): | ||||||||||||
Fiscal Years Ended | ||||||||||||
September 27, | September 28, | September 30, | ||||||||||
2013 | 2012 | 2011 | ||||||||||
United States | $ | 164.8 | $ | 113.1 | $ | 208.9 | ||||||
Foreign | 179.7 | 141.8 | 85 | |||||||||
Income before income taxes | $ | 344.5 | $ | 254.9 | $ | 293.9 | ||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | |||||||||||
The provision for income taxes consists of the following (in millions): | ||||||||||||
Fiscal Years Ended | ||||||||||||
September 27, | September 28, | September 30, | ||||||||||
2013 | 2012 | 2011 | ||||||||||
Current tax expense (benefit): | ||||||||||||
Federal | $ | 38 | $ | 32.4 | $ | 25.4 | ||||||
State | 0.1 | (1.7 | ) | 0.4 | ||||||||
Foreign | 14.8 | 8.6 | 4.4 | |||||||||
52.9 | 39.3 | 30.2 | ||||||||||
Deferred tax expense (benefit): | ||||||||||||
Federal | 14.4 | 13 | 35 | |||||||||
State | (4.9 | ) | (3.7 | ) | (1.0 | ) | ||||||
Foreign | (0.1 | ) | 0.4 | 1 | ||||||||
9.4 | 9.7 | 35 | ||||||||||
Change in valuation allowance | 4.1 | 3.9 | 2.1 | |||||||||
Provision for income taxes | $ | 66.4 | $ | 52.9 | $ | 67.3 | ||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||||
Fiscal Years Ended | ||||||||||||
September 27, | September 28, | September 30, | ||||||||||
2013 | 2012 | 2011 | ||||||||||
Tax expense at United States statutory rate | $ | 120.6 | $ | 89.2 | $ | 102.9 | ||||||
Foreign tax rate difference | (49.8 | ) | (44.7 | ) | (24.4 | ) | ||||||
Deemed dividend from foreign subsidiary | — | 2.4 | — | |||||||||
Research and development credits | (16.3 | ) | (1.7 | ) | (17.7 | ) | ||||||
Change in tax reserve | 11.7 | 10.4 | 9.4 | |||||||||
Change in valuation allowance | 4.1 | 3.9 | 2.1 | |||||||||
Domestic production activities deduction | (5.0 | ) | (3.9 | ) | (6.1 | ) | ||||||
Other, net | 1.1 | (2.7 | ) | 1.1 | ||||||||
Provision for income taxes | $ | 66.4 | $ | 52.9 | $ | 67.3 | ||||||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||||||||
Deferred income tax assets and liabilities consist of the tax effects of temporary differences related to the following (in millions): | ||||||||||||
Fiscal Years Ended | ||||||||||||
September 27, | September 28, | |||||||||||
2013 | 2012 | |||||||||||
Deferred Tax Assets: | ||||||||||||
Current: | ||||||||||||
Inventory | $ | 3.7 | $ | 5.3 | ||||||||
Bad debts | 0.2 | 0.2 | ||||||||||
Accrued compensation and benefits | 4 | 4 | ||||||||||
Product returns, allowances and warranty | 1.6 | 1.9 | ||||||||||
Restructuring | 0.3 | 0.6 | ||||||||||
Other – net | 0.5 | 0.5 | ||||||||||
Current deferred tax assets | 10.3 | 12.5 | ||||||||||
Less valuation allowance | (3.2 | ) | (3.1 | ) | ||||||||
Net current deferred tax assets | 7.1 | 9.4 | ||||||||||
Long-term: | ||||||||||||
Intangible assets | 5.5 | 6.6 | ||||||||||
Share-based and other deferred compensation | 37 | 37.6 | ||||||||||
Net operating loss carry forwards | 20.3 | 35.8 | ||||||||||
Federal tax credits | 16 | 17.2 | ||||||||||
State tax credits | 38.5 | 33.6 | ||||||||||
Other - net | 2 | 1.9 | ||||||||||
Long-term deferred tax assets | 119.3 | 132.7 | ||||||||||
Less valuation allowance | (47.8 | ) | (43.8 | ) | ||||||||
Net long-term deferred tax assets | 71.5 | 88.9 | ||||||||||
Deferred tax assets | 129.6 | 145.2 | ||||||||||
Less valuation allowance | (51.0 | ) | (46.9 | ) | ||||||||
Net deferred tax assets | 78.6 | 98.3 | ||||||||||
Deferred Tax Liabilities: | ||||||||||||
Current: | ||||||||||||
Prepaid insurance | (0.8 | ) | (0.9 | ) | ||||||||
Current deferred tax liabilities | (0.8 | ) | (0.9 | ) | ||||||||
Long-term: | ||||||||||||
Property, plant and equipment | (14.3 | ) | (17.6 | ) | ||||||||
Intangible assets | (3.1 | ) | (6.2 | ) | ||||||||
Long-term deferred tax liabilities | (17.4 | ) | (23.8 | ) | ||||||||
Net deferred tax liabilities | (18.2 | ) | (24.7 | ) | ||||||||
Total deferred tax assets | $ | 60.4 | $ | 73.6 | ||||||||
Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible | ' | |||||||||||
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in millions): | ||||||||||||
Unrecognized tax benefits | ||||||||||||
Balance at September 28, 2012 | $ | 52.4 | ||||||||||
Decreases based on positions related to prior years | (0.1 | ) | ||||||||||
Increases based on positions related to current year | 11.6 | |||||||||||
Decreases relating to settlements with taxing authorities | — | |||||||||||
Decreases relating to lapses of applicable statutes of limitations | (0.7 | ) | ||||||||||
Balance at September 27, 2013 | $ | 63.2 | ||||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||
Sep. 27, 2013 | |||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | ||||||||||||
The following table represents a summary of the Company's stock options: | |||||||||||||
Shares (in millions) | Weighted average remaining contractual life (in years) | Aggregate intrinsic value (in millions) | |||||||||||
Weighted average exercise price | |||||||||||||
Balance outstanding at September 28, 2012 | 11.9 | $ | 15.57 | ||||||||||
Granted | 1.7 | $ | 20.53 | ||||||||||
Exercised | (2.0 | ) | $ | 10.43 | |||||||||
Canceled/forfeited | (0.9 | ) | $ | 22.55 | |||||||||
Balance outstanding at September 27, 2013 | 10.7 | $ | 16.76 | 4.1 | $ | 88 | |||||||
Exercisable at September 27, 2013 | 5.6 | $ | 13.41 | 3.3 | $ | 64.4 | |||||||
Schedule of Other Share-based Compensation, Activity | ' | ||||||||||||
The following table represents a summary of the Company's restricted and performance transactions: | |||||||||||||
Shares (In millions) | Weighted average | ||||||||||||
grant date fair value | |||||||||||||
Non-vested awards outstanding at September 28, 2012 | 5.9 | $ | 19.79 | ||||||||||
