Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Dec. 31, 2017 | Feb. 02, 2018 | |
Document Information [Abstract] | ||
Entity Registrant Name | INTEGRATED DEVICE TECHNOLOGY INC | |
Entity Central Index Key | 703,361 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding (in shares) | 132,337,535 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2017 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Apr. 02, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 132,800 | $ 214,554 |
Short-term investments | 264,066 | 191,492 |
Accounts receivable, net | 109,701 | 89,312 |
Inventories | 63,892 | 52,288 |
Prepayments and other current assets | 14,590 | 13,054 |
Total current assets | 585,049 | 560,700 |
Property, plant and equipment, net | 86,636 | 80,961 |
Goodwill | 420,117 | 306,925 |
Intangible assets, net | 196,977 | 108,818 |
Deferred tax assets | 18,390 | 85,831 |
Other assets | 61,668 | 40,399 |
Total assets | 1,368,837 | 1,183,634 |
Current liabilities: | ||
Accounts payable | 41,950 | 42,020 |
Accrued compensation and related expenses | 34,055 | 26,624 |
Deferred income on shipments to distributors | 3,521 | 1,985 |
Current portion of bank loan | 2,000 | 0 |
Other accrued liabilities | 22,523 | 20,205 |
Total current liabilities | 104,049 | 90,834 |
Deferred tax liabilities | 11,046 | 13,835 |
Long-term income tax payable | 31,812 | 867 |
Convertible notes | 295,983 | 285,541 |
Long-term bank loan, net | 191,368 | 0 |
Other long-term liabilities | 26,288 | 18,894 |
Total liabilities | 660,546 | 409,971 |
Commitments and contingencies (Note 15) | ||
Stockholders' equity: | ||
Preferred stock: $0.001 par value: 10,000 shares authorized; no shares issued | 0 | 0 |
Common stock: $0.001 par value: 350,000 shares authorized; 132,383 and 133,175 shares outstanding as of December 31, 2017 and April 2, 2017, respectively | 133 | 133 |
Additional paid-in capital | 2,735,389 | 2,685,649 |
Treasury stock at cost: 125,228 and 121,982 shares as of December 31, 2017 and April 2, 2017, respectively | (1,701,127) | (1,616,315) |
Accumulated deficit | (321,866) | (289,019) |
Accumulated other comprehensive loss | (4,238) | (6,785) |
Total stockholders' equity | 708,291 | 773,663 |
Total liabilities and stockholders' equity | $ 1,368,837 | $ 1,183,634 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2017 | Apr. 02, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par Value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common Stock, Par Value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 350,000,000 | 350,000,000 |
Common stock, shares outstanding (in shares) | 132,383,000 | 133,175,000 |
Treasury stock, at cost (in shares) | 125,228,000 | 121,982,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Jan. 01, 2017 | Dec. 31, 2017 | Jan. 01, 2017 | |
Income Statement [Abstract] | ||||
Revenues | $ 217,075 | $ 176,358 | $ 618,186 | $ 552,545 |
Cost of revenues | 88,690 | 72,273 | 263,001 | 233,579 |
Gross profit | 128,385 | 104,085 | 355,185 | 318,966 |
Operating expenses: | ||||
Research and development | 49,836 | 38,173 | 147,027 | 129,571 |
Selling, general and administrative | 40,689 | 32,737 | 127,116 | 108,968 |
Total operating expenses | 90,525 | 70,910 | 274,143 | 238,539 |
Operating income | 37,860 | 33,175 | 81,042 | 80,427 |
Interest expense | (6,638) | (4,217) | (20,369) | (12,582) |
Interest income and other, net | 1,570 | 407 | 6,500 | 3,679 |
Income before income taxes from continuing operations | 32,792 | 29,365 | 67,173 | 71,524 |
Benefit from (provision for) income taxes | 101,033 | (4,072) | 100,020 | (7,451) |
Discontinued Operations and Disposal Groups [Abstract] | ||||
Gain from divestiture before income taxes | 0 | 1,385 | 0 | 1,385 |
Income tax expense | 0 | 87 | 0 | 87 |
Net income from discontinued operations | 0 | 1,298 | 0 | 1,298 |
Net income (loss) | $ (68,241) | $ 34,735 | $ (32,847) | $ 80,273 |
Net income per share: | ||||
Basic net income (loss) per share - continuing operations | $ (0.51) | $ 0.25 | $ (0.25) | $ 0.59 |
Basic net income per share - discontinued operations | 0 | 0.01 | 0 | 0.01 |
Basic net income (loss) per share | (0.51) | 0.26 | (0.25) | 0.60 |
Diluted (in dollars per share) | (0.51) | 0.24 | (0.25) | 0.57 |
Diluted net income per share - discontinued operations | 0 | 0.01 | 0 | 0.01 |
Diluted net income (loss) per share | $ (0.51) | $ 0.25 | $ (0.25) | $ 0.58 |
Weighted average shares: | ||||
Basic (in shares) | 132,689 | 133,846 | 133,087 | 133,987 |
Diluted (in shares) | 132,689 | 137,167 | 133,087 | 137,581 |
Net income (loss) from continuing operations | $ (68,241) | $ 33,437 | $ (32,847) | $ 78,975 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Jan. 01, 2017 | Dec. 31, 2017 | Jan. 01, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (68,241) | $ 34,735 | $ (32,847) | $ 80,273 |
Other comprehensive income (loss), net of taxes: | ||||
Currency translation adjustments | 597 | (1,949) | 3,229 | (3,091) |
Change in net unrealized loss on investments, net of tax | (893) | (1,418) | (682) | (1,451) |
Total other comprehensive gain (loss) | (296) | (3,367) | 2,547 | (4,542) |
Comprehensive income (loss) | $ (68,537) | $ 31,368 | $ (30,300) | $ 75,731 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2017 | Jan. 01, 2017 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (32,847) | $ 80,273 |
Adjustments: | ||
Depreciation | 19,395 | 14,940 |
Amortization of intangible assets | 32,004 | 18,313 |
Amortization of debt issuance costs and debt discount | 11,056 | 9,928 |
Assets impairment | 0 | 2,180 |
Net gain from divestitures | 0 | 675 |
Stock-based compensation expense, net of amounts capitalized in inventory | 38,348 | 29,602 |
Deferred income tax | 62,622 | (7,297) |
Changes in assets and liabilities, net of acquisition | ||
Accounts receivable, net | (5,582) | (8,596) |
Inventories | 6,913 | 8,167 |
Prepayments and other assets | 1,748 | 201 |
Accounts payable | (4,656) | 2,092 |
Accrued compensation and related expenses | 4,277 | (21,535) |
Deferred income on shipments to distributors | 1,536 | (1,467) |
Income taxes payable and receivable | 32,062 | 121 |
Other accrued liabilities and long-term liabilities | (3,824) | 8,240 |
Net cash provided by operating activities | 163,052 | 134,487 |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | (237,716) | (1,528) |
Asset acquisition | (12,956) | 0 |
Proceeds from divestitures | 0 | 231 |
Investment in convertible note | 0 | 1,955 |
Purchases of property, plant and equipment, net | (24,018) | (21,388) |
Purchases of intangible assets | (3,581) | (4,896) |
Purchase of non-marketable equity security | (11,341) | 0 |
Purchases of short-term investments | (199,140) | (256,163) |
Proceeds from sales of short-term investments | 93,003 | 105,529 |
Proceeds from maturities of short-term investments | 33,668 | 22,776 |
Net cash used in investing activities | (362,081) | (157,394) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock | 7,843 | 14,082 |
Repurchase of common stock | (84,811) | (73,481) |
Payment of capital lease obligations | (935) | (1,183) |
Proceeds of Initial Term B Loan, net of discount and issuance costs | 194,252 | 0 |
Payment of Initial Term B Loan principal | 1,500 | 0 |
Net cash provided by (used in) financing activities | 114,849 | (60,582) |
Effect of exchange rates on cash and cash equivalents | 2,426 | (2,417) |
Net decrease in cash and cash equivalents | (81,754) | (85,906) |
Cash and cash equivalents at beginning of period | 214,554 | 203,231 |
Cash and cash equivalents at end of period | 132,800 | 117,325 |
Non-cash investing activities: | ||
Additions to property, plant and equipment included in accounts payable | 1,314 | 3,030 |
Conversion of investment in convertible note to ordinary shares of stock | 0 | (1,955) |
Fair value of partially vested employee equity awards related to pre-combination services that were assumed as part of the business acquisition | 3,400 | 0 |
Additions to intangible assets included in accounts payable and other accrued liabilities | 1,446 | 0 |
Contingent consideration in connection with the asset acquisition included in other accrued liabilities and other long-term liabilities | $ 4,080 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Dec. 31, 2017 | |
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, consumer and automotive industries. Basis of Presentation . The Company's fiscal year is the 52 or 53 week period ending on the Sunday closest to March 31. In a 52 week year, each fiscal quarter consists of 13 weeks. In a 53 week year, the additional week is usually added to the third quarter, making such quarter consist of 14 weeks. The first, second and third quarters of fiscal 2018 and fiscal 2017 were 13 week periods. Principles of Consolidation . The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All inter-company accounts and transactions have been eliminated. Use of Estimates . The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Significant Accounting Policies . For a description of significant accounting policies, see Note 1, Summary of Significant Accounting Policies to the consolidated financial statements included in the Company's annual report on Form 10-K for the fiscal year ended April 2, 2017 . On December 22, 2017, the Tax Cuts and Jobs Act (“TCJA”) was enacted into law. The TCJA provides for numerous significant tax law changes (refer to Note 19 for details). On April 4, 2017 , the Company completed its acquisition of GigPeak, Inc. (GigPeak), a publicly held company mainly operating in the United States, for a purchase price of $250.1 million (refer to Note 3 for details). As a result of new revenue sources from the GigPeak business, the Company adopted the following revenue recognition policy in addition to its existing revenue recognition policy prior to the GigPeak acquisition. Revenue Recognition The Company recognizes software royalty revenue based on reports received from customers during the quarter, assuming that all other revenue recognition criteria are met. The customers generally report shipment information within 45 days following the end of their respective quarters. Other than the above, there have been no material changes to the Company's significant accounting policies since the filing of the annual report on Form 10-K. In the opinion of management, these condensed consolidated financial statements, consisting only of normal recurring adjustments, reflect all adjustments which are necessary for the fair statement of the condensed consolidated financial statements for the interim period. Recent Accounting Pronouncements In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments, which clarifies the classification of certain cash receipts and cash payments in the statement of cash flows, including debt prepayment or extinguishment costs, settlement of contingent consideration arising from a business combination, insurance settlement proceeds, and distributions from certain equity method investees. The adoption of ASU No. 2016-15 is required to be applied retrospectively. The Company adopted the new guidance in the first quarter of fiscal 2018. There was no material impact upon adoption. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory, which provides the guidance applying to inventory measured using any other method other than last-in, last-out method. Under this guidance, inventory is measured at the lower of cost and net realizable value. The net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The Company adopted the new guidance prospectively in the first quarter of fiscal 2018. There was no material impact in the period of adoption. Accounting Pronouncements Not Yet Effective for Fiscal 2018 In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting, which amends the requirements in GAAP related to accounting in changes to stock compensation awards. The guidance in ASU 2017-09 is effective for annual periods beginning after December 15, 2017 , including interim periods within those fiscal years. The Company does not believe that the adoption of this new accounting guidance will have any material impact on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350), which simplifies the measurement of goodwill by eliminating the Step 2 impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. The new guidance requires an entity to compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The new guidance becomes effective for goodwill impairment tests in fiscal years beginning after December 15, 2019 , though early adoption is permitted. The Company does not believe that the adoption of this new accounting guidance will have any material impact on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805), which clarifies the definition of business. The update provides a more robust framework to use in determining when a set of assets and activities is a business. The new guidance provides a screen to determine when a set of assets and activities is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. The new guidance becomes effective in fiscal years beginning after December 15, 2017 , though early adoption is permitted. The new guidance should be applied prospectively on or after the effective date. No disclosures are required at transition. The Company does not believe that the adoption of this new accounting guidance will have any material impact on its consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory, which requires entities to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. This amends current GAAP which prohibits recognition of current and deferred income taxes for all types of intra-entity asset transfers until the asset has been sold to a third party or otherwise recovered through use. The new standard will be effective for the Company starting in the first quarter of fiscal 2019. Early adoption is permitted. Upon adoption, companies must apply a modified retrospective transition approach through a cumulative-effect adjustment to the accumulated deficit as of the beginning of the period of adoption. The Company is evaluating whether to adopt the new guidance early. As of December 31, 2017, the Company has a deferred tax charge of $14.3 million recorded in prepayments and other current assets and other assets, which represents the tax expense that was deferred in accordance with current GAAP. At adoption, the Company will recognize the unamortized portion of the deferred tax charge through a cumulative-effect adjustment to the accumulated deficit. Additionally, a deferred tax asset will be recognized, through a cumulative-effect adjustment to the accumulated deficit, for the unamortized tax basis in the assets, which as of December 31, 2017 would have been $0.8 million . In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses, which changes the accounting for recognizing impairments of financial assets. Under the new guidance, credit losses for certain types of financial instruments will be estimated based on expected losses. The new guidance also modifies the impairment models for available-for-sale debt securities and for purchased financial assets with credit deterioration since their origination. The new guidance will be effective for the Company starting in the first quarter of fiscal 2021. Early adoption is permitted starting in the first quarter of fiscal 2020. The Company is in the process of determining the effects the adoption will have on its consolidated financial statements. In February 2016, the FASB issued an ASU 2016-02, Leases (Topic 842). The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. All leases create a right-of-use asset and a liability for the lessee in accordance with FASB Concepts Statement No. 6, Elements of Financial Statements, and, therefore, recognition of those lease assets and lease liabilities represents an improvement over previous GAAP, which did not require lease assets and lease liabilities to be recognized for most leases. This ASU is effective for annual and interim periods beginning after December 15, 2018. Early adoption is permitted. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed from previous GAAP. The new standard must be adopted using a modified retrospective transition and requires application of the new guidance at the beginning of the earliest comparative period presented. The Company currently anticipates adopting the new standard effective the first quarter of fiscal 2020. The Company is currently assessing the impact that the new standard will have on its consolidated financial statements, which will consist primarily of a balance sheet gross up of right-of-use assets and lease liabilities on the consolidated balance sheets upon adoption, which will increase the Company's total assets and total liabilities. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, which changes the current accounting related to (i) the classification and measurement of certain equity investments, (ii) the presentation of changes in the fair value of financial liabilities measured under the fair value option that are due to instrument-specific credit risk, and (iii) certain disclosures associated with the fair value of financial instruments. Most notably, ASU 2016-01 requires that equity investments, with certain exemptions, be measured at fair value with changes in fair value recognized in net income as opposed to other comprehensive income. The guidance further clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. The guidance is applied by means of cumulative-effect adjustment to the balance sheet as of the beginning of fiscal year of adoption and is effective for the Company in its first quarter of fiscal 2019. Early adoption is permitted only if certain criteria are met. The Company does not believe that the adoption of this new accounting guidance will have any material impact on its consolidated financial statements. 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. The FASB also decided to allow early adoption of the standard, but not before the original effective date of December 15, 2016 . In March, April and May 2016, the FASB issued additional updates to the new revenue standard relating to reporting revenue on a gross versus net basis, identifying performance obligations and licensing arrangements, and narrow-scope improvements and practical expedients, respectively. The new standard will be effective for the Company beginning April 2, 2018 . The Company has elected to use the modified retrospective method as its transition method in adoption of the new revenue standard. The Company is still finalizing the analysis to quantify the overall potential impact of the new standard, including any impacts from recently issued amendments and the guidance issued by the FASB Transition Resource Group. Currently, a high percentage of the Company's revenues on sales to distributors are recognized upon shipment, with reserves recorded for the estimated return and pricing adjustment exposures. Because of this, the Company expects the new standard to have an insignificant impact on the timing of recognition of revenue from distributors. Additionally, the Company expects a change in the timing of revenues recognized from software royalty revenue although the related impact is not expected to be material. The Company expects other revenue streams to remain substantially unchanged. As part of the Company's assessment and implementation plan, the Company is evaluating and implementing changes to its policies, procedures and controls. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 9 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | Net Income (Loss) Per Share Basic net income (loss) per share is computed using the weighted-average number of common shares outstanding during the period. Diluted net income (loss) 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, restricted stock units and performance-based stock units. For purposes of computing diluted net income (loss) 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 (loss) per share: Three Months Ended Nine Months Ended (in thousands, except per share amounts) December 31, January 1, December 31, January 1, Numerator (basic and diluted): Net income (loss) $ (68,241 ) $ 33,437 $ (32,847 ) $ 78,975 Denominator: Weighted average common shares outstanding, basic 132,689 133,846 133,087 133,987 Dilutive effect of employee stock options, restricted stock units and performance stock units — 3,321 — 3,594 Weighted average common shares outstanding, diluted 132,689 137,167 133,087 137,581 Basic net income (loss) per share $ (0.51 ) $ 0.25 $ (0.25 ) $ 0.59 Diluted net income (loss) per share $ (0.51 ) $ 0.24 $ (0.25 ) $ 0.57 Potential dilutive common shares of 3.5 million and 0.4 million pertaining to employee stock options, restricted stock units and performance-based stock units were excluded from the calculation of diluted earnings (loss) per share for the three months ended December 31, 2017 and January 1, 2017 , respectively, because the effect would have been anti-dilutive. Potential dilutive common shares of 3.4 million and 0.5 million pertaining to employee stock options and restricted stock units were excluded from the calculation of diluted earnings (loss) per share for the nine months ended December 31, 2017 and January 1, 2017 , because the effect would have been anti-dilutive. The denominator for diluted net income (loss) per share for the three and nine months ended December 31, 2017 does not include any effect from the 0.875% Convertible Senior Notes due 2022, or the Convertible Notes. In accordance with ASC 260, Earnings per Share, the Convertible Notes will not impact the denominator for diluted net income (loss) per share unless the average price of our common stock, as calculated under the terms of the Convertible Notes, exceeds the conversion price of $33.45 per share. Likewise, the denominator for diluted net income (loss) per share will not include any effect from the warrants unless the average price of our common stock, as calculated under the terms of the warrants, exceeds $48.66 per share. The denominator for diluted net income (loss) per share for three and nine months ended December 31, 2017 also does not include any effect from the convertible note hedge transaction, or the Note Hedges. In future periods, the denominator for diluted net income (loss) per share will exclude any effect of the Note Hedges, as their effect would be anti-dilutive. In the event an actual conversion of any or all of the Convertible Notes occurs, the shares that will be delivered to us under the Note Hedges are designed to neutralize the dilutive effect of the shares that the Company will issue under the Convertible Notes. Refer to Note 17 for further discussion regarding the Convertible Notes. |
Acquisitions
