Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | 20-May-14 | Sep. 30, 2013 |
Document and Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'APPLIED MICRO CIRCUITS CORP | ' | ' |
Entity Central Index Key | '0000711065 | ' | ' |
Current Fiscal Year End Date | '--03-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 77,972,678 | ' |
Entity Public Float | ' | ' | $800,837 |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $71,539 | $19,065 |
Short-term investments-available-for-sale | 35,044 | 66,411 |
Accounts receivable, net | 25,178 | 24,575 |
Inventories | 18,946 | 12,900 |
Other current assets | 16,799 | 17,998 |
Total current assets | 167,506 | 140,949 |
Property and equipment, net | 20,746 | 34,391 |
Goodwill | 11,425 | 13,183 |
Purchased intangibles | 105 | 11,991 |
Other assets | 7,754 | 10,866 |
Total assets | 207,536 | 211,380 |
Current liabilities: | ' | ' |
Accounts payable | 26,194 | 17,650 |
Accrued payroll and related expenses | 5,532 | 6,158 |
Veloce accrued liability | 11,985 | 78,082 |
Other accrued liabilities | 10,877 | 10,730 |
Deferred revenue | 567 | 1,469 |
Total current liabilities | 55,155 | 114,089 |
Veloce and other non-current liabilities | 3,145 | 15,787 |
Commitments and contingencies (Note 8) | ' | ' |
Stockholders’ equity: | ' | ' |
Preferred stock, $0.01 par value: Authorized shares - 2,000, none issued and outstanding | 0 | 0 |
Common stock, $0.01 par value: Authorized shares - 375,000 at March 31, 2014 and March 31, 2013 Issued and outstanding shares - 77,677 at March 31, 2014 and 67,952 at March 31, 2013 | 777 | 680 |
Additional paid-in capital | 6,005,365 | 5,926,630 |
Accumulated other comprehensive loss | -6,143 | -737 |
Accumulated deficit | -5,850,763 | -5,845,069 |
Total stockholders’ equity | 149,236 | 81,504 |
Total liabilities and stockholders’ equity | $207,536 | $211,380 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 375,000,000 | 375,000,000 |
Common stock, shares issued | 77,677,000 | 67,952,000 |
Common stock, shares outstanding | 77,677,000 | 67,952,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Net revenues | $216,150 | $195,642 | $230,887 |
Cost of revenues | 85,189 | 83,048 | 98,804 |
Gross profit | 130,961 | 112,594 | 132,083 |
Operating expenses: | ' | ' | ' |
Research and development | 146,579 | 187,419 | 175,656 |
Selling, general and administrative | 38,927 | 51,684 | 45,794 |
Gain on sale of TPack | -19,699 | 0 | 0 |
Gain on sale of building | -25,815 | 0 | 0 |
Amortization of purchased intangible assets | 316 | 1,926 | 3,202 |
Restructuring charges | 1,134 | 6,435 | 875 |
Total operating expenses | 141,442 | 247,464 | 225,527 |
Operating loss | -10,481 | -134,870 | -93,444 |
Interest income (expense), net and other-than-temporary impairment | 5,052 | 2,595 | 4,247 |
Other income (expense), net | 354 | -2,394 | 7,437 |
Loss before income taxes | -5,075 | -134,669 | -81,760 |
Income tax expense | 619 | -554 | 928 |
Net loss | ($5,694) | ($134,115) | ($82,688) |
Basic and diluted net loss per share (in dollars per share) | ($0.08) | ($2.06) | ($1.33) |
Shares used in calculating basic and diluted net loss per share | 72,897 | 65,258 | 62,245 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |||
Net loss | ($5,694) | ($134,115) | ($82,688) | |||
Other comprehensive gain (loss), net of tax: | ' | ' | ' | |||
Unrealized gain (loss) on short-term investments, net of tax | -5,039 | [1] | 1,314 | [1] | 186 | [1] |
Loss on foreign currency translation | -367 | -286 | -354 | |||
Other comprehensive gain (loss), net of tax | -5,406 | 1,028 | -168 | |||
Total comprehensive loss | -11,100 | -133,087 | -82,856 | |||
Reclassification adjustment from AOCI for sale of securities, Net of tax | ($3,360) | ($1,391) | ($646) | |||
[1] | The amounts reclassified from accumulated other comprehensive loss and recorded in interest income (expense), net in the Consolidated Statements of Operations relating to short-term investments were $3.4 million, $1.4 million and $0.6 million for the fiscal years ended March 31, 2014, 2013 and 2012, respectively. Refer to Note 3, Certain Financial Statement Information, to the Consolidated Financial Statements for additional details. |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |||
Operating activities: | ' | ' | ' | |||
Net loss | ($5,694) | ($134,115) | ($82,688) | |||
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' | |||
Depreciation | 10,273 | 9,542 | 8,436 | |||
Amortization of purchased intangibles | 482 | 4,643 | 6,754 | |||
Stock-based compensation expense: | ' | ' | ' | |||
Stock options | 2,505 | 3,469 | 5,298 | |||
Restricted stock units | 14,516 | 20,767 | 13,076 | |||
Warrants | 0 | 1,289 | 0 | |||
Veloce acquisition consideration | 42,684 | 66,188 | 60,400 | |||
Acquisition related adjustment | 0 | 133 | 2,532 | |||
Gain on sale of TPack | -19,699 | 0 | 0 | |||
Gain on sale of building | -25,815 | 0 | 0 | |||
Net (gain) loss on disposals of property, equipment and other assets | -23 | -1,293 | 10 | |||
Impairment loss (gain) on strategic investments, net | 0 | 2,250 | -7,147 | |||
Tax effect on other comprehensive income | -40 | -989 | -123 | |||
Restructuring charges-asset impairment | 298 | 4,719 | 0 | |||
Impairment of short-term investments and marketable securities | 0 | 1,143 | 0 | |||
Impairment of notes receivable and other assets | 0 | [1] | 1,800 | [1] | 0 | [1] |
Changes in operating assets and liabilities: | ' | ' | ' | |||
Accounts receivable | -837 | -1,909 | -2,669 | |||
Inventories | -6,049 | 10,344 | 3,317 | |||
Other assets | 3,232 | -2,871 | -3,903 | |||
Accounts payable | 5,778 | -622 | -4,451 | |||
Accrued payroll and related liabilities | -671 | -82 | -2,860 | |||
Veloce accrued liability | -63,657 | -16,537 | 0 | |||
Deferred revenue | -770 | -668 | -270 | |||
Net cash used in operating activities | -43,487 | -33,065 | -9,352 | |||
Investing activities: | ' | ' | ' | |||
Proceeds from sales and maturities of short-term investments | 44,450 | 42,164 | 101,222 | |||
Purchases of short-term investments | -18,081 | -21,633 | -103,046 | |||
Proceeds from sale of property, equipment and other assets | 70 | 1,800 | 0 | |||
Purchase of property, equipment and other assets | -5,952 | -9,045 | -13,264 | |||
Proceeds from sale of strategic investment | 1,286 | 7,146 | 0 | |||
Proceeds from the sale of TPack, net | 29,498 | 0 | 0 | |||
Proceeds from sale of building, net | 40,176 | 0 | 0 | |||
Purchases of strategic investment(s) | 0 | -500 | -4,750 | |||
Net cash provided by (used in) investing activities | 91,447 | 19,932 | -19,838 | |||
Financing activities: | ' | ' | ' | |||
Proceeds from issuance of common stock | 11,619 | 8,873 | 6,736 | |||
Funding of restricted stock units withheld for taxes | -6,550 | -3,121 | -2,864 | |||
Repurchase of common stock | 0 | -653 | -20,852 | |||
Funding of structured stock repurchase agreements | 0 | 0 | -10,000 | |||
Payment of contingent consideration | 0 | -485 | 0 | |||
Other | -555 | -481 | -167 | |||
Net cash provided by (used in) financing activities | 4,514 | 4,133 | -27,147 | |||
Net increase (decrease) in cash and cash equivalents | 52,474 | -9,000 | -56,337 | |||
Cash and cash equivalents at beginning of year | 19,065 | 28,065 | 84,402 | |||
Cash and cash equivalents at end of year | 71,539 | 19,065 | 28,065 | |||
Supplementary cash flow disclosures: | ' | ' | ' | |||
Cash paid for income taxes | 870 | 987 | 692 | |||
Shares issued for Veloce merger consideration | $57,348 | $16,565 | $0 | |||
[1] | During the fiscal year ended March 31, 2013, the Company wrote-off $1.5 million of notes receivable due from an investee and $0.3 million related to a prepaid intellectual property license from this investee. The Company also impaired the related equity investment of $2.3 million in this investee - see * above. |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid In Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] | |
In Thousands, unless otherwise specified | ||||||
Balance, beginning of period at Mar. 31, 2011 | $261,810 | $637 | $5,891,036 | ($1,597) | ($5,628,266) | |
Balance, shares, beginning of period at Mar. 31, 2011 | ' | 63,666 | ' | ' | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | |
Issuance of common stock | 3,873 | 27 | 3,846 | ' | ' | |
Issuance of common stock, shares | ' | 2,727 | ' | ' | ' | |
Repurchase of common stock | -20,852 | -35 | -20,817 | ' | ' | |
Repurchase of common stock, shares | ' | -3,487 | ' | ' | ' | |
Funding of structured stock repurchase agreements | -10,000 | -10 | -9,990 | ' | ' | |
Funding of structured stock repurchase agreements, shares | ' | -1,027 | ' | ' | ' | |
Stock-based compensation expense | [1] | 17,261 | ' | 17,261 | ' | ' |
Other comprehensive (loss) gain | -168 | ' | ' | -168 | ' | |
Net loss | -82,688 | ' | ' | ' | -82,688 | |
Balance, end of period at Mar. 31, 2012 | 169,236 | 619 | 5,881,336 | -1,765 | -5,710,954 | |
Balance, shares, end of period at Mar. 31, 2012 | ' | 61,879 | ' | ' | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | |
Issuance of common stock | 22,441 | 62 | 22,379 | ' | ' | |
Issuance of common stock, shares | ' | 6,199 | ' | ' | ' | |
Repurchase of common stock | -653 | -1 | -652 | ' | ' | |
Repurchase of common stock, shares | ' | -126 | ' | ' | ' | |
Stock-based compensation expense | [1] | 23,567 | ' | 23,567 | ' | ' |
Other comprehensive (loss) gain | 1,028 | ' | ' | 1,028 | ' | |
Net loss | -134,115 | ' | ' | ' | -134,115 | |
Balance, end of period at Mar. 31, 2013 | 81,504 | 680 | 5,926,630 | -737 | -5,845,069 | |
Balance, shares, end of period at Mar. 31, 2013 | ' | 67,952 | ' | ' | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | |
Issuance of common stock | 62,920 | 97 | 62,823 | ' | ' | |
Issuance of common stock, shares | ' | 9,725 | ' | ' | ' | |
Stock-based compensation expense | [1] | 15,912 | ' | 15,912 | ' | ' |
Other comprehensive (loss) gain | -5,406 | ' | ' | -5,406 | ' | |
Net loss | -5,694 | ' | ' | ' | -5,694 | |
Balance, end of period at Mar. 31, 2014 | $149,236 | $777 | $6,005,365 | ($6,143) | ($5,850,763) | |
Balance, shares, end of period at Mar. 31, 2014 | ' | 77,677 | ' | ' | ' | |
[1] | Veloce’s stock-based compensation expense related to warrants is included in issuance of common stock. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||||||||||||||
Summary of Significant Accounting Policies | ||||||||||||||||||||||||
Basis of Presentation | ||||||||||||||||||||||||
The Consolidated Financial Statements include all the accounts of AppliedMicro and its wholly-owned subsidiaries including Veloce Technologies Inc. (“Veloce”), which was consolidated in prior accounting periods prior to its merger with the Company, as a variable interest entity (“VIE”) since the Company was determined to be its primary beneficiary. On June 20, 2012, the Company completed the acquisition of Veloce which became a wholly owned subsidiary of the Company as of this date. See Note 4, Veloce, to Consolidated Financial Statements. All intercompany balances and transactions have been eliminated in consolidation. | ||||||||||||||||||||||||
Use of Estimates | ||||||||||||||||||||||||
The preparation of financial statements in accordance with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of net revenue and expenses in the reporting period. The Company regularly evaluates estimates and assumptions related to its: | ||||||||||||||||||||||||
• | capitalized mask sets including its useful lives, which affects cost of goods sold and property and equipment or Research and Development ("R&D") expenses, if not capitalized; | |||||||||||||||||||||||
• | inventory valuation, warranty liabilities and revenue reserves, which affects cost of sales, gross margin and revenues; | |||||||||||||||||||||||
• | allowance for doubtful accounts, which affects operating expenses; | |||||||||||||||||||||||
• | unrealized losses or other-than-temporary impairments of short-term investments available for sale, which affects interest income (expense), net; | |||||||||||||||||||||||
• | valuation of purchased intangibles and goodwill, which affects amortization and impairments of purchased intangibles, impairments of goodwill and apportionment of goodwill related to divestitures; | |||||||||||||||||||||||
• | Veloce accrued liability which considers: (i) estimating the total value of the expected Veloce consideration, (ii) determining the stage at which a milestone is deemed to be probable of attainment, (iii) the estimated progress towards achieving the milestone at the time such milestone was deemed probable of achievement and (iv) estimating the approximate timing of the expected completion of the milestones and related payments; | |||||||||||||||||||||||
• | potential costs of litigation, which affects operating expenses; | |||||||||||||||||||||||
• | valuation of deferred income taxes, which affects income tax expense (benefit); and | |||||||||||||||||||||||
• | stock-based compensation, which affects gross margin and operating expenses. | |||||||||||||||||||||||
The Company bases its estimates and assumptions on historical experience and on various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from management’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. | ||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||
The Company considers all highly liquid investments with an original maturity from the date of purchase of 90 days or less to be cash equivalents. | ||||||||||||||||||||||||
Veloce Consideration | ||||||||||||||||||||||||
The Company periodically evaluated the progress of the development work that was being performed in connection with its contractual arrangement with Veloce. Based on such an evaluation as well as various other qualitative factors, the Company estimated the total value of the development work being performed and assessed the timing and probability of attaining contractually defined performance milestones. | ||||||||||||||||||||||||
Upon assessing a performance milestone as probable of achievement, R&D expense was recognized based upon the estimated stage of development of that milestone and the estimated value associated with each performance milestone. The amount of R&D costs recognized in connection with the Veloce consideration excludes any value relating to Veloce common stock equivalents that have not been allocated to individuals (“Unallocated Veloce Units”). Payment of the Veloce consideration occurs based upon when a performance milestone is completed and upon satisfaction of vesting requirements. Significant judgment was required to estimate the total value of the Veloce development work, assess when a performance milestone was probable of achievement and estimate the timing of when the performance milestones were completed. The Company relied on discussions with internal technical personnel and using various qualitative and quantitative factors, including, but not limited to, overall complexity, stage of development and progress made to date, results of testing, and consideration as to the nature of the remaining development work, to assess probability of attaining the performance milestones defined in the Merger Agreement. If, based on such assessment, the Company believed attainment of a performance milestone was probable, the Company recognized expenses related to the estimated stage of development for the performance milestone, excluding the value relating to the Unallocated Veloce Units. As of March 31, 2014, the Company assessed that all three performance milestones were completed. | ||||||||||||||||||||||||
The total estimated consideration to be paid was based upon the benchmarks achieved during technology simulations that were performed during the third quarter of fiscal 2013 and correlating the results of the technology simulations to the contractual terms included in the Merger Agreement. As a result of higher than expected benchmarks achieved during technology simulations, the total estimated consideration to be paid was updated during fiscal 2013 from a previous estimated maximum of approximately $135.0 million to the contractual maximum of $178.5 million. As a result of this increase in value, the estimated value relating to the first and second performance milestones were also increased. | ||||||||||||||||||||||||
The consideration relating to the three performance milestones, excluding the value allocated to the Unallocated Veloce Units, in the amount of $169.3 million, has been recognized as research and development expense through March 31, 2014 compared to $126.6 million as of March 31, 2013. Total R&D expenses recognized were approximately $42.7 million and $66.2 million during the twelve months ended March 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||
The Company holds a variety of securities that have varied underlying investments. The Company reviews its investment portfolio periodically to assess for other-than-temporary impairment. The Company assesses the existence of impairment of its | ||||||||||||||||||||||||
investments in order to determine the classification of the impairment as “temporary” or “other-than-temporary”. The factors | ||||||||||||||||||||||||
used to determine whether an impairment is temporary or other-than-temporary involves considerable judgment. The factors considered in determining whether any individual impairment is temporary or other-than-temporary are primarily the length of the time and the extent to which the market value has been less than amortized cost, the nature of underlying assets (including the degree of collateralization), the financial condition, credit rating, market liquidity conditions and near-term prospects of the issuer. If the fair value of a security is less than its amortized cost basis at the balance sheet date, an assessment would have to be made as to whether the impairment is other-than-temporary. If the Company does not intend to sell the security, the Company shall consider available evidence to assess whether it is more likely than not, it will be required to sell the security before the recovery of the amortized cost basis due to cash, working capital requirements, contractual or regulatory obligations indicate that the security will be required to be sold before a forecasted recovery occurs. If it is more likely than not that the Company is required to sell the security before recovery of the amortized cost basis, an other-than-temporary impairment is considered to have occurred. The Company uses present value cash flow models to determine whether the entire amortized cost basis of the security will be recovered. The Company will compare the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. An other-than-temporary impairment is said to have occurred if the present value of cash flows expected to be collected is less than the amortized cost basis of the security. During the fiscal years ended March 31, 2014 and 2012, the Company did not record any other-than-temporary impairment charges. During the fiscal year ended March 31, 2013, the Company recorded approximately $1.1 million in other-than-temporary impairment charges. During the fiscal year ended March 31, 2014, the Company did not record an impairment charge in connection with other securities in a continuous loss position (fair value less than carrying value) with unrealized losses of $0.4 million as the Company believes that such unrealized losses are temporary. In addition, the Company also had $3.5 million in unrealized gains. If the fair value of a debt security is less than its amortized cost basis at the balance sheet date, an assessment would have to be made as to whether the impairment is other-than-temporary. | ||||||||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||||||
Short-term investments are recorded at fair value in the Company’s Consolidated Balance Sheets and are categorized based upon the level of judgment associated with the inputs used to measure their fair values. ASC Subtopic 820-10 defines a three-level valuation hierarchy for disclosure of fair value measurements. The Company currently classifies inputs to derive fair values for short-term investments as Level 1 and 2. Instruments classified as Level 1 include highly liquid government and agency securities, money market funds and publicly traded closed end bond funds in active markets. Instruments classified as Level 2 include corporate notes, mortgage-backed securities, asset-backed securities and preferred stock. The Company did not have any Level 3 short-term investments as of any of the periods presented. | ||||||||||||||||||||||||
Concentration of Credit Risk | ||||||||||||||||||||||||
Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of available-for-sale securities and trade receivables. The Company believes that the credit risk in its trade receivables is mitigated by the Company’s credit evaluation process, relatively short collection terms and dispersion of its customer base. The Company generally does not require collateral and losses on trade receivables have historically been within management’s expectations. | ||||||||||||||||||||||||
The Company invests its excess cash in debt instruments of the U.S. Treasury, corporate bonds, mutual funds, mortgage-backed securities, asset-backed securities, preferred stocks and closed-end bond funds primarily with investment grade credit ratings. The Company has established guidelines relative to diversification and maturities that attempt to maintain safety, yield and liquidity. These guidelines are periodically reviewed and modified to take advantage of trends in yields and interest rates. | ||||||||||||||||||||||||
Inventories | ||||||||||||||||||||||||
The Company’s policy is to value inventories at the lower of cost or market on a part-by-part basis. This policy requires the Company to make estimates regarding the market value of its inventories, including an assessment of excess or obsolete inventories. The Company determines excess and obsolete inventories based on an estimate of the future demand for its products within a specified time horizon, generally 12 months. The estimates used for future demand are also used for near-term capacity planning and inventory purchasing and are consistent with revenue forecasts. If the Company’s demand forecast is greater than its actual demand the Company may be required to take additional excess inventory charges, which would decrease gross margin and net operating results. Any impairment charges taken establishes a new cost basis for the underlying inventory and the cost basis for such inventory is not marked-up on changes in circumstances until a gain is realized upon its eventual sale. This accounting is consistent with the guidance provided by FASB ASC paragraph 330-10-35-14. | ||||||||||||||||||||||||
Strategic Investments | ||||||||||||||||||||||||
The Company has entered into certain equity investments in privately held businesses to achieve certain strategic business objectives. The Company’s investments in equity securities of privately held businesses are accounted for under the cost method. Under the cost method, strategic investments in which the Company holds less than a 20% voting interest and in which the Company does not have the ability to exercise significant influence are carried at cost reduced by other-than-temporary impairments, as appropriate. These investments are included in other assets on the Company’s Consolidated Balance Sheets. The Company periodically reviews these investments for other-than-temporary declines in fair value based on the specific identification method and writes down investments when an other-than-temporary decline has occurred. The Company recorded other-than-temporary impairment charges of its strategic investments of zero, $2.3 million and $1.0 million during the fiscal years ended March 31, 2014, 2013, and 2012, respectively, and a net gain on disposal of strategic equity investment of $7.1 million during the fiscal year ended 2012 in other income (expense), net. The fair value was estimated on a non-recurring basis based on Level 3 inputs. The Level 3 inputs used to estimate the fair value of these investments included consideration of the current cash position, recent operational performance, and forecasts of the investees. During the fiscal years ended March 31, 2014 and 2013, the Company invested zero and $0.5 million, respectively, in non-marketable strategic investments and these amounts were carried at adjusted cost. Refer to Other Assets in Note 3, Certain Financial Statement Information, to Consolidated Financial Statements for the total value of the Company's strategic investments carried at cost as of March 31, 2014. | ||||||||||||||||||||||||
Goodwill, Purchased Intangible Assets and Other Long-Lived Assets | ||||||||||||||||||||||||
The Company reviews its goodwill for impairment at the reporting unit level annually, or more frequently, if changes in facts and circumstances indicate that it is more likely than not that the fair value of the Company’s reporting units may be less than its carrying amount. The Company elected to use the qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount before applying the two-step goodwill impairment test. As part of its qualitative assessment, the Company evaluated and determined that its market capitalization was well in excess of its book value and based on this and other qualitative factors (such as revenue trends, design wins, continued utilization of developed technology acquired from the TPack A/S acquisition and subsequent to its sale in April 2013 - see Note 12, Sale of TPack A/S, to the Consolidated Financial Statements for details) determined that there was no goodwill impairment. | ||||||||||||||||||||||||
The Company’s long-lived assets consist of property, plant and equipment and other acquired intangibles, excluding goodwill. Property and equipment are stated at cost and depreciated over the estimated useful lives of the assets ranging from 1 to 7 years using the straight line method. Leasehold improvements are stated at cost and amortized over the shorter of the term of the related lease or its estimated useful life. Acquired intangibles with definite lives are amortized on a straight-line basis over the remaining estimated economic life of the underlying products and technologies. The Company reviews its definite-lived long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset may not be recoverable. Recoverability of an asset group is measured by comparison of its carrying amount to the expected future undiscounted cash flows that the asset group is expected to generate. If it is determined that an asset group is not recoverable, an impairment loss is recorded in the amount by which the carrying amount of the asset group exceeds its fair value. In addition, the Company assesses its long-lived assets for impairment if they are abandoned. The Company completed its annual impairment test in the fourth quarter of fiscal 2014 and determined that there was no impairment of long-lived assets. | ||||||||||||||||||||||||
Revenue Recognition | ||||||||||||||||||||||||
The Company recognizes revenue based on four basic criteria: 1) there is evidence that an arrangement exists; 2) delivery has occurred; 3) the fee is fixed or determinable; and 4) collectability is reasonably assured. The Company recognizes revenue upon determination that all criteria for revenue recognition have been met. In addition, the Company does not recognize revenue until the applicable customer’s acceptance criteria have been met. The criteria are usually met at the time of product shipment. The Company’s standard terms and conditions of sale do not allow for product returns and it generally does not allow product returns other than under warranty or stock rotation agreements. Revenue from shipments to distributors is recognized upon shipment. In addition, the Company records reductions to revenue for estimated allowances such as returns not pursuant to contractual rights, competitive pricing programs and rebates. These estimates are based on the Company's experience with stock rotations and the contractual terms of the competitive pricing and rebate programs. Royalty revenues are recognized when cash is received only when royalty amounts cannot be reasonably estimated. Royalty revenues are based upon sales of the Company's customers' products that include its technology. | ||||||||||||||||||||||||
Shipping terms are generally FCA (Free Carrier) shipping point. If actual returns or pricing adjustments exceed the Company's estimates, it would record additional reductions to revenue. | ||||||||||||||||||||||||
From time to time the Company generates revenue from the sale of internally developed intellectual property ("IP"). The Company generally recognizes revenue from the sale of IP when all basic criteria outlined above are met, which generally occurs when the payments are received. | ||||||||||||||||||||||||
Research and Development ('R&D") | ||||||||||||||||||||||||
R&D costs are expensed as incurred. Substantially all R&D expenses are related to new product development and designing significant improvements to existing products. Also refer to Note 4, Veloce, to the Consolidated Financial Statements. | ||||||||||||||||||||||||
Mask Costs | ||||||||||||||||||||||||
The Company incurs significant costs for the fabrication of masks used by its contract manufacturers to manufacture its products. If the Company determines, at the time the costs for the fabrication of masks are incurred, that technological feasibility of the product has been achieved, it considers the nature of these costs to be pre-production costs. Accordingly, such costs are capitalized as property and equipment under machinery and equipment and are amortized as cost of sales over approximately three years, representing the estimated production period of the product. The Company periodically reassesses the estimated product production period for specific mask sets capitalized. If the Company determines, at the time fabrication mask costs are incurred, that either technological feasibility of the product has not occurred or that the mask is not reasonably expected to be used in production manufacturing or that the commercial feasibility of the product is uncertain, the related mask costs are expensed to R&D in the period in which the costs are incurred. The Company will also periodically assess capitalized mask costs for impairment. During the fiscal years ended March 31, 2014 and 2013, total mask costs capitalized were $6.4 million and $3.1 million, respectively. | ||||||||||||||||||||||||
Stock-Based Compensation | ||||||||||||||||||||||||
