Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Dec. 29, 2013 | Jan. 31, 2014 | |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'INTEGRATED DEVICE TECHNOLOGY INC | ' |
Entity Central Index Key | '0000703361 | ' |
Current Fiscal Year End Date | '--03-30 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 149,932,640 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 29-Dec-13 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 29, 2013 | Mar. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ||
Cash and cash equivalents | $104,628 | $130,837 | ||
Short-term investments | 333,670 | 166,333 | ||
Accounts receivable, net of allowances of $2,122 and $2,787 | 65,774 | 62,083 | ||
Inventories | 53,332 | 56,555 | ||
Income tax receivable | 144 | 192 | ||
Prepayments and other current assets | 15,253 | 24,505 | ||
Total current assets | 572,801 | 440,505 | ||
Property, plant and equipment, net | 71,716 | [1] | 74,988 | [1] |
Goodwill | 135,644 | 144,924 | ||
Other intangible assets, net | 33,173 | 48,602 | ||
Deferred non-current tax assets | 776 | 671 | ||
Other assets | 17,704 | 18,889 | ||
Total assets | 831,814 | 728,579 | ||
Current liabilities: | ' | ' | ||
Accounts payable | 22,822 | 23,244 | ||
Accrued compensation and related expenses | 22,545 | 21,090 | ||
Deferred income on shipments to distributors | 13,374 | 14,539 | ||
Deferred tax liabilities | 1,150 | 1,000 | ||
Other accrued liabilities | 10,646 | 14,652 | ||
Total current liabilities | 70,537 | 74,525 | ||
Deferred tax liabilities | 1,552 | 1,552 | ||
Long-term income tax payable | 305 | 454 | ||
Other long-term liabilities | 19,539 | 22,022 | ||
Total liabilities | 91,933 | 98,553 | ||
Commitments and contingencies (Note 15) | ' | ' | ||
Stockholders' equity: | ' | ' | ||
Preferred stock: $.001 par value: 10,000 shares authorized; no shares issued | 0 | 0 | ||
Common stock: $.001 par value: 350,000 shares authorized; 150,108 and 146,253 shares outstanding at December 29, 2013 and March 31, 2013, respectively | 150 | 146 | ||
Additional paid-in capital | 2,449,380 | 2,407,998 | ||
Treasury stock at cost: 92,467 shares at December 29, 2013 and 90,426 shares at March 31, 2013, respectively | -997,672 | -977,296 | ||
Accumulated deficit | -713,973 | -802,308 | ||
Accumulated other comprehensive income | 1,996 | 1,486 | ||
Total stockholders' equity | 739,881 | 630,026 | ||
Total liabilities and stockholders' equity | $831,814 | $728,579 | ||
[1] | As of December 29, 2013, includes $2.9 million in net fixed assets held for sale associated with the divestiture of IDT’s HSC business. See Note 4 for additional information on this event. As of December 30, 2012, includes $1.3 million in fixed assets held for sale associated with the sale of certain assets of IDT's PCI Express enterprise flash controller business which was completed on July 12, 2013. See Note 5 for additional information on this event. |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 29, 2013 | Mar. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for Receivables | $2,122 | $2,787 |
Preferred Stock, Par or Stated Value Per Share | $0.00 | $0.00 |
Preferred stock: $.001 par value: 10,000 shares authorized; no shares issued | 0 | 0 |
Preferred stock, shares authorized (in shares) | 10,000 | 10,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 |
Common stock: $.001 par value: 350,000 shares authorized; 150,108 and 146,253 shares outstanding at December 29, 2013 and March 31, 2013, respectively | $150 | $146 |
Common stock, shares authorized (in shares) | 350,000 | 350,000 |
Common stock, shares outstanding (in shares) | 150,108 | 146,253 |
Treasury stock, at cost (in shares) | 92,467 | 90,426 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenues | $124,628 | $114,277 | $366,139 | $376,673 |
Cost of revenues | 49,689 | 51,203 | 154,317 | 166,472 |
Gross profit | 74,939 | 63,074 | 211,822 | 210,201 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 31,063 | 36,700 | 107,939 | 117,375 |
Selling, general and administrative | 23,687 | 25,871 | 77,826 | 89,864 |
Total operating expenses | 54,750 | 62,571 | 185,765 | 207,239 |
Operating income (loss) | 20,189 | 503 | 26,057 | 2,962 |
Gain (loss) on divestitures, net | -3,415 | 0 | 78,934 | 0 |
Interest income (expense) and other, net | 1,108 | -344 | 1,921 | 1,450 |
Income (loss) before income taxes from continuing operations | 17,882 | 159 | 106,912 | 4,412 |
Income tax provision (benefit) | 543 | 265 | 661 | -3,768 |
Net income (loss) from continuing operations | 17,339 | -106 | 106,251 | 8,180 |
Discontinued operations: | ' | ' | ' | ' |
Gain from divestiture | 0 | 0 | 0 | 886 |
Loss from discontinued operations before income taxes | -10,123 | -5,115 | -17,922 | -18,658 |
Expense (benefit) from income taxes | 268 | -64 | -6 | -47 |
Income tax provision (benefit) | 543 | 265 | 661 | -3,768 |
Net income (loss) from discontinued operations | -10,391 | -5,051 | -17,916 | -17,725 |
Net income (loss) | $6,948 | ($5,157) | $88,335 | ($9,545) |
Basic net income (loss) per share - continuing operations (in dollars per share) | $0.11 | $0 | $0.71 | $0.06 |
Basic net income (loss) per share - discontinued operations (in dollars per share) | ($0.06) | ($0.04) | ($0.12) | ($0.13) |
Basic net income (loss) per share (in dollars per share) | $0.05 | ($0.04) | $0.59 | ($0.07) |
Diluted net income (loss) per share - continuing operations (in dollars per share) | $0.11 | $0 | $0.70 | $0.06 |
Diluted net income (loss) per share - discontinued operations (in dollars per share) | ($0.07) | ($0.04) | ($0.12) | ($0.13) |
Diluted net income (loss) per share (in dollars per share) | $0.04 | ($0.04) | $0.58 | ($0.07) |
Weighted average shares: | ' | ' | ' | ' |
Basic | 151,018 | 144,321 | 148,835 | 143,477 |
Diluted | 155,035 | 144,321 | 152,560 | 144,760 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net Income (loss) | $6,948 | ($5,157) | $88,335 | ($9,545) |
Currency translation adjustments, net of tax | -134 | 112 | 407 | 837 |
Change in net unrealized gain on investments, net of tax | 218 | 8 | 107 | 8 |
Actuarial loss on post-employment and post-retirement benefit plans, net of tax | -1 | 0 | -4 | 0 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 83 | 120 | 510 | 845 |
Comprehensive income (loss) | $7,031 | ($5,037) | $88,845 | ($8,700) |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 |
Cash flows provided by (used for) operating activities: | ' | ' |
Net Income (loss) | $88,335 | ($9,545) |
Adjustments: | ' | ' |
Depreciation | 15,936 | 14,737 |
Amortization of intangible assets | 12,794 | 15,144 |
Goodwill and long-lived asset impairment | 4,797 | 584 |
Gain from divestitures, net | 78,934 | 886 |
Stock-based compensation expense, net of amounts capitalized in inventory | 10,846 | 9,306 |
Deferred tax benefit | -160 | -4,302 |
Tax benefit from share based payment arrangements | 0 | -45 |
Changes in assets and liabilities (net of amounts acquired): | ' | ' |
Accounts receivable, net | -3,691 | 2,143 |
Inventories | -751 | 13,294 |
Prepayments and other assets | 4,786 | 6,329 |
Accounts payable | -2,676 | -4,569 |
Accrued compensation and related expenses | 49 | -4,363 |
Deferred income on shipments to distributors | -1,165 | -662 |
Income taxes payable and receivable | -905 | 200 |
Other accrued liabilities and long-term liabilities | -996 | -1,333 |
Net cash provided by (used for) operating activities | 48,265 | 36,032 |
Cash flows provided by (used for) investing activities: | ' | ' |
Acquisitions, net of cash acquired | 0 | -68,341 |
Cash in escrow related to acquisitions | 6,000 | -7,816 |
Proceeds from divestitures | 96,299 | 5,000 |
Purchases of property, plant and equipment | -14,489 | -22,011 |
Purchases of short-term investments | -307,529 | -139,915 |
Proceeds from sales of short-term investments | 26,949 | 32,396 |
Proceeds from maturities of short-term investments | 112,506 | 130,822 |
Net cash provided by (used for) investing activities | -80,264 | -69,865 |
Cash flows provided by (used for) financing activities: | ' | ' |
Proceeds from issuance of common stock | 30,889 | 10,829 |
Repurchase of common stock | -20,376 | ' |
Payment of acquisition related contingent consideration | -5,130 | 0 |
Excess tax benefit from share based payment arrangements | 0 | 45 |
Net cash provided by (used for) financing activities | 5,383 | 10,874 |
Effect of exchange rates on cash and cash equivalents | 407 | 837 |
Net increase (decrease) in cash and cash equivalents | -26,209 | -22,122 |
Cash and cash equivalents at beginning of period | 130,837 | 134,924 |
Cash and cash equivalents at end of period | $104,628 | $112,802 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Dec. 29, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
Nature of Business. Integrated Device Technology, Inc. (IDT or the Company) designs, develops, manufactures and markets a broad range of integrated circuits for the advanced communications, computing and consumer industries. | |
Basis of Presentation. The Company's fiscal year is the 52- or 53-week period ending on the Sunday closest to March 31st. In a 52-week year, each fiscal quarter consists of thirteen weeks. In a 53-week year, the additional week is usually added to the third quarter, making such quarter consist of fourteen weeks. The first, second and third quarters of fiscal 2014 and fiscal 2013 were thirteen week periods. | |
Principles of Consolidation. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All inter-company accounts and transactions have been eliminated. | |
Use of Estimates. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |
Significant Accounting Policies. For a description of significant accounting policies, see Note 1, Summary of Significant Accounting Policies to the consolidated financial statements included in the Company's annual report on Form 10-K for the fiscal year ended March 31, 2013. There have been no material changes to the Company's significant accounting policies since the filing of the annual report on Form 10-K. | |
In the opinion of management, these condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the condensed consolidated financial statements, for the interim period. | |
Recent Accounting Pronouncements. | |
Accounting Pronouncements Recently Adopted | |
In July 2012, the Financial Accounting Standards Board (FASB) issued an amendment to its guidance regarding the testing of indefinite-lived intangible assets for impairment. This amended guidance allows an entity first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with the guidance on the impairment of intangible assets other than goodwill. This amended guidance is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. The adoption of this guidance had no impact on the Company’s financial statements. | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) to the guidance on Comprehensive Income, to improve the reporting of reclassifications out of accumulated other income. This guidance requires entities to provide information about the amounts reclassified out of accumulated other income by component. The authoritative guidance also requires an entity to present, either on the face of the statement where net income (loss) is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income only if the amount reclassified is required under U.S. GAAP to be reclassified to net income (loss) in its entirety in the same reporting period. For amounts not required to be reclassified under U.S. GAAP, entities are required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. The Company adopted this guidance in the first quarter of fiscal 2014 and the adoption did not have a significant impact on the Company's condensed consolidated financial statements. See Note 12 for more information. | |
Accounting Pronouncements Not Yet Effective for Fiscal 2014 | |
In February 2013, the FASB issued guidance for the recognition, measurement, and disclosure of certain obligations resulting from joint and several liability arrangements for which the total amount is fixed. Such obligations may include debt arrangements, legal settlements, and other contractual arrangements. The guidance is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2013, which is the first quarter of fiscal 2015 for the Company, and should be applied retrospectively to all prior periods presented for those obligations within the scope which existed as of the beginning of the fiscal year of adoption. Early adoption is permitted. The Company is currently evaluating the new guidance. | |
In March 2013, the FASB issued guidance on the accounting for the cumulative translation adjustment upon derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. The guidance is effective prospectively for fiscal years and interim periods within those fiscal years beginning after December 15, 2013, which is the first quarter of fiscal 2015 for the Company. Early adoption is permitted. The Company is currently evaluating the new guidance. | |
In July 2013, 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 effective for interim and annual periods beginning after December 15, 2013, which is the first quarter of fiscal 2015 for the Company. The Company does not believe that the implementation of this authoritative guidance will have a material impact on its financial position or results of operations as it affects presentation of unrecognized tax benefits. |
Net_Income_Loss_Per_Share
Net Income (Loss) Per Share | 9 Months Ended | |||||||||||||||
Dec. 29, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Net Income (Loss) Per Share | ' | |||||||||||||||
Net Income (Loss) Per Share | ||||||||||||||||
Basic net income (loss) per share is computed using the weighted-average number of common shares outstanding during the period. Diluted net income per share is computed using the weighted-average number of common and dilutive potential common shares outstanding during the period. Potential common shares include employee stock options and restricted stock units. For purposes of computing diluted net income per share, weighted average potential common shares do not include potential common shares that are anti-dilutive under the treasury stock method. | ||||||||||||||||
The following table sets forth the computation of basic and diluted net income per share from continuing operations: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
December 29, | December 30, | December 29, | December 30, | |||||||||||||
(in thousands, except per share amounts) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Numerator (basic and diluted): | ||||||||||||||||
Net income (loss) from continuing operations | $ | 17,339 | $ | (106 | ) | $ | 106,251 | $ | 8,180 | |||||||
Denominator: | ||||||||||||||||
Weighted average common shares outstanding, basic | 151,018 | 144,321 | 148,835 | 143,477 | ||||||||||||
Dilutive effect of employee stock options and restricted stock units | 4,017 | — | 3,725 | 1,283 | ||||||||||||
Weighted average common shares outstanding, diluted | 155,035 | 144,321 | 152,560 | 144,760 | ||||||||||||
Basic net income per share from continuing operations | $ | 0.11 | $ | — | $ | 0.71 | $ | 0.06 | ||||||||
Diluted net income per share from continuing operations | $ | 0.11 | $ | — | $ | 0.7 | $ | 0.06 | ||||||||
Potential dilutive common shares of 0.7 million and 10.1 million pertaining to employee stock options and restricted stock units were excluded from the calculation of diluted earnings per share for the three months ended December 29, 2013 and December 30, 2012, respectively, because the effect would have been anti-dilutive. Potential dilutive common shares of 3.8 million and 16.3 million pertaining to employee stock options and restricted stock units were excluded from the calculation of diluted earnings per share for the nine months ended December 29, 2013 and December 30, 2012, respectively, because the effect would have been anti-dilutive. |
Business_Combinations
Business Combinations | 9 Months Ended | |||
Dec. 29, 2013 | ||||
Business Combinations [Abstract] | ' | |||
Business Combinations | ' | |||
Business Combinations | ||||
Termination of Proposed Acquisition of PLX Technology, Inc. (PLX) | ||||
On April 30, 2012, IDT and PLX had entered into an Agreement and Plan of Merger with PLX Technology, Inc. (PLX) for the acquisition of PLX by IDT (the Agreement). On December 19, 2012, the United States Federal Trade Commission (FTC) filed an administrative complaint challenging IDT’s proposed acquisition of PLX. In response to the FTC’s determination to challenge the proposed acquisition of PLX by IDT, effective December 19, 2012, IDT and PLX mutually agreed to terminate the Agreement. Also on December 19, 2012, IDT withdrew its related exchange offer (the Offer) to acquire all of the issued and outstanding shares of common stock, $0.001 par value, of PLX and instructed Computershare, the exchange agent for the Offer, to promptly return all previously tendered shares. | ||||
Acquisition of NXP B.V.'s Data Converter Business | ||||
On July 19, 2012, the Company completed an acquisition of certain assets related to technology and products developed for communications analog mixed-signal market applications from NXP B.V. | ||||
The Company acquired the communications analog mixed-signal assets for an aggregate cash purchase price of approximately $31.2 million, less a $4.0 million credit from NXP B.V. for certain accrued liabilities assumed by the Company from NXP B.V. resulting in a net aggregate purchase price of $27.2 million. | ||||
The assets acquired and liabilities assumed were recognized in the following manner based on their fair values as at July 19, 2012: | ||||
(in thousands) | Fair Value | |||
Inventories | $ | 252 | ||
Property, plant and equipment, net | 1,125 | |||
Funded pension assets * | 666 | |||
Accrued pension liabilities* | (666 | ) | ||
Other long term liabilities | (435 | ) | ||
Intangible assets (other than goodwill) | 12,500 | |||
Goodwill | 13,720 | |||
Total purchase price | $ | 27,162 | ||
* See Note 16 for information regarding pension plans adopted. | ||||
A summary of the allocation of intangible assets (other than goodwill) is as follows: | ||||
(in thousands) | Fair Value | |||
Existing technologies | $ | 7,500 | ||
Customer relationships | 2,700 | |||
In-process research and development | 1,900 | |||
Non-compete agreements | 300 | |||
Backlog | 100 | |||
Total | $ | 12,500 | ||
The purchase price in excess of the fair value of the assets and liabilities assumed was recognized as goodwill. | ||||
Identifiable Tangible Assets and Liabilities: | ||||
Assets and liabilities were reviewed and adjusted, if required, to their estimated fair value. | ||||
Inventories – The value allocated to inventories reflects the estimated fair value of the acquired inventory based on the expected sales price of the inventory, less reasonable selling margin. | ||||
Funded pension assets and liabilities – The costs of pension benefits and related liabilities for the employees that were transferred to the Company as a result of the acquisition were determined based on actuarial calculations. | ||||
Intangible Assets: | ||||
Existing technologies consist of NXP's data converter products that have reached technological feasibility and in-process research and development (IPR&D) which consists of projects that have not reached technological feasibility. The Company valued the existing technologies and IPR&D utilizing a multi-period excess earnings method (Excess Earnings Method), which uses the discounted future earnings specifically attributed to these intangible assets, that is, in excess of returns for other assets that contributed to those earnings. The Company utilized discount factors of 26% for the existing technologies and a discount factor of 31% was utilized for IPR&D. The Company valued one year of contractual backlog also using the Excess Earnings Method and a discount rate of 19%. Customer relationship and non-competition agreement values have been estimated utilizing a with and without method (With and Without Method), which uses projected cash flows with and without the intangible asset in place. Cash flow differentials are then discounted to present value to arrive at an estimate of fair value for the asset. The Company utilized discount factors of 29% for estimating the value of these intangible assets. | ||||
The financial results of the NXP B.V. data converter business have been included in the Company’s Condensed Consolidated Statements of Operations from July 19, 2012, the closing date of the acquisition. | ||||
Pro Forma Financial Information (unaudited): | ||||
The following unaudited pro forma financial information presents the combined results of operations of the Company and the NXP B.V. data converter business as if the acquisition had occurred as of the beginning of fiscal 2012. The unaudited pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at the beginning of fiscal 2012. The unaudited pro forma financial information presented below for the nine months ended December 30, 2012 combines historical IDT and NXP B.V. data converter business results. The pro forma financial information includes the business combination effect of the amortization charges from acquired intangible assets, the amortization of fair market value inventory write-up and acquisition costs. | ||||
