Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 29, 2015 | 15-May-15 | Sep. 28, 2014 |
Document Information [Abstract] | |||
Entity Registrant Name | INTEGRATED DEVICE TECHNOLOGY INC | ||
Entity Central Index Key | 703361 | ||
Current Fiscal Year End Date | -26 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $2,036 | ||
Entity Common Stock, Shares Outstanding | 148,354,809 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 29-Mar-15 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $116,945 | $91,211 |
Short-term investments | 438,115 | 362,604 |
Accounts receivable, net of allowances of $4,664 and $3,134 | 63,618 | 68,904 |
Inventories | 45,410 | 49,622 |
Income tax receivable | 405 | 195 |
Prepayments and other current assets | 15,636 | 12,839 |
Total current assets | 680,129 | 585,375 |
Property, plant and equipment, net | 65,508 | 69,827 |
Goodwill | 135,644 | 135,644 |
Acquisition-related intangible assets, net | 5,535 | 18,741 |
Deferred non-current tax assets | 735 | 762 |
Other assets | 26,108 | 20,611 |
Total assets | 913,659 | 830,960 |
Current liabilities: | ||
Accounts payable | 28,006 | 25,442 |
Accrued compensation and related expenses | 43,649 | 24,343 |
Deferred income on shipments to distributors | 15,694 | 14,006 |
Deferred tax liabilities | 1,401 | 1,346 |
Other accrued liabilities | 17,582 | 11,525 |
Total current liabilities | 106,332 | 76,662 |
Deferred tax liabilities | 1,121 | 1,494 |
Long-term income tax payable | 347 | 266 |
Other long-term liabilities | 17,605 | 18,683 |
Total liabilities | 125,405 | 97,105 |
Commitments and contingencies (Note 15) | 0 | 0 |
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; 148,414 and 149,996 shares outstanding at March 29, 2015 and March 30, 2014, respectively | 148 | 150 |
Additional paid-in capital | 2,510,868 | 2,467,341 |
Treasury stock at cost: 99,849 shares and 94,556 shares at March 29, 2015 and March 30, 2014, respectively | -1,100,546 | -1,021,301 |
Accumulated deficit | -620,035 | -713,944 |
Accumulated other comprehensive income (loss) | -2,181 | 1,609 |
Total stockholders' equity | 788,254 | 733,855 |
Total liabilities and stockholders' equity | $913,659 | $830,960 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for Receivables | $4,664 | $3,134 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized (in shares) | 10,000 | 10,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized (in shares) | 350,000 | 350,000 |
Common stock, shares outstanding (in shares) | 148,414 | 149,996 |
Treasury stock, at cost (in shares) | 99,849 | 94,556 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | |||
Revenues | $572,905 | $484,779 | $484,452 |
Cost of revenues | 227,601 | 211,877 | 214,728 |
Gross profit | 345,304 | 272,902 | 269,724 |
Operating expenses: | |||
Research and development | 127,688 | 140,799 | 159,471 |
Selling, general and administrative | 106,469 | 101,148 | 117,648 |
Total operating expenses | 234,157 | 241,947 | 277,119 |
Operating income (loss) | 111,147 | 30,955 | -7,395 |
Gain on divestitures, net | 0 | 78,632 | 7,986 |
Other-than-temporary impairment loss on investments | 0 | 0 | -1,708 |
Interest income and other, net | 4,791 | 2,707 | 1,708 |
Income before income taxes from continuing operations | 115,938 | 112,294 | 591 |
Income tax expense (benefit) | 1,357 | 981 | -2,120 |
Net income from continuing operations | 114,581 | 111,313 | 2,711 |
Discontinued operations: | |||
Gain from divestiture | 16,840 | 0 | 886 |
Loss from discontinued operations before income taxes | -37,237 | -22,938 | -23,653 |
Income tax expense | 275 | 11 | 116 |
Net loss from discontinued operations | -20,672 | -22,949 | -22,883 |
Net income (loss) | $93,909 | $88,364 | ($20,172) |
Basic net income per share - continuing operations (in dollars per share) | $0.77 | $0.74 | $0.02 |
Basic net loss per share - discontinued operations (in dollars per share) | ($0.14) | ($0.15) | ($0.16) |
Basic net income (loss) per share (in dollars per share) | $0.63 | $0.59 | ($0.14) |
Diluted net income per share - continuing operations (in dollars per share) | $0.74 | $0.73 | $0.02 |
Diluted net loss per share - discontinued operations (in dollars per share) | ($0.13) | ($0.15) | ($0.16) |
Diluted net income (loss) per share (in dollars per share) | $0.61 | $0.58 | ($0.14) |
Weighted average shares: | |||
Basic (shares) | 148,714 | 149,480 | 144,014 |
Diluted (shares) | 153,983 | 153,369 | 145,678 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||
Net income (loss) | $93,909 | $88,364 | ($20,172) |
Other comprehensive income (loss), net of tax: | |||
Currency translation adjustments, net of tax | -5,218 | -66 | 235 |
Change in net unrealized gain (loss) on investments, net of tax | 666 | 194 | -35 |
Actuarial gain (loss) on post-employment and post-retirement benefit plans, net of tax | 762 | -5 | -77 |
Total other comprehensive income (loss) | -3,790 | 123 | 123 |
Comprehensive income (loss) | $90,119 | $88,487 | ($20,049) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Cash flows provided by operating activities: | |||
Net income (loss) | $93,909 | $88,364 | ($20,172) |
Adjustments: | |||
Depreciation | 18,808 | 20,872 | 20,089 |
Amortization of intangible assets | 6,573 | 24,793 | 20,546 |
Asset impairment | 8,471 | 7,230 | 584 |
Gain from divestitures | -16,840 | -78,632 | -8,872 |
Stock-based compensation expense, net of amounts capitalized in inventory | 22,259 | 13,352 | 13,272 |
Other-than-temporary impairment loss on investments | 0 | 0 | 1,708 |
Deferred tax provision | -293 | -8 | -3,492 |
Changes in assets and liabilities (net of amounts acquired): | |||
Accounts receivable, net | 5,286 | -6,821 | 2,483 |
Inventories | 4,412 | 2,935 | 15,510 |
Prepayments and other assets | -2,337 | 4,348 | 15,921 |
Accounts payable | 2,314 | -144 | -3,163 |
Accrued compensation and related expenses | 19,306 | 1,847 | -6,933 |
Deferred income on shipments to distributors | 1,688 | -533 | -245 |
Income taxes payable and receivable | 90 | -888 | 929 |
Other accrued liabilities and long-term liabilities | 8,126 | -1,086 | -4,091 |
Net cash provided by operating activities | 171,772 | 75,629 | 44,074 |
Cash flows used in investing activities: | |||
Acquisitions, net of cash acquired | 0 | 0 | -68,341 |
Cash in escrow related to acquisitions | 1,026 | 6,000 | -7,816 |
Proceeds from divestitures | 15,300 | 96,299 | 14,237 |
Purchases of property, plant and equipment, net | -17,765 | -17,448 | -27,854 |
Purchases of non-marketable equity securities | -4,000 | 0 | 0 |
Purchases of short-term investments | -285,817 | -463,283 | -207,576 |
Proceeds from sales of short-term investments | 119,070 | 231,890 | 59,850 |
Proceeds from maturities of short-term investments | 90,344 | 34,422 | 171,709 |
Net cash used for investing activities | -81,842 | -112,120 | -65,791 |
Cash flows provided by (used for) financing activities: | |||
Proceeds from issuance of common stock | 21,067 | 46,066 | 17,395 |
Repurchase of common stock | -79,245 | -44,005 | 0 |
Payment of acquisition related contingent consideration | -1,600 | -5,130 | 0 |
Net cash provided by (used for) financing activities | -59,778 | -3,069 | 17,395 |
Effect of exchange rates on cash and cash equivalents | -4,418 | -66 | 235 |
Net increase (decrease) in cash and cash equivalents | 25,734 | -39,626 | -4,087 |
Cash and cash equivalents at beginning of period | 91,211 | 130,837 | |
Cash and cash equivalents at end of period | 116,945 | 91,211 | 130,837 |
Cash paid for: | |||
Interest | 26 | 22 | 1,374 |
Income taxes, net of refunds | 1,840 | 1,848 | -84 |
Non-cash investing activities: | |||
Additions to property, plant and equipment included in accounts payable | $473 | $223 | $523 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock and Additional Paid-In Capital | Treasury Stock | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) |
In Thousands, unless otherwise specified | |||||
Opening Balance at Apr. 01, 2012 | $619,388 | $2,377,457 | ($977,296) | ($782,136) | $1,363 |
Opening Balance (Shares) at Apr. 01, 2012 | 142,194 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | -20,172 | -20,172 | |||
Other comprehensive income (loss) | 123 | 123 | |||
Issuance of common stock | 17,395 | 17,395 | |||
Issuance of common stock (Shares) | 4,059 | ||||
Stock-based compensation expense | 13,292 | 13,292 | |||
Closing Balance at Mar. 31, 2013 | 630,026 | 2,408,144 | -977,296 | -802,308 | 1,486 |
Closing Balance (Shares) at Mar. 31, 2013 | 146,253 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 88,364 | 88,364 | |||
Other comprehensive income (loss) | 123 | 123 | |||
Issuance of common stock | 46,066 | 46,066 | |||
Issuance of common stock (Shares) | 7,873 | ||||
Repurchase of common stock | -44,005 | -44,005 | |||
Repurchase of common stock (in shares) | -4,130 | ||||
Stock-based compensation expense | 13,281 | 13,281 | |||
Closing Balance at Mar. 30, 2014 | 733,855 | 2,467,491 | -1,021,301 | -713,944 | 1,609 |
Closing Balance (Shares) at Mar. 30, 2014 | 149,996 | 149,996 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 93,909 | 93,909 | |||
Other comprehensive income (loss) | -3,790 | -3,790 | |||
Issuance of common stock | 21,067 | 21,067 | |||
Issuance of common stock (Shares) | 3,710 | ||||
Repurchase of common stock | -79,245 | -79,245 | |||
Repurchase of common stock (in shares) | -5,292 | ||||
Stock-based compensation expense | 22,458 | 22,458 | |||
Closing Balance at Mar. 29, 2015 | $788,254 | $2,511,016 | ($1,100,546) | ($620,035) | ($2,181) |
Closing Balance (Shares) at Mar. 29, 2015 | 148,414 | 148,414 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 29, 2015 | |
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 nearest to March 31. Fiscal 2015 included 52 weeks and ended on March 29, 2015. Fiscal 2014 included 52 weeks and ended on March 30, 2014 and fiscal 2013 included 52 weeks and ended on March 31, 2013. | |
Principles of Consolidation. The 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. | |
Cash and Cash Equivalents. Cash equivalents are highly liquid investments with remaining maturities of three months or less at the time of purchase. | |
Investments | |
Available-for-Sale Investments. Investments designated as available-for-sale include marketable debt and equity securities. Available-for-sale investments are classified as short-term, as these investments generally consist of highly marketable securities that are intended to be available to meet near-term cash requirements. Marketable securities classified as available-for-sale are reported at market value, with net unrealized gains or losses recorded in accumulated other comprehensive income (loss), a separate component of stockholders' equity, until realized. Realized gains and losses on investments are computed based upon specific identification, are included in interest income and other, net and have not been significant for all periods presented. | |
Non-Marketable Equity Securities. Non-marketable equity securities are accounted for at historical cost or, if the Company has significant influence over the investee, using the equity method of accounting. | |
Other-Than-Temporary Impairment. All of the Company’s available-for-sale investments and non-marketable equity securities 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. This determination requires significant judgment. For publicly traded investments, impairment is determined based upon the specific facts and circumstances present at the time, including a review of the closing price over the previous six months, general market conditions and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for recovery. For non-marketable equity securities, the impairment analysis requires the identification of events or circumstances that would likely have a significant adverse effect on the fair value of the investment, including revenue and earnings trends, overall business prospects and general market conditions in the investees’ industry or geographic area. Investments identified as having an indicator of impairment are subject to further analysis to determine if the investment is other-than-temporarily impaired, in which case the investment is written down to its impaired value. | |
Inventories. Inventories are recorded at the lower of standard cost (which approximates actual cost on a first-in, first-out basis) or market value. Inventory held at consignment locations is included in finished goods inventory as the Company retains full title and rights to the product. Inventory valuation includes provisions for excess and obsolete inventory based on management’s forecasts of demand over specific future time horizons and reserves to value the Company's inventory at the lower of cost or market which rely on forecasts of average selling prices (ASPs) in future periods. | |
Property, Plant and Equipment. Property, plant and equipment are stated at cost. Property, plant and equipment acquired in conjunction with mergers or acquisitions are stated at estimated fair value at the time of acquisition. For financial reporting purposes, depreciation is computed using the straight-line method over estimated useful lives of the assets. Estimated useful lives for major asset categories are as follows: machinery and equipment, 3 to 5 years; and buildings and improvements, 10 to 30 years. Leasehold improvements are amortized over the shorter of the estimated useful lives of the assets or the remaining term of the lease. | |
Long-Lived Assets and Goodwill. The carrying values of long-lived assets, including purchased intangibles are evaluated whenever events or circumstances indicate that the carrying values may not be recoverable. If estimated undiscounted cash flows are not sufficient to recover the carrying values, the affected assets are considered impaired and are written down to their estimated fair value, which is generally determined on the basis of discounted cash flows or outside appraisals. | |
The Company tests for impairment of goodwill and other indefinite-lived assets on an annual basis, or more frequently if indicators of impairment are present. These tests are performed at the reporting unit level using a two-step, fair-value based approach. The first step, used to determine if impairment possibly exists, is to compare the carrying amount of a reporting unit, including goodwill, to its fair value. If the carrying amount of the reporting unit exceeds the fair value, the second step is to measure the amount of impairment loss by comparing the implied fair value of reporting unit goodwill with the carrying amount of that goodwill. | |
Income Taxes. The Company accounts for income taxes under an asset and liability approach that requires the expected future tax consequences of temporary differences between book and tax bases of assets and liabilities be recognized as deferred tax assets and liabilities. Generally accepted accounting principles require the Company to evaluate the ability to realize the value of its net deferred tax assets on an ongoing basis. A valuation allowance is recorded to reduce the net deferred tax assets to an amount that will more likely than not be realized. Accordingly, the Company considers various tax planning strategies, forecasts of future taxable income, and recent operating results in assessing the need for a valuation allowance. Since the fourth quarter of fiscal 2003, the Company has determined that, under applicable accounting principles, it is more likely than not that the Company will not realize the value of its net deferred tax assets. The Company continues to maintain a valuation allowance to reduce its deferred tax assets to an amount that is more likely than not to be realized. However, given the continued improvement in the Company's operations combined with certain tax strategies, the Company believes that there is a reasonable possibility that within the next 12 months, sufficient positive evidence may become available to allow the Company to reach a conclusion that a significant portion of the valuation allowance will no longer be needed. Release of the valuation allowance would result in the recognition of certain deferred tax assets and a decrease to income tax expense for the period the release is recorded. The exact timing and amount of the valuation allowance release are subject to change on the basis of the level of profitability that the Company is able to actually achieve. | |
The Company recognizes the tax liabilities for uncertain income tax positions taken on the income tax return based on the two-step process prescribed under U.S. GAAP. The first step is to determine whether it is more likely than not that each income tax position would be sustained upon audit. The second step is to estimate and measure the tax benefit as the amount that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority. Estimating these amounts requires the Company to determine the probability of various possible outcomes. The Company evaluates these uncertain tax positions on a quarterly basis. This evaluation is based on the consideration of several factors including changes in facts or circumstances, changes in applicable tax law, settlement of issues under audit, and new exposures. If the Company later determines that the exposure is lower or that the liability is not sufficient to cover its revised expectations, the Company adjusts the liability and effect a related change in its tax provision during the period in which the Company makes such determination. | |
Revenue Recognition. The Company’s revenue results from semiconductor products sold through three channels: direct sales to original equipment manufacturers (OEMs) and electronic manufacturing service providers (EMSs), consignment sales to OEMs and EMSs, and sales through distributors. The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable, and its ability to collect is reasonably assured. | |
Distributors who serve our customers worldwide and distributors who serve our customers in the U.S. and Europe regions, who have stock rotation, price protection and ship from stock pricing adjustment rights, the Company defers revenue and related cost of revenues on sales to these distributors until the product is sold through by the distributor to an end-customer. Subsequent to shipment to the distributor, the Company may reduce product pricing through price protection based on market conditions, competitive considerations and other factors. Price protection is granted to distributors on the inventory that they have on hand at the date the price protection is offered. The Company also grants certain credits to its distributors on specifically identified portions of the distributors’ business to allow them to earn a competitive gross margin on the sale of the Company’s products to their end customers. As a result of its inability to estimate these credits, the Company has determined that the sales price to these distributors is not fixed or determinable until the final sale to the end-customer. | |
In the Asia Pacific region and Japan, the Company has distributors for which revenue is recognized upon shipment, with reserves recorded for the estimated return and pricing adjustment exposures. The determination of the amount of reserves to be recorded for stock rotation rights requires the Company to make estimates as to the amount of product which will be returned by customers within their limited contractual rights. The Company utilizes historical return rates to estimate the exposure. In addition, on occasion, the Company can offer pricing adjustments to distributors for product purchased in a given quarter that remains in their inventory. These amounts are estimated by management based on discussions with customers, assessment of market trends, as well as historical practice. | |
Shipping and Handling Costs. The Company includes shipping and handling costs billed to customers in revenues. The Company’s shipping and handling costs are included in cost of revenues. | |
Stock-based Compensation. The fair value of employee restricted stock units is equal to the market value of the Company’s common stock on the date the award is granted. For performance-based restricted stock units, the Company is required to assess the probability of achieving certain financial objectives at the end of each reporting period. Based on the assessment of this probability, which requires subjective judgment, the Company records stock-based compensation expense before the performance criteria are actually fully achieved, which may then be reversed in future periods if the Company determines that it is no longer probable that the objectives will be achieved. The expected cost of each award is reflected over the performance period and is reduced for estimated forfeitures. For restricted stock units which are subject to a market condition, compensation cost is recognized regardless of whether the market condition is satisfied, provided that the requisite service period has been provided. The market condition is considered in the estimate of fair value using a method that incorporates the possibility that the market condition may not be satisfied. | |
The Company estimates the fair value of employee stock options and the right to purchase shares under the employee stock purchase plan using the Black-Scholes valuation model, consistent with the FASB’s authoritative guidance for share-based payments. Option-pricing models require the input of highly subjective assumptions, including the expected term of options and the expected price volatility of the stock underlying such options. In addition, the Company is required to estimate the number of stock-based awards that will be forfeited due to employee turnover and true up these forfeiture rates when actual results are different from the Company's estimates. The Company attributes the value of stock-based compensation to expense on an accelerated method. Finally, the Company capitalizes into inventory a portion of the periodic stock-based compensation expense that relates to employees working in manufacturing activities. | |
The Company updates the expected term of stock option grants annually based on its analysis of the stock option exercise behavior over a period of time. The interest rate used in the Black-Scholes valuation model to value the stock option is based on the average U.S. Treasury interest rate over the expected term during the applicable quarter. The Company believes that the implied volatility of its common stock is an important consideration of overall market conditions and a good indicator of the expected volatility of its common stock. However, due to the limited volume of options freely traded over the counter, the Company believes that implied volatility, by itself, is not representative of the expected volatility of its common stock. Therefore, the Company's volatility factor used to estimate the fair value of its stock-based awards reflects a blend of historical volatility of its common stock and implied volatility of call options and dealer quotes on call options, generally having a term of less than twelve months. The Company has not paid, nor does it have current plans to pay dividends on its common stock in the foreseeable future. | |
The Company uses the “with and without” approach in determining the order in which tax attributes are utilized. As a result, the Company recognizes a tax benefit from stock-based awards in additional paid-in capital only if an incremental tax benefit is realized after all other tax attributes currently available to the Company have been utilized. In addition, the Company accounts for the indirect effects of stock-based awards on other tax attributes, such as the research tax credit, through the Consolidated Statements of Operations. | |
Comprehensive Income (Loss). Comprehensive income (loss) is comprised of net income (loss) and unrealized gains and losses on available-for-sale securities and foreign exchange contracts and changes in pension assets and liabilities. Accumulated other comprehensive income (loss), as presented on the consolidated balance sheets, consists of net unrealized gains and losses on available-for-sale securities and foreign currency translation adjustments, and changes in pension assets and liabilities, net of tax. | |
Pensions and Other Post-retirement Plans. The Company, through its actuaries, utilizes assumptions when estimating the liabilities for pension and other employee benefit plans. These assumptions, where applicable, include the discount rates used to determine the actuarial present value of projected benefit obligations, the rate of increase in future compensation levels, the long-term rate of return on assets and the growth in health care costs. The cost of these benefits is recognized in the Consolidated Financial Statements over an employee’s term of service with the Company, and the accrued benefits are reported as other long-term liabilities on the Consolidated Balance Sheets. | |
Translation of Foreign Currencies. For subsidiaries in which the functional currency is the local currency, gains and losses resulting from translation of foreign currency financial statements into U.S. dollars are recorded as a component of accumulated other comprehensive income (loss). For subsidiaries where the functional currency is the U.S. dollar, gains and losses resulting from the process of remeasuring foreign currency financial statements into U.S. dollars are included in interest income and other, net and have not been significant for all periods presented. | |
Certain Risk and Concentrations. The Company's most significant potential exposure to credit concentration risk includes debt-security investments, foreign exchange contracts and trade accounts receivable. The Company’s investment policy addresses sector and industry concentrations, credit ratings and maturity dates. The Company invests its excess cash primarily in highly-rated money market and short-term debt instruments, diversifies its investments and, by policy, invests only in highly-rated securities to minimize credit risk. | |
The Company sells integrated circuits to OEMs, distributors and EMSs primarily in the U.S., Europe, Japan and APAC. The Company monitors the financial condition of its major customers, including performing credit evaluations of those accounts which management considers to be high risk, and generally does not require collateral from its customers. When deemed necessary, the Company may limit the credit extended to certain customers. The Company’s relationship with the customer, and the customer’s past and current payment experience, are also factored into the evaluation in instances in which limited financial information is available. The Company maintains an allowance for doubtful accounts for probable credit losses, including reserves based upon a percentage of total receivables. When the Company becomes aware that a specific customer may default on its financial obligation, a specific amount, which takes into account the level of risk and the customer’s outstanding accounts receivable balance, is reserved. These reserved amounts are classified within selling, general and administrative expenses. Write-offs of accounts receivable balances were not significant in each of the three fiscal years presented. | |
Sales through a distributor, Uniquest, represented approximately 16% and 10%, of the Company's revenues in fiscal 2015 and 2013, respectively. Sales through a distributor, Avnet and its affiliates, represented approximately 11%, 12% and 10% of the Company’s revenues in fiscal 2015, 2014 and 2013, respectively. Sales through a distributor, Maxtek and its affiliates, represented approximately 13% of the Company’s revenues in fiscal 2013. As of March 29, 2015, two distributors represented approximately 11% and 10%, respectively of the Company's account receivable. As of March 30, 2014, two distributors represented approximately 15% and 14%, respectively, of the Company's account receivable. | |
For foreign exchange contracts, the Company manages its potential credit exposure primarily by restricting transactions with only high-credit quality counterparties. | |
The semiconductor industry is characterized by rapid technological change, competitive pricing pressures, and cyclical market patterns. The Company's results of operations are affected by a wide variety of factors, including general economic conditions, both at home and abroad; economic conditions specific to the semiconductor industry; demand for the Company's products; the timely introduction of new products; implementation of new manufacturing technologies; manufacturing capacity; the availability and cost of materials and supplies; competition; the ability to safeguard patents and intellectual property in a rapidly evolving market; and reliance on assembly and manufacturing foundries, independent distributors and sales representatives. As a result, the Company may experience substantial period-to-period fluctuations in future operating results due to the factors mentioned above or other factors. | |
Product Warranty. The Company maintains a reserve for obligations it incurs under its product warranty program. The standard warranty period offered is one year, though in certain instances the warranty period may be extended to as long as two years. Management estimates the fair value of its 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 program. | |
Recent Accounting Pronouncements | |
Accounting Pronouncements Recently Adopted | |
In February 2013, the Financial Accounting Standards Board (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 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. The Company adopted this guidance in the first quarter of fiscal 2015 and the adoption did not have a significant impact on the Company's consolidated financial statements. | |
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. The Company adopted this guidance in the first quarter of fiscal 2015 and the adoption did not have a significant impact on the Company's consolidated financial statements. | |