Acquisitions | 9 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Asset Acquisition On August 10, 2017 , the Company purchased certain assets of SpectraBeam, LLC ("SpectraBeam") for a total purchase consideration of $17.0 million , of which $12.9 million was paid in cash at closing and $4.1 million was recorded as a liability representing the contingent cash consideration. The acquisition did not meet the criteria for a business combination in accordance with ASC 805, Business Combinations, and accordingly, was accounted for as an asset acquisition. Aside from developed technology classified as an intangible asset, there was no other asset or liability that was allocated value in the purchase price allocation. The contingent cash consideration will be paid based upon achievement of certain milestones to be completed within two years from the closing date. Given that the milestones are probable of being achieved and the related amounts are estimable, the fair value of the contingent consideration was recognized as part of the cost of asset acquired at closing date. Accordingly, the total purchase consideration of $17.0 million was allocated to the developed technology. The economic useful life of the developed technology is 7 years, which was determined based on the technology cycle related to the products and its expected contribution to forecasted revenue. Business Combination GigPeak, Inc. On April 4, 2017 , the Company completed its purchase all of the outstanding shares of GigPeak, Inc, a publicly held company mainly operating in the United States, for approximately $250.1 million (the "Acquisition"). GigPeak was a global supplier of semiconductor integrated circuits and software solutions for high-speed connectivity and high-quality video compression over the network and the cloud. The Company funded the Acquisition from its available cash on hand and net proceeds from borrowings under its credit facility entered into on April 4, 2017 with JP Morgan Chase Bank, N.A. as administrative agent and the various lenders signatory thereto (the "Credit Agreement"). The Credit Agreement provides for a $200 million term loan facility (the "Initial Term B Loan"). Refer to Note 18 for details. Total consideration consisted of the following: (in thousands) Cash paid to GigPeak shareholders $ 246,717 Fair value of partially vested employee equity awards related to pre-combination services 3,400 Total purchase price 250,117 Less: cash acquired (9,001 ) Total purchase price, net of cash acquired $ 241,116 In connection with the Acquisition, the Company assumed unvested restricted stock units ("RSUs") originally granted by GigPeak and converted them into IDT RSUs. IDT included $3.4 million , representing the portion of the fair value of the assumed GigPeak unvested equity awards associated with service rendered through the date of the Acquisition, as a component of the total estimated acquisition consideration. As of April 4, 2017 , the total unrecognized stock-based compensation expense, net of estimated forfeitures, was also $3.4 million , which is expected to be recognized over the remaining weighted average service period of 2.6 years. See Note 8 for details. The Company allocated the preliminary purchase price to the tangible and intangible assets acquired and liabilities assumed based on their preliminary estimated fair values. The excess purchase price over those fair values was recorded as goodwill. Because the Acquisition was structured as a stock acquisition for income tax purposes, none of the asset step-up or asset recognition required by purchase accounting, including the goodwill described below, is deductible for tax purposes. The fair value of accounts receivable, other current assets, accounts payable, and other accrued liabilities were generally determined using historical carrying values given the short-term nature of these assets and liabilities. The fair values for acquired inventory, property, plant and equipment and intangible assets were determined with the assistance of a third-party valuation using discounted cash flow analysis, and estimate made by management. The fair values of certain other assets and liabilities were determined internally using historical carrying values and estimates made by management. As additional information becomes available, the Company may revise preliminary purchase price allocation during the remainder of the measurement period (which will not exceed 12 months from the acquisition date). Any such revisions or changes may be material. During the second quarter of fiscal 2018, the Company obtained additional information in regards to inventory, deferred tax assets, accounts receivable and assumed liabilities and recorded purchase accounting adjustments which were not considered to be material. The financial results of the GigPeak business have been included in the Company’s Condensed Consolidated Statements of Operations from April 4, 2017 , the closing date of the acquisition. The Company's results of operations include $9.5 million and $37.7 million of net revenues attributable to GigPeak for the three and nine months ended December 31, 2017 . The Company incurred approximately $2.2 million of acquisition related costs for the first quarter of fiscal 2018 which were included in Selling, General and Administrative Expenses in the Condensed Consolidated Statements of Operations. Goodwill is primarily attributable to the assembled workforce of GigPeak, anticipated synergies and economies of scale expected from the operations of the combined company. The Company's preliminary purchase price allocation with immaterial adjustments made through December 31, 2017 is as follows: (in thousands) Estimated Fair Value Cash and cash equivalents $ 9,001 Accounts receivable 14,806 Inventories 18,399 Prepayments and other current assets 2,641 Property, plant and equipment 2,434 Goodwill 113,192 Intangible assets 97,860 Deferred tax assets 7,485 Other assets 1,501 Accounts payable (5,753 ) Accrued compensation and related expenses (3,154 ) Other accrued liabilities (3,538 ) Long-term income tax payable (1,253 ) Other long-term liabilities (3,504 ) Total purchase price $ 250,117 A summary of the preliminary estimated fair value of the intangible assets, net acquired and their estimated useful lives is as follows: (in thousands) Estimated Fair Value Estimated Useful Life Developed technology $ 56,000 5 years Customer contracts and related relationships 28,900 5 years Order backlog 200 1 year Software licenses 2,560 less than a year In-process research and development ("IPR&D") 10,200 Total $ 97,860 Identifiable Tangible Assets and Liabilities: Assets and liabilities were reviewed and adjusted, if required, to their estimated fair value. Inventory: The value allocated to inventories reflects the estimated fair value of the acquired inventory based on the expected sales price of the inventory, less reasonable selling margin. Property, Plant and Equipment: The value allocated to plant, property and equipment, which will be used by the Company, represents the estimated price that would be realized upon sale to a market participant. Intangible Assets: The allocation of the purchase price to tangible and identified intangible assets acquired was based on the Company's best estimate of the fair value of such assets as of the acquisition date. The fair value of acquired tangible and identified intangible assets was determined based on inputs that are unobservable and significant to the overall fair value measurement. Developed technology consists of GigPeak's products that have reached technological feasibility. The Company valued the developed technology utilizing a multi-period excess earnings (MPEE) method, which uses the discounted future earnings specifically attributed to this intangible asset that is in excess of returns for other assets that contributed to those earnings. The economic useful life was determined based on the technology cycle related to the products and its expected contribution to forecasted revenue. The Company utilized a discount rate of 16% in estimating the fair value of the developed technology. Customer relationships represent the fair value of future projected revenue that is expected to be derived from sales of products to existing customers of the acquired company. Customer contracts and related relationships value has been estimated utilizing a with-and-without method, which uses projected cash flows with and without the intangible asset in place. Cash flow differentials are then discounted to present value to arrive at an estimate of fair value for the asset. The economic useful life was determined based on the life of the developed technology, assuming that the existing customers will remain with the Company until the developed technology becomes obsolete. The Company utilized a discount rate of 17% in estimating the fair value of the customer relationships. Order backlog represents business under existing contractual obligations as of the acquisition date. The fair value of backlog was determined using the MPEE method under the income approach based on expected operating cash flows from future contractual revenue. The economic useful life was determined based on the expected life of the backlog and the cash flows over the forecast period. The Company utilized a discount rate of 4.6% in estimating the fair value of the order backlog. IPR&D represents the fair value of incomplete research and development projects that had not reached technological feasibility as of the date of acquisition. IPR&D consisted of various projects, which are expected to be completed in fiscal 2018 and 2019. The estimated remaining costs to complete the IPR&D projects were approximately $7.5 million as of the acquisition date. The IPR&D projects will either be amortized or impaired depending upon whether the project is completed or abandoned. The fair value of IPR&D was determined using the MPEE method under the income approach. This method reflects the present value of the projected cash flows that are expected to be generated by the IPR&D less charges representing the contribution of other assets to those cash flows. A discount rate of 17% was used to discount the cash flows to the present value. The acquired IPR&D will not be amortized until completion of the related products which is determined by when the underlying projects reach technological feasibility and commence commercial production. Upon completion, each IPR&D project will be amortized over its estimated useful life. Refer to Note 13 for additional information. Pro Forma Financial Information (unaudited): The following unaudited pro forma financial information present combined results of operations for each of the periods presented, as if GigPeak had been acquired as of the beginning of fiscal year 2017. The pro forma financial information primarily includes the business combination effect of the amortization charges from acquired intangible assets, the amortization of the fair value inventory, interest expenses and the acquisition-related expenses. The pro forma data are for informational purposes only and are not necessarily indicative of the consolidated results of operations of the combined business had the acquisition actually occurred at the beginning of fiscal year 2017 or of the results of future operations of the combined business. Consequently, actual results will differ from the unaudited pro forma information presented below: Three Months Ended Nine Months Ended (Unaudited in thousands, except per share data) December 31, 2017 January 1, 2017 December 31, 2017 January 1, 2017 Revenues $ 217,075 $ 192,575 $ 618,186 $ 599,926 Net income (loss) from continuing operations $ (67,055 ) $ 29,966 $ (22,394 ) $ 60,672 Basic net income (loss) per share from continuing operations $ (0.51 ) $ 0.22 $ (0.17 ) $ 0.45 Diluted net income (loss) per share from continuing operations $ (0.51 ) $ 0.22 $ (0.17 ) $ 0.44 Synkera Technologies, Inc. On July 22, 2016, IDT purchased substantially all of the assets and liabilities of Synkera Technologies, Inc. (Synkera), a company engaged in developing and marketing metal oxide gas sensor technology, for total purchase consideration of approximately $2.8 million , of which $1.5 million was paid in cash at closing and $1.3 million was recorded as a liability representing the fair value of contingent cash consideration of up to $1.5 million . The contingent cash consideration will be paid based upon the achievement of certain milestones to be completed within 3.5 years from the date of acquisition. Pro forma and historical results of operations for this acquisition have not been presented because the effect of the acquisition was not material to the Company's financial results. |
Discontinued Operations (Notes)
Discontinued Operations (Notes) | 9 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations High-Speed Converter (“HSC”) Business On April 27, 2015, the Company completed the sale of the remaining HSC business to eSilicon, for $1.5 million which was to be paid on or before April 27, 2017. During the third quarter of fiscal 2017, the Company collected the receivable of $1.5 million and recognized gain from discontinued operations of $1.4 million , which represents the excess of sale price of $1.5 million over the carrying value of assets sold of $0.1 million . The HSC business was included in the Company’s Communications reportable segment. For financial statements purposes, the results of operations for the HSC business have been segregated from those of the continuing operations and are presented in the Company's condensed consolidated financial statements as discontinued operations. |
Divestitures (not accounted for
Divestitures (not accounted for as discontinued operations) | 9 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestitures (not accounted for as discontinued operations) | Divestitures (not accounted for as discontinued operations) Fox Enterprises, Inc. In the first quarter of fiscal 2017, the Company reclassified certain assets and liabilities of its wholly-owned subsidiary Fox Enterprises, Inc. (the "Disposal Group") as held for sale. As a result, the long-lived assets (comprised of goodwill, intangible assets and fixed assets) included in the Disposal Group were fully impaired and the Company recorded total impairment charge of $0.8 million during the quarter ended July 3, 2016. On October 3, 2016, the Company completed the sale of the Disposal Group for approximately $1.2 million and recorded a loss on divestiture (included in interest income and other, net in the Condensed Consolidated Statement of Operations) of approximately $0.7 million in fiscal 2017. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following table summarizes the Company’s financial assets measured at fair value on a recurring basis as of December 31, 2017 : Fair Value at Reporting Date Using (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Total Cash Equivalents and Short-Term Investments: US government treasuries and agencies securities $ 71,318 $ — $ 71,318 Money market funds 60,818 — 60,818 Asset-backed securities — 15,395 15,395 Corporate bonds — 139,070 139,070 International government bonds — 6,510 6,510 Corporate commercial paper — 10,139 10,139 Bank deposits — 34,133 34,133 Repurchase agreement — 97 97 Total assets measured at fair value $ 132,136 $ 205,344 $ 337,480 The following table summarizes the Company’s financial assets measured at fair value on a recurring basis as of April 2, 2017 : Fair Value at Reporting Date Using (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Total Cash Equivalents and Short-Term Investments: US government treasuries and agencies securities $ 61,556 $ — $ 61,556 Money market funds 140,425 — 140,425 Asset-backed securities — 13,847 13,847 Corporate bonds — 96,376 96,376 International government bonds — 5,410 5,410 Corporate commercial paper — 4,898 4,898 Bank deposits — 12,305 12,305 Repurchase agreements — 173 173 Total assets measured at fair value $ 201,981 $ 133,009 $ 334,990 The deferred compensation plan assets of $17.2 million and $16.0 million as of December 31, 2017 and April 2, 2017 , are carried on the Condensed Consolidated Balance Sheets at their fair value which were determined on the basis of market prices observable for similar instruments and are considered Level 2 in the fair value hierarchy. See Note 16 for additional information on the Employee Benefit Plans. The Convertible Notes are carried on the Condensed Consolidated Balance Sheets at their original issuance value including accreted interest, net of unamortized debt discount and issuance cost. The Convertible Notes are not marked to fair value at the end of each reporting period. The fair value of Convertible Notes was $422.0 million and $376.9 million as of December 31, 2017 and April 2, 2017 , which was determined on the basis of market prices observable for similar instruments and is considered Level 2 in the fair value hierarchy. See Note 17 for additional information on the Convertible Notes. As of December 31, 2017 , the fair value of the Initial Term B Loan was $200.1 million . The Company classified the Initial Term B Loan as Level 2 fair value measurement hierarchy as the debt is not actively traded and has variable interest structure based upon market rates currently available to the Company for debt with similar terms and maturities. Refer to Note 18 for additional information on Term B loan. 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. There were no transfers into or out of Level 1 or Level 2 financial assets during the three and nine months ended December 31, 2017 . In connection with the acquisition of Synkera in fiscal 2017, a liability was recognized for the Company’s estimate of the fair value of contingent consideration on the acquisition date based on probability-based attainment of certain milestones. This fair value measurement is based on significant inputs not observed in the market and thus represents a Level 3 measurement, which reflects the Company’s own assumptions concerning the milestones related to the acquired business in measuring fair value. The fair value of the liability measured using significant unobservable inputs (Level 3) was approximately $1.3 million as of both December 31, 2017 and April 2, 2017 . As a result of the acquisition of SpectraBeam in fiscal 2018, a liability was recognized for the Company’s estimate of the fair value of contingent consideration on the acquisition date based on probability-based attainment of certain milestones. The fair value measurement is based on significant inputs not observed in the market and thus represents a Level 3 measurement, which reflects the Company’s own assumptions concerning the milestones related to the asset acquisition in measuring fair value. The fair value of the liability measured using significant unobservable inputs (Level 3) was approximately $4.1 million as of December 31, 2017 . 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 December 31, 2017 , 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. The Company did not record any impairment charges related to its available-for-sale investments in the three and nine months ended December 31, 2017 and January 1, 2017 . |
Investments
Investments | 9 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments Available-for-Sale Securities The amortized cost and fair value of available-for-sale investments as of December 31, 2017 were as follows: (in thousands) Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. government treasuries and agencies securities $ 72,038 $ 1 $ (721 ) $ 71,318 Money market funds 60,818 — — 60,818 Asset-backed securities 15,445 — (50 ) 15,395 Corporate bonds 139,775 56 (761 ) 139,070 International government bonds 6,524 6 (20 ) 6,510 Corporate commercial paper 10,139 — — 10,139 Bank deposits 34,133 — — 34,133 Repurchase agreements 97 — — 97 Total available-for-sale investments 338,969 63 (1,552 ) 337,480 Less amounts classified as cash equivalents (73,414 ) — — (73,414 ) Short-term investments $ 265,555 $ 63 $ (1,552 ) $ 264,066 The amortized cost and fair value of available-for-sale investments as of April 2, 2017 were as follows: (in thousands) Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. government treasuries and agencies securities $ 62,048 $ 16 $ (508 ) $ 61,556 Money market funds 140,425 — — 140,425 Asset-backed securities 13,865 5 (23 ) 13,847 Corporate bonds 96,660 42 (326 ) 96,376 International government bonds 5,423 2 (15 ) 5,410 Corporate commercial paper 4,898 — — 4,898 Bank deposits 12,305 — — 12,305 Repurchase agreements 173 — — 173 Total available-for-sale investments 335,797 65 (872 ) 334,990 Less amounts classified as cash equivalents (143,498 ) — — (143,498 ) Short-term investments $ 192,299 $ 65 $ (872 ) $ 191,492 The cost and estimated fair value of available-for-sale securities as of December 31, 2017 , by contractual maturity, were as follows: ( in thousands ) Amortized Cost Estimated Fair Value Due in 1 year or less $ 132,920 $ 132,878 Due in 1-2 years 102,654 101,798 Due in 2-5 years 103,395 102,804 Total investments in available-for-sale securities $ 338,969 $ 337,480 The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses as of December 31, 2017 , 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 Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Corporate bonds $ 98,494 $ (529 ) $ 25,038 $ (240 ) $ 123,532 $ (769 ) Asset-backed securities 14,503 (42 ) 892 (8 ) 15,395 (50 ) U.S. government treasuries and agencies securities 24,443 (113 ) 37,884 (607 ) 62,327 (720 ) International government bonds — — 2,636 (13 ) 2,636 (13 ) Total $ 137,440 $ (684 ) $ 66,450 $ (868 ) $ 203,890 $ (1,552 ) The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses, as of April 2, 2017 , 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 (in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Corporate bonds $ 71,308 $ (326 ) $ — $ — $ 71,308 $ (326 ) Asset-backed securities 11,294 (23 ) — — 11,294 (23 ) U.S. government treasuries and agencies securities 55,497 (508 ) — — 55,497 (508 ) International government bonds 2,634 (15 ) — — 2,634 (15 ) Total $ 140,733 $ (872 ) $ — $ — $ 140,733 $ (872 ) Currently, a significant portion of the Company’s available-for-sale investments that it holds are high grade instruments. As of December 31, 2017 , 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 maybe maturity, the Company did not consider these investments to be other-than-temporarily impaired as of December 31, 2017 and April 2, 2017 . Non-marketable Equity Securities As of December 31, 2017 and April 2, 2017 , the Company holds capital stock of privately-held companies with total amount of $25.7 million and $13.2 million , respectively. During the first, second and third quarters of fiscal 2018, the Company purchased common stock of privately-held companies for $1.2 million , $10.0 million and $1.3 million , respectively. These investments in stocks (included in Other Assets on the Condensed Consolidated Balance Sheet) are accounted for as cost-method investments, 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 each entity. The Company did not record any impairment charges for these investments during the three and nine months ended December 31, 2017 and January 1, 2017 . |
Stock-Based Employee Compensati
Stock-Based Employee Compensation | 9 Months Ended |
Dec. 31, 2017 | |