Stock-based compensation cost is measured at the grant date based on the fair value of the award. The Company uses the Black-Scholes model to value stock-based compensation for options and employee stock purchase rights under the employee stock purchase plan ("ESPP"), and the fair market value of the Company's common stock for restricted stock units ("RSUs"). The market stock units ("MSUs") were valued using the Monte Carlo pricing model, which uses the Company's stock price, the Index value, expected volatilities of the Company's stock price and the Index, correlation coefficients and risk free interest rates to determine the fair value. The Black-Scholes model determines the fair value of share-based payment awards based on the stock price on the date of grant and is affected by assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, the Company’s stock price, volatility over the term of the awards and actual and projected employee stock option exercise behaviors. Option-pricing models were developed for use in estimating the value of traded options that have no vesting or hedging restrictions and are fully transferable. Although the fair value of stock options granted by the Company is estimated by the Black-Scholes model, the estimated fair value may not be indicative of the fair value observed in a willing buyer/willing seller market transaction. | ||||||||||||||||||||||||
The following tables summarize the allocation of the stock-based compensation expense (in thousands): | ||||||||||||||||||||||||
Fiscal Year Ended March 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Stock-based compensation expense by type of award: | ||||||||||||||||||||||||
Option grants and employee stock purchase rights | $ | 2,520 | $ | 3,469 | $ | 5,289 | ||||||||||||||||||
Restricted stock units | 14,517 | 20,620 | 13,148 | |||||||||||||||||||||
Total stock-based compensation | 17,037 | 24,089 | 18,437 | |||||||||||||||||||||
Stock-based compensation expensed from (capitalized to) inventory | (16 | ) | 147 | (63 | ) | |||||||||||||||||||
Total stock-based compensation expense | $ | 17,021 | $ | 24,236 | $ | 18,374 | ||||||||||||||||||
Fiscal Year Ended March 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Stock-based compensation expense by cost centers: | ||||||||||||||||||||||||
Cost of revenues | $ | 460 | $ | 545 | $ | 495 | ||||||||||||||||||
Research and development | 6,371 | 11,760 | 10,496 | |||||||||||||||||||||
Selling, general and administrative | 10,206 | 11,784 | 7,446 | |||||||||||||||||||||
Total stock-based compensation | 17,037 | 24,089 | 18,437 | |||||||||||||||||||||
Stock-based compensation expensed from (capitalized to) inventory | (16 | ) | 147 | (63 | ) | |||||||||||||||||||
Total stock-based compensation expense | $ | 17,021 | $ | 24,236 | $ | 18,374 | ||||||||||||||||||
The stock based compensation expense of approximately $24.2 million for the twelve months ended March 31, 2013 does not include approximately $1.3 million expense related to the acceleration of Veloce warrants. | ||||||||||||||||||||||||
The fair values of the options and employee stock purchase rights granted are estimated as of the grant date using the Black-Scholes option-pricing model with the following weighted-average assumptions: | ||||||||||||||||||||||||
Options | Employee Stock | |||||||||||||||||||||||
Purchase Rights | ||||||||||||||||||||||||
Fiscal Years Ended | Fiscal Years Ended | |||||||||||||||||||||||
March 31, | March 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Expected life (years) | 4.4 | 4.4 | 3.8 | 0.5 | 0.5 | 0.5 | ||||||||||||||||||
Risk-free interest rate | 0.6 | % | 0.7 | % | 1.4 | % | — | % | — | % | 0.1 | % | ||||||||||||
Volatility | 0.49 | 0.54 | 0.48 | 0.56 | 0.5 | 0.55 | ||||||||||||||||||
Dividend yield | — | % | — | % | — | % | — | % | — | % | — | % | ||||||||||||
Expected forfeiture rate | 5.8 | % | 6.6 | % | 6.8 | % | — | % | — | % | — | % | ||||||||||||
Weighted average fair value | $ | 2.95 | $ | 2.47 | $ | 3.83 | $ | 3.4 | $ | 1.77 | $ | 2.13 | ||||||||||||
Compensation Amortization Period. All stock-based compensation is amortized over the requisite service period of the awards, which is generally the same as the vesting period of the awards. The Company amortizes the fair value cost on a straight-line basis over the expected service periods. | ||||||||||||||||||||||||
Expected Life. The expected life of stock options granted represents the expected weighted average period of time from the date of grant to the estimated date that the stock option would be fully exercised. To calculate the expected term, the Company utilizes historical actual exercise data and assumes that unexercised stock options would be exercised at the midpoint of the valuation date of its analysis and the full contractual term of the option. | ||||||||||||||||||||||||
Expected Volatility. Expected volatility is a measure of the amount by which the stock price is expected to fluctuate. The Company estimates the expected volatility of its stock options at their grant date by equally weighting the historical volatility and the implied volatility of its stock. The historical volatility is calculated using the weekly stock price of its stock over a recent historical period equal to its expected life. The implied volatility is calculated from the implied market volatility of exchange-traded call options on its common stock. | ||||||||||||||||||||||||
Risk-Free Interest Rate. The risk-free interest rate is the implied yield currently available on zero-coupon government issues with a remaining term equal to the expected life. | ||||||||||||||||||||||||
Expected Dividends. The Company has never paid any cash dividends on its common stock and does not anticipate paying any cash dividends in the foreseeable future. Consequently, the Company uses an expected dividend yield of zero percent in valuation models. | ||||||||||||||||||||||||
Expected Forfeitures. As stock-based compensation expense recognized in the Consolidated Statements of Operations for the fiscal years ended March 31, 2014, 2013 and 2012 is based on awards that are ultimately expected to vest, it should be reduced for estimated forfeitures. Forfeitures are required to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Pre-vesting forfeiture rates were based upon the average of expected forfeiture data using the Company’s current demographics and standard probabilities of employee turnover and the annual forfeiture rate based on the Company’s historical forfeiture rates. | ||||||||||||||||||||||||
Effective April 1, 2013, the Company revised the estimated forfeiture rate used to determine the amount of stock-based compensation from 6.6% to 5.8% as a result of a decreasing rate of forfeitures in recent periods, which the Company believes is indicative of the rate it will experience during the remaining vesting period of currently outstanding unvested grants. | ||||||||||||||||||||||||
The weighted average fair value per share of the restricted stock units awarded in the fiscal years ended March 31, 2014, 2013 and 2012 was $9.46, $6.11 and $9.00, respectively. The weighted average fair value per share was calculated based on the fair market value of the Company’s common stock on the respective grant dates. | ||||||||||||||||||||||||
The amount of unrecognized stock-based compensation cost estimated to be expensed from April 1, 2014 through fiscal 2018, including time, performance and market based awards that are expected to vest, is $24.1 million which will be recognized over a weighted-average period of 1.5 years. If there are any modifications or cancellations of the underlying unvested securities, the Company may be required to accelerate, increase or cancel any remaining unrecognized stock-based compensation expense. Future stock-based compensation expense and unrecognized stock-based compensation will increase to the extent that the Company grants additional equity awards or assumes unvested equity awards in connection with acquisitions. | ||||||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||||
The Company utilizes the asset and liability method of accounting for income taxes as set forth in ASC Subtopic 740-10 (“ASC 740-10”). Under the asset and liability method, deferred taxes are determined based on the temporary differences between the financial statement and tax bases of assets and liabilities using enacted tax rates. A valuation allowance is recorded when it is more likely than not that some or all of the deferred tax assets will not be realized. | ||||||||||||||||||||||||
Segments of a Business Enterprise | ||||||||||||||||||||||||
The Company has two operating segments, Connectivity and Computing, and under the aggregation criteria set forth in ASC 280-10 (as the two operating segments share similar economic characteristics related to the nature of their products, production processes, customers and methods of distribution), has one reportable operating segment. The Company’s Chief Operating Decision Maker, the Chief Executive Officer, evaluates performance of the Company and makes decisions regarding allocation of resources based on total Company results. | ||||||||||||||||||||||||
New Accounting Pronouncements | ||||||||||||||||||||||||
In February 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2013-02 (ASU 2013-02), Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU 2013-02 requires an entity to present either on the face of the statement where comprehensive income is presented or in the notes to the financial statements, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. The adoption of ASU 2013-02, which involves presentation and disclosures only, did not have a significant impact on the Company's Consolidated Financial Statements. | ||||||||||||||||||||||||
From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB") or other standards setting bodies that are adopted by the Company as of the specified effective date. The Company believes the impact of recently issued standards that are not yet effective will not have a material impact on its Consolidated Financial Statements. |
Investments
Investments | 12 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||||||||||
Investments | ' | |||||||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||
The Company classifies its short-term investments as “available-for-sale” and records such assets at the estimated fair value with unrealized gains and losses excluded from net loss and reported, net of tax, in comprehensive loss. The portion of such unrealized losses that are deemed to be other-than-temporary in nature are charged to the Consolidated Statements of Operations. The basis for computing realized gains or losses is by specific identification. In addition, the Company had approximately $1.1 million and $1.0 million in restricted cash related to its voluntary disability insurance as of March 31, 2014 and 2013, respectively, and included in cash and cash equivalents on the Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||
The following is a summary of cash, cash equivalents and available-for-sale investments by type of instrument (in thousands): | ||||||||||||||||||||||||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||||||||||||||||||||||
Amortized | Gross Unrealized | Estimated | Amortized | Gross Unrealized | Estimated | |||||||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | Cost | Gains | Losses | Fair Value | |||||||||||||||||||||||||
Cash | $ | 65,867 | $ | — | $ | — | $ | 65,867 | $ | 8,529 | $ | — | $ | — | $ | 8,529 | ||||||||||||||||
Cash equivalents | 5,672 | — | — | 5,672 | 10,536 | — | — | 10,536 | ||||||||||||||||||||||||
U.S. Treasury securities and agency bonds | 2,838 | — | — | 2,838 | 12,363 | 10 | — | 12,373 | ||||||||||||||||||||||||
Corporate bonds | 10,599 | 30 | (2 | ) | 10,627 | 15,567 | 63 | (2 | ) | 15,628 | ||||||||||||||||||||||
Mortgage-backed and asset-backed securities* | 1,793 | 297 | (16 | ) | 2,074 | 3,655 | 355 | (7 | ) | 4,003 | ||||||||||||||||||||||
Closed-end bond funds | 14,373 | 2,392 | (402 | ) | 16,363 | 21,914 | 5,340 | (39 | ) | 27,215 | ||||||||||||||||||||||
Preferred stock | 2,406 | 736 | — | 3,142 | 4,878 | 2,314 | — | 7,192 | ||||||||||||||||||||||||
$ | 103,548 | $ | 3,455 | $ | (420 | ) | $ | 106,583 | $ | 77,442 | $ | 8,082 | $ | (48 | ) | $ | 85,476 | |||||||||||||||
Reported as: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 71,539 | $ | 19,065 | ||||||||||||||||||||||||||||
Short-term investments available-for-sale | 35,044 | 66,411 | ||||||||||||||||||||||||||||||
$ | 106,583 | $ | 85,476 | |||||||||||||||||||||||||||||
* | At March 31, 2014 and 2013, approximately $1.1 million and $1.4 million of the estimated fair value presented were mortgage-backed securities, respectively. | |||||||||||||||||||||||||||||||
The established guidelines for measuring fair value and expanded disclosures regarding fair value measurements are defined as a three-level valuation hierarchy for disclosure of fair value measurements as follows: | ||||||||||||||||||||||||||||||||
Level 1 — | Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. | |||||||||||||||||||||||||||||||
Level 2 — | Inputs (other than quoted market prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. | |||||||||||||||||||||||||||||||
Level 3 — | Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. Valuation of instruments includes unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities. | |||||||||||||||||||||||||||||||
The following is a summary of cash, cash equivalents and available-for-sale investments by type of instruments measured at fair value on a recurring basis (in thousands): | ||||||||||||||||||||||||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Level 1 | |||||||||||||||||||||||||
Cash | $ | 65,867 | $ | — | $ | — | $ | 65,867 | $ | 8,529 | $ | — | $ | — | $ | 8,529 | ||||||||||||||||
Cash equivalents | 5,672 | — | — | 5,672 | 9,508 | 1,028 | — | 10,536 | ||||||||||||||||||||||||
U.S. Treasury securities and agency bonds | 2,838 | — | — | 2,838 | 12,373 | — | — | 12,373 | ||||||||||||||||||||||||
Corporate bonds | — | 10,627 | — | 10,627 | — | 15,628 | — | 15,628 | ||||||||||||||||||||||||
Mortgage-backed and asset-backed securities | — | 2,074 | — | 2,074 | — | 4,003 | — | 4,003 | ||||||||||||||||||||||||
Closed-end bond funds | 16,363 | — | — | 16,363 | 27,215 | — | — | 27,215 | ||||||||||||||||||||||||
Preferred stock | — | 3,142 | — | 3,142 | — | 7,192 | — | 7,192 | ||||||||||||||||||||||||
$ | 90,740 | $ | 15,843 | $ | — | $ | 106,583 | $ | 57,625 | $ | 27,851 | $ | — | $ | 85,476 | |||||||||||||||||
There were no significant transfers in and out of Level 1 and Level 2 fair value measurements during the fiscal year ended March 31, 2014. | ||||||||||||||||||||||||||||||||
The following is a summary of the cost and estimated fair values of available-for-sale securities with stated maturities, which include U.S. Treasury securities and agency bonds, corporate bonds and mortgage-backed and asset-backed securities, by contractual maturity as of March 31, 2014 (in thousands): | ||||||||||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||||||||||
Cost | Estimated Fair Value | |||||||||||||||||||||||||||||||
Less than 1 year | $ | 6,888 | $ | 7,024 | ||||||||||||||||||||||||||||
Mature in 1 – 2 years | 6,580 | 6,618 | ||||||||||||||||||||||||||||||
Mature in 3 – 5 years | 529 | 542 | ||||||||||||||||||||||||||||||
Mature after 5 years | 1,233 | 1,355 | ||||||||||||||||||||||||||||||
$ | 15,230 | $ | 15,539 | |||||||||||||||||||||||||||||
The following is a summary of gross unrealized losses (in thousands): | ||||||||||||||||||||||||||||||||
Less Than 12 Months of | 12 Months or More of | Total | ||||||||||||||||||||||||||||||
Unrealized Losses | Unrealized Losses | |||||||||||||||||||||||||||||||
As of March 31, 2014 | Estimated | Gross | Estimated | Gross | Estimated | Gross | ||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||||||||||
U.S. Treasury securities and agency bonds | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Corporate bonds | 992 | (2 | ) | — | — | 992 | (2 | ) | ||||||||||||||||||||||||
Mortgage-backed and asset-backed securities | 431 | (16 | ) | — | — | 431 | (16 | ) | ||||||||||||||||||||||||
Closed-end bond funds | 4,819 | (333 | ) | 405 | (69 | ) | 5,224 | (402 | ) | |||||||||||||||||||||||
$ | 6,242 | $ | (351 | ) | $ | 405 | $ | (69 | ) | $ | 6,647 | $ | (420 | ) | ||||||||||||||||||
Less Than 12 Months of | 12 Months or More of | Total | ||||||||||||||||||||||||||||||
Unrealized Losses | Unrealized Losses | |||||||||||||||||||||||||||||||
As of March 31, 2013 | Estimated | Gross | Estimated | Gross | Estimated | Gross | ||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||||||||||
U.S. Treasury securities and agency bonds | $ | 300 | $ | — | $ | — | $ | — | $ | 300 | $ | — | ||||||||||||||||||||
Corporate bonds | 2,276 | (2 | ) | 113 | — | 2,389 | (2 | ) | ||||||||||||||||||||||||
Mortgage-backed and asset-backed securities | 647 | (3 | ) | — | (4 | ) | 647 | (7 | ) | |||||||||||||||||||||||
Closed-end bond funds | — | — | 6,991 | (39 | ) | 6,991 | (39 | ) | ||||||||||||||||||||||||
$ | 3,223 | $ | (5 | ) | $ | 7,104 | $ | (43 | ) | $ | 10,327 | $ | (48 | ) | ||||||||||||||||||
Other-Than-Temporary Impairment | ||||||||||||||||||||||||||||||||
Based on an evaluation of securities that have been in a loss position, the Company recognized other-than-temporary impairment charge of its short-term investments and marketable securities of $1.1 million during the fiscal year ended March 31, 2013. During the fiscal years ended March 31, 2014 and 2012, the Company did not recognize any other-than-temporary impairment charges. The Company considered various factors which included a credit and liquidity assessment of the underlying securities and the Company’s intent and ability to hold the underlying securities until the estimated date of recovery of its amortized cost. As of March 31, 2014 and 2013, the Company also had $3.5 million and $8.1 million in gross unrealized gains, respectively. The basis for computing realized gains or losses is by specific identification. |
Certain_Financial_Statement_In
Certain Financial Statement Information | 12 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||
Certain Financial Statement Information [Abstract] | ' | |||||||||||||||||||||||||||
Certain Financial Statement Information | ' | |||||||||||||||||||||||||||
Certain Financial Statement Information | ||||||||||||||||||||||||||||
Accounts receivable: | ||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Accounts receivable | $ | 25,629 | $ | 25,278 | ||||||||||||||||||||||||
Less: allowance for bad debts | (451 | ) | (703 | ) | ||||||||||||||||||||||||
$ | 25,178 | $ | 24,575 | |||||||||||||||||||||||||
Inventories: | ||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Finished goods | $ | 9,375 | $ | 7,247 | ||||||||||||||||||||||||
Work in process | 6,510 | 4,098 | ||||||||||||||||||||||||||
Raw materials | 3,061 | 1,555 | ||||||||||||||||||||||||||
$ | 18,946 | $ | 12,900 | |||||||||||||||||||||||||
Other current assets: | ||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Prepaid expenses | $ | 10,978 | $ | 13,762 | ||||||||||||||||||||||||
Executive deferred compensation assets | 1,035 | 693 | ||||||||||||||||||||||||||
Deposits | 585 | 828 | ||||||||||||||||||||||||||
Proceeds receivable from sale of strategic investment | 3,353 | 1,331 | ||||||||||||||||||||||||||
Other | 848 | 1,384 | ||||||||||||||||||||||||||
$ | 16,799 | $ | 17,998 | |||||||||||||||||||||||||
Property and equipment: | ||||||||||||||||||||||||||||
Useful | March 31, | |||||||||||||||||||||||||||
Life | 2014 | 2013 | ||||||||||||||||||||||||||
(In years) | (In thousands) | |||||||||||||||||||||||||||
Machinery and equipment* | 7-May | $ | 44,503 | $ | 40,063 | |||||||||||||||||||||||
Leasehold improvements** | 5-Jan | 11,574 | 14,202 | |||||||||||||||||||||||||
Computers, office furniture and equipment | 7-Mar | 43,365 | 43,485 | |||||||||||||||||||||||||
Buildings** | — | — | 2,756 | |||||||||||||||||||||||||
Land** | — | — | 9,800 | |||||||||||||||||||||||||
99,442 | 110,306 | |||||||||||||||||||||||||||
Less: accumulated depreciation and amortization | (78,696 | ) | (75,915 | ) | ||||||||||||||||||||||||
$ | 20,746 | $ | 34,391 | |||||||||||||||||||||||||
* | Includes capitalized mask costs | |||||||||||||||||||||||||||
** In March, 2014, The Company sold its headquarters building and related parcel of land in Sunnyvale, California for a purchase price of $40.8 million in cash. The building was being depreciated over the useful life of 31.5 years and the leasehold improvements associated with the building were being depreciated over the useful life of 5 to 15 years. The net book value of the properties sold was approximately $14.3 million on the closing date and the Company recorded a gain of $25.8 million in the fiscal year ended March 31, 2014. The Company leases a portion of the space on a lease which expires in August, 2015. | ||||||||||||||||||||||||||||
Goodwill and purchased intangibles: | ||||||||||||||||||||||||||||
Goodwill is as follows: | ||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Goodwill | $ | 11,425 | $ | 13,183 | ||||||||||||||||||||||||
The reduction in goodwill of $1.8 million relates to the sale of TPack. See Note 12, Sale of TPack A/S, to the Consolidated Financial Statements for details. | ||||||||||||||||||||||||||||
Purchase-related intangibles are as follows: | ||||||||||||||||||||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||||||||||||||||||
Gross | Accumulated | Net | Weighted | Gross | Accumulated | Net | Weighted | |||||||||||||||||||||
Amortization | average | Amortization | average | |||||||||||||||||||||||||
and | remaining | and | remaining | |||||||||||||||||||||||||
Impairments | useful life | Impairments | useful life | |||||||||||||||||||||||||
(In thousands) | (In years) | (In thousands) | (In years) | |||||||||||||||||||||||||
Developed technology/in-process research and development | $ | 425,000 | $ | (425,000 | ) | $ | — | 0 | $ | 441,300 | $ | (431,771 | ) | $ | 9,529 | 3.5 | ||||||||||||
Customer relationships | 6,330 | (6,225 | ) | 105 | 0.4 | 12,830 | (10,507 | ) | 2,323 | 2.1 | ||||||||||||||||||
Patents/core technology rights/trade name | 62,306 | (62,306 | ) | — | 0 | 63,206 | (63,067 | ) | 139 | 0.3 | ||||||||||||||||||
$ | 493,636 | $ | (493,531 | ) | $ | 105 | $ | 517,336 | $ | (505,345 | ) | $ | 11,991 | |||||||||||||||
During the quarter ended June 30, 2013, $11.4 million of purchased intangibles were written off pursuant to the sale of TPack. See Note 12, Sale of TPack A/S, to the Consolidated Financial Statements for details. | ||||||||||||||||||||||||||||
The estimated future amortization expense of purchased intangible assets to be charged to operating expenses as of March 31, 2014, was as follows (in thousands): | ||||||||||||||||||||||||||||
Operating | ||||||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||
Fiscal Years Ending March 31, 2015 | $ | 105 | ||||||||||||||||||||||||||
Other Assets: | ||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Non-current portion of prepaid expenses | $ | 4,235 | $ | 7,866 | ||||||||||||||||||||||||
Strategic investments* | 3,000 | 3,000 | ||||||||||||||||||||||||||
Other | $ | 519 | $ | — | ||||||||||||||||||||||||
$ | 7,754 | $ | 10,866 | |||||||||||||||||||||||||
*During the fiscal years ended March 31, 2014 and 2013, the Company recognized an impairment charge on its non-marketable strategic investment of $0.0 million and $2.3 million, respectively. Refer to Note 2, Investments, to the Consolidated Financial Statements for details. | ||||||||||||||||||||||||||||
Other accrued liabilities: | ||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Employee related liabilities | $ | 1,733 | $ | 2,236 | ||||||||||||||||||||||||
Executive deferred compensation | 1,314 | 1,284 | ||||||||||||||||||||||||||
Income taxes | 962 | 903 | ||||||||||||||||||||||||||
Professional fees | 1,259 | 3,840 | ||||||||||||||||||||||||||
Other | 5,609 | 2,467 | ||||||||||||||||||||||||||
$ | 10,877 | $ | 10,730 | |||||||||||||||||||||||||
Warranty Reserves: | ||||||||||||||||||||||||||||
The Company’s products typically carry a one-year warranty. The Company establishes reserves for estimated product warranty costs at the time revenue is recognized. Although the Company engages in extensive product quality programs and processes, its warranty obligation is affected by product failure rates, use of materials and service delivery costs incurred in correcting any product failure. Should actual product failure rates, use of materials or service delivery costs differ from the Company’s estimates, additional warranty reserves could be required, which could reduce its gross margin. | ||||||||||||||||||||||||||||
The following table summarizes warranty reserve activity: | ||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Beginning balance | $ | 220 | $ | 454 | ||||||||||||||||||||||||
Charged (capitalized) to costs of revenues | 58 | (94 | ) | |||||||||||||||||||||||||
Costs incurred | (79 | ) | (140 | ) | ||||||||||||||||||||||||
Ending balance | $ | 199 | $ | 220 | ||||||||||||||||||||||||
Interest income (expense), net and other-than-temporary impairments: | ||||||||||||||||||||||||||||
Fiscal Years Ended March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Interest income | $ | 1,692 | $ | 2,347 | $ | 3,601 | ||||||||||||||||||||||
Net realized gain on short-term investments | 3,360 | 1,391 | 646 | |||||||||||||||||||||||||
Impairments of short-term investments and marketable securities | — | (1,143 | ) | — | ||||||||||||||||||||||||
$ | 5,052 | $ | 2,595 | $ | 4,247 | |||||||||||||||||||||||
Other income (expense), net: | ||||||||||||||||||||||||||||
Fiscal Years Ended March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Net (impairment) gain on strategic investments* | $ | — | $ | (2,250 | ) | $ | 7,147 | |||||||||||||||||||||
Impairment of notes receivable and other assets** | — | (1,800 | ) | — | ||||||||||||||||||||||||
Net (loss) gain on disposals of property | 67 | (21 | ) | (10 | ) | |||||||||||||||||||||||
Other, net | 287 | 1,677 | 300 | |||||||||||||||||||||||||
$ | 354 | $ | (2,394 | ) | $ | 7,437 | ||||||||||||||||||||||
*During the fiscal years ended March 31, 2014, 2013 and 2012, the Company recognized an impairment charge of its non-marketable strategic investment of $0.0 million, $2.3 million and $1.0 million, respectively. Refer to Note 1, Summary of Significant Accounting Policies, to the Consolidated Financial Statements for details. | ||||||||||||||||||||||||||||
**During the fiscal year ended March 31, 2013, the Company wrote-off $1.5 million of notes receivable due from an investee and $0.3 million related to a prepaid intellectual property license from this investee. The Company also impaired the related equity investment of $2.3 million in this investee - see * above. | ||||||||||||||||||||||||||||
Net loss per share: | ||||||||||||||||||||||||||||
Shares used in basic net loss per share are computed using the weighted average number of common shares outstanding during each period. Shares used in diluted net loss per share include the dilutive effect of common shares potentially issuable upon the exercise of stock options, vesting of RSUs and outstanding warrants. The reconciliation of shares used to calculate basic and diluted net loss per share consists of the following (in thousands, except per share data): | ||||||||||||||||||||||||||||
Fiscal Years Ended March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Net loss | $ | (5,694 | ) | $ | (134,115 | ) | $ | (82,688 | ) | |||||||||||||||||||
Shares used in net loss per share computation: | ||||||||||||||||||||||||||||
Weighted average common shares outstanding, basic | 72,897 | 65,258 | 62,245 | |||||||||||||||||||||||||
Net effect of dilutive common share equivalents | — | — | — | |||||||||||||||||||||||||
Weighted average common shares outstanding, diluted | 72,897 | 65,258 | 62,245 | |||||||||||||||||||||||||
Basic and diluted net loss per share | $ | (0.08 | ) | $ | (2.06 | ) | $ | (1.33 | ) | |||||||||||||||||||
The effect of anti-dilutive securities (comprised of options and restricted stock units) totaling 4.5 million, 7.2 million and 9.0 million equivalent shares for the fiscal years ended March 31, 2014, 2013 and 2012, respectively, have been excluded from the net loss per share computation, as the impact would be anti-dilutive. | ||||||||||||||||||||||||||||
The effect of dilutive securities (comprised of options and restricted stock units) totaling 1.5 million, 0.8 million and 0.5 million shares for the fiscal years ended March 31, 2014, 2013 and 2012, respectively, have been excluded from the net loss per share computation, as the impact would be anti-dilutive because the Company has incurred losses in the periods presented. | ||||||||||||||||||||||||||||
Total equivalent shares excluded from the net loss per share computation are 6.0 million, 8.0 million and 9.5 million for the fiscal years ended March 31, 2014, 2013 and 2012, respectively. |
Veloce
Veloce | 12 Months Ended |
Mar. 31, 2014 | |
Variable Interest Entity, Measure of Activity [Abstract] | ' |
Veloce | ' |
Veloce | |
On June 20, 2012 (the “Closing Date”), the Company completed its acquisition of Veloce pursuant to the terms of the Agreement and Plan of Merger (the “Merger Agreement”). Veloce has been developing specific technology for the Company. | |
The terms of the Merger Agreement include the payment of the total consideration, payable to holders of Veloce common stock options that were vested on the Closing Date and holders of Veloce common stock and stock equivalents (collectively “Veloce Equity Holders”), and to Veloce stock equivalents that have not yet been allocated to individuals (“Unallocated Veloce Units”). The Merger Agreement further provides for payments of additional merger consideration contingent upon the achievement of certain post-closing product development milestones relating to the Veloce development project. | |