In July 2013, FASB issued an Accounting Standards Update (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 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, for the Company, is the first quarter of fiscal 2015. The Company has historically accounted for its unrecognized tax benefits in accordance with this guidance and as such, adoption of this guidance had no impact on its consolidated financial statements. | |
Accounting Pronouncements Not Yet Effective for Fiscal 2015 | |
In April 2014, the FASB issued guidance which changes the criteria for identifying a discontinued operation. The guidance limits the definition of a discontinued operation to the disposal of a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has, or will have, a major effect on an entity's operations and financial results. This amended guidance is effective for annual and interim reporting periods beginning after December 15, 2014. The Company expects this guidance to have an impact on its financial statements only in the event of a future disposition which meets the criteria. | |
On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The standard permits the use of either the retrospective or cumulative effect transition method. On April 1, 2015, the FASB proposed deferring the effective date by one year to December 15, 2017 for annual periods beginning after that date. The FASB also proposed permitting early adoption of the standard, but not before the original effective date of December 15, 2016. The Company is currently evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. | |
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This standard sets forth management’s responsibility to evaluate, each reporting period, whether there is substantial doubt about an entity’s ability to continue as a going concern, and if so, to provide related footnote disclosures. The standard is effective for annual reporting periods ending after December 15, 2016 and interim periods within annual periods beginning after December 15, 2016. The Company does not believe that the adoption of this guidance will have any material impact on its financial position or results of operations. |
Net_Income_Per_Share_From_Cont
Net Income Per Share From Continuing Operations | 12 Months Ended | |||||||||||
Mar. 29, 2015 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Net Income Per Share From Continuing Operations | Net Income Per Share From Continuing Operations | |||||||||||
Basic net income 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: | ||||||||||||
Fiscal Year Ended | ||||||||||||
March 29, | March 30, | March 31, | ||||||||||
(in thousands, except per share amounts) | 2015 | 2014 | 2013 | |||||||||
Numerator (basic and diluted): | ||||||||||||
Net income from continuing operations | $ | 114,581 | $ | 111,313 | $ | 2,711 | ||||||
Denominator: | ||||||||||||
Weighted average common shares outstanding, basic | 148,714 | 149,480 | 144,014 | |||||||||
Dilutive effect of employee stock options, restricted stock units and performance stock units | 5,269 | 3,889 | 1,664 | |||||||||
Weighted average common shares outstanding, diluted | 153,983 | 153,369 | 145,678 | |||||||||
Basic net income per share from continuing operations | $ | 0.77 | $ | 0.74 | $ | 0.02 | ||||||
Diluted net income per share from continuing operations | $ | 0.74 | $ | 0.73 | $ | 0.02 | ||||||
Potential dilutive common shares of 11 thousand, 1.5 million and 12.0 million pertaining to employee stock options, restricted stock and performance stock units were excluded from the calculation of diluted earnings per share for the fiscal years ended March 29, 2015, March 30, 2014 and March 31, 2013, respectively, because the effect would have been anti-dilutive. |
Business_Combinations
Business Combinations | 12 Months Ended |
Mar. 29, 2015 | |
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. | |
Associated with the proposed acquisition of PLX, during the fiscal year ended March 31, 2013, the Company incurred approximately $10.7 million in acquisition related costs which were included in selling, general and administrative expense in the Consolidated Statements of Operations. | |
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. 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 Company incurred approximately $3.9 million in acquisition related costs, which were included in loss from discontinued operations in the Consolidated Statements of Operations for the fiscal year ended March 31, 2013. | |
The financial results of the acquired NXP's data converter products have been included in the Company's HSC business since the closing of the acquisition. In fiscal 2014, the Company initiated a plan to divest its HSC business. 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 consolidated financial statements as discontinued operations (see Note 4). | |
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 1 year from the acquisition date. In June 2013, the Company settled the contingent consideration and paid former shareholders of Fox $3.3 million. | |
The Company incurred approximately $0.2 million of acquisition-related costs in fiscal 2014 and these costs were included in selling, general and administrative expenses in the Consolidated Statements of Operations. | |
The financial results of Fox have been included in the Company’s Consolidated Statements of Operations from April 30, 2012, the closing date of the acquisition. | |
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 3 years following the acquisition date. Payments would be made on a proportionate basis upon the completion of each milestone. As of March 31, 2013, the fair value of the contingent consideration was re-measured based on a revised product development forecast for the business and increased $0.5 million to $3.3 million. As of March 30, 2014, the fair value of the contingent consideration was again re-measured based on a revised product development forecast for the business and increased $0.6 million. During fiscal year 2014, the Company paid $1.8 million in contingent consideration and the remaining estimated fair value of the unpaid contingent consideration for Alvand Technologies as of March 30, 2014 was $2.1 million. During fiscal year 2015, the Company paid $1.6 million and released the remaining contingent liability of $0.5 million to discontinued operations, as the remaining future milestones will not be achieved as a result of the sale of certain assets related to the Alvand portion of the HSC business (see Note 4). | |
The financial results of Alvand Technologies have been included in the Company’s HSC business since the closing of the acquisition. In fiscal year 2014, the Company initiated a plan to divest its HSC business. 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 consolidated financial statements as discontinued operations (see Note 4). |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||||||
Mar. 29, 2015 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||
Discontinued Operations | Discontinued Operations | |||||||||||
High-Speed Converter (“HSC”) Business | ||||||||||||
In fiscal 2014, the Company initiated a project to divest its HSC business. The Company believes that this divestiture would allow it to strengthen its focus on its analog-intensive mixed-signal, timing and synchronization, and interface and connectivity solutions. The Company has classified the assets related to the HSC business as held for sale. In fiscal 2014, the Company recorded total impairment charge of $4.8 million to discontinued operations, which consisted of $2.2 million in goodwill and $2.6 million in intangible assets. | ||||||||||||
The HSC business includes the assets of NXP B.V.’s Data Converter Business and Alvand Technologies, Inc., which were acquired by the Company during fiscal 2013. On May 30, 2014, the Company completed the sale of certain assets related to the Alvand portion of the HSC business to a buyer pursuant to an Asset Purchase Agreement. Upon the closing of the transaction, the buyer paid the Company $18.0 million in cash consideration, of which $2.7 million will be held in an escrow account for a period of 18 months. The Company recorded a gain of $16.8 million in discontinued operations related to this divestiture during fiscal 2015. The following table summarizes the components of the gain (in thousands): | ||||||||||||
Amount | ||||||||||||
Cash proceeds from sale (including amounts held in escrow) | $ | 18,000 | ||||||||||
Less book value of assets sold and direct costs related to the sale: | — | |||||||||||
Intangible assets | (990 | ) | ||||||||||
Transaction and other costs | (170 | ) | ||||||||||
Gain on divestiture | $ | 16,840 | ||||||||||
Following the sale of assets related to the Alvand portion of the HSC business, the business had remaining long-lived assets classified as held for sale amounting to $8.5 million, which consisted of $2.9 million in fixed assets and $5.6 million in intangible assets. The Company evaluated the carrying value of the disposal group and determined that it exceeded its estimated fair value based on estimated selling price less cost to sell. Accordingly, total impairment charge of 8.5 million was recorded to loss from discontinued operations in the Consolidated Statement of Operations for fiscal 2015. | ||||||||||||
As of March 29, 2015, all long-lived assets related to the HSC business were fully impaired. Refer to Note 21 for the sale of HSC business subsequent to March 29, 2015. | ||||||||||||
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 consolidated financial statements as discontinued operations. | ||||||||||||
The results of the HSC business discontinued operations for the fiscal years 2015, 2014 and 2013 were as follows (in thousands): | ||||||||||||
For the Twelve Months Ended, | ||||||||||||
29-Mar-15 | 30-Mar-14 | 31-Mar-13 | ||||||||||
Revenues | $ | 3,803 | $ | 3,466 | $ | 2,784 | ||||||
Cost of revenue | 1,939 | 2,935 | 2,908 | |||||||||
Goodwill and long-lived assets impairment | 8,471 | 4,797 | — | |||||||||
Restructuring charges (see Note 14) | 18,305 | — | — | |||||||||
Operating expenses | 12,325 | 18,622 | 18,398 | |||||||||
Gain on divestiture | 16,840 | — | — | |||||||||
Other income | — | (50 | ) | — | ||||||||
Income tax expense | 275 | 11 | 113 | |||||||||
Net loss from discontinued operations | $ | (20,672 | ) | $ | (22,949 | ) | $ | (18,635 | ) | |||
Video Business | ||||||||||||
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): | ||||||||||||
Amount | ||||||||||||
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 fiscal 2013, 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 for fiscal 2013 are presented in the Company's consolidated financial statements as discontinued operations. | ||||||||||||
The results of discontinued operations for fiscal 2013 are as follows (in thousands): | ||||||||||||
31-Mar-13 | ||||||||||||
Revenues | $ | 2,429 | ||||||||||
Cost of revenue | 3,006 | |||||||||||
Operating expenses | 4,554 | |||||||||||
Gain on divestiture | 886 | |||||||||||
Income tax expense | 3 | |||||||||||
Net loss from discontinued operations | $ | (4,248 | ) |
Other_Divestitures_not_account
Other Divestitures (not accounted as discontinued operations) | 12 Months Ended | ||||
Mar. 29, 2015 | |||||
Divestitures [Abstract] | |||||
Other Divestitures (not accounted for as discontinued operations) | Other Divestitures (not accounted for as discontinued operations) | ||||
Sale of Certain Assets of Audio Business | |||||
On December 13, 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 of $1.0 million additional consideration contingent upon future revenues. The Company estimated the fair value of the contingent consideration at the time of sale to be zero based on the estimated probability of attainment of future revenue targets. During fiscal 2015, the Company received $0.3 million in cash of the contingent consideration, which was recorded as interest income and other, net in the Consolidated Statement of Operations. The Company recorded a loss of $3.7 million on divestiture related to the sale in fiscal 2014. | |||||
The following table summarizes the components of the loss on divestiture (in thousands): | |||||
Amount | |||||
Cash proceeds from sale | $ | 200 | |||
Maximum contingent consideration | 1,000 | ||||
Total consideration | $ | 1,200 | |||
Fair value adjustment to contingent consideration | $ | (1,000 | ) | ||
Fair value adjustment to transitional services agreement | (300 | ) | |||
Fixed assets | (135 | ) | |||
Inventories | (3,051 | ) | |||
Other assets | (304 | ) | |||
Transaction and other costs | (126 | ) | |||
Loss on divestiture | $ | (3,716 | ) | ||
Prior to the divestiture, this 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.(“PMC”), for $96.1 million in cash. | |||||
The Company recorded a gain of $82.3 million on divestiture related to this transaction in 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. | |||||
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. | |||||
Sale of Smart Meter Business | |||||
On March 7, 2013, the Company completed the sale of its smart metering business and related assets to Atmel Corporation for $10.3 million in cash, of which $1.0 million was held in an escrow account for a period of one year and was received in full in fiscal 2014. In fiscal 2013, the Company recorded a gain of $8.0 million related to this divestiture. Prior to the divestiture, the smart meter 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. The following table summarizes the components of the gain on divestiture (in thousands): | |||||
Amount | |||||
Cash proceeds from sale | $ | 10,264 | |||
Less book value of assets sold and direct costs related to the sale: | |||||
Fixed assets | (22 | ) | |||
Inventories | (1,299 | ) | |||
Transaction and other costs | (957 | ) | |||
Gain on divestiture | $ | 7,986 | |||
Fair_Value_Measurement
Fair Value Measurement | 12 Months Ended | |||||||||||||||
Mar. 29, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurement | Fair Value Measurement | |||||||||||||||
Fair value measurement is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing assets or liabilities. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact. | ||||||||||||||||
Fair Value Hierarchy | ||||||||||||||||
The three levels of inputs that may be used to measure fair value are as follows: | ||||||||||||||||
Level 1: Quoted market prices for identical assets or liabilities in active markets at the measure date. | ||||||||||||||||
Level 2: Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | ||||||||||||||||
Level 3: Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. The inputs are unobservable in the market and significant to the instrument’s valuation. | ||||||||||||||||
The following table summarizes the Company’s financial assets measured at fair value on a recurring basis as of March 29, 2015: | ||||||||||||||||
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: | ||||||||||||||||
U.S. government treasuries and agencies securities | $ | 135,945 | $ | — | $ | — | $ | 135,945 | ||||||||
Money market funds | 55,578 | — | — | 55,578 | ||||||||||||
Asset-backed securities | — | 31,830 | — | 31,830 | ||||||||||||
Corporate bonds | — | 245,675 | — | 245,675 | ||||||||||||
International government bonds | — | 1,006 | — | 1,006 | ||||||||||||
Corporate commercial paper | — | 4,999 | — | 4,999 | ||||||||||||
Bank deposits | — | 16,915 | — | 16,915 | ||||||||||||
Repurchase agreements | — | 191 | — | 191 | ||||||||||||
Municipal bonds | — | 6,044 | — | 6,044 | ||||||||||||
Total assets measured at fair value | $ | 191,523 | $ | 306,660 | $ | — | $ | 498,183 | ||||||||
The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 30, 2014: | ||||||||||||||||
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: | ||||||||||||||||
U.S. government treasuries and agencies securities | $ | 112,253 | $ | — | $ | — | $ | 112,253 | ||||||||
Money market funds | 53,430 | — | — | 53,430 | ||||||||||||
Asset-backed securities | — | 22,332 | — | 22,332 | ||||||||||||
Corporate bonds | — | 199,806 | — | 199,806 | ||||||||||||
International government bonds | — | 3,014 | — | 3,014 | ||||||||||||
Corporate commercial paper | — | 6,246 | — | 6,246 | ||||||||||||
Bank deposits | — | 18,538 | — | 18,538 | ||||||||||||
Repurchase agreements | — | 46 | — | 46 | ||||||||||||
Municipal bonds | — | 9,210 | — | 9,210 | ||||||||||||
Total assets measured at fair value | $ | 165,683 | $ | 259,192 | $ | — | $ | 424,875 | ||||||||
Liabilities: | ||||||||||||||||
Fair value of contingent consideration | — | — | 2,140 | 2,140 | ||||||||||||
Total liabilities measured at fair value | $ | — | $ | — | $ | 2,140 | $ | 2,140 | ||||||||
U.S. government treasuries and U.S. government agency securities as of March 29, 2015 and March 30, 2014 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 acquisitions 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 fiscal year 2014, the Company settled the contingent consideration with Fox and paid $3.3 million to the former shareholders of Fox. Also during the fiscal year 2014, the Company paid $1.8 million in contingent consideration for Alvand Technologies. The remaining estimated fair value of the contingent liability for Alvand Technologies as of March 30, 2014 was $2.1 million. During fiscal 2015, the Company paid $1.6 million and released the remaining contingent consideration of $0.5 million to discontinued operations, as the remaining future milestones were not achieved as a result of the sale of certain assets related to the Alvand portion of the HSC business. | ||||||||||||||||
The following table summarizes the change in the fair value of liabilities measured using significant unobservable inputs (Level 3) for fiscal 2015 and 2014: | ||||||||||||||||
(in thousands) | Estimated Fair Value | |||||||||||||||
Balance as of March 31, 2013 | $ | 6,695 | ||||||||||||||
Changes in fair value | 575 | |||||||||||||||
Payment | (5,130 | ) | ||||||||||||||
Balance as of March 30, 2014 | 2,140 | |||||||||||||||
Payment | (1,600 | ) | ||||||||||||||
Release | (540 | ) | ||||||||||||||
Balance as of March 29, 2015 | $ | — | ||||||||||||||
Cash equivalents are highly liquid investments with original maturities of three months or less at the time of purchase. The Company maintains its cash and cash equivalents with reputable major financial institutions. Deposits with these banks may exceed the FDIC insurance limits or similar limits in foreign jurisdictions. These deposits typically may be redeemed upon demand and, therefore, bear minimal risk. While the Company monitors daily the cash balances in its operating accounts and adjusts the balances as appropriate, these balances could be affected if one or more of the financial institutions with which the Company deposits fails or is subject to other adverse conditions in the financial markets. As of March 29, 2015, the Company has not experienced any losses in its operating accounts. | ||||||||||||||||
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. This determination requires significant judgment. For publicly traded investments, impairment is determined based upon the specific facts and circumstances present at the time, including a review of the closing price over the length of time, general market conditions and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for recovery. Although the Company believes its portfolio continues to be comprised of sound investments due to high credit ratings and government guarantees of the underlying investments, a further decline in the capital and financial markets would adversely impact the market values of its investments and their liquidity. The Company continually monitors the credit risk in its portfolio and future developments in the credit markets and makes appropriate changes to its investment policy as deemed necessary. The Company did not record any impairment charges related to its available-for-sale investments in fiscal 2015, 2014 and 2013. |
Investments
Investments | 12 Months Ended | |||||||||||||||||||||||
Mar. 29, 2015 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||
Investments | Investments | |||||||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||
Available-for-sale investments at March 29, 2015 were as follows: | ||||||||||||||||||||||||
Cost | Gross | Gross | Estimated Fair | |||||||||||||||||||||
(in thousands) | Unrealized | Unrealized | Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
U.S. government treasuries and agencies securities | $ | 135,570 | $ | 398 | $ | (23 | ) | $ | 135,945 | |||||||||||||||
Money market funds | 55,578 | — | — | 55,578 | ||||||||||||||||||||
Asset-backed securities | 31,830 | 9 | (9 | ) | 31,830 | |||||||||||||||||||
Corporate bonds | 245,229 | 567 | (121 | ) | 245,675 | |||||||||||||||||||
International government bonds | 1,010 | — | (4 | ) | 1,006 | |||||||||||||||||||
Corporate commercial paper | 4,999 | — | — | 4,999 | ||||||||||||||||||||
Bank deposits | 16,915 | — | — | 16,915 | ||||||||||||||||||||
Repurchase agreements | 191 | — | — | 191 | ||||||||||||||||||||
Municipal bonds | 6,001 | 45 | (2 | ) | 6,044 | |||||||||||||||||||
Total available-for-sale investments | 497,323 | 1,019 | (159 | ) | 498,183 | |||||||||||||||||||
Less amounts classified as cash equivalents | (60,068 | ) | — | — | (60,068 | ) | ||||||||||||||||||
Short-term investments | $ | 437,255 | $ | 1,019 | $ | (159 | ) | $ | 438,115 | |||||||||||||||
Available-for-sale investments at March 30, 2014 were as follows: | ||||||||||||||||||||||||
Cost | Gross | Gross | Estimated Fair | |||||||||||||||||||||
(in thousands) | Unrealized | Unrealized | Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
U.S. government treasuries and agencies securities | $ | 112,268 | $ | 76 | $ | (91 | ) | $ | 112,253 | |||||||||||||||
Money market funds | 53,430 | — | — | 53,430 | ||||||||||||||||||||
Asset-backed securities | 22,330 | 11 | (9 | ) | 22,332 | |||||||||||||||||||
Corporate bonds | 199,598 | 335 | (127 | ) | 199,806 | |||||||||||||||||||
International government bonds | 3,023 | — | (9 | ) | 3,014 | |||||||||||||||||||
Corporate commercial paper | 6,246 | — | — | 6,246 | ||||||||||||||||||||
Bank deposits | 18,538 | — | — | 18,538 | ||||||||||||||||||||
Repurchase agreements | 46 | — | — | 46 | ||||||||||||||||||||
Municipal bonds | 9,196 | 32 | (18 | ) | 9,210 | |||||||||||||||||||
Total available-for-sale investments | 424,675 | 454 | (254 | ) | 424,875 | |||||||||||||||||||
Less amounts classified as cash equivalents | (62,671 | ) | — | — | (62,671 | ) | ||||||||||||||||||
Short-term investments | $ | 362,004 | $ | 454 | $ | (254 | ) | $ | 362,204 | |||||||||||||||
The cost and estimated fair value of available-for-sale debt securities at March 29, 2015, by contractual maturity, were as follows: | ||||||||||||||||||||||||
(in thousands) | Amortized | Estimated Fair | ||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||
Due in 1 year or less | $ | 153,753 | $ | 153,823 | ||||||||||||||||||||
Due in 1-2 years | 132,241 | 132,529 | ||||||||||||||||||||||
Due in 2-5 years | 211,329 | 211,831 | ||||||||||||||||||||||
Total investments in available-for-sale debt securities | $ | 497,323 | $ | 498,183 | ||||||||||||||||||||
The cost and estimated fair value of available-for-sale debt securities at March 30, 2014, by contractual maturity, were as follows: | ||||||||||||||||||||||||
(in thousands) | Amortized | Estimated Fair | ||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||
Due in 1 year or less | $ | 173,850 | $ | 173,891 | ||||||||||||||||||||
Due in 1-2 years | 101,275 | 101,378 | ||||||||||||||||||||||
Due in 2-5 years | 149,550 | 149,606 | ||||||||||||||||||||||
Total investments in available-for-sale debt securities | $ | 424,675 | $ | 424,875 | ||||||||||||||||||||
The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses as of March 29, 2015, 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 | $ | 67,367 | $ | (121 | ) | $ | — | $ | — | $ | 67,367 | $ | (121 | ) | ||||||||||
Asset-backed securities | 17,736 | (9 | ) | — | — | 17,736 | (9 | ) | ||||||||||||||||
U.S. government treasuries and agencies securities | 18,478 | (23 | ) | — | — | 18,478 | (23 | ) | ||||||||||||||||
Municipal bonds | 1,001 | (2 | ) | — | — | 1,001 | (2 | ) | ||||||||||||||||
International government bonds | 1,006 | (4 | ) | — | — | 1,006 | (4 | ) | ||||||||||||||||
Total | $ | 105,588 | $ | (159 | ) | $ | — | $ | — | $ | 105,588 | $ | (159 | ) | ||||||||||
The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses, as of March 30, 2014, 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 | $ | 52,783 | $ | (127 | ) | $ | — | $ | — | $ | 52,783 | $ | (127 | ) | ||||||||||
Asset-backed securities | 11,156 | (9 | ) | 11,156 | (9 | ) | ||||||||||||||||||
U.S. government treasuries and agencies securities | 36,403 | (91 | ) | — | — | 36,403 | (91 | ) | ||||||||||||||||
Municipal bonds | 4,000 | (18 | ) | — | — | 4,000 | (18 | ) | ||||||||||||||||
International government bonds | 3,014 | (9 | ) | — | — | 3,014 | (9 | ) | ||||||||||||||||
Total | $ | 107,356 | $ | (254 | ) | $ | — | $ | — | $ | 107,356 | $ | (254 | ) | ||||||||||
Currently, a significant portion of the Company’s available-for-sale investments that it holds are high grade instruments. As of March 29, 2015, 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 can be attributed to fair value fluctuations in an unstable credit environment that resulted in 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 March 29, 2015 or March 30, 2014. | ||||||||||||||||||||||||
Non-marketable Equity Securities | ||||||||||||||||||||||||
The Company accounts for its equity investments in privately held companies under the cost method. These investments are subject to periodic impairment review and measured and recorded at fair value when they are deemed to be other-than-temporarily impaired. In determining whether a decline in value of its investment has occurred and is other than temporary, an assessment was made by considering available evidence, including the general market conditions, the investee’s financial condition, near-term prospects, market comparables and subsequent rounds of financing. The valuation also takes into account the investee’s capital structure, liquidation preferences for its capital and other economic variables. The valuation methodology for determining the decline in value of non-marketable equity securities is based on inputs that require management's judgment. | ||||||||||||||||||||||||
During fiscal 2015, the Company purchased common stock of a privately-held company for $4.0 million. This investment (included in Other Assets on the Consolidated Balance Sheet) is accounted for as a cost-method investment, as the Company owns less than 20% of the voting securities and does not have the ability to exercise significant influence over operating and financial policies of the entity. | ||||||||||||||||||||||||
The Company did not recognize any impairment loss in fiscal 2015 and 2014. During fiscal 2013, the Company determined that the carrying values of two of its non-marketable equity securities were impaired and recorded a $1.7 million other-than-temporary impairment loss during the period. The aggregate carrying value of the Company’s non-marketable equity securities was $4.0 million and zero as of March 29, 2015 and March 30, 2014, respectively. |
StockBased_Employee_Compensati
Stock-Based Employee Compensation | 12 Months Ended | |||||||||||
Mar. 29, 2015 | ||||||||||||
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 two 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) | ||||||||||||
In September 2004, the Company’s stockholders approved the 2004 Plan. On July 21, 2010, the Board of Directors of the Company approved an amendment to the Company’s 2004 Plan to increase the number of shares of common stock reserved for issuance thereunder from 28,500,000 shares to 36,800,000 shares (an increase of 8,300,000 shares), provided, however, that the aggregate number of common shares available for issuance under the 2004 Plan is reduced by 1.74 shares for each common share delivered in settlement of any full value award, which are awards other than stock options and stock appreciation rights, that are granted under the 2004 Plan on or after September 23, 2010. On September 23, 2010, the stockholders of the Company approved the proposed amendment described above, which also includes certain other changes to the 2004 Plan, including an extension of the term of the 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 1 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 3 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 March 29, 2015, there were 11.1 million shares available for future grant under the 2004 Plan. | ||||||||||||
Compensation Expense | ||||||||||||
The following table summarizes stock-based compensation expense by line items appearing in the Company’s Consolidated Statement of Operations: | ||||||||||||
Fiscal Year Ended | ||||||||||||
(in thousands) | March 29, | March 30, | March 31, | |||||||||
2015 | 2014 | 2013 | ||||||||||
Cost of revenue | $ | 1,936 | $ | 1,189 | $ | 1,113 | ||||||
Research and development | 9,813 | 5,601 | 6,692 | |||||||||
Selling, general and administrative | 10,704 | 5,887 | 5,250 | |||||||||
Discontinued operations | (194 | ) | 675 | 217 | ||||||||
Total stock-based compensation expense | $ | 22,259 | $ | 13,352 | $ | 13,272 | ||||||
The amount of stock-based compensation expense that was capitalized during the periods presented above was immaterial. Stock-based compensation expense recognized in the Consolidated Statements of Operations is based on awards ultimately expected to vest. The authoritative guidance for stock-based compensation requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company attributes the value of stock-based compensation to expense on an accelerated method. | ||||||||||||
Valuation Assumptions | ||||||||||||