Granted | 2.9 | $ | 20.19 | ||||||||||
Vested | (2.5 | ) | $ | 19.06 | |||||||||
Canceled/forfeited | (0.6 | ) | $ | 20.31 | |||||||||
Non-vested awards outstanding at September 27, 2013 | 5.7 | $ | 20.31 | ||||||||||
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value | ' | ||||||||||||
The following table summarizes the total intrinsic value for stock options exercised and awards vested (in millions): | |||||||||||||
Fiscal Years Ended | |||||||||||||
September 27 | September 28 | September 30 | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Options | $ | 26.2 | $ | 54.5 | $ | 90.1 | |||||||
Awards | $ | 53.5 | $ | 53.8 | $ | 53.6 | |||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ' | ||||||||||||
The following table summarizes pre-tax share-based compensation expense by financial statement line (in millions): | |||||||||||||
Fiscal Years Ended | |||||||||||||
September 27, | September 28, | September 30, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Cost of goods sold | $ | 10.2 | $ | 9.4 | $ | 7.5 | |||||||
Research and development | 28.2 | 28 | 18.1 | ||||||||||
Selling, general and administrative | 33.3 | 34.8 | 32.7 | ||||||||||
Total share-based compensation expense | $ | 71.7 | $ | 72.2 | $ | 58.3 | |||||||
Schedule of Unrecognized Compensation Cost, Nonvested Awards | ' | ||||||||||||
The following table summarizes total compensation costs related to unvested share based awards not yet recognized and the weighted average period over which it is expected to be recognized at September 27, 2013: | |||||||||||||
Unrecognized compensation cost for unvested awards | Weighted average remaining recognition period | ||||||||||||
(in millions) | (in years) | ||||||||||||
Options | $ | 30.3 | 2 | ||||||||||
Awards | $ | 56.8 | 1.3 | ||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ' | ||||||||||||
The fair value of each stock option is estimated on the date of the grant using the Black-Scholes option pricing model with the following weighted average assumptions. The fair value of the restricted awards and units are equal to the closing market price of the Company's common stock on the date of grant. The fair value of the performance awards and units are equal to the closing market price of the Company's common stock on the date of grant and updated for the achievement of the underlying performance metrics. | |||||||||||||
Fiscal Years Ended | |||||||||||||
September 27, | September 28, | September 30, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Expected volatility | 57.71 | % | 59.21 | % | 49.26 | % | |||||||
Risk free interest rate | 1.29 | % | 0.52 | % | 0.63 | % | |||||||
Dividend yield | 0 | 0 | 0 | ||||||||||
Expected option life (in years) | 4.2 | 4.1 | 4.1 | ||||||||||
Employee_Benefit_Plans_Pension1
Employee Benefit Plans, Pensions, and Other Retiree Benefits (Tables) | 12 Months Ended | |||||||
Sep. 27, 2013 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||
Schedule of Net Benefit Costs | ' | |||||||
The Company maintains a pre-merger pension benefit plan that was inherited as part of the 2002 merger that created Skyworks covering certain former employees. Since the plan was inherited, no new participants have been added. The liability and related plan assets have been reported in the Company’s Consolidated Balance Sheets as follows (in millions): | ||||||||
Fiscal Years Ended | ||||||||
September 27, | September 28, | |||||||
2013 | 2012 | |||||||
Benefit obligation at end of fiscal year | $ | 3.2 | $ | 3.6 | ||||
Fair value of plan assets at end of fiscal year | 3.6 | 3.1 | ||||||
Funded status | $ | 0.4 | $ | (0.5 | ) | |||
Commitments_Minimum_Lease_Paym
Commitments (Minimum Lease Payments) (Tables) | 12 Months Ended | |||||||||||||||||||||||
Sep. 27, 2013 | ||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | |||||||||||||||||||||||
Future minimum payments under these non-cancelable leases are as follows (in millions): | ||||||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | Thereafter | Total | ||||||||||||||||||
Future minimum payments | $ | 9.2 | 8.3 | 5.5 | 3.5 | 2.6 | 5.1 | $ | 34.2 | |||||||||||||||
Restructuring_and_Other_Charge1
Restructuring and Other Charges (Tables) | 12 Months Ended | |||||||||||||||
Sep. 27, 2013 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||
Schedule of Restructuring Reserve by Type of Cost | ' | |||||||||||||||
Activity and liability balances related to the Company's restructuring actions are as follows (in millions): | ||||||||||||||||
Balance at October 2, 2010 | Current Charges | Cash Payments | Balance at September 30, 2011 | |||||||||||||
Other Restructuring | ||||||||||||||||
Employee Severance costs | $ | — | $ | 2.4 | $ | (1.9 | ) | $ | 0.5 | |||||||
Lease and other contractual obligations | 2.2 | — | (0.7 | ) | 1.5 | |||||||||||
Total | $ | 2.2 | $ | 2.4 | $ | (2.6 | ) | $ | 2 | |||||||
Balance at September 30, 2011 | Current Charges | Cash Payments | Balance at September 28, 2012 | |||||||||||||
Other Restructuring | ||||||||||||||||
Employee Severance costs | $ | 0.5 | $ | 7.2 | $ | (6.8 | ) | $ | 0.9 | |||||||
Lease and other contractual obligations | 1.5 | 0.6 | (1.3 | ) | 0.8 | |||||||||||
Total | $ | 2 | $ | 7.8 | $ | (8.1 | ) | $ | 1.7 | |||||||
Balance at September 28, 2012 | Current Charges | Cash Payments | Balance at September 27, 2013 | |||||||||||||
FY13 Restructuring Programs | ||||||||||||||||
Employee Severance costs | $ | — | $ | 6.4 | $ | (5.8 | ) | $ | 0.6 | |||||||
Other Restructuring | ||||||||||||||||
Employee Severance costs | 0.9 | — | (0.9 | ) | — | |||||||||||