Nine Months Ended | ||||
(Unaudited in thousands, except per share data) | December 30, 2012 | |||
Revenues | $ | 379,110 | ||
Net income (loss) | $ | (9,363 | ) | |
Basic net income (loss) per share - continuing operations | $ | (0.07 | ) | |
Diluted net income (loss) per share - continuing operations | $ | (0.07 | ) | |
Acquisition of Fox Enterprises, Inc. | ||||
On April 30, 2012, the Company completed the acquisition of Fox Enterprises, Inc. (Fox), a leading supplier of frequency control products including crystals and crystal oscillators, in an all-cash transaction for approximately $28.9 million, which included $25.7 million in cash paid at closing and $3.2 million which was recorded as a liability representing the fair value of contingent cash consideration of up to $4.0 million based upon the achievement of future financial milestones, which would be payable after 12 months from the acquisition date. During the three month period ended June 30, 2013, the Company settled the contingent consideration and paid Fox $3.3 million. The Company believes that the combination of Fox's product portfolio with the Company's CrystalFree™ oscillators makes the Company the industry's one-stop shop for frequency control products. In addition, the Company expects this acquisition will help accelerate the adoption of CrystalFree™ by enabling customers to purchase pMEMS and CMOS solid-state oscillators alongside traditional quartz-based components through the Company's established sales channels. | ||||
The Company allocated the purchase price to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values. The excess purchase price over those fair values was recorded as goodwill. The fair values assigned to tangible and intangible assets acquired were based on management estimates and assumptions. | ||||
The Company incurred approximately $0.2 million of acquisition-related costs in the first quarter of fiscal 2013, and these costs are included in selling, general and administrative expenses on the Condensed Consolidated Statements of Operations. | ||||
The aggregate purchase price was allocated as follows: | ||||
(in thousands) | Fair Value | |||
Cash | $ | 1,080 | ||
Accounts receivable | 4,053 | |||
Inventories | 2,600 | |||
Prepaid expenses and other current assets | 363 | |||
Property, plant and equipment, net | 656 | |||
Other long-term assets | 1,190 | |||
Accounts payable and accrued expenses | (3,765 | ) | ||
Other long-term liabilities | (1,516 | ) | ||
Long-term deferred tax liability | (4,549 | ) | ||
Intangible assets (other than goodwill) | 12,300 | |||
Goodwill | 16,509 | |||
Total purchase price | $ | 28,921 | ||
A summary of the allocation of intangible assets (other than goodwill) is as follows: | ||||
(in thousands) | Fair Value | |||
Existing technologies | $ | 7,900 | ||
Customer relationships | 2,000 | |||
Trade names and trademarks | 1,500 | |||
In-process research and development | 900 | |||
Total | $ | 12,300 | ||
Identifiable Tangible Assets and Liabilities | ||||
Assets and liabilities were reviewed and adjusted, if required, to their estimated fair value. | ||||
Inventories – The value allocated to inventories reflects the estimated fair value of the acquired inventory based on the expected sales price of the inventory, less reasonable selling margin. | ||||
Intangible Assets: | ||||
The Company valued the existing technologies utilizing a discounted cash flow (DCF) model, which uses forecasts of future revenues and expenses related to the intangible assets. The Company utilized a discount factor of 15% for the existing technologies and is amortizing the intangible assets over 5 years on a straight-line basis. | ||||
Customer relationship values have been estimated utilizing a DCF model, which uses forecasts of future revenues and expenses related to the intangible asset. The Company utilized discount factors of 15% - 20% for this intangible asset and is amortizing this intangible asset over 4 years on a straight-line basis. | ||||
Trade names and trademarks values have been estimated utilizing a DCF model, which uses forecasts of future revenues and expenses related to the intangible asset. The Company utilized a discount factor of 20% for this intangible asset and is amortizing this intangible asset over 3 years on a straight-line basis. | ||||
In-process research and development (IPR&D): | ||||
The Company utilized the DCF method to value the IPR&D, using a discount factor of 21% and will amortize this intangible asset once the projects are complete. | ||||
The financial results of Fox Enterprises have been included in the Company’s Condensed Consolidated Statements of Operations from April 30, 2012, the closing date of the acquisition. Pro forma earnings information has not been presented because the effect of the acquisition is not material to the Company’s historical financial statements. | ||||
Acquisition of Alvand Technologies, Inc. | ||||
On April 16, 2012, the Company completed the acquisition of Alvand Technologies Inc., a leading analog integrated circuits company specializing in data converters, for total purchase consideration of approximately $23.3 million, of which $20.5 million was paid in cash at closing and $2.8 million was recorded as a liability representing the fair value of contingent cash consideration of up to $4.0 million based upon the achievement of future product development milestones to be completed within 36 months following the acquisition date. Payments will be made on a proportionate basis upon the completion of each milestone. As of June 30, 2013, the fair value of the contingent consideration was re-measured based on a revised product development forecast for the business. As a result, the fair value of the contingent consideration increased to $3.4 million. $0.5 million of the change in the fair value of the contingent consideration was recorded in selling, general and administrative expenses in fiscal 2013 and $0.1 million in the first quarter of fiscal 2014. During the three months ended September 29, 2013, the Company paid Alvand Technologies $1.4 million. During the three months ended December 29, 2013, the Company paid Alvand Technologies $0.4 million, offset by an increased the fair value estimate by $0.2 million, which decreased the fair value of the remaining contingent consideration to $1.9 million. | ||||
The Company allocated the purchase price to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values. The excess purchase price over those fair values was recorded as goodwill. The fair values assigned to tangible and intangible assets acquired were based on management estimates and assumptions. | ||||
The Company incurred approximately $0.1 million of acquisition-related costs in the first quarter of fiscal 2013, which were included in selling, general and administrative expense on the Condensed Consolidated Statements of Operations. | ||||
The aggregate purchase price was allocated as follows: | ||||
(in thousands) | Fair Value | |||
Cash | $ | 147 | ||
Accounts receivable | 211 | |||
Prepaid expenses | 124 | |||
Property, plant and equipment, net | 15 | |||
Accounts payable and other current liabilities | (707 | ) | ||
Backlog | 1,500 | |||
Non-competition agreements | 2,300 | |||
Goodwill | 19,712 | |||
Total purchase price | $ | 23,302 | ||
Amortizable Intangible Assets: | ||||
Backlog consists of existing contracts. The Company valued the one-year of contractual backlog by calculating the present value of the projected cash flows that are expected to be generated by the backlog utilizing a discount factor of 15%. The Company valued non-competition agreements estimating cash flows with and without non-competition agreements. The projected cash flows were discounted using a discount factor of 22%. | ||||
The financial results of Alvand Technologies have been included in the Company’s Condensed Consolidated Statements of Operations from April 16, 2012, the closing date of the acquisition. Pro forma earnings information has not been presented because the effect of the acquisition is not material to the Company’s historical financial statements. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Discontinued Operations | ' | ||||||||||||||||
Discontinued Operations | |||||||||||||||||
High-Speed Converter (“HSC”) Business | |||||||||||||||||
In the third quarter of fiscal 2014, the Company initiated a plan to divest its HSC business. The Company believes that this divestiture will allow it to intensify focus on its analog-intensive mixed-signal, timing and synchronization, and interface and connectivity solutions. The Company intends to fully divest its HSC business within the next twelve months and has classified these assets as held for sale. As of December 29, 2013, the HSC business long-lived assets classified as held for sale was $9.5 million and consisted of $2.9 million in fixed assets and $6.6 million in intangible assets. | |||||||||||||||||
The HSC business was included in the Company’s Communications reportable segment. For financial statements purposes, the results of operations for the HSC business have been segregated from those of the continuing operations and are presented in the Company's condensed consolidated financial statements as discontinued operations. | |||||||||||||||||
The results of the HSC business discontinued operations for the three and nine months ended December 29, 2013 and December 30, 2012 were as follows (in thousands): | |||||||||||||||||
For the Three Months Ended, | For the Nine Months Ended, | ||||||||||||||||
December 29, 2013 | December 30, 2012 | December 29, 2013 | December 30, 2012 | ||||||||||||||
Revenues | $ | 1,811 | $ | 870 | $ | 2,931 | $ | 2,036 | |||||||||
Cost of revenues | (1,398 | ) | (997 | ) | (2,379 | ) | (2,150 | ) | |||||||||
Goodwill and long-lived assets impairment | (4,797 | ) | — | (4,979 | ) | — | |||||||||||
Operating expenses | (5,739 | ) | (4,988 | ) | (13,495 | ) | (13,413 | ) | |||||||||
Income tax provision (benefit) | 268 | (64 | ) | (6 | ) | (50 | ) | ||||||||||
Net loss from discontinued operations | $ | (10,391 | ) | $ | (5,051 | ) | $ | (17,916 | ) | $ | (13,477 | ) | |||||
Video Business | |||||||||||||||||
On September 26, 2011, the Company completed the transfer of certain assets related to IDT’s Hollywood Quality Video (HQV) and Frame Rate Conversion (FRC) video processing product lines to Qualcomm pursuant to an Asset Purchase Agreement. The sale of these HQV and FRC video processing assets is intended to allow the Company to intensify focus on its analog-intensive mixed-signal, timing, and interface solutions. Upon the closing of the transaction, Qualcomm paid the Company $58.7 million in cash consideration, of which $6.0 million had been withheld in an escrow account for a period of two years and was paid to the Company during the second quarter of fiscal 2014. In the second quarter of fiscal 2012, the Company recorded a gain of $45.9 million related to this divestiture. The following table summarizes the components of the gain (in thousands): | |||||||||||||||||
Cash proceeds from sale (including amounts held in escrow) | $ | 58,744 | |||||||||||||||
Less cost basis of assets sold and direct costs related to the sale | |||||||||||||||||
Fixed asset transferred to Qualcomm | (434 | ) | |||||||||||||||
Goodwill allocated | (8,568 | ) | |||||||||||||||
Intangible assets | (1,818 | ) | |||||||||||||||
License write-off | (525 | ) | |||||||||||||||
Transaction and other costs | (1,460 | ) | |||||||||||||||
Gain on divestiture | $ | 45,939 | |||||||||||||||
On August 1, 2012, the Company completed the transfer of the remaining assets of its video business to Synaptics for $5.0 million in cash pursuant to an Asset Purchase Agreement. In connection with the divestiture, 47 employees were transferred to Synaptics. In the second quarter of fiscal 2013, the Company recorded a gain of $0.9 million related to this divestiture. The following table summarizes the components of the gain (in thousands): | |||||||||||||||||
Cash proceeds from sale | $ | 5,000 | |||||||||||||||
Less book value of assets sold and direct costs related to the sale: | |||||||||||||||||
Fixed assets | (1,963 | ) | |||||||||||||||
Goodwill | (700 | ) | |||||||||||||||
Inventories | (1,288 | ) | |||||||||||||||
Transaction and other costs | (163 | ) | |||||||||||||||
Gain on divestiture | $ | 886 | |||||||||||||||
Prior to the second quarter of fiscal 2012, the video business was part of the Company’s Computing and Consumer reportable segment. For financial statement purposes, the results of operations for the video business are presented in the Company's condensed consolidated financial statements as discontinued operations. | |||||||||||||||||
The results from discontinued operations for the nine months ended December 30, 2012 are as follows (in thousands): | |||||||||||||||||
Revenues | $ | 2,429 | |||||||||||||||
Cost of revenues | (3,006 | ) | |||||||||||||||
Operating expenses | (4,554 | ) | |||||||||||||||
Gain on divestiture | 886 | ||||||||||||||||
Provision for Income tax | 3 | ||||||||||||||||
Net loss from discontinued operations | $ | (4,248 | ) |
Other_Divestitures_not_account
Other Divestitures (not accounted as discontinued operations) | 9 Months Ended | |||
Dec. 29, 2013 | ||||
Divestitures [Abstract] | ' | |||
Other Divestitures (not accounted as discontinued operations) [Text Block] | ' | |||
Other Divestitures (not accounted as discontinued operations) | ||||
Sale of Certain Assets of Audio Business | ||||
On December 18, 2013, Integrated Device Technology, Inc. and Integrated Device Technology (Malaysia) Sdn. Bhd., a wholly-owned subsidiary of IDT (collectively “IDT”), completed the sale of certain assets of its Audio business to Stravelis, Inc. for $0.2 million in cash and up to a maximum potential of $1.0 million additional consideration contingent upon future revenues. The fair value of the contingent consideration was estimated to be zero based on the estimated probability of attainment of future revenue targets. In additional, the Company recorded a $0.3 million liability for services to be provided at no charge by IDT for the first year following the acquisition date. The Company recorded a loss of $3.4 million on divestiture related to this transaction in the third quarter of fiscal 2014. | ||||
The following table summarizes the components of the loss on divestiture (in thousands): | ||||
Amount | ||||
Cash proceeds from sale | $ | 200 | ||
Maximum potential contingent consideration | 1,000 | |||
Total consideration | $ | 1,200 | ||
Fair value adjustment to contingent consideration | $ | (1,000 | ) | |
Accrued liability for post sale services | (300 | ) | ||
Fixed assets | (135 | ) | ||
Inventories | (2,750 | ) | ||
Other assets | (304 | ) | ||
Transaction and other costs | (126 | ) | ||
Loss on divestiture | $ | 3,415 | ||
Prior to the divestiture, the Audio business operating results were included in the Company's Computing and Consumer reportable segment. The Audio business was part of a larger cash-flow generating product group and did not, on its own, represent a separate operation of the Company and, therefore, this sale did not qualify as discontinued operations. | ||||
Sale of Certain Assets of PCI Express ("PCIe") Enterprise Flash Controller Business | ||||
On July 12, 2013, Integrated Device Technology, Inc. and Integrated Device Technology (Malaysia) Sdn. Bhd., a wholly-owned subsidiary of IDT (collectively “IDT”), completed the sale of certain assets of its PCI Express ("PCIe") enterprise flash controller business to PMC-Sierra, Inc., a Delaware corporation (“PMC”), for $96.1 million in cash. | ||||
The Company recorded a gain of $82.3 million on divestiture related to this transaction in the second quarter of fiscal 2014. | ||||
The following table summarizes the components of the gain on divestiture (in thousands): | ||||
Amount | ||||
Cash proceeds from sale | $ | 96,099 | ||
Less book value of assets sold and direct costs related to the sale: | ||||
Fixed assets | (1,312 | ) | ||
Inventories | (876 | ) | ||
Goodwill allocation | (7,323 | ) | ||
Transaction and other costs | (4,239 | ) | ||
Gain on divestiture | $ | 82,349 | ||
Pursuant to the terms of the Asset Purchase Agreement (the "Purchase Agreement") by and among IDT and PMC, dated May 29, 2013, IDT sold (i) substantially all of the assets that were used by IDT and its subsidiaries in the business of designing, developing, manufacturing, testing, marketing, supporting, maintaining, distributing, provisioning and selling non-volatile memory (flash) controllers and (ii) all technology and intellectual property rights owned by IDT or any of its subsidiaries and used exclusively in, or developed exclusively for use in, (a) switching circuits having the primary function of flexible routing of data from/to multiple switch interface ports, where all switch interface ports conform to the PCIe protocol, or (b) circuits having the primary function of executing all of the capturing, re-timing, re-generating and re-transmitting PCIe signals to help extend the physical reach of the signals in a system (the “Disposition”). | ||||
In connection with the closing of the Disposition, a license agreement was entered into by IDT and a subsidiary of PMC simultaneously with the Purchase Agreement, whereby IDT will license certain intellectual property rights and technology to PMC, and PMC will license back to IDT certain of the intellectual property rights and technology acquired by PMC in the Disposition. | ||||
In connection with the closing of the Disposition, IDT and PMC also entered into (a) a transition services agreement and (b) a five year supply agreement, whereby IDT will supply wafers for certain products to PMC. | ||||
Additional details regarding the Disposition are provided in the related Current Reports on Form 8-K previously furnished by IDT on May 29, 2013 and July 15, 2013. | ||||
Prior to the divestiture, the operating results for IDTs PCIe flash controller business were included in the Company's Computing and Consumer reportable segment. The PCIe enterprise flash controller business was part of a larger cash-flow generating product group and did not, on its own, represent a separate operation of the Company and, therefore, this sale did not qualify as discontinued operations for reporting purposes. |
Fair_Value_Measurement
Fair Value Measurement | 9 Months Ended | |||||||||||||||
Dec. 29, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurement | ' | |||||||||||||||
Fair Value Measurement | ||||||||||||||||
The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 29, 2013: | ||||||||||||||||
Fair Value at Reporting Date Using: | ||||||||||||||||
(in thousands) | Quoted Prices in | Significant Other | Significant Unobservable Inputs | Total | ||||||||||||
Active Markets for | Observable Inputs | (Level 3) | ||||||||||||||
Identical Assets | (Level 2) | |||||||||||||||
(Level 1) | ||||||||||||||||
Cash Equivalents and Short-Term investments: | ||||||||||||||||
US government treasuries and agencies securities | $ | 120,594 | $ | — | $ | — | $ | 120,594 | ||||||||
Money market funds | 65,587 | — | — | 65,587 | ||||||||||||
Asset-backed securities | — | 16,128 | — | 16,128 | ||||||||||||
Corporate bonds | — | 173,243 | — | 173,243 | ||||||||||||
International government bonds | — | 3,023 | — | 3,023 | ||||||||||||
Bank deposits | — | 17,205 | — | 17,205 | ||||||||||||
Municipal bonds | — | 8,174 | — | 8,174 | ||||||||||||
Total assets measured at fair value | $ | 186,181 | $ | 217,773 | $ | — | $ | 403,954 | ||||||||
Liabilities: | ||||||||||||||||
Fair value of contingent consideration | — | — | 1,880 | 1,880 | ||||||||||||
Total liabilities measured at fair value | $ | — | $ | — | $ | 1,880 | $ | 1,880 | ||||||||
The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2013: | ||||||||||||||||
Fair Value at Reporting Date Using | ||||||||||||||||
Quoted Prices in | Significant Other | Significant Unobservable Inputs | Total | |||||||||||||
Active Markets for | Observable Inputs | (Level 3) | ||||||||||||||
Identical Assets | (Level 2) | |||||||||||||||
(in thousands) | (Level 1) | |||||||||||||||
Cash Equivalents and Short-Term investments: | ||||||||||||||||
US government treasuries and agencies securities | $ | 87,379 | $ | — | $ | — | $ | 87,379 | ||||||||
Money market funds | 79,083 | — | — | 79,083 | ||||||||||||
Asset-backed securities | — | 9,855 | — | 9,855 | ||||||||||||
Corporate bonds | — | 58,716 | — | 58,716 | ||||||||||||
International government bonds | — | 3,066 | — | 3,066 | ||||||||||||
Bank deposits | — | 16,583 | — | 16,583 | ||||||||||||
Municipal bonds | — | 2,094 | — | 2,094 | ||||||||||||
Total assets measured at fair value | $ | 166,462 | $ | 90,314 | $ | — | $ | 256,776 | ||||||||
Liabilities: | ||||||||||||||||
Fair value of contingent consideration | — | — | 6,695 | 6,695 | ||||||||||||
Total liabilities measured at fair value | $ | — | $ | — | $ | 6,695 | $ | 6,695 | ||||||||
U.S. government treasuries and U.S. government agency securities as of December 29, 2013 and March 31, 2013 do not include any U.S. government guaranteed bank issued paper. Corporate bonds include bank-issued securities that are guaranteed by the Federal Deposit Insurance Corporation (FDIC). | ||||||||||||||||