The Company uses the Black-Scholes option-pricing model as its method of valuation for stock-based awards. The Company’s determination of the fair value of stock-based payment awards on the date of grant using an option-pricing model is affected by the Company’s stock price, as well as assumptions regarding a number of subjective variables. These variables include, but are not limited to, the Company’s expected stock price volatility over the term of the awards, as well as the expected term of the awards. | ||||||||||||
Fiscal Year Ended | ||||||||||||
March 29, | March 30, | March 31, | ||||||||||
2015 | 2014 | 2013 | ||||||||||
Stock option plans: | ||||||||||||
Expected term (in years) | 4 | 4.6 | 4.64 | |||||||||
Risk-free interest rate | 1.25 | % | 0.95 | % | 0.73 | % | ||||||
Volatility | 38.7 | % | 40.1 | % | 45 | % | ||||||
Dividend yield | — | % | — | % | — | % | ||||||
Weighted-average grant-date fair value | $ | 3.84 | $ | 2.99 | $ | 2.18 | ||||||
ESPP: | ||||||||||||
Expected term (in years) | 0.25 | 0.25 | 0.25 | |||||||||
Risk-free interest rate | 0.04 | % | 0.06 | % | 0.08 | % | ||||||
Volatility | 40.5 | % | 35 | % | 35 | % | ||||||
Dividend yield | — | % | — | % | — | % | ||||||
Weighted-average grant-date fair value | $ | 3.53 | $ | 1.89 | $ | 1.42 | ||||||
The following is a summary of the Company's stock option activity and related weighted average exercise prices for each category: | ||||||||||||
Fiscal 2015 | ||||||||||||
(shares in thousands) | Shares | Price | ||||||||||
Beginning stock options outstanding | 5,602 | $ | 7.21 | |||||||||
Granted | 411 | 12.1 | ||||||||||
Exercised (1) | (1,843 | ) | 6.96 | |||||||||
Canceled | (490 | ) | 8.48 | |||||||||
Ending stock options outstanding | 3,680 | $ | 7.71 | |||||||||
Ending stock options exercisable | 2,369 | $ | 6.92 | |||||||||
-1 | Upon exercise, the Company issues new shares of common stock. | |||||||||||
The following is a summary of information about stock options outstanding at March 29, 2015: | ||||||||||||
Options Outstanding | Options Exercisable | |||||||||||
Range of Exercise Prices | Number Outstanding (in thousands) | Weighted-Average | Weighted-Average | Number Exercisable (in thousands) | Weighted-Average | |||||||
Remaining Contractual Life | Exercise Price | Exercise Price | ||||||||||
(in years) | ||||||||||||
4.95-5.33 | 393,066 | 2.79 | $5.22 | 310,388 | $5.20 | |||||||
5.40-5.75 | 409,984 | 2.62 | 5.72 | 384,604 | 5.73 | |||||||
5.77-5.77 | 619,416 | 4.1 | 5.77 | 372,730 | 5.77 | |||||||
5.79-6.79 | 390,446 | 2.21 | 6.1 | 366,028 | 6.09 | |||||||
6.80-7.24 | 89,263 | 3.16 | 6.97 | 73,309 | 6.97 | |||||||
7.67-7.67 | 423,688 | 5.13 | 7.67 | 164,526 | 7.67 | |||||||
7.81-7.92 | 18,687 | 2.99 | 7.85 | 17,382 | 7.84 | |||||||
8.49-8.49 | 567,005 | 3.12 | 8.49 | 526,265 | 8.49 | |||||||
9.39-11.79 | 403,000 | 5.87 | 11.69 | 117,583 | 11.66 | |||||||
12.16-20.56 | 365,090 | 5.54 | 12.27 | 36,225 | 12.51 | |||||||
3,679,645 | 3.87 | $7.71 | 2,369,040 | $6.92 | ||||||||
As of March 29, 2015, the weighted-average remaining contractual life of stock options outstanding was 3.87 years and the aggregate intrinsic value was $44.4 million. The weighted-average remaining contractual life of stock options exercisable was 3.15 years and the aggregate intrinsic value was $30.5 million. Unrecognized compensation cost related to non-vested stock options, net of estimated forfeitures, was $1.2 million and will be recognized over a weighted-average period of 1.03 years. | ||||||||||||
As of March 29, 2015, stock options vested and expected to vest totaled approximately 3.5 million with a weighted-average exercise price of $7.57 and a weighted-average remaining contractual life of 3.76 years. The aggregate intrinsic value as of March 29, 2015 was approximately $42.2 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 March 29, 2015, 3.5 million restricted stock unit awards were outstanding under the 2004 Plan. | ||||||||||||
The following table summarizes the Company’s restricted stock unit activity and related weighted-average exercise prices for each category: | ||||||||||||
Fiscal 2015 | ||||||||||||
(shares in thousands) | Shares | Weighted- | ||||||||||
Average | ||||||||||||
Grant Date | ||||||||||||
Fair Value | ||||||||||||
Per Share | ||||||||||||
Beginning RSUs outstanding | 2,924 | $ | 7.43 | |||||||||
Granted | 2,001 | 13.2 | ||||||||||
Released | (988 | ) | 7.43 | |||||||||
Forfeited | (480 | ) | 8.8 | |||||||||
Ending RSUs outstanding | 3,457 | $ | 10.58 | |||||||||
As of March 29, 2015, restricted stock units expected to vest totaled approximately 2.8 million with a weighted-average remaining contract life of 1.22 years. The aggregate intrinsic value was approximately $56.3 million. | ||||||||||||
Performance-Based Stock Units | ||||||||||||
In fiscal 2013, the Compensation Committee (the Committee) of the Board of Directors of IDT approved the Company’s Executive Retention Plan (the Retention Plan), in which each of the President and Chief Executive Officer’s direct reports are eligible to participate. The Retention Plan provides for the grant of performance-based stock units under the 2004 Plan which vest and convert into between zero and one and a half shares of the Company's common stock based on the level of achievement of pre-established performance goals during a specified performance period. The initial performance period under the Retention Plan is the Company’s fiscal year 2014 for which performance goals related to the Company’s annual non-GAAP operating margin and revenue growth relative to a peer group of companies, weighted 60% and 40%, respectively, were established by the Committee. Any shares of Company common stock earned by performance stock unit holders will vest and be issued in two equal installments, the first on the date the Committee determines the achievement of the performance goals and the second on the first anniversary of such determination. Management evaluates, on a quarterly basis, the likelihood of the Company meeting its performance metrics in determining stock-based compensation expense for the Retention Plan. | ||||||||||||
In addition, the Committee approved the Company's Key Talent Incentive Plan (Incentive Plan). The Incentive Plan provides for the grant of performance-based stock units under the 2004 Plan which vest and convert into one share of the Company's common stock based on the level of achievement of pre-established performance goals during a specified performance period. The initial performance period under the Incentive Plan is the Company's fourth quarter of fiscal 2013 through the fourth quarter of fiscal 2016 for which performance goals relate to cumulative revenue targets for a specific product group. Any shares of Company common stock earned by performance stock unit holders will vest and be issued quarterly based on the achievement of the performance goals. Management evaluates, on a quarterly basis, the likelihood of the Company meeting its performance metrics in determining stock-based compensation expense for the Incentive Plan. | ||||||||||||
The following table summarizes the Company’s performance stock unit activity and related weighted-average exercise prices for each category: | ||||||||||||
Fiscal 2015 | ||||||||||||
(shares in thousands) | Shares | Weighted- | ||||||||||
Average | ||||||||||||
Grant Date | ||||||||||||
Fair Value | ||||||||||||
Per Share | ||||||||||||
Beginning PSUs outstanding | 804 | $ | 7.79 | |||||||||
Granted | 105 | 9.86 | ||||||||||
Released | (238 | ) | 8.14 | |||||||||
Forfeited | (154 | ) | 7.8 | |||||||||
Ending PSUs outstanding | 517 | $ | 8.06 | |||||||||
As of March 29, 2015, performance stock units expected to vest totaled approximately 0.4 million with a weighted-average remaining contract life of 0.69 years. The aggregate intrinsic value was approximately $8.4 million. | ||||||||||||
Market-Based Stock Units | ||||||||||||
In June 2014, under the 2004 Plan, the Company granted approximately 0.5 million shares of restricted stock units with a market-based condition to a group of executive-level employees. These equity awards vest and convert into shares of the Company’s common stock based on the achievement of the Company’s relative total shareholder return over the performance period of 2 years. The earned market-based stock units will vest in two equal installments, with the first installment of vesting to occur on June 15, 2016, and the second on June 15, 2017. | ||||||||||||
The fair value of each market-based stock unit award was estimated on the date of grant using a Monte Carlo simulation model that uses the assumptions noted in the table below. The Company uses historical data to estimate employee termination within the valuation model. The expected term of 1.8 years was derived from the output of the valuation model and represents the period of time that restricted stock units granted are expected to be outstanding. | ||||||||||||
The following weighted average assumptions were used to calculate the fair value of the market-based equity award using a Monte Carlo simulation model: | ||||||||||||
15-Jun-14 | ||||||||||||
Estimated fair value | $ | 21 | ||||||||||
Expected volatility | 34.6 | % | ||||||||||
Expected term (in years) | 1.8 | |||||||||||
Risk-free interest rate | 0.38 | % | ||||||||||
Dividend yield | — | % | ||||||||||
As of March 29, 2015, the total market-based stock units outstanding was approximately 0.5 million. | ||||||||||||
As of March 29, 2015, market-based stock units vested and expected to vest totaled approximately 0.4 million with a weighted-average remaining contract life of 1.67 years. The aggregate intrinsic value was approximately 8.3 million. | ||||||||||||
As of March 29, 2015, the unrecognized compensation cost related to market-based stock units granted under the Company’s equity incentive plans was approximately 5.9 million, net of estimated forfeitures, and is expected to be recognized over a weighted-average period of 1.71 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 9.0 million 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. At the 2012 annual meeting of stockholders on September 13, 2012, the Company's stockholders approved an additional 5.0 million. The number of shares of common stock reserved for issuance thereunder increased from 9.0 million shares to 14.0 million shares. | ||||||||||||
Activity under the Company’s ESPP is summarized in the following table: | ||||||||||||
(in thousands, except per share amounts) | Fiscal 2015 | Fiscal 2014 | Fiscal 2013 | |||||||||
Number of shares issued | 641 | 1,206 | 1,679 | |||||||||
Average issuance price | $ | 12.89 | $ | 7.23 | $ | 5.13 | ||||||
Number of shares available at year-end | 4,378 | 5,019 | 1,226 | |||||||||
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Mar. 29, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity |
Stock Repurchase Program. On October 22, 2013, the Company's Board of Directors approved a share repurchase program authorization for $150 million. In fiscal 2013, the Company made no repurchases under the program. In fiscal 2014, the Company repurchased 4.1 million shares for $44.0 million. In fiscal 2015, the Company repurchased 5.3 million shares for $79.2 million. In April 2015, the Company's Board of Directors approved a new share repurchase program authorization for $300 million. | |
As of March 29, 2015, approximately $26.7 million was available for future purchase under this share repurchase program. Share repurchases were recorded as treasury stock and resulted in a reduction of stockholders’ equity. The program is intended to reduce the number of outstanding shares of Common Stock to offset dilution from employee equity grants and increase stockholder value. |
Balance_Sheet_Detail
Balance Sheet Detail | 12 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Balance Sheet Related Disclosures [Abstract] | ||||||||
Balance Sheet Detail | Balance Sheet Detail | |||||||
(in thousands) | March 29, | March 30, | ||||||
2015 | 2014 | |||||||
Inventories, net | ||||||||
Raw materials | $ | 4,709 | $ | 7,745 | ||||
Work-in-process | 18,377 | 18,436 | ||||||
Finished goods | 22,324 | 23,441 | ||||||
Total inventories, net | $ | 45,410 | $ | 49,622 | ||||
Property, plant and equipment, net | ||||||||
Land | $ | 11,578 | $ | 11,724 | ||||
Machinery and equipment | 292,180 | 289,393 | ||||||
Building and leasehold improvements | 48,031 | 48,558 | ||||||
Total property, plant and equipment, gross | 351,789 | 349,675 | ||||||
Less: accumulated depreciation | (286,281 | ) | (279,848 | ) | ||||
Total property, plant and equipment, net (1) | $ | 65,508 | $ | 69,827 | ||||
Other current liabilities | ||||||||
Accrued restructuring costs (2) | 10,512 | 638 | ||||||
Other (3) | 7,070 | 10,887 | ||||||
Total other current liabilities | $ | 17,582 | $ | 11,525 | ||||
Other long-term obligations | ||||||||
Deferred compensation related liabilities | $ | 13,143 | $ | 13,786 | ||||
Other | 4,462 | 4,897 | ||||||
Total other long-term liabilities | $ | 17,605 | $ | 18,683 | ||||
(1) As of March 30, 2014, total property, plant and equipment, net includes the HSC business assets held for sale of $2.9 million. As of March 29, 2015, the net carrying value of the HSC business long-lived assets is zero. See Note 4 for additional information. | ||||||||
(2) Includes accrued severance costs related to the HSC business of $10.2 million as of March 29, 2015. | ||||||||
(3) Other current liabilities consist primarily of acquisition related accrued contingent liabilities, accrued royalties and outside commissions, short-term portion of supplier obligations and other accrued unbilled expenses. |
Deferred_Income_on_Shipments_t
Deferred Income on Shipments to Distributors | 12 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
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 Consolidated Balance Sheets are amounts related to shipments to certain distributors for which revenue is not recognized until the Company's product has been sold by the distributor to an end customer. The components of deferred income on shipments to distributors as of March 29, 2015 and March 30, 2014 were as follows: | ||||||||
(in thousands) | March 29, | March 30, | ||||||
2015 | 2014 | |||||||
Gross deferred revenue | $ | 19,299 | $ | 17,261 | ||||
Gross deferred costs | (3,605 | ) | (3,255 | ) | ||||
Deferred income on shipments to distributors | $ | 15,694 | $ | 14,006 | ||||
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 37.7% 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) | 12 Months Ended | |||||||||||||||
Mar. 29, 2015 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||
Changes in the balance of accumulated other comprehensive income (loss), net of taxes, by component consisted of the following: | ||||||||||||||||
(in thousands) | Cumulative translation adjustments | Unrealized gain on available-for-sale investments | Pension adjustments | Total | ||||||||||||
Balance, March 31, 2013 | $ | 1,563 | $ | — | $ | (77 | ) | $ | 1,486 | |||||||
Other comprehensive income (loss) before reclassifications | (66 | ) | 291 | 1 | 226 | |||||||||||
Amounts reclassified out of AOCI | — | (97 | ) | (6 | ) | (103 | ) | |||||||||
Net current-period other comprehensive income (loss) | (66 | ) | 194 | (5 | ) | 123 | ||||||||||
Balance, March 30, 2014 | 1,497 | 194 | (82 | ) | $ | 1,609 | ||||||||||
Other comprehensive income (loss) before reclassifications | (5,218 | ) | 793 | 814 | (3,611 | ) | ||||||||||
Amounts reclassified out of AOCI | — | (127 | ) | (52 | ) | (179 | ) | |||||||||
Net current-period other comprehensive income (loss) | (5,218 | ) | 666 | 762 | (3,790 | ) | ||||||||||
Balance as of March 29, 2015 | $ | (3,721 | ) | $ | 860 | $ | 680 | $ | (2,181 | ) | ||||||
Comprehensive income (loss) components consisted of: | ||||||||||||||||
(in thousands) | March 29, | March 30, | March 31, 2013 | Location | ||||||||||||
2015 | 2014 | |||||||||||||||
Unrealized holding losses on available-for-sale investments | $ | (127 | ) | $ | (97 | ) | $ | (8 | ) | interest and other, net | ||||||
Amortization of pension benefits prior service credits | (52 | ) | (6 | ) | (77 | ) | operating expense | |||||||||
Total amounts reclassified out of accumulated other comprehensive income (loss) | $ | (179 | ) | $ | (103 | ) | $ | (85 | ) |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets, Net | 12 Months Ended | |||||||||||
Mar. 29, 2015 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||
Goodwill and Intangible Assets, Net | Goodwill and Intangible Assets, Net | |||||||||||
Goodwill activity for fiscal 2015 and 2014 is summarized 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 March 30, 2014 | $ | 122,248 | $ | 13,396 | $ | 135,644 | ||||||
Balance as of March 29, 2015 | $ | 122,248 | $ | 13,396 | $ | 135,644 | ||||||
In the fiscal year 2014, the Company recorded a $2.2 million goodwill impairment loss associated with its HSC business which was classified as a discontinued operation. The impairment loss was included in loss from discontinued operations. | ||||||||||||
In fiscal 2014, 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. | ||||||||||||
Goodwill balances as of March 29, 2015 and March 30, 2014 are net of $922.5 million, in accumulated impairment losses. | ||||||||||||
Intangible asset balances as of March 29, 2015 and March 30, 2014 are summarized as follows: | ||||||||||||
March 29, 2015 | ||||||||||||
(in thousands) | Gross Assets | Accumulated | Net Assets | |||||||||
Amortization | ||||||||||||
Purchased intangible assets: | ||||||||||||
Existing technology | $ | 211,170 | $ | (206,491 | ) | $ | 4,679 | |||||
Trademarks | 4,411 | (3,850 | ) | 561 | ||||||||
Customer relationships | 131,045 | (130,750 | ) | 295 | ||||||||
Total purchased intangible assets | $ | 346,626 | $ | (341,091 | ) | $ | 5,535 | |||||
March 30, 2014 | ||||||||||||
(in thousands) | Gross Assets | Accumulated | Net Assets (1) | |||||||||
Amortization | ||||||||||||
Purchased intangible assets: | ||||||||||||
Existing technology | $ | 217,923 | $ | (203,888 | ) | $ | 14,035 | |||||
Trademarks | 4,411 | (2,934 | ) | 1,477 | ||||||||
Customer relationships | 131,093 | (128,681 | ) | 2,412 | ||||||||
Non-compete agreements | 2,275 | (1,458 | ) | 817 | ||||||||
Total purchased intangible assets | $ | 355,702 | $ | (336,961 | ) | $ | 18,741 | |||||
(1) Includes $6.6 million in HSC assets held for sale, which were fully impaired in fiscal 2015. | ||||||||||||
Amortization expense for identified intangibles is summarized below: | ||||||||||||
Fiscal Year Ended | ||||||||||||
(in thousands) | March 29, 2015 | March 30, 2014 | March 31, 2013 | |||||||||
Existing technology | $ | 4,534 | $ | 19,730 | $ | 14,131 | ||||||
Trademarks | 916 | 3,405 | 874 | |||||||||
Customer relationships | 1,123 | 916 | 3,225 | |||||||||
Backlog | — | 91 | 1,509 | |||||||||
Non-compete agreements | — | 651 | 807 | |||||||||
Total | $ | 6,573 | $ | 24,793 | $ | 20,546 | ||||||
The intangible assets are being amortized over estimated useful lives of three to seven years. | ||||||||||||
During fiscal 2015, the Company recorded an impairment charge relating to the HSC assets held for sale of $5.6 million, which consisted of existing technology of $4.6 million, customer relationships of $0.9 million and non-compete agreements of $0.1 million. Refer to Note 4 for additional information. | ||||||||||||
During fiscal 2014, the Company initiated actions to discontinue production and sale of products using technology attained through the acquisitions of Mobius Microsystems in fiscal 2010 and IKOR in fiscal 2011. In connection with the decision to discontinue these products, the Company revised the estimated remaining useful life of the related acquired intangible assets, resulting in an additional $8.7 million in accelerated amortization which was charged to cost of revenues in fiscal 2014. In addition, the Company recorded a $2.4 million impairment charge to research and development expense associated with the decision to discontinue further development required to complete the Mobius Microsystems acquired in-process research and development. | ||||||||||||
Based on the intangible assets recorded at March 29, 2015, 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 | |||||||||||
2016 | $ | 3,084 | ||||||||||
2017 | 2,185 | |||||||||||
2018 | 256 | |||||||||||
2019 | 10 | |||||||||||
Total | $ | 5,535 | ||||||||||
Restructuring
Restructuring | 12 Months Ended | |||||||||||||||
Mar. 29, 2015 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||
Restructuring | Restructuring | |||||||||||||||
The following table shows the provision of the restructuring charges and the liability remaining as of March 29, 2015: | ||||||||||||||||
Others | ||||||||||||||||
(in thousands) | HSC Business | Cost of Revenues | Operating Expenses | Total | ||||||||||||
Balance as of April 1, 2012 | $ | — | $ | 1,606 | $ | 3,592 | $ | 5,198 | ||||||||
Provision | — | 557 | 5,277 | 5,834 | ||||||||||||
Cash payments | — | (2,137 | ) | (7,233 | ) | (9,370 | ) | |||||||||
Balance as of March 31, 2013 | — | 26 | 1,636 | 1,662 | ||||||||||||
Provision | — | — | 5,538 | 5,538 | ||||||||||||
Cash payments | — | (26 | ) | (6,536 | ) | (6,562 | ) | |||||||||
Balance as of March 30, 2014 | — | — | 638 | 638 | ||||||||||||
Provision | 18,305 | — | 1,078 | 19,383 | ||||||||||||
Cash payments | (6,073 | ) | — | (1,421 | ) | (7,494 | ) | |||||||||
Foreign exchange impact | (2,015 | ) | — | — | (2,015 | ) | ||||||||||
Balance as of March 29, 2015 | $ | 10,217 | $ | — | $ | 295 | $ | 10,512 | ||||||||
As part of an effort to streamline operations with changing market conditions and to create a more efficient organization, the Company has undertaken restructuring actions to reduce its workforce and consolidate facilities. The Company’s restructuring expenses were primarily of: (i) severance and termination benefit costs related to the reduction of its workforce; and (ii) lease termination costs and costs associated with permanently vacating certain facilities. | ||||||||||||||||
HSC Business | ||||||||||||||||
In fiscal 2015, the Company prepared a workforce-reduction plan (the Plan) with respect to employees of its HSC business in France and the Netherlands. The Plan sets forth the general parameters, terms and benefits for employee dismissals. The Plan was approved by the French Works Council and Labor Administrator and the related Plan details were communicated to the affected employees in France and the Netherlands. No works council consultation was required in the Netherlands. The Company has not historically offered similar termination benefits as defined in the Plan for these locations. The Plan identified the number of employees to be terminated, their job classification or function, their location and the date that the Plan was expected to be completed. The Plan also established the terms of the benefit arrangement in sufficient detail to enable the employees to determine the type and amount of benefits that they would receive if terminated. In addition, the actions required to complete the Plan indicated that it was unlikely that substantial changes to the Plan would be made after communication to the employees. Accordingly, the Company accrued restructuring charges in accordance with ASC 420, Exit or Disposal Cost Obligations. The restructuring charges recorded to discontinued operations in the Consolidated Statement of Operations were approximately $18.3 million for the fiscal year ended March 29, 2015, for a total of 53 employees in France and the Netherlands combined. | ||||||||||||||||
The Company expects to make payments related to these termination benefits and complete the restructuring action by the third quarter of fiscal 2016. | ||||||||||||||||
Other | ||||||||||||||||
During fiscal 2015, the Company recorded other restructuring charges of $1.1 million and reduced our headcount by 28 employees in multiple reduction in workforce actions. During fiscal 2015, the Company paid $0.8 million related to these actions. As of March 29, 2015, the total accrued balance for employee severance costs related to these restructuring actions was $0.3 million. The Company expects to complete these restructuring actions by the first quarter of fiscal 2016. | ||||||||||||||||
During fiscal 2014, the Company recorded restructuring charges of $5.5 million and reduced headcount by 117 employees in multiple reduction in workforce actions. During fiscal 2015 and 2014, the Company paid $0.6 million and $4.9 million related to these actions. As of March 29, 2015, the total accrued balance for employee severance costs related to these restructuring actions was zero. | ||||||||||||||||
During fiscal 2013, the Company recorded restructuring charges of $4.3 million for multiple reduction in workforce actions. The Company reduced 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 fiscal 2014, the Company paid $1.1 million in severance costs and completed these actions. | ||||||||||||||||
During fiscal 2013, in connection with the Company's divestiture of its video processing product lines in fiscal 2012, the Company recorded an additional $1.1 million in restructuring expenses for employee retention costs. These costs were recorded within discontinued operations. The Company paid the accrued amount in fiscal 2013 and completed this restructuring action. | ||||||||||||||||
During fiscal 2013, the Company paid $1.0 million in restructuring expenses for employee retention costs and completed the restructuring action to exit wafer production operations at its Oregon fabrication facility. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Mar. 29, 2015 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Commitments and Contingencies | Commitments and Contingencies | |||
Guarantees | ||||
As of March 29, 2015, the Company’s financial guarantees consisted of guarantees and standby letters of credit, which are primarily related to the Company’s electrical utilities in Malaysia, utilization of non-country nationals in Malaysia, consumption tax in Japan, office rental in Italy and a workers’ compensation plan in the United States. The maximum amount of potential future payments under these arrangements is approximately $1.7 million. | ||||
Commitments | ||||
Although the Company owns its corporate headquarters in San Jose, California, the Company leases various administrative facilities under operating leases which expire at various dates through fiscal 2021. | ||||
As of March 29, 2015, aggregate future minimum commitments for the next five fiscal years and thereafter under all operating leases, excluding leases in which amounts have been accrued for impairment charges, were as follows (in thousands): | ||||
Fiscal Year | Amount | |||
2016 | $ | 3,059 | ||
2017 | 2,564 | |||
2018 | 1,837 | |||
2019 | 1,525 | |||
2020 and thereafter | 1,286 | |||
Total | $ | 10,271 | ||
Rent expense for the fiscal years ended March 29, 2015, March 30, 2014 and March 31, 2013 totaled approximately $4.2 million, $4.6 million and $4.7 million, respectively. Other supplier obligations including payments due under various software design tool and technology license agreements totaled $4.6 million and $4.2 million as of March 29, 2015 and March 30, 2014, respectively. | ||||
Indemnification | ||||
During the normal course of business, the Company makes certain indemnifications and commitments under which it may be required to make payments in relation to certain transactions. In addition to indemnifications related to non-infringement of patents and intellectual property, other indemnifications include indemnification of the Company’s directors and officers in connection with legal proceedings, indemnification of various lessors in connection with facility leases for certain claims arising from such facility or lease, and indemnification of other parties to certain acquisition agreements. The duration of these indemnifications and commitments varies, and in certain cases, is indefinite. The Company believes that substantially all of its indemnities and commitments provide for limitations on the maximum potential future payments the Company could be obligated to make. However, the Company is unable to estimate the maximum amount of liability related to its indemnities and commitments because such liabilities are contingent upon the occurrence of events which are not reasonably determinable. The Company believes that any liability for these indemnities and commitments would not be material to its accompanying consolidated financial statements. | ||||
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 $0.1 million and $0.3 million as of March 29, 2015 and March 30, 2014, 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 ("Defendants"), 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 that Defendants including the Company “…generated, transported, and/or arranged for the transport and/or disposal of hazardous waste to the Property.” The Complaint further alleges that 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. On August 15, 2012, the plaintiff voluntarily dismissed its Complaint against the Company without prejudice. However, Moyer Products, Inc., another defendant, counter-claimed against the plaintiff Maxim and cross-claimed against Defendants, including the Company, and thus the Company remains a cross-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, 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. As of March 29, 2015, the Property investigation continues, and the DTSC continues to evaluate corrective action. 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 continues in the investigation stage and no specific monetary demands have been made, it is not possible for the Company to estimate the potential loss or range of potential losses for these actions. | ||||
The Company is also party to various other legal proceedings and claims arising in the normal course of business. As of March 29, 2015, while the Company has accrued for specific amounts based on the probability of settlement in some of these matters, those amounts, both individually and in total, are not material to any aspect of business operations and to the consolidated financial statements. Further, with regards to the other matters, potential liability and probable losses or ranges of possible losses 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 | 12 Months Ended |