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. 2008 GigPeak Equity Incentive Plan (2008 Plan) On April 4, 2017 , as a result of the acquisition of GigPeak, the Company assumed the 2008 Plan, including outstanding and unvested RSUs of GigPeak that converted into the Company's RSUs covering 0.3 million shares of IDT's common stock and GigPeak shares reserved for future issuance under the 2008 Plan which converted into 0.5 million shares of IDT's common stock reserved for issuance under the 2008 Plan. On September 26, 2017 , the Company's stockholders approved the amended and restated 2004 Plan which determined that no shares will be available for future grant under the 2008 Plan. 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 28.5 million shares to 36.8 million shares (an increase of 8.3 million 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 December 31, 2017 , there were 5.7 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 Condensed Consolidated Statements of Operations: Three Months Ended Nine Months Ended (in thousands) December 31, January 1, December 31, January 1, Cost of revenue $ 790 $ 689 $ 2,186 $ 2,270 Research and development 6,816 4,342 18,871 11,841 Selling, general and administrative 5,974 4,875 17,291 15,491 Total stock-based compensation expense $ 13,580 $ 9,906 $ 38,348 $ 29,602 The amount of stock-based compensation that was capitalized during the periods presented above was not material. Stock Options The following is a summary of the Company's stock option activity and related weighted average exercise prices for each category: Nine Months Ended December 31, 2017 (shares in thousands) Shares Price Beginning stock options outstanding 1,374 $ 13.01 Exercised (1) (225 ) 8.46 Canceled (15 ) 23.86 Ending stock options outstanding 1,134 $ 13.78 Ending stock options exercisable 968 $ 12.70 (1) Upon exercise, the Company issues new shares of common stock. As of December 31, 2017 , the unrecognized compensation cost related to nonvested stock options, net of estimated forfeitures, was $0.2 million and will be recognized over a weighted-average period of 0.62 years. As of December 31, 2017 , stock options vested and expected to vest totaled approximately 1.1 million with a weighted-average exercise price of $13.69 and a weighted-average remaining contractual life of 3.15 years. The aggregate intrinsic value was approximately $18.0 million . As of December 31, 2017 , fully vested stock options totaled approximately 1.0 million with a weighted-average exercise price of $12.70 and a weighted-average remaining contractual life of 2.97 years. The aggregate intrinsic value was approximately $16.5 million . Restricted Stock Units (RSUs) RSUs granted by the Company under the 2004 Plan generally vest over a four -year period from the grant date with one-fourth of RSUs vesting on each one-year anniversary. As of December 31, 2017 , 4.3 million and 0.5 million RSU awards were outstanding under the 2004 Plan and the 2008 Plan, respectively. The following table summarizes the Company's RSU activity and related weighted-average exercise prices for each category for the nine months ended December 31, 2017 : Nine Months Ended December 31, 2017 (shares in thousands) Shares Weighted-average grant date fair value per share Beginning RSUs outstanding 3,840 $ 18.88 Assumed from GigPeak acquisition 328 23.62 Granted 2,349 24.34 Released (1,409 ) 17.34 Forfeited (356 ) 21.63 Ending RSUs outstanding 4,752 $ 22.16 As of December 31, 2017 , RSUs expected to vest totaled approximately 4.1 million with a weighted-average remaining contract life of 1.36 years. The aggregate intrinsic value was approximately $120.9 million . As of December 31, 2017 , the unrecognized compensation cost related to RSUs granted under the Company’s equity incentive plan was approximately $45.1 million , net of estimated forfeitures, and is expected to be recognized over a weighted-average period of 1.48 years. Performance-Based Stock Units In fiscal 2013, the Compensation Committee of the Board of Directors of IDT approved the Company's Key Talent Incentive Plan (the "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. The performance-based stock units that were granted under the Incentive Plan have vested in the first quarter of fiscal 2017 based on actual achievement of the performance goals, and the expense associated with that had been fully recognized as of July 3, 2016 . Market-Based Stock Units In May 2017, under the 2004 Plan, the Company granted approximately 0.3 million shares of RSUs with both market-based and performance-based conditions 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, with a revenue growth multiplier, over the performance period of 3 years. The earned stock units will vest in three equal installments, with the first installment of vesting to occur on May 15, 2018, the second to occur on May 15, 2019, and the third to occur on May 15, 2020. In June 2016, under the 2004 Plan, the Company granted approximately 0.3 million shares of RSUs 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, 2018 , and the second to occur on June 15, 2019 . In June 2015, under the 2004 Plan, the Company granted approximately 0.2 million shares of RSUs 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 occurred on June 15, 2017 , and the second to occur on June 15, 2018 . In June 2014, under the 2004 Plan, the Company granted approximately 0.5 million shares of RSUs 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 occurred on June 15, 2016 , and the second occurred 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 in 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: May 15, 2017 June 15, 2016 June 15, 2015 June 15, 2014 Estimated fair value $ 27.65 $ 28.01 $ 33.08 $ 21.00 Expected volatility 43.36 % 46.90 % 41.22 % 34.6 % Expected term (in years) 2.88 1.80 1.80 1.80 Risk-free interest rate 1.47 % 0.70 % 0.65 % 0.38 % As of December 31, 2017 , the total market-based stock units outstanding were approximately 0.7 million . As of December 31, 2017 , market-based stock units vested and expected to vest totaled approximately 0.6 million with a weighted-average remaining contract life of 1.02 years. The aggregate intrinsic value was approximately $19.3 million . As of December 31, 2017 , the unrecognized compensation cost related to market-based stock units granted under the Company’s equity incentive plans was approximately $8.8 million , net of estimated forfeitures, and is expected to be recognized over a weighted-average period of 1.08 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 shares. 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 for the nine months ended December 31, 2017 is summarized in the following table: (in thousands, except per share amounts) Number of shares issued 293 Average issuance price $ 21.23 Number of shares available as of December 31, 2017 2,971 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity Stock Repurchase Program. On July 28, 2017 , the Company's Board of Directors approved an increase to the share repurchase authorization of $200 million . In the three and nine months ended December 31, 2017 , the Company repurchased 0.9 million shares for $26.5 million and 3.3 million shares for $84.8 million , respectively. As of December 31, 2017 , approximately $207.3 million was available for future purchase under the share repurchase program. Shares repurchased were recorded as treasury stock and resulted in a reduction of stockholder's equity. |
Balance Sheet Detail
Balance Sheet Detail | 9 Months Ended |
Dec. 31, 2017 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Detail | Balance Sheet Detail (in thousands) December 31, April 2, Inventories, net Raw materials $ 3,643 $ 2,017 Work-in-process 38,940 35,192 Finished goods 21,309 15,079 Total inventories, net $ 63,892 $ 52,288 Accounts receivable, net Accounts receivable, gross $ 115,252 $ 94,396 Allowance for returns, price credits and doubtful accounts (5,551 ) (5,084 ) Total accounts receivable, net $ 109,701 $ 89,312 Property, plant and equipment, net Land $ 11,535 $ 11,535 Machinery and equipment 285,412 268,683 Building and leasehold improvements 50,486 49,022 Total property, plant and equipment, gross 347,433 329,240 Less: accumulated depreciation (1) (260,797 ) (248,279 ) Total property, plant and equipment, net $ 86,636 $ 80,961 Other accrued liabilities Accrued restructuring costs (2) $ 3,274 $ 4,841 Other (3) 19,249 15,364 Total other accrued liabilities $ 22,523 $ 20,205 Other long-term obligations Deferred compensation related liabilities $ 16,469 $ 15,024 Other (4) 9,819 3,870 Total other long-term liabilities $ 26,288 $ 18,894 (1) Depreciation expense was $6.2 million and $4.7 million for the three months ended December 31, 2017 and January 1, 2017 , respectively. Depreciation expense was $19.4 million and $14.9 million for the nine months ended December 31, 2017 and January 1, 2017 . (2) Includes accrued severance costs related to integration, the disposed HSC business, and other restructuring actions. Refer to Note 14 for additional information. (3) Other current liabilities consist primarily of accrued royalties and outside commissions, current portion of deferred revenue, current portion of lease payable, current portion of liability for contingent consideration, and other accrued unbilled expenses. (4) Other long-term obligations consist primarily of non-current portion of liability for contingent consideration, non-current portion of deferred revenue, non-current portion of lease payable, and other long-term accrued liabilities. |
Deferred Income on Shipments to
Deferred Income on Shipments to Distributors | 9 Months Ended |
Dec. 31, 2017 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Income on Shipments to Distributors | Deferred Income on Shipments to Distributors Included in the caption “Deferred income on shipments to distributors” on the Condensed Consolidated Balance Sheets are amounts related to shipments to certain distributors for which revenue is not recognized until 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 December 31, 2017 and April 2, 2017 are as follows: (in thousands) December 31, April 2, Gross deferred revenue $ 4,509 $ 2,335 Gross deferred costs (988 ) (350 ) Deferred income on shipments to distributors $ 3,521 $ 1,985 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. Based on the average for the last four quarters, this amount is approximately 39% 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 Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) by component, net of tax, for the nine months ended December 31, 2017 consisted of the following: (in thousands) Cumulative translation adjustments Unrealized gain (loss) on available-for-sale investments Pension adjustments Total Balance as of April 2, 2017 $ (6,043 ) $ (807 ) $ 65 $ (6,785 ) Other comprehensive income before reclassifications 3,229 (644 ) — 2,585 Amounts reclassified out of accumulated other comprehensive loss — (38 ) — (38 ) Net current-period other comprehensive income gain 3,229 (682 ) — 2,547 Balance as of December 31, 2017 $ (2,814 ) $ (1,489 ) $ 65 $ (4,238 ) Comprehensive income components consisted of: (in thousands) Nine Months Ended December 31, 2017 Location Unrealized holding loss on available-for-sale investments $ 38 interest and other, net |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 9 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Net | Goodwill and Intangible Assets, Net Goodwill balances by reportable segment as of December 31, 2017 and April 2, 2017 are as follows: Reportable Segments (in thousands) Communications Computing, Consumer and Industrial Total Balance as of April 2, 2017 $ 122,687 $ 184,238 $ 306,925 Additions - GigPeak acquisition (see Note 3) 18,613 94,579 113,192 Balance as of December 31, 2017 $ 141,300 $ 278,817 $ 420,117 Goodwill balances as of December 31, 2017 and April 2, 2017 were net of $920.3 million in accumulated impairment losses. Intangible asset balances as of December 31, 2017 and April 2, 2017 are summarized as follows: December 31, 2017 (in thousands) Gross Assets Accumulated Amortization Net Assets Purchased intangible assets: Developed technology $ 336,402 $ (217,529 ) $ 118,873 Trademarks 5,391 (5,391 ) — Customer relationships 201,998 (146,374 ) 55,624 Intellectual property licenses 14,886 (6,452 ) 8,434 Software license 7,831 (2,852 ) 4,979 Order backlog 200 (150 ) 50 Total amortizable purchased intangible assets 566,708 (378,748 ) 187,960 In-process research and development (IPR&D) 9,017 — 9,017 Total purchased intangible assets $ 575,725 $ (378,748 ) $ 196,977 April 2, 2017 (in thousands) Gross Assets Accumulated Amortization Net Assets Purchased intangible assets: Developed technology $ 262,184 $ (199,851 ) $ 62,333 Trademarks 5,391 (5,347 ) 44 Customer relationships 173,097 (137,239 ) 35,858 Intellectual property licenses 16,196 (5,613 ) 10,583 Total purchased intangible assets $ 456,868 $ (348,050 ) $ 108,818 During the three months ended December 31, 2017 , $1.2 million of purchased IPR&D projects from GigPeak acquisition reached technological feasibility and was reclassified as core and developed technology and began being amortized over its estimated useful life. As of December 31, 2017 , the Company had $9.0 million of IPR&D assets remaining on the Condensed Consolidated Balance Sheet. In the second quarter of fiscal 2017, the Company purchased $4.8 million software licenses. As a result of an asset acquisition on August 10, 2017 , the Company recognized developed technology with fair value of $17.0 million . Refer to Note 3 for details. Amortization expense for the three months ended December 31, 2017 and January 1, 2017 was 10.4 million and $6.5 million , respectively. Amortization expense for the nine months ended December 31, 2017 and January 1, 2017 was $32.0 million and $18.3 million , respectively. During the first quarter of fiscal 2018, the Company recorded an accelerated amortization charge of $2.0 million related to certain software licenses as the estimated future cash flows expected resulting from the use of the assets were less than the carrying amount. The intangible assets are being amortized over estimated useful lives of 1 to 7 years. Based on the intangible assets recorded as of December 31, 2017 , and assuming no subsequent additions to or impairment of the underlying assets, the remaining estimated amortization expense is expected to be as follows (in thousands): Fiscal Year Amount 2018 (Remaining 3 months) $ 10,400 2019 41,156 2020 40,778 2021 39,695 2022 and thereafter 55,931 Total amortizable purchased intangible assets 187,960 IPR&D 9,017 Total intangible assets $ 196,977 |
Restructuring
Restructuring | 9 Months Ended |
Dec. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring The following table shows the provision of the restructuring charges and the liability remaining as of December 31, 2017 : (in thousands) Continuing Operations HSC (Discontinued Operations) Total Severance and related charges: Balance as of April 2, 2017 $ 3,414 $ 1,427 $ 4,841 Provision 2,637 — 2,637 Payments and other adjustments (4,204 ) — (4,204 ) Balance as of December 31, 2017 $ 1,847 $ 1,427 $ 3,274 Facility and related charges: Balance as of April 2, 2017 $ — $ — $ — Provision 2,542 — 2,542 Payments and other adjustments (329 ) — (329 ) Balance as of December 31, 2017 $ 2,213 $ — $ 2,213 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 consist primarily of severance and termination benefit costs related to the reduction of its workforce and lease obligation charges related to a facility that is no longer used. Integration-related Restructuring Plan During fiscal 2017, the Company prepared a workforce-reduction plan with respect to employees of its Automotive and Industrial business (formerly ZMDI) in Germany. The plan which required consultation with the German Works Council, was approved by the German Works Council. Also, the details of the plan were communicated to the affected employees. The plan identified the number of employees to be terminated, their job classification or function, their location and the date that the plan is 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 of the employees. Accordingly, the Company accrued restructuring charges in accordance with ASC 420, Exit and Disposal Cost Obligations. Approximately $4.9 million of the $5.0 million was paid during fiscal 2017 and the remaining $0.1 million will be paid by the end of fiscal 2018. Radio Frequency Business During fiscal 2017, the Company prepared a workforce-reduction plan with respect to employees of its Radio Frequency business in France. The plan which sets forth the general parameters, terms and benefits for employee dismissals, was submitted to the French Works Council. The Company initially determined that an ongoing benefit arrangement existed as the affected employees are being protected under the provisions of prior plan and the minimum statutory requirement. Subsequent to this, the Company and the affected employees signed agreements with regards to the timing and payment of severance benefits. The Company made payments of $1.9 million during the nine months ended December 31, 2017 . As of December 31, 2017 , the total accrued balance for employee severance costs related to these actions was $ $0.9 million . The Company expects to complete this action in the first quarter of fiscal 2019. HSC Business During fiscal 2015, the Company prepared a workforce-reduction plan with respect to employees of its HSC business in France and the Netherlands. The Company has substantially completed payments of these termination benefits and the total accrued balance related to this action was $1.4 million as of December 31, 2017 . The Company expects to complete these actions in the first quarter of fiscal 2019. Other During the three and nine months ended December 31, 2017 , the Company recorded restructuring charges of $0.3 million and $2.0 million , respectively, and reduced headcount by 27 employees. Approximately $1.2 million was paid during the nine months period ended December 31, 2017 . The Company expects to complete these actions by the first quarter of fiscal 2019. In connection with the GigPeak integration, the Company recorded $2.5 million in the second quarter of fiscal 2018 for lease obligation charges related to a facility that the Company had determined to meet the cease-use date criteria. The fair value of this liability at the cease-use date was determined based on the remaining cash flows for lease rentals, and minimum lease payments, reduced by estimated sublease rentals, discounted using a credit adjusted risk free rate in accordance with ASC 420, Exit or Disposal Cost Obligations. As of December 31, 2017 , the total accrued balance for the lease obligation was $2.2 million , of which $1.7 million was classified as other long-term liabilities and the remaining $0.5 million was recorded as other accrued liabilities on the Condensed Consolidated Balance Sheets. During the three months ended July 2, 2017, the Company recorded restructuring charges of $0.7 million and reduced headcount by 16 employees. The Company completed those actions by the second quarter of fiscal 2018. During fiscal 2017, the Company recorded charges of $4.0 million and reduced headcount by 59 employees. The Company made payments of $0.4 million during the nine months period ended December 31, 2017 . As of December 31, 2017 , the total accrued balance for employee severance costs related to these actions was zero. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Warranty The Company maintains an accrual for obligations it incurs under its standard product warranty program and customer, part, or process specific matters. The Company’s standard warranty period is one year, however in certain instances the warranty period may be extended to as long as two years. Management estimates the fair value of the Company’s warranty liability based on actual past warranty claims experience, its policies regarding customer warranty returns and other estimates about the timing and disposition of product returned under the standard program. Customer, part, or process specific accruals are estimated using a specific identification method. Historical profit and loss impact related to warranty returns activity has been minimal. The total warranty accrual was $0.3 million as of December 31, 2017 and April 2, 2017 , respectively. Litigation On February 13, 2017, the Company and GigPeak announced that they had entered into an Agreement and Plan of Merger, dated as of February 13, 2017. On February 17, 2017, a purported class action was filed in Santa Clara County Superior Court, (Carbajal v. GigPeak, Inc., et al, Case No. 17-cv-306571). On March 8, 2017, a purported class action was filed in the United States District Court of Delaware (Vladimir Gusinsky Rev. Trust v. GigPeak, Case No. 1:17-cv-00241-VAC SRF). On March 13, 2017, a purported class action was filed in the United States District Court for the Northern District of California (Mendoza v. GigPeak, Inc. et al, Case No. 3;17-cv-01351-WHO). On March 16, a second purported class action was filed in the United States District Court for the Northern District of California (Travis v. GigPeak, Inc. et al, Case No. 5:17-cv-01441-LKH). The Company was named as a defendant in the Carbajal and Gusinsky complaints. The Carbajal complaint asserted claims for breach of fiduciary duty and aiding and abetting breach of fiduciary duty, including that defendants have failed to secure adequate deal consideration as well as various other breaches of duty. The Gusinsky, Travis and Mendoza complaints asserted claims under Sections 14(d)(4), 14(e) and 20(a) of the Exchange Act. The Gusinsky, Mendoza and Travis complaint alleged that the Schedule 14D-9 filed by GigPeak contained material omissions and misstatements, and sought to enjoin and/or rescind the Offer as well as certain other equitable relief, unspecified damages and attorneys’ fees and costs. The Carbajal complaint was voluntarily dismissed on March 7, 2017. Each of the remaining complaints was voluntarily dismissed by Plaintiffs on or around April 7, 2017, and the actions were closed by the Court on or around May 15, 2017 after Plaintiffs’ fees were agreed to by the parties. In November 2016, North Star Innovations, Inc. (“NSI”), an IP licensing non-practicing entity and subsidiary of Wi-Lan, Inc., filed a complaint against the Company in the federal courts of the Central District of California, alleging the Company infringed three U.S. patents assigned to and owned by NSI. The Company did not file an Answer or other responsive pleading in this litigation. On or about January 13, 2017, RPX Corporation, a membership-based defensive patent aggregator, entered a license agreement with NSI, to which the Company is a beneficiary based on the Company’s membership in RPX. Based on this license, the Company and NSI signed a Release Agreement effective January 31, 2017, releasing the Company from liability under the claims for infringement of the three asserted patents. On January 31, 2017, the court ordered the litigation against IDT to be formally dismissed. 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 alleged that Defendants including the Company “…generated, transported, and/or arranged for the transport and/or disposal of hazardous waste to the Property.” On August 15, 2012, Maxim I Properties voluntarily dismissed its Complaint without prejudice. However, another defendant, Moyer Products, Inc., counter-claimed against the plaintiff, Maxim, and cross-claimed against the remaining co-Defendants, including the Company. Thus, the Company remains a cross-defendant in this action. In a related, but independent action, the California Department of Toxic Substances Control (DTSC) notified the Company in September 2012 that the Company, and more than 50 other entities, were being named as respondents to DTSC's Enforcement Order, as “a generator of hazardous waste.” In April 2013, the Company, along with the other “respondent” parties, entered into a Corrective Action Consent Agreement (CACA) with the DTSC, agreeing to conduct the Property investigation and corrective action selection. The CACA supersedes the DTSC's Enforcement Order. The District Court for the Northern District of California stayed the Maxim/Moyer litigation pending the Property investigation under the CACA and DTSC's corrective action selection. Property investigation activity took place between April 2013 and June 2015. On June 23, 2015, the DTSC deemed the Property investigation complete. The DTSC continues to evaluate corrective action alternatives. The Company will continue to vigorously defend itself against the allegations in the Complaint and evaluate settlement options with Moyer upon notification from DTSC of its corrective action selection. No specific corrective action has been selected yet, and thus no specific monetary demands have been made. Accordingly, an estimate of contingent loss, if any, related to this action cannot be made. The Company may also be a party to various other legal proceedings and claims arising in the normal course of business from time to time. With regard to these or future litigation matters that may arise, potential liability and probable losses or ranges of possible losses due to an unfavorable litigation outcome 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 the Maxim lawsuit or any other particular lawsuit or claim. Pending lawsuits, claims as well as potential future litigation, could result in substantial costs and diversion of resources and could have a material adverse effect on the Company's financial condition, results of operations or cash flows. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans 401(k) Plan The Company sponsors a 401(k) retirement matching plan for qualified domestic employees. The Company recorded expenses of approximately $ 1.9 million and $ 2.0 million in matching contributions under the plan during the nine months ended December 31, 2017 and January 1, 2017 , respectively. Deferred Compensation Plans Effective November 1, 2000, the Company established an unfunded deferred compensation plan to provide benefits to executive officers and other key employees. Under the plan, participants can defer any portion of their salary and bonus compensation into the plan and may choose from a portfolio of funds from which earnings are measured. Participant balances are always 100% vested. As of December 31, 2017 and April 2, 2017 , obligations under the plan totaled approximately $16.5 million and $15.0 million . Additionally, the Company has set aside assets in a separate trust that is invested in corporate owned life insurance intended to substantially fund the liability under the plan. As of December 31, 2017 and April 2, 2017 , the deferred compensation plan assets were approximately $17.2 million and $16.0 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 December 31, 2017 and April 2, 2017 , the net liability for all of these international benefit plans totaled $ 1.2 million and $0.7 million , respectively. |
Convertible Senior Notes, Warra