The securities in Level 1 are highly liquid and actively traded in exchange markets or over-the-counter markets. Level 2 fixed income securities are priced using quoted market prices for similar instruments, non-binding market prices that are corroborated by observable market data. | ||||||||||||||||
In connection with the acquisition of Fox Enterprises and Alvand Technologies (See "Note 3 - Business Combinations"), liabilities were recognized for the Company’s estimate of the fair value of contingent consideration on the acquisition dates based on probability-based forecasted revenues, gross profits and attainment of product development milestones. These fair value measurements are based on significant inputs not observed in the market and thus represent a Level 3 measurement, which reflect the Company’s own assumptions concerning future revenues, gross profit and product development milestones of the acquired businesses in measuring fair value. During the three months ended June 30, 2013, the Company settled the contingent consideration with Fox and paid $3.3 million to the former shareholders of Fox. During the three months ended September 29, 2013, the Company paid Alvand Technologies $1.4 million which decreased the fair value of the remaining contingent consideration to $2.0 million. During the three months ended December 29, 2013, the Company paid Alvand Technologies $0.4 million, offset by an increased fair value estimate of $0.2 million, decreasing the remaining fair value of the contingent consideration to $1.9 million. | ||||||||||||||||
The following table summarizes the change in the fair value of the contingent consideration measured using significant unobservable inputs (Level 3) for the nine months ended December 29, 2013: | ||||||||||||||||
(in thousands) | Estimated Fair Value | |||||||||||||||
Balance as of March 31, 2013 | $ | 6,695 | ||||||||||||||
Payments, net of fair value adjustments | (5,033 | ) | ||||||||||||||
Balance as of December 29, 2013 | $ | 1,880 | ||||||||||||||
All of the Company’s available-for-sale investments are subject to a periodic impairment review. Investments are considered to be impaired when a decline in fair value is judged to be other-than-temporary. The Company did not record any impairment charges related to its available-for-sale investments in the nine months ended December 29, 2013 and December 30, 2012. |
Investments
Investments | 9 Months Ended | |||||||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Investments | ' | |||||||||||||||||||||||
Investments | ||||||||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||
Available-for-sale investments at December 29, 2013 were as follows: | ||||||||||||||||||||||||
Cost | Gross | Gross | Estimated Fair | |||||||||||||||||||||
(in thousands) | Unrealized | Unrealized | Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
U.S. government treasuries and agencies securities | $ | 120,575 | $ | 85 | $ | (66 | ) | $ | 120,594 | |||||||||||||||
Money market funds | 65,587 | — | — | 65,587 | ||||||||||||||||||||
Asset-backed securities | 16,129 | 6 | (7 | ) | 16,128 | |||||||||||||||||||
Corporate bonds | 173,092 | 272 | (121 | ) | 173,243 | |||||||||||||||||||
International government bonds | 3,037 | — | (14 | ) | 3,023 | |||||||||||||||||||
Bank deposits | 17,205 | — | — | 17,205 | ||||||||||||||||||||
Municipal bonds | 8,217 | 9 | (52 | ) | 8,174 | |||||||||||||||||||
Total available-for-sale investments | 403,842 | 372 | (260 | ) | 403,954 | |||||||||||||||||||
Less amounts classified as cash equivalents | (70,284 | ) | — | — | (70,284 | ) | ||||||||||||||||||
Short-term investments | $ | 333,558 | $ | 372 | $ | (260 | ) | $ | 333,670 | |||||||||||||||
Available-for-sale investments at March 31, 2013 were as follows: | ||||||||||||||||||||||||
Cost | Gross | Gross | Estimated Fair | |||||||||||||||||||||
(in thousands) | Unrealized | Unrealized | Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
U.S. government treasuries and agencies securities | $ | 87,356 | $ | 24 | $ | (1 | ) | $ | 87,379 | |||||||||||||||
Money market funds | 79,083 | — | — | 79,083 | ||||||||||||||||||||
Asset-backed securities | 9,860 | 2 | (7 | ) | 9,855 | |||||||||||||||||||
Corporate bonds | 58,733 | 33 | (50 | ) | 58,716 | |||||||||||||||||||
International government bonds | 3,069 | 1 | (4 | ) | 3,066 | |||||||||||||||||||
Bank deposits | 16,583 | — | — | 16,583 | ||||||||||||||||||||
Municipal bonds | 2,089 | 5 | — | 2,094 | ||||||||||||||||||||
Total available-for-sale investments | 256,773 | 65 | (62 | ) | 256,776 | |||||||||||||||||||
Less amounts classified as cash equivalents | (90,443 | ) | — | — | (90,443 | ) | ||||||||||||||||||
Short-term investments | $ | 166,330 | $ | 65 | $ | (62 | ) | $ | 166,333 | |||||||||||||||
The cost and estimated fair value of available-for-sale securities at December 29, 2013, by contractual maturity, were as follows: | ||||||||||||||||||||||||
(in thousands) | Amortized | Estimated Fair | ||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||
Due in 1 year or less | $ | 96,079 | $ | 96,078 | ||||||||||||||||||||
Due in 1-2 years | 134,004 | 134,087 | ||||||||||||||||||||||
Due in 2-5 years | 173,759 | 173,789 | ||||||||||||||||||||||
Total investments in available-for-sale securities | $ | 403,842 | $ | 403,954 | ||||||||||||||||||||
The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses as of December 29, 2013, aggregated by investment category and length of time that individual securities have been in a continuous loss position. | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
(in thousands) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | |||||||||||||||||||
Corporate bonds | $ | 64,794 | $ | (121 | ) | $ | — | $ | — | $ | 64,794 | $ | (121 | ) | ||||||||||
Asset-backed securities | 9,806 | (7 | ) | — | — | 9,806 | (7 | ) | ||||||||||||||||
U.S. government treasuries and agencies securities | 32,500 | (66 | ) | — | — | 32,500 | (66 | ) | ||||||||||||||||
Municipal bonds | 5,017 | (52 | ) | — | — | 5,017 | (52 | ) | ||||||||||||||||
International government bonds | 3,023 | (14 | ) | — | — | 3,023 | (14 | ) | ||||||||||||||||
Total | $ | 115,140 | $ | (260 | ) | $ | — | $ | — | $ | 115,140 | $ | (260 | ) | ||||||||||
The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses, as of March 31, 2013, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position. | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
(in thousands) | Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||
Corporate bonds | $ | 32,009 | $ | (50 | ) | $ | — | $ | — | $ | 32,009 | $ | (50 | ) | ||||||||||
Asset-backed securities | 6,473 | (7 | ) | — | — | 6,473 | (7 | ) | ||||||||||||||||
U.S. government treasuries and agencies securities | 3,324 | (1 | ) | — | — | 3,324 | (1 | ) | ||||||||||||||||
International government bonds | 1,007 | (4 | ) | — | — | 1,007 | (4 | ) | ||||||||||||||||
Total | $ | 42,813 | $ | (62 | ) | $ | — | $ | — | $ | 42,813 | $ | (62 | ) | ||||||||||
Currently, a significant portion of the Company’s available-for-sale investments that it holds are high grade instruments. As of December 29, 2013, the unrealized losses on the Company’s available-for-sale investments represented an insignificant amount in relation to its total available-for-sale portfolio. Substantially all of the Company’s unrealized losses on its available-for-sale marketable debt instruments are primarily driven by declines in interest rates or as a result of a decrease in the market liquidity for debt instruments. Because the Company has the ability to hold these investments until a recovery of fair value, which may be maturity, the Company did not consider these investments to be other-than-temporarily impaired at December 29, 2013 and March 31, 2013. |
StockBased_Employee_Compensati
Stock-Based Employee Compensation | 9 Months Ended | |||||||||||||||
Dec. 29, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Stock-Based Employee Compensation | ' | |||||||||||||||
Stock-Based Employee Compensation | ||||||||||||||||
Equity Incentive Programs | ||||||||||||||||
The Company currently issues awards under three equity-based plans in order to provide additional incentive and retention to directors and employees who are considered to be essential to the long-range success of the Company. These plans are further described below. | ||||||||||||||||
2004 Equity Plan (2004 Plan) | ||||||||||||||||
Options granted by the Company under the 2004 Plan generally expire seven years from the date of grant and generally vest over a four-year period from the date of grant, with one-quarter of the shares of common stock vesting on the one-year anniversary of the grant date and the remaining shares vesting monthly for the 36 months thereafter. The exercise price of the options granted by the Company under the 2004 Plan shall not be less than 100% of the fair market value for a common share subject to such option on the date the option is granted. Full value awards made under the 2004 Plan shall become vested over a period of not less than three years (or, if vesting is performance-based, over a period of not less than one year) following the date such award is made; provided, however, that full value awards that result in the issuance of an aggregate of up to 5% of common stock available under the 2004 Plan may be granted to any one or more participants without respect to such minimum vesting provisions. As of December 29, 2013, there were 9.6 million shares available for future grant under the 2004 Plan. | ||||||||||||||||
Compensation Expense | ||||||||||||||||
The following table summarizes stock-based compensation expense by category appearing in the Company’s Condensed Consolidated Statement of Operations: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
(in thousands) | December 29, | December 30, | December 29, | December 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Cost of revenue | $ | 403 | $ | 295 | $ | 1,128 | $ | 850 | ||||||||
Research and development | 1,544 | 1,385 | 4,241 | 3,968 | ||||||||||||
Selling, general and administrative | 1,252 | 940 | 4,969 | 3,537 | ||||||||||||
Discontinued operations | 169 | 154 | 507 | 951 | ||||||||||||
Total stock-based compensation expense | $ | 3,368 | $ | 2,774 | $ | 10,845 | $ | 9,306 | ||||||||
The amount of stock-based compensation expense that was capitalized during the periods presented above was immaterial. | ||||||||||||||||
Stock Options | ||||||||||||||||
The following is a summary of the Company's stock option activity and related weighted average exercise prices for each category: | ||||||||||||||||
Nine Months Ended December 29, 2013 | ||||||||||||||||
(shares in thousands) | Shares | Price | ||||||||||||||
Beginning stock options outstanding | 12,817 | $ | 7.12 | |||||||||||||
Granted | 1,596 | 7.98 | ||||||||||||||
Exercised (1) | (4,078 | ) | 5.97 | |||||||||||||
Canceled | (3,035 | ) | 8.87 | |||||||||||||
Ending stock options outstanding | 7,300 | $ | 7.22 | |||||||||||||
Ending stock options exercisable | 4,679 | $ | 7.34 | |||||||||||||
-1 | Upon exercise, the Company issues new shares of common stock. | |||||||||||||||
As of December 29, 2013, the unrecognized compensation cost related to nonvested stock options, net of estimated forfeitures, was $2.3 million and will be recognized over a weighted-average period of 1.2 years. | ||||||||||||||||
As of December 29, 2013, stock options vested and expected to vest totaled approximately 6.8 million with a weighted-average exercise price of $7.23 and a weighted-average remaining contractual life of 3.4 years. The aggregate intrinsic value as of December 29, 2013 was approximately $20.8 million. | ||||||||||||||||
As of December 29, 2013, fully vested stock options totaled approximately 4.7 million with a weighted-average exercise price of $7.34 and a weighted-average remaining contractual life of 2.6 years. The aggregate intrinsic value as of December 29, 2013 was approximately $14.2 million. | ||||||||||||||||
Restricted Stock Units | ||||||||||||||||
Restricted stock units granted by the Company under the 2004 Plan generally vest over at least a three-year period from the grant date with one-third of restricted stock units vesting on each one-year anniversary. As of December 29, 2013, 2.9 million restricted stock unit awards were outstanding under the 2004 Plan. | ||||||||||||||||
The following table summarizes the Company's restricted stock unit activity for each category for the nine months ended December 29, 2013: | ||||||||||||||||
Nine Months Ended December 29, 2013 | ||||||||||||||||
(shares in thousands) | Shares | Weighted-average grant date fair value per share | ||||||||||||||
Beginning RSUs outstanding | 2,591 | $ | 6.26 | |||||||||||||
Granted | 1,975 | 7.91 | ||||||||||||||
Released | (866 | ) | 6.16 | |||||||||||||
Forfeited | (771 | ) | 6.92 | |||||||||||||
Ending RSUs outstanding | 2,929 | $ | 7.23 | |||||||||||||
As of December 29, 2013, restricted stock units vested and expected to vest totaled approximately 2.4 million with a weighted-average remaining contract life of 1.4 years. The aggregate intrinsic value was approximately $24.0 million. | ||||||||||||||||
As of December 29, 2013, the unrecognized compensation cost related to restricted stock units granted under the Company’s equity incentive plans was approximately $9.3 million, net of estimated forfeitures, and is expected to be recognized over a weighted-average period of 1.6 years. | ||||||||||||||||
Performance-Based Stock Units | ||||||||||||||||
Under the 2004, the Company has granted performance-based stock units which vest and convert into shares of the Company's common stock based on the level of achievement of pre-established performance goals during a specified performance period. The performance period for the Company's performance-based stock units is generally 1 to 3 years. Management evaluates, on a quarterly basis, the likelihood of the Company meeting its performance metrics in determining stock-based compensation expense. | ||||||||||||||||
The following table summarizes the Company's performance stock unit activity for each category for the nine months ended December 29, 2013: | ||||||||||||||||
Nine Months Ended December 29, 2013 | ||||||||||||||||
(shares in thousands) | Shares | Weighted-average grant date fair value per share | ||||||||||||||
Beginning PSUs outstanding | 744 | $ | 7.5 | |||||||||||||
Granted | 491 | 8.46 | ||||||||||||||
Forfeited | (378 | ) | 8.07 | |||||||||||||
Ending PSUs outstanding | 857 | $ | 7.79 | |||||||||||||
As of December 29, 2013, performance stock units vested and expected to vest totaled approximately 0.7 million with a weighted-average remaining contract life of 1.5 years. The aggregate intrinsic value was approximately $6.6 million. | ||||||||||||||||
As of December 29, 2013, the unrecognized compensation cost related to performance stock units granted under the Company’s equity incentive plans was approximately $3.0 million, net of estimated forfeitures, and is expected to be recognized over a weighted-average period of 1.5 years. | ||||||||||||||||
2009 Employee Stock Purchase Plan (2009 ESPP) | ||||||||||||||||
On June 18, 2009, the Board approved implementation of the 2009 Employee Stock Purchase Plan (2009 ESPP) and authorized the reservation and issuance of up to 9,000,000 shares of the Company's common stock, subject to stockholder approval. On September 17, 2009, the Company's stockholders approved the plan at the 2009 Annual Meeting of Stockholders. The 2009 ESPP is intended to be implemented in successive quarterly purchase periods commencing on the first day of each fiscal quarter of the Company. In order to maintain its qualified status under Section 423 of the Internal Revenue Code, the 2009 ESPP imposes certain restrictions, including the limitation that no employee is permitted to participate in the 2009 ESPP if the rights of such employee to purchase common stock of the Company under the 2009 ESPP and all similar purchase plans of the Company or its subsidiaries would accrue at a rate which exceeds $25,000 of the fair market value of such stock (determined at the time the right is granted) for each calendar year. On September 13, 2012, the Company's stockholders approved an additional 5,000,000 shares at the 2012 Annual meeting of Stockholders. On July 12, 2013, the Company filed an S-8 with the SEC to add the shares to the 2009 ESPP. The number of shares of common stock reserved for issuance thereunder increased from 9,000,000 shares to 14,000,000 shares. | ||||||||||||||||
Activity under the Company's ESPP for the nine months ended December 29, 2013 is summarized in the following table: | ||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||
Number of shares issued | 952 | |||||||||||||||
Average issuance price | $ | 6.86 | ||||||||||||||
Number of shares available at December 29, 2013 | 5,274 | |||||||||||||||
Stockholders_Equity
Stockholders' Equity | 9 Months Ended |
Dec. 29, 2013 | |
Equity [Abstract] | ' |
Treasury Stock | ' |
Stockholders' Equity | |
Stock Repurchase Program. On October 22, 2013, the Company's Board increased the Company's share repurchase authorization to $150 million. In the nine months ended December 29, 2013, the Company repurchased 2.0 million shares for $20.4 million dollars. As of December 29, 2013, approximately $129.6 million was available for future purchases under the share repurchase program. In the year ended December 30, 2012, the Company did not repurchase any shares. Share repurchases were recorded as treasury stock and resulted in a reduction of stockholders’ equity. |
Balance_Sheet_Detail
Balance Sheet Detail | 9 Months Ended | |||||||
Dec. 29, 2013 | ||||||||
Balance Sheet Related Disclosures [Abstract] | ' | |||||||
Balance Sheet Detail | ' | |||||||
Balance Sheet Detail | ||||||||
(in thousands) | December 29, | March 31, | ||||||
2013 | 2013 | |||||||
Inventories, net | ||||||||
Raw materials | $ | 6,619 | $ | 7,008 | ||||
Work-in-process | 21,723 | 24,123 | ||||||
Finished goods | 24,990 | 25,424 | ||||||
Total inventories, net | $ | 53,332 | $ | 56,555 | ||||
Property, plant and equipment, net | ||||||||
Land | $ | 11,771 | $ | 11,832 | ||||
Machinery and equipment | 290,839 | 296,174 | ||||||
Building and leasehold improvements | 48,758 | 48,991 | ||||||
Total property, plant and equipment, gross | 351,368 | 356,997 | ||||||
Less: accumulated depreciation | (279,652 | ) | (282,009 | ) | ||||
Total property, plant and equipment, net (1) | $ | 71,716 | $ | 74,988 | ||||
Other accrued liabilities | ||||||||
Short-term portion of supplier obligations (2) | $ | 817 | $ | 407 | ||||
Other (3) | 9,829 | 14,245 | ||||||
Total other accrued liabilities | $ | 10,646 | $ | 14,652 | ||||
Other long-term obligations | ||||||||
Deferred compensation related liabilities | $ | 14,514 | $ | 14,615 | ||||
Other | 5,025 | 7,407 | ||||||
Total other long-term liabilities | $ | 19,539 | $ | 22,022 | ||||
(1) As of December 29, 2013, includes $2.9 million in net fixed assets held for sale associated with the divestiture of IDT’s HSC business. See Note 4 for additional information on this event. As of December 30, 2012, includes $1.3 million in fixed assets held for sale associated with the sale of certain assets of IDT's PCI Express enterprise flash controller business which was completed on July 12, 2013. See Note 5 for additional information on this event. | ||||||||
(2) Supplier obligations represent payments due under various software design tool and technology license agreements. | ||||||||
(3) Other current liabilities consist primarily of acquisition related accrued contingent liabilities, accrued royalties and outside commissions, accrued severance costs and other accrued unbilled expenses. |
Deferred_Income_on_Shipments_t
Deferred Income on Shipments to Distributors | 9 Months Ended | |||||||
Dec. 29, 2013 | ||||||||
Deferred Revenue Disclosure [Abstract] | ' | |||||||
Deferred Income on Shipments to Distributors | ' | |||||||
Deferred Income on Shipments to Distributors | ||||||||
Included in the caption “Deferred income on shipments to distributors” on the Condensed Consolidated Balance Sheets are amounts related to shipments to certain distributors for which revenue is not recognized until our product has been sold by the distributor to an end customer. The components of deferred income on shipments to distributors as of December 29, 2013 and March 31, 2013 are as follows: | ||||||||
(in thousands) | December 29, | March 31, | ||||||
2013 | 2013 | |||||||
Gross deferred revenue | $ | 16,334 | $ | 17,581 | ||||
Gross deferred costs | (2,960 | ) | (3,042 | ) | ||||
Deferred income on shipments to distributors | $ | 13,374 | $ | 14,539 | ||||
The gross deferred revenue represents the gross value of shipments to distributors at the list price billed to the distributor less any price protection credits provided to them in connection with reductions in list price while the products remain in their inventory. The amount ultimately recognized as revenue will be lower than this amount as a result of ship from stock pricing credits which are issued in connection with the sell through of the Company's products to end customers. Historically, this amount represents on average approximately 28% of the list price billed to the customer. The gross deferred costs represent the standard costs (which approximate actual costs) of products the Company sells to the distributors. Although the Company monitors the levels and quality of inventory in the distribution channel, the Company's experience is that products returned from these distributors may be sold to a different distributor or in a different region of the world. As such, inventory write-downs for products in the distribution channel have not been significant. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | |||||||||||||||