Mar. 29, 2015 | |
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 $2.1 million, $2.1 million and $2.6 million in matching contributions under the plan in fiscal 2015, 2014, and 2013, 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 March 29, 2015 and March 30, 2014, obligations under the plan totaled approximately $13.1 million and $13.8 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 March 29, 2015 and March 30, 2014, the deferred compensation plan assets were approximately $16.5 million and $16.1 million, respectively. The Company incurred costs for this plan for insurance, administration and other support of $0.1 million, $0.3 million and $0.3 million in fiscal 2015, 2014 and 2013, 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 March 29, 2015 and March 30, 2014, the deferred compensation plan assets were approximately $0.8 million and $0.7 million, respectively. As of March 29, 2015 and March 30, 2014 the liabilities under this plan were approximately $1.7 million and $1.6 million, respectively. | |
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 March 29, 2015 and March 30, 2014, the net liability for all of these international benefit plans totaled $1.0 million and $1.4 million, respectively. | |
Pension plan benefits are based primarily on participants’ compensation and years of service credited as specified under the terms of each country’s plan. The funding policy is consistent with the local requirements of each country. The Company does not have defined-benefit pension plans for its United States-based employees. The projected obligations of international employee defined-benefit pension plans and related offsetting plan assets were determined based on actuarial calculations. As of March 29, 2015, the net accumulated liability for these defined-benefit plans totaled $0.6 million, with unrecognized actuarial losses of $0.3 million and unrecognized prior service gains of $0.1 million. In fiscal 2015, as a result of a workforce-reduction plan under the HSC business in France, the related pension liability decreased by $0.6 million and long-term pension asset increased by $0.4 million. The net period expense was insignificant during fiscal 2015, 2014 and 2013. Distributions made from plans during fiscal 2015, 2014, and 2013 were not material. The Company includes accrued net defined-benefit plan obligations in other long-term liabilities on the Company's Consolidated Balance Sheets. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Mar. 29, 2015 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | Income Taxes | |||||||||||
The components of income (loss) before income taxes and the income tax expense (benefit) were as follows: | ||||||||||||
Fiscal Year Ended | ||||||||||||
(in thousands) | March 29, 2015 | March 30, 2014 | March 31, 2013 | |||||||||
Income (loss) before income taxes from continuing operations: | ||||||||||||
United States | $ | 6,113 | $ | 8,634 | $ | (18,083 | ) | |||||
Foreign | 109,825 | 103,660 | 18,674 | |||||||||
Income before income taxes | $ | 115,938 | $ | 112,294 | $ | 591 | ||||||
Income tax expense (benefit) from continuing operations: | ||||||||||||
Current: | ||||||||||||
United States | $ | — | $ | (118 | ) | $ | (49 | ) | ||||
State | 47 | 35 | 128 | |||||||||
Foreign | 1,312 | 867 | 1,368 | |||||||||
1,359 | 784 | 1,447 | ||||||||||
Deferred: | ||||||||||||
United States | 79 | 240 | (3,222 | ) | ||||||||
State | 2 | 14 | (345 | ) | ||||||||
Foreign | (83 | ) | (57 | ) | — | |||||||
(2 | ) | 197 | (3,567 | ) | ||||||||
Income tax expense (benefit) from continuing operations | $ | 1,357 | $ | 981 | $ | (2,120 | ) | |||||
For fiscal years 2015, 2014 and 2013, there was no U.S. income tax benefit related to the exercise of certain employee stock options that decreased income taxes payable and was credited to additional paid-in capital. | ||||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of deferred tax assets and liabilities were as follows: | ||||||||||||
(in thousands) | March 29, 2015 | March 30, 2014 | ||||||||||
Deferred tax assets: | ||||||||||||
Deferred income on shipments to distributors | $ | 3,057 | $ | 2,666 | ||||||||
Non-deductible accruals and reserves | 9,148 | 10,233 | ||||||||||
Inventory related and other expenses | 189 | 1,761 | ||||||||||
Net operating losses and credit carryforwards | 122,178 | 114,858 | ||||||||||
Depreciation and amortization | 12,274 | 13,725 | ||||||||||
Stock options | 1,849 | 1,713 | ||||||||||
Other | 1,737 | 315 | ||||||||||
Total deferred tax assets | 150,432 | 145,271 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Purchased intangibles | (564 | ) | (558 | ) | ||||||||
Other | (2,699 | ) | (3,087 | ) | ||||||||
Total deferred tax liabilities | (3,263 | ) | (3,645 | ) | ||||||||
Valuation allowance | (148,954 | ) | (143,704 | ) | ||||||||
Net deferred tax liabilities | $ | (1,785 | ) | $ | (2,078 | ) | ||||||
The Company maintains a valuation allowance against its deferred tax assets because management is not able to conclude that it is more likely than not that these deferred tax assets will be realized. The Company reached this decision based on judgment, which included consideration of various tax planning strategies, forecasts of future taxable income, and recent operating results. Given the continued improvement in the Company’s operations combined with certain tax strategies, it is reasonably possible that within the next 12 months, positive evidence will be sufficient to release a material amount of the Company’s valuation allowance. Release of the valuation allowance would result in the recognition of certain deferred tax assets and a decrease to income tax expense for the period the release is recorded. The exact timing and amount of the valuation allowance release are subject to change on the basis of the level of profitability that we are able to actually achieve. The valuation allowance for deferred tax assets increased by $5.3 million and $9.1 million in fiscal 2015 and 2014, respectively. | ||||||||||||
The net deferred tax liability of $1.8 million and $2.1 million as of March 29, 2015 and March 30, 2014, respectively, relates primarily to unremitted Singapore investment earnings sourced outside Singapore. | ||||||||||||
As of March 29, 2015, the Company had federal and state net operating loss (NOL) carryforwards of approximately $82.3 million and $102.6 million, respectively, which include excess tax benefits related to stock option exercises. The federal NOL carryforwards will expire in various years from fiscal 2020 through 2035, if not utilized. The state NOL carryforwards will expire in various years from fiscal 2016 through 2035, if not utilized. The utilization of NOLs created by acquired companies is subject to annual limitations under Section 382 of the Internal Revenue Code. However, the Company does not expect that such annual limitation will impair the realization of these NOLs. | ||||||||||||
As of March 29, 2015, the Company had approximately $56.7 million of federal research and development tax credit carryforwards, and $16.8 million of foreign tax credit carryforwards. The federal research and development tax credit carryforwards will expire in fiscal years 2019 through 2035, if not utilized, and the foreign tax credit carryforwards will expire in fiscal years 2016 to 2025, if not utilized. The Company also had, as of March 29, 2015, approximately $80.8 million of state income tax credit carryforwards, of which $5.7 million will expire in fiscal years 2019 through 2035, if not utilized. The Company also had, as of March 29, 2015, approximately $9.0 million of tax credit carryforwards in foreign jurisdictions, which will expire in fiscal years 2018 through 2025. | ||||||||||||
The federal, state, and foreign NOL and tax credit carryforwards in the income tax returns filed include unrecognized tax benefits. The deferred tax assets recognized for those NOLs and tax credits are presented net of these unrecognized tax benefits. | ||||||||||||
The Company has approximately $30.5 million, tax effected, of net operating loss and tax credit carryovers related to excess stock compensation benefits, which are not recorded as deferred tax assets. These excess stock compensation benefits will be credited to additional paid-in capital when recognized. | ||||||||||||
Reconciliation between the statutory U.S. income tax rate of 35% and the effective rate is as follows: | ||||||||||||
Fiscal Year Ended | ||||||||||||
(in thousands) | March 29, | March 30, | March 31, | |||||||||
2015 | 2014 | 2013 | ||||||||||
Provision (benefit) from continuing operations at 35% U.S. statutory rate | $ | 40,579 | $ | 39,303 | $ | 207 | ||||||
State tax, net of federal benefit | 160 | 32 | (123 | ) | ||||||||
Effect of foreign operations | (35,740 | ) | (33,217 | ) | (4,890 | ) | ||||||
Repatriation of foreign earnings | — | 5,623 | 1,505 | |||||||||
Net operating losses and tax credits (benefited) not benefited | (1,067 | ) | (10,985 | ) | (3,733 | ) | ||||||
Stock-based compensation | (2,740 | ) | (689 | ) | 2,640 | |||||||
Other | 165 | 914 | 2,274 | |||||||||
Income tax expense (benefit) from continuing operations | $ | 1,357 | $ | 981 | $ | (2,120 | ) | |||||
As a result of its international manufacturing operations, a significant portion of the Company's worldwide profits are in jurisdictions outside the United States, primarily Malaysia, which has granted the Company significant reductions in tax rates. These lower tax rates allow us to record a relatively low tax expense on a worldwide basis. The Company was granted a tax incentive in Malaysia during fiscal 2009. The tax incentive was contingent upon the Company continuing to meet specified investment criteria in fixed assets, and to operate as an APAC regional headquarters center. In the first quarter of fiscal 2012, the Company entered into an agreement with the Malaysia Industrial Development Board (MIDA), who agreed to cancel the previously granted tax incentive and entered into a new tax incentive. The updated tax incentive provides for a full tax exemption on statutory income for a period of 10 years commencing April 4, 2011. The Company is required to meet several conditions as to financial targets, investment, headcount and activities in Malaysia to retain this status. The impact of these tax incentives decreased foreign taxes by $9.7 million, $2.0 million and $4.1 million for fiscal 2015, 2014 and 2013, respectively. The benefit of the tax incentives on net income per share (diluted) was approximately $0.06, $0.01, and $0.03 for fiscal 2015, 2014 and 2013, respectively. | ||||||||||||
The Company intends to reinvest certain of its foreign earnings indefinitely. Accordingly, no U.S. income taxes have been provided for approximately $820.4 million of undistributed earnings of foreign subsidiaries. It is not practicable for the Company to determine the tax impact of remitting these earnings. | ||||||||||||
The Tax Increase Prevention Act of 2014 (the “Act”) was signed into law on December 19, 2014. The Act contains a number of provisions including, most notably, an extension of the US federal research tax credit through December 31, 2014. The Act did not have a material impact on the Company's effective tax rate for fiscal 2015 due to the effect of the valuation allowance on the Company's deferred tax assets. | ||||||||||||
The following tables summarize the activities of gross unrecognized tax benefits: | ||||||||||||
Fiscal Year Ended | ||||||||||||
March 29, 2015 | March 30, 2014 | March 31, 2013 | ||||||||||
(in thousands) | ||||||||||||
Beginning balance | $ | 32,237 | $ | 31,066 | $ | 29,718 | ||||||
Increases related to prior year tax positions | 549 | 90 | 532 | |||||||||
Decreases related to prior year tax positions | (296 | ) | (301 | ) | (296 | ) | ||||||
Increases related to current year tax positions | 803 | 1,498 | 1,427 | |||||||||
Decreases related to the lapsing of statute of limitations | (103 | ) | (116 | ) | (315 | ) | ||||||
Ending balance | $ | 33,190 | $ | 32,237 | $ | 31,066 | ||||||
The amount of unrecognized tax benefits that would favorably impact the effective tax rate were approximately $0.3 million and $0.2 million as of March 29, 2015 and March 30, 2014, respectively. As of March 29, 2015, approximately $32.9 million of unrecognized tax benefits would be offset by a change in valuation allowance. The Company recognizes potential interest and penalties related to the income tax on the unrecognized tax benefits as a component of income tax expense and accrued approximately $0.1 million and zero for these items in fiscal 2015 and 2014, respectively. | ||||||||||||
As of March 29, 2015, the Company was under examination in the U.S. federal jurisdiction and in Singapore. The Company's fiscal years 2010, 2011 and 2012 are under audit by the Internal Revenue Service (IRS). The Company's fiscal years 2009 through 2012 are under audit by the Inland Revenue Authority of Singapore. 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. | ||||||||||||
The Company believes that within the next 12 months, it is reasonably possible that a decrease of up to $1.9 million in unrecognized tax benefits may occur due to settlements with tax authorities or statute lapses. | ||||||||||||
The Company's open years in the U.S. federal jurisdiction are fiscal 2010 and later years. In addition, the Company is effectively subject to federal tax examination adjustments for tax years ended on or after fiscal year 1999, in that the Company has tax attribute carryforwards from these years that could be subject to adjustments, if and when utilized. The Company's open years in various state and foreign jurisdictions are fiscal years 2008 and later. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||
Mar. 29, 2015 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Segment Information | Segment Information | |||||||||||
The Chief Operating Decision Maker is the Company’s President and Chief Executive Officer. | ||||||||||||
The Company's 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, signal integrity products, and PC audio (divested in the third quarter of fiscal 2014). | |||||||||||
The tables below provide information about these segments: | ||||||||||||
Revenues by segment | Fiscal Year Ended | |||||||||||
(in thousands) | March 29, | March 30, | March 31, | |||||||||
2015 | 2014 | 2013 | ||||||||||
Communications | $ | 313,630 | $ | 292,435 | $ | 258,184 | ||||||
Computing and Consumer | 259,275 | 192,344 | 226,268 | |||||||||
Total revenues | $ | 572,905 | $ | 484,779 | $ | 484,452 | ||||||
The Company utilizes global and regional distributors around the world, that buy product directly from the Company on behalf of their customers. Sales through a distributor, Uniquest, represented approximately 16% and 10%, of the Company's revenues in fiscal 2015 and 2013, respectively. Sales through a distributor, Avnet and its affiliates, represented approximately 11%, 12% and 10% of the Company’s revenues in fiscal 2015, 2014 and 2013, respectively. Sales through a distributor, Maxtek and its affiliates, represented approximately 13% of the Company’s revenues in fiscal 2013. Each of these distributors serves customers within both of the Company's reportable segments. | ||||||||||||
At March 29, 2015, two distributors represented approximately 11% and 10%, respectively of the Company's account receivable. At March 30, 2014, two distributors represented approximately 15% and 14%, respectively, of the Company's account receivable. | ||||||||||||
Income (Loss) by segment from continuing operations | Fiscal Year Ended | |||||||||||
March 29, | March 30, | March 31, | ||||||||||
(in thousands) | 2015 | 2014 | 2013 | |||||||||
Communications | $ | 116,018 | $ | 103,457 | $ | 78,995 | ||||||
Computing and Consumer | 29,301 | (22,658 | ) | (30,972 | ) | |||||||
Unallocated expenses: | ||||||||||||
Amortization of intangible assets | (6,573 | ) | (21,964 | ) | (16,339 | ) | ||||||
Inventory fair market value adjustment | — | — | (358 | ) | ||||||||
Impairment of acquired in-process R&D | — | (2,433 | ) | — | ||||||||
Gain on divestitures | — | 78,632 | 7,986 | |||||||||
Asset impairment and other | (2,968 | ) | (4,113 | ) | (6,096 | ) | ||||||
Stock-based compensation | (22,453 | ) | (12,677 | ) | (13,054 | ) | ||||||
Severance, retention and facility closure costs | (1,250 | ) | (6,590 | ) | (5,584 | ) | ||||||
Acquisition-related income (costs) and other | 125 | (802 | ) | (11,238 | ) | |||||||
Consulting expenses related to stockholder activities | — | — | (1,614 | ) | ||||||||
Deferred compensation plan expense (benefit) | (50 | ) | 51 | (194 | ) | |||||||
Life insurance proceeds received | — | — | 2,313 | |||||||||
Other-than-temporary loss on investments | — | — | (1,708 | ) | ||||||||
Interest income and other, net | 3,788 | 1,391 | (1,546 | ) | ||||||||
Income from continuing operations, before income taxes | $ | 115,938 | $ | 112,294 | $ | 591 | ||||||
The Company does not allocate goodwill and intangible assets impairment charge, IPR&D, 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: | ||||||||||||
Fiscal Year Ended | ||||||||||||
(in thousands) | March 29, | March 30, | March 31, | |||||||||
2015 | 2014 | 2013 | ||||||||||
APAC | $ | 402,694 | $ | 309,121 | $ | 308,409 | ||||||
Americas (1) | 68,373 | 71,305 | 76,876 | |||||||||
Japan | 39,519 | 40,829 | 40,281 | |||||||||
Europe | 62,319 | 63,524 | 58,886 | |||||||||
Total revenues | $ | 572,905 | $ | 484,779 | $ | 484,452 | ||||||
-1 | Revenues from the customers in the U.S. were $61.7 million, $63.1 million and $69.6 million in fiscal 2015, 2014 and 2013, respectively. | |||||||||||
The Company’s significant operations outside of the United States include test facility in Malaysia, design centers in the U.S., Canada and China, and sales subsidiaries in Japan, APAC and Europe. The Company's net property, plant and equipment are summarized below by geographic area: | ||||||||||||
March 29, | March 30, | |||||||||||
(in thousands) | 2015 | 2014 | ||||||||||
United States | $ | 38,879 | $ | 40,561 | ||||||||
Canada | 3,997 | 4,660 | ||||||||||
Malaysia | 21,244 | 20,972 | ||||||||||
All other countries | 1,388 | 3,634 | ||||||||||
Total property, plant and equipment, net | $ | 65,508 | $ | 69,827 | ||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended |
Mar. 29, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments |
As a result of its international operations, sales and purchase transactions, the Company is subject to risks associated with fluctuating currency exchange rates. The Company may use derivative financial instruments to hedge these risks when instruments are available and cost effective, in an attempt to minimize the impact of currency exchange rate movements on its operating results and on the cost of capital equipment purchases. | |
As of March 29, 2015 and March 30, 2014, 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. The Company also has foreign exchange facilities used for hedging arrangements with banks that allow the Company to enter into foreign exchange contracts totaling approximately $20.0 million, all of which was available at March 29, 2015. |
Credit_Facility
Credit Facility | 12 Months Ended |
Mar. 29, 2015 | |
Line of Credit Facility [Abstract] | |
Credit Facility | Credit Facility |
On June 13, 2011, the Company entered into a Master Repurchase Agreement (the Repurchase Agreement) with Bank of America, N.A. (Bank of America), pursuant to which the Company had the right, subject to the terms and conditions of the Repurchase Agreement, to sell to Bank of America up to 1,431 shares of Class A preferred shares of one of its wholly-owned subsidiaries (the Subsidiary), in one or more transactions prior to June 13, 2012, for an aggregate purchase price of $135 million in cash. Pursuant to the Repurchase Agreement, to the extent it sells any such shares to Bank of America, the Company will be obligated to repurchase from Bank of America and Bank of America will be obligated to resell to the Company, those preferred shares for the aggregate purchase price paid by Bank of America. On May 17, 2012, the Company entered into an amendment to the Repurchase Agreement which, among other things, extended the availability of the transactions under the Repurchase Agreement until December 13, 2012. On December 4, 2012, the Company entered into another amendment to the Repurchase Agreement which, among other things, extended the availability of the transactions under the Repurchase Agreement until February 14, 2013. | |
Related to the termination of the planned acquisition of PLX, the Company's management determined that it would be in the best interest of IDT to allow the Repurchase Agreement and the related IDT Agreement with Bank of America to lapse undrawn. As a result, the Repurchase Agreement was allowed to lapse undrawn on February 14, 2013. The related IDT Agreement expired as of the same date. Associated with the Repurchase Agreement, the Company had approximately $2.5 million in remaining unamortized financing costs which were originally recorded as other current assets. The Company recognized these remaining financing costs in fiscal 2013 as selling, general and administrative expense. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Mar. 29, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
On April 27, 2015, the Company completed the sale of the remaining HSC business to eSilicon Corporation (“eSilicon”), for $1.5 million which will be paid on or before April 27, 2017. In connection with the sale, the Company entered into an Exclusive Intellectual Property License Agreement with eSilicon, whereby the Company will provide an exclusive license to eSilicon to develop, manufacture, sell and maintain HSC products. In connection with the sale, the Company and eSilicon also entered into a Transition Services Agreement, whereby the Company will provide certain transition services over a specific period from the effective date of the sale. Also, as part of the sale, the Company will transfer to eSilicon certain assets with a nominal carrying value. | |
In April 2015, the Company's Board of Directors approved a new share repurchase program authorization for $300 million. |
SUPPLEMENTARY_FINANCIAL_INFORM
SUPPLEMENTARY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended | |||||||||||||||
Mar. 29, 2015 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
SUPPLEMENTARY FINANCIAL INFORMATION (UNAUDITED) | SUPPLEMENTARY FINANCIAL INFORMATION (UNAUDITED) | |||||||||||||||
QUARTERLY RESULTS OF OPERATIONS | ||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||
Fiscal Year Ended March 29, 2015 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter (4) | Quarter (5) | Quarter (5) | Quarter | |||||||||||||
Revenues | $ | 126,302 | $ | 137,093 | $ | 151,160 | $ | 158,350 | ||||||||
Gross profit | 74,009 | 81,876 | 91,364 | 98,055 | ||||||||||||
Net income from continuing operations | 17,111 | 24,246 | 32,841 | 40,383 | ||||||||||||
Net income (loss) from discontinued operations | 4,732 | (9,804 | ) | (14,483 | ) | (1,117 | ) | |||||||||
Net income | 21,843 | 14,442 | 18,358 | 39,266 | ||||||||||||
Basic net income per share – continuing operations | $ | 0.11 | $ | 0.16 | $ | 0.22 | $ | 0.27 | ||||||||
Basic net income (loss) per share – discontinued operations | $ | 0.04 | $ | (0.06 | ) | $ | (0.10 | ) | $ | (0.01 | ) | |||||
Basic net income per share | $ | 0.15 | $ | 0.1 | $ | 0.12 | $ | 0.26 | ||||||||
Diluted net income per share – continuing operations | $ | 0.11 | $ | 0.16 | $ | 0.21 | $ | 0.26 | ||||||||
Diluted net income (loss) per share – discontinued operations | $ | 0.03 | $ | (0.07 | ) | $ | (0.09 | ) | $ | (0.01 | ) | |||||
Diluted net income per share | $ | 0.14 | $ | 0.09 | $ | 0.12 | $ | 0.25 | ||||||||
Fiscal Year Ended March 30, 2014 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter (1) | Quarter (2) | Quarter (3) | |||||||||||||
Revenues | $ | 117,464 | $ | 124,047 | $ | 124,628 | $ | 118,640 | ||||||||
Gross profit | 66,122 | 70,761 | 74,939 | 61,080 | ||||||||||||
Net income from continuing operations | 1,501 | 87,411 | 17,339 | 5,062 | ||||||||||||
Net loss from discontinued operations | (3,765 | ) | (3,760 | ) | (10,391 | ) | (5,033 | ) | ||||||||
Net income (loss) | (2,264 | ) | 83,651 | 6,948 | 29 | |||||||||||
Basic net income per share – continuing operations | $ | 0.01 | $ | 0.58 | $ | 0.11 | $ | 0.03 | ||||||||
Basic net loss per share – discontinued operations | $ | (0.03 | ) | $ | (0.02 | ) | $ | (0.06 | ) | $ | (0.03 | ) | ||||
Basic net income (loss) per share | $ | (0.02 | ) | $ | 0.56 | $ | 0.05 | $ | — | |||||||
Diluted net income per share – continuing operations | $ | 0.01 | $ | 0.57 | $ | 0.11 | $ | 0.03 | ||||||||
Diluted net loss per share – discontinued operations | $ | (0.03 | ) | $ | (0.03 | ) | $ | (0.07 | ) | $ | (0.03 | ) | ||||
Diluted net income (loss) per share | $ | (0.02 | ) | $ | 0.54 | $ | 0.04 | $ | — | |||||||
(1) In the second quarter of fiscal 2014, the Company recorded a gain of $82.3 million in net income from continuing operations related to the divestiture of its PCI Express enterprise flash controller business to PMC-Sierra, Inc. | ||||||||||||||||
(2) In the third quarter of fiscal 2014, the Company recorded a loss of $3.4 million in net loss from continuing operations related to the divestiture of certain assets of its Audio business to Stravelis, Inc. | ||||||||||||||||
(3) In the fourth quarter of fiscal 2014, associated with the decision to discontinue production and sale of products using technology attained through the acquisitions of Mobius Microsystems in fiscal 2010 and IKOR in fiscal 2011, the Company recorded an additional $8.7 million in accelerated amortization of intangible assets which was charged to cost of revenues. In addition, the Company recorded a $2.4 million impairment of IPR&D to research and development expense, associated with the decision to discontinue further development required to complete the Mobius Microsystems acquired IPR&D. | ||||||||||||||||
(4) In the first quarter of fiscal 2015, the Company recorded a gain of $16.8 million in net income from discontinued operations related to the divestiture of the Alvand portion of its HSC business. | ||||||||||||||||
(5) In the second quarter of fiscal 2015, the Company recorded $6.8 million of minimum statutory benefits to discontinued operations with regards to a workforce-reduction plan that covered certain employees of its HSC business in France and the Netherlands. In the third quarter of fiscal 2015, the Company recorded $11.9 million of restructuring charges to discontinued operations in addition to the minimum statutory amount recognized in the previous quarter. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||||||
Mar. 29, 2015 | ||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||||
Valuation and Qualifying Accounts | INTEGRATED DEVICE TECHNOLOGY, INC. | |||||||||||||||||||
SCHEDULE II | ||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||||
(in thousands) | Balance at | Additions | Charged | Deductions | Balance at | |||||||||||||||
Beginning | Charged | (Credited) to | and | End of Period | ||||||||||||||||
of Period | (Credited) to | Other | Write-offs | |||||||||||||||||
Revenues, | Accounts | |||||||||||||||||||
Costs and | ||||||||||||||||||||
Expenses | ||||||||||||||||||||
Allowance for returns, pricing credits and doubtful accounts | ||||||||||||||||||||
Year ended March 31, 2013 | $ | 3,009 | $ | 134 | $ | — | $ | (356 | ) | $ | 2,787 | |||||||||
Year ended March 30, 2014 | $ | 2,787 | $ | 657 | $ | — | $ | (310 | ) | $ | 3,134 | |||||||||
Year ended March 29, 2015 | $ | 3,134 | $ | 1,680 | $ | — | $ | (150 | ) | $ | 4,664 | |||||||||
Tax valuation allowance | ||||||||||||||||||||
Year ended March 31, 2013 | $ | 131,731 | $ | 34,171 | $ | — | $ | (31,269 | ) | $ | 134,633 | |||||||||
Year ended March 30, 2014 | $ | 134,633 | $ | 30,110 | $ | — | $ | (21,039 | ) | $ | 143,704 | |||||||||
Year ended March 29, 2015 | $ | 143,704 | $ | 12,427 | $ | — | $ | (7,177 | ) | $ | 148,954 | |||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 29, 2015 | |
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 nearest to March 31. Fiscal 2015 included 52 weeks and ended on March 29, 2015. Fiscal 2014 included 52 weeks and ended on March 30, 2014 and fiscal 2013 included 52 weeks and ended on March 31, 2013. |
Principles of Consolidation | Principles of Consolidation. The 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. |
Cash and Cash Equivalents | Cash and Cash Equivalents. Cash equivalents are highly liquid investments with remaining maturities of three months or less at the time of purchase. |
Investments | Investments |
Available-for-Sale Investments. Investments designated as available-for-sale include marketable debt and equity securities. Available-for-sale investments are classified as short-term, as these investments generally consist of highly marketable securities that are intended to be available to meet near-term cash requirements. Marketable securities classified as available-for-sale are reported at market value, with net unrealized gains or losses recorded in accumulated other comprehensive income (loss), a separate component of stockholders' equity, until realized. Realized gains and losses on investments are computed based upon specific identification, are included in interest income and other, net and have not been significant for all periods presented. | |
Non-Marketable Equity Securities. Non-marketable equity securities are accounted for at historical cost or, if the Company has significant influence over the investee, using the equity method of accounting. | |