Convertible Senior Notes, Warrants, and Hedges | 9 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Convertible Senior Notes, Warrants, and Hedges | Convertible Senior Notes, Warrants and Hedges Convertible Notes Offering On October 29, 2015, the Company priced its private offering of $325 million in aggregate principal amount of 0.875% Convertible Senior Notes due 2022 ("Initial Convertible Notes"). On November 3, 2015, the initial purchasers in such offering exercised in full the over-allotment option to purchase an additional $48.8 million in aggregate principal amount of Convertible Notes (“Additional Convertible Notes”, and together “Convertible Notes”). The aggregate principal amount of Convertible Notes is $373.8 million . The net proceeds from this offering were approximately $363.4 million , after deducting the initial purchasers’ discounts and commissions and the offering expenses. The Convertible Notes are governed by the terms of an indenture, dated November 4, 2015 (“Indenture”), between the Company and a trustee. The Convertible Notes are the senior unsecured obligations of the Company and bear interest at a rate of 0.875% per annum, payable semi-annually in arrears on May 15 and November 15 of each year, commencing May 15, 2016. The Convertible Notes will mature on November 15, 2022, unless earlier repurchased or converted. At any time prior to the close of business on the business day immediately preceding August 15, 2022, holders may convert their Convertible Notes at their option only under the certain circumstances as defined in the Indenture. On or after August 15, 2022 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their notes at any time, regardless of such circumstances. The conversion rate for the Convertible Notes will initially be 29.8920 shares of common stock per $1,000 principal amount of Convertible Notes, which corresponds to an initial conversion price of approximately $33.45 per share of common stock. The conversion rate is subject to adjustment from time to time upon the occurrence of certain events, including, but not limited to, the issuance of certain stock dividends on common stock, the issuance of certain rights or warrants, subdivisions, combinations, distributions of capital stock, indebtedness, or assets, the payment of cash dividends and certain issuer tender or exchange offers. As of December 31, 2017 , none of the conditions allowing holders of the Convertible Notes to convert had been met. As of the debt issuance date, the Convertible Notes, net of issuance costs, consist of the following (in thousands): November 3, 2015 Liability component Principal $ 274,435 Less: Issuance cost (7,568 ) Net carrying amount 266,867 Equity component * Allocated amount 99,316 Less: Issuance cost (2,738 ) Net carrying amount 96,578 Convertible Notes, net $ 363,445 * Recorded in the consolidated balance sheet within additional paid-in capital. The following table includes total interest expense recognized related to the Convertible Notes during the three and nine months ended December 31, 2017 and January 1, 2017 (in thousands): Three Months Ended Nine Months Ended December 31, 2017 January 1, 2017 December 31, 2017 January 1, 2017 Contractual interest expense $ 827 $ 836 $ 2,480 $ 2,480 Amortization of debt discount 3,254 3,080 9,631 9,118 Amortization of debt issuance costs 270 270 811 810 $ 4,351 $ 4,186 $ 12,922 $ 12,408 The net liability component of Convertible Notes is comprised of the following as of December 31, 2017 (in thousands): Net carrying amount as of April 2, 2017 $ 285,541 Amortization of debt issuance costs during the period 811 Amortization of debt discount during the period 9,631 Net carrying amount as of December 31, 2017 $ 295,983 During the three and nine months ended December 31, 2017 , the Company paid contractual interest on the Convertible Notes of approximately $1.6 million and $3.3 million , respectively. During the three and nine months ended January 1, 2017 , the Company paid contractual interest on the Convertible Notes of approximately $1.6 million and $3.4 million , respectively. See Note 6 to the Company's condensed consolidated financial statements for fair value disclosures related to the Company's Convertible Notes. Convertible Note Hedge and Warrant Transactions In connection with the pricing of the Convertible Notes, on October 29, 2015, the Company entered into convertible note hedge transaction (the "Initial Bond Hedge"), with JPMorgan Chase Bank, National Association (the “Option Counterparty”) and paid $81.9 million . On October 29, 2015 , the Company also entered into separate warrant transaction (the "Initial Warrant Transaction") with the Option Counterparty and received $49.4 million . In connection with the exercise of the Over-Allotment Option, on November 3, 2015, the Company entered into a convertible note hedge transaction (the “Additional Bond Hedge”, and together with the Initial Bond Hedges, the “Bond Hedge”) with the Option Counterparty and paid $12.3 million . On November 3, 2015, the Company also entered into separate additional warrant transaction (the “Additional Warrant Transaction”, and together with the Initial Warrant Transaction, the “Warrant Transactions”) with the Option Counterparty and received $7.4 million . Total amount paid for the purchase of bond hedge and total amount received for the sale of warrants were $94.2 million and $56.8 million , respectively. The Bond Hedges are generally expected to reduce the potential dilution upon conversion of the Convertible Notes and/or offset any payments in cash, shares of common stock or a combination of cash and shares of common stock, at the Company’s election, that the Company is required to make in excess of the principal amount of the Convertible Notes upon conversion of any Convertible Notes, as the case may be, in the event that the market price per share of common stock, as measured under the terms of the Bond Hedges, is greater than the strike price $33.45 of the Bond Hedges, which initially corresponds to the conversion price of the Convertible Notes and is subject to anti-dilution adjustments substantially similar to those applicable to the conversion rate of the Convertible Notes. The Warrant Transactions will separately have a dilutive effect to the extent that the market value per share of common stock, as measured under the terms of the Warrant Transactions, exceeds the applicable strike price of the warrants issued pursuant to the Warrant Transactions (the “Warrants”). The initial strike price of the Warrants is $48.66 per share. The Bond Hedges and Warrants are not marked to market. The value of the Bond Hedges and Warrants were initially recorded in stockholders' equity and continue to be classified as stockholders' equity in accordance with ASC 815-40, Derivatives and Hedging - Contracts in Entity's Own Equity . As of December 31, 2017 and April 2, 2017 , no warrants have been exercised. Term B Loan On April 4, 2017 , the Company, JP Morgan Chase bank, N.A.("JP Morgan") as administrative agent and a group of lenders entered into a credit agreement that provides for variable rate term loans in aggregate principal amount of $200 million , with an original term of 7 years (the "Initial Term B Loan"). After payment of transaction costs associated with the Credit Agreement, the Company received net proceeds from the Initial Term B Loan of approximately $194.3 million , which was used to partially finance the acquisition of GigPeak and other payments related to such transaction. Debt issuance costs and debt discount were recorded as a reduction of the carrying value of the loan and are being amortized as a component of interest expense over the term of the Credit Agreement. The Company will repay the principal amount of the Initial Term B Loan on the last day of each March 31, June 30, September 30 and December 31, commencing on June 30, 2017, in an amount equal to 0.25% of the original principal amount of the Initial Term B Loan; and on the maturity date, as described below, in an amount equal to the remainder of the outstanding principal amount of the Initial Term B Loan. The maturity date of the Initial Term B Loan is April 4, 2024 ; provided that if any of the Company's Convertible Notes are outstanding on August 16, 2022, the maturity date of which had not otherwise been extended to a date that is no earlier than 91 days after April 4, 2024 , the Initial Term B Loan maturity date shall instead be August 16, 2022, unless the Company and its guarantors shall have cash, permitted investments and/or unwithdrawn revolving credit commitments in an aggregate amount not less than the aggregate principal amount of then outstanding Convertible Notes. The Company may prepay the Initial Term B Loan, in whole or in part, at any time without premium or penalty, subject to certain conditions, and amounts repaid or prepaid may not be reborrowed. The interest rate of the Initial Term B Loan is based on adjusted LIBO rate which is equal to the LIBO rate for such interest period multiplied by statutory reserve rate, plus an applicable margin of 3% . For the three-month periods ended June 30, 2017, September 30, 2017 and December 31, 2017, the interest rate on the Initial Term B Loan is approximately 4.15% , 4.23% and 4.28% , respectively. The following table summarizes the outstanding borrowings from the Initial Term B Loan as of December 31, 2017 : (in thousands) December 31, 2017 Outstanding principal balance $ 198,500 Unamortized debt issuance costs and debt discount (5,132 ) Outstanding principal, net of unamortized debt issuance costs and debt discount $ 193,368 Classified as follows: Current portion of bank loan $ 2,000 Long-term bank loan $ 191,368 As of December 31, 2017 , the Company made payments totaling $1.5 million towards the outstanding principal balance of the Initial Term B Loan. The following table includes the total interest expense related to the Term B Loan recognized during the three and nine months ended December 31, 2017 : Three Months Ended Nine Months Ended (in thousands) December 31, 2017 December 31, 2017 Contractual interest expense $ 2,015 $ 6,398 Amortization of debt issuance costs and debt discount 205 614 Total $ 2,220 $ 7,012 The Credit Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict the Company and its subsidiaries’ ability to, among other things, incur indebtedness, grant liens, merge or consolidate, dispose of assets, make investments, make acquisitions, enter into transactions with affiliates, pay dividends or make distributions and repurchase stock. The Credit Agreement includes customary events of default, including among others, nonpayment of principal or interest, material inaccuracy of representations and failure to comply with covenants. Under certain circumstances, a default interest rate will apply on all overdue obligations under the Credit Agreement at a per annum rate equal to 2.00% above the applicable interest rate for any overdue principal and 2.00% above the rate applicable for base rate loans for any other overdue amounts. The occurrence of an event of default could result in the acceleration of obligations under the Credit Agreement. As of December 31, 2017 , the Company is in compliance with the covenants specified in the Credit Agreement. See Note 6 to the Company's condensed consolidated financial statements for fair value determination related to the Company's Initial Term B Loan. |
Term B Loan
Term B Loan | 9 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Term B Loan | Convertible Senior Notes, Warrants and Hedges Convertible Notes Offering On October 29, 2015, the Company priced its private offering of $325 million in aggregate principal amount of 0.875% Convertible Senior Notes due 2022 ("Initial Convertible Notes"). On November 3, 2015, the initial purchasers in such offering exercised in full the over-allotment option to purchase an additional $48.8 million in aggregate principal amount of Convertible Notes (“Additional Convertible Notes”, and together “Convertible Notes”). The aggregate principal amount of Convertible Notes is $373.8 million . The net proceeds from this offering were approximately $363.4 million , after deducting the initial purchasers’ discounts and commissions and the offering expenses. The Convertible Notes are governed by the terms of an indenture, dated November 4, 2015 (“Indenture”), between the Company and a trustee. The Convertible Notes are the senior unsecured obligations of the Company and bear interest at a rate of 0.875% per annum, payable semi-annually in arrears on May 15 and November 15 of each year, commencing May 15, 2016. The Convertible Notes will mature on November 15, 2022, unless earlier repurchased or converted. At any time prior to the close of business on the business day immediately preceding August 15, 2022, holders may convert their Convertible Notes at their option only under the certain circumstances as defined in the Indenture. On or after August 15, 2022 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their notes at any time, regardless of such circumstances. The conversion rate for the Convertible Notes will initially be 29.8920 shares of common stock per $1,000 principal amount of Convertible Notes, which corresponds to an initial conversion price of approximately $33.45 per share of common stock. The conversion rate is subject to adjustment from time to time upon the occurrence of certain events, including, but not limited to, the issuance of certain stock dividends on common stock, the issuance of certain rights or warrants, subdivisions, combinations, distributions of capital stock, indebtedness, or assets, the payment of cash dividends and certain issuer tender or exchange offers. As of December 31, 2017 , none of the conditions allowing holders of the Convertible Notes to convert had been met. As of the debt issuance date, the Convertible Notes, net of issuance costs, consist of the following (in thousands): November 3, 2015 Liability component Principal $ 274,435 Less: Issuance cost (7,568 ) Net carrying amount 266,867 Equity component * Allocated amount 99,316 Less: Issuance cost (2,738 ) Net carrying amount 96,578 Convertible Notes, net $ 363,445 * Recorded in the consolidated balance sheet within additional paid-in capital. The following table includes total interest expense recognized related to the Convertible Notes during the three and nine months ended December 31, 2017 and January 1, 2017 (in thousands): Three Months Ended Nine Months Ended December 31, 2017 January 1, 2017 December 31, 2017 January 1, 2017 Contractual interest expense $ 827 $ 836 $ 2,480 $ 2,480 Amortization of debt discount 3,254 3,080 9,631 9,118 Amortization of debt issuance costs 270 270 811 810 $ 4,351 $ 4,186 $ 12,922 $ 12,408 The net liability component of Convertible Notes is comprised of the following as of December 31, 2017 (in thousands): Net carrying amount as of April 2, 2017 $ 285,541 Amortization of debt issuance costs during the period 811 Amortization of debt discount during the period 9,631 Net carrying amount as of December 31, 2017 $ 295,983 During the three and nine months ended December 31, 2017 , the Company paid contractual interest on the Convertible Notes of approximately $1.6 million and $3.3 million , respectively. During the three and nine months ended January 1, 2017 , the Company paid contractual interest on the Convertible Notes of approximately $1.6 million and $3.4 million , respectively. See Note 6 to the Company's condensed consolidated financial statements for fair value disclosures related to the Company's Convertible Notes. Convertible Note Hedge and Warrant Transactions In connection with the pricing of the Convertible Notes, on October 29, 2015, the Company entered into convertible note hedge transaction (the "Initial Bond Hedge"), with JPMorgan Chase Bank, National Association (the “Option Counterparty”) and paid $81.9 million . On October 29, 2015 , the Company also entered into separate warrant transaction (the "Initial Warrant Transaction") with the Option Counterparty and received $49.4 million . In connection with the exercise of the Over-Allotment Option, on November 3, 2015, the Company entered into a convertible note hedge transaction (the “Additional Bond Hedge”, and together with the Initial Bond Hedges, the “Bond Hedge”) with the Option Counterparty and paid $12.3 million . On November 3, 2015, the Company also entered into separate additional warrant transaction (the “Additional Warrant Transaction”, and together with the Initial Warrant Transaction, the “Warrant Transactions”) with the Option Counterparty and received $7.4 million . Total amount paid for the purchase of bond hedge and total amount received for the sale of warrants were $94.2 million and $56.8 million , respectively. The Bond Hedges are generally expected to reduce the potential dilution upon conversion of the Convertible Notes and/or offset any payments in cash, shares of common stock or a combination of cash and shares of common stock, at the Company’s election, that the Company is required to make in excess of the principal amount of the Convertible Notes upon conversion of any Convertible Notes, as the case may be, in the event that the market price per share of common stock, as measured under the terms of the Bond Hedges, is greater than the strike price $33.45 of the Bond Hedges, which initially corresponds to the conversion price of the Convertible Notes and is subject to anti-dilution adjustments substantially similar to those applicable to the conversion rate of the Convertible Notes. The Warrant Transactions will separately have a dilutive effect to the extent that the market value per share of common stock, as measured under the terms of the Warrant Transactions, exceeds the applicable strike price of the warrants issued pursuant to the Warrant Transactions (the “Warrants”). The initial strike price of the Warrants is $48.66 per share. The Bond Hedges and Warrants are not marked to market. The value of the Bond Hedges and Warrants were initially recorded in stockholders' equity and continue to be classified as stockholders' equity in accordance with ASC 815-40, Derivatives and Hedging - Contracts in Entity's Own Equity . As of December 31, 2017 and April 2, 2017 , no warrants have been exercised. Term B Loan On April 4, 2017 , the Company, JP Morgan Chase bank, N.A.("JP Morgan") as administrative agent and a group of lenders entered into a credit agreement that provides for variable rate term loans in aggregate principal amount of $200 million , with an original term of 7 years (the "Initial Term B Loan"). After payment of transaction costs associated with the Credit Agreement, the Company received net proceeds from the Initial Term B Loan of approximately $194.3 million , which was used to partially finance the acquisition of GigPeak and other payments related to such transaction. Debt issuance costs and debt discount were recorded as a reduction of the carrying value of the loan and are being amortized as a component of interest expense over the term of the Credit Agreement. The Company will repay the principal amount of the Initial Term B Loan on the last day of each March 31, June 30, September 30 and December 31, commencing on June 30, 2017, in an amount equal to 0.25% of the original principal amount of the Initial Term B Loan; and on the maturity date, as described below, in an amount equal to the remainder of the outstanding principal amount of the Initial Term B Loan. The maturity date of the Initial Term B Loan is April 4, 2024 ; provided that if any of the Company's Convertible Notes are outstanding on August 16, 2022, the maturity date of which had not otherwise been extended to a date that is no earlier than 91 days after April 4, 2024 , the Initial Term B Loan maturity date shall instead be August 16, 2022, unless the Company and its guarantors shall have cash, permitted investments and/or unwithdrawn revolving credit commitments in an aggregate amount not less than the aggregate principal amount of then outstanding Convertible Notes. The Company may prepay the Initial Term B Loan, in whole or in part, at any time without premium or penalty, subject to certain conditions, and amounts repaid or prepaid may not be reborrowed. The interest rate of the Initial Term B Loan is based on adjusted LIBO rate which is equal to the LIBO rate for such interest period multiplied by statutory reserve rate, plus an applicable margin of 3% . For the three-month periods ended June 30, 2017, September 30, 2017 and December 31, 2017, the interest rate on the Initial Term B Loan is approximately 4.15% , 4.23% and 4.28% , respectively. The following table summarizes the outstanding borrowings from the Initial Term B Loan as of December 31, 2017 : (in thousands) December 31, 2017 Outstanding principal balance $ 198,500 Unamortized debt issuance costs and debt discount (5,132 ) Outstanding principal, net of unamortized debt issuance costs and debt discount $ 193,368 Classified as follows: Current portion of bank loan $ 2,000 Long-term bank loan $ 191,368 As of December 31, 2017 , the Company made payments totaling $1.5 million towards the outstanding principal balance of the Initial Term B Loan. The following table includes the total interest expense related to the Term B Loan recognized during the three and nine months ended December 31, 2017 : Three Months Ended Nine Months Ended (in thousands) December 31, 2017 December 31, 2017 Contractual interest expense $ 2,015 $ 6,398 Amortization of debt issuance costs and debt discount 205 614 Total $ 2,220 $ 7,012 The Credit Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict the Company and its subsidiaries’ ability to, among other things, incur indebtedness, grant liens, merge or consolidate, dispose of assets, make investments, make acquisitions, enter into transactions with affiliates, pay dividends or make distributions and repurchase stock. The Credit Agreement includes customary events of default, including among others, nonpayment of principal or interest, material inaccuracy of representations and failure to comply with covenants. Under certain circumstances, a default interest rate will apply on all overdue obligations under the Credit Agreement at a per annum rate equal to 2.00% above the applicable interest rate for any overdue principal and 2.00% above the rate applicable for base rate loans for any other overdue amounts. The occurrence of an event of default could result in the acceleration of obligations under the Credit Agreement. As of December 31, 2017 , the Company is in compliance with the covenants specified in the Credit Agreement. See Note 6 to the Company's condensed consolidated financial statements for fair value determination related to the Company's Initial Term B Loan. |
Income Taxes