Dec. 29, 2013 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) Disclosure [Text Block] | ' | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Changes in accumulated other comprehensive income (AOCI) by component, net of tax, for the nine months ended December 29, 2013 consisted of the following: | ||||||||||||||||
(in thousands) | Cumulative translation adjustments | Unrealized gain on available-for-sale investments | Pension adjustments | Total | ||||||||||||
Balance as of March 31, 2013 | $ | 1,563 | $ | — | $ | (77 | ) | $ | 1,486 | |||||||
Other comprehensive income (loss) before reclassifications | 407 | 130 | — | 537 | ||||||||||||
Amounts reclassified out of AOCI | — | (23 | ) | (4 | ) | (27 | ) | |||||||||
Net current-period other comprehensive income (loss) | 407 | 107 | (4 | ) | 510 | |||||||||||
Balance as of December 29, 2013 | $ | 1,970 | $ | 107 | $ | (81 | ) | $ | 1,996 | |||||||
Comprehensive income components consisted of: | ||||||||||||||||
(in thousands) | Nine Months Ended December 29, 2013 | Location | ||||||||||||||
Unrealized holding gains (losses) on available-for-sale investments | $ | (23 | ) | interest and other, net | ||||||||||||
Amortization of pension benefits prior service credits | (4 | ) | operating expense | |||||||||||||
Total amounts reclassified out of accumulated other comprehensive income (loss) | $ | (27 | ) |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets, Net | 9 Months Ended | ||||||||||||||
Dec. 29, 2013 | |||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||
Goodwill and Intangible Assets, Net | ' | ||||||||||||||
Goodwill and Intangible Assets, Net | |||||||||||||||
Goodwill activity for the nine months ended December 29, 2013 is as follows: | |||||||||||||||
Reportable Segment | |||||||||||||||
Communications | Computing and Consumer | Total | |||||||||||||
(in thousands) | |||||||||||||||
Balance as of March 31, 2013 | $ | 124,205 | $ | 20,719 | $ | 144,924 | |||||||||
Impairment losses | (2,161 | ) | — | (2,161 | ) | ||||||||||
Dispositions | — | (7,323 | ) | (7,323 | ) | ||||||||||
Additions | 204 | — | 204 | ||||||||||||
Balance as of December 29, 2013 | $ | 122,248 | $ | 13,396 | $ | 135,644 | |||||||||
During the quarter ended December 29, 2013, the Company recorded a $2.2 million goodwill impairment loss associated with its HSC business which was classified as a discontinued operation during the quarter. The impairment loss was included in loss from discontinued operations. | |||||||||||||||
During the quarter ended September 29, 2013, the Company allocated $7.3 million in goodwill to the sale of certain assets of IDT's PCI Express enterprise flash controller business which was completed on July 12, 2013. See Note 5 for additional information on this event. | |||||||||||||||
Goodwill balances as of December 29, 2013 and March 31, 2013 are net of $922.6 million and $920.4 million, respectively, in accumulated impairment losses. | |||||||||||||||
Intangible asset balances as of December 29, 2013 and March 31, 2013 are summarized as follows: | |||||||||||||||
December 29, 2013 | |||||||||||||||
(in thousands) | Gross Assets | Impairment | Accumulated | Net Assets (1) | |||||||||||
Amortization | |||||||||||||||
Purchased intangible assets: | |||||||||||||||
Existing technology | $ | 241,197 | (1,915 | ) | $ | (211,843 | ) | $ | 27,439 | ||||||
Trademarks | 4,411 | — | (2,705 | ) | 1,706 | ||||||||||
Customer relationships | 131,931 | (395 | ) | (130,758 | ) | 778 | |||||||||
Backlog | 1,600 | — | (1,600 | ) | — | ||||||||||
Non-compete agreements | 2,600 | (325 | ) | (1,458 | ) | 817 | |||||||||
Total amortizable purchased intangible assets | 381,739 | (2,635 | ) | (348,364 | ) | 30,740 | |||||||||
IPR&D * | 2,433 | — | — | 2,433 | |||||||||||
Total purchased intangible assets | $ | 384,172 | (2,635 | ) | $ | (348,364 | ) | $ | 33,173 | ||||||
(1) Includes $6.6 million in HSC assets held for sale consisting of $4.8 million existing technology, $1.0 million customer relationships and $0.8 million non-compete agreements. | |||||||||||||||
March 31, 2013 | |||||||||||||||
(in thousands) | Gross Assets | Impairment | Accumulated | Net Assets | |||||||||||
Amortization | |||||||||||||||
Purchased intangible assets: | |||||||||||||||
Existing technology | $ | 241,197 | — | $ | (203,129 | ) | $ | 38,068 | |||||||
Trademarks | 4,411 | — | (2,018 | ) | 2,393 | ||||||||||
Customer relationships | 131,931 | — | (128,107 | ) | 3,824 | ||||||||||
Backlog | 1,600 | — | (1,509 | ) | 91 | ||||||||||
Non-compete agreements | 2,600 | — | (807 | ) | 1,793 | ||||||||||
Total amortizable purchased intangible assets | 381,739 | — | (335,570 | ) | 46,169 | ||||||||||
IPR&D * | 2,433 | — | — | 2,433 | |||||||||||
Total purchased intangible assets | $ | 384,172 | — | $ | (335,570 | ) | $ | 48,602 | |||||||
* IPR&D is initially capitalized at fair value as an intangible asset with an indefinite life and assessed for impairment thereafter. When the IPR&D project is complete, it is reclassified as an amortizable purchased intangible asset and is amortized over its estimated useful life. If an IPR&D project is abandoned, the Company will record a charge for the carrying value of the related intangible asset to its Consolidated Statements of Operations in the period it is abandoned. | |||||||||||||||
Amortization expense for the three months ended December 29, 2013 and December 30, 2012 was $4.2 million and $4.7 million, respectively. Amortization expense for the nine months ended December 29, 2013 and December 30, 2012 was $12.8 million and $15.1 million, respectively. | |||||||||||||||
The intangible assets are being amortized over estimated useful lives of twelve months to seven years. | |||||||||||||||
Based on the intangible assets recorded at December 29, 2013, and assuming no subsequent additions to or impairment of the underlying assets, the remaining estimated amortization expense is expected to be as follows (in thousands): | |||||||||||||||
Fiscal Year | Amount | ||||||||||||||
2014 (Remaining 3 months) | $ | 3,322 | |||||||||||||
2015 | 9,657 | ||||||||||||||
2016 | 6,087 | ||||||||||||||
2017 | 4,712 | ||||||||||||||
2018 and thereafter | 328 | ||||||||||||||
Total amortizable purchased intangible assets | 24,106 | ||||||||||||||
IPR&D | 2,433 | ||||||||||||||
Total purchased intangible assets | $ | 26,539 | |||||||||||||
Restructuring
Restructuring | 9 Months Ended | |||
Dec. 29, 2013 | ||||
Restructuring and Related Activities [Abstract] | ' | |||
Restructuring | ' | |||
Restructuring | ||||
The following table shows the provision of the restructuring charges and the liability remaining as of December 29, 2013: | ||||
(in thousands) | Total | |||
Balance as of March 31, 2013 | $ | 1,662 | ||
Provision | 5,237 | |||
Cash payments | (6,110 | ) | ||
Balance as of December 29, 2013 | $ | 789 | ||
During the first quarter of fiscal 2014, the Company recorded restructuring charges of $0.4 million and reduced headcount by 15 employees. During the second quarter of fiscal 2014, the Company recorded additional restructuring charges of $4.5 million and further reduced headcount by 90 employees. During the second quarter of fiscal 2014, the Company paid $0.8 million related to these actions. During the third quarter of fiscal 2014, the Company accrued an additional $0.3 million in restructuring charges and paid $3.8 million related to the actions initiated in the previous quarters of fiscal 2014. As of December 29, 2013, the total accrued balance for employee severance costs related to these restructuring actions was $0.8 million. The Company expects to complete these restructuring actions by the first quarter of fiscal 2015. | ||||
During fiscal 2013, the Company recorded restructuring charges of $4.3 million for multiple reduction in workforce actions. The Company reduced its total headcount by approximately 132 employees with reductions affecting all functional areas and various locations. During fiscal 2013, the Company paid $3.2 million in severance costs associated with these actions. During the three months ended June 30, 2013, the Company paid out $1.1 million and completed these actions. | ||||
In connection with the Company's divestiture of its smart metering business, during fiscal 2013, the Company recorded $0.4 million in restructuring expenses for employee severance costs. During the three months ended June 30, 2013, the Company paid $0.4 million and completed this action. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Dec. 29, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Warranty | |
The Company maintains an accrual for obligations it incurs under its standard product warranty program and customer, part, or process specific matters. The Company’s standard warranty period is one year, however in certain instances the warranty period may be extended to as long as two years. Management estimates the fair value of the Company’s warranty liability based on actual past warranty claims experience, its policies regarding customer warranty returns and other estimates about the timing and disposition of product returned under the standard program. Customer, part, or process specific accruals are estimated using a specific identification method. Historical profit and loss impact related to warranty returns activity has been minimal. The total warranty accrual was $0.6 million and $0.2 million as of December 29, 2013 and March 31, 2013, respectively. | |
Litigation | |
In January 2012, Maxim I Properties, a general partnership that had purchased a certain parcel of real property (the Property) in 2003, filed a complaint in the Northern District of California naming approximately 30 defendants, including the Company, alleging various environmental violations of the federal Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) and Resource Conservation and Recovery Act (RCRA), the California Hazardous Substance Account Act (HSAA), and other common law claims (the Complaint). The Complaint alleges with regard to the Company that IDT “…generated, transported, and/or arranged for the transport and/or disposal of hazardous waste to the Property.” The Complaint further alleges that the Defendants are liable for the costs of investigation and remediation of the Property due to the release of hazardous substances, and that Defendants violated their duty to prevent the release of such hazardous substances. In March 2012, the Company was served with and filed an answer to the Complaint, denying the various allegations in the Complaint. In April 2012, the Company filed an amended answer to the Complaint, including a counterclaim against the plaintiff. On August 15, 2012, the plaintiff voluntarily dismissed its Complaint against the Company without prejudice. Moyer Products, Inc., another defendant, has counter-claimed against Maxim and cross-claimed against Defendants, including the Company, and thus the Company remains a defendant in this action. In September 2012, the California Department of Toxic Substances Control (DTSC) notified the Company that it identified the Company, along with more than 50 other entities, and included the Company as a respondent to DTSC's Enforcement Order, as “a generator of hazardous waste” that was sent to the Property. In April 2013, the Company, along with the other “respondent” parties, entered into a Corrective Action Consent Agreement (CACA) to conduct the Property investigation and corrective action selection. The CACA supersedes the Enforcement Order. In February 2013, the court stayed the Maxim/Moyer litigation pending the Property investigation under the CACA and DTSC's corrective action selection. The Company will continue to vigorously defend itself against the allegations in the Complaint and evaluate settlement options with Moyer upon completion of the Property investigation and corrective action selection. Because the case is at an early stage and no specific monetary demands have been made, it is not possible for us to estimate the potential loss or range of potential losses. | |
The Company is also party to various other legal proceedings and claims arising in the normal course of business. As of September 29, 2013, the Company has not recorded any accrual for contingent liabilities associated with its legal proceedings based on the belief that liabilities, while possible, are not probable. Further, probable losses or ranges of possible losses in these matters cannot be reasonably estimated at this time. Generally, litigation is subject to inherent uncertainties, and no assurance can be given that the Company will prevail in any particular lawsuit. Accordingly, pending lawsuits, as well as potential future litigation with other companies, could result in substantial costs and diversion of resources and could have a material adverse effect on the Company's financial condition, results of operations or cash flows. |
Employee_Benefit_Plans
Employee Benefit Plans | 9 Months Ended |
Dec. 29, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Employee Benefit Plans | ' |
Employee Benefit Plans | |
401(k) Plan | |
The Company sponsors a 401(k) retirement matching plan for qualified domestic employees. The Company recorded expenses of approximately $1.6 million and $1.9 million in matching contributions under the plan during the nine months ended December 29, 2013 and December 30, 2012, respectively. | |
Deferred Compensation Plans | |
Effective November 1, 2000, the Company established an unfunded deferred compensation plan to provide benefits to executive officers and other key employees. Under the plan, participants can defer any portion of their salary and bonus compensation into the plan and may choose from a portfolio of funds from which earnings are measured. Participant balances are always 100% vested. As of December 29, 2013 and March 31, 2013, obligations under the plan totaled approximately $14.5 million and $14.6 million, respectively. Additionally, the Company has set aside assets in a separate trust that is invested in corporate owned life insurance intended to substantially fund the liability under the plan. As of December 29, 2013 and March 31, 2013, the deferred compensation plan assets were approximately $16.0 million and $17.0 million, respectively. | |
During the first quarter of fiscal 2013, the Company assumed a deferred compensation plan associated with the acquisition of Fox. Under this plan, participants in retirement are entitled to receive a fixed amount from the Company on a monthly basis. The Company has purchased life insurance policies with the intention of funding the liability under this plan. As of both December 29, 2013 and March 31, 2013, the deferred compensation plan assets under this plan were approximately $0.7 million. As of both December 29, 2013 and March 31, 2013, the deferred compensation plan liabilities under this plan were approximately $1.6 million. | |
International Employee Benefit Plans | |
The Company sponsors defined-benefit pension plans, defined-contribution plans, multi-employer plans and other post-employment benefit plans covering employees in certain of the Company's international locations. As of December 29, 2013, the net liability for all of these international benefit plans totaled $1.5 million. |
Income_Taxes
Income Taxes | 9 Months Ended |
Dec. 29, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
During three months ended December 29, 2013, the Company recorded an income tax provision of $543 thousand and an income tax provision of $661 thousand in nine months ended December 29, 2013 from continuing operations. The Company recorded an income tax provision of $265 thousand and an income tax provision of $3.8 million in three and nine months ended December 30, 2012 respectively from continuing operations. | |
The income tax provision recorded in the nine months ended December 29, 2013 was primarily due to the tax on foreign earnings and federal and state tax on U.S. earnings, the reversal of uncertain tax positions resulting from statute lapse, and a discrete tax provision related to its fiscal 2013 income tax return filing. The income tax provision nine months ended December 30, 2012 primarily due to the recognition of a deferred tax asset offset by the recognition of a deferred tax liability due to the acquisition of Fox Enterprises. The increase in the deferred tax liability was a part of the purchase accounting step-up adjustment that was recorded against goodwill while the increase in the deferred tax asset was recorded as a tax benefit. | |
As of December 29, 2013, the Company was subject to examination in the U.S. federal tax jurisdiction for the fiscal years, 2010-2013. In May 2013, the Internal Revenue Service (IRS) commenced a tax audit for fiscal years beginning 2011 through 2012. Although the final outcome is uncertain, based on currently available information, the Company believes that the ultimate outcome will not have a material adverse effect on its financial position, cash flows or results of operations. | |
As of December 29, 2013, the Company was subject to examination in various state and foreign jurisdictions for tax years 2007 forward, none of which were individually material. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||
Dec. 29, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
Segment Information | ||||||||||||||||
The Chief Operating Decision Maker is the Company’s President and Chief Executive Officer. | ||||||||||||||||
Our reportable segments include the following: | ||||||||||||||||
• | Communications segment: includes clock and timing solutions, flow-control management devices including Serial RapidIO® switching solutions, multi-port products, telecommunications products, high-speed static random access memory, first in and first out, digital logic, radio frequency, and MEMS Oscillator solutions. | |||||||||||||||
• | Computing and Consumer segment: includes clock generation and distribution products, high-performance server memory interfaces, PCI Express switching solutions, power management solutions, and signal integrity products. | |||||||||||||||
The tables below provide information about these segments: | ||||||||||||||||
Revenues by segment | Three Months Ended | Nine Months Ended | ||||||||||||||
(in thousands) | December 29, | December 30, | December 29, | December 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Communications | $ | 75,227 | $ | 64,722 | $ | 215,260 | $ | 195,919 | ||||||||
Computing and Consumer | 49,401 | 49,555 | 150,879 | 180,754 | ||||||||||||
Total revenues | $ | 124,628 | $ | 114,277 | $ | 366,139 | $ | 376,673 | ||||||||
Income (loss) by segment from continuing operations | Three Months Ended | Nine Months Ended | ||||||||||||||
December 29, | December 30, | December 29, | December 30, | |||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Communications | $ | 29,087 | $ | 20,337 | $ | 73,103 | $ | 60,280 | ||||||||
Computing and Consumer | (1,688 | ) | (9,842 | ) | (15,083 | ) | (17,875 | ) | ||||||||
Unallocated expenses: | ||||||||||||||||
Amortization of intangible assets | (3,322 | ) | (3,361 | ) | (9,965 | ) | (12,242 | ) | ||||||||
Inventory fair market value adjustment | — | — | — | (458 | ) | |||||||||||
Gain (loss) from divestitures, net | (3,415 | ) | — | 78,934 | — | |||||||||||
Assets impairment and recoveries | 265 | (527 | ) | (3,779 | ) | (409 | ) | |||||||||
Amortization of stock-based compensation | (3,169 | ) | (2,636 | ) | (10,309 | ) | (9,241 | ) | ||||||||
Severance, retention and facility closure costs | (406 | ) | (921 | ) | (6,100 | ) | (3,920 | ) | ||||||||
Acquisition-related costs and other | (21 | ) | (2,460 | ) | (729 | ) | (10,129 | ) | ||||||||
Consulting expenses related to stockholder activities | — | — | — | (2,614 | ) | |||||||||||
Deferred compensation plan expense (benefit) | 70 | (87 | ) | 65 | (431 | ) | ||||||||||
Proceeds from life insurance policies | — | — | — | 2,313 | ||||||||||||
Interest income and other, net | 481 | (344 | ) | 775 | (862 | ) | ||||||||||
Income from continuing operations, before income taxes | $ | 17,882 | $ | 159 | $ | 106,912 | $ | 4,412 | ||||||||
The Company does not allocate goodwill and intangible assets impairment charge, severance and retention costs, acquisition-related costs, stock-based compensation, interest income and other, and interest expense to its segments. In addition, the Company does not allocate assets to its segments. The Company excludes these items consistent with the manner in which it internally evaluates its results of operations. | ||||||||||||||||
Revenues from unaffiliated customers by geographic area, based on the customers' shipment locations, were as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
(in thousands) | December 29, | December 30, | December 29, | December 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Asia Pacific | $ | 82,428 | $ | 71,657 | $ | 233,138 | $ | 243,430 | ||||||||