The total estimated consideration to be paid was based upon the benchmarks achieved during technology simulations that were performed during the third quarter of fiscal 2013 and correlating the results of the technology simulations to the contractual terms included in the Merger Agreement. As a result of higher than expected benchmarks achieved during technology simulations, the total estimated consideration to be paid was updated during fiscal 2013 from a previous estimated maximum of approximately $135.0 million to the contractual maximum of $178.5 million. Significant judgment was required in assessing when a performance milestone was probable of achievement and estimating the percentage of completion of the milestone and the timing of when the performance milestones were completed. These determinations were based on discussions with internal technical personnel that addressed various qualitative and quantitative factors, including, but not limited to, overall complexity associated with the assessment, stage of development, progress made to date, results of testing and consideration as to the nature of the remaining development work. | |
Veloce completed all three performance milestones relating to the project as of March 31, 2014. The consideration relating to the three performance milestones, excluding the value allocated to the Unallocated Veloce Units, in the amount of $169.3 million, has been recognized as research and development expense through March 31, 2014 compared to $126.6 million as of March 31, 2013. During the twelve months ended March 31, 2014 and 2013, as part of the above arrangement, the Company paid approximately $63.7 million and $16.5 million, respectively, in cash and issued approximately 6.7 million shares and 3.0 million shares, respectively, valued at approximately $57.3 million and $16.6 million, respectively. | |
The consideration that the Company will be obligated to pay will be allocated equally to each of the Veloce Equity Holders and the Unallocated Veloce Units. The Company is contractually required to distribute all Unallocated Veloce Units within a certain time period. During the twelve months ended March 31, 2014, the Company distributed an additional 0.5 million Unallocated Veloce Units which had a related expense of $5.9 million. Veloce Equity Holders subject to vesting requirements will receive their distribution upon satisfaction of such vesting requirements. | |
For accounting purposes, the costs incurred in connection with the development milestones relating to Veloce are considered compensatory and are recognized as R&D expense. Recognition of these costs as expense occurred when certain development and performance milestones became probable of achievement and were deemed earned. However, the value allocated to the Unallocated Veloce Units will not be recognized as R&D expense until distribution of the underlying units occurs. As of March 31, 2014, 0.9 million Unallocated Veloce Units had not been allocated, and the maximum potential additional expense to be recognized associated with these Unallocated Veloce Units was approximately $9.2 million. | |
Total R&D expenses recognized related to Veloce were approximately $42.7 million and $66.2 million during the twelve months ended March 31, 2014 and 2013, respectively. The Veloce accrued liability included on the Consolidated Balance Sheets is based upon the amount of R&D expense recognized in connection with the development of the Veloce performance milestones less amounts paid either in cash or in common stock. Veloce consideration that has been accrued as of March 31, 2014, is classified as long-term if payments of the consideration are expected to occur beyond a 12 month period. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Stockholders' Equity | ' | |||||||||||||||
Stockholders' Equity | ||||||||||||||||
Preferred Stock | ||||||||||||||||
The Certificate of Incorporation allows for the issuance of up to two million shares of preferred stock in one or more series and to fix the rights, preferences, privileges and restrictions thereof, including dividend rights, dividend rates, conversion rights, voting rights, terms of redemption, redemption prices, liquidation preferences, and the number of shares constituting any series of the designation of such series, without further vote or action by the stockholders. At March 31, 2014, there were no preferred shares outstanding. | ||||||||||||||||
Common Stock | ||||||||||||||||
At March 31, 2014, the Company had 375.0 million shares authorized for issuance and approximately 77.7 million shares issued and outstanding. At March 31, 2013, there were approximately 68.0 million shares issued and outstanding. | ||||||||||||||||
Stock Repurchase Program | ||||||||||||||||
In August 2004, the Board of Directors authorized a stock repurchase program for the repurchase of up to $200.0 million of the Company's common stock. Under the program, the Company is authorized to make purchases in the open market or enter into structured agreements. In October 2008, the Board of Directors increased the stock repurchase program by $100.0 million. There were no stock repurchases during the fiscal year ended March 31, 2014. During the fiscal year ended March 31, 2013, approximately 0.1 million shares were repurchased on the open market at a weighted average price of $5.18 per share. From the time the program was first implemented in August 2004, the Company has repurchased on the open market a total of 17.3 million shares at weighted average price of $10.04 per share. All repurchased shares were retired upon delivery to the Company. As of March 31, 2014, the Company had $15.9 million available in its stock repurchase program. | ||||||||||||||||
Stock Options | ||||||||||||||||
The Company has granted stock options to employees and non-employee directors under several plans. These equity plans include three stockholder-approved plans (the 1992 Stock Option Plan and 1997 Directors’ Stock Option Plan and 2011 Equity Incentive Plan) and four plans not approved by stockholders (the 2000 Equity Incentive Plan, Cimaron Communications Corporation’s 1998 Stock Incentive Plan assumed in the fiscal 1999 merger, and JNI Corporation’s 1997 and 1999 Stock Option Plans assumed in the fiscal 2004 merger). Certain other outstanding options were assumed through the Company’s various acquisitions. | ||||||||||||||||
In May 2009, Dr. Gopi, the Company's CEO, was awarded 300,000 stock options for “Extraordinary Accomplishment.” The Black-Scholes value of these stock options was $1.1 million. These options vest only if Company performance milestones are satisfied; otherwise they expire unvested. The first milestone for vesting of 75,000 shares is when it is determined that the Company achieved an annual revenue target of $270.0 million or more for any fiscal year from fiscal 2010 through fiscal 2013. The next milestone for vesting of another 75,000 shares is when it is determined that the Company achieved an annual revenue target of $310.0 million or more for any fiscal year from fiscal 2010 through fiscal 2013 or an annual revenue target of $350.0 million or more for fiscal 2014. The last milestone for vesting of 150,000 shares is when it is determined that the Company achieved an annual operating margin of 13.5% of annual revenue or higher in fiscal 2013 or 15% or higher for any fiscal year from fiscal 2010 through fiscal 2012. All options issued under the above award expired unvested when it concluded in fiscal 2014. | ||||||||||||||||
A summary of the Company's stock option activity and related information is as follows: | ||||||||||||||||
Options Outstanding | ||||||||||||||||
Number of Shares (thousands) | Weighted | Weighted-Average Remaining Contractual Term (years) | Aggregate Intrinsic Value* (millions) | |||||||||||||
Average | ||||||||||||||||
Exercise | ||||||||||||||||
Price Per Share | ||||||||||||||||
Outstanding as of March 31, 2011 | 5,390 | $ | 11.91 | |||||||||||||
Granted | 250 | $ | 10.1 | |||||||||||||
Exercised | (156 | ) | $ | 5.11 | $ | 0.5 | -1 | |||||||||
Cancelled | (1,320 | ) | $ | 16.2 | ||||||||||||
Outstanding as of March 31, 2012 | 4,164 | $ | 10.67 | |||||||||||||
Granted | 40 | $ | 5.58 | |||||||||||||
Exercised | (161 | ) | $ | 5.31 | $ | 0.3 | -1 | |||||||||
Cancelled | (551 | ) | $ | 14.49 | ||||||||||||
Outstanding as of March 31, 2013 | 3,492 | $ | 10.26 | |||||||||||||
Granted | 40 | 7.35 | ||||||||||||||
Exercised | (662 | ) | 9.36 | $ | 1.8 | -1 | ||||||||||
Cancelled | (461 | ) | 12.35 | |||||||||||||
Outstanding as of March 31, 2014 | 2,409 | $ | 10.06 | 2.7 | $ | 3.4 | -2 | |||||||||
Vested and expected to vest as of March 31, 2014 | 2,409 | $ | 10.06 | 2.6 | $ | 3.4 | -2 | |||||||||
Vested and exercisable at the end of the year | 2,312 | $ | 10.14 | 2.7 | $ | 3.2 | -2 | |||||||||
(1) The aggregate pre-tax intrinsic value is calculated as the difference between the market value on the date of exercise and the exercise price of the shares. | ||||||||||||||||
(2) The aggregate pre-tax intrinsic value is calculated as the difference between the market value as of the end of the fiscal period and the exercise price of the shares. The closing price of the Company’s common stock was $9.90 on March 31, 2014. | ||||||||||||||||
The following table summarizes the information about stock options outstanding and exercisable as of March 31, 2014 (shares in thousands): | ||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||
Range of Exercise Prices | Number of Shares | Weighted | Weighted | Number of Shares | Weighted | |||||||||||
Average | Average | Average | ||||||||||||||
Remaining | Exercise Price | Exercise Price | ||||||||||||||
Contractual | ||||||||||||||||
Life | ||||||||||||||||
$ 1.68 - $ 7.60 | 540 | 3.07 | $ | 6.77 | 462 | $ | 6.71 | |||||||||
7.61 - 7.67 | 650 | 2.34 | 7.67 | 650 | 7.67 | |||||||||||
7.68 - 11.86 | 430 | 3.3 | 10.49 | 419 | 10.47 | |||||||||||
11.87 - 14.20 | 491 | 2.38 | 12.87 | 483 | 12.88 | |||||||||||
14.21 - 23.32 | 298 | 1.47 | 15.96 | 298 | 15.96 | |||||||||||
$ 1.68 - $23.32 | 2,409 | 2.57 | $ | 10.06 | 2,312 | $ | 10.14 | |||||||||
Restricted Stock Units | ||||||||||||||||
The Company has granted RSUs pursuant to its 1992 Plan, 2000 Equity Incentive Plan and 2011 Equity Incentive Plan as part of its regular annual employee equity compensation review program as well as to new hires. RSUs are share awards that, upon vesting, will deliver to the holder shares of the Company’s common stock. Generally, RSUs vest ratably on a quarterly basis over four years from the date of grant. For employees hired after May 15, 2006, RSUs will vest on a quarterly basis over four years from the date of hire provided that no shares will vest during the first year of employment, at the end of which the shares that would have vested during that year will vest and the remaining shares will vest over the remaining 12 quarters. | ||||||||||||||||
In April 2011, the Committee authorized additional three-year performance-based RSU grants, or “EBITDA2” Grants. Fiscal 2012, 2013 and 2014 were declared as zero attainment years and all shares issued under the EBITDA2 program expired unvested when the program concluded in May 2014. | ||||||||||||||||
In November 2011 and February 2012, the Committee authorized additional 18-month performance-based RSU grants, or “Performance Retention Grants”, which were intended to incentivize superior performance and retain key employees. In May 2012, the Committee authorized 12-month Performance Retention Grants. Vesting for the Performance Retention Grants was subject to (i) the accomplishment of goals and objectives of the individual’s business unit and (ii) individual performance as measured by the accomplishment of individual goals and objectives. The 18-month RSU shares generally vest 2/3 after one year, with certain unearned amounts able to roll over to the subsequent vesting period, and 1/3 after 18 months. The 12-month RSU shares have the opportunity to vest after 1 year. Unvested RSU shares remaining at the end of the program period will expire unvested. This program has concluded and no further grants will be made under this program. | ||||||||||||||||
In February 2012, Dr. Gopi was awarded 500,000 performance-based RSUs based on three underlying performance milestones. The value of these RSUs is $3.7 million. The Company evaluated the probability of achieving the milestones and recognized expense accordingly. As of March 31, 2014, all three performance milestones have been completed, and the associated stock-based compensation expense has been recorded in the Company's Consolidated Financial Statements. In November 2013, Dr. Gopi was awarded an additional 500,000 RSUs of which 200,000 RSUs were vested on the grant date and the remaining 300,000 RSUs have not vested as of March 31, 2014 and will vest upon the attainment of certain specified X-Gene and X-Weave commercialization goals. The value of these unvested performance-based RSUs is $3.3 million. | ||||||||||||||||
In May and November 2013, the Committee authorized performance-based MSUs. The MSUs will be earned, if at all, based on the Company's Total Shareholder Return (“TSR”) compared to that of the SPDR S&P Semiconductor Index ("Index”) over a 2-year performance period (for half of the MSU award) and a three-year performance period (for the remaining half of the MSU award). The MSUs will vest between ranges of 0% and 150% based on the Company's relative TSR compared to the Index. The value of these MSUs is $3.1 million. | ||||||||||||||||
In May 2013, the Committee authorized an annual incentive compensation plan (the “FY2014 Short-Term Plan”). The FY 2014 Short-Term Plan will pay out based on fiscal 2014 revenue and non-GAAP earnings per share metrics. The award payouts for each corporate financial measure range from 50% to 150% of the pre-established target level based on the Company's actual performance for fiscal 2014 and the associated stock-based compensation expense of $1.4 million has been recorded in the Company's Consolidated Financial Statements as of March 31, 2014. The FY 2014 Short-Term Plan was payable in fully vested RSUs on May 15, 2014 and was duly paid in May 2014. | ||||||||||||||||
A summary of the Company's RSU activity is as follows (in thousands): | ||||||||||||||||
Fiscal Years Ended March 31, | ||||||||||||||||
2014 | 2013 | 2011 | ||||||||||||||
Outstanding at the beginning of the year | 6,444 | 9,244 | 3,074 | |||||||||||||
Awarded | 3,594 | 1,040 | 8,833 | |||||||||||||
Vested | (2,397 | ) | (2,345 | ) | (1,701 | ) | ||||||||||
Cancelled | (1,536 | ) | (1,495 | ) | (962 | ) | ||||||||||
Outstanding at the end of the year | 6,105 | 6,444 | 9,244 | |||||||||||||
The weighted average remaining contractual term for the RSUs outstanding as of March 31, 2014 was 0.9 years. | ||||||||||||||||
As of March 31, 2014, the aggregate pre-tax intrinsic value of RSUs outstanding was $60.4 million which includes performance based awards which are subject to milestone attainment. The aggregate pretax intrinsic values were calculated based on the closing price of the Company’s common stock of $9.90 on March 31, 2014. | ||||||||||||||||
The aggregate pretax intrinsic values of RSUs released during the fiscal year ended March 31, 2014 was $22.4 million. This intrinsic value represents the fair market value of the Company’s common stock on the date of release. | ||||||||||||||||
Employee Stock Purchase Plan | ||||||||||||||||
Under the Company's 1998 Employee Stock Purchase Plan ("1998 Plan"), the Company had 6.3 million shares reserved for issuance. In August 2012, the Company’s stockholders approved the proposal to reserve an additional 1.8 million shares under the 2012 Employee Stock Purchase Plan ("2012 Plan"). Upon adoption of the 2012 Plan, the 1998 Plan was terminated. Under the terms of the 2012 Plan, purchases are made semiannually and the purchase price of the common stock is equal to 85% of the fair market value of the common stock on the first or last day of the offering period, whichever is lower. During the fiscal years ended March 31, 2014 and 2013, 0.7 million and 0.6 million shares, respectively, were issued under the 2012 plan. During the fiscal year ended March 31, 2013, 0.4 million shares were issued under the 1998 plan prior to its termination in August 2012. At March 31, 2014, 0.5 million shares were available for future issuance from the 2012 Plan. | ||||||||||||||||
Warrants | ||||||||||||||||
On May 17, 2009, the Company entered into a development agreement with Veloce pursuant to which Veloce agreed, among other things, to perform development work for the Company on an exclusive basis for up to five years for cash and other consideration, including a warrant to purchase shares of the Company’s common stock (the “Warrant”). In connection with the Merger Agreement amendment entered into on April 5, 2012, the Company and Veloce further modified the Warrant by fully accelerating the vesting schedule resulting in the recognition of approximately $1.3 million of stock compensation expense during the quarter ended June 30, 2012. | ||||||||||||||||
Common Shares Reserved for Future Issuance | ||||||||||||||||
At March 31, 2014, the Company has the following shares of common stock reserved for issuance upon the exercise of equity instruments (in thousands): | ||||||||||||||||
Options granted and outstanding | 2,409 | |||||||||||||||
Restricted Stock Units granted and outstanding | 6,105 | |||||||||||||||
Options and RSUs authorized for future grants | 355 | |||||||||||||||
Employee Stock Purchase Plan | 498 | |||||||||||||||
9,367 | ||||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||
Income Taxes | |||||||||||||||||||||
Loss from operations before income tax consists of the following (in thousands): | |||||||||||||||||||||
Fiscal Years Ended March 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Loss from operations before income tax: | |||||||||||||||||||||
Domestic loss | $ | (8,976 | ) | $ | (130,552 | ) | $ | (78,630 | ) | ||||||||||||
Foreign income (loss) | 3,901 | (4,117 | ) | (3,130 | ) | ||||||||||||||||
$ | (5,075 | ) | $ | (134,669 | ) | $ | (81,760 | ) | |||||||||||||
Income tax expense (benefit) from operations consists of the following (in thousands): | |||||||||||||||||||||
Fiscal Years Ended March 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Current: | |||||||||||||||||||||
Federal | $ | (20 | ) | $ | (1,106 | ) | $ | 147 | |||||||||||||
Foreign | 819 | 847 | 1,034 | ||||||||||||||||||
State | 6 | (129 | ) | 60 | |||||||||||||||||
Total Current | 805 | (388 | ) | 1,241 | |||||||||||||||||
Deferred: | |||||||||||||||||||||
Foreign | (186 | ) | (166 | ) | (313 | ) | |||||||||||||||
State | — | — | — | ||||||||||||||||||
Total Deferred | (186 | ) | (166 | ) | (313 | ) | |||||||||||||||
$ | 619 | $ | (554 | ) | $ | 928 | |||||||||||||||
The provision (benefit) for income taxes reconciles to the amount computed by applying the federal statutory rate of 35% to the loss before income taxes as follows for operations (in thousands): | |||||||||||||||||||||
Fiscal Years Ended March 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
$ | % | $ | % | $ | % | ||||||||||||||||
Tax at federal statutory rate | $ | (1,776 | ) | 35 | % | $ | (47,134 | ) | 35 | % | $ | (28,613 | ) | 35 | % | ||||||
Tax benefit from loss from continuing operations | — | — | (925 | ) | 1 | (123 | ) | — | |||||||||||||
Other permanent differences | (6,561 | ) | 129 | 1,195 | (1 | ) | 2,295 | (3 | ) | ||||||||||||
State taxes, net of federal benefit | (214 | ) | 4 | (7,263 | ) | 5 | (3,937 | ) | 5 | ||||||||||||
Federal tax credits | (1,778 | ) | 35 | (1,909 | ) | 1 | (4,131 | ) | 5 | ||||||||||||
State tax credits | (444 | ) | 9 | (537 | ) | — | (622 | ) | 1 | ||||||||||||
Veloce accrued liability | 16,740 | (330 | ) | 26,749 | (20 | ) | 24,046 | (29 | ) | ||||||||||||
Sale of TPack | 2,688 | (53 | ) | — | — | — | — | ||||||||||||||
Valuation allowance | (7,809 | ) | 154 | 28,715 | (21 | ) | 11,600 | (14 | ) | ||||||||||||
Change in contingency reserve | (64 | ) | 1 | 74 | — | 52 | — | ||||||||||||||
Other | (163 | ) | 4 | 481 | — | 361 | (1 | ) | |||||||||||||
$ | 619 | (12 | )% | $ | (554 | ) | — | % | $ | 928 | (1 | )% | |||||||||
Significant components of the Company’s deferred tax assets and liabilities for federal and state income taxes are as shown below (in thousands): | |||||||||||||||||||||
Fiscal Years Ended March 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||
Net operating loss carryforwards | $ | 294,910 | $ | 310,276 | |||||||||||||||||
Research and development credit carryforwards | 79,839 | 78,696 | |||||||||||||||||||
Inventory write-downs and other reserves | 8,068 | 9,046 | |||||||||||||||||||
Capitalization of research and development costs | 5,915 | 8,038 | |||||||||||||||||||
Goodwill | 4,007 | 7,431 | |||||||||||||||||||
Intangible assets | 32,290 | 40,201 | |||||||||||||||||||
Investment impairment | 3,494 | 4,958 | |||||||||||||||||||
Stock-based compensation | 26,664 | 31,177 | |||||||||||||||||||
Depreciation and amortization | 3,253 | 165 | |||||||||||||||||||
Other | 1,182 | 1,056 | |||||||||||||||||||
Total deferred tax assets | 459,622 | 491,044 | |||||||||||||||||||
Valuation allowance | (459,081 | ) | (490,629 | ) | |||||||||||||||||
$ | 541 | $ | 415 | ||||||||||||||||||
At March 31, 2014, the Company has federal and state R&D tax credit carryforwards of approximately $60.7 million and $29.4 million, respectively, which begin to expire in the fiscal year ending March 31, 2019 unless previously utilized. The Company also has federal and state net operating loss carryforwards of approximately $1,137.3 million and $522.5 million, respectively, which will begin to expire in fiscal year 2018 and fiscal year 2015, respectively. Federal and state laws impose restrictions on the utilization of net operating loss and tax credit carryforwards in the event of an “ownership change” for tax purposes as defined by Section 382 of the Internal Revenue Code. The future utilization of our research and development credit carryforwards and net operating loss carryforwards to offset future taxable income may be subject to an annual limitation as a result of ownership changes that may have occurred previously or may occur in the future. The Tax Reform Act of 1986 (the "Act") limits a company’s ability to utilize certain tax credit carryforwards and net operating loss carryforwards in the event of a cumulative change in ownership in excess of 50% as defined in the Act. | |||||||||||||||||||||
As a result of the adoption of ASC 718-10, the Company recognizes excess tax benefits associated with the exercise of stock options directly to stockholders’ equity only when realized. Accordingly, deferred tax assets are not recognized for net operating loss carryforwards resulting from excess tax benefits occurring from April 1, 2006 onward. A windfall tax benefit occurs when the actual tax benefit realized upon an employee’s disposition of a share-based award exceeds the deferred tax asset, if any, associated with the award. | |||||||||||||||||||||
The Company has established a valuation allowance against most of its net deferred tax assets due to uncertainty regarding their future realization. In assessing the realizability of its deferred tax assets, management considers cumulative losses, the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies. Based on the projections for future taxable income over the periods in which the deferred tax assets are realizable and the full utilization of the Company’s loss carryback potential, management concluded that a valuation allowance should be recorded in 2014, 2013 and 2012 against most of its deferred tax assets. | |||||||||||||||||||||
The following is a tabular reconciliation of the Unrecognized Tax Benefits activity during the fiscal year ended March 31, 2014 (in thousands): | |||||||||||||||||||||
Opening Balance | $ | 43,382 | |||||||||||||||||||
Gross decreases - tax positions in prior period | 60 | ||||||||||||||||||||
Gross increases - current-period tax positions | 789 | ||||||||||||||||||||
Ending Balance | $ | 44,231 | |||||||||||||||||||
If recognized, approximately $0.6 million of the $44.2 million of unrecognized tax benefits would affect the Company’s effective tax rate. | |||||||||||||||||||||
The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in income tax expense. As of March 31, 2014, the Company has recognized $0.1 million of accrued interest and penalties related to uncertain tax positions. | |||||||||||||||||||||
The Company is subject to taxation in the U.S. and various states and foreign jurisdictions. | |||||||||||||||||||||
The Company’s U.S. federal income tax returns for tax years subsequent to 2010 are subject to examination by the Internal Revenue Service and its state income tax returns subsequent to 2009 are subject to examination by state tax authorities. Net operating losses from years for which the statute of limitations has expired (2009 and prior for federal and 2008 and prior for state) could be adjusted in the event that the taxing jurisdictions challenge the amounts of net operating loss carryforwards from such years. With few exceptions, the Company is no longer subject to foreign examinations by tax authorities for years before 2010. | |||||||||||||||||||||
The Company does not foresee significant changes to its unrecognized tax benefits within the next twelve months. |
Restructuring_Charges
Restructuring Charges | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||
Restructuring Charges | ' | |||||||||||
Restructuring Charges | ||||||||||||
The Company recognizes restructuring costs related to asset impairment and exit or disposal activities. Costs relating to facilities closure or lease commitments are recognized when the facility has been exited. Termination costs are recognized when the costs are deemed both probable and estimable. | ||||||||||||
August 2013 Restructuring Program | ||||||||||||
In August 2013, the Company implemented a restructuring program to reorganize its operations and reduced its workforce by approximately 20 employees. The plan included eliminating job redundancies, reducing the Company's workforce and impairing the unamortized value of a software intellectual property license, which the Company no longer intends to use to develop new products. The Company anticipates that the restructuring plan will reduce ongoing headcount expenses by approximately $3.0 million annually and other additional operational expenses by $0.5 million annually. Total costs incurred and expected to be incurred as of March 31, 2014 in connection with the restructuring plan were $1.0 million. | ||||||||||||
December 2012 Restructuring Program | ||||||||||||
In December 2012, the Company implemented a restructuring program to reorganize its operations and reduced its workforce by approximately 70 employees. The plan included eliminating job redundancies, reducing the Company's workforce and impairing the unamortized value of a software intellectual property license, which the Company does not intend to use to develop new products. As of March 31, 2014, the actual annual savings were within the range of originally expected savings of $8.0 million to $9.0 million for headcount expenses and $4.0 million to $5.0 million for other additional operational expenses. Total costs incurred and expected to be incurred as of March 31, 2014 in connection with the restructuring plan are $1.8 million for employee severance expenses and $4.7 million for an asset impairment. | ||||||||||||
April 2011 Restructuring Program | ||||||||||||
The April 2011 restructuring program was implemented as part of the Company’s ongoing cost reduction efforts and to better align its global operations to achieve greater efficiencies. The Company moved more of its functions offshore, which would allow it to be closer and more connected to its customers' third party subcontract manufacturers. The April 2011 restructuring plan included eliminating or relocating 25 positions. As a result of the April 2011 restructuring program, the Company recorded a charge of $0.9 million for employee severances for the fiscal year ended March 31, 2012. | ||||||||||||
The following table sets forth a summary of restructuring activities related to all of the Company's restructuring plans described above (in thousands): | ||||||||||||
Workforce | Asset Impairment | Total | ||||||||||
Reduction | ||||||||||||
Liability, March 31, 2012 | $ | — | $ | — | $ | — | ||||||
Restructuring charges | 1,716 | 4,719 | 6,435 | |||||||||
Cash payments | (1,168 | ) | — | (1,168 | ) | |||||||
Non-cash items | — | (4,719 | ) | (4,719 | ) | |||||||
Liability, March 31, 2013 | $ | 548 | $ | — | $ | 548 | ||||||
Restructuring charges | $ | 862 | $ | 272 | $ | 1,134 | ||||||
Cash payments | (1,410 | ) | — | (1,410 | ) | |||||||
Non-cash items | — | (272 | ) | (272 | ) | |||||||
Liability, March 31, 2014 | $ | — | $ | — | $ | — | ||||||
Commitments
Commitments | 12 Months Ended | |||
Mar. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments | ' | |||
Commitments | ||||
The Company leases its facilities under long-term operating leases, which expire at various dates through the fiscal year ending March 31, 2017. The lease agreements frequently include renewal or other provisions, which require the Company to pay taxes, insurance, maintenance costs or defined rent increases. The Company also licenses certain engineering design software tools under non-cancelable operating leases. | ||||
The following table summarizes the Company’s contractual operating leases as of March 31, 2014 (in thousands): | ||||
Payment Due by Period | ||||
Fiscal Years Ending March 31, | ||||
2015 | $ | 1,901 | ||
2016 | 930 | |||
2017 | 504 | |||
2018 | $ | 369 | ||
Total minimum payments | $ | 3,704 | ||
The Company did not have any off balance sheet arrangements at March 31, 2014. | ||||
Rent expense (including short-term leases and net of sublease income) for the fiscal years ended March 31, 2014, 2013, and 2012 was $1.8 million, $2.6 million, and $2.9 million, respectively. |
Employee_Retirement_Plan
Employee Retirement Plan | 12 Months Ended |
Mar. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Employee Retirement Plan | ' |
Employee Retirement Plan | |
Effective January 1, 1986, the Company established a 401(k) defined contribution retirement plan (“Retirement Plan”) covering all full-time employees. The Retirement Plan provides for voluntary employee contributions from 1% to 50% of annual compensation, subject to a maximum limit allowed by Internal Revenue Service guidelines. The Company may contribute such amounts as determined by the Board. Employer contributions vest to participants at a rate of 33% per year of service for the first three years of service and 100% thereafter for each year of service. The Company made a plan contribution of $0.0 million, $0.2 million and $0.3 million for the three fiscal years ended March 31, 2014, 2013, and 2012, respectively. |
Significant_Customer_and_Geogr