Income Taxes | 9 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes During the three and nine months ended December 31, 2017 , the Company recorded an income tax expense of $101.0 million and $100.0 million , respectively. The Company recorded an income tax benefit of $4.1 million and $7.5 million in the three and nine months ended January 1, 2017, respectively. The income tax expense recorded in the three and nine months ended December 31, 2017 was primarily due to the impacts of the Tax Cuts and Jobs Act (“TCJA”). Additionally, the Company recorded a tax expense for potential withholding taxes on its historical unremitted earnings as they are no longer permanently reinvested. The tax expense was partially offset by tax benefits from the reduction to the deferred tax liability related to amortization of acquired intangible assets as well as the tax benefit from excess tax benefits on stock based compensation. The income tax benefit recorded in the nine months ended January 1, 2017 was primarily due to the tax benefit from the reduction to the deferred tax liability related to amortization of acquired intangible assets, the tax benefit arising from deductible severance costs, as well as the tax benefit from excess tax benefits on stock based compensation. Excluding the impacts of the TCJA, the Company’s effective tax rate was significantly less than the U.S. federal statutory rate of 35% in all periods primarily due to the benefits of lower-taxed earnings in foreign jurisdictions, including Malaysia, where a tax holiday is in effect through fiscal 2021. On December 22, 2017 , the TCJA was enacted into law. The TCJA provides for numerous significant tax law changes and modifications including, among other things, reducing the U.S. federal corporate tax rate from 35 percent to 21 percent ; requiring companies to pay a one-time transition tax on certain unremitted earnings of foreign subsidiaries; generally eliminating U.S. federal income taxes on dividends from foreign subsidiaries; requiring a current inclusion in U.S. federal taxable income of certain earnings of controlled foreign corporations; and creating a new limitation on deductible interest expense. Certain provisions of the TCJA began to impact the Company in the third quarter of fiscal year 2018, while other provisions will impact the Company beginning in fiscal year 2019. The corporate tax rate reduction is effective as of January 1, 2018. Since the Company has a fiscal year rather than a calendar year, it is subject to rules relating to transitional tax rates. As a result, the Company’s fiscal year 2018 federal statutory rate will be a blended rate of 31.5% . ASC 740, Income Taxes, requires companies to recognize the effect of the tax law changes in the period of enactment. However, the SEC staff issued Staff Accounting Bulletin 118 which allows companies to record provisional amounts during a measurement period that is similar to the measurement period used when accounting for business combinations. As of December 31, 2017, the Company has made reasonable estimates of the effects on its existing deferred tax balances and the one-time repatriation tax recording provisional charges of $10.2 million and $91.7 million , respectively, as a component of income tax expense from continuing operations. The $10.2 million charge for the effect on the Companies deferred tax balances resulted from the reduction of the corporate income tax rate to 21% . U.S. GAAP requires companies to remeasure their deferred tax assets and liabilities as of the date of enactment, with resulting tax effects accounted for in the reporting period of enactment. The Company remeasured deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future. The Company’s actual remeasurement may vary from the provisional amount because the final analysis will be based on balances as of April 1, 2018 and actual activities of the fourth quarter of fiscal year 2018. The $91.7 million charge for the one-time repatriation tax increased other accrued liabilities by $2.8 million , increased long-term income taxes payable by $29.8 million , and reduced deferred tax assets, for the utilization of tax attributes, by $59.1 million . The liabilities resulting from the repatriation tax are payable over a period of up to eight years. The provisional amount was based on the Company’s total post-1986 earnings and profits (“E&P”) of its foreign subsidiaries. The majority of these earnings were historically permanently reinvested outside the U.S., thus no taxes had previously been provided for these earnings. The provisional amount includes U.S. federal and state taxes and was based on estimated E&P for the Company’s foreign subsidiaries. In addition, the one-time repatriation tax is based in part on the amount of those earnings held in cash and other specified assets either as of the end of fiscal year 2018 or the average of the year-end balances for fiscal years 2016 and 2017. The Company's calculation of this amount may change with further analysis, fourth quarter activities, and further guidance from the U.S. federal and state tax authorities about the application of these new rules. The TCJA creates a new Global Intangible Low-Taxed Income (“GILTI”) requirement under which certain income earned by controlled foreign corporations (“CFC”s) must be included currently in the gross income of the CFCs’ U.S. shareholder. GILTI is the excess of the shareholder’s “net CFC tested income” over the net deemed tangible income return, which is currently defined as the excess of (1) 10 percent of the aggregate of the U.S. shareholder’s pro rata share of the qualified business asset investment of each CFC with respect to which it is a U.S. shareholder over (2) the amount of certain interest expense taken into account in the determination of net CFC-tested income. Because of the complexity of the new GILTI tax rules, the Company is continuing to evaluate this provision of the TCJA and the application of ASC 740. Under U.S. GAAP, the Company is allowed to make an accounting policy choice of either (1) treating taxes due on future U.S. inclusions in taxable income related to GILTI as a current-period expense when incurred (the “period cost method”) or (2) factoring such amounts into a company’s measurement of its deferred taxes (the “deferred method”). The Company’s selection of an accounting policy with respect to the new GILTI tax rules will depend, in part, on analyzing the Company’s global income to determine what the impact is expected to be. The Company is not yet able to reasonably estimate the effect of this provision of the TCJA. Therefore, the Company has not made any adjustments related to potential GILTI tax in its financial statements and has not made a policy decision regarding whether to record deferred taxes on GILTI. As of December 31, 2017, the Company had not fully completed its accounting for the tax effects of the enactment of the TCJA. The Company’s provision for income taxes for the three and nine months ended December 31, 2017 is based in part on a reasonable estimate of the effects on its transition tax and existing deferred tax balances. The Company will continue to assess the impact of the recently enacted tax law and expected further guidance from federal and state tax authorities as well as further guidance for the associated income tax accounting on its business and consolidated financial statements. In connection with the TCJA and review of the Company’s projected offshore cash flows, and global cash requirements, the Company determined that historical foreign earnings would no longer be permanently reinvested. Accordingly, a tax expense of $6.0 million was accrued during the three and nine months ended December 31, 2017, for withholding taxes on potential distributions from the Company’s foreign subsidiaries. During the nine months ended December 31, 2017, the Company recorded a deferred tax charge of $9.9 million in prepayments and other current assets and other assets, which represents the tax expense that was deferred, in accordance with ASC 740-10-25-3(e), on the intercompany transfer of intangible assets in connection with a change to the Company’s corporate structure. The deferred tax charge is being amortized over the tax life of the intangible assets. As of December 31, 2017, the Company continues to maintain a valuation allowance against the Company's net deferred tax assets in certain foreign and state jurisdictions, as the Company 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 historical operating results and projections of future profits. The Company will continue to monitor the need for the valuation allowance on a quarterly basis. The Company benefits from tax incentives granted by local tax authorities in certain foreign jurisdictions. In the fourth quarter of fiscal 2011, the Company agreed with the Malaysia Industrial Development Board to enter into a new tax incentive agreement which is a full tax exemption on statutory income for a period of 10 years commencing April 4, 2011. This tax incentive agreement is subject to the Company meeting certain financial targets, investments, headcounts and activities in Malaysia. During the nine months ended December 31, 2017, the Company closed out all positions as part of the examinations of the Company's India income tax returns through fiscal 2016, Italy’s income tax returns for fiscal years 2015 and 2016, and New York state income tax returns for fiscal years 2013 through 2016. The outcome of the examinations did not have a material effect on the Company’s financial position, cash flows or results of operations. As of December 31, 2017, the Company is under examination in Malaysia for fiscal years 2012 through 2015. Although the final outcome of each examination 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's open years in the U.S. federal jurisdiction are calendar year 2014 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 2010 and later. The Company does not expect a material change in unrecognized tax benefits within the next twelve months. |
Segment Information
Segment Information | 9 Months Ended |
Dec. 31, 2017 | |
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 memory (FIFO), digital logic, radio frequency, optical interconnect and frequency control solutions. • Computing, Consumer and Industrial segment: includes clock generation and distribution products, high-performance server memory interfaces, PCI Express switching solutions, power management solutions, signal integrity products, optical interconnect, video distribution and contribution solutions and sensing products for mobile, automotive and industrial solutions. The tables below provide information about these segments: Revenues by segment Three Months Ended Nine Months Ended (in thousands) December 31, January 1, December 31, January 1, Communications $ 63,614 $ 65,978 $ 185,432 $ 210,172 Computing, Consumer and Industrial 153,461 110,380 432,754 342,373 Total revenues $ 217,075 $ 176,358 $ 618,186 $ 552,545 Income by segment Three Months Ended Nine Months Ended (in thousands) December 31, January 1, December 31, January 1, Communications $ 25,049 $ 28,054 $ 70,326 $ 77,226 Computing, Consumer and Industrial 37,747 21,395 95,219 71,835 Unallocated expenses: Amortization of intangible assets (9,287 ) (5,557 ) (29,091 ) (16,578 ) Inventory fair market value adjustment (1,178 ) (757 ) (7,270 ) (3,672 ) Assets impairment and other — — (917 ) (870 ) Stock-based compensation expense (13,578 ) (9,906 ) (38,348 ) (29,602 ) Severance, retention and facility closure costs (378 ) 216 (5,210 ) (16,722 ) Acquisition-related costs and other — — (2,225 ) (72 ) Interest expense and other, net (5,583 ) (4,080 ) (15,311 ) (10,021 ) Income before income taxes $ 32,792 $ 29,365 $ 67,173 $ 71,524 The Company does not allocate goodwill and intangible assets impairment charge, IPR&D, severance, acquisition-related costs, stock-based compensation, interest income and other, and interest expense to its segments. In addition, the Company does not allocate assets to its segments. The Company excludes these items consistent with the manner in which it internally evaluates its results of operations. Revenues from unaffiliated customers by geographic area, based on the customers' shipment locations, were as follows: Three Months Ended Nine Months Ended (in thousands) December 31, January 1, December 31, January 1, Hong Kong $ 84,036 $ 62,565 $ 218,733 $ 198,215 Korea 21,867 17,061 61,304 52,576 Rest of Asia Pacific 62,112 51,456 189,430 172,581 Americas (1) 21,818 20,752 65,121 58,392 Europe 27,242 24,524 83,598 70,781 Total revenues $ 217,075 $ 176,358 $ 618,186 $ 552,545 (1) The revenues from the customers in the U.S. were $15.8 million and $19.4 million in the three months ended December 31, 2017 and January 1, 2017 , respectively. The revenue from the customers in the U.S. was $52.8 million and $53.6 million in the nine months ended December 31, 2017 and January 1, 2017 , respectively. The Company utilizes global and regional distributors around the world, that buy products directly from the Company on behalf of their customers. Four distributors, Avnet and its affiliates, Uniquest and its affiliates, WT Microelectronics, and Macnica accounted for 15% , 12% , 11% and 10% , respectively, of the Company's revenues in the three months ended December 31, 2017 . Three distributors, Avnet and its affiliates, Uniquest and its affiliates and Macnica accounted for 15% , 10% and 10% , respectively, of the Company's revenues in the nine months ended December 31, 2017 . Two distributors, Uniquest and its affiliates and Avnet and its affiliates accounted for 10% and 11% , respectively, of the Company's revenues in the three months ended January 1, 2017 . Two distributors, Uniquest and its affiliates and Avnet and its affiliates accounted for 11% and 10% , respectively, of the Company's revenues in the nine months ended January 1, 2017 . As of December 31, 2017 , two distributors represented approximately 18% and 11% , respectively, of the Company’s gross accounts receivable. As of April 2, 2017 , two distributors represented approximately 11% and 10% , respectively, of the Company’s gross accounts receivable. The Company’s significant operations outside of the United States include a test facility in each of Malaysia and Germany, design centers in the U.S., Canada and China, and sales subsidiaries in APAC and Europe. The Company's net property, plant and equipment are summarized below by geographic area: (in thousands) December 31, April 2, United States $ 39,930 $ 37,996 Malaysia 29,594 24,386 Germany 10,154 12,477 All other countries 6,958 6,102 Total property, plant and equipment, net $ 86,636 $ 80,961 |
Interest Income and Other, Net
Interest Income and Other, Net | 9 Months Ended |
Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Interest Income and Other, Net | Interest Income and Other, Net The components of interest income and other, net are summarized as follows: Three Months Ended Nine Months Ended (in thousands) December 31, 2017 January 1, 2017 December 31, 2017 January 1, 2017 Interest income $ 1,029 $ 746 $ 2,622 $ 2,119 Other income, net 541 (339 ) 3,878 1,560 Interest income and other, net $ 1,570 $ 407 $ 6,500 $ 3,679 Interest income is derived from earnings on cash and short-term investments. Other income, net primarily consists of gains or losses in the value of deferred compensation plan assets, foreign currency gains or losses and other non-operating gains or losses. |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of Presentation . The Company's fiscal year is the 52 or 53 week period ending on the Sunday closest to March 31. In a 52 week year, each fiscal quarter consists of 13 weeks. In a 53 week year, the additional week is usually added to the third quarter, making such quarter consist of 14 weeks. The first, second and third quarters of fiscal 2018 and fiscal 2017 were 13 week periods. |
Principles of consolidation | Principles of Consolidation . The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All inter-company accounts and transactions have been eliminated. |
Use of estimates | Use of Estimates . The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Revenue recognition | Revenue Recognition The Company recognizes software royalty revenue based on reports received from customers during the quarter, assuming that all other revenue recognition criteria are met. The customers generally report shipment information within 45 days following the end of their respective quarters. Other than the above, there have been no material changes to the Company's significant accounting policies since the filing of the annual report on Form 10-K. In the opinion of management, these condensed consolidated financial statements, consisting only of normal recurring adjustments, reflect all adjustments which are necessary for the fair statement of the condensed consolidated financial statements for the interim period. |
Recent accounting pronouncements | Recent Accounting Pronouncements In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments, which clarifies the classification of certain cash receipts and cash payments in the statement of cash flows, including debt prepayment or extinguishment costs, settlement of contingent consideration arising from a business combination, insurance settlement proceeds, and distributions from certain equity method investees. The adoption of ASU No. 2016-15 is required to be applied retrospectively. The Company adopted the new guidance in the first quarter of fiscal 2018. There was no material impact upon adoption. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory, which provides the guidance applying to inventory measured using any other method other than last-in, last-out method. Under this guidance, inventory is measured at the lower of cost and net realizable value. The net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The Company adopted the new guidance prospectively in the first quarter of fiscal 2018. There was no material impact in the period of adoption. Accounting Pronouncements Not Yet Effective for Fiscal 2018 In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting, which amends the requirements in GAAP related to accounting in changes to stock compensation awards. The guidance in ASU 2017-09 is effective for annual periods beginning after December 15, 2017 , including interim periods within those fiscal years. The Company does not believe that the adoption of this new accounting guidance will have any material impact on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350), which simplifies the measurement of goodwill by eliminating the Step 2 impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. The new guidance requires an entity to compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The new guidance becomes effective for goodwill impairment tests in fiscal years beginning after December 15, 2019 , though early adoption is permitted. The Company does not believe that the adoption of this new accounting guidance will have any material impact on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805), which clarifies the definition of business. The update provides a more robust framework to use in determining when a set of assets and activities is a business. The new guidance provides a screen to determine when a set of assets and activities is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. The new guidance becomes effective in fiscal years beginning after December 15, 2017 , though early adoption is permitted. The new guidance should be applied prospectively on or after the effective date. No disclosures are required at transition. The Company does not believe that the adoption of this new accounting guidance will have any material impact on its consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory, which requires entities to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. This amends current GAAP which prohibits recognition of current and deferred income taxes for all types of intra-entity asset transfers until the asset has been sold to a third party or otherwise recovered through use. The new standard will be effective for the Company starting in the first quarter of fiscal 2019. Early adoption is permitted. Upon adoption, companies must apply a modified retrospective transition approach through a cumulative-effect adjustment to the accumulated deficit as of the beginning of the period of adoption. The Company is evaluating whether to adopt the new guidance early. As of December 31, 2017, the Company has a deferred tax charge of $14.3 million recorded in prepayments and other current assets and other assets, which represents the tax expense that was deferred in accordance with current GAAP. At adoption, the Company will recognize the unamortized portion of the deferred tax charge through a cumulative-effect adjustment to the accumulated deficit. Additionally, a deferred tax asset will be recognized, through a cumulative-effect adjustment to the accumulated deficit, for the unamortized tax basis in the assets, which as of December 31, 2017 would have been $0.8 million . In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses, which changes the accounting for recognizing impairments of financial assets. Under the new guidance, credit losses for certain types of financial instruments will be estimated based on expected losses. The new guidance also modifies the impairment models for available-for-sale debt securities and for purchased financial assets with credit deterioration since their origination. The new guidance will be effective for the Company starting in the first quarter of fiscal 2021. Early adoption is permitted starting in the first quarter of fiscal 2020. The Company is in the process of determining the effects the adoption will have on its consolidated financial statements. In February 2016, the FASB issued an ASU 2016-02, Leases (Topic 842). The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. All leases create a right-of-use asset and a liability for the lessee in accordance with FASB Concepts Statement No. 6, Elements of Financial Statements, and, therefore, recognition of those lease assets and lease liabilities represents an improvement over previous GAAP, which did not require lease assets and lease liabilities to be recognized for most leases. This ASU is effective for annual and interim periods beginning after December 15, 2018. Early adoption is permitted. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed from previous GAAP. The new standard must be adopted using a modified retrospective transition and requires application of the new guidance at the beginning of the earliest comparative period presented. The Company currently anticipates adopting the new standard effective the first quarter of fiscal 2020. The Company is currently assessing the impact that the new standard will have on its consolidated financial statements, which will consist primarily of a balance sheet gross up of right-of-use assets and lease liabilities on the consolidated balance sheets upon adoption, which will increase the Company's total assets and total liabilities. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, which changes the current accounting related to (i) the classification and measurement of certain equity investments, (ii) the presentation of changes in the fair value of financial liabilities measured under the fair value option that are due to instrument-specific credit risk, and (iii) certain disclosures associated with the fair value of financial instruments. Most notably, ASU 2016-01 requires that equity investments, with certain exemptions, be measured at fair value with changes in fair value recognized in net income as opposed to other comprehensive income. The guidance further clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. The guidance is applied by means of cumulative-effect adjustment to the balance sheet as of the beginning of fiscal year of adoption and is effective for the Company in its first quarter of fiscal 2019. Early adoption is permitted only if certain criteria are met. The Company does not believe that the adoption of this new accounting guidance will have any material impact on its consolidated financial statements. 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. The FASB also decided to allow early adoption of the standard, but not before the original effective date of December 15, 2016 . In March, April and May 2016, the FASB issued additional updates to the new revenue standard relating to reporting revenue on a gross versus net basis, identifying performance obligations and licensing arrangements, and narrow-scope improvements and practical expedients, respectively. The new standard will be effective for the Company beginning April 2, 2018 . The Company has elected to use the modified retrospective method as its transition method in adoption of the new revenue standard. The Company is still finalizing the analysis to quantify the overall potential impact of the new standard, including any impacts from recently issued amendments and the guidance issued by the FASB Transition Resource Group. Currently, a high percentage of the Company's revenues on sales to distributors are recognized upon shipment, with reserves recorded for the estimated return and pricing adjustment exposures. Because of this, the Company expects the new standard to have an insignificant impact on the timing of recognition of revenue from distributors. Additionally, the Company expects a change in the timing of revenues recognized from software royalty revenue although the related impact is not expected to be material. The Company expects other revenue streams to remain substantially unchanged. As part of the Company's assessment and implementation plan, the Company is evaluating and implementing changes to its policies, procedures and controls. |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
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 (loss) per share: Three Months Ended Nine Months Ended (in thousands, except per share amounts) December 31, January 1, December 31, January 1, Numerator (basic and diluted): Net income (loss) $ (68,241 ) $ 33,437 $ (32,847 ) $ 78,975 Denominator: Weighted average common shares outstanding, basic 132,689 133,846 133,087 133,987 Dilutive effect of employee stock options, restricted stock units and performance stock units — 3,321 — 3,594 Weighted average common shares outstanding, diluted 132,689 137,167 133,087 137,581 Basic net income (loss) per share $ (0.51 ) $ 0.25 $ (0.25 ) $ 0.59 Diluted net income (loss) per share $ (0.51 ) $ 0.24 $ (0.25 ) $ 0.57 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Schedule of acquisition consideration | Total consideration consisted of the following: (in thousands) Cash paid to GigPeak shareholders $ 246,717 Fair value of partially vested employee equity awards related to pre-combination services 3,400 Total purchase price 250,117 Less: cash acquired (9,001 ) Total purchase price, net of cash acquired $ 241,116 |