Americas (1) | 17,087 | 18,488 | 54,296 | 57,532 | ||||||||||||
Japan | 11,072 | 9,982 | 31,211 | 32,326 | ||||||||||||
Europe | 14,041 | 14,150 | 47,494 | 43,385 | ||||||||||||
Total revenues | $ | 124,628 | $ | 114,277 | $ | 366,139 | $ | 376,673 | ||||||||
-1 | The revenues from the customers in the U.S. were $16.9 million and $17.6 million in the three months ended December 29, 2013 and December 30, 2012, respectively. The revenues from the customers in the U.S. were $50.2 million and $54.1 million in the nine months ended December 29, 2013 and December 30, 2012, respectively. | |||||||||||||||
The Company utilizes global and regional distributors around the world, who buy product directly from the Company on behalf of their customers. One distributor, Avnet represented approximately 13% of the Company’s revenues for the nine month period ended December 29, 2013. Two distributors, Maxtek and its affiliates and Uniquest represented approximately 14% and 11%, respectively, of the Company’s revenues for the nine month period ended December 30, 2012. | ||||||||||||||||
At December 29, 2013, four distributors represented approximately 15%, 11%, 11% and 10% of the Company’s gross accounts receivable. At March 31, 2013, three distributors represented approximately 15%, 13% and 11% of the Company’s gross accounts receivable. | ||||||||||||||||
The Company’s significant operations outside of the United States include a test facility in Malaysia, design centers in Canada and China, and sales subsidiaries in Japan, Asia Pacific and Europe. The Company's property, plant and equipment, net, are summarized below by geographic area: | ||||||||||||||||
December 29, | March 31, | |||||||||||||||
(in thousands) | 2013 | 2013 | ||||||||||||||
United States | $ | 40,638 | $ | 44,651 | ||||||||||||
Canada | 4,909 | 5,188 | ||||||||||||||
Malaysia | 20,528 | 21,379 | ||||||||||||||
All other countries | 5,641 | 3,770 | ||||||||||||||
Total property, plant and equipment, net | $ | 71,716 | $ | 74,988 | ||||||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended |
Dec. 29, 2013 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Derivative Financial Instruments | ' |
Derivative Financial Instruments | |
As of December 29, 2013 and March 31, 2013, the Company did not have any outstanding foreign currency contracts that were designated as hedges of forecasted cash flows or capital equipment purchases. The Company does not enter into derivative financial instruments for speculative or trading purposes. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 29, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation. The Company's fiscal year is the 52- or 53-week period ending on the Sunday closest to March 31st. In a 52-week year, each fiscal quarter consists of thirteen weeks. In a 53-week year, the additional week is usually added to the third quarter, making such quarter consist of fourteen weeks. The first, second and third quarters of fiscal 2014 and fiscal 2013 were thirteen week periods. | |
Principles of Consolidation | ' |
Principles of Consolidation. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All inter-company accounts and transactions have been eliminated. | |
Use of Estimates | ' |
Use of Estimates. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |
Significant Accounting Policies [Text Block] | ' |
Significant Accounting Policies. For a description of significant accounting policies, see Note 1, Summary of Significant Accounting Policies to the consolidated financial statements included in the Company's annual report on Form 10-K for the fiscal year ended March 31, 2013. There have been no material changes to the Company's significant accounting policies since the filing of the annual report on Form 10-K. | |
Recent Accounting Pronouncements [Text Block] | ' |
Recent Accounting Pronouncements. | |
Accounting Pronouncements Recently Adopted | |
In July 2012, the Financial Accounting Standards Board (FASB) issued an amendment to its guidance regarding the testing of indefinite-lived intangible assets for impairment. This amended guidance allows an entity first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with the guidance on the impairment of intangible assets other than goodwill. This amended guidance is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. The adoption of this guidance had no impact on the Company’s financial statements. | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) to the guidance on Comprehensive Income, to improve the reporting of reclassifications out of accumulated other income. This guidance requires entities to provide information about the amounts reclassified out of accumulated other income by component. The authoritative guidance also requires an entity to present, either on the face of the statement where net income (loss) is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income only if the amount reclassified is required under U.S. GAAP to be reclassified to net income (loss) in its entirety in the same reporting period. For amounts not required to be reclassified under U.S. GAAP, entities are required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. The Company adopted this guidance in the first quarter of fiscal 2014 and the adoption did not have a significant impact on the Company's condensed consolidated financial statements. See Note 12 for more information. | |
Accounting Pronouncements Not Yet Effective for Fiscal 2014 | |
In February 2013, the FASB issued guidance for the recognition, measurement, and disclosure of certain obligations resulting from joint and several liability arrangements for which the total amount is fixed. Such obligations may include debt arrangements, legal settlements, and other contractual arrangements. The guidance is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2013, which is the first quarter of fiscal 2015 for the Company, and should be applied retrospectively to all prior periods presented for those obligations within the scope which existed as of the beginning of the fiscal year of adoption. Early adoption is permitted. The Company is currently evaluating the new guidance. | |
In March 2013, the FASB issued guidance on the accounting for the cumulative translation adjustment upon derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. The guidance is effective prospectively for fiscal years and interim periods within those fiscal years beginning after December 15, 2013, which is the first quarter of fiscal 2015 for the Company. Early adoption is permitted. The Company is currently evaluating the new guidance. | |
In July 2013, 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 effective for interim and annual periods beginning after December 15, 2013, which is the first quarter of fiscal 2015 for the Company. The Company does not believe that the implementation of this authoritative guidance will have a material impact on its financial position or results of operations as it affects presentation of unrecognized tax benefits. |
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 9 Months Ended | |||||||||||||||
Dec. 29, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule Of Earnings Per Share Basic And Diluted | ' | |||||||||||||||
The following table sets forth the computation of basic and diluted net income per share from continuing operations: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
December 29, | December 30, | December 29, | December 30, | |||||||||||||
(in thousands, except per share amounts) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Numerator (basic and diluted): | ||||||||||||||||
Net income (loss) from continuing operations | $ | 17,339 | $ | (106 | ) | $ | 106,251 | $ | 8,180 | |||||||
Denominator: | ||||||||||||||||
Weighted average common shares outstanding, basic | 151,018 | 144,321 | 148,835 | 143,477 | ||||||||||||
Dilutive effect of employee stock options and restricted stock units | 4,017 | — | 3,725 | 1,283 | ||||||||||||
Weighted average common shares outstanding, diluted | 155,035 | 144,321 | 152,560 | 144,760 | ||||||||||||
Basic net income per share from continuing operations | $ | 0.11 | $ | — | $ | 0.71 | $ | 0.06 | ||||||||
Diluted net income per share from continuing operations | $ | 0.11 | $ | — | $ | 0.7 | $ | 0.06 | ||||||||
Business_Combinations_Tables
Business Combinations (Tables) | 9 Months Ended | |||
Dec. 29, 2013 | ||||
NXP B.V [Member] | ' | |||
Business Acquisition | ' | |||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | |||
The assets acquired and liabilities assumed were recognized in the following manner based on their fair values as at July 19, 2012: | ||||
(in thousands) | Fair Value | |||
Inventories | $ | 252 | ||
Property, plant and equipment, net | 1,125 | |||
Funded pension assets * | 666 | |||
Accrued pension liabilities* | (666 | ) | ||
Other long term liabilities | (435 | ) | ||
Intangible assets (other than goodwill) | 12,500 | |||
Goodwill | 13,720 | |||
Total purchase price | $ | 27,162 | ||
* See Note 16 for information regarding pension plans adopted. | ||||
Amortizable Intangible Assets Acquired | ' | |||
A summary of the allocation of intangible assets (other than goodwill) is as follows: | ||||
(in thousands) | Fair Value | |||
Existing technologies | $ | 7,500 | ||
Customer relationships | 2,700 | |||
In-process research and development | 1,900 | |||
Non-compete agreements | 300 | |||
Backlog | 100 | |||
Total | $ | 12,500 | ||
Business Acquisition, Pro Forma Information | ' | |||
Nine Months Ended | ||||
(Unaudited in thousands, except per share data) | December 30, 2012 | |||
Revenues | $ | 379,110 | ||
Net income (loss) | $ | (9,363 | ) | |
Basic net income (loss) per share - continuing operations | $ | (0.07 | ) | |
Diluted net income (loss) per share - continuing operations | $ | (0.07 | ) | |
Fox Enterprises [Member] | ' | |||
Business Acquisition | ' | |||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | |||
The aggregate purchase price was allocated as follows: | ||||
(in thousands) | Fair Value | |||
Cash | $ | 1,080 | ||
Accounts receivable | 4,053 | |||
Inventories | 2,600 | |||
Prepaid expenses and other current assets | 363 | |||
Property, plant and equipment, net | 656 | |||
Other long-term assets | 1,190 | |||
Accounts payable and accrued expenses | (3,765 | ) | ||
Other long-term liabilities | (1,516 | ) | ||
Long-term deferred tax liability | (4,549 | ) | ||
Intangible assets (other than goodwill) | 12,300 | |||
Goodwill | 16,509 | |||
Total purchase price | $ | 28,921 | ||
Amortizable Intangible Assets Acquired | ' | |||
A summary of the allocation of intangible assets (other than goodwill) is as follows: | ||||
(in thousands) | Fair Value | |||
Existing technologies | $ | 7,900 | ||
Customer relationships | 2,000 | |||
Trade names and trademarks | 1,500 | |||
In-process research and development | 900 | |||
Total | $ | 12,300 | ||
Alvand Technologies [Member] | ' | |||
Business Acquisition | ' | |||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | |||
The aggregate purchase price was allocated as follows: | ||||
(in thousands) | Fair Value | |||
Cash | $ | 147 | ||
Accounts receivable | 211 | |||
Prepaid expenses | 124 | |||
Property, plant and equipment, net | 15 | |||
Accounts payable and other current liabilities | (707 | ) | ||
Backlog | 1,500 | |||
Non-competition agreements | 2,300 | |||
Goodwill | 19,712 | |||
Total purchase price | $ | 23,302 | ||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | 9 Months Ended | ||||||
Oct. 02, 2011 | Dec. 29, 2013 | |||||||
Qualcomm agreement [Member] | Synaptics asset purchase agreement [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ||||||
Gain (loss) on discontinued operations [Table Text Block] | ' | ' | ||||||
The following table summarizes the components of the gain (in thousands): | The following table summarizes the components of the gain (in thousands): | |||||||
Cash proceeds from sale (including amounts held in escrow) | $ | 58,744 | Cash proceeds from sale | $ | 5,000 | |||
Less cost basis of assets sold and direct costs related to the sale | Less book value of assets sold and direct costs related to the sale: | |||||||
Fixed asset transferred to Qualcomm | (434 | ) | Fixed assets | (1,963 | ) | |||
Goodwill allocated | (8,568 | ) | Goodwill | (700 | ) | |||
Intangible assets | (1,818 | ) | Inventories | (1,288 | ) | |||
License write-off | (525 | ) | Transaction and other costs | (163 | ) | |||
Transaction and other costs | (1,460 | ) | Gain on divestiture | $ | 886 | |||
Gain on divestiture | $ | 45,939 | ||||||
Discontinued_Operations_Tables1
Discontinued Operations (Tables 1) | 9 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
HSC [Member] | ' | ||||||||||||||||
Results of discontinued operations | ' | ||||||||||||||||
The results of the HSC business discontinued operations for the three and nine months ended December 29, 2013 and December 30, 2012 were as follows (in thousands): | |||||||||||||||||
For the Three Months Ended, | For the Nine Months Ended, | ||||||||||||||||
December 29, 2013 | December 30, 2012 | December 29, 2013 | December 30, 2012 | ||||||||||||||
Revenues | $ | 1,811 | $ | 870 | $ | 2,931 | $ | 2,036 | |||||||||
Cost of revenues | (1,398 | ) | (997 | ) | (2,379 | ) | (2,150 | ) | |||||||||
Goodwill and long-lived assets impairment | (4,797 | ) | — | (4,979 | ) | — | |||||||||||
Operating expenses | (5,739 | ) | (4,988 | ) | (13,495 | ) | (13,413 | ) | |||||||||
Income tax provision (benefit) | 268 | (64 | ) | (6 | ) | (50 | ) | ||||||||||
Net loss from discontinued operations | $ | (10,391 | ) | $ | (5,051 | ) | $ | (17,916 | ) | $ | (13,477 | ) | |||||
Video Business [Member] | ' | ||||||||||||||||
Results of discontinued operations | ' | ||||||||||||||||
The results from discontinued operations for the nine months ended December 30, 2012 are as follows (in thousands): | |||||||||||||||||
Revenues | $ | 2,429 | |||||||||||||||
Cost of revenues | (3,006 | ) | |||||||||||||||
Operating expenses | (4,554 | ) | |||||||||||||||
Gain on divestiture | 886 | ||||||||||||||||
Provision for Income tax | 3 | ||||||||||||||||
Net loss from discontinued operations | $ | (4,248 | ) |
Other_Divestitures_not_account1
Other Divestitures (not accounted as discontinued operations) (Tables) | 9 Months Ended | |||
Dec. 29, 2013 | ||||
PMC-Sierra [Member] | ' | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | |||
Summary of components of the gain on divestiture | ' | |||
The following table summarizes the components of the gain on divestiture (in thousands): | ||||
Amount | ||||
Cash proceeds from sale | $ | 96,099 | ||
Less book value of assets sold and direct costs related to the sale: | ||||
Fixed assets | (1,312 | ) | ||
Inventories | (876 | ) | ||
Goodwill allocation | (7,323 | ) | ||
Transaction and other costs | (4,239 | ) | ||
Gain on divestiture | $ | 82,349 | ||
Stravelis [Member] | ' | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | |||
Summary of components of the gain on divestiture | ' | |||
The following table summarizes the components of the loss on divestiture (in thousands): | ||||
Amount | ||||
Cash proceeds from sale | $ | 200 | ||
Maximum potential contingent consideration | 1,000 | |||
Total consideration | $ | 1,200 | ||
Fair value adjustment to contingent consideration | $ | (1,000 | ) | |
Accrued liability for post sale services | (300 | ) | ||
Fixed assets | (135 | ) | ||
Inventories | (2,750 | ) | ||
Other assets | (304 | ) | ||
Transaction and other costs | (126 | ) | ||
Loss on divestiture | $ | 3,415 | ||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 9 Months Ended | |||||||||||||||
Dec. 29, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | |||||||||||||||
The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 29, 2013: | ||||||||||||||||
Fair Value at Reporting Date Using: | ||||||||||||||||
(in thousands) | Quoted Prices in | Significant Other | Significant Unobservable Inputs | Total | ||||||||||||
Active Markets for | Observable Inputs | (Level 3) | ||||||||||||||
Identical Assets | (Level 2) | |||||||||||||||
(Level 1) | ||||||||||||||||
Cash Equivalents and Short-Term investments: | ||||||||||||||||
US government treasuries and agencies securities | $ | 120,594 | $ | — | $ | — | $ | 120,594 | ||||||||
Money market funds | 65,587 | — | — | 65,587 | ||||||||||||
Asset-backed securities | — | 16,128 | — | 16,128 | ||||||||||||
Corporate bonds | — | 173,243 | — | 173,243 | ||||||||||||
International government bonds | — | 3,023 | — | 3,023 | ||||||||||||
Bank deposits | — | 17,205 | — | 17,205 | ||||||||||||
Municipal bonds | — | 8,174 | — | 8,174 | ||||||||||||
Total assets measured at fair value | $ | 186,181 | $ | 217,773 | $ | — | $ | 403,954 | ||||||||
Liabilities: | ||||||||||||||||
Fair value of contingent consideration | — | — | 1,880 | 1,880 | ||||||||||||
Total liabilities measured at fair value | $ | — | $ | — | $ | 1,880 | $ | 1,880 | ||||||||
The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2013: | ||||||||||||||||
Fair Value at Reporting Date Using | ||||||||||||||||
Quoted Prices in | Significant Other | Significant Unobservable Inputs | Total | |||||||||||||
Active Markets for | Observable Inputs | (Level 3) | ||||||||||||||
Identical Assets | (Level 2) | |||||||||||||||
(in thousands) | (Level 1) | |||||||||||||||
Cash Equivalents and Short-Term investments: | ||||||||||||||||
US government treasuries and agencies securities | $ | 87,379 | $ | — | $ | — | $ | 87,379 | ||||||||
Money market funds | 79,083 | — | — | 79,083 | ||||||||||||
Asset-backed securities | — | 9,855 | — | 9,855 | ||||||||||||
Corporate bonds | — | 58,716 | — | 58,716 | ||||||||||||
International government bonds | — | 3,066 | — | 3,066 | ||||||||||||
Bank deposits | — | 16,583 | — | 16,583 | ||||||||||||
Municipal bonds | — | 2,094 | — | 2,094 | ||||||||||||
Total assets measured at fair value | $ | 166,462 | $ | 90,314 | $ | — | $ | 256,776 | ||||||||
Liabilities: | ||||||||||||||||
Fair value of contingent consideration | — | — | 6,695 | 6,695 | ||||||||||||
Total liabilities measured at fair value | $ | — | $ | — | $ | 6,695 | $ | 6,695 | ||||||||
Change in Fair Value of Contingent Consideration Measured Using Level 3 Inputs | ' | |||||||||||||||
The following table summarizes the change in the fair value of the contingent consideration measured using significant unobservable inputs (Level 3) for the nine months ended December 29, 2013: | ||||||||||||||||
(in thousands) | Estimated Fair Value | |||||||||||||||
Balance as of March 31, 2013 | $ | 6,695 | ||||||||||||||
Payments, net of fair value adjustments | (5,033 | ) | ||||||||||||||
Balance as of December 29, 2013 | $ | 1,880 | ||||||||||||||
Investments_Tables
Investments (Tables) | 9 Months Ended | |||||||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Available-For-Sale Investments | ' | |||||||||||||||||||||||
Available-for-sale investments at December 29, 2013 were as follows: | ||||||||||||||||||||||||
Cost | Gross | Gross | Estimated Fair | |||||||||||||||||||||
(in thousands) | Unrealized | Unrealized | Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
U.S. government treasuries and agencies securities | $ | 120,575 | $ | 85 | $ | (66 | ) | $ | 120,594 | |||||||||||||||
Money market funds | 65,587 | — | — | 65,587 | ||||||||||||||||||||
Asset-backed securities | 16,129 | 6 | (7 | ) | 16,128 | |||||||||||||||||||
Corporate bonds | 173,092 | 272 | (121 | ) | 173,243 | |||||||||||||||||||
International government bonds | 3,037 | — | (14 | ) | 3,023 | |||||||||||||||||||
Bank deposits | 17,205 | — | — | 17,205 | ||||||||||||||||||||
Municipal bonds | 8,217 | 9 | (52 | ) | 8,174 | |||||||||||||||||||
Total available-for-sale investments | 403,842 | 372 | (260 | ) | 403,954 | |||||||||||||||||||
Less amounts classified as cash equivalents | (70,284 | ) | — | — | (70,284 | ) | ||||||||||||||||||
Short-term investments | $ | 333,558 | $ | 372 | $ | (260 | ) | $ | 333,670 | |||||||||||||||
Available-for-sale investments at March 31, 2013 were as follows: | ||||||||||||||||||||||||
Cost | Gross | Gross | Estimated Fair | |||||||||||||||||||||
(in thousands) | Unrealized | Unrealized | Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
U.S. government treasuries and agencies securities | $ | 87,356 | $ | 24 | $ | (1 | ) | $ | 87,379 | |||||||||||||||
Money market funds | 79,083 | — | — | 79,083 | ||||||||||||||||||||
Asset-backed securities | 9,860 | 2 | (7 | ) | 9,855 | |||||||||||||||||||
Corporate bonds | 58,733 | 33 | (50 | ) | 58,716 | |||||||||||||||||||
International government bonds | 3,069 | 1 | (4 | ) | 3,066 | |||||||||||||||||||
Bank deposits | 16,583 | — | — | 16,583 | ||||||||||||||||||||
Municipal bonds | 2,089 | 5 | — | 2,094 | ||||||||||||||||||||
Total available-for-sale investments | 256,773 | 65 | (62 | ) | 256,776 | |||||||||||||||||||
Less amounts classified as cash equivalents | (90,443 | ) | — | — | (90,443 | ) | ||||||||||||||||||
Short-term investments | $ | 166,330 | $ | 65 | $ | (62 | ) | $ | 166,333 | |||||||||||||||
Contractual Maturity of Available-For-Sale Debt Securities | ' | |||||||||||||||||||||||
The cost and estimated fair value of available-for-sale securities at December 29, 2013, by contractual maturity, were as follows: | ||||||||||||||||||||||||