Significant Customer and Geographic Information | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Significant Customer and Geographic Information | ' | |||||||||||
Significant Customer and Geographic Information | ||||||||||||
Based on direct shipments, net revenues to customers that were equal to or greater than 10% of total net revenues were as follows: | ||||||||||||
Fiscal Years Ended March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Wintec (global logistics provider)** | 22 | % | 19 | % | 20 | % | ||||||
Avnet (distributor) | 27 | % | 27 | % | 20 | % | ||||||
Flextronics (sub-contract manufacturer) | * | * | 11 | % | ||||||||
* Less than 10% of total net revenues for period indicated. | ||||||||||||
** Wintec provides vendor managed inventory support primarily for Cisco Systems, Inc. | ||||||||||||
Net revenues by geographic region, which are primarily denominated in U.S. dollars, were as follows (in thousands): | ||||||||||||
Fiscal Years Ended March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
United States of America | $ | 101,275 | $ | 79,930 | $ | 99,214 | ||||||
Taiwan | 13,405 | 22,684 | 20,950 | |||||||||
Hong Kong | 21,477 | 22,044 | 21,458 | |||||||||
China | 6,085 | 2,053 | 4,503 | |||||||||
Europe | 33,625 | 35,216 | 41,691 | |||||||||
Japan | 23,125 | 13,237 | 13,596 | |||||||||
Malaysia | 5,788 | 4,733 | 8,276 | |||||||||
Singapore | 9,745 | 10,399 | 14,011 | |||||||||
Other Asia | 1,217 | 4,621 | 5,790 | |||||||||
Other | 408 | 725 | 1,398 | |||||||||
$ | 216,150 | $ | 195,642 | $ | 230,887 | |||||||
As of March 31, 2014, 2013 and 2012, long-lived assets, which represent property, plant and equipment, goodwill and intangible assets, net of accumulated depreciation and amortization, located outside the Americas were not material. |
Contingencies
Contingencies | 12 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingencies | ' |
Contingencies | |
Legal Proceedings | |
The Company is currently a party to certain legal proceedings, including those noted in this section. While the Company presently believes that the ultimate outcome of these proceedings, individually and in the aggregate, will not materially harm the Company's financial position, results of operations, cash flows, or overall trends, legal proceedings are subject to inherent uncertainties, unfavorable rulings or other events that could occur. In addition, legal proceedings are expensive to prosecute and defend against and can divert management attention and Company resources away from the Company's business objectives. Unfavorable resolutions could include monetary damages against the Company or injunctions or other restrictions on the conduct of the Company’s business, or preclude the Company from recovering the damages it seeks in legal proceedings it has commenced. It is also possible that the Company could conclude it is in the best interests of its stockholders, employees, and customers to settle one or more such matters, and any such settlement could include substantial payments or the surrender of rights to collect payments from third parties. However, the Company has not reached this conclusion with respect to any particular matter at this time. | |
In 1993, the Company was named as a Potentially Responsible Party (“PRP”) along with more than 100 other companies that used an Omega Chemical Corporation waste treatment facility in Whittier, California (the “Omega Site”). The U.S. Environmental Protection Agency (“EPA”) has alleged that Omega failed to properly treat and dispose of certain hazardous waste materials at the Omega Site. The Company is a member of a large group of PRPs, known as the Omega Chemical Site PRP Organized Group (“OPOG”), that has agreed to fund certain on-going remediation efforts at the Omega Site. In February 2001, the U.S. District Court for the Central District of California (the “Court”) approved a consent decree between EPA and OPOG to study the contamination and evaluate cleanup options at the Omega Site (the Operable Unit 1 or “OU1”). In January 2009, the Court approved two amendments to the consent decree, the first expanding the scope of work to mitigate volatile organic compounds affecting indoor air quality near the Omega Site (the Operable Unit 3 or “OU3”) and the second adding settling parties to the consent decree. Removal of waste materials from the Omega Site has been completed. As part of OU1 and OU3, efforts to remediate the soil and groundwater at the Omega Site, as well as the extraction of chemical vapors from the soil and improving indoor air quality in and around the site, are underway and are expected to be ongoing for several years. In addition, OPOG and EPA are investigating a regional groundwater contamination plume allegedly originating at the Omega Site (the Operable Unit 2 or “OU2”). In September 2011, EPA issued an interim Record of Decision specifying the interim clean-up actions EPA has chosen for OU2, and in September 2012, it issued a special notice letter that triggered the commencement of good faith settlement negotiations with OPOG. In July 2013, EPA rejected a good faith offer (“GFO”) to settle the matter that OPOG had submitted in February 2013. In October 2013, OPOG submitted a revised GFO that EPA currently is considering. Settlement negotiations between the parties are expected to continue through fiscal year 2015. It is anticipated that such negotiations will result in EPA and OPOG entering into a remediation consent decree with the Court regarding OU2. In December 2013, OPOG retained legal counsel to pursue legal claims against numerous other PRPs for OU2 contamination; the Company has elected to participate in the costs and recoveries resulting from such litigation. In November 2007, Angeles Chemical Company, located downstream from the Omega Site, filed a lawsuit (the “Angeles Litigation”) in the Court against OPOG and the PRPs for cost recovery and indemnification for future response costs allegedly resulting from OU2. In March 2008, the Court granted OPOG’s motion to stay the Angeles Litigation pending EPA’s determination of how to investigate and remediate OU2. In January 2012, as a result of challenges made by certain PRPs to the criteria previously used to allocate liability among OPOG members, and of the departure of certain PRPs from OPOG, OPOG approved changes to the cost allocation structure that resulted in an increase to the Company’s proportional allocation of liability. Subsequent thereto, certain other PRPs have withdrawn from OPOG; settlement discussions with these PRPs are ongoing. The subsequent departure of one or more other PRPs from OPOG could have the effect of increasing the proportional liability of the remaining PRPs, including the Company. Although the Company considers a loss relating to the Omega Site probable, its share of any financial obligations for the remediation of the Omega Site, including taking into account the allocation increases described above, is not currently believed to be material to the Company’s financial statements, based on the Company’s approximately 0.5% contribution to the total waste tonnage sent to the site and current estimates of the potential remediation costs. Based on currently available information, the Company has a loss accrual that is not material and believes that the actual amount of its costs will not be materially different from the amount accrued. However, proceedings are ongoing and the eventual outcome of the clean-up efforts and the pending litigation matters is uncertain at this time. Based on currently available information, the Company does not believe that any eventual outcome will have a material adverse effect on its operations. |
Sale_of_TPack_AS_Notes
Sale of TPack A/S (Notes) | 12 Months Ended | |||
Mar. 31, 2014 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||
Sale of TPack A/S | ' | |||
Sale of TPack A/S | ||||
On April 22, 2013, the Company completed the sale of TPack and certain specified intellectual property assets owned by the Company related to TPack's business for an aggregate consideration of $33.5 million, payable in cash, which reflects the $34.0 million base purchase price as adjusted for the working capital adjustment mechanism set forth in the Purchase Agreement, and remains subject to a potential final, non-material post-closing adjustments. In connection with the closing, there was a working capital adjustment of $0.5 million and the Company received a cash payment of $30.2 million. The remaining cash payment of $3.4 million of the aggregate consideration was held back until March 31, 2014 to secure the Company's indemnification obligations subject to and in accordance with the terms of the Purchase Agreement. This amount was paid in full in April 2014. | ||||
TPack operated as part of the Company's Connectivity reporting unit. The sale of TPack does not represent an exit from the Connectivity business. The Company will continue to sell Connectivity technology products as an ongoing part of its business, and as such the sale of TPack is not a discontinuance of an operation. | ||||
In connection with the divestiture, the Company recorded a gain of $19.7 million. The following table summarizes the components of the gain (in thousands): | ||||
Total proceeds, net of working capital adjustment | $ | 30,175 | ||
Net assets and liabilities | (184 | ) | ||
Goodwill write off | (1,758 | ) | ||
Intangibles write off | (11,404 | ) | ||
Holdback amount | 3,353 | |||
Legal fees and other costs | (483 | ) | ||
Gain on sale of TPack | $ | 19,699 | ||
The total assets of TPack included $0.7 million of cash, cash equivalents and short-term investments. |
Quarterly_Financial_Informatio
Quarterly Financial Information (unaudited) | 12 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Quarterly Financial Information (unaudited) | ' | |||||||||||||||||||||||||||||||
Quarterly Financial Information (unaudited) | ||||||||||||||||||||||||||||||||
The following table sets forth unaudited Consolidated Statements of Operations for the Company’s last eight quarters. This quarterly information is unaudited and has been prepared on the same basis as the annual Consolidated Financial Statements. In the Company’s opinion, this quarterly information reflects all adjustments necessary for a fair presentation of the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period. | ||||||||||||||||||||||||||||||||
Fiscal Year Ended March 31, 2014 | Fiscal Year Ended March 31, 2013 | |||||||||||||||||||||||||||||||
Q1 (1) | Q2 (2) | Q3 (3) | Q4 | Q1 | Q2 | Q3(4) | Q4(5)(6) | |||||||||||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||||||||||||||
Net revenues | $ | 54,148 | $ | 55,387 | $ | 54,844 | $ | 51,771 | $ | 41,294 | $ | 46,324 | $ | 51,698 | $ | 56,326 | ||||||||||||||||
Cost of revenues | 22,342 | 21,397 | 21,644 | 19,806 | 18,355 | 20,561 | 22,958 | 21,174 | ||||||||||||||||||||||||
Gross profit | 31,806 | 33,990 | 33,200 | 31,965 | 22,939 | 25,763 | 28,740 | 35,152 | ||||||||||||||||||||||||
Total operating expenses | 24,556 | 66,757 | 40,900 | 9,229 | 47,891 | 48,515 | 101,942 | 49,116 | ||||||||||||||||||||||||
Operating loss | 7,250 | (32,767 | ) | (7,700 | ) | 22,736 | (24,952 | ) | (22,752 | ) | (73,202 | ) | (13,964 | ) | ||||||||||||||||||
Interest and other income (expense) | 3,795 | 576 | 617 | 418 | 1,762 | 835 | 2,258 | (4,654 | ) | |||||||||||||||||||||||
Loss before income taxes | 11,045 | (32,191 | ) | (7,083 | ) | 23,154 | (23,190 | ) | (21,917 | ) | (70,944 | ) | (18,618 | ) | ||||||||||||||||||
Income tax expense (benefit) | 188 | 192 | 201 | 38 | 200 | (360 | ) | 618 | (1,012 | ) | ||||||||||||||||||||||
Net loss | $ | 10,857 | $ | (32,383 | ) | $ | (7,284 | ) | $ | 23,116 | $ | (23,390 | ) | $ | (21,557 | ) | $ | (71,562 | ) | $ | (17,606 | ) | ||||||||||
Basic net income (loss) per share | $ | 0.16 | $ | (0.45 | ) | $ | (0.10 | ) | $ | 0.31 | $ | (0.37 | ) | $ | (0.33 | ) | $ | (1.08 | ) | $ | (0.26 | ) | ||||||||||
Shares used in calculating basic net income (loss) per share | 69,360 | 72,610 | 73,989 | 75,629 | 62,409 | 64,947 | 66,113 | 67,566 | ||||||||||||||||||||||||
Diluted net income (loss) per share | $ | 0.15 | $ | (0.45 | ) | $ | (0.10 | ) | $ | 0.3 | $ | (0.37 | ) | $ | (0.33 | ) | $ | (1.08 | ) | $ | (0.26 | ) | ||||||||||
Shares used in calculating diluted income (loss) per share | 70,234 | 72,610 | 73,989 | 77,193 | 62,409 | 64,947 | 66,113 | 67,566 | ||||||||||||||||||||||||
-1 | The consolidated operating results for the first quarter of fiscal 2014 included a charge of $9.3 million related to the Veloce consideration and a gain on sale of TPack of $19.7 million. | |||||||||||||||||||||||||||||||
(2) The consolidated operating results for the second quarter of fiscal 2014 included a charge of $30.4 million related to the Veloce consideration. | ||||||||||||||||||||||||||||||||
(3) The consolidated operating results for the third quarter of fiscal 2014 included a charge of $2.9 million related to the Veloce consideration. | ||||||||||||||||||||||||||||||||
(4) The consolidated operating results for the third quarter of fiscal 2013 included a charge of $51.9 million related to the Veloce consideration and a charge of $6.2 million related to restructuring charges. | ||||||||||||||||||||||||||||||||
(5) The consolidated operating results for the fourth quarter of fiscal 2013 included a charge of $9.6 million related to the Veloce consideration. | ||||||||||||||||||||||||||||||||
(6) During fiscal 2012, one significant product development milestone relating to the Veloce project was considered probable of achievement and accordingly $60.4 million was recognized as research and development expense (see further discussion in Note 4, Veloce, to the Consolidated Financial Statements). However, approximately $8.0 million of the R&D expense was incorrectly recognized as this expense amount related to Unallocated Veloce Units that had not yet been distributed as of March 31, 2012. R&D expenses were also recognized during the first three quarters of fiscal 2013 in connection with further progress made in connection with the performance milestones relating to Veloce. However, the R&D expenses recognized during the first three quarters of fiscal 2013 also incorrectly included immaterial amounts related to the Unallocated Veloce Units. During the fourth quarter of fiscal 2013, the Company corrected the error impacting fiscal 2012 and the first three quarters of fiscal 2013. The correction of the errors resulted in a reduction of R&D expenses recognized by $10.4 million during the fourth quarter of fiscal 2013. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | ' | |||||||||||||||||||
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||||
Description | Balance at | Charged (Credited) | From | Write-Offs | Balance at | |||||||||||||||
Beginning of | to Costs and | Acquisition | End of | |||||||||||||||||
Period | Expenses | Period | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Allowance for doubtful accounts | ||||||||||||||||||||
Year Ended March 31, 2014 | $ | 703 | $ | (286 | ) | $ | — | $ | 34 | $ | 451 | |||||||||
Year Ended March 31, 2013 | $ | 1,099 | $ | 1 | $ | — | $ | (397 | ) | $ | 703 | |||||||||
Year Ended March 31, 2012 | $ | 1,324 | $ | (13 | ) | $ | (28 | ) | $ | (184 | ) | $ | 1,099 | |||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Mar. 31, 2014 | ||
Accounting Policies [Abstract] | ' | |
Basis of Presentation | ' | |
The Consolidated Financial Statements include all the accounts of AppliedMicro and its wholly-owned subsidiaries including Veloce Technologies Inc. (“Veloce”), which was consolidated in prior accounting periods prior to its merger with the Company, as a variable interest entity (“VIE”) since the Company was determined to be its primary beneficiary. On June 20, 2012, the Company completed the acquisition of Veloce which became a wholly owned subsidiary of the Company as of this date. See Note 4, Veloce, to Consolidated Financial Statements. All intercompany balances and transactions have been eliminated in consolidation. | ||
Use of Estimates | ' | |
The preparation of financial statements in accordance with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of net revenue and expenses in the reporting period. The Company regularly evaluates estimates and assumptions related to its: | ||
• | capitalized mask sets including its useful lives, which affects cost of goods sold and property and equipment or Research and Development ("R&D") expenses, if not capitalized; | |
• | inventory valuation, warranty liabilities and revenue reserves, which affects cost of sales, gross margin and revenues; | |
• | allowance for doubtful accounts, which affects operating expenses; | |
• | unrealized losses or other-than-temporary impairments of short-term investments available for sale, which affects interest income (expense), net; | |
• | valuation of purchased intangibles and goodwill, which affects amortization and impairments of purchased intangibles, impairments of goodwill and apportionment of goodwill related to divestitures; | |
• | Veloce accrued liability which considers: (i) estimating the total value of the expected Veloce consideration, (ii) determining the stage at which a milestone is deemed to be probable of attainment, (iii) the estimated progress towards achieving the milestone at the time such milestone was deemed probable of achievement and (iv) estimating the approximate timing of the expected completion of the milestones and related payments; | |
• | potential costs of litigation, which affects operating expenses; | |
• | valuation of deferred income taxes, which affects income tax expense (benefit); and | |
• | stock-based compensation, which affects gross margin and operating expenses. | |
The Company bases its estimates and assumptions on historical experience and on various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from management’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. | ||
Cash and Cash Equivalents | ' | |
The Company considers all highly liquid investments with an original maturity from the date of purchase of 90 days or less to be cash equivalents. | ||
Veloce Consideration | ' | |
The Company periodically evaluated the progress of the development work that was being performed in connection with its contractual arrangement with Veloce. Based on such an evaluation as well as various other qualitative factors, the Company estimated the total value of the development work being performed and assessed the timing and probability of attaining contractually defined performance milestones. | ||
Upon assessing a performance milestone as probable of achievement, R&D expense was recognized based upon the estimated stage of development of that milestone and the estimated value associated with each performance milestone. The amount of R&D costs recognized in connection with the Veloce consideration excludes any value relating to Veloce common stock equivalents that have not been allocated to individuals (“Unallocated Veloce Units”). Payment of the Veloce consideration occurs based upon when a performance milestone is completed and upon satisfaction of vesting requirements. Significant judgment was required to estimate the total value of the Veloce development work, assess when a performance milestone was probable of achievement and estimate the timing of when the performance milestones were completed. The Company relied on discussions with internal technical personnel and using various qualitative and quantitative factors, including, but not limited to, overall complexity, stage of development and progress made to date, results of testing, and consideration as to the nature of the remaining development work, to assess probability of attaining the performance milestones defined in the Merger Agreement. If, based on such assessment, the Company believed attainment of a performance milestone was probable, the Company recognized expenses related to the estimated stage of development for the performance milestone, excluding the value relating to the Unallocated Veloce Units. As of March 31, 2014, the Company assessed that all three performance milestones were completed. | ||
The total estimated consideration to be paid was based upon the benchmarks achieved during technology simulations that were performed during the third quarter of fiscal 2013 and correlating the results of the technology simulations to the contractual terms included in the Merger Agreement. As a result of higher than expected benchmarks achieved during technology simulations, the total estimated consideration to be paid was updated during fiscal 2013 from a previous estimated maximum of approximately $135.0 million to the contractual maximum of $178.5 million. As a result of this increase in value, the estimated value relating to the first and second performance milestones were also increased. | ||
The consideration relating to the three performance milestones, excluding the value allocated to the Unallocated Veloce Units, in the amount of $169.3 million, has been recognized as research and development expense through March 31, 2014 compared to $126.6 million as of March 31, 2013. Total R&D expenses recognized were approximately $42.7 million and $66.2 million during the twelve months ended March 31, 2014 and 2013, respectively. | ||
Investments | ' | |
The Company holds a variety of securities that have varied underlying investments. The Company reviews its investment portfolio periodically to assess for other-than-temporary impairment. The Company assesses the existence of impairment of its | ||
investments in order to determine the classification of the impairment as “temporary” or “other-than-temporary”. The factors | ||
used to determine whether an impairment is temporary or other-than-temporary involves considerable judgment. The factors considered in determining whether any individual impairment is temporary or other-than-temporary are primarily the length of the time and the extent to which the market value has been less than amortized cost, the nature of underlying assets (including the degree of collateralization), the financial condition, credit rating, market liquidity conditions and near-term prospects of the issuer. If the fair value of a security is less than its amortized cost basis at the balance sheet date, an assessment would have to be made as to whether the impairment is other-than-temporary. If the Company does not intend to sell the security, the Company shall consider available evidence to assess whether it is more likely than not, it will be required to sell the security before the recovery of the amortized cost basis due to cash, working capital requirements, contractual or regulatory obligations indicate that the security will be required to be sold before a forecasted recovery occurs. If it is more likely than not that the Company is required to sell the security before recovery of the amortized cost basis, an other-than-temporary impairment is considered to have occurred. The Company uses present value cash flow models to determine whether the entire amortized cost basis of the security will be recovered. The Company will compare the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. An other-than-temporary impairment is said to have occurred if the present value of cash flows expected to be collected is less than the amortized cost basis of the security. During the fiscal years ended March 31, 2014 and 2012, the Company did not record any other-than-temporary impairment charges. During the fiscal year ended March 31, 2013, the Company recorded approximately $1.1 million in other-than-temporary impairment charges. During the fiscal year ended March 31, 2014, the Company did not record an impairment charge in connection with other securities in a continuous loss position (fair value less than carrying value) with unrealized losses of $0.4 million as the Company believes that such unrealized losses are temporary. In addition, the Company also had $3.5 million in unrealized gains. If the fair value of a debt security is less than its amortized cost basis at the balance sheet date, an assessment would have to be made as to whether the impairment is other-than-temporary. | ||
Fair Value of Financial Instruments | ' | |
Short-term investments are recorded at fair value in the Company’s Consolidated Balance Sheets and are categorized based upon the level of judgment associated with the inputs used to measure their fair values. ASC Subtopic 820-10 defines a three-level valuation hierarchy for disclosure of fair value measurements. The Company currently classifies inputs to derive fair values for short-term investments as Level 1 and 2. Instruments classified as Level 1 include highly liquid government and agency securities, money market funds and publicly traded closed end bond funds in active markets. Instruments classified as Level 2 include corporate notes, mortgage-backed securities, asset-backed securities and preferred stock. The Company did not have any Level 3 short-term investments as of any of the periods presented. | ||
Concentration of Credit Risk | ' | |
Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of available-for-sale securities and trade receivables. The Company believes that the credit risk in its trade receivables is mitigated by the Company’s credit evaluation process, relatively short collection terms and dispersion of its customer base. The Company generally does not require collateral and losses on trade receivables have historically been within management’s expectations. | ||
The Company invests its excess cash in debt instruments of the U.S. Treasury, corporate bonds, mutual funds, mortgage-backed securities, asset-backed securities, preferred stocks and closed-end bond funds primarily with investment grade credit ratings. The Company has established guidelines relative to diversification and maturities that attempt to maintain safety, yield and liquidity. These guidelines are periodically reviewed and modified to take advantage of trends in yields and interest rates. | ||
Inventories | ' | |
The Company’s policy is to value inventories at the lower of cost or market on a part-by-part basis. This policy requires the Company to make estimates regarding the market value of its inventories, including an assessment of excess or obsolete inventories. The Company determines excess and obsolete inventories based on an estimate of the future demand for its products within a specified time horizon, generally 12 months. The estimates used for future demand are also used for near-term capacity planning and inventory purchasing and are consistent with revenue forecasts. If the Company’s demand forecast is greater than its actual demand the Company may be required to take additional excess inventory charges, which would decrease gross margin and net operating results. Any impairment charges taken establishes a new cost basis for the underlying inventory and the cost basis for such inventory is not marked-up on changes in circumstances until a gain is realized upon its eventual sale. This accounting is consistent with the guidance provided by FASB ASC paragraph 330-10-35-14. | ||
Strategic Investments | ' | |
The Company has entered into certain equity investments in privately held businesses to achieve certain strategic business objectives. The Company’s investments in equity securities of privately held businesses are accounted for under the cost method. Under the cost method, strategic investments in which the Company holds less than a 20% voting interest and in which the Company does not have the ability to exercise significant influence are carried at cost reduced by other-than-temporary impairments, as appropriate. These investments are included in other assets on the Company’s Consolidated Balance Sheets. The Company periodically reviews these investments for other-than-temporary declines in fair value based on the specific identification method and writes down investments when an other-than-temporary decline has occurred. The Company recorded other-than-temporary impairment charges of its strategic investments of zero, $2.3 million and $1.0 million during the fiscal years ended March 31, 2014, 2013, and 2012, respectively, and a net gain on disposal of strategic equity investment of $7.1 million during the fiscal year ended 2012 in other income (expense), net. The fair value was estimated on a non-recurring basis based on Level 3 inputs. The Level 3 inputs used to estimate the fair value of these investments included consideration of the current cash position, recent operational performance, and forecasts of the investees. During the fiscal years ended March 31, 2014 and 2013, the Company invested zero and $0.5 million, respectively, in non-marketable strategic investments and these amounts were carried at adjusted cost. Refer to Other Assets in Note 3, Certain Financial Statement Information, to Consolidated Financial Statements for the total value of the Company's strategic investments carried at cost as of March 31, 2014. | ||
Goodwill, Purchased Intangible Assets and Other Long-Lived Assets | ' | |
The Company reviews its goodwill for impairment at the reporting unit level annually, or more frequently, if changes in facts and circumstances indicate that it is more likely than not that the fair value of the Company’s reporting units may be less than its carrying amount. The Company elected to use the qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount before applying the two-step goodwill impairment test. As part of its qualitative assessment, the Company evaluated and determined that its market capitalization was well in excess of its book value and based on this and other qualitative factors (such as revenue trends, design wins, continued utilization of developed technology acquired from the TPack A/S acquisition and subsequent to its sale in April 2013 - see Note 12, Sale of TPack A/S, to the Consolidated Financial Statements for details) determined that there was no goodwill impairment. | ||