Schedule of allocation of purchase price | (in thousands) Estimated Fair Value Cash and cash equivalents $ 9,001 Accounts receivable 14,806 Inventories 18,399 Prepayments and other current assets 2,641 Property, plant and equipment 2,434 Goodwill 113,192 Intangible assets 97,860 Deferred tax assets 7,485 Other assets 1,501 Accounts payable (5,753 ) Accrued compensation and related expenses (3,154 ) Other accrued liabilities (3,538 ) Long-term income tax payable (1,253 ) Other long-term liabilities (3,504 ) Total purchase price $ 250,117 |
Schedule of allocation of intangible assets | A summary of the preliminary estimated fair value of the intangible assets, net acquired and their estimated useful lives is as follows: (in thousands) Estimated Fair Value Estimated Useful Life Developed technology $ 56,000 5 years Customer contracts and related relationships 28,900 5 years Order backlog 200 1 year Software licenses 2,560 less than a year In-process research and development ("IPR&D") 10,200 Total $ 97,860 |
Pro forma financial information including acquisition | The following unaudited pro forma financial information present combined results of operations for each of the periods presented, as if GigPeak had been acquired as of the beginning of fiscal year 2017. The pro forma financial information primarily includes the business combination effect of the amortization charges from acquired intangible assets, the amortization of the fair value inventory, interest expenses and the acquisition-related expenses. The pro forma data are for informational purposes only and are not necessarily indicative of the consolidated results of operations of the combined business had the acquisition actually occurred at the beginning of fiscal year 2017 or of the results of future operations of the combined business. Consequently, actual results will differ from the unaudited pro forma information presented below: Three Months Ended Nine Months Ended (Unaudited in thousands, except per share data) December 31, 2017 January 1, 2017 December 31, 2017 January 1, 2017 Revenues $ 217,075 $ 192,575 $ 618,186 $ 599,926 Net income (loss) from continuing operations $ (67,055 ) $ 29,966 $ (22,394 ) $ 60,672 Basic net income (loss) per share from continuing operations $ (0.51 ) $ 0.22 $ (0.17 ) $ 0.45 Diluted net income (loss) per share from continuing operations $ (0.51 ) $ 0.22 $ (0.17 ) $ 0.44 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
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 December 31, 2017 : Fair Value at Reporting Date Using (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Total Cash Equivalents and Short-Term Investments: US government treasuries and agencies securities $ 71,318 $ — $ 71,318 Money market funds 60,818 — 60,818 Asset-backed securities — 15,395 15,395 Corporate bonds — 139,070 139,070 International government bonds — 6,510 6,510 Corporate commercial paper — 10,139 10,139 Bank deposits — 34,133 34,133 Repurchase agreement — 97 97 Total assets measured at fair value $ 132,136 $ 205,344 $ 337,480 The following table summarizes the Company’s financial assets measured at fair value on a recurring basis as of April 2, 2017 : Fair Value at Reporting Date Using (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Total Cash Equivalents and Short-Term Investments: US government treasuries and agencies securities $ 61,556 $ — $ 61,556 Money market funds 140,425 — 140,425 Asset-backed securities — 13,847 13,847 Corporate bonds — 96,376 96,376 International government bonds — 5,410 5,410 Corporate commercial paper — 4,898 4,898 Bank deposits — 12,305 12,305 Repurchase agreements — 173 173 Total assets measured at fair value $ 201,981 $ 133,009 $ 334,990 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale investments | The amortized cost and fair value of available-for-sale investments as of December 31, 2017 were as follows: (in thousands) Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. government treasuries and agencies securities $ 72,038 $ 1 $ (721 ) $ 71,318 Money market funds 60,818 — — 60,818 Asset-backed securities 15,445 — (50 ) 15,395 Corporate bonds 139,775 56 (761 ) 139,070 International government bonds 6,524 6 (20 ) 6,510 Corporate commercial paper 10,139 — — 10,139 Bank deposits 34,133 — — 34,133 Repurchase agreements 97 — — 97 Total available-for-sale investments 338,969 63 (1,552 ) 337,480 Less amounts classified as cash equivalents (73,414 ) — — (73,414 ) Short-term investments $ 265,555 $ 63 $ (1,552 ) $ 264,066 The amortized cost and fair value of available-for-sale investments as of April 2, 2017 were as follows: (in thousands) Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. government treasuries and agencies securities $ 62,048 $ 16 $ (508 ) $ 61,556 Money market funds 140,425 — — 140,425 Asset-backed securities 13,865 5 (23 ) 13,847 Corporate bonds 96,660 42 (326 ) 96,376 International government bonds 5,423 2 (15 ) 5,410 Corporate commercial paper 4,898 — — 4,898 Bank deposits 12,305 — — 12,305 Repurchase agreements 173 — — 173 Total available-for-sale investments 335,797 65 (872 ) 334,990 Less amounts classified as cash equivalents (143,498 ) — — (143,498 ) Short-term investments $ 192,299 $ 65 $ (872 ) $ 191,492 |
Contractual maturity of available-for-sale debt securities | The cost and estimated fair value of available-for-sale securities as of December 31, 2017 , by contractual maturity, were as follows: ( in thousands ) Amortized Cost Estimated Fair Value Due in 1 year or less $ 132,920 $ 132,878 Due in 1-2 years 102,654 101,798 Due in 2-5 years 103,395 102,804 Total investments in available-for-sale securities $ 338,969 $ 337,480 |
Gross unrealized losses and fair value of investments in continuous loss position | The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses as of December 31, 2017 , 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 Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Corporate bonds $ 98,494 $ (529 ) $ 25,038 $ (240 ) $ 123,532 $ (769 ) Asset-backed securities 14,503 (42 ) 892 (8 ) 15,395 (50 ) U.S. government treasuries and agencies securities 24,443 (113 ) 37,884 (607 ) 62,327 (720 ) International government bonds — — 2,636 (13 ) 2,636 (13 ) Total $ 137,440 $ (684 ) $ 66,450 $ (868 ) $ 203,890 $ (1,552 ) The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses, as of April 2, 2017 , 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 (in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Corporate bonds $ 71,308 $ (326 ) $ — $ — $ 71,308 $ (326 ) Asset-backed securities 11,294 (23 ) — — 11,294 (23 ) U.S. government treasuries and agencies securities 55,497 (508 ) — — 55,497 (508 ) International government bonds 2,634 (15 ) — — 2,634 (15 ) Total $ 140,733 $ (872 ) $ — $ — $ 140,733 $ (872 ) |
Stock-Based Employee Compensa33
Stock-Based Employee Compensation (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
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 Condensed Consolidated Statements of Operations: Three Months Ended Nine Months Ended (in thousands) December 31, January 1, December 31, January 1, Cost of revenue $ 790 $ 689 $ 2,186 $ 2,270 Research and development 6,816 4,342 18,871 11,841 Selling, general and administrative 5,974 4,875 17,291 15,491 Total stock-based compensation expense $ 13,580 $ 9,906 $ 38,348 $ 29,602 |
Stock option activity | The following is a summary of the Company's stock option activity and related weighted average exercise prices for each category: Nine Months Ended December 31, 2017 (shares in thousands) Shares Price Beginning stock options outstanding 1,374 $ 13.01 Exercised (1) (225 ) 8.46 Canceled (15 ) 23.86 Ending stock options outstanding 1,134 $ 13.78 Ending stock options exercisable 968 $ 12.70 (1) Upon exercise, the Company issues new shares of common stock. |
Nonvested restricted stock units activity | The following table summarizes the Company's RSU activity and related weighted-average exercise prices for each category for the nine months ended December 31, 2017 : Nine Months Ended December 31, 2017 (shares in thousands) Shares Weighted-average grant date fair value per share Beginning RSUs outstanding 3,840 $ 18.88 Assumed from GigPeak acquisition 328 23.62 Granted 2,349 24.34 Released (1,409 ) 17.34 Forfeited (356 ) 21.63 Ending RSUs outstanding 4,752 $ 22.16 |
Fair value 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: May 15, 2017 June 15, 2016 June 15, 2015 June 15, 2014 Estimated fair value $ 27.65 $ 28.01 $ 33.08 $ 21.00 Expected volatility 43.36 % 46.90 % 41.22 % 34.6 % Expected term (in years) 2.88 1.80 1.80 1.80 Risk-free interest rate 1.47 % 0.70 % 0.65 % 0.38 % |
Employee stock purchase plan activity | Activity under the Company's ESPP for the nine months ended December 31, 2017 is summarized in the following table: (in thousands, except per share amounts) Number of shares issued 293 Average issuance price $ 21.23 Number of shares available as of December 31, 2017 2,971 |
Balance Sheet Detail (Tables)
Balance Sheet Detail (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Detail | (in thousands) December 31, April 2, Inventories, net Raw materials $ 3,643 $ 2,017 Work-in-process 38,940 35,192 Finished goods 21,309 15,079 Total inventories, net $ 63,892 $ 52,288 Accounts receivable, net Accounts receivable, gross $ 115,252 $ 94,396 Allowance for returns, price credits and doubtful accounts (5,551 ) (5,084 ) Total accounts receivable, net $ 109,701 $ 89,312 Property, plant and equipment, net Land $ 11,535 $ 11,535 Machinery and equipment 285,412 268,683 Building and leasehold improvements 50,486 49,022 Total property, plant and equipment, gross 347,433 329,240 Less: accumulated depreciation (1) (260,797 ) (248,279 ) Total property, plant and equipment, net $ 86,636 $ 80,961 Other accrued liabilities Accrued restructuring costs (2) $ 3,274 $ 4,841 Other (3) 19,249 15,364 Total other accrued liabilities $ 22,523 $ 20,205 Other long-term obligations Deferred compensation related liabilities $ 16,469 $ 15,024 Other (4) 9,819 3,870 Total other long-term liabilities $ 26,288 $ 18,894 (1) Depreciation expense was $6.2 million and $4.7 million for the three months ended December 31, 2017 and January 1, 2017 , respectively. Depreciation expense was $19.4 million and $14.9 million for the nine months ended December 31, 2017 and January 1, 2017 . (2) Includes accrued severance costs related to integration, the disposed HSC business, and other restructuring actions. Refer to Note 14 for additional information. (3) Other current liabilities consist primarily of accrued royalties and outside commissions, current portion of deferred revenue, current portion of lease payable, current portion of liability for contingent consideration, and other accrued unbilled expenses. (4) Other long-term obligations consist primarily of non-current portion of liability for contingent consideration, non-current portion of deferred revenue, non-current portion of lease payable, and other long-term accrued liabilities. |
Deferred Income on Shipments 35
Deferred Income on Shipments to Distributors (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred income on shipments to distributors | The components of deferred income on shipments to distributors as of December 31, 2017 and April 2, 2017 are as follows: (in thousands) December 31, April 2, Gross deferred revenue $ 4,509 $ 2,335 Gross deferred costs (988 ) (350 ) Deferred income on shipments to distributors $ 3,521 $ 1,985 |
Accumulated Other Comprehensi36
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of accumulated other comprehensive income (loss) | Changes in accumulated other comprehensive income (loss) by component, net of tax, for the nine months ended December 31, 2017 consisted of the following: (in thousands) Cumulative translation adjustments Unrealized gain (loss) on available-for-sale investments Pension adjustments Total Balance as of April 2, 2017 $ (6,043 ) $ (807 ) $ 65 $ (6,785 ) Other comprehensive income before reclassifications 3,229 (644 ) — 2,585 Amounts reclassified out of accumulated other comprehensive loss — (38 ) — (38 ) Net current-period other comprehensive income gain 3,229 (682 ) — 2,547 Balance as of December 31, 2017 $ (2,814 ) $ (1,489 ) $ 65 $ (4,238 ) Comprehensive income components consisted of: (in thousands) Nine Months Ended December 31, 2017 Location Unrealized holding loss on available-for-sale investments $ 38 interest and other, net |
Goodwill and Intangible Asset37
Goodwill and Intangible Assets, Net (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill by reportable segment | Goodwill balances by reportable segment as of December 31, 2017 and April 2, 2017 are as follows: Reportable Segments (in thousands) Communications Computing, Consumer and Industrial Total Balance as of April 2, 2017 $ 122,687 $ 184,238 $ 306,925 Additions - GigPeak acquisition (see Note 3) 18,613 94,579 113,192 Balance as of December 31, 2017 $ 141,300 $ 278,817 $ 420,117 |
Summary of intangible assets balances | Intangible asset balances as of December 31, 2017 and April 2, 2017 are summarized as follows: December 31, 2017 (in thousands) Gross Assets Accumulated Amortization Net Assets Purchased intangible assets: Developed technology $ 336,402 $ (217,529 ) $ 118,873 Trademarks 5,391 (5,391 ) — Customer relationships 201,998 (146,374 ) 55,624 Intellectual property licenses 14,886 (6,452 ) 8,434 Software license 7,831 (2,852 ) 4,979 Order backlog 200 (150 ) 50 Total amortizable purchased intangible assets 566,708 (378,748 ) 187,960 In-process research and development (IPR&D) 9,017 — 9,017 Total purchased intangible assets $ 575,725 $ (378,748 ) $ 196,977 April 2, 2017 (in thousands) Gross Assets Accumulated Amortization Net Assets Purchased intangible assets: Developed technology $ 262,184 $ (199,851 ) $ 62,333 Trademarks 5,391 (5,347 ) 44 Customer relationships 173,097 (137,239 ) 35,858 Intellectual property licenses 16,196 (5,613 ) 10,583 Total purchased intangible assets $ 456,868 $ (348,050 ) $ 108,818 |
Estimated remaining future amortization expense | Based on the intangible assets recorded as of December 31, 2017 , and assuming no subsequent additions to or impairment of the underlying assets, the remaining estimated amortization expense is expected to be as follows (in thousands): Fiscal Year Amount 2018 (Remaining 3 months) $ 10,400 2019 41,156 2020 40,778 2021 39,695 2022 and thereafter 55,931 Total amortizable purchased intangible assets 187,960 IPR&D 9,017 Total intangible assets $ 196,977 |
Restructuring (Tables)
Restructuring (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Provision of restructuring charges and liability remaining | The following table shows the provision of the restructuring charges and the liability remaining as of December 31, 2017 : (in thousands) Continuing Operations HSC (Discontinued Operations) Total Severance and related charges: Balance as of April 2, 2017 $ 3,414 $ 1,427 $ 4,841 Provision 2,637 — 2,637 Payments and other adjustments (4,204 ) — (4,204 ) Balance as of December 31, 2017 $ 1,847 $ 1,427 $ 3,274 Facility and related charges: Balance as of April 2, 2017 $ — $ — $ — Provision 2,542 — 2,542 Payments and other adjustments (329 ) — (329 ) Balance as of December 31, 2017 $ 2,213 $ — $ 2,213 |
Convertible Senior Notes, War39
Convertible Senior Notes, Warrants, and Hedges (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Convertible notes | As of the debt issuance date, the Convertible Notes, net of issuance costs, consist of the following (in thousands): November 3, 2015 Liability component Principal $ 274,435 Less: Issuance cost (7,568 ) Net carrying amount 266,867 Equity component * Allocated amount 99,316 Less: Issuance cost (2,738 ) Net carrying amount 96,578 Convertible Notes, net $ 363,445 * Recorded in the consolidated balance sheet within additional paid-in capital. The following table includes total interest expense recognized related to the Convertible Notes during the three and nine months ended December 31, 2017 and January 1, 2017 (in thousands): Three Months Ended Nine Months Ended December 31, 2017 January 1, 2017 December 31, 2017 January 1, 2017 Contractual interest expense $ 827 $ 836 $ 2,480 $ 2,480 Amortization of debt discount 3,254 3,080 9,631 9,118 Amortization of debt issuance costs 270 270 811 810 $ 4,351 $ 4,186 $ 12,922 $ 12,408 The net liability component of Convertible Notes is comprised of the following as of December 31, 2017 (in thousands): Net carrying amount as of April 2, 2017 $ 285,541 Amortization of debt issuance costs during the period 811 Amortization of debt discount during the period 9,631 Net carrying amount as of December 31, 2017 $ 295,983 |
Term B Loan (Tables)
Term B Loan (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt instruments | The following table summarizes the outstanding borrowings from the Initial Term B Loan as of December 31, 2017 : (in thousands) December 31, 2017 Outstanding principal balance $ 198,500 Unamortized debt issuance costs and debt discount (5,132 ) Outstanding principal, net of unamortized debt issuance costs and debt discount $ 193,368 Classified as follows: Current portion of bank loan $ 2,000 Long-term bank loan $ 191,368 As of December 31, 2017 , the Company made payments totaling $1.5 million towards the outstanding principal balance of the Initial Term B Loan. The following table includes the total interest expense related to the Term B Loan recognized during the three and nine months ended December 31, 2017 : Three Months Ended Nine Months Ended (in thousands) December 31, 2017 December 31, 2017 Contractual interest expense $ 2,015 $ 6,398 Amortization of debt issuance costs and debt discount 205 614 Total $ 2,220 $ 7,012 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of reportable segments information | The tables below provide information about these segments: Revenues by segment Three Months Ended Nine Months Ended (in thousands) December 31, January 1, December 31, January 1, Communications $ 63,614 $ 65,978 $ 185,432 $ 210,172 Computing, Consumer and Industrial 153,461 110,380 432,754 342,373 Total revenues $ 217,075 $ 176,358 $ 618,186 $ 552,545 Income by segment Three Months Ended Nine Months Ended (in thousands) December 31, January 1, December 31, January 1, Communications $ 25,049 $ 28,054 $ 70,326 $ 77,226 Computing, Consumer and Industrial 37,747 21,395 95,219 71,835 Unallocated expenses: Amortization of intangible assets (9,287 ) (5,557 ) (29,091 ) (16,578 ) Inventory fair market value adjustment (1,178 ) (757 ) (7,270 ) (3,672 ) Assets impairment and other — — (917 ) (870 ) Stock-based compensation expense (13,578 ) (9,906 ) (38,348 ) (29,602 ) Severance, retention and facility closure costs (378 ) 216 (5,210 ) (16,722 ) Acquisition-related costs and other — — (2,225 ) (72 ) Interest expense and other, net (5,583 ) (4,080 ) (15,311 ) (10,021 ) Income before income taxes $ 32,792 $ 29,365 $ 67,173 $ 71,524 |
Revenues from unaffiliated customers by shipment location | Revenues from unaffiliated customers by geographic area, based on the customers' shipment locations, were as follows: Three Months Ended Nine Months Ended (in thousands) December 31, January 1, December 31, January 1, Hong Kong $ 84,036 $ 62,565 $ 218,733 $ 198,215 Korea 21,867 17,061 61,304 52,576 Rest of Asia Pacific 62,112 51,456 189,430 172,581 Americas (1) 21,818 20,752 65,121 58,392 Europe 27,242 24,524 83,598 70,781 Total revenues $ 217,075 $ 176,358 $ 618,186 $ 552,545 (1) The revenues from the customers in the U.S. were $15.8 million and $19.4 million in the three months ended December 31, 2017 and January 1, 2017 , respectively. |
Property, plant and equipment by geographic region | The Company’s significant operations outside of the United States include a test facility in each of Malaysia and Germany, design centers in the U.S., Canada and China, and sales subsidiaries in APAC and Europe. The Company's net property, plant and equipment are summarized below by geographic area: (in thousands) December 31, April 2, United States $ 39,930 $ 37,996 Malaysia 29,594 24,386 Germany 10,154 12,477 All other countries 6,958 6,102 Total property, plant and equipment, net $ 86,636 $ 80,961 |
Interest Income and Other, Net
Interest Income and Other, Net (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Components of interest income and other, net | The components of interest income and other, net are summarized as follows: Three Months Ended Nine Months Ended (in thousands) December 31, 2017 January 1, 2017 December 31, 2017 January 1, 2017 Interest income $ 1,029 $ 746 $ 2,622 $ 2,119 Other income, net 541 (339 ) 3,878 1,560 Interest income and other, net $ 1,570 $ 407 $ 6,500 $ 3,679 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands | Apr. 04, 2017 | Dec. 31, 2017 |
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Period during which shipment information are reported | 45 days | |
Deferred tax recorded in prepayments and other assets | $ 14,300 | |
GigPeak, Inc. | ||
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Total purchase price | $ 250,117 | 250,117 |
Retained earnings | Accounting Standards Update 2016-09 | New Accounting Pronouncement, Early Adoption, Effect | ||
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Cumulative-effect adjustment to retained earnings | $ 800 |
Net Income (Loss) Per Share - S
Net Income (Loss) Per Share - Schedule of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Jan. 01, 2017 | Dec. 31, 2017 | Jan. 01, 2017 | |
Numerator (basic and diluted): | ||||
Net income (loss) | $ (68,241) | $ 33,437 | $ (32,847) | $ 78,975 |
Denominator: | ||||
Weighted average common shares outstanding, basic (in shares) | 132,689 | 133,846 | 133,087 | 133,987 |
Dilutive effect of employee stock options, restricted stock units and performance stock units (in shares) | 0 | 3,321 | 0 | 3,594 |
Weighted average common shares outstanding, diluted (in shares) | 132,689 | 137,167 | 133,087 | 137,581 |
Basic net income (loss) per share (in dollars per share) | $ (0.51) | $ 0.25 | $ (0.25) | $ 0.59 |
Diluted net income (loss) per share (in dollars per share) | $ (0.51) | $ 0.24 | $ (0.25) | $ 0.57 |
Net Income (Loss) Per Share - N
Net Income (Loss) Per Share - Narrative (Details) - $ / shares shares in Millions | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2017 | Jan. 01, 2017 | Dec. 31, 2017 | Jan. 01, 2017 | Oct. 29, 2015 | |
Earnings Per Share [Abstract] | |||||
Shares excluded from calculation because they were anti-dilutive (in shares) | 3.5 | 0.4 | 3.4 | 0.5 | |
Convertible debt | 0.875% Convertible Senior Notes Due 2022 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 0.875% | 0.875% | 0.875% | ||
Stock price trigger to convert convertible debt (in dollars per share) | $ 33.45 | ||||
Warrant | |||||
Debt Instrument [Line Items] | |||||
Initial strike price of warrants (in dollars per share) | $ 48.66 | $ 48.66 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - USD ($) | Aug. 10, 2017 | Apr. 04, 2017 | Jul. 22, 2016 | Dec. 31, 2017 | Jul. 02, 2017 | Jan. 01, 2017 | Oct. 02, 2016 | Dec. 31, 2017 | Jan. 01, 2017 | Apr. 02, 2017 |
Business Acquisition [Line Items] | ||||||||||
Revenue attributable to Gigpeak | $ 217,075,000 | $ 176,358,000 | $ 618,186,000 | $ 552,545,000 | ||||||
GigPeak, Inc. | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Total purchase price | $ 250,117,000 | $ 250,117,000 | ||||||||
Period of purchase price revision from the Acquisition date | 12 months | |||||||||
Revenue attributable to Gigpeak | 9,500,000 | $ 37,700,000 | ||||||||
Cash paid at closing | 246,717,000 | |||||||||
Synkera Technologies, Inc. | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Total purchase price | $ 2,800,000 | |||||||||
Contingent consideration liability | 1,300,000 | |||||||||
Cash paid at closing | 1,500,000 | |||||||||
Contingent cash consideration (up to) | $ 1,500,000 | |||||||||
Period of cash consideration paid upon achievement of certain milestones | 3 years 6 months | |||||||||
Selling, General and Administrative Expenses | GigPeak, Inc. | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquisition related costs | $ 2,200,000 | |||||||||
Restricted Stock Units (RSUs) | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Compensation cost not yet recognized | $ 45,100,000 | |||||||||
Compensation cost not yet recognized, period for recognition | 1 year 5 months 23 days | |||||||||
Restricted Stock Units (RSUs) | GigPeak, Inc. | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Fair value of partially vested employee equity awards related to pre-combination services | 3,400,000 | |||||||||
Compensation cost not yet recognized | $ 3,400,000 | |||||||||