(in thousands) | Amortized | Estimated Fair | ||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||
Due in 1 year or less | $ | 96,079 | $ | 96,078 | ||||||||||||||||||||
Due in 1-2 years | 134,004 | 134,087 | ||||||||||||||||||||||
Due in 2-5 years | 173,759 | 173,789 | ||||||||||||||||||||||
Total investments in available-for-sale securities | $ | 403,842 | $ | 403,954 | ||||||||||||||||||||
Gross Unrealized Losses and Fair Value of Investments in Continuous Loss Position | ' | |||||||||||||||||||||||
The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses as of December 29, 2013, aggregated by investment category and length of time that individual securities have been in a continuous loss position. | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
(in thousands) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | |||||||||||||||||||
Corporate bonds | $ | 64,794 | $ | (121 | ) | $ | — | $ | — | $ | 64,794 | $ | (121 | ) | ||||||||||
Asset-backed securities | 9,806 | (7 | ) | — | — | 9,806 | (7 | ) | ||||||||||||||||
U.S. government treasuries and agencies securities | 32,500 | (66 | ) | — | — | 32,500 | (66 | ) | ||||||||||||||||
Municipal bonds | 5,017 | (52 | ) | — | — | 5,017 | (52 | ) | ||||||||||||||||
International government bonds | 3,023 | (14 | ) | — | — | 3,023 | (14 | ) | ||||||||||||||||
Total | $ | 115,140 | $ | (260 | ) | $ | — | $ | — | $ | 115,140 | $ | (260 | ) | ||||||||||
The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses, as of March 31, 2013, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position. | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
(in thousands) | Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||
Corporate bonds | $ | 32,009 | $ | (50 | ) | $ | — | $ | — | $ | 32,009 | $ | (50 | ) | ||||||||||
Asset-backed securities | 6,473 | (7 | ) | — | — | 6,473 | (7 | ) | ||||||||||||||||
U.S. government treasuries and agencies securities | 3,324 | (1 | ) | — | — | 3,324 | (1 | ) | ||||||||||||||||
International government bonds | 1,007 | (4 | ) | — | — | 1,007 | (4 | ) | ||||||||||||||||
Total | $ | 42,813 | $ | (62 | ) | $ | — | $ | — | $ | 42,813 | $ | (62 | ) | ||||||||||
StockBased_Employee_Compensati1
Stock-Based Employee Compensation (Tables) | 9 Months Ended | |||||||||||||||
Dec. 29, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Compensation Expense | ' | |||||||||||||||
The following table summarizes stock-based compensation expense by category appearing in the Company’s Condensed Consolidated Statement of Operations: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
(in thousands) | December 29, | December 30, | December 29, | December 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Cost of revenue | $ | 403 | $ | 295 | $ | 1,128 | $ | 850 | ||||||||
Research and development | 1,544 | 1,385 | 4,241 | 3,968 | ||||||||||||
Selling, general and administrative | 1,252 | 940 | 4,969 | 3,537 | ||||||||||||
Discontinued operations | 169 | 154 | 507 | 951 | ||||||||||||
Total stock-based compensation expense | $ | 3,368 | $ | 2,774 | $ | 10,845 | $ | 9,306 | ||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||||||||||
The following is a summary of the Company's stock option activity and related weighted average exercise prices for each category: | ||||||||||||||||
Nine Months Ended December 29, 2013 | ||||||||||||||||
(shares in thousands) | Shares | Price | ||||||||||||||
Beginning stock options outstanding | 12,817 | $ | 7.12 | |||||||||||||
Granted | 1,596 | 7.98 | ||||||||||||||
Exercised (1) | (4,078 | ) | 5.97 | |||||||||||||
Canceled | (3,035 | ) | 8.87 | |||||||||||||
Ending stock options outstanding | 7,300 | $ | 7.22 | |||||||||||||
Ending stock options exercisable | 4,679 | $ | 7.34 | |||||||||||||
-1 | Upon exercise, the Company issues new shares of common stock. | |||||||||||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | ' | |||||||||||||||
The following table summarizes the Company's restricted stock unit activity for each category for the nine months ended December 29, 2013: | ||||||||||||||||
Nine Months Ended December 29, 2013 | ||||||||||||||||
(shares in thousands) | Shares | Weighted-average grant date fair value per share | ||||||||||||||
Beginning RSUs outstanding | 2,591 | $ | 6.26 | |||||||||||||
Granted | 1,975 | 7.91 | ||||||||||||||
Released | (866 | ) | 6.16 | |||||||||||||
Forfeited | (771 | ) | 6.92 | |||||||||||||
Ending RSUs outstanding | 2,929 | $ | 7.23 | |||||||||||||
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | ' | |||||||||||||||
The following table summarizes the Company's performance stock unit activity for each category for the nine months ended December 29, 2013: | ||||||||||||||||
Nine Months Ended December 29, 2013 | ||||||||||||||||
(shares in thousands) | Shares | Weighted-average grant date fair value per share | ||||||||||||||
Beginning PSUs outstanding | 744 | $ | 7.5 | |||||||||||||
Granted | 491 | 8.46 | ||||||||||||||
Forfeited | (378 | ) | 8.07 | |||||||||||||
Ending PSUs outstanding | 857 | $ | 7.79 | |||||||||||||
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity [Table Text Block] | ' | |||||||||||||||
Activity under the Company's ESPP for the nine months ended December 29, 2013 is summarized in the following table: | ||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||
Number of shares issued | 952 | |||||||||||||||
Average issuance price | $ | 6.86 | ||||||||||||||
Number of shares available at December 29, 2013 | 5,274 | |||||||||||||||
Balance_Sheet_Detail_Tables
Balance Sheet Detail (Tables) | 9 Months Ended | |||||||
Dec. 29, 2013 | ||||||||
Balance Sheet Related Disclosures [Abstract] | ' | |||||||
Balance Sheet Detail | ' | |||||||
(in thousands) | December 29, | March 31, | ||||||
2013 | 2013 | |||||||
Inventories, net | ||||||||
Raw materials | $ | 6,619 | $ | 7,008 | ||||
Work-in-process | 21,723 | 24,123 | ||||||
Finished goods | 24,990 | 25,424 | ||||||
Total inventories, net | $ | 53,332 | $ | 56,555 | ||||
Property, plant and equipment, net | ||||||||
Land | $ | 11,771 | $ | 11,832 | ||||
Machinery and equipment | 290,839 | 296,174 | ||||||
Building and leasehold improvements | 48,758 | 48,991 | ||||||
Total property, plant and equipment, gross | 351,368 | 356,997 | ||||||
Less: accumulated depreciation | (279,652 | ) | (282,009 | ) | ||||
Total property, plant and equipment, net (1) | $ | 71,716 | $ | 74,988 | ||||
Other accrued liabilities | ||||||||
Short-term portion of supplier obligations (2) | $ | 817 | $ | 407 | ||||
Other (3) | 9,829 | 14,245 | ||||||
Total other accrued liabilities | $ | 10,646 | $ | 14,652 | ||||
Other long-term obligations | ||||||||
Deferred compensation related liabilities | $ | 14,514 | $ | 14,615 | ||||
Other | 5,025 | 7,407 | ||||||
Total other long-term liabilities | $ | 19,539 | $ | 22,022 | ||||
(1) As of December 29, 2013, includes $2.9 million in net fixed assets held for sale associated with the divestiture of IDT’s HSC business. See Note 4 for additional information on this event. As of December 30, 2012, includes $1.3 million in fixed assets held for sale associated with the sale of certain assets of IDT's PCI Express enterprise flash controller business which was completed on July 12, 2013. See Note 5 for additional information on this event. | ||||||||
(2) Supplier obligations represent payments due under various software design tool and technology license agreements. | ||||||||
(3) Other current liabilities consist primarily of acquisition related accrued contingent liabilities, accrued royalties and outside commissions, accrued severance costs and other accrued unbilled expenses. |
Deferred_Income_on_Shipments_t1
Deferred Income on Shipments to Distributors (Tables) | 9 Months Ended | |||||||
Dec. 29, 2013 | ||||||||
Deferred Revenue Disclosure [Abstract] | ' | |||||||
Deferred Income on Shipments to Distributors | ' | |||||||
The components of deferred income on shipments to distributors as of December 29, 2013 and March 31, 2013 are as follows: | ||||||||
(in thousands) | December 29, | March 31, | ||||||
2013 | 2013 | |||||||
Gross deferred revenue | $ | 16,334 | $ | 17,581 | ||||
Gross deferred costs | (2,960 | ) | (3,042 | ) | ||||
Deferred income on shipments to distributors | $ | 13,374 | $ | 14,539 | ||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | |||||||||||||||
Dec. 29, 2013 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||
Changes in accumulated other comprehensive income (AOCI) by component, net of tax, for the nine months ended December 29, 2013 consisted of the following: | ||||||||||||||||
(in thousands) | Cumulative translation adjustments | Unrealized gain on available-for-sale investments | Pension adjustments | Total | ||||||||||||
Balance as of March 31, 2013 | $ | 1,563 | $ | — | $ | (77 | ) | $ | 1,486 | |||||||
Other comprehensive income (loss) before reclassifications | 407 | 130 | — | 537 | ||||||||||||
Amounts reclassified out of AOCI | — | (23 | ) | (4 | ) | (27 | ) | |||||||||
Net current-period other comprehensive income (loss) | 407 | 107 | (4 | ) | 510 | |||||||||||
Balance as of December 29, 2013 | $ | 1,970 | $ | 107 | $ | (81 | ) | $ | 1,996 | |||||||
Comprehensive income components consisted of: | ||||||||||||||||
(in thousands) | Nine Months Ended December 29, 2013 | Location | ||||||||||||||
Unrealized holding gains (losses) on available-for-sale investments | $ | (23 | ) | interest and other, net | ||||||||||||
Amortization of pension benefits prior service credits | (4 | ) | operating expense | |||||||||||||
Total amounts reclassified out of accumulated other comprehensive income (loss) | $ | (27 | ) |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets, Net (Tables) | 9 Months Ended | ||||||||||||||
Dec. 29, 2013 | |||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||
Changes in the carrying amounts of goodwill by segment | ' | ||||||||||||||
Goodwill activity for the nine months ended December 29, 2013 is as follows: | |||||||||||||||
Reportable Segment | |||||||||||||||
Communications | Computing and Consumer | Total | |||||||||||||
(in thousands) | |||||||||||||||
Balance as of March 31, 2013 | $ | 124,205 | $ | 20,719 | $ | 144,924 | |||||||||
Impairment losses | (2,161 | ) | — | (2,161 | ) | ||||||||||
Dispositions | — | (7,323 | ) | (7,323 | ) | ||||||||||
Additions | 204 | — | 204 | ||||||||||||
Balance as of December 29, 2013 | $ | 122,248 | $ | 13,396 | $ | 135,644 | |||||||||
During the quarter ended December 29, 2013, the Company recorded a $2.2 million goodwill impairment loss associated with its HSC business which was classified as a discontinued operation during the quarter. The impairment loss was included in loss from discontinued operations. | |||||||||||||||
During the quarter ended September 29, 2013, the Company allocated $7.3 million in goodwill to the sale of certain assets of IDT's PCI Express enterprise flash controller business which was completed on July 12, 2013. See Note 5 for additional information on this event. | |||||||||||||||
Goodwill balances as of December 29, 2013 and March 31, 2013 are net of $922.6 million and $920.4 million, respectively, in accumulated impairment losses. | |||||||||||||||
Summary of intangible assets balances | ' | ||||||||||||||
Intangible asset balances as of December 29, 2013 and March 31, 2013 are summarized as follows: | |||||||||||||||
December 29, 2013 | |||||||||||||||
(in thousands) | Gross Assets | Impairment | Accumulated | Net Assets (1) | |||||||||||
Amortization | |||||||||||||||
Purchased intangible assets: | |||||||||||||||
Existing technology | $ | 241,197 | (1,915 | ) | $ | (211,843 | ) | $ | 27,439 | ||||||
Trademarks | 4,411 | — | (2,705 | ) | 1,706 | ||||||||||
Customer relationships | 131,931 | (395 | ) | (130,758 | ) | 778 | |||||||||
Backlog | 1,600 | — | (1,600 | ) | — | ||||||||||
Non-compete agreements | 2,600 | (325 | ) | (1,458 | ) | 817 | |||||||||
Total amortizable purchased intangible assets | 381,739 | (2,635 | ) | (348,364 | ) | 30,740 | |||||||||
IPR&D * | 2,433 | — | — | 2,433 | |||||||||||
Total purchased intangible assets | $ | 384,172 | (2,635 | ) | $ | (348,364 | ) | $ | 33,173 | ||||||
(1) Includes $6.6 million in HSC assets held for sale consisting of $4.8 million existing technology, $1.0 million customer relationships and $0.8 million non-compete agreements. | |||||||||||||||
March 31, 2013 | |||||||||||||||
(in thousands) | Gross Assets | Impairment | Accumulated | Net Assets | |||||||||||
Amortization | |||||||||||||||
Purchased intangible assets: | |||||||||||||||
Existing technology | $ | 241,197 | — | $ | (203,129 | ) | $ | 38,068 | |||||||
Trademarks | 4,411 | — | (2,018 | ) | 2,393 | ||||||||||
Customer relationships | 131,931 | — | (128,107 | ) | 3,824 | ||||||||||
Backlog | 1,600 | — | (1,509 | ) | 91 | ||||||||||
Non-compete agreements | 2,600 | — | (807 | ) | 1,793 | ||||||||||
Total amortizable purchased intangible assets | 381,739 | — | (335,570 | ) | 46,169 | ||||||||||
IPR&D * | 2,433 | — | — | 2,433 | |||||||||||
Total purchased intangible assets | $ | 384,172 | — | $ | (335,570 | ) | $ | 48,602 | |||||||
* IPR&D is initially capitalized at fair value as an intangible asset with an indefinite life and assessed for impairment thereafter. When the IPR&D project is complete, it is reclassified as an amortizable purchased intangible asset and is amortized over its estimated useful life. If an IPR&D project is abandoned, the Company will record a charge for the carrying value of the related intangible asset to its Consolidated Statements of Operations in the period it is abandoned. | |||||||||||||||
Amortization expense for the three months ended December 29, 2013 and December 30, 2012 was $4.2 million and $4.7 million, respectively. Amortization expense for the nine months ended December 29, 2013 and December 30, 2012 was $12.8 million and $15.1 million, respectively. | |||||||||||||||
The intangible assets are being amortized over estimated useful lives of twelve months to seven years. | |||||||||||||||
Estimated remaining future amortization expense | ' | ||||||||||||||
Based on the intangible assets recorded at December 29, 2013, and assuming no subsequent additions to or impairment of the underlying assets, the remaining estimated amortization expense is expected to be as follows (in thousands): | |||||||||||||||
Fiscal Year | Amount | ||||||||||||||
2014 (Remaining 3 months) | $ | 3,322 | |||||||||||||
2015 | 9,657 | ||||||||||||||
2016 | 6,087 | ||||||||||||||
2017 | 4,712 | ||||||||||||||
2018 and thereafter | 328 | ||||||||||||||
Total amortizable purchased intangible assets | 24,106 | ||||||||||||||
IPR&D | 2,433 | ||||||||||||||
Total purchased intangible assets | $ | 26,539 | |||||||||||||
Restructuring_Tables
Restructuring (Tables) | 9 Months Ended | |||
Dec. 29, 2013 | ||||
Restructuring and Related Activities [Abstract] | ' | |||
Provision of Restructuring Charges and Liability Remaining | ' | |||
The following table shows the provision of the restructuring charges and the liability remaining as of December 29, 2013: | ||||
(in thousands) | Total | |||
Balance as of March 31, 2013 | $ | 1,662 | ||
Provision | 5,237 | |||
Cash payments | (6,110 | ) | ||
Balance as of December 29, 2013 | $ | 789 | ||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||
Dec. 29, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of reportable segments information | ' | |||||||||||||||
The tables below provide information about these segments: | ||||||||||||||||
Revenues by segment | Three Months Ended | Nine Months Ended | ||||||||||||||
(in thousands) | December 29, | December 30, | December 29, | December 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Communications | $ | 75,227 | $ | 64,722 | $ | 215,260 | $ | 195,919 | ||||||||
Computing and Consumer | 49,401 | 49,555 | 150,879 | 180,754 | ||||||||||||
Total revenues | $ | 124,628 | $ | 114,277 | $ | 366,139 | $ | 376,673 | ||||||||
Income (loss) by segment from continuing operations | Three Months Ended | Nine Months Ended | ||||||||||||||
December 29, | December 30, | December 29, | December 30, | |||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Communications | $ | 29,087 | $ | 20,337 | $ | 73,103 | $ | 60,280 | ||||||||
Computing and Consumer | (1,688 | ) | (9,842 | ) | (15,083 | ) | (17,875 | ) | ||||||||
Unallocated expenses: | ||||||||||||||||
Amortization of intangible assets | (3,322 | ) | (3,361 | ) | (9,965 | ) | (12,242 | ) | ||||||||
Inventory fair market value adjustment | — | — | — | (458 | ) | |||||||||||
Gain (loss) from divestitures, net | (3,415 | ) | — | 78,934 | — | |||||||||||
Assets impairment and recoveries | 265 | (527 | ) | (3,779 | ) | (409 | ) | |||||||||
Amortization of stock-based compensation | (3,169 | ) | (2,636 | ) | (10,309 | ) | (9,241 | ) | ||||||||
Severance, retention and facility closure costs | (406 | ) | (921 | ) | (6,100 | ) | (3,920 | ) | ||||||||
Acquisition-related costs and other | (21 | ) | (2,460 | ) | (729 | ) | (10,129 | ) | ||||||||
Consulting expenses related to stockholder activities | — | — | — | (2,614 | ) | |||||||||||
Deferred compensation plan expense (benefit) | 70 | (87 | ) | 65 | (431 | ) | ||||||||||
Proceeds from life insurance policies | — | — | — | 2,313 | ||||||||||||
Interest income and other, net | 481 | (344 | ) | 775 | (862 | ) | ||||||||||
Income from continuing operations, before income taxes | $ | 17,882 | $ | 159 | $ | 106,912 | $ | 4,412 | ||||||||
Revenues from unaffiliated customers by shipment location | ' | |||||||||||||||
Revenues from unaffiliated customers by geographic area, based on the customers' shipment locations, were as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
(in thousands) | December 29, | December 30, | December 29, | December 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Asia Pacific | $ | 82,428 | $ | 71,657 | $ | 233,138 | $ | 243,430 | ||||||||
Americas (1) | 17,087 | 18,488 | 54,296 | 57,532 | ||||||||||||
Japan | 11,072 | 9,982 | 31,211 | 32,326 | ||||||||||||
Europe | 14,041 | 14,150 | 47,494 | 43,385 | ||||||||||||
Total revenues | $ | 124,628 | $ | 114,277 | $ | 366,139 | $ | 376,673 | ||||||||
-1 | The revenues from the customers in the U.S. were $16.9 million and $17.6 million in the three months ended December 29, 2013 and December 30, 2012, respectively. The revenues from the customers in the U.S. were $50.2 million and $54.1 million in the nine months ended December 29, 2013 and December 30, 2012, respectively. | |||||||||||||||
Concentration Risk Disclosure [Text Block] | ' | |||||||||||||||
The Company utilizes global and regional distributors around the world, who buy product directly from the Company on behalf of their customers. One distributor, Avnet represented approximately 13% of the Company’s revenues for the nine month period ended December 29, 2013. Two distributors, Maxtek and its affiliates and Uniquest represented approximately 14% and 11%, respectively, of the Company’s revenues for the nine month period ended December 30, 2012. | ||||||||||||||||
At December 29, 2013, four distributors represented approximately 15%, 11%, 11% and 10% of the Company’s gross accounts receivable. At March 31, 2013, three distributors represented approximately 15%, 13% and 11% of the Company’s gross accounts receivable. | ||||||||||||||||
Property, plant and equipment by geographic region | ' | |||||||||||||||
The Company’s significant operations outside of the United States include a test facility in Malaysia, design centers in Canada and China, and sales subsidiaries in Japan, Asia Pacific and Europe. The Company's property, plant and equipment, net, are summarized below by geographic area: | ||||||||||||||||
December 29, | March 31, | |||||||||||||||
(in thousands) | 2013 | 2013 | ||||||||||||||
United States | $ | 40,638 | $ | 44,651 | ||||||||||||
Canada | 4,909 | 5,188 | ||||||||||||||
Malaysia | 20,528 | 21,379 | ||||||||||||||
All other countries | 5,641 | 3,770 | ||||||||||||||
Total property, plant and equipment, net | $ | 71,716 | $ | 74,988 | ||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) | 3 Months Ended | 9 Months Ended |
Dec. 29, 2013 | Dec. 30, 2012 | |
weeks | ||
Accounting Policies [Abstract] | ' | ' |
Minimum Number of Weeks in the Fiscal Year Reporting Calendar | '52 weeks | ' |
Maximum Number of Weeks in the Fiscal Year Reporting Calendar | '53 weeks | ' |
Number of Weeks in Fiscal Period | '13 weeks | '13 weeks |
Minimum number of weeks in a fiscal quarter | 13 | ' |
Maximum number of weeks in a fiscal quarter | 14 | ' |
Net_Income_Per_Share_Details
Net Income Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 |
Numerator (basic and diluted): | ' | ' | ' | ' |
Net income (loss) from continuing operations | $17,339 | ($106) | $106,251 | $8,180 |
Denominator: | ' | ' | ' | ' |
Weighted average common shares outstanding, basic (in shares) | 151,018,000 | 144,321,000 | 148,835,000 | 143,477,000 |
Dilutive effect of employee stock options and restricted stock units (in shares) | 4,017,000 | 0 | 3,725,000 | 1,283,000 |
Weighted average common shares outstanding, diluted (in shares) | 155,035,000 | 144,321,000 | 152,560,000 | 144,760,000 |
Basic net income (loss) per share - continuing operations (in dollars per share) | $0.11 | $0 | $0.71 | $0.06 |
Diluted net income (loss) per share - continuing operations (in dollars per share) | $0.11 | $0 | $0.70 | $0.06 |