The Company’s long-lived assets consist of property, plant and equipment and other acquired intangibles, excluding goodwill. Property and equipment are stated at cost and depreciated over the estimated useful lives of the assets ranging from 1 to 7 years using the straight line method. Leasehold improvements are stated at cost and amortized over the shorter of the term of the related lease or its estimated useful life. Acquired intangibles with definite lives are amortized on a straight-line basis over the remaining estimated economic life of the underlying products and technologies. The Company reviews its definite-lived long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset may not be recoverable. Recoverability of an asset group is measured by comparison of its carrying amount to the expected future undiscounted cash flows that the asset group is expected to generate. If it is determined that an asset group is not recoverable, an impairment loss is recorded in the amount by which the carrying amount of the asset group exceeds its fair value. In addition, the Company assesses its long-lived assets for impairment if they are abandoned. The Company completed its annual impairment test in the fourth quarter of fiscal 2014 and determined that there was no impairment of long-lived assets. | ||
Revenue Recognition | ' | |
The Company recognizes revenue based on four basic criteria: 1) there is evidence that an arrangement exists; 2) delivery has occurred; 3) the fee is fixed or determinable; and 4) collectability is reasonably assured. The Company recognizes revenue upon determination that all criteria for revenue recognition have been met. In addition, the Company does not recognize revenue until the applicable customer’s acceptance criteria have been met. The criteria are usually met at the time of product shipment. The Company’s standard terms and conditions of sale do not allow for product returns and it generally does not allow product returns other than under warranty or stock rotation agreements. Revenue from shipments to distributors is recognized upon shipment. In addition, the Company records reductions to revenue for estimated allowances such as returns not pursuant to contractual rights, competitive pricing programs and rebates. These estimates are based on the Company's experience with stock rotations and the contractual terms of the competitive pricing and rebate programs. Royalty revenues are recognized when cash is received only when royalty amounts cannot be reasonably estimated. Royalty revenues are based upon sales of the Company's customers' products that include its technology. | ||
Shipping terms are generally FCA (Free Carrier) shipping point. If actual returns or pricing adjustments exceed the Company's estimates, it would record additional reductions to revenue. | ||
From time to time the Company generates revenue from the sale of internally developed intellectual property ("IP"). The Company generally recognizes revenue from the sale of IP when all basic criteria outlined above are met, which generally occurs when the payments are received. | ||
Research and Development | ' | |
R&D costs are expensed as incurred. Substantially all R&D expenses are related to new product development and designing significant improvements to existing products. Also refer to Note 4, Veloce, to the Consolidated Financial Statements. | ||
Mask Costs | ' | |
The Company incurs significant costs for the fabrication of masks used by its contract manufacturers to manufacture its products. If the Company determines, at the time the costs for the fabrication of masks are incurred, that technological feasibility of the product has been achieved, it considers the nature of these costs to be pre-production costs. Accordingly, such costs are capitalized as property and equipment under machinery and equipment and are amortized as cost of sales over approximately three years, representing the estimated production period of the product. The Company periodically reassesses the estimated product production period for specific mask sets capitalized. If the Company determines, at the time fabrication mask costs are incurred, that either technological feasibility of the product has not occurred or that the mask is not reasonably expected to be used in production manufacturing or that the commercial feasibility of the product is uncertain, the related mask costs are expensed to R&D in the period in which the costs are incurred. The Company will also periodically assess capitalized mask costs for impairment. During the fiscal years ended March 31, 2014 and 2013, total mask costs capitalized were $6.4 million and $3.1 million, respectively. | ||
Stock-Based Compensation | ' | |
Stock-based compensation cost is measured at the grant date based on the fair value of the award. The Company uses the Black-Scholes model to value stock-based compensation for options and employee stock purchase rights under the employee stock purchase plan ("ESPP"), and the fair market value of the Company's common stock for restricted stock units ("RSUs"). The market stock units ("MSUs") were valued using the Monte Carlo pricing model, which uses the Company's stock price, the Index value, expected volatilities of the Company's stock price and the Index, correlation coefficients and risk free interest rates to determine the fair value. The Black-Scholes model determines the fair value of share-based payment awards based on the stock price on the date of grant and is affected by assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, the Company’s stock price, volatility over the term of the awards and actual and projected employee stock option exercise behaviors. Option-pricing models were developed for use in estimating the value of traded options that have no vesting or hedging restrictions and are fully transferable. Although the fair value of stock options granted by the Company is estimated by the Black-Scholes model, the estimated fair value may not be indicative of the fair value observed in a willing buyer/willing seller market transaction. | ||
Compensation Amortization Period. All stock-based compensation is amortized over the requisite service period of the awards, which is generally the same as the vesting period of the awards. The Company amortizes the fair value cost on a straight-line basis over the expected service periods. | ||
Expected Life. The expected life of stock options granted represents the expected weighted average period of time from the date of grant to the estimated date that the stock option would be fully exercised. To calculate the expected term, the Company utilizes historical actual exercise data and assumes that unexercised stock options would be exercised at the midpoint of the valuation date of its analysis and the full contractual term of the option. | ||
Expected Volatility. Expected volatility is a measure of the amount by which the stock price is expected to fluctuate. The Company estimates the expected volatility of its stock options at their grant date by equally weighting the historical volatility and the implied volatility of its stock. The historical volatility is calculated using the weekly stock price of its stock over a recent historical period equal to its expected life. The implied volatility is calculated from the implied market volatility of exchange-traded call options on its common stock. | ||
Risk-Free Interest Rate. The risk-free interest rate is the implied yield currently available on zero-coupon government issues with a remaining term equal to the expected life. | ||
Expected Dividends. The Company has never paid any cash dividends on its common stock and does not anticipate paying any cash dividends in the foreseeable future. Consequently, the Company uses an expected dividend yield of zero percent in valuation models. | ||
Expected Forfeitures. As stock-based compensation expense recognized in the Consolidated Statements of Operations for the fiscal years ended March 31, 2014, 2013 and 2012 is based on awards that are ultimately expected to vest, it should be reduced for estimated forfeitures. Forfeitures are required to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Pre-vesting forfeiture rates were based upon the average of expected forfeiture data using the Company’s current demographics and standard probabilities of employee turnover and the annual forfeiture rate based on the Company’s historical forfeiture rates. | ||
Effective April 1, 2013, the Company revised the estimated forfeiture rate used to determine the amount of stock-based compensation from 6.6% to 5.8% as a result of a decreasing rate of forfeitures in recent periods, which the Company believes is indicative of the rate it will experience during the remaining vesting period of currently outstanding unvested grants. | ||
The weighted average fair value per share of the restricted stock units awarded in the fiscal years ended March 31, 2014, 2013 and 2012 was $9.46, $6.11 and $9.00, respectively. The weighted average fair value per share was calculated based on the fair market value of the Company’s common stock on the respective grant dates. | ||
The amount of unrecognized stock-based compensation cost estimated to be expensed from April 1, 2014 through fiscal 2018, including time, performance and market based awards that are expected to vest, is $24.1 million which will be recognized over a weighted-average period of 1.5 years. If there are any modifications or cancellations of the underlying unvested securities, the Company may be required to accelerate, increase or cancel any remaining unrecognized stock-based compensation expense. Future stock-based compensation expense and unrecognized stock-based compensation will increase to the extent that the Company grants additional equity awards or assumes unvested equity awards in connection with acquisitions. | ||
Income Taxes | ' | |
The Company utilizes the asset and liability method of accounting for income taxes as set forth in ASC Subtopic 740-10 (“ASC 740-10”). Under the asset and liability method, deferred taxes are determined based on the temporary differences between the financial statement and tax bases of assets and liabilities using enacted tax rates. A valuation allowance is recorded when it is more likely than not that some or all of the deferred tax assets will not be realized. | ||
Segments of a Business Enterprise | ' | |
The Company has two operating segments, Connectivity and Computing, and under the aggregation criteria set forth in ASC 280-10 (as the two operating segments share similar economic characteristics related to the nature of their products, production processes, customers and methods of distribution), has one reportable operating segment. The Company’s Chief Operating Decision Maker, the Chief Executive Officer, evaluates performance of the Company and makes decisions regarding allocation of resources based on total Company results. | ||
New Accounting Pronouncements | ' | |
In February 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2013-02 (ASU 2013-02), Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU 2013-02 requires an entity to present either on the face of the statement where comprehensive income is presented or in the notes to the financial statements, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. The adoption of ASU 2013-02, which involves presentation and disclosures only, did not have a significant impact on the Company's Consolidated Financial Statements. | ||
From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB") or other standards setting bodies that are adopted by the Company as of the specified effective date. The Company believes the impact of recently issued standards that are not yet effective will not have a material impact on its Consolidated Financial Statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||||||
Summary of Stock-Based Compensation Expense of Stock Options and Restricted Stock Units | ' | |||||||||||||||||||||||
The following tables summarize the allocation of the stock-based compensation expense (in thousands): | ||||||||||||||||||||||||
Fiscal Year Ended March 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Stock-based compensation expense by type of award: | ||||||||||||||||||||||||
Option grants and employee stock purchase rights | $ | 2,520 | $ | 3,469 | $ | 5,289 | ||||||||||||||||||
Restricted stock units | 14,517 | 20,620 | 13,148 | |||||||||||||||||||||
Total stock-based compensation | 17,037 | 24,089 | 18,437 | |||||||||||||||||||||
Stock-based compensation expensed from (capitalized to) inventory | (16 | ) | 147 | (63 | ) | |||||||||||||||||||
Total stock-based compensation expense | $ | 17,021 | $ | 24,236 | $ | 18,374 | ||||||||||||||||||
Summary of Stock-Based Compensation Expense | ' | |||||||||||||||||||||||
Fiscal Year Ended March 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Stock-based compensation expense by cost centers: | ||||||||||||||||||||||||
Cost of revenues | $ | 460 | $ | 545 | $ | 495 | ||||||||||||||||||
Research and development | 6,371 | 11,760 | 10,496 | |||||||||||||||||||||
Selling, general and administrative | 10,206 | 11,784 | 7,446 | |||||||||||||||||||||
Total stock-based compensation | 17,037 | 24,089 | 18,437 | |||||||||||||||||||||
Stock-based compensation expensed from (capitalized to) inventory | (16 | ) | 147 | (63 | ) | |||||||||||||||||||
Total stock-based compensation expense | $ | 17,021 | $ | 24,236 | $ | 18,374 | ||||||||||||||||||
Schedule of Weighted-Average Assumptions Used to Estimate the Fair Value of Stock Options | ' | |||||||||||||||||||||||
The fair values of the options and employee stock purchase rights granted are estimated as of the grant date using the Black-Scholes option-pricing model with the following weighted-average assumptions: | ||||||||||||||||||||||||
Options | Employee Stock | |||||||||||||||||||||||
Purchase Rights | ||||||||||||||||||||||||
Fiscal Years Ended | Fiscal Years Ended | |||||||||||||||||||||||
March 31, | March 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Expected life (years) | 4.4 | 4.4 | 3.8 | 0.5 | 0.5 | 0.5 | ||||||||||||||||||
Risk-free interest rate | 0.6 | % | 0.7 | % | 1.4 | % | — | % | — | % | 0.1 | % | ||||||||||||
Volatility | 0.49 | 0.54 | 0.48 | 0.56 | 0.5 | 0.55 | ||||||||||||||||||
Dividend yield | — | % | — | % | — | % | — | % | — | % | — | % | ||||||||||||
Expected forfeiture rate | 5.8 | % | 6.6 | % | 6.8 | % | — | % | — | % | — | % | ||||||||||||
Weighted average fair value | $ | 2.95 | $ | 2.47 | $ | 3.83 | $ | 3.4 | $ | 1.77 | $ | 2.13 | ||||||||||||
Investments_Tables
Investments (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule of Cash, cash equivalents and available-for-sale investments by type of instruments | ' | |||||||||||||||||||||||||||||||
The following is a summary of cash, cash equivalents and available-for-sale investments by type of instrument (in thousands): | ||||||||||||||||||||||||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||||||||||||||||||||||
Amortized | Gross Unrealized | Estimated | Amortized | Gross Unrealized | Estimated | |||||||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | Cost | Gains | Losses | Fair Value | |||||||||||||||||||||||||
Cash | $ | 65,867 | $ | — | $ | — | $ | 65,867 | $ | 8,529 | $ | — | $ | — | $ | 8,529 | ||||||||||||||||
Cash equivalents | 5,672 | — | — | 5,672 | 10,536 | — | — | 10,536 | ||||||||||||||||||||||||
U.S. Treasury securities and agency bonds | 2,838 | — | — | 2,838 | 12,363 | 10 | — | 12,373 | ||||||||||||||||||||||||
Corporate bonds | 10,599 | 30 | (2 | ) | 10,627 | 15,567 | 63 | (2 | ) | 15,628 | ||||||||||||||||||||||
Mortgage-backed and asset-backed securities* | 1,793 | 297 | (16 | ) | 2,074 | 3,655 | 355 | (7 | ) | 4,003 | ||||||||||||||||||||||
Closed-end bond funds | 14,373 | 2,392 | (402 | ) | 16,363 | 21,914 | 5,340 | (39 | ) | 27,215 | ||||||||||||||||||||||
Preferred stock | 2,406 | 736 | — | 3,142 | 4,878 | 2,314 | — | 7,192 | ||||||||||||||||||||||||
$ | 103,548 | $ | 3,455 | $ | (420 | ) | $ | 106,583 | $ | 77,442 | $ | 8,082 | $ | (48 | ) | $ | 85,476 | |||||||||||||||
Reported as: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 71,539 | $ | 19,065 | ||||||||||||||||||||||||||||
Short-term investments available-for-sale | 35,044 | 66,411 | ||||||||||||||||||||||||||||||
$ | 106,583 | $ | 85,476 | |||||||||||||||||||||||||||||
* | At March 31, 2014 and 2013, approximately $1.1 million and $1.4 million of the estimated fair value presented were mortgage-backed securities, respectively. | |||||||||||||||||||||||||||||||
Schedule of Cash, cash equivalents and available-for-sale investments by type of instruments measured at fair value on recurring basis | ' | |||||||||||||||||||||||||||||||
The following is a summary of cash, cash equivalents and available-for-sale investments by type of instruments measured at fair value on a recurring basis (in thousands): | ||||||||||||||||||||||||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Level 1 | |||||||||||||||||||||||||
Cash | $ | 65,867 | $ | — | $ | — | $ | 65,867 | $ | 8,529 | $ | — | $ | — | $ | 8,529 | ||||||||||||||||
Cash equivalents | 5,672 | — | — | 5,672 | 9,508 | 1,028 | — | 10,536 | ||||||||||||||||||||||||
U.S. Treasury securities and agency bonds | 2,838 | — | — | 2,838 | 12,373 | — | — | 12,373 | ||||||||||||||||||||||||
Corporate bonds | — | 10,627 | — | 10,627 | — | 15,628 | — | 15,628 | ||||||||||||||||||||||||
Mortgage-backed and asset-backed securities | — | 2,074 | — | 2,074 | — | 4,003 | — | 4,003 | ||||||||||||||||||||||||
Closed-end bond funds | 16,363 | — | — | 16,363 | 27,215 | — | — | 27,215 | ||||||||||||||||||||||||
Preferred stock | — | 3,142 | — | 3,142 | — | 7,192 | — | 7,192 | ||||||||||||||||||||||||
$ | 90,740 | $ | 15,843 | $ | — | $ | 106,583 | $ | 57,625 | $ | 27,851 | $ | — | $ | 85,476 | |||||||||||||||||
Schedule of Cost and estimated fair values of available-for-sale securities with stated maturities by contractual maturity | ' | |||||||||||||||||||||||||||||||
The following is a summary of the cost and estimated fair values of available-for-sale securities with stated maturities, which include U.S. Treasury securities and agency bonds, corporate bonds and mortgage-backed and asset-backed securities, by contractual maturity as of March 31, 2014 (in thousands): | ||||||||||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||||||||||
Cost | Estimated Fair Value | |||||||||||||||||||||||||||||||
Less than 1 year | $ | 6,888 | $ | 7,024 | ||||||||||||||||||||||||||||
Mature in 1 – 2 years | 6,580 | 6,618 | ||||||||||||||||||||||||||||||
Mature in 3 – 5 years | 529 | 542 | ||||||||||||||||||||||||||||||
Mature after 5 years | 1,233 | 1,355 | ||||||||||||||||||||||||||||||
$ | 15,230 | $ | 15,539 | |||||||||||||||||||||||||||||
Schedule of Gross unrealized losses | ' | |||||||||||||||||||||||||||||||
The following is a summary of gross unrealized losses (in thousands): | ||||||||||||||||||||||||||||||||
Less Than 12 Months of | 12 Months or More of | Total | ||||||||||||||||||||||||||||||
Unrealized Losses | Unrealized Losses | |||||||||||||||||||||||||||||||
As of March 31, 2014 | Estimated | Gross | Estimated | Gross | Estimated | Gross | ||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||||||||||
U.S. Treasury securities and agency bonds | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Corporate bonds | 992 | (2 | ) | — | — | 992 | (2 | ) | ||||||||||||||||||||||||
Mortgage-backed and asset-backed securities | 431 | (16 | ) | — | — | 431 | (16 | ) | ||||||||||||||||||||||||
Closed-end bond funds | 4,819 | (333 | ) | 405 | (69 | ) | 5,224 | (402 | ) | |||||||||||||||||||||||
$ | 6,242 | $ | (351 | ) | $ | 405 | $ | (69 | ) | $ | 6,647 | $ | (420 | ) | ||||||||||||||||||
Less Than 12 Months of | 12 Months or More of | Total | ||||||||||||||||||||||||||||||
Unrealized Losses | Unrealized Losses | |||||||||||||||||||||||||||||||
As of March 31, 2013 | Estimated | Gross | Estimated | Gross | Estimated | Gross | ||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||||||||||
U.S. Treasury securities and agency bonds | $ | 300 | $ | — | $ | — | $ | — | $ | 300 | $ | — | ||||||||||||||||||||
Corporate bonds | 2,276 | (2 | ) | 113 | — | 2,389 | (2 | ) | ||||||||||||||||||||||||
Mortgage-backed and asset-backed securities | 647 | (3 | ) | — | (4 | ) | 647 | (7 | ) | |||||||||||||||||||||||
Closed-end bond funds | — | — | 6,991 | (39 | ) | 6,991 | (39 | ) | ||||||||||||||||||||||||
$ | 3,223 | $ | (5 | ) | $ | 7,104 | $ | (43 | ) | $ | 10,327 | $ | (48 | ) | ||||||||||||||||||
Certain_Financial_Statement_In1
Certain Financial Statement Information (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||
Certain Financial Statement Information [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of Accounts receivable | ' | |||||||||||||||||||||||||||
Accounts receivable: | ||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Accounts receivable | $ | 25,629 | $ | 25,278 | ||||||||||||||||||||||||
Less: allowance for bad debts | (451 | ) | (703 | ) | ||||||||||||||||||||||||
$ | 25,178 | $ | 24,575 | |||||||||||||||||||||||||
Schedule of Inventories | ' | |||||||||||||||||||||||||||
Inventories: | ||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Finished goods | $ | 9,375 | $ | 7,247 | ||||||||||||||||||||||||
Work in process | 6,510 | 4,098 | ||||||||||||||||||||||||||
Raw materials | 3,061 | 1,555 | ||||||||||||||||||||||||||
$ | 18,946 | $ | 12,900 | |||||||||||||||||||||||||
Schedule of Other current assets | ' | |||||||||||||||||||||||||||
Other current assets: | ||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Prepaid expenses | $ | 10,978 | $ | 13,762 | ||||||||||||||||||||||||
Executive deferred compensation assets | 1,035 | 693 | ||||||||||||||||||||||||||
Deposits | 585 | 828 | ||||||||||||||||||||||||||
Proceeds receivable from sale of strategic investment | 3,353 | 1,331 | ||||||||||||||||||||||||||
Other | 848 | 1,384 | ||||||||||||||||||||||||||
$ | 16,799 | $ | 17,998 | |||||||||||||||||||||||||
Schedule of Property and equipment | ' | |||||||||||||||||||||||||||
Property and equipment: | ||||||||||||||||||||||||||||
Useful | March 31, | |||||||||||||||||||||||||||
Life | 2014 | 2013 | ||||||||||||||||||||||||||
(In years) | (In thousands) | |||||||||||||||||||||||||||
Machinery and equipment* | 7-May | $ | 44,503 | $ | 40,063 | |||||||||||||||||||||||
Leasehold improvements** | 5-Jan | 11,574 | 14,202 | |||||||||||||||||||||||||
Computers, office furniture and equipment | 7-Mar | 43,365 | 43,485 | |||||||||||||||||||||||||
Buildings** | — | — | 2,756 | |||||||||||||||||||||||||
Land** | — | — | 9,800 | |||||||||||||||||||||||||
99,442 | 110,306 | |||||||||||||||||||||||||||
Less: accumulated depreciation and amortization | (78,696 | ) | (75,915 | ) | ||||||||||||||||||||||||
$ | 20,746 | $ | 34,391 | |||||||||||||||||||||||||
* | Includes capitalized mask costs | |||||||||||||||||||||||||||
Schedule of Goodwill | ' | |||||||||||||||||||||||||||
Goodwill is as follows: | ||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Goodwill | $ | 11,425 | $ | 13,183 | ||||||||||||||||||||||||
Schedule of Purchased intangible assets | ' | |||||||||||||||||||||||||||
Purchase-related intangibles are as follows: | ||||||||||||||||||||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||||||||||||||||||
Gross | Accumulated | Net | Weighted | Gross | Accumulated | Net | Weighted | |||||||||||||||||||||
Amortization | average | Amortization | average | |||||||||||||||||||||||||
and | remaining | and | remaining | |||||||||||||||||||||||||
Impairments | useful life | Impairments | useful life | |||||||||||||||||||||||||
(In thousands) | (In years) | (In thousands) | (In years) | |||||||||||||||||||||||||
Developed technology/in-process research and development | $ | 425,000 | $ | (425,000 | ) | $ | — | 0 | $ | 441,300 | $ | (431,771 | ) | $ | 9,529 | 3.5 | ||||||||||||
Customer relationships | 6,330 | (6,225 | ) | 105 | 0.4 | 12,830 | (10,507 | ) | 2,323 | 2.1 | ||||||||||||||||||
Patents/core technology rights/trade name | 62,306 | (62,306 | ) | — | 0 | 63,206 | (63,067 | ) | 139 | 0.3 | ||||||||||||||||||
$ | 493,636 | $ | (493,531 | ) | $ | 105 | $ | 517,336 | $ | (505,345 | ) | $ | 11,991 | |||||||||||||||
Schedule of Estimated future amortization expense of purchased intangible assets | ' | |||||||||||||||||||||||||||
The estimated future amortization expense of purchased intangible assets to be charged to operating expenses as of March 31, 2014, was as follows (in thousands): | ||||||||||||||||||||||||||||
Operating | ||||||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||
Fiscal Years Ending March 31, 2015 | $ | 105 | ||||||||||||||||||||||||||
Schedule of Other assets | ' | |||||||||||||||||||||||||||
Other Assets: | ||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Non-current portion of prepaid expenses | $ | 4,235 | $ | 7,866 | ||||||||||||||||||||||||
Strategic investments* | 3,000 | 3,000 | ||||||||||||||||||||||||||
Other | $ | 519 | $ | — | ||||||||||||||||||||||||
$ | 7,754 | $ | 10,866 | |||||||||||||||||||||||||
Schedule of Other accrued liabilities | ' | |||||||||||||||||||||||||||
Other accrued liabilities: | ||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Employee related liabilities | $ | 1,733 | $ | 2,236 | ||||||||||||||||||||||||
Executive deferred compensation | 1,314 | 1,284 | ||||||||||||||||||||||||||
Income taxes | 962 | 903 | ||||||||||||||||||||||||||
Professional fees | 1,259 | 3,840 | ||||||||||||||||||||||||||
Other | 5,609 | 2,467 | ||||||||||||||||||||||||||
$ | 10,877 | $ | 10,730 | |||||||||||||||||||||||||
Schedule of Warranty reserve activity | ' | |||||||||||||||||||||||||||
The following table summarizes warranty reserve activity: | ||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Beginning balance | $ | 220 | $ | 454 | ||||||||||||||||||||||||
Charged (capitalized) to costs of revenues | 58 | (94 | ) | |||||||||||||||||||||||||
Costs incurred | (79 | ) | (140 | ) | ||||||||||||||||||||||||
Ending balance | $ | 199 | $ | 220 | ||||||||||||||||||||||||
Schedule of Interest income, net and other-than-temporary impairment | ' | |||||||||||||||||||||||||||
Interest income (expense), net and other-than-temporary impairments: | ||||||||||||||||||||||||||||
Fiscal Years Ended March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Interest income | $ | 1,692 | $ | 2,347 | $ | 3,601 | ||||||||||||||||||||||
Net realized gain on short-term investments | 3,360 | 1,391 | 646 | |||||||||||||||||||||||||
Impairments of short-term investments and marketable securities | — | (1,143 | ) | — | ||||||||||||||||||||||||
$ | 5,052 | $ | 2,595 | $ | 4,247 | |||||||||||||||||||||||
Schedule of Other income (expense), net | ' | |||||||||||||||||||||||||||
Other income (expense), net: | ||||||||||||||||||||||||||||
Fiscal Years Ended March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Net (impairment) gain on strategic investments* | $ | — | $ | (2,250 | ) | $ | 7,147 | |||||||||||||||||||||
Impairment of notes receivable and other assets** | — | (1,800 | ) | — | ||||||||||||||||||||||||
Net (loss) gain on disposals of property | 67 | (21 | ) | (10 | ) | |||||||||||||||||||||||
Other, net | 287 | 1,677 | 300 | |||||||||||||||||||||||||
$ | 354 | $ | (2,394 | ) | $ | 7,437 | ||||||||||||||||||||||
Schedule of Reconciliation of shares used to calculate basic and diluted net loss per share | ' | |||||||||||||||||||||||||||
The reconciliation of shares used to calculate basic and diluted net loss per share consists of the following (in thousands, except per share data): | ||||||||||||||||||||||||||||
Fiscal Years Ended March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Net loss | $ | (5,694 | ) | $ | (134,115 | ) | $ | (82,688 | ) | |||||||||||||||||||
Shares used in net loss per share computation: | ||||||||||||||||||||||||||||
Weighted average common shares outstanding, basic | 72,897 | 65,258 | 62,245 | |||||||||||||||||||||||||
Net effect of dilutive common share equivalents | — | — | — | |||||||||||||||||||||||||
Weighted average common shares outstanding, diluted | 72,897 | 65,258 | 62,245 | |||||||||||||||||||||||||
Basic and diluted net loss per share | $ | (0.08 | ) | $ | (2.06 | ) | $ | (1.33 | ) |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Schedule of Option Activity Under Stock Incentive Plans | ' | |||||||||||||||
A summary of the Company's stock option activity and related information is as follows: | ||||||||||||||||
Options Outstanding | ||||||||||||||||
Number of Shares (thousands) | Weighted | Weighted-Average Remaining Contractual Term (years) | Aggregate Intrinsic Value* (millions) | |||||||||||||
Average | ||||||||||||||||
Exercise | ||||||||||||||||
Price Per Share | ||||||||||||||||
Outstanding as of March 31, 2011 | 5,390 | $ | 11.91 | |||||||||||||
Granted | 250 | $ | 10.1 | |||||||||||||
Exercised | (156 | ) | $ | 5.11 | $ | 0.5 | -1 | |||||||||
Cancelled | (1,320 | ) | $ | 16.2 | ||||||||||||
Outstanding as of March 31, 2012 | 4,164 | $ | 10.67 | |||||||||||||
Granted | 40 | $ | 5.58 | |||||||||||||
Exercised | (161 | ) | $ | 5.31 | $ | 0.3 | -1 | |||||||||
Cancelled | (551 | ) | $ | 14.49 | ||||||||||||
Outstanding as of March 31, 2013 | 3,492 | $ | 10.26 | |||||||||||||
Granted | 40 | 7.35 | ||||||||||||||
Exercised | (662 | ) | 9.36 | $ | 1.8 | -1 | ||||||||||
Cancelled | (461 | ) | 12.35 | |||||||||||||
Outstanding as of March 31, 2014 | 2,409 | $ | 10.06 | 2.7 | $ | 3.4 | -2 | |||||||||
Vested and expected to vest as of March 31, 2014 | 2,409 | $ | 10.06 | 2.6 | $ | 3.4 | -2 | |||||||||
Vested and exercisable at the end of the year | 2,312 | $ | 10.14 | 2.7 | $ | 3.2 | -2 | |||||||||
Weighted Average Remaining Contractual Life and Weighted Average Per Share Exercise Price of Options Outstanding and Options Exercisable | ' | |||||||||||||||
The following table summarizes the information about stock options outstanding and exercisable as of March 31, 2014 (shares in thousands): | ||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||
Range of Exercise Prices | Number of Shares | Weighted | Weighted | Number of Shares | Weighted | |||||||||||
Average | Average | Average | ||||||||||||||
Remaining | Exercise Price | Exercise Price | ||||||||||||||
Contractual | ||||||||||||||||
Life | ||||||||||||||||
$ 1.68 - $ 7.60 | 540 | 3.07 | $ | 6.77 | 462 | $ | 6.71 | |||||||||
7.61 - 7.67 | 650 | 2.34 | 7.67 | 650 | 7.67 | |||||||||||
7.68 - 11.86 | 430 | 3.3 | 10.49 | 419 | 10.47 | |||||||||||
11.87 - 14.20 | 491 | 2.38 | 12.87 | 483 | 12.88 | |||||||||||
14.21 - 23.32 | 298 | 1.47 | 15.96 | 298 | 15.96 | |||||||||||
$ 1.68 - $23.32 | 2,409 | 2.57 | $ | 10.06 | 2,312 | $ | 10.14 | |||||||||
Schedule of Restricted Stock Unit Activity | ' | |||||||||||||||
A summary of the Company's RSU activity is as follows (in thousands): | ||||||||||||||||
Fiscal Years Ended March 31, | ||||||||||||||||
2014 | 2013 | 2011 | ||||||||||||||
Outstanding at the beginning of the year | 6,444 | 9,244 | 3,074 | |||||||||||||
Awarded | 3,594 | 1,040 | 8,833 | |||||||||||||
Vested | (2,397 | ) | (2,345 | ) | (1,701 | ) | ||||||||||
Cancelled | (1,536 | ) | (1,495 | ) | (962 | ) | ||||||||||