Compensation cost not yet recognized, period for recognition | 2 years 7 months 6 days | |||||||||
Developed technology rights | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Total purchase consideration | $ 17,000,000 | |||||||||
Payments to acquire assets in asset acquisition | 12,900,000 | |||||||||
Contingent consideration, liability (spectrabeam) | 4,100,000 | $ 4,100,000 | ||||||||
Finite-lived intangible assets acquired | $ 17,000,000 | |||||||||
Acquired finite-lived intangible assets, weighted average useful life | 7 years | |||||||||
Developed technology | GigPeak, Inc. | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquired finite-lived intangible assets, weighted average useful life | 5 years | |||||||||
Fair value inputs, discount rate | 16.00% | |||||||||
Customer relationships | GigPeak, Inc. | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquired finite-lived intangible assets, weighted average useful life | 5 years | |||||||||
Fair value inputs, discount rate | 17.00% | |||||||||
Order backlog | GigPeak, Inc. | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquired finite-lived intangible assets, weighted average useful life | 1 year | |||||||||
Fair value inputs, discount rate | 4.60% | |||||||||
Software licenses | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Finite-lived intangible assets acquired | $ 4,800,000 | |||||||||
In-process research and development (IPR&D) | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Finite-lived intangible assets acquired | $ 1,200,000 | |||||||||
In-process research and development (IPR&D) | GigPeak, Inc. | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Fair value inputs, discount rate | 17.00% | |||||||||
Contingent consideration liability | 7,500,000 | $ 7,500,000 | ||||||||
Maximum | Software licenses | GigPeak, Inc. | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquired finite-lived intangible assets, weighted average useful life | 1 year | |||||||||
Senior Notes | Term B Loan | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Principal amount of debt | $ 200,000,000 | |||||||||
Measured on a Recurring Basis | Level 3 | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Contingent consideration liability | $ 1,300,000 | $ 1,300,000 | $ 1,300,000 |
Acquisitions - Total Considerat
Acquisitions - Total Consideration (Details) - USD ($) $ in Thousands | Apr. 04, 2017 | Dec. 31, 2017 | Jan. 01, 2017 |
Business Acquisition [Line Items] | |||
Total purchase price, net of cash acquired | $ 237,716 | $ 1,528 | |
GigPeak, Inc. | |||
Business Acquisition [Line Items] | |||
Cash paid to GigPeak shareholders | $ 246,717 | ||
Fair value of partially vested employee equity awards related to pre-combination services | 3,400 | ||
Total purchase price | 250,117 | $ 250,117 | |
Less: cash acquired | (9,001) | ||
Total purchase price, net of cash acquired | $ 241,116 |
Acquisitions - Assets Acquired
Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Apr. 04, 2017 | Dec. 31, 2017 | Apr. 02, 2017 |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||
Goodwill | $ 420,117 | $ 306,925 | |
GigPeak, Inc. | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||
Cash | 9,001 | ||
Accounts receivable | 14,806 | ||
Inventories | 18,399 | ||
Prepayments and other current assets | 2,641 | ||
Property, plant and equipment | 2,434 | ||
Goodwill | 113,192 | ||
Intangible assets | 97,860 | ||
Deferred tax assets | 7,485 | ||
Other assets | 1,501 | ||
Accounts payable | (5,753) | ||
Accrued compensation and related expenses | (3,154) | ||
Other accrued liabilities | (3,538) | ||
Long-term income tax payable | (1,253) | ||
Other long-term liabilities | (3,504) | ||
Total purchase price | $ 250,117 | $ 250,117 |
Acquisitions - Preliminary Allo
Acquisitions - Preliminary Allocation of Intangible Assets (Details) - GigPeak, Inc. - USD ($) $ in Thousands | Apr. 04, 2017 | Dec. 31, 2017 |
Business Acquisition [Line Items] | ||
Total | $ 97,860 | |
Developed technology | ||
Business Acquisition [Line Items] | ||
Estimated Fair Value | 56,000 | |
Estimated Useful Life (in years) | 5 years | |
Customer contracts and related relationships | ||
Business Acquisition [Line Items] | ||
Estimated Fair Value | 28,900 | |
Estimated Useful Life (in years) | 5 years | |
Order backlog | ||
Business Acquisition [Line Items] | ||
Estimated Fair Value | 200 | |
Estimated Useful Life (in years) | 1 year | |
Software licenses | ||
Business Acquisition [Line Items] | ||
Estimated Fair Value | 2,560 | |
In-process research and development (IPR&D) | ||
Business Acquisition [Line Items] | ||
Estimated Fair Value | $ 10,200 | |
Maximum | Software licenses | ||
Business Acquisition [Line Items] | ||
Estimated Useful Life (in years) | 1 year |
Acquisitions - Pro Forma Financ
Acquisitions - Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Jan. 01, 2017 | Dec. 31, 2017 | Jan. 01, 2017 | |
Business Combinations [Abstract] | ||||
Revenues | $ 217,075 | $ 192,575 | $ 618,186 | $ 599,926 |
Net income (loss) from continuing operations | $ (67,055) | $ 29,966 | $ (22,394) | $ 60,672 |
Basic net income per share from continuing operations (in dollars per share) | $ (0.51) | $ 0.22 | $ (0.17) | $ 0.45 |
Diluted net income per share from continuing operations (in dollars per share) | $ (0.51) | $ 0.22 | $ (0.17) | $ 0.44 |
Discontinued Operations Narrati
Discontinued Operations Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Jan. 01, 2017 | Dec. 31, 2017 | Jan. 01, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | ||||
Disposal group, including discontinued operation, consideration | $ 1,500 | $ 1,500 | ||
Disposal group, including discontinued operation, accounts, notes and loans receivable, net | 1,500 | 1,500 | ||
Discontinued operation, gain (loss) from disposal of discontinued operation, before income tax | $ 0 | $ 1,385 | 0 | $ 1,385 |
Discontinued operation, gain (loss) on disposal of discontinued operation, net of tax | $ 100 |
Divestitures (not accounted f52
Divestitures (not accounted for as discontinued operations) - Narrative (Details) - USD ($) $ in Thousands | Oct. 03, 2016 | Jul. 03, 2016 | Dec. 31, 2017 | Jan. 01, 2017 | Apr. 02, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from divestitures | $ 0 | $ 231 | |||
Fox enterprises Inc | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Total impairment charge on long-lived assets included in the disposal group | $ 800 | ||||
Proceeds from divestitures | $ 1,200 | ||||
Loss on disposition of assets | $ 700 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Vlaue (Details) - Measured on a Recurring Basis - USD ($) $ in Thousands | Dec. 31, 2017 | Apr. 02, 2017 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Cash Equivalents and Short-Term Investments: | ||
US government treasuries and agencies securities | $ 71,318 | $ 61,556 |
Money market funds | 60,818 | 140,425 |
Asset-backed securities | 0 | 0 |
Corporate bonds | 0 | 0 |
International government bonds | 0 | 0 |
Corporate commercial paper | 0 | 0 |
Bank deposits | 0 | 0 |
Repurchase agreement | 0 | 0 |
Total assets measured at fair value | 132,136 | 201,981 |
Significant Other Observable Inputs (Level 2) | ||
Cash Equivalents and Short-Term Investments: | ||
US government treasuries and agencies securities | 0 | 0 |
Money market funds | 0 | 0 |
Asset-backed securities | 15,395 | 13,847 |
Corporate bonds | 139,070 | 96,376 |
International government bonds | 6,510 | 5,410 |
Corporate commercial paper | 10,139 | 4,898 |
Bank deposits | 34,133 | 12,305 |
Repurchase agreement | 97 | 173 |
Total assets measured at fair value | 205,344 | 133,009 |
Total | ||
Cash Equivalents and Short-Term Investments: | ||
US government treasuries and agencies securities | 71,318 | 61,556 |
Money market funds | 60,818 | 140,425 |
Asset-backed securities | 15,395 | 13,847 |
Corporate bonds | 139,070 | 96,376 |
International government bonds | 6,510 | 5,410 |
Corporate commercial paper | 10,139 | 4,898 |
Bank deposits | 34,133 | 12,305 |
Repurchase agreement | 97 | 173 |
Total assets measured at fair value | $ 337,480 | $ 334,990 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Apr. 02, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of deferred compensation plan assets | $ 17.2 | $ 16 |
Fair value of convertible notes | 422 | 376.9 |
Measured on a Recurring Basis | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration liability | 1.3 | $ 1.3 |
Term B Loan | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Outstanding principal balance | $ 200.1 |
Investments - Available-for-Sal
Investments - Available-for-Sale (Details) - USD ($) $ in Thousands | Jul. 02, 2017 | Apr. 02, 2017 |
U.S. government treasuries and agencies securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | $ 72,038 | $ 62,048 |
Gross Unrealized Gains | 1 | 16 |
Gross Unrealized Losses | (721) | (508) |
Estimated Fair Value | 71,318 | 61,556 |
Money market funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 60,818 | 140,425 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 60,818 | 140,425 |
Asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 15,445 | 13,865 |
Gross Unrealized Gains | 0 | 5 |
Gross Unrealized Losses | (50) | (23) |
Estimated Fair Value | 15,395 | 13,847 |
Corporate bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 139,775 | 96,660 |
Gross Unrealized Gains | 56 | 42 |
Gross Unrealized Losses | (761) | (326) |
Estimated Fair Value | 139,070 | 96,376 |
International government bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 6,524 | 5,423 |
Gross Unrealized Gains | 6 | 2 |
Gross Unrealized Losses | (20) | (15) |
Estimated Fair Value | 6,510 | 5,410 |
Corporate commercial paper | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 10,139 | 4,898 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 10,139 | 4,898 |
Bank deposits | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 34,133 | 12,305 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 34,133 | 12,305 |
Repurchase agreements | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 97 | 173 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 97 | 173 |
Total available-for-sale investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 338,969 | 335,797 |
Gross Unrealized Gains | 63 | 65 |
Gross Unrealized Losses | (1,552) | (872) |
Estimated Fair Value | 337,480 | 334,990 |
Less amounts classified as cash equivalents | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 73,414 | 143,498 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 73,414 | 143,498 |
Short-term investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 265,555 | 192,299 |
Gross Unrealized Gains | 63 | 65 |
Gross Unrealized Losses | (1,552) | (872) |
Estimated Fair Value | $ 264,066 | $ 191,492 |
Investments - Contractual Matur
Investments - Contractual Maturity (Details) $ in Thousands | Jul. 02, 2017USD ($) |
Amortized Cost | |
Due in 1 year or less | $ 132,920 |
Due in 1-2 years | 102,654 |
Due in 2-5 years | 103,395 |
Total investments in available-for-sale securities | 338,969 |
Estimated Fair Value | |
Due in 1 year or less | 132,878 |
Due in 1-2 years | 101,798 |
Due in 2-5 years | 102,804 |
Total investments in available-for-sale securities | $ 337,480 |
Investments - Unrealized Loss (
Investments - Unrealized Loss (Details) - USD ($) $ in Thousands | Jul. 02, 2017 | Apr. 02, 2017 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ||
Fair Value Less than 12 months | $ 137,440 | $ 140,733 |
Unrealized Loss Less than 12 months | (684) | (872) |
Fair Value 12 months or Greater | 66,450 | 0 |
Unrealized Loss 12 months or Greater | (868) | 0 |
Fair Value Total | 203,890 | 140,733 |
Unrealized Loss Total | (1,552) | (872) |
Corporate bonds | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ||
Fair Value Less than 12 months | 98,494 | 71,308 |
Unrealized Loss Less than 12 months | (529) | (326) |
Fair Value 12 months or Greater | 25,038 | 0 |
Unrealized Loss 12 months or Greater | (240) | 0 |
Fair Value Total | 123,532 | 71,308 |
Unrealized Loss Total | (769) | (326) |
Asset-backed securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ||
Fair Value Less than 12 months | 14,503 | 11,294 |
Unrealized Loss Less than 12 months | (42) | (23) |
Fair Value 12 months or Greater | 892 | 0 |
Unrealized Loss 12 months or Greater | (8) | 0 |
Fair Value Total | 15,395 | 11,294 |
Unrealized Loss Total | (50) | (23) |
U.S. government treasuries and agencies securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ||
Fair Value Less than 12 months | 24,443 | 55,497 |
Unrealized Loss Less than 12 months | (113) | (508) |
Fair Value 12 months or Greater | 37,884 | 0 |
Unrealized Loss 12 months or Greater | (607) | 0 |
Fair Value Total | 62,327 | 55,497 |
Unrealized Loss Total | (720) | (508) |
International government bonds | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ||
Fair Value Less than 12 months | 0 | 2,634 |
Unrealized Loss Less than 12 months | 0 | (15) |
Fair Value 12 months or Greater | 2,636 | 0 |
Unrealized Loss 12 months or Greater | (13) | 0 |
Fair Value Total | 2,636 | 2,634 |
Unrealized Loss Total | $ (13) | $ (15) |
Investments - Cost-Method (Deta
Investments - Cost-Method (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Apr. 02, 2017 |
Investments, Debt and Equity Securities [Abstract] | ||||
Original cost of cost-method investment | $ 25.7 | $ 13.2 | ||
Cost Method Investments | $ 1.3 | $ 10 | $ 1.2 |
Stock-Based Employee Compensa59
Stock-Based Employee Compensation (Options) (Narrative) (Details) $ / shares in Units, $ in Millions | Apr. 04, 2017USD ($)shares | Sep. 23, 2010 | Jul. 21, 2010shares | Dec. 31, 2017USD ($)plan$ / sharesshares | Jul. 02, 2017USD ($) | Sep. 30, 2004shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of equity based plans (plans) | plan | 2 | |||||
Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Compensation cost not yet recognized | $ | $ 45.1 | |||||
Compensation cost not yet recognized, period for recognition | 1 year 5 months 23 days | |||||
Employee Stock Option | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Compensation cost not yet recognized | $ | $ 0.2 | |||||
Compensation cost not yet recognized, period for recognition | 7 months 13 days | |||||
Options vested and expected to vest (in shares) | 1,100,000 | |||||
Options vested and expected to vest, weighted average exercise price (in dollars per share) | $ / shares | $ 13.69 | |||||
Options vested and expecting to vest, weighted average remaining contractual term | 3 years 1 month 24 days | |||||
Options vested and expected to vest, aggregate intrinsic value | $ | $ 18 | |||||
Options, fully vested, outstanding (in shares) | 1,000,000 | |||||
Options, fully vested, outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 12.70 | |||||
Options, fully vested, weighted average remaining contractual term | 2 years 11 months 19 days | |||||
Options, fully vested, aggregate intrinsic value | $ | $ 16.5 | |||||
2008 Equity Plan | Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares converted (in shares) | 300,000 | |||||
2004 Equity Plan | Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 4 years | |||||
Award vesting rights (percent) | 25.00% | |||||
2004 Equity Plan | Employee Stock Option | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares available for grant (in shares) | 5,700,000 | |||||
Original number of shares of reserved for issuance (in shares) | 28,500,000 | |||||
Shares reserved for issuance under the amended plan (in shares) | 36,800,000 | |||||
Increase in shares available after amendment (in shares) | 8,300,000 | |||||
Original plan dilution factor to be equivalent to the amended plan (in shares) | 1.74 | |||||
Expiration period | 7 years | |||||
Award vesting period | 4 years | |||||
Award vesting rights (percent) | 25.00% | |||||
One quarter of the shares vest from date of grant (in years) | 1 year | |||||
Months remaining for shares to vest after one year after grant | 36 months | |||||
Minimum exercise price, percent of fair market value (not less than) (percent) | 100.00% | |||||
Minimum vesting period of non-performance based full value awards made under the 2004 Plan (not less than) | 3 years | |||||
Minimum vesting period performance based full value awards made under the 2004 Plan (not less than) | 1 year | |||||
Maximum percent of shares under the equity plan that may be granted to a participant without vesting provisions (up to) (percent) | 5.00% | |||||
GigPeak, Inc. | Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Compensation cost not yet recognized | $ | $ 3.4 | |||||
Compensation cost not yet recognized, period for recognition | 2 years 7 months 6 days | |||||
GigPeak, Inc. | 2008 Equity Plan | Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares converted (in shares) | 500,000 |
Stock-Based Employee Compensa60
Stock-Based Employee Compensation (Expense by Category) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Jan. 01, 2017 | Dec. 31, 2017 | Jan. 01, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 13,580 | $ 9,906 | $ 38,348 | $ 29,602 |
Cost of revenue | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 790 | 689 | 2,186 | 2,270 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 6,816 | 4,342 | 18,871 | 11,841 |
Selling, general and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 5,974 | $ 4,875 | $ 17,291 | $ 15,491 |
Stock-Based Employee Compensa61
Stock-Based Employee Compensation (Equity Instruments Other than Options) (Narrative) (Details) $ in Millions | May 15, 2017 | Jun. 15, 2016 | Jun. 15, 2015 | Jun. 15, 2014 | May 31, 2017shares | Jun. 30, 2016Installmentshares | Jun. 28, 2015Installmentshares | Jun. 29, 2014Installmentshares | Dec. 31, 2017USD ($)shares | Jul. 02, 2017USD ($) | Apr. 02, 2017shares |
Restricted Stock Units (RSUs) | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Units outstanding (in shares) | 4,752,000 | 3,840,000 | |||||||||
Equity instruments other than options, vested and expected to vest, outstanding (in shares) | 4,100,000 | ||||||||||
Equity instruments other than options, vested and expected to vest, weighted average remaining contractual term | 1 year 4 months 10 days | ||||||||||
Equity instruments other than options, vested and expected to vest, aggregate intrinsic value | $ | $ 120.9 | ||||||||||
Compensation cost not yet recognized | $ | $ 45.1 | ||||||||||
Compensation cost not yet recognized, period for recognition | 1 year 5 months 23 days | ||||||||||
Granted (in shares) | 2,349,000 | ||||||||||
Market-Based Stock Units | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Award vesting period | 2 years | 2 years | 2 years | ||||||||
Units outstanding (in shares) | 700,000 | ||||||||||
Equity instruments other than options, vested and expected to vest, outstanding (in shares) | 600,000 | ||||||||||
Equity instruments other than options, vested and expected to vest, weighted average remaining contractual term | 1 year 7 days | ||||||||||
Equity instruments other than options, vested and expected to vest, aggregate intrinsic value | $ | $ 19.3 | ||||||||||
Compensation cost not yet recognized | $ | $ 8.8 | ||||||||||
Compensation cost not yet recognized, period for recognition | 1 year 29 days | ||||||||||
Granted (in shares) | 300,000 | 300,000 | 200,000 | 500,000 | |||||||
Number of installments | Installment | 2 | 2 | 2 | ||||||||
Expected term (in years) | 2 years 10 months 17 days | 1 year 9 months 18 days | 1 year 9 months 18 days | 1 year 9 months 18 days | 3 years | ||||||
Maximum | Performance Shares | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share based compensation, conversion to common stock ratio | 1.5 | ||||||||||
2004 Equity Plan | Restricted Stock Units (RSUs) | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Award vesting period | 4 years | ||||||||||
Award vesting rights (percent) | 25.00% | ||||||||||
Units outstanding (in shares) | 4,300,000 | ||||||||||
2008 Equity Plan | Restricted Stock Units (RSUs) | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Units outstanding (in shares) | 500,000 |
Stock-Based Employee Compensa62
Stock-Based Employee Compensation (Stock Option Activity) (Details) - Employee Stock Option shares in Thousands | 9 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Shares | |
Beginning stock options outstanding (in shares) | shares | 1,374 |
Exercised (in shares) | shares | (225) |
Canceled (in shares) | shares | (15) |
Ending stock options outstanding (in shares) | shares | 1,134 |
Ending stock options exercisable (shares) | shares | 968 |
Price | |
Beginning stock options outstanding (in dollars per share) | $ / shares | $ 13.01 |
Exercised (in dollars per share) | $ / shares | 8.46 |
Canceled (in dollars per share) | $ / shares | 23.86 |
Ending stock options outstanding (in dollars per share) | $ / shares | 13.78 |
Ending stock options exercisable (in dollars per share) | $ / shares | $ 12.70 |
Stock-Based Employee Compensa63
Stock-Based Employee Compensation (Restricted and Performance-Based Stock Unit Activity) (Details) - Restricted Stock Units (RSUs) shares in Thousands | 9 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Shares | |
Beginning Balance outstanding (in shares) | shares | 3,840 |
Granted (in shares) | shares | 2,349 |
Released (in shares) | shares | (1,409) |
Forfeited (in shares) | shares | (356) |
Ending Balance outstanding (in shares) | shares | 4,752 |
Weighted-average grant date fair value per share | |
Beginning Balance outstanding (in dollars per share) | $ / shares | $ 18.88 |
Granted (in dollars per share) | $ / shares | 24.34 |
Released (in dollars per share) | $ / shares | 17.34 |
Forfeited (in dollars per share) | $ / shares | 21.63 |
Ending Balance outstanding (in dollars per share) | $ / shares | $ 22.16 |
GigPeak, Inc. | |
Shares | |
Assumed from GigPeak acquisition (in shares) | shares | 328 |
Weighted-average grant date fair value per share | |
Assumed from GigPeak acquisition (in dollars per share) | $ / shares | $ 23.62 |
Stock-Based Employee Compensa64
Stock-Based Employee Compensation (Monte Carlo Assumptions) (Details) - Market-Based Stock Units - $ / shares | May 15, 2017 | Jun. 15, 2016 | Jun. 15, 2015 | Jun. 15, 2014 | May 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Estimated fair value (in dollars per share) | $ 27.65 | $ 28.01 | $ 33.08 | $ 21 | |
Expected volatility (percent) | 43.36% | 46.90% | 41.22% | 34.60% | |
Expected term (in years) | 2 years 10 months 17 days | 1 year 9 months 18 days | 1 year 9 months 18 days | 1 year 9 months 18 days | 3 years |
Risk-free interest rate (percent) | 1.47% | 0.70% | 0.65% | 0.38% |
Share-Based Employee Compensati
Share-Based Employee Compensation (Employee Stock Purchase Plan) (Details) - ESPP - USD ($) | Sep. 13, 2012 | Dec. 31, 2017 | Sep. 12, 2012 | Jun. 18, 2009 |
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 | 9,000,000 | |
Limit of fair market value any one employee can purchase per year | $ 25,000 | |||
Additional shares authorized for future issuance (in shares) | 5,000,000 | |||
Number of shares issued (in shares) | 293,000 | |||
Average issuance price (in dollars per share) | $ 21.23 | |||
Number of shares available | 2,971,000 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) shares in Millions | 3 Months Ended | |||
Dec. 31, 2017 | Jan. 01, 2017 | Jul. 28, 2017 | Jul. 02, 2017 | |
Class of Stock [Line Items] | ||||
Share repurchase authorization | $ 200,000,000 | |||
Number of shares repurchased (shares) | 0.9 | 3.3 | ||
Cost of shares repurchased | $ 26,500,000 | $ 84,800,000 | ||
Amount available for future purchase | $ 207,300,000 |
Balance Sheet Detail - Narrativ
Balance Sheet Detail - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2017 | Jan. 01, 2017 | Dec. 31, 2017 | Jan. 01, 2017 | Apr. 02, 2017 | |
Inventories, net | |||||
Raw materials | $ 3,643 | $ 3,643 | $ 2,017 | ||
Work-in-process | 38,940 | 38,940 | 35,192 | ||
Finished goods | 21,309 | 21,309 | 15,079 | ||
Total inventories, net | 63,892 | 63,892 | 52,288 | ||
Accounts receivable, net | |||||
Accounts receivable, gross | 115,252 | 115,252 | 94,396 | ||
Allowance for returns, price credits and doubtful accounts | (5,551) | (5,551) | (5,084) | ||
Total accounts receivable, net | 109,701 | 109,701 | 89,312 | ||
Property, plant and equipment, net | |||||
Total property, plant and equipment, gross | 347,433 | 347,433 | 329,240 | ||
Less: accumulated depreciation | (260,797) | (260,797) | (248,279) | ||
Total property, plant and equipment, net | 86,636 | 86,636 | 80,961 | ||
Other accrued liabilities | |||||
Accrued restructuring costs | 3,274 | 3,274 | 4,841 | ||
Other | 19,249 | 19,249 | 15,364 | ||
Total other accrued liabilities | 22,523 | 22,523 | 20,205 | ||