Lease and other contractual obligations | 0.8 | — | (0.4 | ) | 0.4 | |||||||||||
Total | $ | 1.7 | $ | 6.4 | $ | (7.1 | ) | $ | 1 | |||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Sep. 27, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule Of Earnings Per Share | ' | |||||||||||
The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share amounts): | ||||||||||||
Fiscal Years Ended | ||||||||||||
September 27, | September 28, | September 30, | ||||||||||
2013 | 2012 | 2011 | ||||||||||
Net income | $ | 278.1 | $ | 202 | $ | 226.6 | ||||||
Weighted average shares outstanding – basic | 187.5 | 185.8 | 182.9 | |||||||||
Effect of dilutive equity based awards | 4.7 | 5.7 | 6 | |||||||||
Dilutive effect of convertible debt | — | 0.3 | 1.8 | |||||||||
Weighted average shares outstanding – diluted | 192.2 | 191.8 | 190.7 | |||||||||
Net income per share – basic | $ | 1.48 | $ | 1.09 | $ | 1.24 | ||||||
Net income per share - diluted | $ | 1.45 | $ | 1.05 | $ | 1.19 | ||||||
Anti-dilutive common stock equivalents | 5.4 | 4 | 2 | |||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||
Sep. 27, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area | ' | |||||||||||
Net revenue by geographic area presented based upon the country of destination and are as follows (in millions): | ||||||||||||
Fiscal Years Ended | ||||||||||||
September 27, | September 28, | September 30, | ||||||||||
2013 | 2012 | 2011 | ||||||||||
United States | $ | 67.3 | $ | 70.3 | $ | 76.7 | ||||||
Other Americas | 10.2 | 18.4 | 38.8 | |||||||||
Total Americas | 77.5 | 88.7 | 115.5 | |||||||||
China | 979.3 | 820.1 | 914.7 | |||||||||
South Korea | 102.9 | 103.2 | 148.4 | |||||||||
Taiwan | 387.5 | 311.7 | 93.8 | |||||||||
Other Asia-Pacific | 202 | 207.4 | 91.5 | |||||||||
Total Asia-Pacific | 1,671.70 | 1,442.40 | 1,248.40 | |||||||||
Europe, Middle East and Africa | 42.8 | 37.5 | 55 | |||||||||
$ | 1,792.00 | $ | 1,568.60 | $ | 1,418.90 | |||||||
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country | ' | |||||||||||
Net property, plant and equipment balances, based on the physical locations within the indicated geographic areas are as follows (in millions): | ||||||||||||
As of | ||||||||||||
September 27, | September 28, | |||||||||||
2013 | 2012 | |||||||||||
United States | $ | 140.2 | $ | 124.8 | ||||||||
Mexico | 176.9 | 145.9 | ||||||||||
Rest of world | 11.5 | 8.7 | ||||||||||
$ | 328.6 | $ | 279.4 | |||||||||
Schedule of Revenue by Major Customers by Reporting Segments | ' | |||||||||||
The Company's greater than ten percent customers comprised the following percentages of net revenue: | ||||||||||||
Fiscal Years Ended | ||||||||||||
September 27, | September 28, | September 30, | ||||||||||
2013 | 2012 | 2011 | ||||||||||
Company A | 36% | 29% | 27% | |||||||||
Company B | 15% | 17% | 11% | |||||||||
Company C | * | * | 13% |
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||
Sep. 27, 2013 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||||||
The following table summarizes the quarterly and annual results (in millions, except per share data): | ||||||||||||||||||||
First quarter | Second quarter | Third quarter | Fourth quarter | Fiscal year | ||||||||||||||||
Fiscal 2013 | ||||||||||||||||||||
Net revenue | $ | 453.7 | $ | 425.2 | $ | 436.1 | $ | 477 | $ | 1,792.00 | ||||||||||
Gross profit | 192.6 | 176.7 | 188.2 | 209.1 | 766.6 | |||||||||||||||
Net income | 66.5 | 61.7 | 65.7 | 84.2 | 278.1 | |||||||||||||||
Per share data (1) | ||||||||||||||||||||
Net income, basic | $ | 0.35 | $ | 0.33 | $ | 0.35 | $ | 0.45 | $ | 1.48 | ||||||||||
Net income, diluted | $ | 0.34 | $ | 0.32 | $ | 0.34 | $ | 0.44 | $ | 1.45 | ||||||||||
Fiscal 2012 | ||||||||||||||||||||
Net revenue | $ | 393.8 | $ | 364.7 | $ | 389 | $ | 421.1 | $ | 1,568.60 | ||||||||||
Gross profit | 171.8 | 152.3 | 165.3 | 177.7 | 667.1 | |||||||||||||||
Net income | 57.1 | 34 | 49.3 | 61.6 | 202 | |||||||||||||||
Per share data (1) | ||||||||||||||||||||
Net income, basic | $ | 0.31 | $ | 0.18 | $ | 0.26 | $ | 0.33 | $ | 1.09 | ||||||||||
Net income, diluted | $ | 0.3 | $ | 0.18 | $ | 0.26 | $ | 0.32 | $ | 1.05 | ||||||||||
____________ | ||||||||||||||||||||
-1 | Earnings per share calculations for each of the quarters are based on the weighted average number of shares outstanding and included common stock equivalents in each period. Therefore, the sums of the quarters do not necessarily equal the full year earnings per share. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) | 12 Months Ended | ||
Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 | |
Accounting Policies [Line Items] | ' | ' | ' |
Fiscal Period Number Of Weeks In Fiscal Year | 'P52W | 'P52W | 'P52W |
Maturity Number of Days | '90 days | ' | ' |
Minimum [Member] | Building and Building Improvements [Member] | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life, Minimum | '5 years | ' | ' |
Maximum [Member] | Building and Building Improvements [Member] | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life, Minimum | '30 years | ' | ' |
Minimum [Member] | Machinery and Equipment [Member] | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life, Minimum | '3 years | ' | ' |
Maximum [Member] | Machinery and Equipment [Member] | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life, Minimum | '10 years | ' | ' |
Fair_Value_Schedule_Of_Financi
Fair Value (Schedule Of Financial Instruments Measured At Fair Value On Recurring Basis) (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Sep. 27, 2013 |
In Millions, unless otherwise specified | |