Other-Than-Temporary Impairment. All of the Company’s available-for-sale investments and non-marketable equity securities 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. This determination requires significant judgment. For publicly traded investments, impairment is determined based upon the specific facts and circumstances present at the time, including a review of the closing price over the previous six months, general market conditions and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for recovery. For non-marketable equity securities, the impairment analysis requires the identification of events or circumstances that would likely have a significant adverse effect on the fair value of the investment, including revenue and earnings trends, overall business prospects and general market conditions in the investees’ industry or geographic area. Investments identified as having an indicator of impairment are subject to further analysis to determine if the investment is other-than-temporarily impaired, in which case the investment is written down to its impaired value. | |
Inventories | Inventories. Inventories are recorded at the lower of standard cost (which approximates actual cost on a first-in, first-out basis) or market value. Inventory held at consignment locations is included in finished goods inventory as the Company retains full title and rights to the product. Inventory valuation includes provisions for excess and obsolete inventory based on management’s forecasts of demand over specific future time horizons and reserves to value the Company's inventory at the lower of cost or market which rely on forecasts of average selling prices (ASPs) in future periods. |
Property, Plant and Equipment | Property, Plant and Equipment. Property, plant and equipment are stated at cost. Property, plant and equipment acquired in conjunction with mergers or acquisitions are stated at estimated fair value at the time of acquisition. For financial reporting purposes, depreciation is computed using the straight-line method over estimated useful lives of the assets. Estimated useful lives for major asset categories are as follows: machinery and equipment, 3 to 5 years; and buildings and improvements, 10 to 30 years. Leasehold improvements are amortized over the shorter of the estimated useful lives of the assets or the remaining term of the lease. |
Long-Lived Assets and Goodwill | Long-Lived Assets and Goodwill. The carrying values of long-lived assets, including purchased intangibles are evaluated whenever events or circumstances indicate that the carrying values may not be recoverable. If estimated undiscounted cash flows are not sufficient to recover the carrying values, the affected assets are considered impaired and are written down to their estimated fair value, which is generally determined on the basis of discounted cash flows or outside appraisals. |
The Company tests for impairment of goodwill and other indefinite-lived assets on an annual basis, or more frequently if indicators of impairment are present. These tests are performed at the reporting unit level using a two-step, fair-value based approach. The first step, used to determine if impairment possibly exists, is to compare the carrying amount of a reporting unit, including goodwill, to its fair value. If the carrying amount of the reporting unit exceeds the fair value, the second step is to measure the amount of impairment loss by comparing the implied fair value of reporting unit goodwill with the carrying amount of that goodwill. | |
Income Taxes | Income Taxes. The Company accounts for income taxes under an asset and liability approach that requires the expected future tax consequences of temporary differences between book and tax bases of assets and liabilities be recognized as deferred tax assets and liabilities. Generally accepted accounting principles require the Company to evaluate the ability to realize the value of its net deferred tax assets on an ongoing basis. A valuation allowance is recorded to reduce the net deferred tax assets to an amount that will more likely than not be realized. Accordingly, the Company considers various tax planning strategies, forecasts of future taxable income, and recent operating results in assessing the need for a valuation allowance. Since the fourth quarter of fiscal 2003, the Company has determined that, under applicable accounting principles, it is more likely than not that the Company will not realize the value of its net deferred tax assets. The Company continues to maintain a valuation allowance to reduce its deferred tax assets to an amount that is more likely than not to be realized. However, given the continued improvement in the Company's operations combined with certain tax strategies, the Company believes that there is a reasonable possibility that within the next 12 months, sufficient positive evidence may become available to allow the Company to reach a conclusion that a significant portion of the valuation allowance will no longer be needed. Release of the valuation allowance would result in the recognition of certain deferred tax assets and a decrease to income tax expense for the period the release is recorded. The exact timing and amount of the valuation allowance release are subject to change on the basis of the level of profitability that the Company is able to actually achieve. |
The Company recognizes the tax liabilities for uncertain income tax positions taken on the income tax return based on the two-step process prescribed under U.S. GAAP. The first step is to determine whether it is more likely than not that each income tax position would be sustained upon audit. The second step is to estimate and measure the tax benefit as the amount that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority. Estimating these amounts requires the Company to determine the probability of various possible outcomes. The Company evaluates these uncertain tax positions on a quarterly basis. This evaluation is based on the consideration of several factors including changes in facts or circumstances, changes in applicable tax law, settlement of issues under audit, and new exposures. If the Company later determines that the exposure is lower or that the liability is not sufficient to cover its revised expectations, the Company adjusts the liability and effect a related change in its tax provision during the period in which the Company makes such determination. | |
Revenue Recognition | Revenue Recognition. The Company’s revenue results from semiconductor products sold through three channels: direct sales to original equipment manufacturers (OEMs) and electronic manufacturing service providers (EMSs), consignment sales to OEMs and EMSs, and sales through distributors. The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable, and its ability to collect is reasonably assured. |
Distributors who serve our customers worldwide and distributors who serve our customers in the U.S. and Europe regions, who have stock rotation, price protection and ship from stock pricing adjustment rights, the Company defers revenue and related cost of revenues on sales to these distributors until the product is sold through by the distributor to an end-customer. Subsequent to shipment to the distributor, the Company may reduce product pricing through price protection based on market conditions, competitive considerations and other factors. Price protection is granted to distributors on the inventory that they have on hand at the date the price protection is offered. The Company also grants certain credits to its distributors on specifically identified portions of the distributors’ business to allow them to earn a competitive gross margin on the sale of the Company’s products to their end customers. As a result of its inability to estimate these credits, the Company has determined that the sales price to these distributors is not fixed or determinable until the final sale to the end-customer. | |
In the Asia Pacific region and Japan, the Company has distributors for which revenue is recognized upon shipment, with reserves recorded for the estimated return and pricing adjustment exposures. The determination of the amount of reserves to be recorded for stock rotation rights requires the Company to make estimates as to the amount of product which will be returned by customers within their limited contractual rights. The Company utilizes historical return rates to estimate the exposure. In addition, on occasion, the Company can offer pricing adjustments to distributors for product purchased in a given quarter that remains in their inventory. These amounts are estimated by management based on discussions with customers, assessment of market trends, as well as historical practice. | |
Shipping and Handling Costs | Shipping and Handling Costs. The Company includes shipping and handling costs billed to customers in revenues. The Company’s shipping and handling costs are included in cost of revenues. |
Stock-based Compensation | Stock-based Compensation. The fair value of employee restricted stock units is equal to the market value of the Company’s common stock on the date the award is granted. For performance-based restricted stock units, the Company is required to assess the probability of achieving certain financial objectives at the end of each reporting period. Based on the assessment of this probability, which requires subjective judgment, the Company records stock-based compensation expense before the performance criteria are actually fully achieved, which may then be reversed in future periods if the Company determines that it is no longer probable that the objectives will be achieved. The expected cost of each award is reflected over the performance period and is reduced for estimated forfeitures. For restricted stock units which are subject to a market condition, compensation cost is recognized regardless of whether the market condition is satisfied, provided that the requisite service period has been provided. The market condition is considered in the estimate of fair value using a method that incorporates the possibility that the market condition may not be satisfied. |
The Company estimates the fair value of employee stock options and the right to purchase shares under the employee stock purchase plan using the Black-Scholes valuation model, consistent with the FASB’s authoritative guidance for share-based payments. Option-pricing models require the input of highly subjective assumptions, including the expected term of options and the expected price volatility of the stock underlying such options. In addition, the Company is required to estimate the number of stock-based awards that will be forfeited due to employee turnover and true up these forfeiture rates when actual results are different from the Company's estimates. The Company attributes the value of stock-based compensation to expense on an accelerated method. Finally, the Company capitalizes into inventory a portion of the periodic stock-based compensation expense that relates to employees working in manufacturing activities. | |
The Company updates the expected term of stock option grants annually based on its analysis of the stock option exercise behavior over a period of time. The interest rate used in the Black-Scholes valuation model to value the stock option is based on the average U.S. Treasury interest rate over the expected term during the applicable quarter. The Company believes that the implied volatility of its common stock is an important consideration of overall market conditions and a good indicator of the expected volatility of its common stock. However, due to the limited volume of options freely traded over the counter, the Company believes that implied volatility, by itself, is not representative of the expected volatility of its common stock. Therefore, the Company's volatility factor used to estimate the fair value of its stock-based awards reflects a blend of historical volatility of its common stock and implied volatility of call options and dealer quotes on call options, generally having a term of less than twelve months. The Company has not paid, nor does it have current plans to pay dividends on its common stock in the foreseeable future. | |
The Company uses the “with and without” approach in determining the order in which tax attributes are utilized. As a result, the Company recognizes a tax benefit from stock-based awards in additional paid-in capital only if an incremental tax benefit is realized after all other tax attributes currently available to the Company have been utilized. In addition, the Company accounts for the indirect effects of stock-based awards on other tax attributes, such as the research tax credit, through the Consolidated Statements of Operations. | |
Comprehensive Income (Loss) | Comprehensive Income (Loss). Comprehensive income (loss) is comprised of net income (loss) and unrealized gains and losses on available-for-sale securities and foreign exchange contracts and changes in pension assets and liabilities. Accumulated other comprehensive income (loss), as presented on the consolidated balance sheets, consists of net unrealized gains and losses on available-for-sale securities and foreign currency translation adjustments, and changes in pension assets and liabilities, net of tax. |
Pension and Other Postretirement Plans | Pensions and Other Post-retirement Plans. The Company, through its actuaries, utilizes assumptions when estimating the liabilities for pension and other employee benefit plans. These assumptions, where applicable, include the discount rates used to determine the actuarial present value of projected benefit obligations, the rate of increase in future compensation levels, the long-term rate of return on assets and the growth in health care costs. The cost of these benefits is recognized in the Consolidated Financial Statements over an employee’s term of service with the Company, and the accrued benefits are reported as other long-term liabilities on the Consolidated Balance Sheets. |
Translation of Foreign Currencies | Translation of Foreign Currencies. For subsidiaries in which the functional currency is the local currency, gains and losses resulting from translation of foreign currency financial statements into U.S. dollars are recorded as a component of accumulated other comprehensive income (loss). For subsidiaries where the functional currency is the U.S. dollar, gains and losses resulting from the process of remeasuring foreign currency financial statements into U.S. dollars are included in interest income and other, net and have not been significant for all periods presented. |
Certain Risk and Concentrations | Certain Risk and Concentrations. The Company's most significant potential exposure to credit concentration risk includes debt-security investments, foreign exchange contracts and trade accounts receivable. The Company’s investment policy addresses sector and industry concentrations, credit ratings and maturity dates. The Company invests its excess cash primarily in highly-rated money market and short-term debt instruments, diversifies its investments and, by policy, invests only in highly-rated securities to minimize credit risk. |
The Company sells integrated circuits to OEMs, distributors and EMSs primarily in the U.S., Europe, Japan and APAC. The Company monitors the financial condition of its major customers, including performing credit evaluations of those accounts which management considers to be high risk, and generally does not require collateral from its customers. When deemed necessary, the Company may limit the credit extended to certain customers. The Company’s relationship with the customer, and the customer’s past and current payment experience, are also factored into the evaluation in instances in which limited financial information is available. The Company maintains an allowance for doubtful accounts for probable credit losses, including reserves based upon a percentage of total receivables. When the Company becomes aware that a specific customer may default on its financial obligation, a specific amount, which takes into account the level of risk and the customer’s outstanding accounts receivable balance, is reserved. These reserved amounts are classified within selling, general and administrative expenses. Write-offs of accounts receivable balances were not significant in each of the three fiscal years presented. | |
Sales through a distributor, Uniquest, represented approximately 16% and 10%, of the Company's revenues in fiscal 2015 and 2013, respectively. Sales through a distributor, Avnet and its affiliates, represented approximately 11%, 12% and 10% of the Company’s revenues in fiscal 2015, 2014 and 2013, respectively. Sales through a distributor, Maxtek and its affiliates, represented approximately 13% of the Company’s revenues in fiscal 2013. As of March 29, 2015, two distributors represented approximately 11% and 10%, respectively of the Company's account receivable. As of March 30, 2014, two distributors represented approximately 15% and 14%, respectively, of the Company's account receivable. | |
For foreign exchange contracts, the Company manages its potential credit exposure primarily by restricting transactions with only high-credit quality counterparties. | |
The semiconductor industry is characterized by rapid technological change, competitive pricing pressures, and cyclical market patterns. The Company's results of operations are affected by a wide variety of factors, including general economic conditions, both at home and abroad; economic conditions specific to the semiconductor industry; demand for the Company's products; the timely introduction of new products; implementation of new manufacturing technologies; manufacturing capacity; the availability and cost of materials and supplies; competition; the ability to safeguard patents and intellectual property in a rapidly evolving market; and reliance on assembly and manufacturing foundries, independent distributors and sales representatives. As a result, the Company may experience substantial period-to-period fluctuations in future operating results due to the factors mentioned above or other factors. | |
Product Warranty | Product Warranty. The Company maintains a reserve for obligations it incurs under its product warranty program. The standard warranty period offered is one year, though in certain instances the warranty period may be extended to as long as two years. Management estimates the fair value of its 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 program. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
Accounting Pronouncements Recently Adopted | |
In February 2013, the Financial Accounting Standards Board (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 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. The Company adopted this guidance in the first quarter of fiscal 2015 and the adoption did not have a significant impact on the Company's consolidated financial statements. | |
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. The Company adopted this guidance in the first quarter of fiscal 2015 and the adoption did not have a significant impact on the Company's consolidated financial statements. | |
In July 2013, FASB issued an Accounting Standards Update (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 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, for the Company, is the first quarter of fiscal 2015. The Company has historically accounted for its unrecognized tax benefits in accordance with this guidance and as such, adoption of this guidance had no impact on its consolidated financial statements. | |
Accounting Pronouncements Not Yet Effective for Fiscal 2015 | |
In April 2014, the FASB issued guidance which changes the criteria for identifying a discontinued operation. The guidance limits the definition of a discontinued operation to the disposal of a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has, or will have, a major effect on an entity's operations and financial results. This amended guidance is effective for annual and interim reporting periods beginning after December 15, 2014. The Company expects this guidance to have an impact on its financial statements only in the event of a future disposition which meets the criteria. | |
On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The standard permits the use of either the retrospective or cumulative effect transition method. On April 1, 2015, the FASB proposed deferring the effective date by one year to December 15, 2017 for annual periods beginning after that date. The FASB also proposed permitting early adoption of the standard, but not before the original effective date of December 15, 2016. The Company is currently evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. | |
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This standard sets forth management’s responsibility to evaluate, each reporting period, whether there is substantial doubt about an entity’s ability to continue as a going concern, and if so, to provide related footnote disclosures. The standard is effective for annual reporting periods ending after December 15, 2016 and interim periods within annual periods beginning after December 15, 2016. The Company does not believe that the adoption of this guidance will have any material impact on its financial position or results of operations. |
Net_Income_Per_Share_From_Cont1
Net Income Per Share From Continuing Operations (Tables) | 12 Months Ended | |||||||||||
Mar. 29, 2015 | ||||||||||||
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: | |||||||||||
Fiscal Year Ended | ||||||||||||
March 29, | March 30, | March 31, | ||||||||||
(in thousands, except per share amounts) | 2015 | 2014 | 2013 | |||||||||
Numerator (basic and diluted): | ||||||||||||
Net income from continuing operations | $ | 114,581 | $ | 111,313 | $ | 2,711 | ||||||
Denominator: | ||||||||||||
Weighted average common shares outstanding, basic | 148,714 | 149,480 | 144,014 | |||||||||
Dilutive effect of employee stock options, restricted stock units and performance stock units | 5,269 | 3,889 | 1,664 | |||||||||
Weighted average common shares outstanding, diluted | 153,983 | 153,369 | 145,678 | |||||||||
Basic net income per share from continuing operations | $ | 0.77 | $ | 0.74 | $ | 0.02 | ||||||
Diluted net income per share from continuing operations | $ | 0.74 | $ | 0.73 | $ | 0.02 | ||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Mar. 29, 2015 | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Results of discontinued operations | The results of the HSC business discontinued operations for the fiscal years 2015, 2014 and 2013 were as follows (in thousands): | |||||||||||
For the Twelve Months Ended, | ||||||||||||
29-Mar-15 | 30-Mar-14 | 31-Mar-13 | ||||||||||
Revenues | $ | 3,803 | $ | 3,466 | $ | 2,784 | ||||||
Cost of revenue | 1,939 | 2,935 | 2,908 | |||||||||
Goodwill and long-lived assets impairment | 8,471 | 4,797 | — | |||||||||
Restructuring charges (see Note 14) | 18,305 | — | — | |||||||||
Operating expenses | 12,325 | 18,622 | 18,398 | |||||||||
Gain on divestiture | 16,840 | — | — | |||||||||
Other income | — | (50 | ) | — | ||||||||
Income tax expense | 275 | 11 | 113 | |||||||||
Net loss from discontinued operations | $ | (20,672 | ) | $ | (22,949 | ) | $ | (18,635 | ) | |||
The results of discontinued operations for fiscal 2013 are as follows (in thousands): | ||||||||||||
31-Mar-13 | ||||||||||||
Revenues | $ | 2,429 | ||||||||||
Cost of revenue | 3,006 | |||||||||||
Operating expenses | 4,554 | |||||||||||
Gain on divestiture | 886 | |||||||||||
Income tax expense | 3 | |||||||||||
Net loss from discontinued operations | $ | (4,248 | ) | |||||||||
High-Speed Converter Business | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Summary of components of the gain on disposal | The following table summarizes the components of the gain (in thousands): | |||||||||||
Amount | ||||||||||||
Cash proceeds from sale (including amounts held in escrow) | $ | 18,000 | ||||||||||
Less book value of assets sold and direct costs related to the sale: | — | |||||||||||
Intangible assets | (990 | ) | ||||||||||
Transaction and other costs | (170 | ) | ||||||||||
Gain on divestiture | $ | 16,840 | ||||||||||
Synaptics asset purchase agreement | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Summary of components of the gain on disposal | The following table summarizes the components of the gain (in thousands): | |||||||||||
Amount | ||||||||||||
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 | ||||||||||
Other_Divestitures_not_account1
Other Divestitures (not accounted as discontinued operations) (Tables) | 12 Months Ended | ||||
Mar. 29, 2015 | |||||
Assets of Audio Business | |||||
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 contingent consideration | 1,000 | ||||
Total consideration | $ | 1,200 | |||
Fair value adjustment to contingent consideration | $ | (1,000 | ) | ||
Fair value adjustment to transitional services agreement | (300 | ) | |||
Fixed assets | (135 | ) | |||
Inventories | (3,051 | ) | |||
Other assets | (304 | ) | |||
Transaction and other costs | (126 | ) | |||
Loss on divestiture | $ | (3,716 | ) | ||
PCI Express | |||||
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 | |||
Smart Meter business | |||||
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 | $ | 10,264 | |||
Less book value of assets sold and direct costs related to the sale: | |||||
Fixed assets | (22 | ) | |||
Inventories | (1,299 | ) | |||
Transaction and other costs | (957 | ) | |||
Gain on divestiture | $ | 7,986 | |||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 12 Months Ended | |||||||||||||||
Mar. 29, 2015 | ||||||||||||||||
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 measured at fair value on a recurring basis as of March 29, 2015: | |||||||||||||||
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: | ||||||||||||||||
U.S. government treasuries and agencies securities | $ | 135,945 | $ | — | $ | — | $ | 135,945 | ||||||||
Money market funds | 55,578 | — | — | 55,578 | ||||||||||||
Asset-backed securities | — | 31,830 | — | 31,830 | ||||||||||||
Corporate bonds | — | 245,675 | — | 245,675 | ||||||||||||
International government bonds | — | 1,006 | — | 1,006 | ||||||||||||
Corporate commercial paper | — | 4,999 | — | 4,999 | ||||||||||||
Bank deposits | — | 16,915 | — | 16,915 | ||||||||||||
Repurchase agreements | — | 191 | — | 191 | ||||||||||||
Municipal bonds | — | 6,044 | — | 6,044 | ||||||||||||
Total assets measured at fair value | $ | 191,523 | $ | 306,660 | $ | — | $ | 498,183 | ||||||||
The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 30, 2014: | ||||||||||||||||
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: | ||||||||||||||||
U.S. government treasuries and agencies securities | $ | 112,253 | $ | — | $ | — | $ | 112,253 | ||||||||
Money market funds | 53,430 | — | — | 53,430 | ||||||||||||
Asset-backed securities | — | 22,332 | — | 22,332 | ||||||||||||
Corporate bonds | — | 199,806 | — | 199,806 | ||||||||||||
International government bonds | — | 3,014 | — | 3,014 | ||||||||||||
Corporate commercial paper | — | 6,246 | — | 6,246 | ||||||||||||
Bank deposits | — | 18,538 | — | 18,538 | ||||||||||||
Repurchase agreements | — | 46 | — | 46 | ||||||||||||
Municipal bonds | — | 9,210 | — | 9,210 | ||||||||||||
Total assets measured at fair value | $ | 165,683 | $ | 259,192 | $ | — | $ | 424,875 | ||||||||
Liabilities: | ||||||||||||||||
Fair value of contingent consideration | — | — | 2,140 | 2,140 | ||||||||||||
Total liabilities measured at fair value | $ | — | $ | — | $ | 2,140 | $ | 2,140 | ||||||||
Change in Fair Value of Liabilities Measured Using Level 3 Inputs | The following table summarizes the change in the fair value of liabilities measured using significant unobservable inputs (Level 3) for fiscal 2015 and 2014: | |||||||||||||||
(in thousands) | Estimated Fair Value | |||||||||||||||
Balance as of March 31, 2013 | $ | 6,695 | ||||||||||||||
Changes in fair value | 575 | |||||||||||||||
Payment | (5,130 | ) | ||||||||||||||
Balance as of March 30, 2014 | 2,140 | |||||||||||||||
Payment | (1,600 | ) | ||||||||||||||
Release | (540 | ) | ||||||||||||||
Balance as of March 29, 2015 | $ | — | ||||||||||||||
Investments_Tables
Investments (Tables) | 12 Months Ended | |||||||||||||||||||||||
Mar. 29, 2015 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||
Available-For-Sale Investments | Available-for-sale investments at March 29, 2015 were as follows: | |||||||||||||||||||||||
Cost | Gross | Gross | Estimated Fair | |||||||||||||||||||||
(in thousands) | Unrealized | Unrealized | Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
U.S. government treasuries and agencies securities | $ | 135,570 | $ | 398 | $ | (23 | ) | $ | 135,945 | |||||||||||||||
Money market funds | 55,578 | — | — | 55,578 | ||||||||||||||||||||
Asset-backed securities | 31,830 | 9 | (9 | ) | 31,830 | |||||||||||||||||||
Corporate bonds | 245,229 | 567 | (121 | ) | 245,675 | |||||||||||||||||||
International government bonds | 1,010 | — | (4 | ) | 1,006 | |||||||||||||||||||
Corporate commercial paper | 4,999 | — | — | 4,999 | ||||||||||||||||||||
Bank deposits | 16,915 | — | — | 16,915 | ||||||||||||||||||||
Repurchase agreements | 191 | — | — | 191 | ||||||||||||||||||||
Municipal bonds | 6,001 | 45 | (2 | ) | 6,044 | |||||||||||||||||||
Total available-for-sale investments | 497,323 | 1,019 | (159 | ) | 498,183 | |||||||||||||||||||
Less amounts classified as cash equivalents | (60,068 | ) | — | — | (60,068 | ) | ||||||||||||||||||
Short-term investments | $ | 437,255 | $ | 1,019 | $ | (159 | ) | $ | 438,115 | |||||||||||||||
Available-for-sale investments at March 30, 2014 were as follows: | ||||||||||||||||||||||||
Cost | Gross | Gross | Estimated Fair | |||||||||||||||||||||
(in thousands) | Unrealized | Unrealized | Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
U.S. government treasuries and agencies securities | $ | 112,268 | $ | 76 | $ | (91 | ) | $ | 112,253 | |||||||||||||||
Money market funds | 53,430 | — | — | 53,430 | ||||||||||||||||||||
Asset-backed securities | 22,330 | 11 | (9 | ) | 22,332 | |||||||||||||||||||