Shares excluded from calculation because they were anti-dilutive (in shares) | 700,000 | 10,100,000 | 3,800,000 | 16,300,000 |
Business_Combinations_Details_
Business Combinations (Details Textual) (USD $) | Jul. 19, 2012 | Apr. 30, 2012 | Dec. 30, 2012 | Apr. 16, 2012 | Dec. 30, 2012 | Sep. 29, 2013 | Jun. 30, 2013 | Jul. 19, 2012 | Apr. 30, 2012 | Jul. 19, 2012 | Apr. 30, 2012 | Apr. 30, 2012 | Jul. 19, 2012 | Apr. 16, 2012 | Jul. 19, 2012 | Apr. 30, 2012 | Jul. 19, 2012 | Apr. 16, 2012 |
NXP B.V [Member] | Fox Enterprises [Member] | Fox Enterprises [Member] | Alvand Technologies [Member] | Alvand Technologies [Member] | Alvand Technologies [Member] | Alvand Technologies [Member] | Developed Technology Rights [Member] | Developed Technology Rights [Member] | In Process Research and Development [Member] | In Process Research and Development [Member] | Trademarks [Member] | Order or Production Backlog [Member] | Order or Production Backlog [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Noncompete Agreements [Member] | Noncompete Agreements [Member] | |
NXP B.V [Member] | Fox Enterprises [Member] | NXP B.V [Member] | Fox Enterprises [Member] | Fox Enterprises [Member] | NXP B.V [Member] | Alvand Technologies [Member] | NXP B.V [Member] | Fox Enterprises [Member] | NXP B.V [Member] | Alvand Technologies [Member] | ||||||||
Business Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $27,162,000 | $28,921,000 | ' | $23,302,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Discount rate used in discounted cash flow model | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' |
Discount rate used in discounted cash flow model | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | 21.00% | 20.00% | ' | 15.00% | ' | ' | ' | 22.00% |
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life (in years) | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | '3 years | ' | ' | ' | '4 years | ' | ' |
Minimum Discount rate used in discounted cash flow model | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' |
Cash consideration | ' | 25,700,000 | ' | 20,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | ' | 3,200,000 | ' | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Contingent Consideration, Liability | ' | ' | ' | ' | ' | 1,880,000 | 3,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition-related costs incurred | ' | ' | 200,000 | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dicount rate used in excess earnings method | ' | ' | ' | ' | ' | ' | ' | 26.00% | ' | 31.00% | ' | ' | 19.00% | ' | ' | ' | ' | ' |
Discount rate used in With and Without Method | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29.00% | ' | 28.70% | ' |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | ' | $4,000,000 | ' | $4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business_Combinations_Details
Business Combinations (Details) (USD $) | 1 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Jul. 19, 2012 | Dec. 30, 2012 | Apr. 30, 2012 | Apr. 16, 2012 | Jul. 19, 2012 | Jul. 19, 2012 | Apr. 30, 2012 | Jul. 19, 2012 | Jul. 19, 2012 | Apr. 30, 2012 | Apr. 30, 2012 | Jul. 19, 2012 | Apr. 30, 2012 | |
NXP B.V [Member] | NXP B.V [Member] | Fox Enterprises [Member] | Alvand Technologies [Member] | Order or Production Backlog [Member] | Developed Technology Rights [Member] | Developed Technology Rights [Member] | Noncompete Agreements [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Trademarks [Member] | In Process Research and Development [Member] | In Process Research and Development [Member] | ||
NXP B.V [Member] | NXP B.V [Member] | Fox Enterprises [Member] | NXP B.V [Member] | NXP B.V [Member] | Fox Enterprises [Member] | Fox Enterprises [Member] | NXP B.V [Member] | Fox Enterprises [Member] | ||||||
Business Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Finite-lived Intangible Assets Acquired | $12,500 | ' | $12,300 | ' | $100 | $7,500 | $7,900 | $300 | $2,700 | $2,000 | $1,500 | $1,900 | $900 | |
Purchase price allocation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cash | ' | ' | 1,080 | 147 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Accounts receivable | ' | ' | 4,053 | 211 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 252 | ' | 2,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Prepaid expenses and other current assets | ' | ' | 363 | 124 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,125 | ' | 656 | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Defined Benefit Plan, Assets for Plan Benefits | 666 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other long term assets | ' | ' | 1,190 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Defined Benefit Plan, Benefit Obligation | -666 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable and accrued expenses | ' | ' | -3,765 | -707 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Business Acquisition, Purchase Price Allocation, Intangible Assets Other than Goodwill | ' | ' | ' | 1,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Finite-Lived Noncompete Agreements, Gross | ' | ' | ' | 2,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | -435 | ' | -1,516 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Long term deferred tax liability | ' | ' | -4,549 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Goodwill | 13,720 | ' | 16,509 | 19,712 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total purchase price | 27,162 | ' | 28,921 | 23,302 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Business Acquisition, Pro Forma Revenue | ' | 379,110 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Business Acquisition, Pro Forma Net Income (Loss) | ' | ($9,363) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations before Changes in Accounting and Extraordinary Items, Net of Tax, Per Share, Basic | ' | ($0.07) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations before Changes in Accounting and Extraordinary Items, Net of Tax, Per Share, Diluted | ' | ($0.07) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | See Note 16 for information regarding pension plans adopted. |
Business_Combinations_Details_1
Business Combinations (Details 1) (USD $) | 1 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Jul. 19, 2012 | Jul. 19, 2012 | Jul. 19, 2012 | Jul. 19, 2012 | Jul. 19, 2012 | Jul. 19, 2012 | Apr. 30, 2012 | Apr. 30, 2012 | Apr. 30, 2012 | Apr. 30, 2012 | Apr. 30, 2012 | Apr. 16, 2012 |
NXP B.V [Member] | NXP B.V [Member] | NXP B.V [Member] | NXP B.V [Member] | NXP B.V [Member] | NXP B.V [Member] | Fox Enterprises [Member] | Fox Enterprises [Member] | Fox Enterprises [Member] | Fox Enterprises [Member] | Fox Enterprises [Member] | Alvand Technologies [Member] | |
Existing Technology [Member] | Customer Relationships [Member] | Order or Production Backlog [Member] | Noncompete Agreements [Member] | In process research and development [Member] | Existing Technology [Member] | Customer Relationships [Member] | Trade names and trademarks [Member] | In process research and development [Member] | ||||
Amortizable intangible assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | ($435) | ' | ' | ' | ' | ' | ($1,516) | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 252 | ' | ' | ' | ' | ' | 2,600 | ' | ' | ' | ' | ' |
Amortizable intangible assets | 12,500 | 7,500 | 2,700 | 100 | 300 | 1,900 | 12,300 | 7,900 | 2,000 | 1,500 | 900 | ' |
Goodwill, allocated, amount | 13,720 | ' | ' | ' | ' | ' | 16,509 | ' | ' | ' | ' | 19,712 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 27,162 | ' | ' | ' | ' | ' | 28,921 | ' | ' | ' | ' | 23,302 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $1,125 | ' | ' | ' | ' | ' | $656 | ' | ' | ' | ' | $15 |
Discontinued_Operations_Detail
Discontinued Operations (Details textual) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 0 Months Ended | ||||
Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Oct. 02, 2011 | Aug. 03, 2012 | Aug. 01, 2012 | |
HSC [Member] | Qualcomm agreement [Member] | Synaptics asset purchase agreement [Member] | Synaptics asset purchase agreement [Member] | |||||
Employees | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Assets Held-for-sale, at Carrying Value | ' | ' | ' | ' | $9,500,000 | ' | ' | ' |
Assets Held-for-sale, Long Lived | ' | ' | ' | ' | 2,900,000 | ' | ' | ' |
Proceeds from Sale of Productive Assets | ' | ' | ' | ' | ' | 58,744,000 | 5,000,000 | ' |
Escrow Deposits Related to Property Sales | ' | ' | ' | ' | ' | 6,000,000 | ' | ' |
Disposal Group, Including Discontinued Operation, Holding Period for Escrow Deposit | ' | ' | ' | ' | ' | '2 years | ' | ' |
Gain (Loss) on divestiture | -3,415,000 | 0 | 78,934,000 | 0 | ' | 45,939,000 | 886,000 | ' |
Employees transferred to Synaptics | ' | ' | ' | ' | ' | ' | ' | 47 |
Assets Held-for-sale, Other, Noncurrent | ' | ' | ' | ' | $6,600,000 | ' | ' | ' |
Discontinued_Operations_Detail1
Discontinued Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Aug. 03, 2012 | Aug. 01, 2012 | Oct. 02, 2011 | Sep. 26, 2011 | Dec. 30, 2012 |
Synaptics asset purchase agreement [Member] | Synaptics asset purchase agreement [Member] | Qualcomm agreement [Member] | Qualcomm agreement [Member] | Video Business [Member] | |||||
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Sale of Productive Assets | ' | ' | ' | ' | $5,000 | ' | $58,744 | ' | ' |
Proceeds from divestitures | ' | ' | 96,299 | 5,000 | ' | ' | ' | ' | ' |
Property, Plant, and Equipment, Net | ' | ' | ' | ' | ' | -1,963 | ' | -434 | ' |
Goodwill, Written off Related to Sale of Business Unit | ' | ' | -7,323 | ' | -700 | ' | -8,568 | ' | ' |
Disposal of intangible assets | ' | ' | ' | ' | ' | ' | ' | -1,818 | ' |
License write-off | ' | ' | ' | ' | ' | ' | -525 | ' | ' |
Disposal Group, Assets of Business Transferred under Contractual Arrangement | ' | ' | ' | ' | ' | -1,288 | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,429 |
Cost of revenue | ' | ' | ' | ' | ' | ' | ' | ' | -3,006 |
Goodwill and Intangible Asset Impairment | ' | ' | 4,797 | 584 | ' | ' | ' | ' | ' |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -4,554 |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 0 | 0 | 0 | 886 | ' | ' | ' | ' | 886 |
Transaction and other costs | ' | ' | ' | ' | -163 | ' | -1,460 | ' | ' |
Gain (loss) on divestitures, net | -3,415 | 0 | 78,934 | 0 | 886 | ' | 45,939 | ' | ' |
Discontinued Operation, Tax Effect of Discontinued Operation | ' | ' | ' | ' | ' | ' | ' | ' | 3 |
Net income (loss) from discontinued operations | ($10,391) | ($5,051) | ($17,916) | ($17,725) | ' | ' | ' | ' | ($4,248) |
Discontinued_Operations_Detail2
Discontinued Operations (Details 1) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 |
Goodwill and Intangible Asset Impairment | ' | ' | $4,797 | $584 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | -10,391 | -5,051 | -17,916 | -17,725 |
HSC [Member] | ' | ' | ' | ' |
Revenues | 1,811 | 870 | 2,931 | 2,036 |
Cost of revenue | -1,398 | -997 | -2,379 | -2,150 |
Goodwill and Intangible Asset Impairment | -4,797 | 0 | -4,979 | 0 |
Operating expenses | -5,739 | -4,988 | -13,495 | -13,413 |
Discontinued Operation, Tax Effect of Discontinued Operation | 268 | -64 | -6 | -50 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | ($10,391) | ($5,051) | ($17,916) | ($13,477) |
Other_Divestitures_not_account2
Other Divestitures (not accounted as discontinued operations) (Details) (USD $) | 9 Months Ended | 3 Months Ended | 3 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Sep. 29, 2013 | Jul. 12, 2013 | Dec. 29, 2013 | Dec. 18, 2013 |
PMC-Sierra [Member] | PMC-Sierra [Member] | Stravelis [Member] | Stravelis [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' |
Cash Deposit Received From Divestiture of Business | ' | ' | ' | ' | $200 | ' |
Contingent consideration receivable | ' | ' | ' | ' | 1,000 | ' |
Proceeds from divestitures | 96,299 | 5,000 | 96,099 | ' | 1,200 | ' |
Fair value adjustment to contingent consideration receivable | ' | ' | ' | ' | -1,000 | ' |
Fair value adjustment to transitional services agreement | ' | ' | ' | ' | -300 | ' |
Property, Plant, and Equipment, Net | ' | ' | ' | -1,312 | ' | -135 |
Inventory | ' | ' | ' | -876 | ' | -2,750 |
Other Current Assets | ' | ' | ' | ' | ' | -304 |
Goodwill, Written off Related to Sale of Business Unit | -7,323 | ' | -7,323 | ' | ' | ' |
Transaction and other costs | ' | ' | -4,239 | ' | -126 | ' |
Gain (Loss) on Divestiture | $78,934 | $886 | $82,349 | ' | $3,415 | ' |
Fair_Value_Measurement_Details
Fair Value Measurement (Details) (Measured on a Recurring Basis [Member], USD $) | Dec. 29, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Cash Equivalents and Short-Term Investments: | ' | ' |
US government treasuries and agencies securities | $120,594 | $87,379 |
Money market funds | 65,587 | 79,083 |
Corporate bonds | 0 | 0 |
International government bonds | 0 | 0 |
Bank deposits | 0 | 0 |
Municipal bonds | 0 | 0 |
Total assets measured at fair value | 186,181 | 166,462 |
Liabilities: | ' | ' |
Fair value of long term contingent consideration | 0 | 0 |
Total liabilities measured at fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Cash Equivalents and Short-Term Investments: | ' | ' |
US government treasuries and agencies securities | 0 | 0 |
Money market funds | 0 | 0 |
Asset-backed Securities Fair Value Disclosure | 16,128 | 9,855 |
Corporate bonds | 173,243 | 58,716 |
International government bonds | 3,023 | 3,066 |
Bank deposits | 17,205 | 16,583 |
Municipal bonds | 8,174 | 2,094 |
Total assets measured at fair value | 217,773 | 90,314 |
Liabilities: | ' | ' |
Fair value of long term contingent consideration | 0 | 0 |
Total liabilities measured at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Cash Equivalents and Short-Term Investments: | ' | ' |
US government treasuries and agencies securities | 0 | 0 |
Money market funds | 0 | 0 |
Corporate bonds | 0 | 0 |
International government bonds | 0 | 0 |
Bank deposits | 0 | 0 |
Municipal bonds | 0 | 0 |
Total assets measured at fair value | 0 | 0 |
Liabilities: | ' | ' |
Fair value of long term contingent consideration | ' | 6,695 |
Total liabilities measured at fair value | 1,880 | 6,695 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Cash Equivalents and Short-Term Investments: | ' | ' |
US government treasuries and agencies securities | 120,594 | 87,379 |
Money market funds | 65,587 | 79,083 |
Asset-backed Securities Fair Value Disclosure | 16,128 | 9,855 |
Corporate bonds | 173,243 | 58,716 |
International government bonds | 3,023 | 3,066 |
Bank deposits | 17,205 | 16,583 |
Municipal bonds | 8,174 | 2,094 |
Total assets measured at fair value | 403,954 | 256,776 |
Liabilities: | ' | ' |
Fair value of long term contingent consideration | 1,880 | 6,695 |
Total liabilities measured at fair value | $1,880 | $6,695 |
Fair_Value_Measurement_Details1
Fair Value Measurement (Details 1) (Contingent Consideration [Member], USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Dec. 29, 2013 |
Contingent Consideration [Member] | ' |
Change in fair value of Level 3 liability | ' |
Balance as of March 31, 2013 | $6,695 |
Payments | -5,033 |
Balance as of December 29, 2013 | $1,880 |
Investments_Details
Investments (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 29, 2013 | Mar. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value | $333,670 | $166,333 |
U.S. government treasuries and agencies securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 120,575 | 87,356 |
Gross Unrealized Gains | 85 | 24 |
Gross Unrealized Losses | -66 | -1 |
Estimated Fair Value | 120,594 | 87,379 |
Money market funds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 65,587 | 79,083 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 65,587 | 79,083 |
Asset-backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 16,129 | 9,860 |
Gross Unrealized Gains | 6 | 2 |
Gross Unrealized Losses | -7 | -7 |
Estimated Fair Value | 16,128 | 9,855 |
Corporate bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 173,092 | 58,733 |
Gross Unrealized Gains | 272 | 33 |
Gross Unrealized Losses | -121 | -50 |
Estimated Fair Value | 173,243 | 58,716 |
International government bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 3,037 | 3,069 |
Gross Unrealized Gains | 0 | 1 |
Gross Unrealized Losses | -14 | -4 |
Estimated Fair Value | 3,023 | 3,066 |
Bank deposits [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 17,205 | 16,583 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 17,205 | 16,583 |
Municipal bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 8,217 | 2,089 |
Gross Unrealized Gains | 9 | 5 |
Gross Unrealized Losses | -52 | 0 |
Estimated Fair Value | 8,174 | 2,094 |
Total available-for-sale investments [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 403,842 | 256,773 |
Gross Unrealized Gains | 372 | 65 |
Gross Unrealized Losses | -260 | -62 |
Estimated Fair Value | 403,954 | 256,776 |
Less amounts classified as cash equivalents [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | -70,284 | -90,443 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | -70,284 | -90,443 |
Short-term investments [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 333,558 | 166,330 |
Gross Unrealized Gains | 372 | 65 |
Gross Unrealized Losses | -260 | -62 |
Estimated Fair Value | $333,670 | $166,333 |
Investments_Details_1
Investments (Details 1) (USD $) | Dec. 29, 2013 |
In Thousands, unless otherwise specified | |
Amortized Cost | ' |
Due in 1 year or less | $96,079 |
Due in 1-2 years | 134,004 |
Due in 2-5 years | 173,759 |
Total investments in available-for-sale securities | 403,842 |
Estimated Fair Value | ' |
Due in 1 year or less | 96,078 |
Due in 1-2 years | 134,087 |
Due in 2-5 years | 173,789 |
Total investments in available-for-sale securities | $403,954 |
Investments_Details_2
Investments (Details 2) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 29, 2013 | Mar. 31, 2013 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ' | ' |
Fair Value Less than 12 months | $115,140 | $42,813 |
Unrealized Loss Less than 12 months | -260 | -62 |
Fair Value 12 months or Greater | 0 | 0 |
Unrealized Loss 12 months or Greater | 0 | 0 |
Fair Value Total | 115,140 | 42,813 |
Unrealized Loss Total | -260 | -62 |
Corporate bonds [Member] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ' | ' |
Fair Value Less than 12 months | 64,794 | 32,009 |
Unrealized Loss Less than 12 months | -121 | -50 |
Fair Value 12 months or Greater | 0 | 0 |
Unrealized Loss 12 months or Greater | 0 | 0 |
Fair Value Total | 64,794 | 32,009 |
Unrealized Loss Total | -121 | -50 |
Asset-backed Securities [Member] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ' | ' |
Fair Value Less than 12 months | 9,806 | 6,473 |
Unrealized Loss Less than 12 months | -7 | -7 |
Fair Value Total | 9,806 | 6,473 |
Unrealized Loss Total | -7 | -7 |
U.S. government treasuries and agencies securities [Member] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ' | ' |
Fair Value Less than 12 months | 32,500 | 3,324 |
Unrealized Loss Less than 12 months | -66 | -1 |
Fair Value 12 months or Greater | 0 | 0 |
Unrealized Loss 12 months or Greater | 0 | 0 |
Fair Value Total | 32,500 | 3,324 |
Unrealized Loss Total | -66 | -1 |
Municipal bonds [Member] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ' | ' |
Fair Value Less than 12 months | 5,017 | ' |
Unrealized Loss Less than 12 months | -52 | ' |
Fair Value Total | 5,017 | ' |
Unrealized Loss Total | -52 | ' |
International government bonds [Member] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ' | ' |
Fair Value Less than 12 months | 3,023 | 1,007 |
Unrealized Loss Less than 12 months | -14 | -4 |
Fair Value 12 months or Greater | ' | 0 |
Unrealized Loss 12 months or Greater | 0 | 0 |
Fair Value Total | 3,023 | 1,007 |
Unrealized Loss Total | ($14) | ($4) |
StockBased_Employee_Compensati2
Stock-Based Employee Compensation (Details Textual) (USD $) | 9 Months Ended | |
Dec. 29, 2013 | Mar. 31, 2013 | |
Employee Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Original number of shares of reserved for issuance | 9,000,000 | ' |
Limit of fair market value any one employee can purchase per year | $25,000 | ' |
Increase in shares available after amendment | 5,000,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 14,000,000 | ' |
Performance Shares [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 and Expected to Vest, Outstanding, Number | 700,000 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 3,000,000 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '1 year 6 months 15 days | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 857,000 | 744,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | '1 year 5 months 16 days | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested and Expected to Vest, Outstanding, Intrinsic Value | 6,600,000 | ' |
Restricted Stock Units (RSUs) [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 and Expected to Vest, Outstanding, Number | 2,400,000 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 9,300,000 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '1 year 7 months 3 days | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 2,929,000 | 2,591,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | '1 year 5 months 9 days | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested and Expected to Vest, Outstanding, Intrinsic Value | 24,000,000 | ' |