Outstanding at the end of the year | 6,105 | 6,444 | 9,244 | |||||||||||||
Common Shares Reserved for Issuance | ' | |||||||||||||||
At March 31, 2014, the Company has the following shares of common stock reserved for issuance upon the exercise of equity instruments (in thousands): | ||||||||||||||||
Options granted and outstanding | 2,409 | |||||||||||||||
Restricted Stock Units granted and outstanding | 6,105 | |||||||||||||||
Options and RSUs authorized for future grants | 355 | |||||||||||||||
Employee Stock Purchase Plan | 498 | |||||||||||||||
9,367 | ||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Income Before Income Tax | ' | ||||||||||||||||||||
Loss from operations before income tax consists of the following (in thousands): | |||||||||||||||||||||
Fiscal Years Ended March 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Loss from operations before income tax: | |||||||||||||||||||||
Domestic loss | $ | (8,976 | ) | $ | (130,552 | ) | $ | (78,630 | ) | ||||||||||||
Foreign income (loss) | 3,901 | (4,117 | ) | (3,130 | ) | ||||||||||||||||
$ | (5,075 | ) | $ | (134,669 | ) | $ | (81,760 | ) | |||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | ||||||||||||||||||||
Income tax expense (benefit) from operations consists of the following (in thousands): | |||||||||||||||||||||
Fiscal Years Ended March 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Current: | |||||||||||||||||||||
Federal | $ | (20 | ) | $ | (1,106 | ) | $ | 147 | |||||||||||||
Foreign | 819 | 847 | 1,034 | ||||||||||||||||||
State | 6 | (129 | ) | 60 | |||||||||||||||||
Total Current | 805 | (388 | ) | 1,241 | |||||||||||||||||
Deferred: | |||||||||||||||||||||
Foreign | (186 | ) | (166 | ) | (313 | ) | |||||||||||||||
State | — | — | — | ||||||||||||||||||
Total Deferred | (186 | ) | (166 | ) | (313 | ) | |||||||||||||||
$ | 619 | $ | (554 | ) | $ | 928 | |||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | ||||||||||||||||||||
The provision (benefit) for income taxes reconciles to the amount computed by applying the federal statutory rate of 35% to the loss before income taxes as follows for operations (in thousands): | |||||||||||||||||||||
Fiscal Years Ended March 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
$ | % | $ | % | $ | % | ||||||||||||||||
Tax at federal statutory rate | $ | (1,776 | ) | 35 | % | $ | (47,134 | ) | 35 | % | $ | (28,613 | ) | 35 | % | ||||||
Tax benefit from loss from continuing operations | — | — | (925 | ) | 1 | (123 | ) | — | |||||||||||||
Other permanent differences | (6,561 | ) | 129 | 1,195 | (1 | ) | 2,295 | (3 | ) | ||||||||||||
State taxes, net of federal benefit | (214 | ) | 4 | (7,263 | ) | 5 | (3,937 | ) | 5 | ||||||||||||
Federal tax credits | (1,778 | ) | 35 | (1,909 | ) | 1 | (4,131 | ) | 5 | ||||||||||||
State tax credits | (444 | ) | 9 | (537 | ) | — | (622 | ) | 1 | ||||||||||||
Veloce accrued liability | 16,740 | (330 | ) | 26,749 | (20 | ) | 24,046 | (29 | ) | ||||||||||||
Sale of TPack | 2,688 | (53 | ) | — | — | — | — | ||||||||||||||
Valuation allowance | (7,809 | ) | 154 | 28,715 | (21 | ) | 11,600 | (14 | ) | ||||||||||||
Change in contingency reserve | (64 | ) | 1 | 74 | — | 52 | — | ||||||||||||||
Other | (163 | ) | 4 | 481 | — | 361 | (1 | ) | |||||||||||||
$ | 619 | (12 | )% | $ | (554 | ) | — | % | $ | 928 | (1 | )% | |||||||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||||||||||||||
Significant components of the Company’s deferred tax assets and liabilities for federal and state income taxes are as shown below (in thousands): | |||||||||||||||||||||
Fiscal Years Ended March 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||
Net operating loss carryforwards | $ | 294,910 | $ | 310,276 | |||||||||||||||||
Research and development credit carryforwards | 79,839 | 78,696 | |||||||||||||||||||
Inventory write-downs and other reserves | 8,068 | 9,046 | |||||||||||||||||||
Capitalization of research and development costs | 5,915 | 8,038 | |||||||||||||||||||
Goodwill | 4,007 | 7,431 | |||||||||||||||||||
Intangible assets | 32,290 | 40,201 | |||||||||||||||||||
Investment impairment | 3,494 | 4,958 | |||||||||||||||||||
Stock-based compensation | 26,664 | 31,177 | |||||||||||||||||||
Depreciation and amortization | 3,253 | 165 | |||||||||||||||||||
Other | 1,182 | 1,056 | |||||||||||||||||||
Total deferred tax assets | 459,622 | 491,044 | |||||||||||||||||||
Valuation allowance | (459,081 | ) | (490,629 | ) | |||||||||||||||||
$ | 541 | $ | 415 | ||||||||||||||||||
Schedule of Unrecognized Tax Benefits Roll Forward | ' | ||||||||||||||||||||
The following is a tabular reconciliation of the Unrecognized Tax Benefits activity during the fiscal year ended March 31, 2014 (in thousands): | |||||||||||||||||||||
Opening Balance | $ | 43,382 | |||||||||||||||||||
Gross decreases - tax positions in prior period | 60 | ||||||||||||||||||||
Gross increases - current-period tax positions | 789 | ||||||||||||||||||||
Ending Balance | $ | 44,231 | |||||||||||||||||||
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||
Schedule of restructuring activity | ' | |||||||||||
The following table sets forth a summary of restructuring activities related to all of the Company's restructuring plans described above (in thousands): | ||||||||||||
Workforce | Asset Impairment | Total | ||||||||||
Reduction | ||||||||||||
Liability, March 31, 2012 | $ | — | $ | — | $ | — | ||||||
Restructuring charges | 1,716 | 4,719 | 6,435 | |||||||||
Cash payments | (1,168 | ) | — | (1,168 | ) | |||||||
Non-cash items | — | (4,719 | ) | (4,719 | ) | |||||||
Liability, March 31, 2013 | $ | 548 | $ | — | $ | 548 | ||||||
Restructuring charges | $ | 862 | $ | 272 | $ | 1,134 | ||||||
Cash payments | (1,410 | ) | — | (1,410 | ) | |||||||
Non-cash items | — | (272 | ) | (272 | ) | |||||||
Liability, March 31, 2014 | $ | — | $ | — | $ | — | ||||||
Commitments_Tables
Commitments (Tables) | 12 Months Ended | |||
Mar. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Schedule of contractual operating leases | ' | |||
The following table summarizes the Company’s contractual operating leases as of March 31, 2014 (in thousands): | ||||
Payment Due by Period | ||||
Fiscal Years Ending March 31, | ||||
2015 | $ | 1,901 | ||
2016 | 930 | |||
2017 | 504 | |||
2018 | $ | 369 | ||
Total minimum payments | $ | 3,704 | ||
Significant_Customer_and_Geogr1
Significant Customer and Geographic Information (Tables) | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Schedules of concentration of risk, by risk factor | ' | |||||||||||
Based on direct shipments, net revenues to customers that were equal to or greater than 10% of total net revenues were as follows: | ||||||||||||
Fiscal Years Ended March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Wintec (global logistics provider)** | 22 | % | 19 | % | 20 | % | ||||||
Avnet (distributor) | 27 | % | 27 | % | 20 | % | ||||||
Flextronics (sub-contract manufacturer) | * | * | 11 | % | ||||||||
* Less than 10% of total net revenues for period indicated. | ||||||||||||
** Wintec provides vendor managed inventory support primarily for Cisco Systems, Inc. | ||||||||||||
Schedule of revenue from external customers and long-lived assets, by geographical areas | ' | |||||||||||
Net revenues by geographic region, which are primarily denominated in U.S. dollars, were as follows (in thousands): | ||||||||||||
Fiscal Years Ended March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
United States of America | $ | 101,275 | $ | 79,930 | $ | 99,214 | ||||||
Taiwan | 13,405 | 22,684 | 20,950 | |||||||||
Hong Kong | 21,477 | 22,044 | 21,458 | |||||||||
China | 6,085 | 2,053 | 4,503 | |||||||||
Europe | 33,625 | 35,216 | 41,691 | |||||||||
Japan | 23,125 | 13,237 | 13,596 | |||||||||
Malaysia | 5,788 | 4,733 | 8,276 | |||||||||
Singapore | 9,745 | 10,399 | 14,011 | |||||||||
Other Asia | 1,217 | 4,621 | 5,790 | |||||||||
Other | 408 | 725 | 1,398 | |||||||||
$ | 216,150 | $ | 195,642 | $ | 230,887 | |||||||
Sale_of_TPack_AS_Tables
Sale of TPack A/S (Tables) | 12 Months Ended | |||
Mar. 31, 2014 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||
Schedule of Components of Gain from Sale | ' | |||
In connection with the divestiture, the Company recorded a gain of $19.7 million. The following table summarizes the components of the gain (in thousands): | ||||
Total proceeds, net of working capital adjustment | $ | 30,175 | ||
Net assets and liabilities | (184 | ) | ||
Goodwill write off | (1,758 | ) | ||
Intangibles write off | (11,404 | ) | ||
Holdback amount | 3,353 | |||
Legal fees and other costs | (483 | ) | ||
Gain on sale of TPack | $ | 19,699 | ||
Quarterly_Financial_Informatio1
Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||||||||||||||||||
The operating results for any quarter are not necessarily indicative of results for any future period. | ||||||||||||||||||||||||||||||||
Fiscal Year Ended March 31, 2014 | Fiscal Year Ended March 31, 2013 | |||||||||||||||||||||||||||||||
Q1 (1) | Q2 (2) | Q3 (3) | Q4 | Q1 | Q2 | Q3(4) | Q4(5)(6) | |||||||||||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||||||||||||||
Net revenues | $ | 54,148 | $ | 55,387 | $ | 54,844 | $ | 51,771 | $ | 41,294 | $ | 46,324 | $ | 51,698 | $ | 56,326 | ||||||||||||||||
Cost of revenues | 22,342 | 21,397 | 21,644 | 19,806 | 18,355 | 20,561 | 22,958 | 21,174 | ||||||||||||||||||||||||
Gross profit | 31,806 | 33,990 | 33,200 | 31,965 | 22,939 | 25,763 | 28,740 | 35,152 | ||||||||||||||||||||||||
Total operating expenses | 24,556 | 66,757 | 40,900 | 9,229 | 47,891 | 48,515 | 101,942 | 49,116 | ||||||||||||||||||||||||
Operating loss | 7,250 | (32,767 | ) | (7,700 | ) | 22,736 | (24,952 | ) | (22,752 | ) | (73,202 | ) | (13,964 | ) | ||||||||||||||||||
Interest and other income (expense) | 3,795 | 576 | 617 | 418 | 1,762 | 835 | 2,258 | (4,654 | ) | |||||||||||||||||||||||
Loss before income taxes | 11,045 | (32,191 | ) | (7,083 | ) | 23,154 | (23,190 | ) | (21,917 | ) | (70,944 | ) | (18,618 | ) | ||||||||||||||||||
Income tax expense (benefit) | 188 | 192 | 201 | 38 | 200 | (360 | ) | 618 | (1,012 | ) | ||||||||||||||||||||||
Net loss | $ | 10,857 | $ | (32,383 | ) | $ | (7,284 | ) | $ | 23,116 | $ | (23,390 | ) | $ | (21,557 | ) | $ | (71,562 | ) | $ | (17,606 | ) | ||||||||||
Basic net income (loss) per share | $ | 0.16 | $ | (0.45 | ) | $ | (0.10 | ) | $ | 0.31 | $ | (0.37 | ) | $ | (0.33 | ) | $ | (1.08 | ) | $ | (0.26 | ) | ||||||||||
Shares used in calculating basic net income (loss) per share | 69,360 | 72,610 | 73,989 | 75,629 | 62,409 | 64,947 | 66,113 | 67,566 | ||||||||||||||||||||||||
Diluted net income (loss) per share | $ | 0.15 | $ | (0.45 | ) | $ | (0.10 | ) | $ | 0.3 | $ | (0.37 | ) | $ | (0.33 | ) | $ | (1.08 | ) | $ | (0.26 | ) | ||||||||||
Shares used in calculating diluted income (loss) per share | 70,234 | 72,610 | 73,989 | 77,193 | 62,409 | 64,947 | 66,113 | 67,566 | ||||||||||||||||||||||||
-1 | The consolidated operating results for the first quarter of fiscal 2014 included a charge of $9.3 million related to the Veloce consideration and a gain on sale of TPack of $19.7 million. | |||||||||||||||||||||||||||||||
(2) The consolidated operating results for the second quarter of fiscal 2014 included a charge of $30.4 million related to the Veloce consideration. | ||||||||||||||||||||||||||||||||
(3) The consolidated operating results for the third quarter of fiscal 2014 included a charge of $2.9 million related to the Veloce consideration. | ||||||||||||||||||||||||||||||||
(4) The consolidated operating results for the third quarter of fiscal 2013 included a charge of $51.9 million related to the Veloce consideration and a charge of $6.2 million related to restructuring charges. | ||||||||||||||||||||||||||||||||
(5) The consolidated operating results for the fourth quarter of fiscal 2013 included a charge of $9.6 million related to the Veloce consideration. | ||||||||||||||||||||||||||||||||
(6) During fiscal 2012, one significant product development milestone relating to the Veloce project was considered probable of achievement and accordingly $60.4 million was recognized as research and development expense (see further discussion in Note 4, Veloce, to the Consolidated Financial Statements). However, approximately $8.0 million of the R&D expense was incorrectly recognized as this expense amount related to Unallocated Veloce Units that had not yet been distributed as of March 31, 2012. R&D expenses were also recognized during the first three quarters of fiscal 2013 in connection with further progress made in connection with the performance milestones relating to Veloce. However, the R&D expenses recognized during the first three quarters of fiscal 2013 also incorrectly included immaterial amounts related to the Unallocated Veloce Units. During the fourth quarter of fiscal 2013, the Company corrected the error impacting fiscal 2012 and the first three quarters of fiscal 2013. The correction of the errors resulted in a reduction of R&D expenses recognized by $10.4 million during the fourth quarter of fiscal 2013. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Veloce Consideration (Details) (Veloce Technologies Inc., USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 21 Months Ended | |||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Jun. 20, 2012 |
Veloce Technologies Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total consideration to be transferred | ' | ' | ' | $178.50 | ' | $178.50 | ' | ' | $178.50 | ' | $135 |
Research and development expenses incurred | $2.90 | $30.40 | $9.30 | $9.60 | $60.40 | $126.60 | $51.90 | $42.70 | $66.20 | $169.30 | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Investments (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Accounting Policies [Abstract] | ' | ' | ' |
Other-than-temporary impairment charges | $0 | $1,143 | $0 |
Gross unrealized loss | 420 | 48 | ' |
Gross unrealized gains | 3,455 | 8,082 | ' |
Impairment charge on non-marketable strategic investments | 0 | 2,250 | 1,000 |
Impairment loss (gain) on strategic investments, net | 0 | 2,250 | -7,147 |
Purchases of strategic investments | $0 | ($500) | ($4,750) |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Inventories (Details) | 12 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Estimated period of future demand for products | '12 months |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Property and Equipment (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | |
Minimum | Maximum | ||
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful lives of assets | ' | '1 year | '7 years |
Impairment of long-lived assets | $0 | ' | ' |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies - Mask Costs (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accounting Policies [Abstract] | ' | ' |
Capitalized mask costs | $6.40 | $3.10 |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies - Stock-Based Compensation (Details) (USD $) | 12 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2013 | |
Cost of Revenues | Cost of Revenues | Cost of Revenues | Research and Development Expense | Research and Development Expense | Research and Development Expense | Selling General and Administrative | Selling General and Administrative | Selling General and Administrative | Stock Options | Stock Options | Stock Options | Stock Options | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Employee Stock Purchase Plans | Employee Stock Purchase Plans | Employee Stock Purchase Plans | Veloce Warrants | ||||
Share-based Compensation, Allocation and Classification | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation | $17,037,000 | $24,089,000 | $18,437,000 | $460,000 | $545,000 | $495,000 | $6,371,000 | $11,760,000 | $10,496,000 | $10,206,000 | $11,784,000 | $7,446,000 | ' | $2,520,000 | $3,469,000 | $5,289,000 | $14,517,000 | $20,620,000 | $13,148,000 | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | -16,000 | 147,000 | -63,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 17,021,000 | 24,236,000 | 18,374,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000 |
Share-based Compensation Fair Value Assumptions Used | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected life (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years 4 months 24 days | '4 years 4 months 24 days | '3 years 9 months 18 days | ' | ' | ' | '6 months | '6 months | '6 months | ' |
Risk-free interest rate (percentage) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.60% | 0.70% | 1.40% | ' | ' | ' | 0.00% | 0.00% | 0.10% | ' |
Volatility (percentage) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.00% | 54.00% | 48.00% | ' | ' | ' | 56.00% | 50.00% | 55.00% | ' |
Dividend yield (percentage) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | 0.00% | ' | ' | ' | 0.00% | 0.00% | 0.00% | ' |
Expected forfeiture rate (percentage) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.60% | 5.80% | 6.60% | 6.80% | ' | ' | ' | 0.00% | 0.00% | 0.00% | ' |
Weighted average fair value (USD per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.95 | $2.47 | $3.83 | ' | ' | ' | $3.40 | $1.77 | $2.13 | ' |
Expected dividend yield | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average grant-date fair value per share of the restricted stock units awarded (USD per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9.46 | $6.11 | $9 | ' | ' | ' | ' |
Unearned stock-based compensation | $24,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average period over which the unearned stock-based compensation is expected to be recognized, years | '1 year 6 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies - Segments of a Business Enterprise (Details) | 12 Months Ended |
Mar. 31, 2014 | |
segment | |
Accounting Policies [Abstract] | ' |
Number of operating segments | 2 |
Number of reportable segments | 1 |
Investments_Additional_Informa
Investments - Additional Information (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Investments, Debt and Equity Securities [Abstract] | ' | ' | ' |
Restricted cash related to voluntary disability insurance program | $1,100,000 | $1,000,000 | ' |
Estimated fair value prested of mortgate-backed securities | 1,100,000 | 1,400,000 | ' |
Other-than-temporary impairment charges | 0 | 1,143,000 | 0 |
Available-for-sale securities, Gross Unrealized Gains | $3,455,000 | $8,082,000 | ' |
Investments_Summary_of_Availab
Investments - Summary of Available-for-Sale Securities (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 | ||
In Thousands, unless otherwise specified | ||||||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ||
Cash and cash equivalents | $71,539 | $19,065 | $28,065 | $84,402 | ||
Cash, Cash equivalents and Available-for-sale Investments, Amortized Cost | 103,548 | 77,442 | ' | ' | ||
Available-for-sale securities, Gross Unrealized Gains | 3,455 | 8,082 | ' | ' | ||
Available-for-sale securities, Gross Unrealized Losses | 420 | 48 | ' | ' | ||
Cash, Cash equivalents and Available-for-sale Investments, Estimated Fair Value | 106,583 | 85,476 | ' | ' | ||
Short-term investments available-for-sale | 35,044 | 66,411 | ' | ' | ||
Cash | ' | ' | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ||
Cash and cash equivalents | 65,867 | 8,529 | ' | ' | ||
Cash and cash equivalents, Estimated Fair Value | 65,867 | 8,529 | ' | ' | ||
Cash Equivalents | ' | ' | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ||
Cash and cash equivalents | 5,672 | 10,536 | ' | ' | ||
Cash and cash equivalents, Estimated Fair Value | 5,672 | 10,536 | ' | ' | ||
U.S Treasury Securities and Agency Bonds | ' | ' | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ||
Available-for-sale Securities, Amortized Cost Basis | 2,838 | 12,363 | ' | ' | ||
Available-for-sale securities, Gross Unrealized Gains | 0 | 10 | ' | ' | ||
Available-for-sale securities, Gross Unrealized Losses | 0 | 0 | ' | ' | ||
Available-for-sale Securities, Estimated Fair Value | 2,838 | 12,373 | ' | ' | ||
Corporate bonds | ' | ' | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ||
Available-for-sale Securities, Amortized Cost Basis | 10,599 | 15,567 | ' | ' | ||
Available-for-sale securities, Gross Unrealized Gains | 30 | 63 | ' | ' | ||
Available-for-sale securities, Gross Unrealized Losses | 2 | 2 | ' | ' | ||
Available-for-sale Securities, Estimated Fair Value | 10,627 | 15,628 | ' | ' | ||
Mortgage Backed and Asset Backed Securities | ' | ' | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ||
Available-for-sale Securities, Amortized Cost Basis | 1,793 | [1] | 3,655 | [1] | ' | ' |
Available-for-sale securities, Gross Unrealized Gains | 297 | [1] | 355 | [1] | ' | ' |
Available-for-sale securities, Gross Unrealized Losses | 16 | [1] | 7 | [1] | ' | ' |
Available-for-sale Securities, Estimated Fair Value | 2,074 | [1] | 4,003 | [1] | ' | ' |
Closed-end bond funds | ' | ' | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ||
Available-for-sale Securities, Amortized Cost Basis | 14,373 | 21,914 | ' | ' | ||
Available-for-sale securities, Gross Unrealized Gains | 2,392 | 5,340 | ' | ' | ||
Available-for-sale securities, Gross Unrealized Losses | 402 | 39 | ' | ' | ||
Available-for-sale Securities, Estimated Fair Value | 16,363 | 27,215 | ' | ' | ||
Preferred Stock | ' | ' | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ||
Available-for-sale Securities, Amortized Cost Basis | 2,406 | 4,878 | ' | ' | ||
Available-for-sale securities, Gross Unrealized Gains | 736 | 2,314 | ' | ' | ||
Available-for-sale securities, Gross Unrealized Losses | 0 | 0 | ' | ' | ||
Available-for-sale Securities, Estimated Fair Value | $3,142 | $7,192 | ' | ' | ||
[1] | At March 31, 2014 and 2013, approximately $1.1 million and $1.4 million of the estimated fair value presented were mortgage-backed securities, respectively. |
Investments_Summary_by_Type_of
Investments - Summary by Type of Instruments Measured at Fair Value (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Cash, cash equivalents and available-for-sale investments measured at fair value on recurring basis | $106,583 | $85,476 | ||
Level 1 | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Cash, cash equivalents and available-for-sale investments measured at fair value on recurring basis | 90,740 | 57,625 | ||
Level 2 | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Cash, cash equivalents and available-for-sale investments measured at fair value on recurring basis | 15,843 | 27,851 | ||
Level 3 | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Cash, cash equivalents and available-for-sale investments measured at fair value on recurring basis | 0 | 0 | ||
Cash | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Cash and cash equivalents measured at fair value on a recurring basis | 65,867 | 8,529 | ||
Cash | Level 1 | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Cash and cash equivalents measured at fair value on a recurring basis | 65,867 | 8,529 | ||
Cash | Level 2 | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Cash and cash equivalents measured at fair value on a recurring basis | 0 | 0 | ||
Cash | Level 3 | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Cash and cash equivalents measured at fair value on a recurring basis | 0 | 0 | ||
Cash Equivalents | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Cash and cash equivalents measured at fair value on a recurring basis | 5,672 | 10,536 | ||
Cash Equivalents | Level 1 | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Cash and cash equivalents measured at fair value on a recurring basis | 5,672 | 9,508 | ||
Cash Equivalents | Level 2 | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Cash and cash equivalents measured at fair value on a recurring basis | 0 | 1,028 | ||
Cash Equivalents | Level 3 | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Cash and cash equivalents measured at fair value on a recurring basis | 0 | 0 | ||
U.S Treasury Securities and Agency Bonds | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities | 2,838 | 12,373 | ||
U.S Treasury Securities and Agency Bonds | Level 1 | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities | 2,838 | 12,373 | ||
U.S Treasury Securities and Agency Bonds | Level 2 | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities | 0 | 0 | ||
U.S Treasury Securities and Agency Bonds | Level 3 | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities | 0 | 0 | ||
Corporate bonds | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities | 10,627 | 15,628 | ||
Corporate bonds | Level 1 | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities | 0 | 0 | ||
Corporate bonds | Level 2 | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities | 10,627 | 15,628 | ||
Corporate bonds | Level 3 | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities | 0 | 0 | ||
Mortgage Backed and Asset Backed Securities | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities | 2,074 | [1] | 4,003 | [1] |
Mortgage Backed and Asset Backed Securities | Level 1 | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities | 0 | 0 | ||
Mortgage Backed and Asset Backed Securities | Level 2 | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities | 2,074 | 4,003 | ||
Mortgage Backed and Asset Backed Securities | Level 3 | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities | 0 | 0 | ||
Closed-end bond funds | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities | 16,363 | 27,215 | ||
Closed-end bond funds | Level 1 | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities | 16,363 | 27,215 | ||
Closed-end bond funds | Level 2 | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities | 0 | 0 | ||
Closed-end bond funds | Level 3 | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities | 0 | 0 | ||
Preferred Stock | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities | 3,142 | 7,192 | ||
Preferred Stock | Level 1 | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities | 0 | 0 | ||
Preferred Stock | Level 2 | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities | 3,142 | 7,192 | ||
Preferred Stock | Level 3 | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities | $0 | $0 | ||
[1] | At March 31, 2014 and 2013, approximately $1.1 million and $1.4 million of the estimated fair value presented were mortgage-backed securities, respectively. |
Investments_Schedule_of_Maturi
Investments - Schedule of Maturities (Details) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Investments, Debt and Equity Securities [Abstract] | ' |
Less than 1 year, Cost | $6,888 |
Mature in 1 - 2 years, Cost | 6,580 |
Mature in 3 - 5 years, Cost | 529 |
Mature after 5 years, Cost | 1,233 |
Cost, Total | 15,230 |
Less than 1 year, Fair Value | 7,024 |
Mature in 1 - 2 years, Fair Value | 6,618 |
Mature in 3 - 5 years, Fair Value | 542 |
Mature after 5 years, Fair Value | 1,355 |
Fair Value, Total | $15,539 |
Investments_Summary_of_Gross_U
Investments - Summary of Gross Unrealized Losses (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months of Unrealized Losses, Estimated Fair Value | $6,242 | $3,223 |
Less Than 12 Months of Unrealized Losses, Gross Unrealized Losses | -351 | -5 |
12 Months or More of Unrealized Losses, Estimated Fair Value | 405 | 7,104 |
12 Months or More of Unrealized Losses, Gross Unrealized Losses | -69 | -43 |
Total, Estimated Fair Value | 6,647 | 10,327 |
Total, Gross Unrealized Losses | -420 | -48 |
U.S Treasury Securities and Agency Bonds | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months of Unrealized Losses, Estimated Fair Value | 0 | 300 |
Less Than 12 Months of Unrealized Losses, Gross Unrealized Losses | 0 | 0 |
12 Months or More of Unrealized Losses, Estimated Fair Value | 0 | 0 |
12 Months or More of Unrealized Losses, Gross Unrealized Losses | 0 | 0 |
Total, Estimated Fair Value | 0 | 300 |
Total, Gross Unrealized Losses | 0 | 0 |
Corporate bonds | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months of Unrealized Losses, Estimated Fair Value | 992 | 2,276 |
Less Than 12 Months of Unrealized Losses, Gross Unrealized Losses | -2 | -2 |
12 Months or More of Unrealized Losses, Estimated Fair Value | 0 | 113 |
12 Months or More of Unrealized Losses, Gross Unrealized Losses | 0 | 0 |
Total, Estimated Fair Value | 992 | 2,389 |
Total, Gross Unrealized Losses | -2 | -2 |
Mortgage Backed and Asset Backed Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months of Unrealized Losses, Estimated Fair Value | 431 | 647 |
Less Than 12 Months of Unrealized Losses, Gross Unrealized Losses | -16 | -3 |
12 Months or More of Unrealized Losses, Estimated Fair Value | 0 | 0 |
12 Months or More of Unrealized Losses, Gross Unrealized Losses | 0 | -4 |
Total, Estimated Fair Value | 431 | 647 |
Total, Gross Unrealized Losses | -16 | -7 |
Closed-end bond funds | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months of Unrealized Losses, Estimated Fair Value | 4,819 | 0 |
Less Than 12 Months of Unrealized Losses, Gross Unrealized Losses | -333 | 0 |
12 Months or More of Unrealized Losses, Estimated Fair Value | 405 | 6,991 |
12 Months or More of Unrealized Losses, Gross Unrealized Losses | -69 | -39 |
Total, Estimated Fair Value | 5,224 | 6,991 |
Total, Gross Unrealized Losses | ($402) | ($39) |
Certain_Financial_Statement_In2
Certain Financial Statement Information - Schedule of Accounts receivable (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Accounts receivable | ' | ' |
Accounts receivable | $25,629 | $25,278 |
Less: allowance for bad debts | -451 | -703 |
Accounts receivable, net | $25,178 | $24,575 |
Certain_Financial_Statement_In3
Certain Financial Statement Information - Schedule of Inventories (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Inventories | ' | ' |
Finished goods | $9,375 | $7,247 |
Work in process | 6,510 | 4,098 |
Raw materials | 3,061 | 1,555 |
Inventories, total | $18,946 | $12,900 |
Certain_Financial_Statement_In4
Certain Financial Statement Information - Schedule of Other current assets (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Other current assets | ' | ' |
Prepaid expenses | $10,978 | $13,762 |
Executive deferred compensation assets | 1,035 | 693 |
Deposits | 585 | 828 |
Proceeds receivable from sale of strategic investment | 3,353 | 1,331 |
Other | 848 | 1,384 |
Other current assets, total | $16,799 | $17,998 |
Certain_Financial_Statement_In5
Certain Financial Statement Information - Schedule of Property and equipment (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | ||||||||