Fair Value, Inputs, Level 1 [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Money market | $238.80 |
Auction rate security | 0 |
Total | 238.8 |
Fair Value, Inputs, Level 2 [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Money market | 0 |
Auction rate security | 0 |
Total | 0 |
Fair Value, Inputs, Level 3 [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Money market | 0 |
Auction rate security | 2.3 |
Total | 2.3 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Money market | 238.8 |
Auction rate security | 2.3 |
Total | $241.10 |
Fair_Value_Fair_Value_Assets_M
Fair Value Fair Value, Assets Measured on Recurring Basis, Using Unobservable Inputs (Details) (Fair Value, Inputs, Level 3 [Member], Fair Value, Measurements, Recurring [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 27, 2013 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' |
Balance at September 28, 2012 | $3.10 |
Sale of auction rate security | -0.8 |
Balance at September 27, 2013 | $2.30 |
Inventory_Schedule_Of_Inventor
Inventory (Schedule Of Inventories) (Details) (USD $) | Sep. 27, 2013 | Sep. 28, 2012 |
In Millions, unless otherwise specified | ||
Inventory, Net [Abstract] | ' | ' |
Raw materials | $25.20 | $27.20 |
Work-in-process | 128.3 | 111.2 |
Finished goods | 65 | 83 |
Finished goods held on consignment by customers | 11 | 11.5 |
Total inventories | $229.50 | $232.90 |
Property_Plant_And_Equipment_S
Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details) (USD $) | Sep. 27, 2013 | Sep. 28, 2012 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Total property, plant and equipment, gross | $859.30 | $754.60 |
Accumulated depreciation and amortization | -530.7 | -475.2 |
Total property, plant and equipment, net | 328.6 | 279.4 |
Land and Land Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property, plant and equipment, gross | 12.2 | 12 |
Building and Building Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property, plant and equipment, gross | 60.3 | 57 |
Furniture and Fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property, plant and equipment, gross | 23.4 | 25.4 |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property, plant and equipment, gross | 668.1 | 623.3 |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property, plant and equipment, gross | $95.30 | $36.90 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Schedule of Intangible Assets Excluding Goodwill) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 28, 2012 | Sep. 27, 2013 |
Intangible Assets Excluding Goodwill [Line Items] | ' | ' |
Intangible Assets Gross Excluding Goodwill | $175.70 | $175.30 |
Intangible Assets Excluding Goodwill Accumulated Amortization | 81.7 | 110.5 |
Intangible Assets, Net (Excluding Goodwill) | 94 | 64.8 |
Customer Relationships [Member] | ' | ' |
Intangible Assets Excluding Goodwill [Line Items] | ' | ' |
Amortized Intangible Assets, Weighted Average Useful Life | '2 years 11 months | ' |
Intangible Assets, Gross Carrying Amount | 78.7 | 78.7 |
Amortized Intangible Assets, Accumulated Amortization | 36.2 | 49.3 |
Intangible Assets, Net Carrying Amount | 42.5 | 29.4 |
Developed Technology and Other [Member] | ' | ' |
Intangible Assets Excluding Goodwill [Line Items] | ' | ' |
Amortized Intangible Assets, Weighted Average Useful Life | '3 years 1 month | ' |
Intangible Assets, Gross Carrying Amount | 89.3 | 88.9 |
Amortized Intangible Assets, Accumulated Amortization | 42.3 | 55.3 |
Intangible Assets, Net Carrying Amount | 47 | 33.6 |
In-Process Research and Development [Member] | ' | ' |
Intangible Assets Excluding Goodwill [Line Items] | ' | ' |
Amortized Intangible Assets, Weighted Average Useful Life | '8 months | ' |
Intangible Assets, Gross Carrying Amount | 6.1 | 6.1 |
Amortized Intangible Assets, Accumulated Amortization | 3.2 | 5.9 |
Intangible Assets, Net Carrying Amount | 2.9 | 0.2 |
Trademarks [Member] | ' | ' |
Intangible Assets Excluding Goodwill [Line Items] | ' | ' |
Indefinite-Lived Trademarks | 1.6 | 1.6 |
Indefinite-lived Intangible Assets | $1.60 | $1.60 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets (Schedule of Future Amortization Expense) (Details) (USD $) | Sep. 27, 2013 |
In Millions, unless otherwise specified | |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ' |
2013 | $24 |
2014 | 21 |
2015 | 16.2 |
2016 | 2 |
2017 | 0 |
Thereafter | $0 |
Income_Taxes_Income_before_Inc
Income Taxes (Income before Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
United States | $164.80 | $113.10 | $208.90 |
Foreign | 179.7 | 141.8 | 85 |
Income before income taxes | $344.50 | $254.90 | $293.90 |
Income_Taxes_Income_Tax_Provis
Income Taxes (Income Tax Provision) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal | $38 | $32.40 | $25.40 |
State | 0.1 | -1.7 | 0.4 |
Foreign | 14.8 | 8.6 | 4.4 |
Current Income Tax Expense | 52.9 | 39.3 | 30.2 |
Federal | 14.4 | 13 | 35 |
State | -4.9 | -3.7 | -1 |
Foreign | -0.1 | 0.4 | 1 |
Deferred Income Tax Expense | 9.4 | 9.7 | 35 |
Change in valuation allowance | 4.1 | 3.9 | 2.1 |
Provision for income taxes | $66.40 | $52.90 | $67.30 |
Income_Taxes_Income_Tax_Expens
Income Taxes (Income Tax Expense Reconciliation) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Tax expense at United States statutory rate | $120.60 | $89.20 | $102.90 |
Foreign tax rate difference | -49.8 | -44.7 | -24.4 |
Income Tax Reconciliation, Repatriation of Foreign Earnings | 0 | 2.4 | 0 |
Research and development credits | -16.3 | -1.7 | -17.7 |
Change in tax reserve | 11.7 | 10.4 | 9.4 |
Change in valuation allowance | 4.1 | 3.9 | 2.1 |
Domestic production activities deduction | -5 | -3.9 | -6.1 |