Other long-term obligations | |||||
Deferred compensation related liabilities | 16,469 | 16,469 | 15,024 | ||
Other | 9,819 | 9,819 | 3,870 | ||
Total other long-term liabilities | 26,288 | 26,288 | 18,894 | ||
Depreciation expense | 6,200 | $ 4,700 | 19,395 | $ 14,940 | |
Land | |||||
Property, plant and equipment, net | |||||
Total property, plant and equipment, gross | 11,535 | 11,535 | 11,535 | ||
Machinery and equipment | |||||
Property, plant and equipment, net | |||||
Total property, plant and equipment, gross | 285,412 | 285,412 | 268,683 | ||
Building and leasehold improvements | |||||
Property, plant and equipment, net | |||||
Total property, plant and equipment, gross | $ 50,486 | $ 50,486 | $ 49,022 |
Deferred Income on Shipments 68
Deferred Income on Shipments to Distributors (Components) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2017 | Apr. 02, 2017 | |
Deferred Revenue Arrangement [Line Items] | ||
Gross deferred revenue | $ 4,509 | $ 2,335 |
Gross deferred costs | (988) | (350) |
Deferred income on shipments to distributors | $ 3,521 | $ 1,985 |
Maximum | ||
Deferred Revenue Arrangement [Line Items] | ||
Discount from list price billed to the customer (percent) | 39.00% |
Accumulated Other Comprehensi69
Accumulated Other Comprehensive Income (Loss) - Reclassification Out of AOCI By Component (Details) $ in Thousands | 9 Months Ended |
Dec. 31, 2017USD ($) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Balance, beginning | $ 773,663 |
Other comprehensive income before reclassifications | 2,585 |
Amounts reclassified out of accumulated other comprehensive loss | (38) |
Net current-period other comprehensive income gain | 2,547 |
Balance, ending | 708,291 |
Accumulated other comprehensive income (loss) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Balance, beginning | (6,785) |
Balance, ending | (4,238) |
Cumulative translation adjustments | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Balance, beginning | (6,043) |
Other comprehensive income before reclassifications | 3,229 |
Amounts reclassified out of accumulated other comprehensive loss | 0 |
Net current-period other comprehensive income gain | 3,229 |
Balance, ending | (2,814) |
Unrealized gain (loss) on available-for-sale investments | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Balance, beginning | (807) |
Other comprehensive income before reclassifications | (644) |
Amounts reclassified out of accumulated other comprehensive loss | (38) |
Net current-period other comprehensive income gain | (682) |
Balance, ending | (1,489) |
Pension adjustments | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Balance, beginning | 65 |
Other comprehensive income before reclassifications | 0 |
Amounts reclassified out of accumulated other comprehensive loss | 0 |
Net current-period other comprehensive income gain | 0 |
Balance, ending | $ 65 |
Accumulated Other Comprehensi70
Accumulated Other Comprehensive Income (Loss) - Components of Reclassification Out of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Jan. 01, 2017 | Dec. 31, 2017 | Jan. 01, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest income and other, net | $ 1,570 | $ 407 | $ 6,500 | $ 3,679 |
Unrealized holding loss on available-for-sale investments | Reclassification out of accumulated other comprehensive income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest income and other, net | $ 38 |
Goodwill and Intangible Asset71
Goodwill and Intangible Assets, Net - Goodwill by Segment (Details) $ in Thousands | 9 Months Ended |
Dec. 31, 2017USD ($) | |
Goodwill [Roll Forward] | |
Balance as of April 2, 2017 | $ 306,925 |
Balance as of December 31, 2017 | 420,117 |
Communications | |
Goodwill [Roll Forward] | |
Balance as of April 2, 2017 | 122,687 |
Balance as of December 31, 2017 | 141,300 |
Computing, Consumer and Industrial | |
Goodwill [Roll Forward] | |
Balance as of April 2, 2017 | 184,238 |
Balance as of December 31, 2017 | 278,817 |
GigPeak, Inc. | |
Goodwill [Roll Forward] | |
Additions - GigPeak acquisition | 113,192 |
Balance as of December 31, 2017 | 113,192 |
GigPeak, Inc. | Communications | |
Goodwill [Roll Forward] | |
Additions - GigPeak acquisition | 18,613 |
GigPeak, Inc. | Computing, Consumer and Industrial | |
Goodwill [Roll Forward] | |
Additions - GigPeak acquisition | $ 94,579 |
Goodwill and Intangible Asset72
Goodwill and Intangible Assets, Net - Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Apr. 02, 2017 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Assets | $ 575,725 | $ 456,868 |
Accumulated Amortization | (378,748) | (348,050) |
Net Assets | 196,977 | 108,818 |
Developed technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Assets | 336,402 | 262,184 |
Accumulated Amortization | (217,529) | (199,851) |
Net Assets | 118,873 | 62,333 |
Trademarks | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Assets | 5,391 | 5,391 |
Accumulated Amortization | (5,391) | (5,347) |
Net Assets | 0 | 44 |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Assets | 201,998 | 173,097 |
Accumulated Amortization | (146,374) | (137,239) |
Net Assets | 55,624 | 35,858 |
Intellectual property licenses | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Assets | 14,886 | 16,196 |
Accumulated Amortization | (6,452) | (5,613) |
Net Assets | 8,434 | $ 10,583 |
Software licenses | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Assets | 7,831 | |
Accumulated Amortization | (2,852) | |
Net Assets | 4,979 | |
Order backlog | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Assets | 200 | |
Accumulated Amortization | (150) | |
Net Assets | 50 | |
Total amortizable purchased intangible assets | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Assets | 566,708 | |
Accumulated Amortization | (378,748) | |
Net Assets | 187,960 | |
In-process research and development (IPR&D) | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Assets | 9,017 | |
Accumulated Amortization | 0 | |
Net Assets | $ 9,017 |
Goodwill and Intangible Asset73
Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($) $ in Thousands | Aug. 10, 2017 | Dec. 31, 2017 | Jul. 02, 2017 | Jan. 01, 2017 | Oct. 02, 2016 | Dec. 31, 2017 | Jan. 01, 2017 | Apr. 02, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||||||||
Accumulated goodwill impairment loss | $ 920,300 | $ 920,300 | $ 920,300 | |||||
Amortization expense of intangible assets | 10,400 | $ 6,500 | $ 32,004 | $ 18,313 | ||||
Accelerated amortization of intangible assets | $ 2,000 | |||||||
Minimum | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Useful lives | 1 year | |||||||
Maximum | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Useful lives | 7 years | |||||||
Software licenses | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Software licenses purchased | $ 4,800 | |||||||
Developed technology rights | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Software licenses purchased | $ 17,000 | |||||||
In-process research and development (IPR&D) | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Software licenses purchased | $ 1,200 | |||||||
Finite-lived intangible assets, net | $ 9,000 | $ 9,000 |
Goodwill and Intangible Asset74
Goodwill and Intangible Assets, Net - Amortization (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Apr. 02, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
2018 (Remaining 3 months) | $ 10,400 | |
2,019 | 41,156 | |
2,020 | 40,778 | |
2,021 | 39,695 | |
2022 and thereafter | 55,931 | |
IPR&D | 575,725 | $ 456,868 |
Intangible assets, net | 196,977 | $ 108,818 |
Total amortizable purchased intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
IPR&D | 566,708 | |
Intangible assets, net | 187,960 | |
In-process research and development (IPR&D) | ||
Finite-Lived Intangible Assets [Line Items] | ||
IPR&D | 9,017 | |
Intangible assets, net | $ 9,017 |
Restructuring - Provision of Ch
Restructuring - Provision of Charges and Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Jul. 02, 2017 | Dec. 31, 2017 | Apr. 02, 2017 | |
Employee severance | ||||
Restructuring Reserve | ||||
Payments and other adjustments | $ (4,204) | |||
Provision | 2,637 | |||
Balance as of April 2, 2017 | $ 4,841 | 4,841 | ||
Balance as of December 31, 2017 | $ 3,274 | 3,274 | $ 4,841 | |
Employee severance | HSBC Business | ||||
Restructuring Reserve | ||||
Balance as of December 31, 2017 | 1,400 | 1,400 | ||
Employee severance | Other Restructuring Plan - 2017 Restructuring | ||||
Restructuring Reserve | ||||
Payments and other adjustments | (1,200) | |||
Provision | 300 | 2,000 | 4,000 | |
Employee severance | Continuing Operations | ||||
Restructuring Reserve | ||||
Payments and other adjustments | (4,204) | |||
Provision | 2,637 | |||
Balance as of April 2, 2017 | 3,414 | 3,414 | ||
Balance as of December 31, 2017 | 1,847 | 1,847 | 3,414 | |
Employee severance | HSC (Discontinued Operations) | ||||
Restructuring Reserve | ||||
Payments and other adjustments | 0 | |||
Provision | 0 | |||
Balance as of April 2, 2017 | 1,427 | 1,427 | ||
Balance as of December 31, 2017 | 1,427 | 1,427 | 1,427 | |
Facility Closing | ||||
Restructuring Reserve | ||||
Payments and other adjustments | (329) | |||
Provision | 2,542 | |||
Balance as of April 2, 2017 | 0 | 0 | ||
Balance as of December 31, 2017 | 2,213 | 2,213 | 0 | |
Facility Closing | Continuing Operations | ||||
Restructuring Reserve | ||||
Payments and other adjustments | (329) | |||
Provision | 2,542 | |||
Balance as of April 2, 2017 | 0 | 0 | ||
Balance as of December 31, 2017 | 2,213 | 2,213 | 0 | |
Facility Closing | HSC (Discontinued Operations) | ||||
Restructuring Reserve | ||||
Payments and other adjustments | 0 | |||
Provision | 0 | |||
Balance as of April 2, 2017 | 0 | 0 | ||
Balance as of December 31, 2017 | $ 0 | 0 | $ 0 | |
Employee severance | Other Restructuring Plan - 2017 Restructuring | ||||
Restructuring Reserve | ||||
Payments and other adjustments | $ (400) | |||
Provision | $ 700 |
Restructuring - Narrative (Deta
Restructuring - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Jul. 02, 2017USD ($)employee | Dec. 31, 2017USD ($)employee | Apr. 02, 2017USD ($)employee | Apr. 01, 2018USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||||
Accrued liabilities | $ 2,200 | $ 2,200 | |||
Other Restructuring Plan - 2017 Restructuring | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Lease obligation changes | 2,500 | 2,500 | |||
Employee severance | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Payments for restructuring actions | 4,204 | ||||
Accrued balance for employee severance costs | 3,274 | 3,274 | $ 4,841 | ||
Restructuring charges | 2,637 | ||||
Employee severance | Automotive and Industrial Division (AID) Plan | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Payments for restructuring actions | 4,900 | ||||
Restructuring charges | 5,000 | ||||
Employee severance | Radio Frequency (RF) Plan | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Payments for restructuring actions | 1,900 | ||||
Accrued balance for employee severance costs | 900 | 900 | |||
Employee severance | HSBC Business | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Accrued balance for employee severance costs | 1,400 | 1,400 | |||
Employee severance | Other Restructuring Plan - 2017 Restructuring | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Payments for restructuring actions | 1,200 | ||||
Restructuring charges | 300 | $ 2,000 | $ 4,000 | ||
Number of reduced headcount (employees) | employee | 16 | 27 | 59 | ||
Scenario, Forecast | Employee severance | Automotive and Industrial Division (AID) Plan | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Accrued balance for employee severance costs | $ 100 | ||||
Employee severance | Other Restructuring Plan - 2017 Restructuring | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Payments for restructuring actions | $ 400 | ||||
Restructuring charges | $ 700 | ||||
Other Long Term Liabilities | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Accrued liabilities | 1,700 | 1,700 | |||
Other Accrued Liabilities | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Accrued liabilities | $ 500 | $ 500 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | 1 Months Ended | |||
Nov. 30, 2016patent | Sep. 30, 2012defendant | Jan. 31, 2012defendant | Dec. 31, 2017USD ($) | |
Loss Contingencies [Line Items] | ||||
Warranty accrual | $ | $ 0.3 | |||
Patents allegedly infringed, number | patent | 3 | |||
Maxim I Properties Litigation | Environmental Violation | ||||
Loss Contingencies [Line Items] | ||||
Number of defendants (more than) | 30 | |||
Generator of Hazardous Waste Litigation | Environmental Violation | ||||
Loss Contingencies [Line Items] | ||||
Number of defendants (more than) | 50 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Dec. 31, 2017 | Jan. 01, 2017 | Apr. 02, 2017 | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Cost recognized for matching contributions | $ 1.9 | $ 2 | |
Participant balances percent vested (percent) | 100.00% | ||
Deferred compensation plan obligations | $ 16.5 | $ 15 | |
Deferred compensation plan assets | 17.2 | 16 | |
Foreign Plan | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Defined benefit plan liability | $ 1.2 | $ 0.7 |
Convertible Senior Notes, War79
Convertible Senior Notes, Warrants, and Hedges - Offering (Details) | Nov. 04, 2015$ / shares | Nov. 03, 2015USD ($) | Dec. 31, 2017USD ($) | Jan. 01, 2017USD ($) | Dec. 31, 2017USD ($) | Jan. 01, 2017USD ($) | Apr. 03, 2016USD ($) | Oct. 29, 2015USD ($) |
Debt Instrument [Line Items] | ||||||||
Conversion ratio on convertible debt | 0.029892 | |||||||
Convertible debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Contractual interest expense | $ 1,600,000 | $ 1,600,000 | $ 3,300,000 | $ 3,400,000 | ||||
Convertible debt | 0.875% Convertible Senior Notes Due 2022 | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount of debt | $ 48,800,000 | $ 373,800,000 | $ 325,000,000 | |||||
Interest rate | 0.875% | 0.875% | 0.875% | |||||
Convertible Notes, net | $ 363,445,000 | |||||||
Stock price trigger to convert convertible debt (in dollars per share) | $ / shares | $ 33.45 | |||||||
Contractual interest expense | $ 827,000 | $ 836,000 | $ 2,480,000 | $ 2,480,000 |
Convertible Senior Notes, War80
Convertible Senior Notes, Warrants, and Hedges - Components (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Apr. 02, 2017 | Nov. 03, 2015 |
Liability component | |||
Outstanding principal, net of unamortized debt issuance costs | $ 295,983 | $ 285,541 | |
Convertible debt | 0.875% Convertible Senior Notes Due 2022 | |||
Liability component | |||
Principal | $ 274,435 | ||
Less: Issuance cost | (7,568) | ||
Outstanding principal, net of unamortized debt issuance costs | $ 295,983 | $ 285,541 | 266,867 |
Equity component | |||
Allocated amount | 99,316 | ||
Less: Issuance cost | (2,738) | ||
Net carrying amount | $ 96,578 |
Convertible Senior Notes, War81
Convertible Senior Notes, Warrants, and Hedges - Net Carrying Amount Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Jan. 01, 2017 | Dec. 31, 2017 | Jan. 01, 2017 | |
Convertible Debt Carrying Amount [Roll Forward] | ||||
Net carrying amount, beginning of period | $ 285,541 | |||
Net carrying amount, end of period | $ 295,983 | 295,983 | ||
Convertible debt | ||||
Convertible Debt Carrying Amount [Roll Forward] | ||||
Contractual interest expense | 1,600 | $ 1,600 | 3,300 | $ 3,400 |
Convertible debt | 0.875% Convertible Senior Notes Due 2022 | ||||
Convertible Debt Carrying Amount [Roll Forward] | ||||
Contractual interest expense | 827 | 836 | 2,480 | 2,480 |
Amortization of debt discount during the period | 3,254 | 3,080 | 9,631 | 9,118 |
Amortization of debt issuance costs during the period | 270 | 270 | 811 | 810 |
Total | 4,351 | $ 4,186 | 12,922 | $ 12,408 |
Net carrying amount, beginning of period | 285,541 | |||
Net carrying amount, end of period | $ 295,983 | $ 295,983 |
Convertible Senior Notes, War82
Convertible Senior Notes, Warrants, and Hedges - Hedge and Warrant Transactions (Details) - JPMorgan Chase Bank, National Association $ / shares in Units, $ in Millions | Nov. 03, 2015USD ($)$ / option | Oct. 29, 2015USD ($) | Dec. 31, 2017USD ($) | Jul. 02, 2017$ / shares |
Initial Bond Hedge | ||||
Derivative [Line Items] | ||||
Payments for hedge | $ 81.9 | $ 94.2 | ||
Bond hedge strike price (in dollars per share) | $ / option | 33.45 | |||
Initial Warrant Transaction | ||||
Derivative [Line Items] | ||||
Proceeds from issuance of warrants | $ 7.4 | $ 49.4 | $ 56.8 | |
Initial strike price of warrants (in dollars per share) | $ / shares | $ 48.66 | |||
Additional Bond Hedge | ||||
Derivative [Line Items] | ||||
Payments for hedge | $ 12.3 |
Term B Loan - Narrative (Detai
Term B Loan - Narrative (Details) - USD ($) | Apr. 04, 2017 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Dec. 31, 2017 | Jan. 01, 2017 |
Debt Instrument [Line Items] | ||||||
Proceeds of initial term B loan | $ 194,252,000 | $ 0 | ||||
Payment of term B loan principal | $ 1,500,000 | $ 0 | ||||
Senior Notes | Term B Loan | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount of debt | $ 200,000,000 | |||||
Debt instrument, term | 7 years | |||||
Proceeds of initial term B loan | $ 194,300,000 | |||||
Percentage of original principal amount to be repaid | 0.25% | |||||
Basis spread on variable rate | 2.00% | |||||
Interest rate during period | 4.28% | 4.23% | 4.15% | |||
Payment of term B loan principal | $ 1,500,000 | |||||
Senior Notes | Term B Loan | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 3.00% | |||||
Senior Notes | Term B Loan | Base Rate | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 2.00% |
Term B Loan - Schedule of Outst
Term B Loan - Schedule of Outstanding Borrowings (Details) - Senior Notes - Term B Loan $ in Thousands | Dec. 31, 2017USD ($) |
Debt Instrument [Line Items] | |
Outstanding principal balance | $ 198,500 |
Unamortized debt issuance costs and debt discount | (5,132) |
Outstanding principal, net of unamortized debt issuance costs and debt discount | 193,368 |
Current portion of bank loan | 2,000 |
Long-term bank loan | $ 191,368 |
Term B Loan - Schedule of Inter
Term B Loan - Schedule of Interest Expense (Details) - Senior Notes - Term B Loan - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Dec. 31, 2017 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Contractual interest expense | $ 2,015 | $ 6,398 |
Amortization of debt issuance costs and debt discount | 205 | 614 |
Total | $ 2,220 | $ 7,012 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2017 | Dec. 31, 2017 | Jan. 01, 2017 | |
Income Tax Contingency [Line Items] | |||||
Benefit from (provision for) income taxes | $ 101,033 | $ (4,072) | $ 100,020 | $ (7,451) | |
Tax Cuts and jobs act of 2017, incomplete accounting, change in tax rate, provisional income tax expense (benefit) | 10,200 | ||||
Tax cuts and jobs act of 2017, incomplete accounting, transition tax for accumulated foreign earnings, provisional income tax expense (benefit) | 91,700 | ||||
Tax cuts and jobs act of 2017, incomplete accounting, transition tax for accumulated foreign earnings, provisional liability, current | 2,800 | 2,800 | |||
Tax cuts and jobs act of 2017, incomplete accounting, transition tax for accumulated foreign earnings, provisional liability, noncurrent | 29,800 | 29,800 | |||
Tax cuts and jobs act Of 2017, incomplete accounting, change in tax rate, deferred tax asset, provisional income tax expense (benefit) | 59,100 | ||||
Tax Cuts and jobs act of 2017, incomplete accounting, transition tax for accumulated foreign earnings, provisional liability | $ 6,000 | 6,000 | |||
Deferred tax charge | $ 9,900 | ||||
Scenario, Forecast | |||||
Income Tax Contingency [Line Items] | |||||
Federal statutory rate | 31.50% |
Segment Information - Revenues
Segment Information - Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Jan. 01, 2017 | Dec. 31, 2017 | Jan. 01, 2017 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 217,075 | $ 176,358 | $ 618,186 | $ 552,545 |
Hong Kong | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 84,036 | 62,565 | 218,733 | 198,215 |
Korea | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 21,867 | 17,061 | 61,304 | 52,576 |
Rest of Asia Pacific | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 62,112 | 51,456 | 189,430 | 172,581 |
Americas | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 21,818 | 20,752 | 65,121 | 58,392 |
Europe | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 27,242 | 24,524 | 83,598 | 70,781 |
United States | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 15,800 | 19,400 | 52,800 | 53,600 |
Communications | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 63,614 | 65,978 | 185,432 | 210,172 |
Computing, Consumer and Industrial | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 153,461 | $ 110,380 | $ 432,754 | $ 342,373 |
Segment Information - Income (D
Segment Information - Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Jan. 01, 2017 | Dec. 31, 2017 | Jan. 01, 2017 | |
Segment Reporting Information [Line Items] | ||||
Income before income taxes | $ 32,792 | $ 29,365 | $ 67,173 | $ 71,524 |
Amortization of intangible assets | (10,400) | (6,500) | (32,004) | (18,313) |
Stock-based compensation expense | (13,580) | (9,906) | (38,348) | (29,602) |
Interest expense and other, net | 1,570 | 407 | 6,500 | 3,679 |
Unallocated expenses | ||||
Segment Reporting Information [Line Items] | ||||
Amortization of intangible assets | (9,287) | (5,557) | (29,091) | (16,578) |
Inventory fair market value adjustment | (1,178) | (757) | (7,270) | (3,672) |
Assets impairment and other | 0 | 0 | (917) | (870) |
Stock-based compensation expense | (13,578) | (9,906) | (38,348) | (29,602) |
Severance, retention and facility closure costs | (378) | 216 | (5,210) | (16,722) |
Acquisition-related costs and other | 0 | 0 | (2,225) | (72) |
Interest expense and other, net | (5,583) | (4,080) | ||
Interest income and other, net | 15,311 | 10,021 | ||
Communications | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Income before income taxes | 25,049 | 28,054 | 70,326 | 77,226 |
Computing, Consumer and Industrial | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Income before income taxes | $ 37,747 | $ 21,395 | $ 95,219 | $ 71,835 |
Segment Information - Narrative
Segment Information - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Jan. 01, 2017 | Dec. 31, 2017 | Jan. 01, 2017 | Apr. 02, 2017 | |
Revenue, Major Customer [Line Items] | |||||
Revenues | $ 217,075 | $ 176,358 | $ 618,186 | $ 552,545 | |
Revenue | Customer Concentration Risk | Uniquest | |||||
Revenue, Major Customer [Line Items] | |||||
Concentration risk (percentage) | 12.00% | 10.00% | 10.00% | 11.00% | |
Revenue | Customer Concentration Risk | Avnet | |||||
Revenue, Major Customer [Line Items] | |||||
Concentration risk (percentage) | 15.00% | 11.00% | 15.00% | 10.00% | |
Revenue | Customer Concentration Risk | WT Microelectronics | |||||
Revenue, Major Customer [Line Items] | |||||
Concentration risk (percentage) | 11.00% | ||||
Revenue | Customer Concentration Risk | Macnica | |||||
Revenue, Major Customer [Line Items] | |||||
Concentration risk (percentage) | 10.00% | 10.00% | |||
Accounts Receivable | Customer Concentration Risk | Significant Distributor 1 | |||||
Revenue, Major Customer [Line Items] | |||||
Concentration risk (percentage) | 18.00% | 11.00% | |||
Accounts Receivable | Customer Concentration Risk | Significant Distributor 2 | |||||
Revenue, Major Customer [Line Items] | |||||
Concentration risk (percentage) | 11.00% | 10.00% | |||
United States | |||||
Revenue, Major Customer [Line Items] | |||||
Revenues | $ 15,800 | $ 19,400 | $ 52,800 | $ 53,600 |
Segment Information - Property
Segment Information - Property Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Apr. 02, 2017 |
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | $ 86,636 | $ 80,961 |
United States | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 39,930 | 37,996 |
Malaysia | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 29,594 | 24,386 |
Germany | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 10,154 | 12,477 |
All other countries | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | $ 6,958 | $ 6,102 |
Interest Income and Other, Ne91
Interest Income and Other, Net - Components of Interest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Jan. 01, 2017 | Dec. 31, 2017 | Jan. 01, 2017 | |
Other Income and Expenses [Abstract] | ||||
Interest income | $ 1,029 | $ 746 | $ 2,622 | $ 2,119 |
Other income, net | 541 | (339) | 3,878 | 1,560 |
Interest income and other, net | $ 1,570 | $ 407 | $ 6,500 | $ 3,679 |