Minimum | Maximum | Machinery and Equipment | Machinery and Equipment | Machinery and Equipment | Machinery and Equipment | Leasehold Improvements | Leasehold Improvements | Leasehold Improvements | Leasehold Improvements | Leasehold Improvements | Leasehold Improvements | Computers, Office Furniture and Equipment | Computers, Office Furniture and Equipment | Computers, Office Furniture and Equipment | Computers, Office Furniture and Equipment | Buildings | Buildings | Buildings | Land | Land | ||||||||||||
Minimum | Maximum | Minimum | Minimum | Maximum | Maximum | Minimum | Maximum | California | ||||||||||||||||||||||||
California | California | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Useful life | ' | ' | ' | '1 year | '7 years | ' | ' | '5 years | [1] | '7 years | [1] | ' | ' | '1 year | '5 years | '5 years | '15 years | ' | ' | '3 years | '7 years | '0 years | ' | '31 years 6 months | ' | ' | ||||||
Schedule of Property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Property and equipment, gross | $99,442 | $110,306 | ' | ' | ' | $44,503 | [1] | $40,063 | [1] | ' | ' | $11,574 | $14,202 | ' | ' | ' | ' | $43,365 | $43,485 | ' | ' | $0 | [2] | $2,756 | [2] | ' | $0 | [2] | $9,800 | [2] | ||
Less: accumulated depreciation and amortization | -78,696 | -75,915 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Property and equipment, net | 20,746 | 34,391 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,300 | ' | ' | ||||||||
Proceeds from sale of buildings | 40,176 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,800 | ' | ' | ||||||||
NBV of building sold | 20,746 | 34,391 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,300 | ' | ' | ||||||||
Gain on sale of building | ($25,815) | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($25,800) | ' | ' | ||||||||
[1] | Includes capitalized mask costs | |||||||||||||||||||||||||||||||
[2] | In March, 2014, The Company sold its headquarters building and related parcel of land in Sunnyvale, California for a purchase price of $40.8 million in cash. The building was being depreciated over the useful life of 31.5 years and the leasehold improvements associated with the building were being depreciated over the useful life of 5 to 15 years. The net book value of the properties sold was approximately $14.3 million on the closing date and the Company recorded a gain of $25.8 million in the fiscal year ended March 31, 2014. The Company leases a portion of the space on a lease which expires in August, 2015. |
Certain_Financial_Statement_In6
Certain Financial Statement Information - Schedule of Goodwill (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 |
TPack | |||
Schedule of Goodwill | ' | ' | ' |
Goodwill | $11,425,000 | $13,183,000 | ' |
Goodwill [Line Items] | ' | ' | ' |
Reduction of goodwill due to sale of business unit | ' | ' | $1,800,000 |
Certain_Financial_Statement_In7
Certain Financial Statement Information - Schedule of Purchased Inatngible Assets (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
TPack | Operating Expense | Developed Technology In Process Research And Development | Developed Technology In Process Research And Development | Customer Relationships | Customer Relationships | Patents Core Technology Rights Tradename | Patents Core Technology Rights Tradename | |||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets, Gross | $493,636,000 | $517,336,000 | ' | ' | $425,000,000 | $441,300,000 | $6,330,000 | $12,830,000 | $62,306,000 | $63,206,000 |
Intangible assets, Accumulated Amortization and Impairments | 493,531,000 | 505,345,000 | ' | ' | 425,000,000 | 431,771,000 | 6,225,000 | 10,507,000 | 62,306,000 | 63,067,000 |
Intangible assets, Net | 105,000 | 11,991,000 | ' | ' | 0 | 9,529,000 | 105,000 | 2,323,000 | 0 | 139,000 |
Intangible assets, Weighted average useful remaining life | ' | ' | ' | ' | '0 years | '3 years 6 months | '5 months 12 days | '2 years 1 month 6 days | '0 years | '3 months 18 days |
Intangible Assets written off due to sale of business unit | ' | ' | 11,400,000 | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fiscal Years Ending March 31, 2015 | ' | ' | ' | $105,000 | ' | ' | ' | ' | ' | ' |
Certain_Financial_Statement_In8
Certain Financial Statement Information - Schedule of Other assets (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | ||
Schedule of other assets | ' | ' | ' | ||
Non-current portion of prepaid expenses | $4,235 | $7,866 | ' | ||
Strategic investments | 3,000 | [1] | 3,000 | [1] | ' |
Other | 519 | 0 | ' | ||
Total other assets | 7,754 | 10,866 | ' | ||
Impairment charge on non-marketable strategic investments | $0 | $2,250 | $1,000 | ||
[1] | During the fiscal years ended March 31, 2014 and 2013, the Company recognized an impairment charge on its non-marketable strategic investment of $0.0 million and $2.3 million, respectively. Refer to Note 2, Investments, to the Consolidated Financial Statements for details. |
Certain_Financial_Statement_In9
Certain Financial Statement Information - Schedule of Other accrued liabilities (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of other accrued liabilities | ' | ' |
Employee related liabilities | $1,733 | $2,236 |
Executive deferred compensation | 1,314 | 1,284 |
Income taxes | 962 | 903 |
Professional fees | 1,259 | 3,840 |
Other | 5,609 | 2,467 |
Total other accrued liabilities | $10,877 | $10,730 |
Recovered_Sheet1
Certain Financial Statement Information - Schedule of Warranty reserve activitiy (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Schedule of Warranty Reserve Activity | ' | ' |
Beginning balance | $220 | $454 |
Charged to costs of revenues | 58 | -94 |
Charges incurred | -79 | -140 |
Ending balance | $199 | $220 |
Recovered_Sheet2
Certain Financial Statement Information - Schedule of Interest income (expense), net and other-than-temporary impairment (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |||||
Schedule of Interest Income, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | $1,692 | $2,347 | $3,601 | |||||
Net realized gain on short-term investments | ' | ' | ' | ' | ' | ' | ' | ' | 3,360 | 1,391 | 646 | |||||
Impairments of short-term investments and marketable securities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -1,143 | 0 | |||||
Interest income, net | $418 | $617 | [1] | $576 | [2] | $3,795 | [3] | ($4,654) | [4],[5] | $2,258 | [6] | $835 | $1,762 | $5,052 | $2,595 | $4,247 |
[1] | The consolidated operating results for the third quarter of fiscal 2014 included a charge of $2.9 million related to the Veloce consideration. | |||||||||||||||
[2] | The consolidated operating results for the second quarter of fiscal 2014 included a charge of $30.4 million related to the Veloce consideration. | |||||||||||||||
[3] | The consolidated operating results for the first quarter of fiscal 2014 included a charge of $9.3 million related to the Veloce consideration and a gain on sale of TPack of $19.7 million. | |||||||||||||||
[4] | The consolidated operating results for the fourth quarter of fiscal 2013 included a charge of $9.6 million related to the Veloce consideration. | |||||||||||||||
[5] | During fiscal 2012, one significant product development milestone relating to the Veloce project was considered probable of achievement and accordingly $60.4 million was recognized as research and development expense (see further discussion in Note 4, Veloce, to the Consolidated Financial Statements). However, approximately $8.0 million of the R&D expense was incorrectly recognized as this expense amount related to Unallocated Veloce Units that had not yet been distributed as of March 31, 2012. R&D expenses were also recognized during the first three quarters of fiscal 2013 in connection with further progress made in connection with the performance milestones relating to Veloce. However, the R&D expenses recognized during the first three quarters of fiscal 2013 also incorrectly included immaterial amounts related to the Unallocated Veloce Units. During the fourth quarter of fiscal 2013, the Company corrected the error impacting fiscal 2012 and the first three quarters of fiscal 2013. The correction of the errors resulted in a reduction of R&D expenses recognized by $10.4 million during the fourth quarter of fiscal 2013. | |||||||||||||||
[6] | During the fiscal years ended March 31, 2014, 2013 and 2012, the Company recognized an impairment charge of its non-marketable strategic investment of $0.0 million, $2.3 million and $1.0 million, respectively. Refer to Note 1, Summary of Significant Accounting Policies, to the Consolidated Financial Statements for details. |
Recovered_Sheet3
Certain Financial Statement Information - Schedule of Other income, net (Details) (USD $) | 12 Months Ended | |||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | ||||
Schedule of Other Income, Net | ' | ' | ' | |||
Impariment charge on non-marketable strategic investments | $0 | [1] | $2,250,000 | [1] | ($7,147,000) | [1] |
Impairment of notes receivable and other assets | 0 | [2] | -1,800,000 | [2] | 0 | [2] |
Net gain (loss) on disposals of property | 67,000 | -21,000 | -10,000 | |||
Other, net | 287,000 | 1,677,000 | 300,000 | |||
Other income (expense), net | 354,000 | -2,394,000 | 7,437,000 | |||
Notes receivable write-off | ' | 1,500,000 | ' | |||
Asset impairment | ' | $300,000 | ' | |||
[1] | During the fiscal years ended March 31, 2014, 2013 and 2012, the Company recognized an impairment charge of its non-marketable strategic investment of $0.0 million, $2.3 million and $1.0 million, respectively. Refer to Note 1, Summary of Significant Accounting Policies, to the Consolidated Financial Statements for details. | |||||
[2] | During the fiscal year ended March 31, 2013, the Company wrote-off $1.5 million of notes receivable due from an investee and $0.3 million related to a prepaid intellectual property license from this investee. The Company also impaired the related equity investment of $2.3 million in this investee - see * above. |
Recovered_Sheet4
Certain Financial Statement Information - Net loss per share (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |||||
Schedule of Reconciliation of Shares Used to Calculate Basic and Diluted Net (Loss) Income Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net loss | $23,116 | ($7,284) | [1] | ($32,383) | [2] | $10,857 | [3] | ($17,606) | [4],[5] | ($71,562) | [6] | ($21,557) | ($23,390) | ($5,694) | ($134,115) | ($82,688) |
Shares used in net loss per share computation: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Weighted average common shares outstanding, basic (shares) | 75,629 | 73,989 | [1] | 72,610 | [2] | 69,360 | [3] | 67,566 | [4],[5] | 66,113 | [6] | 64,947 | 62,409 | 72,897 | 65,258 | 62,245 |
Net effect of dilutive common share equivalents (shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||
Weighted average common shares outstanding, diluted (shares) | 77,193 | 73,989 | [1] | 72,610 | [2] | 70,234 | [3] | 67,566 | [4],[5] | 66,113 | [6] | 64,947 | 62,409 | 72,897 | 65,258 | 62,245 |
Basic and diluted net loss per share (USD per share) | ' | ' | ' | ' | ' | ' | ' | ' | ($0.08) | ($2.06) | ($1.33) | |||||
[1] | The consolidated operating results for the third quarter of fiscal 2014 included a charge of $2.9 million related to the Veloce consideration. | |||||||||||||||
[2] | The consolidated operating results for the second quarter of fiscal 2014 included a charge of $30.4 million related to the Veloce consideration. | |||||||||||||||
[3] | The consolidated operating results for the first quarter of fiscal 2014 included a charge of $9.3 million related to the Veloce consideration and a gain on sale of TPack of $19.7 million. | |||||||||||||||
[4] | The consolidated operating results for the fourth quarter of fiscal 2013 included a charge of $9.6 million related to the Veloce consideration. | |||||||||||||||
[5] | During fiscal 2012, one significant product development milestone relating to the Veloce project was considered probable of achievement and accordingly $60.4 million was recognized as research and development expense (see further discussion in Note 4, Veloce, to the Consolidated Financial Statements). However, approximately $8.0 million of the R&D expense was incorrectly recognized as this expense amount related to Unallocated Veloce Units that had not yet been distributed as of March 31, 2012. R&D expenses were also recognized during the first three quarters of fiscal 2013 in connection with further progress made in connection with the performance milestones relating to Veloce. However, the R&D expenses recognized during the first three quarters of fiscal 2013 also incorrectly included immaterial amounts related to the Unallocated Veloce Units. During the fourth quarter of fiscal 2013, the Company corrected the error impacting fiscal 2012 and the first three quarters of fiscal 2013. The correction of the errors resulted in a reduction of R&D expenses recognized by $10.4 million during the fourth quarter of fiscal 2013. | |||||||||||||||
[6] | During the fiscal years ended March 31, 2014, 2013 and 2012, the Company recognized an impairment charge of its non-marketable strategic investment of $0.0 million, $2.3 million and $1.0 million, respectively. Refer to Note 1, Summary of Significant Accounting Policies, to the Consolidated Financial Statements for details. |
Recovered_Sheet5
Certain Financial Statement Information - Additional Information (Details) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Certain Financial Statement Information (Textual) [Abstract] | ' | ' | ' |
Anti-dilutive securities that have been excluded from the net (loss) income, per share computation | 6 | 8 | 9.5 |
Options and Restricted Stock Units | ' | ' | ' |
Certain Financial Statement Information (Textual) [Abstract] | ' | ' | ' |
Anti-dilutive securities that have been excluded from the net (loss) income, per share computation | 4.5 | 7.2 | 9 |
Effect of dilutive securities that have been excluded from the net loss per share computation | 1.5 | 0.8 | 0.5 |
Veloce_Additional_Information_
Veloce - Additional Information (Details) (Veloce Technologies Inc., USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 21 Months Ended | |||||||
Share data in Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Jun. 20, 2012 |
Veloce Technologies Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total consideration to be transferred | ' | ' | ' | $178,500,000 | ' | $178,500,000 | ' | ' | $178,500,000 | ' | $135,000,000 |
Research and development expenses incurred | 2,900,000 | 30,400,000 | 9,300,000 | 9,600,000 | 60,400,000 | 126,600,000 | 51,900,000 | 42,700,000 | 66,200,000 | 169,300,000 | ' |
Payment of aggregate consideration as cash | ' | ' | ' | ' | ' | ' | ' | 63,700,000 | 16,500,000 | ' | ' |
Aggregate shares issued (shares) | ' | ' | ' | ' | ' | ' | ' | 6.7 | 3 | ' | ' |
Value of aggregate shares issued | ' | ' | ' | ' | ' | ' | ' | 57,300,000 | 16,600,000 | ' | ' |
Unallocated stock units distributed (shares) | ' | ' | ' | ' | ' | ' | ' | 0.5 | ' | ' | ' |
UNallocated stock units distributed expense | ' | ' | ' | ' | ' | ' | ' | 5,900,000 | ' | ' | ' |
Unallocated stock units (shares) | ' | ' | ' | ' | ' | ' | ' | 0.9 | ' | 0.9 | ' |
Unallocated stock units value | ' | ' | ' | ' | ' | ' | ' | $9,200,000 | ' | $9,200,000 | ' |
Stockholders_Equity_Preferred_
Stockholders' Equity - Preferred Stock (Details) | Mar. 31, 2014 | Mar. 31, 2013 |
Equity [Abstract] | ' | ' |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Stockholders_Equity_Common_Sto
Stockholders' Equity - Common Stock (Details) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Equity [Abstract] | ' | ' |
Common stock, shares authorized | 375,000 | 375,000 |
Common stock, shares outstanding | 77,677 | 67,952 |
Common stock, shares issued | 77,677 | 67,952 |
Stockholders_Equity_Stock_Repu
Stockholders' Equity - Stock Repurchase Program (Details) (August 2004, USD $) | 1 Months Ended | 12 Months Ended | 116 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Oct. 31, 2008 | Aug. 31, 2004 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 |
Aug-04 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Authorized amount | ' | $200 | ' | ' | ' |
Increase in the amount authorized | 100 | ' | ' | ' | ' |
Shares repurchased | ' | ' | 0 | 100 | 17,300 |
Weighted average price per share | ' | ' | ' | $5.18 | $10.04 |
Remaining authorized repurchase amount | ' | ' | $15.90 | ' | ' |
Stockholders_Equity_Stock_Opti
Stockholders' Equity - Stock Options (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | 31-May-09 | 31-May-09 | 31-May-09 | 31-May-09 | 31-May-09 | 31-May-09 | ||||
Approved_Plan | Chief Executive Officer | First Milestone - From Fiscal 2010 To 2013 | Second Milestone - From Fiscal 2010 To 2013 | Second Milestone - Fiscal 2014 | Third Milestone - Fiscal 2013 | Third Milestone - Fiscal 2010 To 2012 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Percentage of annual operating margin required for vesting of shares under milestone | ' | ' | ' | ' | ' | ' | ' | 13.50% | 15.00% | |||
Annual target revenue | ' | ' | ' | ' | $270,000,000 | $310,000,000 | $350,000,000 | ' | ' | |||
Value of stock options awarded | ' | ' | ' | 1,100,000 | ' | ' | ' | ' | ' | |||
Number of stockholder-approved plans | 3 | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of plans unapproved by stockholders | 4 | ' | ' | ' | ' | ' | ' | ' | ' | |||
Schedule of Option Activity Under Stock Incentive Plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of Shares, Outstanding at the beginning of the year | 3,492,000 | 4,164,000 | 5,390,000 | ' | ' | ' | ' | ' | ' | |||
Number of Shares, Granted | 40,000 | 40,000 | 250,000 | 300,000 | ' | ' | ' | ' | ' | |||
Number of Shares, Exercised | -662,000 | -161,000 | -156,000 | ' | ' | ' | ' | ' | ' | |||
Number of Shares, Forfeited | -461,000 | -551,000 | -1,320,000 | ' | ' | ' | ' | ' | ' | |||
Number of Shares, Outstanding at the end of the period | 2,409,000 | 3,492,000 | 4,164,000 | ' | ' | ' | ' | ' | ' | |||
Number of Shares, Vested at the end of the period | 2,409,000 | ' | ' | ' | 75,000 | 75,000 | ' | 150,000 | ' | |||
Schedule of Weighted Average Exercise Price Per Share Under Stock Incentive Plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Weighted Average Exercise Price Per Share, Outstanding at the beginning of the year (USD per share) | $10.26 | $10.67 | $11.91 | ' | ' | ' | ' | ' | ' | |||
Weighted Average Exercise Price Per Share, Granted (USD per share) | $7.35 | $5.58 | $10.10 | ' | ' | ' | ' | ' | ' | |||
Weighted Average Exercise Price Per Share, Exercised (USD per share) | $9.36 | $5.31 | $5.11 | ' | ' | ' | ' | ' | ' | |||
Weighted Average Exercise Price Per Share, Forfeited (USD per share) | $12.35 | $14.49 | $16.20 | ' | ' | ' | ' | ' | ' | |||
Weighted Average Exercise Price Per Share, Outstanding at the end of the period (USD per share) | $10.06 | $10.26 | $10.67 | ' | ' | ' | ' | ' | ' | |||
Weighted Average Exercise Price Per Share, Vested at the end of the period (USD per share) | $10.06 | ' | ' | ' | ' | ' | ' | ' | ' | |||
Weighted Average Remaining Contractual Life, Outstanding at Period End (in years) | '2 years 8 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | |||
Weighted Average Remaining Contractual Life, Vested and Exercisable at Period End (in years) | '2 years 7 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | |||
Aggregate Intrinsic Value, Exercises in Period | 1,800,000 | [1] | 300,000 | [1] | 500,000 | [1] | ' | ' | ' | ' | ' | ' |
Aggregate Intrinsic Value, Outstanding at Period End | 3.4 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 2,312,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $10.14 | ' | ' | ' | ' | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | '2 years 8 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | |||
Aggregate Intrinsic Value, Vested and Exercisable at Period End | 3.4 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ||
Common stock closing price per share | $9.90 | ' | ' | ' | ' | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $3.20 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | The aggregate pre-tax intrinsic value is calculated as the difference between the market value on the date of exercise and the exercise price of the shares. | |||||||||||
[2] | The aggregate pre-tax intrinsic value is calculated as the difference between the market value as of the end of the fiscal period and the exercise price of the shares. The closing price of the Company’s common stock was $9.90 on March 31, 2014. |
Stockholders_Equity_Options_Ou
Stockholders' Equity - Options Outstanding (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 |
Weighted Average Remaining Contractual Life and Weighted Average Per Share Exercise Price of Options Outstanding and Options Exercisable | ' |
Weighted Average Remaining Contractual Life | '2 years 8 months 12 days |
$ 1.68 - $ 7.60 | ' |
Weighted Average Remaining Contractual Life and Weighted Average Per Share Exercise Price of Options Outstanding and Options Exercisable | ' |
Range of Exercise Price, minimum (USD per share) | 1.68 |
Range of Exercise Price, maximum (USD per share) | 7.6 |
Options Outstanding | 540 |
Weighted Average Remaining Contractual Life | '3 years 25 days |
Weighted Average Exercise Price, Options Outstanding (USD per share) | 6.77 |
Options Exercisable | 462 |
Weighted Average Exercise Price, Options Exercisable (USD per share) | 6.71 |
$ 7.61 - $ 7.67 | ' |
Weighted Average Remaining Contractual Life and Weighted Average Per Share Exercise Price of Options Outstanding and Options Exercisable | ' |
Range of Exercise Price, minimum (USD per share) | 7.61 |
Range of Exercise Price, maximum (USD per share) | 7.67 |
Options Outstanding | 650 |
Weighted Average Remaining Contractual Life | '2 years 4 months 4 days |
Weighted Average Exercise Price, Options Outstanding (USD per share) | 7.67 |
Options Exercisable | 650 |
Weighted Average Exercise Price, Options Exercisable (USD per share) | 7.67 |
$ 7.68 - $ 11.86 | ' |
Weighted Average Remaining Contractual Life and Weighted Average Per Share Exercise Price of Options Outstanding and Options Exercisable | ' |
Range of Exercise Price, minimum (USD per share) | 7.68 |
Range of Exercise Price, maximum (USD per share) | 11.86 |
Options Outstanding | 430 |
Weighted Average Remaining Contractual Life | '3 years 3 months 17 days |
Weighted Average Exercise Price, Options Outstanding (USD per share) | 10.49 |
Options Exercisable | 419 |
Weighted Average Exercise Price, Options Exercisable (USD per share) | 10.47 |
$ 11.87 - $ 14.20 | ' |
Weighted Average Remaining Contractual Life and Weighted Average Per Share Exercise Price of Options Outstanding and Options Exercisable | ' |
Range of Exercise Price, minimum (USD per share) | 11.87 |
Range of Exercise Price, maximum (USD per share) | 14.2 |
Options Outstanding | 491 |
Weighted Average Remaining Contractual Life | '2 years 4 months 18 days |
Weighted Average Exercise Price, Options Outstanding (USD per share) | 12.87 |
Options Exercisable | 483 |
Weighted Average Exercise Price, Options Exercisable (USD per share) | 12.88 |
$ 14.41 - $ 23.32 | ' |
Weighted Average Remaining Contractual Life and Weighted Average Per Share Exercise Price of Options Outstanding and Options Exercisable | ' |
Range of Exercise Price, minimum (USD per share) | 14.21 |
Range of Exercise Price, maximum (USD per share) | 23.32 |
Options Outstanding | 298 |
Weighted Average Remaining Contractual Life | '1 year 5 months 18 days |
Weighted Average Exercise Price, Options Outstanding (USD per share) | 15.96 |
Options Exercisable | 298 |
Weighted Average Exercise Price, Options Exercisable (USD per share) | 15.96 |
$ 1.68 - $ 23.32 | ' |
Weighted Average Remaining Contractual Life and Weighted Average Per Share Exercise Price of Options Outstanding and Options Exercisable | ' |
Range of Exercise Price, minimum (USD per share) | 1.68 |
Range of Exercise Price, maximum (USD per share) | 23.32 |
Options Outstanding | 2,409 |
Weighted Average Remaining Contractual Life | '2 years 6 months 25 days |
Weighted Average Exercise Price, Options Outstanding (USD per share) | 10.06 |
Options Exercisable | 2,312 |
Weighted Average Exercise Price, Options Exercisable (USD per share) | 10.14 |
Stockholders_Equity_Restricted
Stockholders' Equity - Restricted Stock Units (Details) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | 31-May-12 | Feb. 29, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Nov. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Apr. 30, 2011 | Feb. 29, 2012 | Nov. 30, 2011 | Mar. 31, 2014 | 31-May-12 | Nov. 30, 2013 | Feb. 29, 2012 | Nov. 30, 2011 | 31-May-13 | Nov. 30, 2013 | Feb. 29, 2012 | Nov. 30, 2011 | 31-May-13 | Feb. 29, 2012 | Nov. 30, 2013 | Feb. 29, 2012 | Mar. 31, 2014 | 31-May-13 | 31-May-12 | 31-May-13 | 31-May-12 | |
Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Performance-Based RSU | Performance-Based RSU | Restricted Stock | Restricted Stock | Restricted Stock | Performance-Based MSU | RSU plan prior to May 2006 | RSU plan post May 2006 | RSU plan post May 2006 | April 2011 Plan | November 2011 and February 2012 Plan | November 2011 and February 2012 Plan | FY2014 Short Term Plan | Minimum | Minimum | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Maximum | Officer | Officer | Officer | Officer | First Vesting Period | First Vesting Period | Second Vesting Period | Second Vesting Period | |||||
milestone | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Performance-Based RSU | Performance-Based RSU | Performance-Based RSU | Performance-Based RSU | Performance-Based MSU | November 2011 and February 2012 Plan | November 2011 and February 2012 Plan | FY2014 Short Term Plan | Performance-Based MSU | November 2011 and February 2012 Plan | November 2011 and February 2012 Plan | FY2014 Short Term Plan | Performance-Based RSU | Performance-Based RSU | Performance-Based RSU | Performance-Based MSU | November 2011 and February 2012 Plan | Performance-Based MSU | November 2011 and February 2012 Plan | ||||||||||||||||
quarter | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
RSU share vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66.67% | ' | 33.33% |
Weighted average remaining contractual term for the restricted stock units outstanding, in years | '10 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period, in years | ' | ' | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | '4 years | ' | '4 years | '3 years | '18 months | '18 months | ' | '1 year | ' | '1 year | '1 year | ' | ' | '18 months | '18 months | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Restricted Stock Unit Activity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the year | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,444,000 | 9,244,000 | 3,074,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Awarded during the year | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,594,000 | 1,040,000 | 8,833,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' |
Vested during the year | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,397,000 | -2,345,000 | -1,701,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -200,000 | ' | ' | ' | ' | ' | ' |
Cancelled during the year | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,536,000 | -1,495,000 | -962,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the end of the year | ' | ' | ' | ' | 6,105,000 | ' | ' | ' | ' | 6,105,000 | 6,444,000 | 9,244,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award vesting period, quarters | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Awards granted | 40,000 | 40,000 | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' |
Number of milestones | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of stock options awarded | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,700,000 | ' | ' | ' | ' | ' | ' | ' |
Options granted and outstanding | 2,409,000 | 3,492,000 | 4,164,000 | 5,390,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' |
Fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,300,000 | ' | ' | ' | ' | ' | ' |
Performance period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | '3 years | ' |
Award vesting percentage per year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | 150.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award pay out percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | 150.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation | 17,037,000 | 24,089,000 | 18,437,000 | ' | 14,517,000 | 20,620,000 | 13,148,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate pre-tax intrinsic value of restricted stock units outstanding which includes performance based awards which are subject to milestone attainments | 60,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock closing price per share | $9.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of restricted stock issued during period | $22,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Employee_S
Stockholders' Equity - Employee Stock Purchase Plan (Details) | Mar. 31, 2014 | Mar. 31, 2013 | Aug. 30, 2010 | Mar. 31, 2014 | Mar. 31, 2013 | Aug. 30, 2012 |
1998 Plan | 1998 Plan | 2012 Plan | 2012 Plan | 2012 Plan | ||
Employee Stock Purchase Plan | Employee Stock Purchase Plan | Employee Stock Purchase Plan | Employee Stock Purchase Plan | Employee Stock Purchase Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Common stock reserved for issuance | 9,367,000 | ' | 6,300,000 | ' | ' | ' |
Additional common stock reserved for future issuance | ' | ' | ' | ' | ' | 1,800,000 |
Percentage of purchase price of common stock equal to fair market value | ' | ' | ' | 85.00% | ' | ' |
Common stock, shares issued, employee stock purchase plan | ' | 400,000 | ' | 700,000 | 600,000 | ' |
Shares available for future issuance | ' | ' | ' | 500,000 | ' | ' |
Stockholders_Equity_Warrants_D
Stockholders' Equity - Warrants (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | 17-May-09 | Jun. 30, 2012 |
Veloce Technologies Inc. | Veloce Technologies Inc. | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Number of years of development work to be performed | ' | ' | ' | '5 years | ' |
Stock-based compensation expense related to the acceleration of Veloce warrants | $0 | $1,289 | $0 | ' | $1,300 |
Stockholders_Equity_Common_Sha
Stockholders' Equity - Common Shares Reserved for Issuance (Details) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 |
Class of Stock [Line Items] | ' | ' | ' | ' |
Options granted and outstanding | 2,409,000 | 3,492,000 | 4,164,000 | 5,390,000 |
Employee Stock Purchase Plan | 2,409,000 | 3,492,000 | 4,164,000 | 5,390,000 |
Common stock reserved for issuance | 9,367,000 | ' | ' | ' |
Stock Options | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Options granted and outstanding | 2,409,000 | ' | ' | ' |