Corporate bonds | 199,598 | 335 | (127 | ) | 199,806 | |||||||||||||||||||
International government bonds | 3,023 | — | (9 | ) | 3,014 | |||||||||||||||||||
Corporate commercial paper | 6,246 | — | — | 6,246 | ||||||||||||||||||||
Bank deposits | 18,538 | — | — | 18,538 | ||||||||||||||||||||
Repurchase agreements | 46 | — | — | 46 | ||||||||||||||||||||
Municipal bonds | 9,196 | 32 | (18 | ) | 9,210 | |||||||||||||||||||
Total available-for-sale investments | 424,675 | 454 | (254 | ) | 424,875 | |||||||||||||||||||
Less amounts classified as cash equivalents | (62,671 | ) | — | — | (62,671 | ) | ||||||||||||||||||
Short-term investments | $ | 362,004 | $ | 454 | $ | (254 | ) | $ | 362,204 | |||||||||||||||
Contractual Maturity of Available-For-Sale Debt Securities | The cost and estimated fair value of available-for-sale debt securities at March 29, 2015, by contractual maturity, were as follows: | |||||||||||||||||||||||
(in thousands) | Amortized | Estimated Fair | ||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||
Due in 1 year or less | $ | 153,753 | $ | 153,823 | ||||||||||||||||||||
Due in 1-2 years | 132,241 | 132,529 | ||||||||||||||||||||||
Due in 2-5 years | 211,329 | 211,831 | ||||||||||||||||||||||
Total investments in available-for-sale debt securities | $ | 497,323 | $ | 498,183 | ||||||||||||||||||||
The cost and estimated fair value of available-for-sale debt securities at March 30, 2014, by contractual maturity, were as follows: | ||||||||||||||||||||||||
(in thousands) | Amortized | Estimated Fair | ||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||
Due in 1 year or less | $ | 173,850 | $ | 173,891 | ||||||||||||||||||||
Due in 1-2 years | 101,275 | 101,378 | ||||||||||||||||||||||
Due in 2-5 years | 149,550 | 149,606 | ||||||||||||||||||||||
Total investments in available-for-sale debt securities | $ | 424,675 | $ | 424,875 | ||||||||||||||||||||
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 March 29, 2015, 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 | $ | 67,367 | $ | (121 | ) | $ | — | $ | — | $ | 67,367 | $ | (121 | ) | ||||||||||
Asset-backed securities | 17,736 | (9 | ) | — | — | 17,736 | (9 | ) | ||||||||||||||||
U.S. government treasuries and agencies securities | 18,478 | (23 | ) | — | — | 18,478 | (23 | ) | ||||||||||||||||
Municipal bonds | 1,001 | (2 | ) | — | — | 1,001 | (2 | ) | ||||||||||||||||
International government bonds | 1,006 | (4 | ) | — | — | 1,006 | (4 | ) | ||||||||||||||||
Total | $ | 105,588 | $ | (159 | ) | $ | — | $ | — | $ | 105,588 | $ | (159 | ) | ||||||||||
The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses, as of March 30, 2014, 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 | $ | 52,783 | $ | (127 | ) | $ | — | $ | — | $ | 52,783 | $ | (127 | ) | ||||||||||
Asset-backed securities | 11,156 | (9 | ) | 11,156 | (9 | ) | ||||||||||||||||||
U.S. government treasuries and agencies securities | 36,403 | (91 | ) | — | — | 36,403 | (91 | ) | ||||||||||||||||
Municipal bonds | 4,000 | (18 | ) | — | — | 4,000 | (18 | ) | ||||||||||||||||
International government bonds | 3,014 | (9 | ) | — | — | 3,014 | (9 | ) | ||||||||||||||||
Total | $ | 107,356 | $ | (254 | ) | $ | — | $ | — | $ | 107,356 | $ | (254 | ) | ||||||||||
StockBased_Employee_Compensati1
Stock-Based Employee Compensation (Tables) | 12 Months Ended | |||||||||||
Mar. 29, 2015 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||
Compensation Expense | The following table summarizes stock-based compensation expense by line items appearing in the Company’s Consolidated Statement of Operations: | |||||||||||
Fiscal Year Ended | ||||||||||||
(in thousands) | March 29, | March 30, | March 31, | |||||||||
2015 | 2014 | 2013 | ||||||||||
Cost of revenue | $ | 1,936 | $ | 1,189 | $ | 1,113 | ||||||
Research and development | 9,813 | 5,601 | 6,692 | |||||||||
Selling, general and administrative | 10,704 | 5,887 | 5,250 | |||||||||
Discontinued operations | (194 | ) | 675 | 217 | ||||||||
Total stock-based compensation expense | $ | 22,259 | $ | 13,352 | $ | 13,272 | ||||||
Valuation Assumptions | These variables include, but are not limited to, the Company’s expected stock price volatility over the term of the awards, as well as the expected term of the awards. | |||||||||||
Fiscal Year Ended | ||||||||||||
March 29, | March 30, | March 31, | ||||||||||
2015 | 2014 | 2013 | ||||||||||
Stock option plans: | ||||||||||||
Expected term (in years) | 4 | 4.6 | 4.64 | |||||||||
Risk-free interest rate | 1.25 | % | 0.95 | % | 0.73 | % | ||||||
Volatility | 38.7 | % | 40.1 | % | 45 | % | ||||||
Dividend yield | — | % | — | % | — | % | ||||||
Weighted-average grant-date fair value | $ | 3.84 | $ | 2.99 | $ | 2.18 | ||||||
ESPP: | ||||||||||||
Expected term (in years) | 0.25 | 0.25 | 0.25 | |||||||||
Risk-free interest rate | 0.04 | % | 0.06 | % | 0.08 | % | ||||||
Volatility | 40.5 | % | 35 | % | 35 | % | ||||||
Dividend yield | — | % | — | % | — | % | ||||||
Weighted-average grant-date fair value | $ | 3.53 | $ | 1.89 | $ | 1.42 | ||||||
Stock Option activities | The following is a summary of the Company's stock option activity and related weighted average exercise prices for each category: | |||||||||||
Fiscal 2015 | ||||||||||||
(shares in thousands) | Shares | Price | ||||||||||
Beginning stock options outstanding | 5,602 | $ | 7.21 | |||||||||
Granted | 411 | 12.1 | ||||||||||
Exercised (1) | (1,843 | ) | 6.96 | |||||||||
Canceled | (490 | ) | 8.48 | |||||||||
Ending stock options outstanding | 3,680 | $ | 7.71 | |||||||||
Ending stock options exercisable | 2,369 | $ | 6.92 | |||||||||
-1 | Upon exercise, the Company issues new shares of common stock. | |||||||||||
Summary of information about stock options outstanding | The following is a summary of information about stock options outstanding at March 29, 2015: | |||||||||||
Options Outstanding | Options Exercisable | |||||||||||
Range of Exercise Prices | Number Outstanding (in thousands) | Weighted-Average | Weighted-Average | Number Exercisable (in thousands) | Weighted-Average | |||||||
Remaining Contractual Life | Exercise Price | Exercise Price | ||||||||||
(in years) | ||||||||||||
4.95-5.33 | 393,066 | 2.79 | $5.22 | 310,388 | $5.20 | |||||||
5.40-5.75 | 409,984 | 2.62 | 5.72 | 384,604 | 5.73 | |||||||
5.77-5.77 | 619,416 | 4.1 | 5.77 | 372,730 | 5.77 | |||||||
5.79-6.79 | 390,446 | 2.21 | 6.1 | 366,028 | 6.09 | |||||||
6.80-7.24 | 89,263 | 3.16 | 6.97 | 73,309 | 6.97 | |||||||
7.67-7.67 | 423,688 | 5.13 | 7.67 | 164,526 | 7.67 | |||||||
7.81-7.92 | 18,687 | 2.99 | 7.85 | 17,382 | 7.84 | |||||||
8.49-8.49 | 567,005 | 3.12 | 8.49 | 526,265 | 8.49 | |||||||
9.39-11.79 | 403,000 | 5.87 | 11.69 | 117,583 | 11.66 | |||||||
12.16-20.56 | 365,090 | 5.54 | 12.27 | 36,225 | 12.51 | |||||||
3,679,645 | 3.87 | $7.71 | 2,369,040 | $6.92 | ||||||||
Schedule of Nonvested Restricted Stock Units Activity | The following table summarizes the Company’s restricted stock unit activity and related weighted-average exercise prices for each category: | |||||||||||
Fiscal 2015 | ||||||||||||
(shares in thousands) | Shares | Weighted- | ||||||||||
Average | ||||||||||||
Grant Date | ||||||||||||
Fair Value | ||||||||||||
Per Share | ||||||||||||
Beginning RSUs outstanding | 2,924 | $ | 7.43 | |||||||||
Granted | 2,001 | 13.2 | ||||||||||
Released | (988 | ) | 7.43 | |||||||||
Forfeited | (480 | ) | 8.8 | |||||||||
Ending RSUs outstanding | 3,457 | $ | 10.58 | |||||||||
Schedule of Nonvested Performance-based Units Activity | The following table summarizes the Company’s performance stock unit activity and related weighted-average exercise prices for each category: | |||||||||||
Fiscal 2015 | ||||||||||||
(shares in thousands) | Shares | Weighted- | ||||||||||
Average | ||||||||||||
Grant Date | ||||||||||||
Fair Value | ||||||||||||
Per Share | ||||||||||||
Beginning PSUs outstanding | 804 | $ | 7.79 | |||||||||
Granted | 105 | 9.86 | ||||||||||
Released | (238 | ) | 8.14 | |||||||||
Forfeited | (154 | ) | 7.8 | |||||||||
Ending PSUs outstanding | 517 | $ | 8.06 | |||||||||
Market-based Stock Units Valuation Assumptions | The following weighted average assumptions were used to calculate the fair value of the market-based equity award using a Monte Carlo simulation model: | |||||||||||
15-Jun-14 | ||||||||||||
Estimated fair value | $ | 21 | ||||||||||
Expected volatility | 34.6 | % | ||||||||||
Expected term (in years) | 1.8 | |||||||||||
Risk-free interest rate | 0.38 | % | ||||||||||
Dividend yield | — | % | ||||||||||
Summary of ESPP Activity | Activity under the Company’s ESPP is summarized in the following table: | |||||||||||
(in thousands, except per share amounts) | Fiscal 2015 | Fiscal 2014 | Fiscal 2013 | |||||||||
Number of shares issued | 641 | 1,206 | 1,679 | |||||||||
Average issuance price | $ | 12.89 | $ | 7.23 | $ | 5.13 | ||||||
Number of shares available at year-end | 4,378 | 5,019 | 1,226 | |||||||||
Balance_Sheet_Detail_Tables
Balance Sheet Detail (Tables) | 12 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Balance Sheet Related Disclosures [Abstract] | ||||||||
Balance Sheet Detail | ||||||||
(in thousands) | March 29, | March 30, | ||||||
2015 | 2014 | |||||||
Inventories, net | ||||||||
Raw materials | $ | 4,709 | $ | 7,745 | ||||
Work-in-process | 18,377 | 18,436 | ||||||
Finished goods | 22,324 | 23,441 | ||||||
Total inventories, net | $ | 45,410 | $ | 49,622 | ||||
Property, plant and equipment, net | ||||||||
Land | $ | 11,578 | $ | 11,724 | ||||
Machinery and equipment | 292,180 | 289,393 | ||||||
Building and leasehold improvements | 48,031 | 48,558 | ||||||
Total property, plant and equipment, gross | 351,789 | 349,675 | ||||||
Less: accumulated depreciation | (286,281 | ) | (279,848 | ) | ||||
Total property, plant and equipment, net (1) | $ | 65,508 | $ | 69,827 | ||||
Other current liabilities | ||||||||
Accrued restructuring costs (2) | 10,512 | 638 | ||||||
Other (3) | 7,070 | 10,887 | ||||||
Total other current liabilities | $ | 17,582 | $ | 11,525 | ||||
Other long-term obligations | ||||||||
Deferred compensation related liabilities | $ | 13,143 | $ | 13,786 | ||||
Other | 4,462 | 4,897 | ||||||
Total other long-term liabilities | $ | 17,605 | $ | 18,683 | ||||
(1) As of March 30, 2014, total property, plant and equipment, net includes the HSC business assets held for sale of $2.9 million. As of March 29, 2015, the net carrying value of the HSC business long-lived assets is zero. See Note 4 for additional information. | ||||||||
(2) Includes accrued severance costs related to the HSC business of $10.2 million as of March 29, 2015. | ||||||||
(3) Other current liabilities consist primarily of acquisition related accrued contingent liabilities, accrued royalties and outside commissions, short-term portion of supplier obligations and other accrued unbilled expenses. |
Deferred_Income_on_Shipments_t1
Deferred Income on Shipments to Distributors (Tables) | 12 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Deferred Revenue Disclosure [Abstract] | ||||||||
Deferred Income on Shipments to Distributors | The components of deferred income on shipments to distributors as of March 29, 2015 and March 30, 2014 were as follows: | |||||||
(in thousands) | March 29, | March 30, | ||||||
2015 | 2014 | |||||||
Gross deferred revenue | $ | 19,299 | $ | 17,261 | ||||
Gross deferred costs | (3,605 | ) | (3,255 | ) | ||||
Deferred income on shipments to distributors | $ | 15,694 | $ | 14,006 | ||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | |||||||||||||||
Mar. 29, 2015 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in the balance of accumulated other comprehensive income (loss), net of taxes, by component consisted of the following: | |||||||||||||||
(in thousands) | Cumulative translation adjustments | Unrealized gain on available-for-sale investments | Pension adjustments | Total | ||||||||||||
Balance, March 31, 2013 | $ | 1,563 | $ | — | $ | (77 | ) | $ | 1,486 | |||||||
Other comprehensive income (loss) before reclassifications | (66 | ) | 291 | 1 | 226 | |||||||||||
Amounts reclassified out of AOCI | — | (97 | ) | (6 | ) | (103 | ) | |||||||||
Net current-period other comprehensive income (loss) | (66 | ) | 194 | (5 | ) | 123 | ||||||||||
Balance, March 30, 2014 | 1,497 | 194 | (82 | ) | $ | 1,609 | ||||||||||
Other comprehensive income (loss) before reclassifications | (5,218 | ) | 793 | 814 | (3,611 | ) | ||||||||||
Amounts reclassified out of AOCI | — | (127 | ) | (52 | ) | (179 | ) | |||||||||
Net current-period other comprehensive income (loss) | (5,218 | ) | 666 | 762 | (3,790 | ) | ||||||||||
Balance as of March 29, 2015 | $ | (3,721 | ) | $ | 860 | $ | 680 | $ | (2,181 | ) | ||||||
Comprehensive income (loss) components consisted of: | ||||||||||||||||
(in thousands) | March 29, | March 30, | March 31, 2013 | Location | ||||||||||||
2015 | 2014 | |||||||||||||||
Unrealized holding losses on available-for-sale investments | $ | (127 | ) | $ | (97 | ) | $ | (8 | ) | interest and other, net | ||||||
Amortization of pension benefits prior service credits | (52 | ) | (6 | ) | (77 | ) | operating expense | |||||||||
Total amounts reclassified out of accumulated other comprehensive income (loss) | $ | (179 | ) | $ | (103 | ) | $ | (85 | ) |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets, Net (Tables) | 12 Months Ended | |||||||||||
Mar. 29, 2015 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||
Changes in the carrying amounts of goodwill by segment | Goodwill activity for fiscal 2015 and 2014 is summarized 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 March 30, 2014 | $ | 122,248 | $ | 13,396 | $ | 135,644 | ||||||
Balance as of March 29, 2015 | $ | 122,248 | $ | 13,396 | $ | 135,644 | ||||||
Summary of intangible assets balances | Intangible asset balances as of March 29, 2015 and March 30, 2014 are summarized as follows: | |||||||||||
March 29, 2015 | ||||||||||||
(in thousands) | Gross Assets | Accumulated | Net Assets | |||||||||
Amortization | ||||||||||||
Purchased intangible assets: | ||||||||||||
Existing technology | $ | 211,170 | $ | (206,491 | ) | $ | 4,679 | |||||
Trademarks | 4,411 | (3,850 | ) | 561 | ||||||||
Customer relationships | 131,045 | (130,750 | ) | 295 | ||||||||
Total purchased intangible assets | $ | 346,626 | $ | (341,091 | ) | $ | 5,535 | |||||
March 30, 2014 | ||||||||||||
(in thousands) | Gross Assets | Accumulated | Net Assets (1) | |||||||||
Amortization | ||||||||||||
Purchased intangible assets: | ||||||||||||
Existing technology | $ | 217,923 | $ | (203,888 | ) | $ | 14,035 | |||||
Trademarks | 4,411 | (2,934 | ) | 1,477 | ||||||||
Customer relationships | 131,093 | (128,681 | ) | 2,412 | ||||||||
Non-compete agreements | 2,275 | (1,458 | ) | 817 | ||||||||
Total purchased intangible assets | $ | 355,702 | $ | (336,961 | ) | $ | 18,741 | |||||
(1) Includes $6.6 million in HSC assets held for sale, which were fully impaired in fiscal 2015. | ||||||||||||
Summary of amortization expense for purchased intangible assets | Amortization expense for identified intangibles is summarized below: | |||||||||||
Fiscal Year Ended | ||||||||||||
(in thousands) | March 29, 2015 | March 30, 2014 | March 31, 2013 | |||||||||
Existing technology | $ | 4,534 | $ | 19,730 | $ | 14,131 | ||||||
Trademarks | 916 | 3,405 | 874 | |||||||||
Customer relationships | 1,123 | 916 | 3,225 | |||||||||
Backlog | — | 91 | 1,509 | |||||||||
Non-compete agreements | — | 651 | 807 | |||||||||
Total | $ | 6,573 | $ | 24,793 | $ | 20,546 | ||||||
Estimated remaining future amortization expense | Based on the intangible assets recorded at March 29, 2015, 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 | |||||||||||
2016 | $ | 3,084 | ||||||||||
2017 | 2,185 | |||||||||||
2018 | 256 | |||||||||||
2019 | 10 | |||||||||||
Total | $ | 5,535 | ||||||||||
Restructuring_Tables
Restructuring (Tables) | 12 Months Ended | |||||||||||||||
Mar. 29, 2015 | ||||||||||||||||
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 March 29, 2015: | |||||||||||||||
Others | ||||||||||||||||
(in thousands) | HSC Business | Cost of Revenues | Operating Expenses | Total | ||||||||||||
Balance as of April 1, 2012 | $ | — | $ | 1,606 | $ | 3,592 | $ | 5,198 | ||||||||
Provision | — | 557 | 5,277 | 5,834 | ||||||||||||
Cash payments | — | (2,137 | ) | (7,233 | ) | (9,370 | ) | |||||||||
Balance as of March 31, 2013 | — | 26 | 1,636 | 1,662 | ||||||||||||
Provision | — | — | 5,538 | 5,538 | ||||||||||||
Cash payments | — | (26 | ) | (6,536 | ) | (6,562 | ) | |||||||||
Balance as of March 30, 2014 | — | — | 638 | 638 | ||||||||||||
Provision | 18,305 | — | 1,078 | 19,383 | ||||||||||||
Cash payments | (6,073 | ) | — | (1,421 | ) | (7,494 | ) | |||||||||
Foreign exchange impact | (2,015 | ) | — | — | (2,015 | ) | ||||||||||
Balance as of March 29, 2015 | $ | 10,217 | $ | — | $ | 295 | $ | 10,512 | ||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Mar. 29, 2015 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Schedule of Future Minimum Rental Payments for Operating Leases | As of March 29, 2015, aggregate future minimum commitments for the next five fiscal years and thereafter under all operating leases, excluding leases in which amounts have been accrued for impairment charges, were as follows (in thousands): | |||
Fiscal Year | Amount | |||
2016 | $ | 3,059 | ||
2017 | 2,564 | |||
2018 | 1,837 | |||
2019 | 1,525 | |||
2020 and thereafter | 1,286 | |||
Total | $ | 10,271 | ||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Mar. 29, 2015 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Components of Income (Loss) before Income Taxes and Income Tax Expense (Benefit) | The components of income (loss) before income taxes and the income tax expense (benefit) were as follows: | |||||||||||
Fiscal Year Ended | ||||||||||||
(in thousands) | March 29, 2015 | March 30, 2014 | March 31, 2013 | |||||||||
Income (loss) before income taxes from continuing operations: | ||||||||||||
United States | $ | 6,113 | $ | 8,634 | $ | (18,083 | ) | |||||
Foreign | 109,825 | 103,660 | 18,674 | |||||||||
Income before income taxes | $ | 115,938 | $ | 112,294 | $ | 591 | ||||||
Income tax expense (benefit) from continuing operations: | ||||||||||||
Current: | ||||||||||||
United States | $ | — | $ | (118 | ) | $ | (49 | ) | ||||
State | 47 | 35 | 128 | |||||||||
Foreign | 1,312 | 867 | 1,368 | |||||||||
1,359 | 784 | 1,447 | ||||||||||
Deferred: | ||||||||||||
United States | 79 | 240 | (3,222 | ) | ||||||||
State | 2 | 14 | (345 | ) | ||||||||
Foreign | (83 | ) | (57 | ) | — | |||||||
(2 | ) | 197 | (3,567 | ) | ||||||||
Income tax expense (benefit) from continuing operations | $ | 1,357 | $ | 981 | $ | (2,120 | ) | |||||
Significant Components of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities were as follows: | |||||||||||
(in thousands) | March 29, 2015 | March 30, 2014 | ||||||||||
Deferred tax assets: | ||||||||||||
Deferred income on shipments to distributors | $ | 3,057 | $ | 2,666 | ||||||||
Non-deductible accruals and reserves | 9,148 | 10,233 | ||||||||||
Inventory related and other expenses | 189 | 1,761 | ||||||||||
Net operating losses and credit carryforwards | 122,178 | 114,858 | ||||||||||
Depreciation and amortization | 12,274 | 13,725 | ||||||||||
Stock options | 1,849 | 1,713 | ||||||||||
Other | 1,737 | 315 | ||||||||||
Total deferred tax assets | 150,432 | 145,271 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Purchased intangibles | (564 | ) | (558 | ) | ||||||||
Other | (2,699 | ) | (3,087 | ) | ||||||||
Total deferred tax liabilities | (3,263 | ) | (3,645 | ) | ||||||||
Valuation allowance | (148,954 | ) | (143,704 | ) | ||||||||
Net deferred tax liabilities | $ | (1,785 | ) | $ | (2,078 | ) | ||||||
Reconciliation between Statutory and Effective Income Tax Rates | Reconciliation between the statutory U.S. income tax rate of 35% and the effective rate is as follows: | |||||||||||
Fiscal Year Ended | ||||||||||||
(in thousands) | March 29, | March 30, | March 31, | |||||||||
2015 | 2014 | 2013 | ||||||||||
Provision (benefit) from continuing operations at 35% U.S. statutory rate | $ | 40,579 | $ | 39,303 | $ | 207 | ||||||
State tax, net of federal benefit | 160 | 32 | (123 | ) | ||||||||
Effect of foreign operations | (35,740 | ) | (33,217 | ) | (4,890 | ) | ||||||
Repatriation of foreign earnings | — | 5,623 | 1,505 | |||||||||
Net operating losses and tax credits (benefited) not benefited | (1,067 | ) | (10,985 | ) | (3,733 | ) | ||||||
Stock-based compensation | (2,740 | ) | (689 | ) | 2,640 | |||||||
Other | 165 | 914 | 2,274 | |||||||||
Income tax expense (benefit) from continuing operations | $ | 1,357 | $ | 981 | $ | (2,120 | ) | |||||
Unrecognized Tax Benefits Activity | The following tables summarize the activities of gross unrecognized tax benefits: | |||||||||||
Fiscal Year Ended | ||||||||||||
March 29, 2015 | March 30, 2014 | March 31, 2013 | ||||||||||
(in thousands) | ||||||||||||
Beginning balance | $ | 32,237 | $ | 31,066 | $ | 29,718 | ||||||
Increases related to prior year tax positions | 549 | 90 | 532 | |||||||||
Decreases related to prior year tax positions | (296 | ) | (301 | ) | (296 | ) | ||||||
Increases related to current year tax positions | 803 | 1,498 | 1,427 | |||||||||
Decreases related to the lapsing of statute of limitations | (103 | ) | (116 | ) | (315 | ) | ||||||
Ending balance | $ | 33,190 | $ | 32,237 | $ | 31,066 | ||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||
Mar. 29, 2015 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Schedule of Reportable Segments Information | The tables below provide information about these segments: | |||||||||||
Revenues by segment | Fiscal Year Ended | |||||||||||
(in thousands) | March 29, | March 30, | March 31, | |||||||||
2015 | 2014 | 2013 | ||||||||||
Communications | $ | 313,630 | $ | 292,435 | $ | 258,184 | ||||||
Computing and Consumer | 259,275 | 192,344 | 226,268 | |||||||||
Total revenues | $ | 572,905 | $ | 484,779 | $ | 484,452 | ||||||
The Company utilizes global and regional distributors around the world, that buy product directly from the Company on behalf of their customers. Sales through a distributor, Uniquest, represented approximately 16% and 10%, of the Company's revenues in fiscal 2015 and 2013, respectively. Sales through a distributor, Avnet and its affiliates, represented approximately 11%, 12% and 10% of the Company’s revenues in fiscal 2015, 2014 and 2013, respectively. Sales through a distributor, Maxtek and its affiliates, represented approximately 13% of the Company’s revenues in fiscal 2013. Each of these distributors serves customers within both of the Company's reportable segments. | ||||||||||||
At March 29, 2015, two distributors represented approximately 11% and 10%, respectively of the Company's account receivable. At March 30, 2014, two distributors represented approximately 15% and 14%, respectively, of the Company's account receivable. | ||||||||||||
Income (Loss) by segment from continuing operations | Fiscal Year Ended | |||||||||||
March 29, | March 30, | March 31, | ||||||||||
(in thousands) | 2015 | 2014 | 2013 | |||||||||
Communications | $ | 116,018 | $ | 103,457 | $ | 78,995 | ||||||
Computing and Consumer | 29,301 | (22,658 | ) | (30,972 | ) | |||||||
Unallocated expenses: | ||||||||||||
Amortization of intangible assets | (6,573 | ) | (21,964 | ) | (16,339 | ) | ||||||
Inventory fair market value adjustment | — | — | (358 | ) | ||||||||
Impairment of acquired in-process R&D | — | (2,433 | ) | — | ||||||||
Gain on divestitures | — | 78,632 | 7,986 | |||||||||
Asset impairment and other | (2,968 | ) | (4,113 | ) | (6,096 | ) | ||||||
Stock-based compensation | (22,453 | ) | (12,677 | ) | (13,054 | ) | ||||||
Severance, retention and facility closure costs | (1,250 | ) | (6,590 | ) | (5,584 | ) | ||||||
Acquisition-related income (costs) and other | 125 | (802 | ) | (11,238 | ) | |||||||
Consulting expenses related to stockholder activities | — | — | (1,614 | ) | ||||||||
Deferred compensation plan expense (benefit) | (50 | ) | 51 | (194 | ) | |||||||
Life insurance proceeds received | — | — | 2,313 | |||||||||
Other-than-temporary loss on investments | — | — | (1,708 | ) | ||||||||
Interest income and other, net | 3,788 | 1,391 | (1,546 | ) | ||||||||
Income from continuing operations, before income taxes | $ | 115,938 | $ | 112,294 | $ | 591 | ||||||
Revenues from Unaffiliated Customers by Shipment Location | Revenues from unaffiliated customers by geographic area, based on the customers' shipment locations, were as follows: | |||||||||||
Fiscal Year Ended | ||||||||||||
(in thousands) | March 29, | March 30, | March 31, | |||||||||
2015 | 2014 | 2013 | ||||||||||
APAC | $ | 402,694 | $ | 309,121 | $ | 308,409 | ||||||
Americas (1) | 68,373 | 71,305 | 76,876 | |||||||||
Japan | 39,519 | 40,829 | 40,281 | |||||||||
Europe | 62,319 | 63,524 | 58,886 | |||||||||
Total revenues | $ | 572,905 | $ | 484,779 | $ | 484,452 | ||||||
-1 | Revenues from the customers in the U.S. were $61.7 million, $63.1 million and $69.6 million in fiscal 2015, 2014 and 2013, respectively. | |||||||||||
Property, Plant and Equipment by Geographic Region | The Company's net property, plant and equipment are summarized below by geographic area: | |||||||||||
March 29, | March 30, | |||||||||||
(in thousands) | 2015 | 2014 | ||||||||||
United States | $ | 38,879 | $ | 40,561 | ||||||||
Canada | 3,997 | 4,660 | ||||||||||
Malaysia | 21,244 | 20,972 | ||||||||||
All other countries | 1,388 | 3,634 | ||||||||||
Total property, plant and equipment, net | $ | 65,508 | $ | 69,827 | ||||||||
SUPPLEMENTARY_FINANCIAL_INFORM1
SUPPLEMENTARY FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended | |||||||||||||||
Mar. 29, 2015 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Schedule of Quarterly Financial Information | QUARTERLY RESULTS OF OPERATIONS | |||||||||||||||
(in thousands, except per share data) | ||||||||||||||||
Fiscal Year Ended March 29, 2015 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter (4) | Quarter (5) | Quarter (5) | Quarter | |||||||||||||
Revenues | $ | 126,302 | $ | 137,093 | $ | 151,160 | $ | 158,350 | ||||||||
Gross profit | 74,009 | 81,876 | 91,364 | 98,055 | ||||||||||||
Net income from continuing operations | 17,111 | 24,246 | 32,841 | 40,383 | ||||||||||||
Net income (loss) from discontinued operations | 4,732 | (9,804 | ) | (14,483 | ) | (1,117 | ) | |||||||||
Net income | 21,843 | 14,442 | 18,358 | 39,266 | ||||||||||||
Basic net income per share – continuing operations | $ | 0.11 | $ | 0.16 | $ | 0.22 | $ | 0.27 | ||||||||
Basic net income (loss) per share – discontinued operations | $ | 0.04 | $ | (0.06 | ) | $ | (0.10 | ) | $ | (0.01 | ) | |||||
Basic net income per share | $ | 0.15 | $ | 0.1 | $ | 0.12 | $ | 0.26 | ||||||||
Diluted net income per share – continuing operations | $ | 0.11 | $ | 0.16 | $ | 0.21 | $ | 0.26 | ||||||||
Diluted net income (loss) per share – discontinued operations | $ | 0.03 | $ | (0.07 | ) | $ | (0.09 | ) | $ | (0.01 | ) | |||||
Diluted net income per share | $ | 0.14 | $ | 0.09 | $ | 0.12 | $ | 0.25 | ||||||||
Fiscal Year Ended March 30, 2014 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter (1) | Quarter (2) | Quarter (3) | |||||||||||||
Revenues | $ | 117,464 | $ | 124,047 | $ | 124,628 | $ | 118,640 | ||||||||
Gross profit | 66,122 | 70,761 | 74,939 | 61,080 | ||||||||||||
Net income from continuing operations | 1,501 | 87,411 | 17,339 | 5,062 | ||||||||||||
Net loss from discontinued operations | (3,765 | ) | (3,760 | ) | (10,391 | ) | (5,033 | ) | ||||||||
Net income (loss) | (2,264 | ) | 83,651 | 6,948 | 29 | |||||||||||
Basic net income per share – continuing operations | $ | 0.01 | $ | 0.58 | $ | 0.11 | $ | 0.03 | ||||||||
Basic net loss per share – discontinued operations | $ | (0.03 | ) | $ | (0.02 | ) | $ | (0.06 | ) | $ | (0.03 | ) | ||||
Basic net income (loss) per share | $ | (0.02 | ) | $ | 0.56 | $ | 0.05 | $ | — | |||||||
Diluted net income per share – continuing operations | $ | 0.01 | $ | 0.57 | $ | 0.11 | $ | 0.03 | ||||||||
Diluted net loss per share – discontinued operations | $ | (0.03 | ) | $ | (0.03 | ) | $ | (0.07 | ) | $ | (0.03 | ) | ||||
Diluted net income (loss) per share | $ | (0.02 | ) | $ | 0.54 | $ | 0.04 | $ | — | |||||||
(1) In the second quarter of fiscal 2014, the Company recorded a gain of $82.3 million in net income from continuing operations related to the divestiture of its PCI Express enterprise flash controller business to PMC-Sierra, Inc. | ||||||||||||||||
(2) In the third quarter of fiscal 2014, the Company recorded a loss of $3.4 million in net loss from continuing operations related to the divestiture of certain assets of its Audio business to Stravelis, Inc. | ||||||||||||||||
(3) In the fourth quarter of fiscal 2014, associated with the decision to discontinue production and sale of products using technology attained through the acquisitions of Mobius Microsystems in fiscal 2010 and IKOR in fiscal 2011, the Company recorded an additional $8.7 million in accelerated amortization of intangible assets which was charged to cost of revenues. In addition, the Company recorded a $2.4 million impairment of IPR&D to research and development expense, associated with the decision to discontinue further development required to complete the Mobius Microsystems acquired IPR&D. | ||||||||||||||||
(4) In the first quarter of fiscal 2015, the Company recorded a gain of $16.8 million in net income from discontinued operations related to the divestiture of the Alvand portion of its HSC business. | ||||||||||||||||
(5) In the second quarter of fiscal 2015, the Company recorded $6.8 million of minimum statutory benefits to discontinued operations with regards to a workforce-reduction plan that covered certain employees of its HSC business in France and the Netherlands. In the third quarter of fiscal 2015, the Company recorded $11.9 million of restructuring charges to discontinued operations in addition to the minimum statutory amount recognized in the previous quarter. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) | 12 Months Ended | ||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | |
channel | |||
Concentration Risk [Line Items] | |||
Minimum number of weeks in the fiscal year reporting calendar | 365 days | ||
Maximum number of weeks in the fiscal year reporting calendar | 372 days | ||
Number of weeks in fiscal period | 365 days | 365 days | 365 days |
Number of revenue channels (channels) | 3 | ||
Standard warranty period | 1 year | ||
Extended warranty period | 2 years | ||
Maximum | |||
Concentration Risk [Line Items] | |||
Maturity period of cash and cash equivalents | 3 months | ||
Customer Concentration Risk | Accounts Receivable | |||
Concentration Risk [Line Items] | |||
Number of significant distributors (distributors) | 2 | 2 | |
Avnet | Customer Concentration Risk | Sales | |||
Concentration Risk [Line Items] | |||
Concentration risk (percentage) | 11.00% | 12.00% | 10.00% |
Maxtek | Customer Concentration Risk | Sales | |||
Concentration Risk [Line Items] | |||
Concentration risk (percentage) | 13.00% | ||
Uniquest | Customer Concentration Risk | Sales | |||
Concentration Risk [Line Items] | |||
Concentration risk (percentage) | 16.00% | 10.00% | |
Significant Distributor 1 | Customer Concentration Risk | Accounts Receivable | |||
Concentration Risk [Line Items] | |||
Customer concentration risk (percent) | 11.00% | 15.00% | |
Significant Distributor 2 | Customer Concentration Risk | Accounts Receivable | |||
Concentration Risk [Line Items] | |||
Customer concentration risk (percent) | 10.00% | 14.00% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) | 12 Months Ended |
Mar. 29, 2015 | |
Minimum | Machinery and Equipment | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Minimum | Building and Building Improvements | |
Property, Plant and Equipment [Line Items] | |
Useful life | 10 years |
Maximum | Machinery and Equipment | |
Property, Plant and Equipment [Line Items] | |
Useful life | 5 years |
Maximum | Building and Building Improvements | |
Property, Plant and Equipment [Line Items] | |
Useful life | 30 years |
Net_Income_Per_Share_From_Cont2
Net Income Per Share From Continuing Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Numerator (basic and diluted): | |||||||||||
Net income from continuing operations | $40,383 | $32,841 | $24,246 | $17,111 | $5,062 | $17,339 | $87,411 | $1,501 | $114,581 | $111,313 | $2,711 |
Denominator: | |||||||||||
Weighted average common shares outstanding, basic (in shares) | 148,714 | 149,480 | 144,014 | ||||||||
Dilutive effect of employee stock options and restricted stock units (in shares) | 5,269 | 3,889 | 1,664 | ||||||||
Weighted average common shares outstanding, diluted (in shares) | 153,983 | 153,369 | 145,678 | ||||||||
Basic net income per share - continuing operations (in dollars per share) | $0.27 | $0.22 | $0.16 | $0.11 | $0.03 | $0.11 | $0.58 | $0.01 | $0.77 | $0.74 | $0.02 |
Diluted net income per share - continuing operations (in dollars per share) | $0.26 | $0.21 | $0.16 | $0.11 | $0.03 | $0.11 | $0.57 | $0.01 | $0.74 | $0.73 | $0.02 |
Shares excluded from calculation because they were anti-dilutive (in shares) | 11 | 1,500 | 12,000 |
Business_Combinations_Details
Business Combinations (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | Jul. 19, 2012 | Apr. 30, 2012 | Apr. 16, 2012 | Dec. 19, 2012 | |
Business Acquisition | |||||||
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | |||||
Payments to acquire businesses | $0 | $0 | $68,341,000 | ||||
Payment | 1,600,000 | 5,130,000 | 0 | ||||
PLX Technology | |||||||
Business Acquisition | |||||||
Preferred stock, par value (in dollars per share) | $0.00 | ||||||
Acquisition-related costs incurred | 10,700,000 | ||||||
NXP B.V | |||||||
Business Acquisition | |||||||
Acquisition-related costs incurred | 3,900,000 | ||||||
Consideration Transferred | 31,200,000 | ||||||
Accrued liabilities | 4,000,000 | ||||||
Total purchase price | 27,200,000 | ||||||
Fox Enterprises | |||||||
Business Acquisition | |||||||
Acquisition-related costs incurred | 200,000 | ||||||
Total purchase price | 28,900,000 | ||||||
Payments to acquire businesses | 25,700,000 | ||||||
Contingent consideration liability | 3,200,000 | ||||||
Contingent consideration liability, high end of range | 4,000,000 | ||||||
Contingent consideration period after acquisition date | 1 year | ||||||
Payment | 3,300,000 | ||||||
Alvand Technologies | |||||||
Business Acquisition | |||||||
Total purchase price | 23,300,000 | ||||||
Payments to acquire businesses | 20,500,000 | ||||||
Contingent consideration liability | 2,100,000 | 3,300,000 | 2,800,000 | ||||
Contingent consideration liability, high end of range | 4,000,000 | ||||||
Contingent consideration period after acquisition date | 3 years | ||||||
Payment | 1,600,000 | 1,800,000 | |||||
Change in amount of contingent consideration liability | 600,000 | 500,000 | |||||
Release of of contingent consideration | $500,000 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||
Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | 30-May-14 | Aug. 01, 2012 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Goodwill impairment | $2,161,000 | ||||||||||||
Less book value of assets sold and direct costs related to the sale: | |||||||||||||
Goodwill | -7,323,000 | ||||||||||||
Results of discontinued operations [Abstract] | |||||||||||||
Restructuring Charges | 19,383,000 | 5,538,000 | 5,834,000 | ||||||||||
Net loss from discontinued operations | -1,117,000 | -14,483,000 | -9,804,000 | 4,732,000 | -5,033,000 | -10,391,000 | -3,760,000 | -3,765,000 | -20,672,000 | -22,949,000 | -22,883,000 | ||
High-Speed Converter Business | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Goodwill impairment | 2,200,000 | ||||||||||||
Long-lived assets impairment | 2,600,000 | ||||||||||||
Cash Held in Escrow Related to Discontinued Operations | 2,700,000 | ||||||||||||
Holding period for escrow deposit | 18 months | ||||||||||||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 8,500,000 | ||||||||||||
Cash proceeds from sale (including amounts held in escrow) | 18,000,000 | 18,000,000 | |||||||||||
Less book value of assets sold and direct costs related to the sale: | |||||||||||||
Intangible assets | -990,000 | ||||||||||||
Transaction and other costs | 170,000 | ||||||||||||
Gain (Loss) on Disposition of Business | 16,840,000 | 0 | 0 | ||||||||||
Results of discontinued operations [Abstract] | |||||||||||||
Revenues | 3,803,000 | 3,466,000 | 2,784,000 | ||||||||||
Cost of revenue | 1,939,000 | 2,935,000 | 2,908,000 | ||||||||||
Goodwill and long-lived assets impairment | 8,471,000 | 4,797,000 | 0 | ||||||||||
Restructuring Charges | 11,900,000 | 18,305,000 | 0 | 0 | |||||||||
Operating expenses | 12,325,000 | 18,622,000 | 18,398,000 | ||||||||||
Other income | 0 | -50,000 | 0 | ||||||||||
Income tax expense | 275,000 | 11,000 | 113,000 | ||||||||||
Net loss from discontinued operations | -20,672,000 | -22,949,000 | -18,635,000 | ||||||||||
Fixed assets held-for-sale | 0 | 2,900,000 | 0 | 2,900,000 | 2,900,000 | ||||||||
Intangible assets held-for-sale | 5,600,000 | ||||||||||||
Synaptics asset purchase agreement | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Cash proceeds from sale (including amounts held in escrow) | 5,000,000 | ||||||||||||
Less book value of assets sold and direct costs related to the sale: | |||||||||||||
Fixed assets | -1,963,000 | ||||||||||||
Goodwill | -700,000 | ||||||||||||
Inventories | -1,288,000 | ||||||||||||
Transaction and other costs | -163,000 | ||||||||||||
Gain on divestiture | 886,000 | ||||||||||||
Results of discontinued operations [Abstract] | |||||||||||||
Employees transferred to synaptics (employees) | 47 | ||||||||||||
Video Business | |||||||||||||
Results of discontinued operations [Abstract] | |||||||||||||
Revenues | 2,429,000 | ||||||||||||
Cost of revenue | 3,006,000 | ||||||||||||
Operating expenses | 4,554,000 | ||||||||||||
Gain on divestiture | 886,000 | ||||||||||||
Income tax expense | 3,000 | ||||||||||||
Net loss from discontinued operations | ($4,248,000) |
Other_Divestitures_not_account2
Other Divestitures (not accounted as discontinued operations) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended |
Dec. 13, 2013 | Dec. 29, 2013 | Jul. 12, 2013 | Sep. 29, 2013 | Mar. 07, 2013 | |
Assets of Audio Business | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Cash proceeds from sale (including amounts held in escrow) | $200,000 | ||||
Maximum contingent consideration | 1,000,000 | ||||
Estimate of fair value of transitional services agreement | 0 | ||||
Total consideration | 1,200,000 | ||||
Fair value adjustment to contingent consideration | -1,000,000 | ||||
Fair value adjustment to transitional services agreement | -300,000 | ||||
Less book value of assets sold and direct costs related to the sale: | |||||
Fixed assets | -135,000 | ||||
Inventories | -3,051,000 | ||||
Other assets | -304,000 | ||||
Transaction and other costs | -126,000 | ||||
Gain (loss) on divestiture | -3,716,000 | -3,400,000 | |||
PCI Express | |||||
Less book value of assets sold and direct costs related to the sale: | |||||
Fixed assets | -1,312,000 | ||||
Inventories | -876,000 | ||||
Goodwill allocation | -7,323,000 | ||||
Transaction and other costs | -4,239,000 | ||||
Gain (loss) on divestiture | 82,349,000 | 82,300,000 | |||
Cash deposit received from divestiture of business | 96,099,000 | ||||
Smart Meter business | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Cash proceeds from sale (including amounts held in escrow) | 10,264,000 | ||||
Less book value of assets sold and direct costs related to the sale: | |||||
Fixed assets | -22,000 | ||||
Inventories | -1,299,000 | ||||
Transaction and other costs | -957,000 | ||||
Gain (loss) on divestiture | 7,986,000 | ||||
Escrow deposits related to property sales | $1,000,000 | ||||
Holding period for escrow deposit | 1 year |
Fair_Value_Measurement_Assets_
Fair Value Measurement - Assets and Liabilities at Fair Value (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | Apr. 30, 2012 |
Liabilities: | ||||
Payment | $1,600 | $5,130 | $0 | |
Fox Enterprises | ||||
Liabilities: | ||||
Payment | 3,300 | |||
Alvand Technologies | ||||
Liabilities: | ||||
Payment | 1,600 | 1,800 | ||
Fair Value, Measurements, Recurring | ||||
Cash equivalents and short-term investments: | ||||
U.S. government treasuries and agencies securities | 135,945 | 112,253 | ||
Money market funds | 55,578 | 53,430 | ||
Asset-backed securities | 31,830 | 22,332 | ||
Corporate bonds | 245,675 | 199,806 | ||
International government bonds | 1,006 | 3,014 | ||
Corporate commercial paper | 4,999 | 6,246 | ||
Bank deposits | 16,915 | 18,538 | ||
Repurchase agreements | 191 | 46 | ||
Municipal bonds | 6,044 | 9,210 | ||
Total assets measured at fair value | 498,183 | 424,875 | ||
Liabilities: | ||||
Fair value of contingent consideration | 2,140 | |||
Total liabilities measured at fair value | 2,140 | |||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Cash equivalents and short-term investments: | ||||
U.S. government treasuries and agencies securities | 135,945 | 112,253 | ||
Money market funds | 55,578 | 53,430 | ||
Asset-backed securities | 0 | 0 | ||
Corporate bonds | 0 | 0 | ||
International government bonds | 0 | 0 | ||
Corporate commercial paper | 0 | 0 | ||
Bank deposits | 0 | 0 | ||
Repurchase agreements | 0 | 0 | ||
Municipal bonds | 0 | 0 | ||
Total assets measured at fair value | 191,523 | 165,683 | ||
Liabilities: | ||||
Fair value of contingent consideration | 0 | |||
Total liabilities measured at fair value | 0 | |||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||||
Cash equivalents and short-term investments: | ||||
U.S. government treasuries and agencies securities | 0 | 0 | ||
Money market funds | 0 | 0 | ||
Asset-backed securities | 31,830 | 22,332 | ||
Corporate bonds | 245,675 | 199,806 | ||
International government bonds | 1,006 | 3,014 | ||
Corporate commercial paper | 4,999 | 6,246 | ||
Bank deposits | 16,915 | 18,538 | ||
Repurchase agreements | 191 | 46 | ||
Municipal bonds | 6,044 | 9,210 | ||
Total assets measured at fair value | 306,660 | 259,192 | ||
Liabilities: | ||||
Fair value of contingent consideration | 0 | |||
Total liabilities measured at fair value | 0 | |||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||||
Cash equivalents and short-term investments: | ||||
U.S. government treasuries and agencies securities | 0 | 0 | ||
Money market funds | 0 | 0 | ||
Asset-backed securities | 0 | 0 | ||
Corporate bonds | 0 | 0 | ||
International government bonds | 0 | 0 | ||
Corporate commercial paper | 0 | 0 | ||
Bank deposits | 0 | 0 | ||
Repurchase agreements | 0 | 0 | ||
Municipal bonds | 0 | 0 | ||
Total assets measured at fair value | 0 | 0 | ||
Liabilities: | ||||
Fair value of contingent consideration | 2,140 | |||
Total liabilities measured at fair value | 2,140 | |||
Payment | 5,130 | |||
Liability settlements | 540 | |||
Fair Value, Measurements, Recurring | Alvand Technologies | Significant Unobservable Inputs (Level 3) | ||||
Liabilities: | ||||
Payment | 1,600 | |||
Estimate of Fair Value Measurement | ||||
Liabilities: | ||||
Fair value of contingent consideration | $2,140 |
Fair_Value_Measurement_Summary
Fair Value Measurement - Summary of Change in Fair Value (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Change in fair value of Level 3 liability | |||
Payment | ($1,600) | ($5,130) | $0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | |||
Change in fair value of Level 3 liability | |||
Balance as of March 30, 2014 | 2,140 | 6,695 | |
Changes in fair value | 575 | ||
Payment | -5,130 | ||
Release | -540 | ||
Balance as of March 29, 2015 | 0 | 2,140 | |
Alvand Technologies | |||
Change in fair value of Level 3 liability | |||
Payment | -1,600 | -1,800 | |
Alvand Technologies | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | |||
Change in fair value of Level 3 liability | |||
Payment | ($1,600) |
Investments_AvailableForSale_I
Investments - Available-For-Sale Investments (Details) (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value | $438,115 | $362,604 |
Total available-for-sale investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 497,323 | 424,675 |
Gross Unrealized Gains | 1,019 | 454 |
Gross Unrealized Losses | -159 | -254 |
Estimated Fair Value | 498,183 | 424,875 |
U.S. government treasuries and agencies securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 135,570 | 112,268 |
Gross Unrealized Gains | 398 | 76 |
Gross Unrealized Losses | -23 | -91 |
Estimated Fair Value | 135,945 | 112,253 |
Money market funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 55,578 | 53,430 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 55,578 | 53,430 |
Asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 31,830 | 22,330 |
Gross Unrealized Gains | 9 | 11 |
Gross Unrealized Losses | -9 | -9 |
Estimated Fair Value | 31,830 | 22,332 |
Corporate bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 245,229 | 199,598 |
Gross Unrealized Gains | 567 | 335 |
Gross Unrealized Losses | -121 | -127 |
Estimated Fair Value | 245,675 | 199,806 |
International government bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 1,010 | 3,023 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | -4 | -9 |
Estimated Fair Value | 1,006 | 3,014 |
Corporate commercial paper | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 4,999 | 6,246 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 4,999 | 6,246 |
Bank deposits | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 16,915 | 18,538 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 16,915 | 18,538 |
Repurchase agreements | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 191 | 46 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 191 | 46 |
Municipal bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 6,001 | 9,196 |
Gross Unrealized Gains | 45 | 32 |
Gross Unrealized Losses | -2 | -18 |
Estimated Fair Value | 6,044 | 9,210 |
Less amounts classified as cash equivalents | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 60,068 | 62,671 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 60,068 | 62,671 |
Short-term investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 437,255 | 362,004 |
Gross Unrealized Gains | 1,019 | 454 |
Gross Unrealized Losses | -159 | -254 |
Estimated Fair Value | $438,115 | $362,204 |
Investments_AvailableForSale_D
Investments - Available-For-Sale Debt Securities (Details) (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Amortized Cost | ||
Due in 1 year or less | $153,753 | $173,850 |
Due in 1-2 years | 132,241 | 101,275 |
Due in 2-5 years | 211,329 | 149,550 |
Total investments in available-for-sale debt securities | 497,323 | 424,675 |
Estimated Fair Value | ||
Due in 1 year or less | 153,823 | 173,891 |
Due in 1-2 years | 132,529 | 101,378 |
Due in 2-5 years | 211,831 | 149,606 |
Total investments in available-for-sale debt securities | $498,183 | $424,875 |
Investments_Unrealized_Losses_
Investments - Unrealized Losses and Fair Value (Details) (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ||
Fair Value Less than 12 months | $105,588 | $107,356 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | -159 | -254 |
Fair Value 12 months or Greater | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Fair Value Total | 105,588 | 107,356 |
Unrealized Loss Total | -159 | -254 |
Corporate bonds | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ||
Fair Value Less than 12 months | 67,367 | 52,783 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | -121 | -127 |
Fair Value 12 months or Greater | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Fair Value Total | 67,367 | 52,783 |
Unrealized Loss Total | -121 | -127 |
Asset-backed securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ||
Fair Value Less than 12 months | 17,736 | 11,156 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | -9 | -9 |
Fair Value 12 months or Greater | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Fair Value Total | 17,736 | 11,156 |
Unrealized Loss Total | -9 | -9 |
U.S. government treasuries and agencies securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ||
Fair Value Less than 12 months | 18,478 | 36,403 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | -23 | -91 |
Fair Value 12 months or Greater | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Fair Value Total | 18,478 | 36,403 |
Unrealized Loss Total | -23 | -91 |
Municipal bonds | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ||
Fair Value Less than 12 months | 1,001 | 4,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | -2 | -18 |
Fair Value 12 months or Greater | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Fair Value Total | 1,001 | 4,000 |
Unrealized Loss Total | -2 | -18 |
International government bonds | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ||
Fair Value Less than 12 months | 1,006 | 3,014 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | -4 | -9 |
Fair Value 12 months or Greater | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Fair Value Total | 1,006 | 3,014 |
Unrealized Loss Total | ($4) | ($9) |
Investments_NonMarketable_Equi
Investments - Non-Marketable Equity Securities (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2013 | Mar. 29, 2015 | Mar. 30, 2014 |
Non-marketable equity securities [Abstract] | |||
Purchase of common stock of a privately-held company | $4 | ||
Other-than temporary impairment loss during period | 1.7 | ||
Carrying value of non-marketable equity securities | $4 | $0 | |
Non-marketable Equity Securities | |||
Non-marketable equity securities [Abstract] | |||
Number of non-marketable private equity investments impaired (securities) | 2 |
StockBased_Employee_Compensati2
Stock-Based Employee Compensation-Text (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 9 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Sep. 23, 2010 | Jul. 21, 2010 | Mar. 29, 2015 | Jun. 15, 2014 | Jun. 29, 2014 | Dec. 28, 2014 | Jul. 12, 2013 | Jun. 18, 2009 | Sep. 30, 2004 | Mar. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Life of options granted in the 2004 plan | 7 years | |||||||||
Vesting period under original 2004 Plan | 4 years | |||||||||
One quarter of the shares vest from date of grant (in years) | 1 year | |||||||||
Minimum vesting period of non-performance based full value awards made under the 2004 Plan (in years) | 3 years | |||||||||
Minimum vesting period performance based full value awards made under the 2004 Plan (in years) | 1 year | |||||||||
ESPP | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Shares reserved for issuance under the amended plan (in shares) | 14,000,000 | 9,000,000 | ||||||||
Stock Options | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Original number of shares of reserved for issuance (shares) | 28,500,000 | |||||||||
Shares reserved for issuance under the amended plan (in shares) | 36,800,000 | |||||||||
Increase in shares available after amendment (shares) | 8,300,000 | |||||||||
Original plan dilution factor to be equivalent to the amended plan (shares) | 1.74 | |||||||||
Months Remaining for shares to vest after one year after grant (in months) | 36 months | |||||||||
Minimum Exercise price of fair market value of the options under the 2004 plan on the date the option is granted (percent) | 100.00% | |||||||||
Percent that full value awards that result in the issuance of an aggregate of common stock available under the 2004 Plan may be granted to any one or more participants without respect to such minimum vesting provisions | 5.00% | |||||||||
Shares available for future grant as of balance sheet date (in shares) | 11,100,000 | |||||||||
Intrinsic value | $44.40 | |||||||||
Weighted average remaining contractual term | 3 years 1 month 24 days | |||||||||
Intrinsic value of exercisable options | 30.5 | |||||||||
Compensation cost not yet recognized | 1.2 | |||||||||
Period for recognition | 1 year 0 months 10 days | |||||||||
Options vested and expected to vest (shares) | 3,500,000 | |||||||||
Weighted average exercise price (in dollars per share) | $7.57 | |||||||||
Weighted average remaining contractual term | 3 years 9 months 4 days | |||||||||
Aggregate intrinsic value | 42.2 | |||||||||
Restricted Stock Units (RSUs) | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Market-based stock units granted in period | 2,001,000 | |||||||||
Market-based stock units outstanding | 3,457,000 | 2,924,000 | ||||||||
Performance Shares | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Market-based stock units granted in period | 105,000 | |||||||||
Market-based stock units outstanding | 517,000 | 804,000 | ||||||||
Market-Based Restricted Stock Units | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting period under original 2004 Plan | 2 years | |||||||||
Compensation cost not yet recognized | 5.9 | |||||||||
Period for recognition | 1 year 8 months 16 days | |||||||||
Market-based stock units granted in period | 500,000 | |||||||||
Fair Value Assumptions, Expected Term | 1 year 9 months 18 days | |||||||||
Market-based stock units outstanding | 500,000 | |||||||||
Market-based stock units vested and expected to vest | 400,000 | |||||||||
Market-based stock units, average remaining contract life (in years) | 1 year 8 months 2 days | |||||||||
Market-based stock units, aggregate intrinsic value | $8.30 |
StockBased_Employee_Compensati3
Stock-Based Employee Compensation-Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated Share-based Compensation Expense | $22,259 | $13,352 | $13,272 |
Cost of revenue | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated Share-based Compensation Expense | 1,936 | 1,189 | 1,113 |
Research and development | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated Share-based Compensation Expense | 9,813 | 5,601 | 6,692 |
Selling, general and administrative | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated Share-based Compensation Expense | 10,704 | 5,887 | 5,250 |
Discontinued operations | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated Share-based Compensation Expense | ($194) | $675 | $217 |
StockBased_Employee_Compensati4
Stock-Based Employee Compensation-Valuation Assumptions (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | Jun. 15, 2014 | |
Stock Options | ||||
Valuation Assumptions | ||||
Expected term (in years) | 4 years | 4 years 7 months 6 days | 4 years 7 months 21 days | |
Risk-free interest rate (percent) | 1.25% | 0.95% | 0.73% | |
Expected volatility (percent) | 38.70% | 40.10% | 45.00% | |
Dividend Yield (percent) | 0.00% | 0.00% | 0.00% | |
Weighted-average grant-date fair value | $3.84 | $2.99 | $2.18 | |
ESPP | ||||
Valuation Assumptions | ||||
Expected term (in years) | 3 months | 3 months | 3 months | |
Risk-free interest rate (percent) | 0.04% | 0.06% | 0.08% | |
Expected volatility (percent) | 40.50% | 35.00% | 35.00% | |
Dividend Yield (percent) | 0.00% | 0.00% | 0.00% | |
Weighted-average grant-date fair value | $3.53 | $1.89 | $1.42 | |
Market-Based Restricted Stock Units | ||||
Valuation Assumptions | ||||
Expected term (in years) | 1 year 9 months 18 days | |||
Risk-free interest rate (percent) | 0.38% | |||
Expected volatility (percent) | 34.60% | |||
Dividend Yield (percent) | 0.00% | |||
Estimated fair value | $21 |
StockBased_Employee_Compensati5
Stock-Based Employee Compensation-Options Activity (Details) (Stock Options, USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2015 |
Stock Options | |
Stock Option Activity | |
Beginning stock options outstanding (in shares) | 5,602 |
Granted (in shares) | 411 |
Exercised (in shares) | -1,843 |
Cancelled (in shares) | -490 |
Ending stock options outstanding (in shares) | 3,680 |
Ending stock options exercisable (in shares) | 2,369 |
Price | |
Beginning stock options outstanding (in dollars per share) | $7.21 |
Granted (in dollars per share) | $12.10 |
Exercised (in dollars per share) | $6.96 |
Cancelled (in dollars per share) | $8.48 |
Ending stock options outstanding (in dollars per share) | $7.71 |
Ending stock options exercisable (in dollars per share) | $6.92 |
StockBased_Employee_Compensati6
Stock-Based Employee Compensation-Exercise Prices (Details) (Stock Options, USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2015 |
Options Outstanding | |
Number Outstanding (shares) | 3,679,645 |
Weighted-Average Remaining Contractual Life (in years) | 3 years 10 months 13 days |
Weighted-Average Exercise Price | $7.71 |
Options Exercisable | |
Number Exercisable (in thousands) | 2,369,040 |
Weighted-Average Exercise Price | $6.92 |
4.95-5.33 | |
Summary of information about stock options outstanding | |
Range of exercise prices, lower limit (in dollars per share) | $4.95 |
Range of exercise prices, upper limit (in dollars per share) | $5.33 |
Options Outstanding | |
Number Outstanding (shares) | 393,066 |
Weighted-Average Remaining Contractual Life (in years) | 2 years 9 months 15 days |
Weighted-Average Exercise Price | $5.22 |
Options Exercisable | |
Number Exercisable (in thousands) | 310,388 |
Weighted-Average Exercise Price | $5.20 |
5.40-5.75 | |
Summary of information about stock options outstanding | |
Range of exercise prices, lower limit (in dollars per share) | $5.40 |
Range of exercise prices, upper limit (in dollars per share) | $5.75 |
Options Outstanding | |
Number Outstanding (shares) | 409,984 |
Weighted-Average Remaining Contractual Life (in years) | 2 years 7 months 13 days |
Weighted-Average Exercise Price | $5.72 |
Options Exercisable | |
Number Exercisable (in thousands) | 384,604 |
Weighted-Average Exercise Price | $5.73 |
5.77-5.77 | |
Summary of information about stock options outstanding | |
Range of exercise prices, lower limit (in dollars per share) | $5.77 |
Range of exercise prices, upper limit (in dollars per share) | $5.77 |
Options Outstanding | |
Number Outstanding (shares) | 619,416 |
Weighted-Average Remaining Contractual Life (in years) | 4 years 1 month 6 days |
Weighted-Average Exercise Price | $5.77 |
Options Exercisable | |
Number Exercisable (in thousands) | 372,730 |
Weighted-Average Exercise Price | $5.77 |
5.79-6.79 | |
Summary of information about stock options outstanding | |
Range of exercise prices, lower limit (in dollars per share) | $5.79 |
Range of exercise prices, upper limit (in dollars per share) | $6.79 |
Options Outstanding | |
Number Outstanding (shares) | 390,446 |
Weighted-Average Remaining Contractual Life (in years) | 2 years 2 months 16 days |
Weighted-Average Exercise Price | $6.10 |
Options Exercisable | |
Number Exercisable (in thousands) | 366,028 |
Weighted-Average Exercise Price | $6.09 |
6.80-7.24 | |
Summary of information about stock options outstanding | |
Range of exercise prices, lower limit (in dollars per share) | $6.80 |
Range of exercise prices, upper limit (in dollars per share) | $7.24 |
Options Outstanding | |
Number Outstanding (shares) | 89,263 |
Weighted-Average Remaining Contractual Life (in years) | 3 years 1 month 28 days |
Weighted-Average Exercise Price | $6.97 |
Options Exercisable | |
Number Exercisable (in thousands) | 73,309 |
Weighted-Average Exercise Price | $6.97 |
7.67-7.67 | |
Summary of information about stock options outstanding | |
Range of exercise prices, lower limit (in dollars per share) | $7.67 |
Range of exercise prices, upper limit (in dollars per share) | $7.67 |
Options Outstanding | |
Number Outstanding (shares) | 423,688 |
Weighted-Average Remaining Contractual Life (in years) | 5 years 1 month 17 days |
Weighted-Average Exercise Price | $7.67 |
Options Exercisable | |
Number Exercisable (in thousands) | 164,526 |
Weighted-Average Exercise Price | $7.67 |
7.81-7.92 | |
Summary of information about stock options outstanding | |
Range of exercise prices, lower limit (in dollars per share) | $7.81 |
Range of exercise prices, upper limit (in dollars per share) | $7.92 |
Options Outstanding | |
Number Outstanding (shares) | 18,687 |
Weighted-Average Remaining Contractual Life (in years) | 2 years 11 months 27 days |
Weighted-Average Exercise Price | $7.85 |
Options Exercisable | |
Number Exercisable (in thousands) | 17,382 |