Other, net | 1.1 | -2.7 | 1.1 |
Provision for income taxes | $66.40 | $52.90 | $67.30 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) (USD $) | Sep. 27, 2013 | Sep. 28, 2012 |
In Millions, unless otherwise specified | ||
Current: [Abstract] | ' | ' |
Inventory | $3.70 | $5.30 |
Bad debts | 0.2 | 0.2 |
Accrued compensation and benefits | 4 | 4 |
Product returns, allowances and warranty | 1.6 | 1.9 |
Restructuring | 0.3 | 0.6 |
Other - net | 0.5 | 0.5 |
Current deferred tax assets | 10.3 | 12.5 |
Less valuation allowance | -3.2 | -3.1 |
Net current deferred tax assets | 7.1 | 9.4 |
Long-term: [Abstract] | ' | ' |
Intangible assets | 5.5 | 6.6 |
Share-based and other deferred compensation | 37 | 37.6 |
Net operating loss carry forwards | 20.3 | 35.8 |
Federal tax credits | 16 | 17.2 |
State tax credits | 38.5 | 33.6 |
Other - net | 2 | 1.9 |
Long-term deferred tax assets | 119.3 | 132.7 |
Less valuation allowance | -47.8 | -43.8 |
Net long-term deferred tax assets | 71.5 | 88.9 |
Deferred tax assets | 129.6 | 145.2 |
Less valuation allowance | 51 | 46.9 |
Net deferred tax assets | 78.6 | 98.3 |
Deferred Tax Liabilities [Abstract] | ' | ' |
Prepaid insurance | -0.8 | -0.9 |
Current deferred tax liabilities | -0.8 | -0.9 |
Property, plant and equipment | -14.3 | -17.6 |
Intangible assets | -3.1 | -6.2 |
Long-term deferred tax liabilities | -17.4 | -23.8 |
Net deferred tax liabilities | -18.2 | -24.7 |
Total deferred tax assets | $60.40 | $73.60 |
Income_Taxes_Changes_in_Unreco
Income Taxes (Changes in Unrecognized Tax Benefit) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 27, 2013 |
Income Tax Disclosure [Abstract] | ' |
Balance at September 28, 2012 | $52.40 |
Decreases based on positions related to prior years | -0.1 |
Increases based on positions related to current year | 11.6 |
Decreases relating to settlements with taxing authorities | 0 |
Decreases relating to lapses of applicable statues of limitations | -0.7 |
Balance at September 27, 2013 | $63.20 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Income Taxes [Line Items] | ' | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 35.00% | 35.00% | 35.00% |
Foreign tax rate difference | ($49.80) | ($44.70) | ($24.40) |
Income Tax Holiday, Aggregate Dollar Amount | 10 | 5.9 | ' |
Income Tax Holiday, Income Tax Benefits Per Share | $0.05 | $0.03 | ' |
Income Tax Credits and Adjustments | 7 | ' | ' |
Valuation Allowance, Amount | 51 | ' | ' |
Tax benefit to recognize if valuation allowance is reversed | 50.6 | ' | ' |
Deferred Taxes, Business Combination, Valuation Allowance, Available to Reduce Goodwill | 0.4 | ' | ' |
Deferred Tax Assets, Tax Credit Carryforwards | 171.5 | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 50.7 | ' | ' |
Tax Credit Carryforward, Amount | 34.4 | ' | ' |
Valuation Allowance Not Recognized | 32.3 | ' | ' |
Tax Credit Carryforward, Expiration Dates | 31-Dec-32 | ' | ' |
Deferred Tax Liabilities, Undistributed Foreign Earnings | 591 | ' | ' |
Unrecognized Tax Benefits | 63.2 | 52.4 | ' |
Unrecognized Tax Benefits, Reductions Resulting from Lapse of Applicable Statute of Limitations | 0.7 | ' | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 1.2 | ' | ' |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | ' | 50.4 | ' |
Foreign Tax Authority [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Valuation Allowance, Amount | 12.5 | ' | ' |
State and Local Jurisdiction [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Valuation Allowance, Amount | 38.5 | ' | ' |
Tax Credit Carryforward, Amount | 38.5 | ' | ' |
UNITED STATES | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Open Tax Year | '1998 | ' | ' |
CALIFORNIA | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Open Tax Year | '1999 | ' | ' |
IOWA | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Open Tax Year | '2003 | ' | ' |
CANADA | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Open Tax Year | '2004 | ' | ' |
MEXICO | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Open Tax Year | '2008 | ' | ' |
SINGAPORE | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Open Tax Year | '2011 | ' | ' |
Other Tax Carryforward, SiGe Acquisition [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 15.8 | ' | ' |
Operating Loss Carryforwards, Expiration Dates | '2030 | ' | ' |
Other Tax Carryforward, AATI Acquisition [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $18.80 | ' | ' |
Operating Loss Carryforwards, Expiration Dates | '2031 | ' | ' |
Stockholders_Equity_Common_and
Stockholders' Equity (Common and Perferred Shares) (Details) (USD $) | Sep. 27, 2013 | Sep. 28, 2012 |
In Millions, except Per Share data, unless otherwise specified | ||
Stockholders' Equity Note [Abstract] | ' | ' |
Common Stock, Shares Authorized | 525 | 525 |
Common Stock, Par Value | $0.25 | $0.25 |
Common Stock, Shares Issued | 207.5 | 202.9 |
Common Stock, Shares Outstanding | 187.9 | 192.3 |
Preferred Stock, Shares Authorized | 25 | 25 |
Preferred Stock, Value, Issued | $0 | $0 |
Stockholders_Equity_Share_Repu
Stockholders' Equity (Share Repurchase) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 | Sep. 27, 2013 | Jul. 16, 2013 | Sep. 28, 2012 | Sep. 27, 2013 | Nov. 08, 2012 | Sep. 27, 2013 |
FY2013 $250 Milliion Share Repurchase Program [Member] | FY2013 $250 Milliion Share Repurchase Program [Member] | FY2010 Share Repurchase Program [Member] | FY13 Share Repurchase Program [Member] | FY13 Share Repurchase Program [Member] | Stock repurchases in FY2013 [Member] | ||||
Share Repurchase [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | ' | ' | ' | ' | 250 | ' | ' | 200 | ' |