Employee Stock Purchase Plan | 2,409,000 | ' | ' | ' |
Restricted Stock Units (RSUs) | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Restricted Stock Units granted and outstanding | 6,105,000 | ' | ' | ' |
Options and Restricted Stock Units | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Options and RSUs authorized for future grants | 355,000 | ' | ' | ' |
Employee Stock Purchase Plan | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Options granted and outstanding | 498,000 | ' | ' | ' |
Employee Stock Purchase Plan | 498,000 | ' | ' | ' |
Income_Taxes_Income_Loss_Befor
Income Taxes - Income (Loss) Before Income Tax (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Domestic (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ($8,976) | ($130,552) | ($78,630) | |||||
Foreign loss | ' | ' | ' | ' | ' | ' | ' | ' | 3,901 | -4,117 | -3,130 | |||||
Loss before income taxes | $23,154 | ($7,083) | [1] | ($32,191) | [2] | $11,045 | [3] | ($18,618) | [4],[5] | ($70,944) | [6] | ($21,917) | ($23,190) | ($5,075) | ($134,669) | ($81,760) |
[1] | The consolidated operating results for the third quarter of fiscal 2014 included a charge of $2.9 million related to the Veloce consideration. | |||||||||||||||
[2] | The consolidated operating results for the second quarter of fiscal 2014 included a charge of $30.4 million related to the Veloce consideration. | |||||||||||||||
[3] | The consolidated operating results for the first quarter of fiscal 2014 included a charge of $9.3 million related to the Veloce consideration and a gain on sale of TPack of $19.7 million. | |||||||||||||||
[4] | The consolidated operating results for the fourth quarter of fiscal 2013 included a charge of $9.6 million related to the Veloce consideration. | |||||||||||||||
[5] | During fiscal 2012, one significant product development milestone relating to the Veloce project was considered probable of achievement and accordingly $60.4 million was recognized as research and development expense (see further discussion in Note 4, Veloce, to the Consolidated Financial Statements). However, approximately $8.0 million of the R&D expense was incorrectly recognized as this expense amount related to Unallocated Veloce Units that had not yet been distributed as of March 31, 2012. R&D expenses were also recognized during the first three quarters of fiscal 2013 in connection with further progress made in connection with the performance milestones relating to Veloce. However, the R&D expenses recognized during the first three quarters of fiscal 2013 also incorrectly included immaterial amounts related to the Unallocated Veloce Units. During the fourth quarter of fiscal 2013, the Company corrected the error impacting fiscal 2012 and the first three quarters of fiscal 2013. The correction of the errors resulted in a reduction of R&D expenses recognized by $10.4 million during the fourth quarter of fiscal 2013. | |||||||||||||||
[6] | During the fiscal years ended March 31, 2014, 2013 and 2012, the Company recognized an impairment charge of its non-marketable strategic investment of $0.0 million, $2.3 million and $1.0 million, respectively. Refer to Note 1, Summary of Significant Accounting Policies, to the Consolidated Financial Statements for details. |
Income_Taxes_Income_Tax_Expens
Income Taxes - Income Tax Expense, Current and Deferred (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |||||
Current: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Federal | ' | ' | ' | ' | ' | ' | ' | ' | ($20) | ($1,106) | $147 | |||||
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 819 | 847 | 1,034 | |||||
State | ' | ' | ' | ' | ' | ' | ' | ' | 6 | -129 | 60 | |||||
Total Current | ' | ' | ' | ' | ' | ' | ' | ' | 805 | -388 | 1,241 | |||||
Deferred: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | -186 | -166 | -313 | |||||
State | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||
Total Deferred | ' | ' | ' | ' | ' | ' | ' | ' | -186 | -166 | -313 | |||||
Total current and deferred | $38 | $201 | [1] | $192 | [2] | $188 | [3] | ($1,012) | [4],[5] | $618 | [6] | ($360) | $200 | $619 | ($554) | $928 |
[1] | The consolidated operating results for the third quarter of fiscal 2014 included a charge of $2.9 million related to the Veloce consideration. | |||||||||||||||
[2] | The consolidated operating results for the second quarter of fiscal 2014 included a charge of $30.4 million related to the Veloce consideration. | |||||||||||||||
[3] | The consolidated operating results for the first quarter of fiscal 2014 included a charge of $9.3 million related to the Veloce consideration and a gain on sale of TPack of $19.7 million. | |||||||||||||||
[4] | The consolidated operating results for the fourth quarter of fiscal 2013 included a charge of $9.6 million related to the Veloce consideration. | |||||||||||||||
[5] | During fiscal 2012, one significant product development milestone relating to the Veloce project was considered probable of achievement and accordingly $60.4 million was recognized as research and development expense (see further discussion in Note 4, Veloce, to the Consolidated Financial Statements). However, approximately $8.0 million of the R&D expense was incorrectly recognized as this expense amount related to Unallocated Veloce Units that had not yet been distributed as of March 31, 2012. R&D expenses were also recognized during the first three quarters of fiscal 2013 in connection with further progress made in connection with the performance milestones relating to Veloce. However, the R&D expenses recognized during the first three quarters of fiscal 2013 also incorrectly included immaterial amounts related to the Unallocated Veloce Units. During the fourth quarter of fiscal 2013, the Company corrected the error impacting fiscal 2012 and the first three quarters of fiscal 2013. The correction of the errors resulted in a reduction of R&D expenses recognized by $10.4 million during the fourth quarter of fiscal 2013. | |||||||||||||||
[6] | During the fiscal years ended March 31, 2014, 2013 and 2012, the Company recognized an impairment charge of its non-marketable strategic investment of $0.0 million, $2.3 million and $1.0 million, respectively. Refer to Note 1, Summary of Significant Accounting Policies, to the Consolidated Financial Statements for details. |
Income_Taxes_Income_Tax_Rate_R
Income Taxes - Income Tax Rate Reconciliation (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |||||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Tax at federal statutory rate | ' | ' | ' | ' | ' | ' | ' | ' | ($1,776) | ($47,134) | ($28,613) | |||||
Tax benefit from loss from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -925 | -123 | |||||
Other permanent differences | ' | ' | ' | ' | ' | ' | ' | ' | -6,561 | 1,195 | 2,295 | |||||
State taxes, net of federal benefit | ' | ' | ' | ' | ' | ' | ' | ' | -214 | -7,263 | -3,937 | |||||
Federal tax credits | ' | ' | ' | ' | ' | ' | ' | ' | -1,778 | -1,909 | -4,131 | |||||
State tax credits | ' | ' | ' | ' | ' | ' | ' | ' | -444 | -537 | -622 | |||||
Veloce accrued liability | ' | ' | ' | ' | ' | ' | ' | ' | 16,740 | 26,749 | 24,046 | |||||
Sale of TPack | ' | ' | ' | ' | ' | ' | ' | ' | 2,688 | 0 | 0 | |||||
Valuation allowance | ' | ' | ' | ' | ' | ' | ' | ' | -7,809 | 28,715 | 11,600 | |||||
Change in contingency reserve | ' | ' | ' | ' | ' | ' | ' | ' | -64 | 74 | 52 | |||||
Other | ' | ' | ' | ' | ' | ' | ' | ' | -163 | 481 | 361 | |||||
Total current and deferred | $38 | $201 | [1] | $192 | [2] | $188 | [3] | ($1,012) | [4],[5] | $618 | [6] | ($360) | $200 | $619 | ($554) | $928 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Tax at federal statutory rate | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | 35.00% | 35.00% | |||||
Tax benefit from loss from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 1.00% | 0.00% | |||||
Other permanent differences | ' | ' | ' | ' | ' | ' | ' | ' | 129.00% | -1.00% | -3.00% | |||||
State taxes, net of federal benefit | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | 5.00% | 5.00% | |||||
Federal tax credits | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | 1.00% | 5.00% | |||||
State tax credits | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | 0.00% | 1.00% | |||||
Veloce accrued liability | ' | ' | ' | ' | ' | ' | ' | ' | -330.00% | -20.00% | -29.00% | |||||
Sale of TPack | ' | ' | ' | ' | ' | ' | ' | ' | -53.00% | 0.00% | 0.00% | |||||
Valuation allowance | ' | ' | ' | ' | ' | ' | ' | ' | 154.00% | -21.00% | -14.00% | |||||
Change in contingency reserve | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 0.00% | 0.00% | |||||
Effective income tax rate | ' | ' | ' | ' | ' | ' | ' | ' | -12.00% | 0.00% | -1.00% | |||||
Other | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | 0.00% | -1.00% | |||||
[1] | The consolidated operating results for the third quarter of fiscal 2014 included a charge of $2.9 million related to the Veloce consideration. | |||||||||||||||
[2] | The consolidated operating results for the second quarter of fiscal 2014 included a charge of $30.4 million related to the Veloce consideration. | |||||||||||||||
[3] | The consolidated operating results for the first quarter of fiscal 2014 included a charge of $9.3 million related to the Veloce consideration and a gain on sale of TPack of $19.7 million. | |||||||||||||||
[4] | The consolidated operating results for the fourth quarter of fiscal 2013 included a charge of $9.6 million related to the Veloce consideration. | |||||||||||||||
[5] | During fiscal 2012, one significant product development milestone relating to the Veloce project was considered probable of achievement and accordingly $60.4 million was recognized as research and development expense (see further discussion in Note 4, Veloce, to the Consolidated Financial Statements). However, approximately $8.0 million of the R&D expense was incorrectly recognized as this expense amount related to Unallocated Veloce Units that had not yet been distributed as of March 31, 2012. R&D expenses were also recognized during the first three quarters of fiscal 2013 in connection with further progress made in connection with the performance milestones relating to Veloce. However, the R&D expenses recognized during the first three quarters of fiscal 2013 also incorrectly included immaterial amounts related to the Unallocated Veloce Units. During the fourth quarter of fiscal 2013, the Company corrected the error impacting fiscal 2012 and the first three quarters of fiscal 2013. The correction of the errors resulted in a reduction of R&D expenses recognized by $10.4 million during the fourth quarter of fiscal 2013. | |||||||||||||||
[6] | During the fiscal years ended March 31, 2014, 2013 and 2012, the Company recognized an impairment charge of its non-marketable strategic investment of $0.0 million, $2.3 million and $1.0 million, respectively. Refer to Note 1, Summary of Significant Accounting Policies, to the Consolidated Financial Statements for details. |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Net operating loss carryforwards | $294,910 | $310,276 |
Research and development credit carryforwards | 79,839 | 78,696 |
Inventory write-downs and other reserves | 8,068 | 9,046 |
Capitalization of research and development costs | 5,915 | 8,038 |
Goodwill | 4,007 | 7,431 |
Intangible assets | 32,290 | 40,201 |
Investment impairment | 3,494 | 4,958 |
Stock-based compensation | 26,664 | 31,177 |
Depreciation and amortization | 3,253 | 165 |
Other | 1,182 | 1,056 |
Total deferred tax assets | 459,622 | 491,044 |
Valuation allowance | -459,081 | -490,629 |
Total deferred tax benefit | $541 | $415 |
Income_Taxes_Unrecognized_Tax_
Income Taxes - Unrecognized Tax Benefits Rollforward (Details) (USD $) | 12 Months Ended |
Mar. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' |
Opening Balance | $43,382,000 |
Gross decreases - tax positions in prior period | 60,000 |
Gross increases - current-period tax positions | 789,000 |
Ending Balance | 44,231,000 |
Unrecognized tax benefits that would impact effective tax rate | $600,000 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Income Tax Contingency [Line Items] | ' | ' | ' |
Tax at federal statutory rate | 35.00% | 35.00% | 35.00% |
Accrued interest and penalties recognized | $0.10 | ' | ' |
2018 | Federal | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Net operating loss carryforwards | 1,137.30 | ' | ' |
2013 | State | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Net operating loss carryforwards | 522.5 | ' | ' |
Research Tax Credit Carryforward | Federal | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Tax credit carryforwards | 60.7 | ' | ' |
Research Tax Credit Carryforward | State | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Tax credit carryforwards | $29.40 | ' | ' |
Restructuring_Charges_Addition
Restructuring Charges - Additional Information (Details) (USD $) | 9 Months Ended | 12 Months Ended | 1 Months Ended | 8 Months Ended | 1 Months Ended | 16 Months Ended | 12 Months Ended | 16 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Aug. 31, 2013 | Mar. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2012 | Mar. 31, 2012 | |
Workforce Reduction | Workforce Reduction | Asset Impairment | Asset Impairment | August 2013 Restructuring Program | August 2013 Restructuring Program | August 2013 Restructuring Program | August 2013 Restructuring Program | December 2012 Restructuring Program | December 2012 Restructuring Program | December 2012 Restructuring Program | December 2012 Restructuring Program | December 2012 Restructuring Program | December 2012 Restructuring Program | December 2012 Restructuring Program | April 2011 Restructuring Program | April 2011 Restructuring Program | |||||
employee | Workforce Reduction | Other Expense | employee | Workforce Reduction | Workforce Reduction | Workforce Reduction | Other Expense | Other Expense | Asset Impairment | Positions | Workforce Reduction | ||||||||||
Minimum | Maximum | Minimum | Maximum | ||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of positions eliminated or relocated under restructuring program | ' | ' | ' | ' | ' | ' | ' | ' | 20 | ' | ' | ' | 70 | ' | ' | ' | ' | ' | ' | 25 | ' |
Effect on future earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,000,000 | $500,000 | ' | ' | $8,000,000 | $9,000,000 | $4,000,000 | $5,000,000 | ' | ' | ' |
Restructuring expense incurred and expected to be incurred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | 4,700,000 | ' | ' |
Restructuring charges | $6,200,000 | $1,134,000 | $6,435,000 | $875,000 | $862,000 | $1,716,000 | $272,000 | $4,719,000 | ' | $1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $900,000 |
Restructuring_Charges_Schedule
Restructuring Charges - Schedule of Restructuring Activities (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Liability, Beginning of Period | $0 | $548 | $0 | ' |
Restructuring charges | 6,200 | 1,134 | 6,435 | 875 |
Cash payments | ' | 1,410 | 1,168 | ' |
Non-cash items | ' | -272 | -4,719 | ' |
Liability, End of Period | ' | 0 | 548 | 0 |
Workforce Reduction | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Liability, Beginning of Period | 0 | 548 | 0 | ' |
Restructuring charges | ' | 862 | 1,716 | ' |
Cash payments | ' | 1,410 | 1,168 | ' |
Non-cash items | ' | 0 | 0 | ' |
Liability, End of Period | ' | 0 | 548 | ' |
Asset Impairment | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Liability, Beginning of Period | 0 | 0 | 0 | ' |
Restructuring charges | ' | 272 | 4,719 | ' |
Cash payments | ' | 0 | 0 | ' |
Non-cash items | ' | -272 | -4,719 | ' |
Liability, End of Period | ' | $0 | $0 | ' |
Commitments_Schedule_of_Contra
Commitments - Schedule of Contractual Operating Leases (Details) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
2015 | $1,901 |
2016 | 930 |
2017 | 504 |
2018 | 369 |
Total minimum payments | $3,704 |
Commitments_Additional_Informa
Commitments - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Rent expense | $1.80 | $2.60 | $2.90 |
Employee_Retirement_Plan_Addit
Employee Retirement Plan - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Vesting period, in years | '3 years | ' | ' |
Discretionary plan contribution | $0 | $0.20 | $0.30 |
Years One Through Three | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Annual vesting percentage | 33.00% | ' | ' |
Years Four and Thereafter | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Annual vesting percentage | 100.00% | ' | ' |
Minimum | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Maximum annual contribution per employee | 1.00% | ' | ' |
Maximum | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Maximum annual contribution per employee | 50.00% | ' | ' |
Significant_Customer_and_Geogr2
Significant Customer and Geographic Information - Concentration Risk (Details) (Customer concentration risk, Sales revenue) | 12 Months Ended | |||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | ||||
Wintec (global logistics provider) | ' | ' | ' | |||
Concentration Risk [Line Items] | ' | ' | ' | |||
Concentration risk | 22.00% | [1] | 19.00% | [1] | 20.00% | [1] |
Avnet (distributor) | ' | ' | ' | |||
Concentration Risk [Line Items] | ' | ' | ' | |||
Concentration risk | 27.00% | 27.00% | 20.00% | |||
Flextronics (sub-contract manufacturer) | ' | ' | ' | |||
Concentration Risk [Line Items] | ' | ' | ' | |||
Concentration risk | ' | ' | 11.00% | |||
[1] | Wintec provides vendor managed inventory support primarily for Cisco Systems, Inc. |
Significant_Customer_and_Geogr3
Significant Customer and Geographic Information - Revenue by Geographic Region (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net revenues by geographic region | $51,771 | $54,844 | [1] | $55,387 | [2] | $54,148 | [3] | $56,326 | [4],[5] | $51,698 | [6] | $46,324 | $41,294 | $216,150 | $195,642 | $230,887 |
United States of America | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net revenues by geographic region | ' | ' | ' | ' | ' | ' | ' | ' | 101,275 | 79,930 | 99,214 | |||||
Taiwan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net revenues by geographic region | ' | ' | ' | ' | ' | ' | ' | ' | 13,405 | 22,684 | 20,950 | |||||
Hong Kong | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net revenues by geographic region | ' | ' | ' | ' | ' | ' | ' | ' | 21,477 | 22,044 | 21,458 | |||||
China | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net revenues by geographic region | ' | ' | ' | ' | ' | ' | ' | ' | 6,085 | 2,053 | 4,503 | |||||
Europe | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net revenues by geographic region | ' | ' | ' | ' | ' | ' | ' | ' | 33,625 | 35,216 | 41,691 | |||||
Japan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net revenues by geographic region | ' | ' | ' | ' | ' | ' | ' | ' | 23,125 | 13,237 | 13,596 | |||||
Malaysia | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net revenues by geographic region | ' | ' | ' | ' | ' | ' | ' | ' | 5,788 | 4,733 | 8,276 | |||||
Singapore | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net revenues by geographic region | ' | ' | ' | ' | ' | ' | ' | ' | 9,745 | 10,399 | 14,011 | |||||
Other Asia | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net revenues by geographic region | ' | ' | ' | ' | ' | ' | ' | ' | 1,217 | 4,621 | 5,790 | |||||
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net revenues by geographic region | ' | ' | ' | ' | ' | ' | ' | ' | $408 | $725 | $1,398 | |||||
[1] | The consolidated operating results for the third quarter of fiscal 2014 included a charge of $2.9 million related to the Veloce consideration. | |||||||||||||||
[2] | The consolidated operating results for the second quarter of fiscal 2014 included a charge of $30.4 million related to the Veloce consideration. | |||||||||||||||
[3] | The consolidated operating results for the first quarter of fiscal 2014 included a charge of $9.3 million related to the Veloce consideration and a gain on sale of TPack of $19.7 million. | |||||||||||||||
[4] | The consolidated operating results for the fourth quarter of fiscal 2013 included a charge of $9.6 million related to the Veloce consideration. | |||||||||||||||
[5] | During fiscal 2012, one significant product development milestone relating to the Veloce project was considered probable of achievement and accordingly $60.4 million was recognized as research and development expense (see further discussion in Note 4, Veloce, to the Consolidated Financial Statements). However, approximately $8.0 million of the R&D expense was incorrectly recognized as this expense amount related to Unallocated Veloce Units that had not yet been distributed as of March 31, 2012. R&D expenses were also recognized during the first three quarters of fiscal 2013 in connection with further progress made in connection with the performance milestones relating to Veloce. However, the R&D expenses recognized during the first three quarters of fiscal 2013 also incorrectly included immaterial amounts related to the Unallocated Veloce Units. During the fourth quarter of fiscal 2013, the Company corrected the error impacting fiscal 2012 and the first three quarters of fiscal 2013. The correction of the errors resulted in a reduction of R&D expenses recognized by $10.4 million during the fourth quarter of fiscal 2013. | |||||||||||||||
[6] | During the fiscal years ended March 31, 2014, 2013 and 2012, the Company recognized an impairment charge of its non-marketable strategic investment of $0.0 million, $2.3 million and $1.0 million, respectively. Refer to Note 1, Summary of Significant Accounting Policies, to the Consolidated Financial Statements for details. |
Contingencies_Details
Contingencies (Details) | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2012 | Jan. 31, 2009 | Dec. 31, 1993 | |
Amendments | Company | ||
Contingencies (Textual) [Abstract] | ' | ' | ' |
Companies named as Potentially Responsible Parties | ' | ' | 100 |
Amendments approved to consent decree | ' | 2 | ' |
Percent of contribution to the total waste | 0.50% | ' | ' |
Sale_of_TPack_AS_Additional_In
Sale of TPack A/S - Additional Information (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Apr. 22, 2013 | Jun. 30, 2013 | |
TPack | TPack | ||||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' |
Aggregate consideration | ' | ' | ' | $33,500,000 | ' |
Agreed upon price for sale of entity | ' | ' | ' | 34,000,000 | ' |
Working capital adjustment | ' | ' | ' | 500,000 | ' |
Total proceeds, net of working capital adjustment | ' | ' | ' | 30,175,000 | ' |
Holdback amount | ' | ' | ' | 3,353,000 | ' |
Gain on sale of TPack | 19,699,000 | 0 | 0 | 19,699,000 | 19,700,000 |
Total assets | ' | ' | ' | $700,000 | ' |
Sale_of_TPack_AS_Components_of
Sale of TPack A/S - Components of Gain (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Apr. 22, 2013 | Jun. 30, 2013 |
TPack | TPack | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Total proceeds, net of working capital adjustment | ' | ' | ' | $30,175 | ' |
Net assets and liabilities | ' | ' | ' | -184 | ' |
Goodwill write off | ' | ' | ' | 1,758 | ' |
Intangibles write off | ' | ' | ' | 11,404 | ' |
Holdback amount | ' | ' | ' | 3,353 | ' |
Legal fees and other costs | ' | ' | ' | 483 | ' |
Gain on sale of TPack | $19,699 | $0 | $0 | $19,699 | $19,700 |
Quarterly_Financial_Informatio2
Quarterly Financial Information (unaudited) - Operating Results (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 21 Months Ended | ||||||||||||||||||||||
Share data in Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Apr. 22, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | |||||
TPack | TPack | Veloce Technologies Inc. | Veloce Technologies Inc. | Veloce Technologies Inc. | Veloce Technologies Inc. | Veloce Technologies Inc. | Veloce Technologies Inc. | Veloce Technologies Inc. | Veloce Technologies Inc. | Veloce Technologies Inc. | Veloce Technologies Inc. | Veloce Technologies Inc. | ||||||||||||||||||
Schedule of Quarterly Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net revenues | $51,771,000 | $54,844,000 | [1] | $55,387,000 | [2] | $54,148,000 | [3] | $56,326,000 | [4],[5] | $51,698,000 | [6] | $46,324,000 | $41,294,000 | ' | $216,150,000 | $195,642,000 | $230,887,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of revenues | 19,806,000 | 21,644,000 | [1] | 21,397,000 | [2] | 22,342,000 | [3] | 21,174,000 | [4],[5] | 22,958,000 | [6] | 20,561,000 | 18,355,000 | ' | 85,189,000 | 83,048,000 | 98,804,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross profit | 31,965,000 | 33,200,000 | [1] | 33,990,000 | [2] | 31,806,000 | [3] | 35,152,000 | [4],[5] | 28,740,000 | [6] | 25,763,000 | 22,939,000 | ' | 130,961,000 | 112,594,000 | 132,083,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating expenses | 9,229,000 | 40,900,000 | [1] | 66,757,000 | [2] | 24,556,000 | [3] | 49,116,000 | [4],[5] | 101,942,000 | [6] | 48,515,000 | 47,891,000 | ' | 141,442,000 | 247,464,000 | 225,527,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating loss | 22,736,000 | -7,700,000 | [1] | -32,767,000 | [2] | 7,250,000 | [3] | -13,964,000 | [4],[5] | -73,202,000 | [6] | -22,752,000 | -24,952,000 | ' | -10,481,000 | -134,870,000 | -93,444,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest and other income (expense) | 418,000 | 617,000 | [1] | 576,000 | [2] | 3,795,000 | [3] | -4,654,000 | [4],[5] | 2,258,000 | [6] | 835,000 | 1,762,000 | ' | 5,052,000 | 2,595,000 | 4,247,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss before income taxes | 23,154,000 | -7,083,000 | [1] | -32,191,000 | [2] | 11,045,000 | [3] | -18,618,000 | [4],[5] | -70,944,000 | [6] | -21,917,000 | -23,190,000 | ' | -5,075,000 | -134,669,000 | -81,760,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax expense | 38,000 | 201,000 | [1] | 192,000 | [2] | 188,000 | [3] | -1,012,000 | [4],[5] | 618,000 | [6] | -360,000 | 200,000 | ' | 619,000 | -554,000 | 928,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | 23,116,000 | -7,284,000 | [1] | -32,383,000 | [2] | 10,857,000 | [3] | -17,606,000 | [4],[5] | -71,562,000 | [6] | -21,557,000 | -23,390,000 | ' | -5,694,000 | -134,115,000 | -82,688,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic net income (loss) per share (in shares) | $0.31 | ($0.10) | [1] | ($0.45) | [2] | $0.16 | [3] | ($0.26) | [4],[5] | ($1.08) | [6] | ($0.33) | ($0.37) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares used in calculating basic net income (loss) per share (shares) | 75,629 | 73,989 | [1] | 72,610 | [2] | 69,360 | [3] | 67,566 | [4],[5] | 66,113 | [6] | 64,947 | 62,409 | ' | 72,897 | 65,258 | 62,245 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted net income (loss) per share (in shares) | $0.30 | ($0.10) | [1] | ($0.45) | [2] | $0.15 | [3] | ($0.26) | [4],[5] | ($1.08) | [6] | ($0.33) | ($0.37) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares used in calculating diluted income (loss) per share (shares) | 77,193 | 73,989 | [1] | 72,610 | [2] | 70,234 | [3] | 67,566 | [4],[5] | 66,113 | [6] | 64,947 | 62,409 | ' | 72,897 | 65,258 | 62,245 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Research and development expenses incurred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,900,000 | 30,400,000 | 9,300,000 | 9,600,000 | 60,400,000 | 126,600,000 | 51,900,000 | 42,700,000 | 66,200,000 | ' | 169,300,000 | |||||
Gain on sale of TPack | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,699,000 | 0 | 0 | 19,699,000 | 19,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Restructuring charges | ' | ' | ' | ' | ' | ' | ' | ' | -6,200,000 | -1,134,000 | -6,435,000 | -875,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Immaterial R&D expense error | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,400,000 | ' | ' | ' | ' | ' | $8,000,000 | ' | |||||
[1] | The consolidated operating results for the third quarter of fiscal 2014 included a charge of $2.9 million related to the Veloce consideration. | |||||||||||||||||||||||||||||
[2] | The consolidated operating results for the second quarter of fiscal 2014 included a charge of $30.4 million related to the Veloce consideration. | |||||||||||||||||||||||||||||
[3] | The consolidated operating results for the first quarter of fiscal 2014 included a charge of $9.3 million related to the Veloce consideration and a gain on sale of TPack of $19.7 million. | |||||||||||||||||||||||||||||
[4] | The consolidated operating results for the fourth quarter of fiscal 2013 included a charge of $9.6 million related to the Veloce consideration. | |||||||||||||||||||||||||||||
[5] | During fiscal 2012, one significant product development milestone relating to the Veloce project was considered probable of achievement and accordingly $60.4 million was recognized as research and development expense (see further discussion in Note 4, Veloce, to the Consolidated Financial Statements). However, approximately $8.0 million of the R&D expense was incorrectly recognized as this expense amount related to Unallocated Veloce Units that had not yet been distributed as of March 31, 2012. R&D expenses were also recognized during the first three quarters of fiscal 2013 in connection with further progress made in connection with the performance milestones relating to Veloce. However, the R&D expenses recognized during the first three quarters of fiscal 2013 also incorrectly included immaterial amounts related to the Unallocated Veloce Units. During the fourth quarter of fiscal 2013, the Company corrected the error impacting fiscal 2012 and the first three quarters of fiscal 2013. The correction of the errors resulted in a reduction of R&D expenses recognized by $10.4 million during the fourth quarter of fiscal 2013. | |||||||||||||||||||||||||||||
[6] | During the fiscal years ended March 31, 2014, 2013 and 2012, the Company recognized an impairment charge of its non-marketable strategic investment of $0.0 million, $2.3 million and $1.0 million, respectively. Refer to Note 1, Summary of Significant Accounting Policies, to the Consolidated Financial Statements for details. |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts - Allowance Rollforward (Details) (Year Ended March 31, 2014, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Year Ended March 31, 2014 | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at Beginning of Period | $703 | $1,099 | $1,324 |
Charged (Credited) to Costs and Expenses | -286 | 1 | -13 |
From Acquisition | 0 | 0 | -28 |
Write-Offs | 34 | -397 | -184 |
Balance at End of Period | $451 | $703 | $1,099 |