Weighted-Average Exercise Price | $7.84 |
8.49-8.49 | |
Summary of information about stock options outstanding | |
Range of exercise prices, lower limit (in dollars per share) | $8.49 |
Range of exercise prices, upper limit (in dollars per share) | $8.49 |
Options Outstanding | |
Number Outstanding (shares) | 567,005 |
Weighted-Average Remaining Contractual Life (in years) | 3 years 1 month 13 days |
Weighted-Average Exercise Price | $8.49 |
Options Exercisable | |
Number Exercisable (in thousands) | 526,265 |
Weighted-Average Exercise Price | $8.49 |
9.39-11.79 | |
Summary of information about stock options outstanding | |
Range of exercise prices, lower limit (in dollars per share) | $9.39 |
Range of exercise prices, upper limit (in dollars per share) | $11.79 |
Options Outstanding | |
Number Outstanding (shares) | 403,000 |
Weighted-Average Remaining Contractual Life (in years) | 5 years 10 months 13 days |
Weighted-Average Exercise Price | $11.69 |
Options Exercisable | |
Number Exercisable (in thousands) | 117,583 |
Weighted-Average Exercise Price | $11.66 |
12.16-20.56 | |
Summary of information about stock options outstanding | |
Range of exercise prices, lower limit (in dollars per share) | $12.16 |
Range of exercise prices, upper limit (in dollars per share) | $20.56 |
Options Outstanding | |
Number Outstanding (shares) | 365,090 |
Weighted-Average Remaining Contractual Life (in years) | 5 years 6 months 15 days |
Weighted-Average Exercise Price | $12.27 |
Options Exercisable | |
Number Exercisable (in thousands) | 36,225 |
Weighted-Average Exercise Price | $12.51 |
StockBased_Employee_Compensati7
Stock-Based Employee Compensation-Equity other than Options (Details) (USD $) | 0 Months Ended | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Sep. 23, 2010 | Mar. 29, 2015 |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period of restricted stock units from grant date (in years) | 3 years | |
Annual award vesting percentage | 33.33% | |
Performance Stock Unit Activity | ||
Beginning units outstanding (in shares) | 2,924,000 | |
Granted (in shares) | 2,001,000 | |
Released (in shares) | -988,000 | |
Forfeited (in shares) | -480,000 | |
Ending units outstanding (in shares) | 3,457,000 | |
Weighted- Average Grant Date Fair Value Per Share | ||
Beginning units outstanding (in dollars per share) | $7.43 | |
Granted (in dollars per share) | $13.20 | |
Released (in dollars per share) | $7.43 | |
Forfeited (in dollars per share) | $8.80 | |
Ending units outstanding (in dollars per share) | $10.58 | |
Vested and expected to vest (shares) | 2,800,000 | |
Weighted average remaining contractual terms | 1 year 2 months 20 days | |
Intrinsic value | $56.30 | |
Performance Shares | ||
Performance Stock Unit Activity | ||
Beginning units outstanding (in shares) | 804,000 | |
Granted (in shares) | 105,000 | |
Released (in shares) | -238,000 | |
Forfeited (in shares) | -154,000 | |
Ending units outstanding (in shares) | 517,000 | |
Weighted- Average Grant Date Fair Value Per Share | ||
Beginning units outstanding (in dollars per share) | $7.79 | |
Granted (in dollars per share) | $9.86 | |
Released (in dollars per share) | $8.14 | |
Forfeited (in dollars per share) | $7.80 | |
Ending units outstanding (in dollars per share) | $8.06 | |
Vested and expected to vest (shares) | 400,000 | |
Weighted average remaining contractual terms | 0 years 8 months 9 days | |
Intrinsic value | $8.40 |
StockBased_Employee_Compensati8
Stock-Based Employee Compensation-ESPP (Details) (ESPP, USD $) | 12 Months Ended | |||||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | Jul. 12, 2013 | Sep. 13, 2012 | Jun. 18, 2009 | |
ESPP | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares reserved for issuance under the amended plan (in shares) | 14,000,000 | 9,000,000 | ||||
Limit of fair market value any one employee can purchase per year (in dollars) | $25,000 | |||||
Additional shares approved (in shares) | 5,000,000 | |||||
Number of shares issued (shares) | 641,000 | 1,206,000 | 1,679,000 | |||
Average issuance price (in dollars per share) | $12.89 | $7.23 | $5.13 | |||
Number of shares available at year-end (shares) | 4,378,000 | 5,019,000 | 1,226,000 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 12 Months Ended | ||
Share data in Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Oct. 22, 2013 |
Stock Repurchase Program [Line Items] | |||
Common stock repurchase, total purchase price | $79,245,000 | $44,005,000 | |
Share repurchase program, amount available for future purchase (in USD) | 26,700,000 | ||
October 2013 Authorization | |||
Stock Repurchase Program [Line Items] | |||
Share repurchase plan, authorized amount (in USD) | 150,000,000 | ||
Repurchase of common stock (in shares) | 5,300 | 4,100 | |
Common stock repurchase, total purchase price | $79,200,000 | $44,000,000 |
Balance_Sheet_Detail_Details
Balance Sheet Detail (Details) (USD $) | 12 Months Ended | ||
Mar. 29, 2015 | 30-May-14 | Mar. 30, 2014 | |
Inventories, net | |||
Raw materials | $4,709,000 | $7,745,000 | |
Work-in-process | 18,377,000 | 18,436,000 | |
Finished goods | 22,324,000 | 23,441,000 | |
Total inventories, net | 45,410,000 | 49,622,000 | |
Property, plant and equipment, net | |||
Total property, plant and equipment, gross | 351,789,000 | 349,675,000 | |
Less: accumulated depreciation | -286,281,000 | -279,848,000 | |
Total property, plant and equipment, net | 65,508,000 | 69,827,000 | |
Other current liabilities | |||
Accrued restructuring costs | 10,512,000 | 638,000 | |
Other | 7,070,000 | 10,887,000 | |
Total other current liabilities | 17,582,000 | 11,525,000 | |
Other long-term obligations | |||
Deferred compensation related liabilities | 13,143,000 | 13,786,000 | |
Other | 4,462,000 | 4,897,000 | |
Total other long-term liabilities | 17,605,000 | 18,683,000 | |
Land | |||
Property, plant and equipment, net | |||
Land | 11,578,000 | 11,724,000 | |
Machinery and Equipment | |||
Property, plant and equipment, net | |||
Machinery and equipment | 292,180,000 | 289,393,000 | |
Building and Leasehold Improvements | |||
Property, plant and equipment, net | |||
Building and leasehold improvements | 48,031,000 | 48,558,000 | |
High-Speed Converter Business | |||
Other long-term obligations | |||
Fixed assets held-for-sale | 0 | 2,900,000 | 2,900,000 |
Accrued severance costs | $10,200,000 |
Deferred_Income_on_Shipments_t2
Deferred Income on Shipments to Distributors (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Deferred Revenue Disclosure [Abstract] | ||
Gross deferred revenue | $19,299 | $17,261 |
Gross deferred costs | -3,605 | -3,255 |
Deferred income on shipments to distributors | $15,694 | $14,006 |
Discount from list price billed to the customer (as a percent) | 37.70% |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | $1,609 | $1,486 | |
Other comprehensive income (loss) before reclassifications | -3,611 | 226 | |
Amounts reclassified out of AOCI | -179 | -103 | -85 |
Net current-period other comprehensive income (loss) | -3,790 | 123 | 123 |
Ending balance | -2,181 | 1,609 | 1,486 |
Cumulative translation adjustments | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 1,497 | 1,563 | |
Other comprehensive income (loss) before reclassifications | -5,218 | -66 | |
Amounts reclassified out of AOCI | 0 | 0 | |
Net current-period other comprehensive income (loss) | -5,218 | -66 | |
Ending balance | -3,721 | 1,497 | |
Unrealized gain on available-for-sale investments | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 194 | 0 | |
Other comprehensive income (loss) before reclassifications | 793 | 291 | |
Amounts reclassified out of AOCI | -127 | -97 | -8 |
Net current-period other comprehensive income (loss) | 666 | 194 | |
Ending balance | 860 | 194 | 0 |
Pension adjustments | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | -82 | -77 | |
Other comprehensive income (loss) before reclassifications | 814 | 1 | |
Amounts reclassified out of AOCI | -52 | -6 | -77 |
Net current-period other comprehensive income (loss) | 762 | -5 | |
Ending balance | $680 | ($82) | ($77) |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets, Net - Goodwill Activity (Details) (USD $) | 12 Months Ended | |
Mar. 30, 2014 | Mar. 29, 2015 | |
Goodwill [Roll Forward] | ||
Balance | $144,924,000 | $135,644,000 |
Impairment losses | -2,161,000 | |
Dispositions | -7,323,000 | |
Additions | 204,000 | |
Balance | 135,644,000 | 135,644,000 |
Accumulated impairment loss | 922,500,000 | 922,500,000 |
Communications | ||
Goodwill [Roll Forward] | ||
Balance | 124,205,000 | 122,248,000 |
Impairment losses | -2,161,000 | |
Dispositions | 0 | |
Additions | 204,000 | |
Balance | 122,248,000 | 122,248,000 |
Computing and Consumer | ||
Goodwill [Roll Forward] | ||
Balance | 20,719,000 | 13,396,000 |
Impairment losses | 0 | |
Dispositions | -7,323,000 | |
Additions | 0 | |
Balance | $13,396,000 | $13,396,000 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets, Net - Intangible Asset Balances (Details) (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Assets | $346,626 | $355,702 |
Accumulated Amortization | -341,091 | -336,961 |
Net Assets | 5,535 | 18,741 |
Existing technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Assets | 211,170 | 217,923 |
Accumulated Amortization | -206,491 | -203,888 |
Net Assets | 4,679 | 14,035 |
Trademarks | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Assets | 4,411 | 4,411 |
Accumulated Amortization | -3,850 | -2,934 |
Net Assets | 561 | 1,477 |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Assets | 131,045 | 131,093 |
Accumulated Amortization | -130,750 | -128,681 |
Net Assets | 295 | 2,412 |
Non-compete agreements | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Assets | 2,275 | |
Accumulated Amortization | -1,458 | |
Net Assets | 817 | |
High-Speed Converter Business | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Net Assets | $6,600 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets, Net - Amortization Expense (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $6,573 | $24,793 | $20,546 | |
Goodwill and acquisition-related intangible asset impairment | 5,600 | |||
Existing technology | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 4,534 | 19,730 | 14,131 | |
Goodwill and acquisition-related intangible asset impairment | 4,600 | |||
Trademarks | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 916 | 3,405 | 874 | |
Customer relationships | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 1,123 | 916 | 3,225 | |
Goodwill and acquisition-related intangible asset impairment | 900 | |||
Backlog | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 0 | 91 | 1,509 | |
Non-compete agreements | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 0 | 651 | 807 | |
Goodwill and acquisition-related intangible asset impairment | 100 | |||
Minimum | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 3 years | |||
Maximum | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 7 years | |||
Cost of revenue | IPR&D | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 8,700 | 8,700 | ||
Research and development | IPR&D | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill and acquisition-related intangible asset impairment | $2,400 |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets, Net (Details 3) (USD $) | Mar. 29, 2015 |
In Thousands, unless otherwise specified | |
Estimated amortization expense [Abstract] | |
2016 | $3,084 |
2017 | 2,185 |
2018 | 256 |
2019 | 10 |
Total | $5,535 |
Restructuring_Details
Restructuring (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Dec. 28, 2014 | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2011 | |
Restructuring Reserve [Roll Forward] | |||||
Balance as of beginning of period | $638,000 | $1,662,000 | $5,198,000 | ||
Provision | 19,383,000 | 5,538,000 | 5,834,000 | ||
Cash payments | -7,494,000 | -6,562,000 | -9,370,000 | ||
Restructuring Reserve, Translation Adjustment | -2,015,000 | ||||
Balance as of end of period | 10,512,000 | 638,000 | 1,662,000 | 5,198,000 | |
Cost of Revenues | |||||
Restructuring Reserve [Roll Forward] | |||||
Balance as of beginning of period | 0 | 26,000 | 1,606,000 | ||
Provision | 0 | 557,000 | |||
Cash payments | 0 | -26,000 | -2,137,000 | ||
Restructuring Reserve, Translation Adjustment | 0 | ||||
Balance as of end of period | 0 | 0 | 26,000 | 1,606,000 | |
Operating Expenses | |||||
Restructuring Reserve [Roll Forward] | |||||
Balance as of beginning of period | 638,000 | 1,636,000 | 3,592,000 | ||
Provision | 1,078,000 | 5,538,000 | 5,277,000 | ||
Cash payments | -1,421,000 | -6,536,000 | -7,233,000 | ||
Restructuring Reserve, Translation Adjustment | 0 | ||||
Balance as of end of period | 295,000 | 638,000 | 1,636,000 | 3,592,000 | |
Video Processing Product Lines | Employee Retention | |||||
Restructuring Reserve [Roll Forward] | |||||
Provision | 1,100,000 | ||||
Oregon Facility | Employee Retention | |||||
Restructuring Reserve [Roll Forward] | |||||
Cash payments | -1,000,000 | ||||
Other Restructuring Plan, 2015 Restructuring | Employee Severance | |||||
Restructuring Reserve [Roll Forward] | |||||
Provision | 1,100,000 | ||||
Balance as of end of period | 300,000 | ||||
Number of positions eliminated | 28 | ||||
Restructuring cost incurred | 800,000 | ||||
Other Restructuring Plan, 2014 Restructuring | Employee Severance | |||||
Restructuring Reserve [Roll Forward] | |||||
Number of positions eliminated | 117 | ||||
Restructuring cost incurred | 600,000 | 4,900,000 | |||
Restructuring charges | 5,500,000 | ||||
Other Restructuring Plan, 2013 Restructuring | Employee Severance | |||||
Restructuring Reserve [Roll Forward] | |||||
Cash payments | -1,100,000 | -3,200,000 | |||
Number of positions eliminated | 132 | ||||
Restructuring charges | 4,300,000 | ||||
High-Speed Converter Business | |||||
Restructuring Reserve [Roll Forward] | |||||
Balance as of beginning of period | 0 | 0 | 0 | ||
Provision | 11,900,000 | 18,305,000 | 0 | 0 | |
Cash payments | -6,073,000 | 0 | 0 | ||
Restructuring Reserve, Translation Adjustment | -2,015,000 | ||||
Balance as of end of period | 10,217,000 | 0 | 0 | 0 | |
High-Speed Converter Business | Employee Severance | |||||
Restructuring Reserve [Roll Forward] | |||||
Provision | $18,305,000 | ||||
Number of positions eliminated | 53 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | Jan. 31, 2012 | |
defendant | ||||
Loss Contingencies [Line Items] | ||||
Maximum amount of potential future payments under various financial guarantees | $1,700,000 | |||
Operating Leases, Future Minimum Payments Due [Abstract] | ||||
2016 | 3,059,000 | |||
2017 | 2,564,000 | |||
2018 | 1,837,000 | |||
2019 | 1,525,000 | |||
2020 and thereafter | 1,286,000 | |||
Total | 10,271,000 | |||
Rent expense | 4,200,000 | 4,600,000 | 4,700,000 | |
Other long-term supplier obligations | 4,600,000 | 4,200,000 | ||
Standard warranty period | 1 year | |||
Extended warranty period | 2 years | |||
Total warranty accrual | $100,000 | $300,000 | ||
Environmental Violation | Maxim I Properties Litigation | ||||
Operating Leases, Future Minimum Payments Due [Abstract] | ||||
Number of defendants | 30 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | |||
401(k) matching contributions expense | $2.10 | $2.10 | $2.60 |
Participant balances percent vested (percent) | 100.00% | ||
Deferred compensation plan obligations | 13.1 | 13.8 | |
Deferred compensation plan assets | 16.5 | 16.1 | |
Deferred compensation plan administration expense | 0.1 | 0.3 | 0.3 |
Net liability for all international employee benefit plans | 1 | 1.4 | |
Net accumulated liability | 0.6 | ||
Unrecognized actuarial losses | 0.3 | ||
Unrecognized prior service gains | 0.1 | ||
Decrease in pension liability | 0.6 | ||
Increase in pension assets | 0.4 | ||
Fox Enterprises | |||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | |||
Deferred compensation plan obligations | 1.7 | 1.6 | |
Deferred compensation plan assets | $0.80 | $0.70 |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income (Loss) Before Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Components of Income Tax Expense (Benefit) [Line Items] | |||
Income (Loss) before income taxes | $115,938 | $112,294 | $591 |
Current: | |||
Total current | 1,359 | 784 | 1,447 |
Deferred: | |||
Total Deferred | -2 | 197 | -3,567 |
Income tax expense (benefit) from continuing operations | 1,357 | 981 | -2,120 |
United States | |||
Components of Income Tax Expense (Benefit) [Line Items] | |||
Income (Loss) before income taxes | 6,113 | 8,634 | -18,083 |
Current: | |||
United States | 0 | -118 | -49 |
Deferred: | |||
United States | 79 | 240 | -3,222 |
Foreign | |||
Components of Income Tax Expense (Benefit) [Line Items] | |||
Income (Loss) before income taxes | 109,825 | 103,660 | 18,674 |
Current: | |||
Foreign | 1,312 | 867 | 1,368 |
Deferred: | |||
Foreign | -83 | -57 | 0 |
State | |||
Current: | |||
State | 47 | 35 | 128 |
Deferred: | |||
State | $2 | $14 | ($345) |
Income_Taxes_Components_of_Def
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) (USD $) | 12 Months Ended | |
Mar. 29, 2015 | Mar. 30, 2014 | |
Deferred tax assets: | ||
Deferred income on shipments to distributors | $3,057,000 | $2,666,000 |
Non-deductible accruals and reserves | 9,148,000 | 10,233,000 |
Inventory related and other expenses | 189,000 | 1,761,000 |
Net operating losses and credit carryforwards | 122,178,000 | 114,858,000 |
Depreciation and amortization | 12,274,000 | 13,725,000 |
Stock options | 1,849,000 | 1,713,000 |
Other | 1,737,000 | 315,000 |
Total deferred tax assets | 150,432,000 | 145,271,000 |
Deferred tax liabilities: | ||
Purchased intangibles | -564,000 | -558,000 |
Other | -2,699,000 | -3,087,000 |
Total deferred tax liabilities | -3,263,000 | -3,645,000 |
Valuation allowance | -148,954,000 | -143,704,000 |
Net deferred tax liabilities | -1,785,000 | -2,078,000 |
Change in valuation allowance for deferred tax assets | 5,300,000 | 9,100,000 |
Amount of net tax benefits related to stock compensation benefits not recorded as DTAs | 30,500,000 | |
Research | ||
Deferred tax liabilities: | ||
Tax credit carryforwards | 56,700,000 | |
Foreign Tax Credit | ||
Deferred tax liabilities: | ||
Tax credit carryforwards | 16,800,000 | |
Amount of tax credit carryforwards to expire | 9,000,000 | |
State Income Tax Credit | ||
Deferred tax liabilities: | ||
Tax credit carryforwards | 80,800,000 | |
Amount of tax credit carryforwards to expire | 5,700,000 | |
Federal | ||
Deferred tax liabilities: | ||
Net operating loss carryforwards | 82,300,000 | |
State | ||
Deferred tax liabilities: | ||
Net operating loss carryforwards | $102,600,000 |
Income_Taxes_Effective_Tax_Rat
Income Taxes - Effective Tax Rate Reconciliation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Reconciliation between statutory and effective tax rate | |||
Statutory U.S. income tax rate (percent) | 35.00% | ||
Provision (benefit) from continuing operations at 35% U.S. statutory rate | $40,579 | $39,303 | $207 |
State tax, net of federal benefit | 160 | 32 | -123 |
Effect of foreign operations | -35,740 | -33,217 | -4,890 |
Repatriation of foreign earnings | 0 | 5,623 | 1,505 |
Net operating losses and tax credits (benefited) not benefited | -1,067 | -10,985 | -3,733 |
Stock-based compensation | -2,740 | -689 | 2,640 |
Other | 165 | 914 | 2,274 |
Income tax expense (benefit) from continuing operations | $1,357 | $981 | ($2,120) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jul. 03, 2011 | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Income Tax Holiday [Line Items] | ||||
Undistributed earnings of foreign subsidiaries | $820.40 | |||
Amount of unrecognized tax benefits that would favorably impact the effective tax rate | 0.3 | 0.2 | ||
Amount of unrecognized tax benefits that would be offset by a change in valuation allowance | 32.9 | |||
Interest and penalties related to unrecognized tax benefits as a component of income tax expense | 0.1 | 0 | ||
Decrease resulting from settlements with taxing authorities | 1.9 | |||
Malaysia | ||||
Income Tax Holiday [Line Items] | ||||
Income tax holiday, length | 10 years | |||
Net income effect of Malaysian tax holiday | $9.70 | $2 | $4.10 | |
EPS effect of Malaysian tax holiday | $0.06 | $0.01 | $0.03 |
Income_Taxes_Summary_of_Gross_
Income Taxes - Summary of Gross Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Activities of gross unrecognized tax benefits: | |||
Beginning balance | $32,237 | $31,066 | $29,718 |
Increases related to prior year tax positions | 549 | 90 | 532 |
Decreases related to prior year tax positions | -296 | -301 | -296 |
Increases related to current year tax positions | 803 | 1,498 | 1,427 |
Decreases related to the lapsing of statute of limitations | -103 | -116 | -315 |
Ending balance | $33,190 | $32,237 | $31,066 |
Segment_Information_Additional
Segment Information - Additional Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | |||||||||||
Revenues by segment | $158,350 | $151,160 | $137,093 | $126,302 | $118,640 | $124,628 | $124,047 | $117,464 | $572,905 | $484,779 | $484,452 |
Income from continuing operations, before income taxes | 115,938 | 112,294 | 591 | ||||||||
Amortization of intangible assets | -6,573 | -24,793 | -20,546 | ||||||||
Impairment of acquired in-process R&D | -5,600 | ||||||||||
Stock-based compensation | -22,259 | -13,352 | -13,272 | ||||||||
Other-than-temporary loss on investments | 0 | 0 | -1,708 | ||||||||
Interest income and other, net | 4,791 | 2,707 | 1,708 | ||||||||
Communications | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues by segment | 313,630 | 292,435 | 258,184 | ||||||||
Income from continuing operations, before income taxes | 116,018 | 103,457 | 78,995 | ||||||||
Computing and Consumer | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues by segment | 259,275 | 192,344 | 226,268 | ||||||||
Income from continuing operations, before income taxes | 29,301 | -22,658 | -30,972 | ||||||||
Unallocated expenses | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Amortization of intangible assets | -6,573 | -21,964 | -16,339 | ||||||||
Inventory fair market value adjustment | 0 | 0 | -358 | ||||||||
Impairment of acquired in-process R&D | 0 | -2,433 | 0 | ||||||||
Gain on divestiture | 0 | 78,632 | 7,986 | ||||||||
Asset impairment and other | -2,968 | -4,113 | -6,096 | ||||||||
Stock-based compensation | -22,453 | -12,677 | -13,054 | ||||||||
Severance, retention and facility closure costs | -1,250 | -6,590 | -5,584 | ||||||||
Acquisition-related income (costs) and other | 125 | -802 | -11,238 | ||||||||
Consulting expenses related to stockholder activities | 0 | 0 | -1,614 | ||||||||
Deferred compensation plan expense (benefit) | -50 | 51 | -194 | ||||||||
Life insurance proceeds received | 0 | 0 | 2,313 | ||||||||
Other-than-temporary loss on investments | 0 | 0 | -1,708 | ||||||||
Interest income and other, net | $3,788 | $1,391 | ($1,546) | ||||||||
Customer Concentration Risk | Accounts Receivable | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of significant distributors (distributors) | 2 | 2 | |||||||||
Maxtek | Customer Concentration Risk | Sales | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk (percentage) | 13.00% | ||||||||||
Avnet | Customer Concentration Risk | Sales | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk (percentage) | 11.00% | 12.00% | 10.00% | ||||||||
Uniquest | Customer Concentration Risk | Sales | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk (percentage) | 16.00% | 10.00% | |||||||||
Significant Distributor 1 | Customer Concentration Risk | Accounts Receivable | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Customer concentration risk (percent) | 11.00% | 15.00% | 11.00% | 15.00% | |||||||
Significant Distributor 2 | Customer Concentration Risk | Accounts Receivable | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Customer concentration risk (percent) | 10.00% | 14.00% | 10.00% | 14.00% |
Segment_Information_Revenues_D
Segment Information - Revenues (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $158,350 | $151,160 | $137,093 | $126,302 | $118,640 | $124,628 | $124,047 | $117,464 | $572,905 | $484,779 | $484,452 |
APAC | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 402,694 | 309,121 | 308,409 | ||||||||
Americas | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 68,373 | 71,305 | 76,876 | ||||||||
Japan | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 39,519 | 40,829 | 40,281 | ||||||||
Europe | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 62,319 | 63,524 | 58,886 | ||||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $61,700 | $63,100 | $69,600 |
Segment_Reporting_Geographic_A
Segment Reporting - Geographic Areas (Details) (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ||
Total property, plant and equipment, net | $65,508 | $69,827 |
United States | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 38,879 | 40,561 |
Canada | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 3,997 | 4,660 |
Malaysia | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 21,244 | 20,972 |
All other countries | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | $1,388 | $3,634 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Details) (Foreign Exchange Contract, USD $) | Mar. 29, 2015 |
In Millions, unless otherwise specified | |
Foreign Exchange Contract | |
Derivatives, Fair Value [Line Items] | |
Foreign exchange facility available capacity | $20 |
Credit_Facility_Details
Credit Facility (Details) (Bank of America, USD $) | 12 Months Ended | 0 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 29, 2015 | Jun. 13, 2011 |
Line of Credit Facility [Line Items] | ||
Amortization of financing costs | $2.50 | |
The Subsidiary | Class A Preferred Share | ||
Line of Credit Facility [Line Items] | ||
Maximum number of shares to be sold (shares) | 1,431 | |
Proceeds from issuance of preferred shares | $135 |
Subsequent_Events_Details
Subsequent Events (Details) (High-Speed Converter Business, Subsequent Event, USD $) | Apr. 30, 2015 | Apr. 27, 2015 |
High-Speed Converter Business | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Divesture consideration | $1,500,000 | |
Share repurchase plan, authorized amount (in USD) | $300,000,000 |
SUPPLEMENTARY_FINANCIAL_INFORM2
SUPPLEMENTARY FINANCIAL INFORMATION (UNAUDITED) - Quarterly Results of Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $158,350 | $151,160 | $137,093 | $126,302 | $118,640 | $124,628 | $124,047 | $117,464 | $572,905 | $484,779 | $484,452 |
Gross profit | 98,055 | 91,364 | 81,876 | 74,009 | 61,080 | 74,939 | 70,761 | 66,122 | 345,304 | 272,902 | 269,724 |
Net income from continuing operations | 40,383 | 32,841 | 24,246 | 17,111 | 5,062 | 17,339 | 87,411 | 1,501 | 114,581 | 111,313 | 2,711 |
Net income (loss) from discontinued operations | -1,117 | -14,483 | -9,804 | 4,732 | -5,033 | -10,391 | -3,760 | -3,765 | -20,672 | -22,949 | -22,883 |
Net income (loss) | $39,266 | $18,358 | $14,442 | $21,843 | $29 | $6,948 | $83,651 | ($2,264) | $93,909 | $88,364 | ($20,172) |
Basic net income per share - continuing operations (in dollars per share) | $0.27 | $0.22 | $0.16 | $0.11 | $0.03 | $0.11 | $0.58 | $0.01 | $0.77 | $0.74 | $0.02 |
Basic net income (loss) per share - discontinued operations (in dollars per share) | ($0.01) | ($0.10) | ($0.06) | $0.04 | ($0.03) | ($0.06) | ($0.02) | ($0.03) | ($0.14) | ($0.15) | ($0.16) |
Basic net income (loss) per share (in dollars per share) | $0.26 | $0.12 | $0.10 | $0.15 | $0 | $0.05 | $0.56 | ($0.02) | $0.63 | $0.59 | ($0.14) |
Diluted net income per share - continuing operations (in dollars per share) | $0.26 | $0.21 | $0.16 | $0.11 | $0.03 | $0.11 | $0.57 | $0.01 | $0.74 | $0.73 | $0.02 |
Diluted net income (loss) per share - discontinued operations (in dollars per share) | ($0.01) | ($0.09) | ($0.07) | $0.03 | ($0.03) | ($0.07) | ($0.03) | ($0.03) | ($0.13) | ($0.15) | ($0.16) |
Diluted net income (loss) per share (in dollars per share) | $0.25 | $0.12 | $0.09 | $0.14 | $0 | $0.04 | $0.54 | ($0.02) | $0.61 | $0.58 | ($0.14) |
SUPPLEMENTARY_FINANCIAL_INFORM3
SUPPLEMENTARY FINANCIAL INFORMATION (UNAUDITED) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | |||||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | Jul. 12, 2013 | Sep. 29, 2013 | Dec. 13, 2013 | Dec. 29, 2013 | Dec. 28, 2014 | Sep. 28, 2014 | Mar. 30, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Amortization of intangible assets | $6,573,000 | $24,793,000 | $20,546,000 | |||||||
Provision | 19,383,000 | 5,538,000 | 5,834,000 | |||||||
PCI Express | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Gain (loss) on divestiture | 82,349,000 | 82,300,000 | ||||||||
Assets of Audio Business | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Gain (loss) on divestiture | -3,716,000 | -3,400,000 | ||||||||
High-Speed Converter Business | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Gain (Loss) on Disposition of Business | 16,840,000 | 0 | 0 | |||||||
Severance Costs | 6,800,000 | |||||||||
Provision | 18,305,000 | 0 | 0 | 11,900,000 | ||||||
IPR&D | Cost of revenue | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Amortization of intangible assets | 8,700,000 | 8,700,000 | ||||||||
IPR&D | Research and development | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Impairment of intangible assets | $2,400,000 |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Allowance for returns, pricing credits and doubtful accounts | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $3,134 | $2,787 | $3,009 |
Additions Charged (Credited) to Revenues, Costs and Expenses | 1,680 | 657 | 134 |
Charged (Credited) to Other Accounts | 0 | 0 | 0 |
Deductions and Write-offs | -150 | -310 | -356 |
Balance at End of Period | 4,664 | 3,134 | 2,787 |
Tax valuation allowance | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 143,704 | 134,633 | 131,731 |
Additions Charged (Credited) to Revenues, Costs and Expenses | 12,427 | 30,110 | 34,171 |
Charged (Credited) to Other Accounts | 0 | 0 | 0 |
Deductions and Write-offs | -7,177 | -21,039 | -31,269 |
Balance at End of Period | $148,954 | $143,704 | $134,633 |