Payments for Repurchase of Common Stock | $184.90 | $12.40 | $70 | $20.40 | ' | $12.40 | $164.50 | ' | $184.90 |
Share repurchase program (in shares) | ' | ' | ' | ' | ' | 0.8 | ' | ' | 8.1 |
Treasury Stock Acquired, Average Cost Per Share | ' | ' | ' | ' | ' | $16.54 | ' | ' | $22.75 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | ' | ' | ' | $229.60 | ' | ' | ' | ' | ' |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 90.9 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 10.7 | 11.9 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 19.6 | ' | ' |
Share-based Compensation | $71.70 | $72.20 | $58.30 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $9.31 | $8.91 | $9.63 |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested In Period Total Fair Value | 33.5 | 25.4 | 22.1 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $20.19 | $19.31 | $23.61 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | 2.1 | 2 | 2.1 |
Employee Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 10.6 | ' | ' |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 0.5 | 0.5 | 0.5 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2 | ' | ' |
Share-based Compensation | 3.9 | 3.5 | 2.5 |
Share Based Compensation Arrangement By Share Based Payment Award Percent of Payroll | 10.00% | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Percent Of Market Price | 85.00% | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 1.4 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '4 months | ' | ' |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 56.8 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '1 year 4 months | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $53.50 | $53.80 | $28.40 |
Stock Compensation Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 55.9 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 18.8 | ' | ' |
Employee Incentive Plans Options Contractual Life Maximum | '7 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period, Maximum | '4 years | ' | ' |
Equity Incentive Restricted Stock Awards Vesting Period Maximum | '4 years | ' | ' |
Equity Incentive Plan Performance Based Share Awards Vesting Period Maximum | '3 years | ' | ' |
Total Shared Based Compensation Plans [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 10.7 | ' | ' |
Director Long Term Incentive Plan 2008 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1.5 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0.8 | ' | ' |
Employee Incentive Plans Options Contractual Life Maximum | '10 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period, Maximum | '4 years | ' | ' |
Equity Incentive Restricted Stock Awards Vesting Period Maximum | '3 years | ' | ' |
Stockholders_Equity_Stock_Opti
Stockholders' Equity (Stock Options) (Details) (USD $) | 12 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Sep. 27, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Balance outstanding at September 28, 2012 | 11.9 |
Granted | 1.7 |
Exercised | -2 |
Canceled/forfeited | -0.9 |
Balance outstanding at Septermber 27, 2013 | 10.7 |
Stock Options, Exercisable, Shares | 5.6 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ' |
Stock Options, Outstanding, Weighted average exercise price, Beginning Balance | $15.57 |
Granted Weighted average exercise price | $20.53 |
Exercised, Weighted average exercise price | $10.43 |
Canceled/forfeited, Weighted average exercise price | $22.55 |
Stock Options, Outstanding, Weighted average exercise price, Ending Balance | $16.76 |
Stock Options, Exercisable, Weighted average exercise price | $13.41 |
Weighted average remaining contractual life (in years) | '4 years 1 month |
Stock Options, Exercisable, Weighted average remaining contractual life (in years) | '3 years 4 months |
Aggregate Intrincis value | $88 |
Stock Options, Exercisable, Aggregate intrinsic value | $64.40 |
Stockholders_Equity_Restricted
Stockholders' Equity (Restricted and Performance based Awards) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Non-vested awards outstanding at September 28, 2012 | 5.9 | ' | ' |
Granted | 2.9 | ' | ' |
Vested | -2.5 | ' | ' |
Canceled/ forfeited | -0.6 | ' | ' |
Non-vested awards outstanding at September 27, 2013 | 5.7 | 5.9 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $19.79 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $20.19 | $19.31 | $23.61 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $19.06 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period, Weighted Average Grant Date Fair Value | $20.31 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value CLONE | $20.31 | $19.79 | ' |
Stockholders_Equity_Summary_of
Stockholders' Equity (Summary of Total Intrinsic Value) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $26.20 | $54.50 | $90.10 |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | 53.5 | 53.8 | 28.4 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $53.50 | $53.80 | $53.60 |
Stockholders_Equity_Share_Base
Stockholders' Equity (Share Based Expense Allocation) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Share-based Compensation | $71.70 | $72.20 | $58.30 |
Cost of Sales [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | 10.2 | 9.4 | 7.5 |
Research and Development Expense [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | 28.2 | 28 | 18.1 |
General and Administrative Expense [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | $33.30 | $34.80 | $32.70 |
Stockholders_Equity_Compensati
Stockholders' Equity (Compensation Costs Related to Unvested Awards) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 27, 2013 |