Employee Stock Option [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 2,300,000 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '1 year 2 months 20 days | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 6,800,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $7.23 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | '3 years 5 months 9 days | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 20,800,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 4,679,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $7.34 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | '2 years 6 months 22 days | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $14,200,000 | ' |
2004 Equity Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Common Stock, Capital Shares Reserved for Future Issuance | 9,600,000 | ' |
StockBased_Employee_Compensati3
Stock-Based Employee Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $3,368 | $2,774 | $10,845 | $9,306 |
Cost of revenue [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 403 | 295 | 1,128 | 850 |
Research and development [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 1,544 | 1,385 | 4,241 | 3,968 |
Selling, general and administrative [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 1,252 | 940 | 4,969 | 3,537 |
Discontinued Operations [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $169 | $154 | $507 | $951 |
StockBased_Employee_Compensati4
Stock-Based Employee Compensation (Details 1) (Employee Stock Option [Member], USD $) | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 29, 2013 | Mar. 31, 2013 | |
Employee Stock Option [Member] | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 7,300 | 12,817 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $7.22 | $7.12 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 1,596 | ' | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $7.98 | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | -4,078 | [1] | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $5.97 | [1] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | -3,035 | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $8.87 | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 4,679 | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $7.34 | ' | |
[1] | Upon exercise, the Company issues new shares of common stock. |
StockBased_Employee_Compensati5
Stock-Based Employee Compensation (Details 2) (Restricted Stock Units (RSUs) [Member], USD $) | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 29, 2013 | Mar. 31, 2013 |
Restricted Stock Units (RSUs) [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, Nonvested, Number | 2,929 | 2,591 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $7.23 | $6.26 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,975 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $7.91 | ' |
Released | -866 | ' |
Released RSU's | $6.16 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | -771 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $6.92 | ' |
StockBased_Employee_Compensati6
Stock-Based Employee Compensation (Details 3) (Performance Shares [Member], USD $) | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 29, 2013 | Mar. 31, 2013 |
Performance Shares [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, Nonvested, Number | 857 | 744 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $7.79 | $7.50 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 491 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $8.46 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | -378 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $8.07 | ' |
ShareBased_Employee_Compensati
Share-Based Employee Compensation (Details 4) (Employee Stock [Member], USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 29, 2013 |
Employee Stock [Member] | ' |
Number of shares issued | 952 |
Average issuance price | $6.86 |
Number of shares available at December 29, 2013 | 5,274 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 0 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Oct. 23, 2013 | Dec. 29, 2013 | Dec. 30, 2012 |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | $150 | ' | ' |
Number of shares repurchased | ' | 2 | 0 |
Treasury Stock, Value, Acquired, Cost Method | ' | 20.4 | ' |
Share repurchase program, amount available for future purchase | ' | $129.60 | ' |
Balance_Sheet_Detail_Details
Balance Sheet Detail (Details) (USD $) | Dec. 29, 2013 | Mar. 31, 2013 | Dec. 29, 2013 | Mar. 31, 2013 | Dec. 29, 2013 | Mar. 31, 2013 | Dec. 29, 2013 | Mar. 31, 2013 | Dec. 29, 2013 | Dec. 30, 2012 | ||
Land [Member] | Land [Member] | Machinery and Equipment [Member] | Machinery and Equipment [Member] | Building and Leasehold Improvements [Member] | Building and Leasehold Improvements [Member] | HSC [Member] | PCI Express [Member] | |||||
Inventories, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Raw materials | $6,619,000 | $7,008,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Work-in-process | 21,723,000 | 24,123,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Finished goods | 24,990,000 | 25,424,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total inventories, net | 53,332,000 | 56,555,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Assets Held-for-sale, Long Lived | ' | ' | ' | ' | ' | ' | ' | ' | 2,900,000 | 1,300,000 | ||
Property, pant and equipment, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Property, plant and equipment, gross | 351,368,000 | 356,997,000 | 11,771,000 | 11,832,000 | 290,839,000 | 296,174,000 | 48,758,000 | 48,991,000 | ' | ' | ||
Less: accumulated depreciation | -279,652,000 | -282,009,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total property, plant and equipment, net | 71,716,000 | [1] | 74,988,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' |
Other accrued liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Contingent consideration, Current | 817,000 | [2] | 407,000 | [2] | ' | ' | ' | ' | ' | ' | ' | ' |
Other Accrued Liabilities, Current | 9,829,000 | [3] | 14,245,000 | [3] | ' | ' | ' | ' | ' | ' | ' | ' |
Total other accrued liabilities | 10,646,000 | 14,652,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Other long-term obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Deferred compensation related liabillities | 14,514,000 | 14,615,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Other | 5,025,000 | 7,407,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total other long-term liabilities | $19,539,000 | $22,022,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | As of December 29, 2013, includes $2.9 million in net fixed assets held for sale associated with the divestiture of IDT’s HSC business. See Note 4 for additional information on this event. As of December 30, 2012, includes $1.3 million in fixed assets held for sale associated with the sale of certain assets of IDT's PCI Express enterprise flash controller business which was completed on July 12, 2013. See Note 5 for additional information on this event. | |||||||||||
[2] | Supplier obligations represent payments due under various software design tool and technology license agreements. | |||||||||||
[3] | Other current liabilities consist primarily of acquisition related accrued contingent liabilities, accrued royalties and outside commissions, accrued severance costs and other accrued unbilled expenses. |
Deferred_Income_on_Shipments_t2
Deferred Income on Shipments to Distributors (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 29, 2013 | Mar. 31, 2013 |
Deferred Revenue Disclosure [Abstract] | ' | ' |
Gross deferred revenue | $16,334 | $17,581 |
Gross deferred costs | -2,960 | -3,042 |
Deferred income on shipments to distributors | $13,374 | $14,539 |
Discount from list price billed to the customer (in hundredths) | 28.00% | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Mar. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $1,970 | ' | $1,970 | ' | $1,563 |
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 107 | ' | 107 | ' | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities | -81 | ' | -81 | ' | -77 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 1,996 | ' | 1,996 | ' | 1,486 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | -134 | 112 | 407 | 837 | ' |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax | ' | ' | 130 | ' | ' |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | 218 | 8 | 107 | 8 | ' |
Other comprehensive income (loss) before reclassifications | ' | ' | 537 | ' | ' |
Amounts reclassified out of AOCI | ' | ' | -27 | ' | ' |
Actuarial loss on post-employment and post-retirement benefit plans, net of tax | -1 | 0 | -4 | 0 | ' |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 83 | 120 | 510 | 845 | ' |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | ' | ' | 107 | ' | ' |
Amounts reclassified out of AOCI | ' | ' | -23 | ' | ' |
Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' |
Amounts reclassified out of AOCI | ' | ' | -4 | ' | ' |
Actuarial loss on post-employment and post-retirement benefit plans, net of tax | ' | ' | 0 | ' | ' |
Accumulated Translation Adjustment [Member] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | ' | ' | $407 | ' | ' |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets, Net (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Sep. 29, 2013 |
Minimum [Member] | Maximum [Member] | Communications [Member] | Computing and Consumer [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Impairment Loss | ' | ' | $2,161 | ' | ' | ' | $2,161 | ' |
Goodwill, Written off Related to Sale of Business Unit | ' | ' | 7,323 | ' | ' | ' | ' | 7,323 |
Goodwill, Period Increase (Decrease) | ' | ' | 204 | ' | ' | ' | 204 | ' |
Finite-Lived Intangible Assets, Amortization Expense | $4,200 | $4,700 | $12,794 | $15,144 | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | '12 months | '7 years | ' | ' |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets, Net (Details) (USD $) | 9 Months Ended | 9 Months Ended | 3 Months Ended | |||
Dec. 29, 2013 | Mar. 31, 2013 | Dec. 29, 2013 | Sep. 29, 2013 | Dec. 29, 2013 | Mar. 31, 2013 | |
Communications [Member] | Computing and Consumer [Member] | Computing and Consumer [Member] | Computing and Consumer [Member] | |||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' |
Goodwill, Impaired, Accumulated Impairment Loss | $922,600,000 | $920,400,000 | ' | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' | ' | ' | ' |
Balance as of March 31, 2013 | 144,924,000 | ' | 124,205,000 | ' | 13,396,000 | 20,719,000 |
Asset Impairment Charges | -2,161,000 | ' | -2,161,000 | ' | ' | ' |
Goodwill, Written off Related to Sale of Business Unit | -7,323,000 | ' | ' | -7,323,000 | ' | ' |
Goodwill, Period Increase (Decrease) | 204,000 | ' | 204,000 | ' | ' | ' |
Balance as of December 29, 2013 | $135,644,000 | ' | $122,248,000 | ' | $13,396,000 | $20,719,000 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets, Net (Details 1) (USD $) | Dec. 29, 2013 | Mar. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Gross assets | $384,172 | $384,172 | ||
Finite-lived asset impairment | -2,635 | ' | ||
Accumulated amortization | -348,364 | -335,570 | ||
Net assets | 33,173 | 48,602 | ||
Existing Technology [Member] | ' | ' | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Gross assets | 241,197 | 241,197 | ||
Finite-lived asset impairment | -1,915 | ' | ||
Accumulated amortization | -211,843 | -203,129 | ||
Net assets | 27,439 | 38,068 | ||
Trademarks [Member] | ' | ' | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Gross assets | 4,411 | 4,411 | ||
Accumulated amortization | -2,705 | -2,018 | ||
Net assets | 1,706 | 2,393 | ||
Customer Relationships [Member] | ' | ' | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Gross assets | 131,931 | 131,931 | ||
Finite-lived asset impairment | -395 | ' | ||
Accumulated amortization | -130,758 | -128,107 | ||
Net assets | 778 | 3,824 | ||
Order or Production Backlog [Member] | ' | ' | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Gross assets | 1,600 | 1,600 | ||
Accumulated amortization | -1,600 | -1,509 | ||
Net assets | 0 | 91 | ||
Noncompete Agreements [Member] | ' | ' | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Gross assets | 2,600 | 2,600 | ||
Finite-lived asset impairment | -325 | ' | ||
Accumulated amortization | -1,458 | -807 | ||
Net assets | 817 | 1,793 | ||
Subtotal [Member] | ' | ' | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Gross assets | 381,739 | 381,739 | ||
Finite-lived asset impairment | -2,635 | ' | ||
Accumulated amortization | -348,364 | -335,570 | ||
Net assets | 30,740 | 46,169 | ||
In Process Research and Development [Member] | ' | ' | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Gross assets | 2,433 | [1] | 2,433 | [1] |
Accumulated amortization | 0 | [1] | 0 | [1] |
Net assets | $2,433 | [1] | $2,433 | [1] |
[1] | IPR&D is initially capitalized at fair value as an intangible asset with an indefinite life and assessed for impairment thereafter. When the IPR&D project is complete, it is reclassified as an amortizable purchased intangible asset and is amortized over its estimated useful life. If an IPR&D project is abandoned, the Company will record a charge for the carrying value of the related intangible asset to its Consolidated Statements of Operations in the period it is abandoned. |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets, Net (Details 2) (USD $) | Dec. 29, 2013 |
In Thousands, unless otherwise specified | |
Estimated amortization expense [Abstract] | ' |
2014 (Remaining 3 months) | $3,322 |
2015 | 9,657 |
2016 | 6,087 |
2017 | 4,712 |
2018 and thereafter | 328 |
Subtotal [Member] | ' |
Estimated amortization expense [Abstract] | ' |
Finite-Lived Intangible Assets Estimated Amortizaiton Expense | $24,106 |
Restructuring_Details_textual
Restructuring (Details textual) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||
Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Dec. 29, 2013 | Mar. 31, 2013 | Mar. 07, 2013 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2013 | |
Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Smart Meter business [Member] | ||||||
Employee Severance [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve | $789,000 | ' | ' | $789,000 | $1,662,000 | ' | ' | ' | ' | ' | ' |
Restructuring Reserve, Settled with Cash | ' | ' | ' | 6,110,000 | ' | ' | 3,800,000 | 800,000 | 1,100,000 | 3,200,000 | 400,000 |
Restructuring Costs | 300,000 | 4,500,000 | 400,000 | ' | 4,300,000 | ' | ' | ' | ' | ' | ' |
Restructuring Charges | ' | ' | ' | $5,237,000 | ' | $400,000 | ' | ' | ' | ' | ' |
Restructuring and Related Cost, Number of Positions Eliminated | ' | 90 | 15 | ' | 132 | ' | ' | ' | ' | ' | ' |
Restructuring_Details
Restructuring (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Dec. 29, 2013 |
Restructuring Reserve [Roll Forward] | ' |
Balance as of March 31, 2013 | $1,662 |
Provision | 5,237 |
Cash payments | -6,110 |
Balance as of December 29, 2013 | $789 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 29, 2013 | Mar. 31, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Standard Warranty Period | '1 year | ' |
Extended Warranty Period | '2 years | ' |
Total warranty accrual | $0.60 | $0.20 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 9 Months Ended | |||||||
In Millions, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Mar. 31, 2013 | Dec. 29, 2013 | Mar. 31, 2013 | Dec. 29, 2013 | Mar. 31, 2013 |
November 2000Plan [Member] | November 2000Plan [Member] | Plan adopted from acquisition [Member] | Plan adopted from acquisition [Member] | Fox Enterprises [Member] | Fox Enterprises [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | $1.60 | $1.90 | ' | ' | ' | ' | ' | ' |
Participant balances percent vested | 100.00% | ' | ' | ' | ' | ' | ' | ' |
Deferred compensation plan obligations | ' | ' | 14.5 | 14.6 | ' | ' | ' | ' |
Deferred compensation plan assets | ' | ' | 16 | 17 | 0.7 | 0.7 | ' | ' |
Deferred Compensation Liability, Current and Noncurrent | ' | ' | ' | ' | ' | ' | 1.6 | 1.6 |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | $1.50 | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Income tax provision (benefit) | $543 | $265 | $661 | ($3,768) |
Segment_Information_Details_te
Segment Information (Details textual) (Sales Revenue, Goods, Net [Member], Customer Concentration Risk [Member]) | 9 Months Ended | |
Dec. 29, 2013 | Dec. 30, 2012 | |
Distributors | Distributors | |
Revenue, Major Customer [Line Items] | ' | ' |
Concentration Risk, Number of Significant Customers | 1 | 2 |
Maxtek [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Concentration Risk, Percentage | ' | 14.00% |
Uniquest [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Concentration Risk, Percentage | ' | 11.00% |
Avnet [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Concentration Risk, Percentage | 13.00% | ' |
Segment_Information_Details_te1
Segment Information (Details textual 1) (Accounts Receivable [Member], Customer Concentration Risk [Member]) | 9 Months Ended | 12 Months Ended |
Dec. 29, 2013 | Mar. 31, 2013 | |
Distributors | Distributors | |
Segment Reporting Information [Line Items] | ' | ' |
Concentration Risk, Number of Significant Customers | 4 | 3 |
Significant Distributor 1 [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Customer Concentration Risk, Percentage | 15.00% | 15.00% |
Significant Distributor 2 [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Customer Concentration Risk, Percentage | 11.00% | 13.00% |
Significant Distributor 3 [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Customer Concentration Risk, Percentage | 11.00% | 11.00% |
Significant Distributor 4 [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Customer Concentration Risk, Percentage | 10.00% | ' |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues by segment | $124,628 | $114,277 | $366,139 | $376,673 |
Gain (Loss) on divestiture | -3,415 | 0 | 78,934 | 0 |
Income (loss) before income taxes from continuing operations | 17,882 | 159 | 106,912 | 4,412 |
Communications [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues by segment | 75,227 | 64,722 | 215,260 | 195,919 |
Income (loss) before income taxes from continuing operations | 29,087 | 20,337 | 73,103 | 60,280 |
Computing and Consumer [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues by segment | 49,401 | 49,555 | 150,879 | 180,754 |
Income (loss) before income taxes from continuing operations | -1,688 | -9,842 | -15,083 | -17,875 |
Unallocated expenses [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Amortization of Intangibles to Segments | -3,322 | -3,361 | -9,965 | -12,242 |
Inventory fair market value adjustment | 0 | 0 | 0 | -458 |
Gain (Loss) on divestiture | -3,415 | 0 | 78,934 | 0 |
Assets impairment | 265 | -527 | -3,779 | -409 |
Allocated Share-based Compensation Expense to a Segment | -3,169 | -2,636 | -10,309 | -9,241 |
Severance, retention and facility closure costs | -406 | -921 | -6,100 | -3,920 |
Acquisition-related costs and other | -21 | -2,460 | -729 | -10,129 |
Consulting expenses related to stockholder activities | 0 | 0 | 0 | -2,614 |
Deferred compensation plan expense (benefit) | 70 | -87 | 65 | -431 |
Proceeds from Life Insurance Policies | 0 | 0 | 0 | 2,313 |
Interest income and other, net | $481 | ($344) | $775 | ($862) |
Segment_Information_Details_1
Segment Information (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | $124,628 | $114,277 | $366,139 | $376,673 | ||||
Asia Pacific [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | 82,428 | 71,657 | 233,138 | 243,430 | ||||
Americas [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | 17,087 | [1] | 18,488 | [1] | 54,296 | [1] | 57,532 | [1] |
Japan [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | 11,072 | 9,982 | 31,211 | 32,326 | ||||
Europe [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | 14,041 | 14,150 | 47,494 | 43,385 | ||||
UNITED STATES | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | $16,900 | $17,600 | $50,200 | $54,100 | ||||
[1] | The revenues from the customers in the U.S. were $16.9 million and $17.6 million in the three months ended December 29, 2013 and December 30, 2012, respectively. The revenues from the customers in the U.S. were $50.2 million and $54.1 million in the nine months ended December 29, 2013 and December 30, 2012, respectively. |
Segment_Information_Details_2
Segment Information (Details 2) (USD $) | Dec. 29, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Property, Plant and Equipment by Geographic Area | $71,716 | $74,988 |
UNITED STATES | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Disclosure on Geographic Areas, Long-Lived Assets in Foreign Countries | 40,638 | 44,651 |
CANADA | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Disclosure on Geographic Areas, Long-Lived Assets in Foreign Countries | 4,909 | 5,188 |
MALAYSIA | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Disclosure on Geographic Areas, Long-Lived Assets in Foreign Countries | 20,528 | 21,379 |
All other countries [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Disclosure on Geographic Areas, Long-Lived Assets in Foreign Countries | $5,641 | $3,770 |