Stock Options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized Compensation Cost for unvested awards | $30.30 |
Weighted average remaining recognition period (in years) | '2 years 0 months |
Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized Compensation Cost for unvested awards | $56.80 |
Weighted average remaining recognition period (in years) | '1 year 4 months |
Stockholders_Equity_Schedule_O
Stockholders' Equity (Schedule Of Weighted Average Assumptions Used In Calculating Share-Based Compensation Expense) (Details) | 12 Months Ended | ||
Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 | |
Stockholders' Equity Note [Abstract] | ' | ' | ' |
Expected volatility | 57.71% | 59.21% | 49.26% |
Risk free interest rate (7 year contractual life options) | 1.29% | 0.52% | 0.63% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected option life (7 year contractual life options) | '4 years 2 months | '4 years 1 month | '4 years 1 month |
Employee_Benefit_Plans_Pension2
Employee Benefit Plans, Pensions, and Other Retiree Benefits 401(k) Plan (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Minimum Age Requirement | '21 years | ' | ' |
Contribution percentage of employee earnings to retirement plan | 4.00% | ' | ' |
Contribution Of Common Shares To Savings And Retirement Plans shares | 0.3 | 0.3 | 0.2 |
Contribution Of Common Shares To Savings And Retirement Plans | $6.20 | $6 | $5.50 |
Employee_Benefit_Plans_Pension3
Employee Benefit Plans, Pensions, and Other Retiree Benefits (Defined Benefit Pension Benefits) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost | $0.10 | $0.10 |
Pension Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Benefit obligation at end of fiscal year | 3.2 | 3.6 |
Fair value of plan assets at end of fiscal year | 3.6 | 3.1 |
Funded status | $0.40 | ($0.50) |
Commitments_Rent_Exepense_Deta
Commitments (Rent Exepense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Operating Leases, Rent Expense | $10.80 | $10.50 | $7.60 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' |
2012 | 9.2 | ' | ' |
2013 | 8.3 | ' | ' |
2014 | 5.5 | ' | ' |
2015 | 3.5 | ' | ' |
2016 | 2.6 | ' | ' |
Thereafter | 5.1 | ' | ' |
Operating Leases, Future Minimum Payments Due | 34.2 | ' | ' |
Other commitments due in one year | 7 | ' | ' |
Other commitments due in two yeara | $4 | ' | ' |
Restructuring_and_Other_Charge2
Restructuring and Other Charges (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring and other charges | $6.40 | $7.80 | $2.40 |
SiGe Restructure [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring and other charges | ' | 0.7 | 2.4 |
Employee Severance [Member] | AATI [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring and other charges | ' | 5.8 | ' |
Facility Closings [Member] | AATI [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring and other charges | ' | 0.6 | ' |
FY13 Restructuring Programs [Member] | Employee Severance [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring and other charges | $6.40 | ' | ' |
Restructuring_and_Other_Charge3
Restructuring and Other Charges Schedule of Restructuring and Other Charges (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring Reserve | $1.70 | $2 | $2.20 |
Current Charges | 6.4 | 7.8 | 2.4 |
Cash Payments | -7.1 | -8.1 | -2.6 |
Restructuring Reserve | 1 | 1.7 | 2 |
Employee Severance [Member] | FY13 Restructuring Programs [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring Reserve | 0 | ' | ' |
Current Charges | 6.4 | ' | ' |
Cash Payments | -5.8 | ' | ' |
Restructuring Reserve | 0.6 | ' | ' |
Employee Severance [Member] | Other Restructuring [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring Reserve | 0.9 | 0.5 | 0 |
Current Charges | 0 | 7.2 | 2.4 |
Cash Payments | -0.9 | -6.8 | -1.9 |
Restructuring Reserve | 0 | 0.9 | 0.5 |
Facility Closings [Member] | Other Restructuring [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring Reserve | 0.8 | 1.5 | 2.2 |
Current Charges | 0 | 0.6 | 0 |
Cash Payments | -0.4 | -1.3 | -0.7 |
Restructuring Reserve | $0.40 | $0.80 | $1.50 |
Earnings_Per_Share_Schedule_Of
Earnings Per Share (Schedule Of Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 27, 2013 | Jun. 28, 2013 | Mar. 29, 2013 | Dec. 28, 2012 | Sep. 28, 2012 | Jun. 29, 2012 | Mar. 30, 2012 | Dec. 30, 2011 | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 | ||||||||||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Net income | $84.20 | $65.70 | $61.70 | $66.50 | $61.60 | $49.30 | $34 | $57.10 | $278.10 | $202 | $226.60 | ||||||||||
Weighted average shares outstanding - basic | ' | ' | ' | ' | ' | ' | ' | ' | 187.5 | 185.8 | 182.9 | ||||||||||
Effect of dilutive equity based awards | ' | ' | ' | ' | ' | ' | ' | ' | 4.7 | 5.7 | 6 | ||||||||||
Dilutive effect of convertible debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0.3 | 1.8 | ||||||||||
Weighted average shares outstanding - diluted | ' | ' | ' | ' | ' | ' | ' | ' | 192.2 | 191.8 | 190.7 | ||||||||||
Net income per share - basic | $0.45 | [1] | $0.35 | [1] | $0.33 | [1] | $0.35 | [1] | $0.33 | [1] | $0.26 | [1] | $0.18 | [1] | $0.31 | [1] | $1.48 | [1] | $1.09 | [1] | $1.24 |
Net income per share - diluted | $0.44 | [1] | $0.34 | [1] | $0.32 | [1] | $0.34 | [1] | $0.32 | [1] | $0.26 | [1] | $0.18 | [1] | $0.30 | [1] | $1.45 | [1] | $1.05 | [1] | $1.19 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | ' | ' | ' | ' | ' | ' | 5.4 | 4 | 2 | ||||||||||
[1] | Earnings per share calculations for each of the quarters are based on the weighted average number of shares outstanding and included common stock equivalents in each period. Therefore, the sums of the quarters do not necessarily equal the full year earnings per share. |
Segment_Information_Geographic
Segment Information (Geographic Revenue) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Sep. 27, 2013 | Jun. 28, 2013 | Mar. 29, 2013 | Dec. 28, 2012 | Sep. 28, 2012 | Jun. 29, 2012 | Mar. 30, 2012 | Dec. 30, 2011 | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, Net | $477 | $436.10 | $425.20 | $453.70 | $421.10 | $389 | $364.70 | $393.80 | $1,792 | $1,568.60 | $1,418.90 |
Total Americas [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, Net | ' | ' | ' | ' | ' | ' | ' | ' | 77.5 | 88.7 | 115.5 |
UNITED STATES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, Net | ' | ' | ' | ' | ' | ' | ' | ' | 67.3 | 70.3 | 76.7 |
Other Americas [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, Net | ' | ' | ' | ' | ' | ' | ' | ' | 10.2 | 18.4 | 38.8 |
Total Asia-Pacific [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, Net | ' | ' | ' | ' | ' | ' | ' | ' | 1,671.70 | 1,442.40 | 1,248.40 |
China | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, Net | ' | ' | ' | ' | ' | ' | ' | ' | 979.3 | 820.1 | 914.7 |
South Korea | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, Net | ' | ' | ' | ' | ' | ' | ' | ' | 102.9 | 103.2 | 148.4 |
Taiwan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, Net | ' | ' | ' | ' | ' | ' | ' | ' | 387.5 | 311.7 | 93.8 |
Other Asia-Pacific [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, Net | ' | ' | ' | ' | ' | ' | ' | ' | 202 | 207.4 | 91.5 |
Europe, Middle East and Africa [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, Net | ' | ' | ' | ' | ' | ' | ' | ' | $42.80 | $37.50 | $55 |
Segment_Information_Geographic1
Segment Information Geographical Fixed Assets (Details) (USD $) | Sep. 27, 2013 | Sep. 28, 2012 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment, Net | $328.60 | $279.40 |
UNITED STATES | ' | ' |
Property, Plant and Equipment, Net | 140.2 | 124.8 |
MEXICO | ' | ' |
Property, Plant and Equipment, Net | 176.9 | 145.9 |
Foreign Member Other [Member] | ' | ' |
Property, Plant and Equipment, Net | $11.50 | $8.70 |
Segment_Information_Concentrat
Segment Information (Concentration) (Details) | 12 Months Ended | ||
Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 | |
Company A [Member] | Customer One [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Revenue from major customers percentage | 36.00% | ' | 27.00% |
Company A [Member] | Customer Two [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Revenue from major customers percentage | ' | 29.00% | ' |
Company B [Member] | Customer Two [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Revenue from major customers percentage | 15.00% | ' | 11.00% |
Company B [Member] | Customer Three [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Revenue from major customers percentage | ' | 17.00% | ' |
Company C [Member] | Customer Three [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Revenue from major customers percentage | ' | ' | 13.00% |
Credit Concentration Risk [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Accounts Receivable From Major Customers Percentage | 51.00% | 60.00% | 53.00% |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 27, 2013 | Jun. 28, 2013 | Mar. 29, 2013 | Dec. 28, 2012 | Sep. 28, 2012 | Jun. 29, 2012 | Mar. 30, 2012 | Dec. 30, 2011 | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 | ||||||||||
Selected Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Revenue, Net | $477 | $436.10 | $425.20 | $453.70 | $421.10 | $389 | $364.70 | $393.80 | $1,792 | $1,568.60 | $1,418.90 | ||||||||||
Gross Profit | 209.1 | 188.2 | 176.7 | 192.6 | 177.7 | 165.3 | 152.3 | 171.8 | 766.6 | 667.1 | 620.3 | ||||||||||
Net income | $84.20 | $65.70 | $61.70 | $66.50 | $61.60 | $49.30 | $34 | $57.10 | $278.10 | $202 | $226.60 | ||||||||||
Earnings Per Share, Basic (in dollars per share) | $0.45 | [1] | $0.35 | [1] | $0.33 | [1] | $0.35 | [1] | $0.33 | [1] | $0.26 | [1] | $0.18 | [1] | $0.31 | [1] | $1.48 | [1] | $1.09 | [1] | $1.24 |
Earnings Per Share, Diluted (in dollars per share) | $0.44 | [1] | $0.34 | [1] | $0.32 | [1] | $0.34 | [1] | $0.32 | [1] | $0.26 | [1] | $0.18 | [1] | $0.30 | [1] | $1.45 | [1] | $1.05 | [1] | $1.19 |
[1] | Earnings per share calculations for each of the quarters are based on the weighted average number of shares outstanding and included common stock equivalents in each period. Therefore, the sums of the quarters do not necessarily equal the full year earnings per share. |
Valuation_and_Qualiifying_Acco1
Valuation and Qualiifying Accounts (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 | |||
Allowance for Doubtful Accounts [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Beginning Balance | $0.50 | $0.80 | $1.20 | |||
Charged to Cost and Expenses | 0.2 | 0.3 | 0.3 | |||
Deductions | -0.2 | -0.5 | -1 | |||
Misc. | 0 | [1] | 0 | [1] | 0.3 | [1] |
Ending Balance | 0.5 | 0.5 | 0.8 | |||
Allowance for Sales Returns [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Beginning Balance | 6.4 | 3.3 | 1.3 | |||
Charged to Cost and Expenses | 3.1 | 8.5 | 4.6 | |||
Deductions | -4.8 | -6.1 | -3.4 | |||
Misc. | 0 | [1] | 0.7 | [1] | 0.8 | [1] |
Ending Balance | 4.7 | 6.4 | 3.3 | |||
Inventory Valuation Reserve [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Beginning Balance | 18.3 | 11.5 | 11.8 | |||
Charged to Cost and Expenses | 12.6 | 6.6 | 6.4 | |||
Deductions | -16.4 | -7.6 | -6.8 | |||
Misc. | 0 | [1] | 7.8 | [1] | 0 | [1] |
Ending Balance | $14.50 | $18.30 | $11.50 | |||
[1] | Includes acquired balances |