Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 29, 2018 | Jan. 25, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Common Stock, Shares Outstanding | 34,422,361 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 29, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | ELECTRO SCIENTIFIC INDUSTRIES INC | |
Entity Central Index Key | 726,514 | |
Current Fiscal Year End Date | --03-30 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 29, 2018 | Mar. 31, 2018 |
Current assets: | ||
Cash and Cash Equivalents, at Carrying Value | $ 52,129 | $ 76,792 |
Short-term investments | 123,081 | 47,121 |
Accounts Receivable, Net, Current | 55,557 | 63,044 |
Inventories | 81,846 | 87,686 |
Shipped systems pending acceptance | 2,693 | 4,734 |
Other current assets | 6,077 | 5,493 |
Total current assets | 321,383 | 284,870 |
Non-current assets: | ||
Property, plant and equipment, net | 25,623 | 22,025 |
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 40,919 | 43,518 |
Goodwill | 2,626 | 2,626 |
Acquired intangible assets, net | 4,099 | 5,169 |
Other assets | 13,502 | 14,780 |
Total assets | 408,152 | 372,988 |
Current liabilities: | ||
Accounts payable | 27,505 | 37,354 |
Accrued liabilities | 25,487 | 34,533 |
Deferred Revenue, Current | 8,777 | 9,818 |
Total current liabilities | 61,769 | 81,705 |
Long-term Debt | 12,438 | 12,766 |
Non-current liabilities: | ||
Non-current income taxes payable | 2,119 | 1,901 |
Liabilities, Other than Long-term Debt, Noncurrent | 7,447 | 10,258 |
Liabilities | 83,773 | 106,630 |
Commitments and Contingencies | ||
Shareholders' equity: | ||
Preferred stock, without par value | 0 | 0 |
Common stock, without par value | 216,174 | 210,995 |
Retained earnings | 109,176 | 54,816 |
Accumulated other comprehensive income | (971) | 547 |
Total shareholders' equity | 324,379 | 266,358 |
Total liabilities and shareholders' equity | $ 408,152 | $ 372,988 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 29, 2018 | Mar. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Trade receivables, allowances | $ 176 | $ 832 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 86,504 | 83,159 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 23,837 | $ 22,766 |
Preferred stock, without par value | $ 0 | $ 0 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, without par value | $ 0 | $ 0 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, issued | 34,784,000 | 34,387,000 |
Common stock, outstanding | 34,784,000 | 34,387,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | |
Revenues | $ 67,942 | $ 110,840 | $ 264,483 | $ 254,491 |
Cost of sales | 41,804 | 57,684 | 146,080 | 148,383 |
Gross profit | 26,138 | 53,156 | 118,403 | 106,108 |
Operating expenses: | ||||
Selling, service and administration | 9,376 | 11,040 | 30,344 | 35,496 |
Research, development and engineering | 8,609 | 8,165 | 27,821 | 25,373 |
Restructuring Costs | 0 | 706 | 0 | 4,079 |
Business Combination, Integration Related Costs | 4,277 | 0 | 4,277 | 0 |
Net operating expenses | 22,262 | 19,911 | 62,442 | 64,948 |
Operating (loss) income | 3,876 | 33,245 | 55,961 | 41,160 |
Non-operating (expense) income: | ||||
Interest and other (expense) income, net | 1,985 | 789 | 2,820 | 376 |
Other Nonoperating Income (Expense) | 1,985 | 789 | 2,820 | 376 |
Income (loss) before income taxes | 5,861 | 34,034 | 58,781 | 41,536 |
Provision for (benefit from) income taxes | (479) | 61 | 4,462 | 401 |
Net (loss) income | $ 6,340 | $ 33,973 | $ 54,319 | $ 41,135 |
Net (loss) income per share - basic | $ 0.18 | $ 0.99 | $ 1.57 | $ 1.22 |
Net (loss) income per share - diluted | $ 0.18 | $ 0.94 | $ 1.50 | $ 1.16 |
Weighted average number of shares - basic | 34,769 | 34,224 | 34,623 | 33,839 |
Weighted Average Number of Shares Outstanding, Diluted | 35,975 | 36,010 | 36,127 | 35,562 |
Product [Member] | ||||
Revenues | $ 55,679 | $ 99,418 | $ 223,799 | $ 221,827 |
Cost of sales | 34,744 | 52,502 | 125,377 | 132,107 |
Service Market [Member] | ||||
Revenues | 12,263 | 11,422 | 40,684 | 32,664 |
Cost of sales | $ 7,060 | $ 5,182 | $ 20,703 | $ 16,276 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS Statement - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | |
Net (loss) income | $ 6,340 | $ 33,973 | $ 54,319 | $ 41,135 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (44) | 581 | (1,528) | 969 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | 4 | 4 | 11 | 13 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | (11) | (17) | (1) | (18) |
Other Comprehensive Income (Loss), Net of Tax | (51) | 568 | (1,518) | 964 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 6,289 | $ 34,541 | $ 52,801 | $ 42,099 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 30, 2017 | |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | $ 13 | $ 8 | $ 8 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | (2) | (2) | (7) |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | $ 3 | $ 0 | $ 0 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Repayments of Long-term Debt | $ (337) | $ (321) |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net (loss) income | 54,319 | 41,135 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 6,528 | 6,523 |
Share-based compensation expense | 4,868 | 3,510 |
Impairment of PP&E and other long-term assets due to restructuring | 0 | 5,610 |
Provision for Doubtful Accounts | (550) | 603 |
Inventory Write-down | 247 | 0 |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | 0 | 8,248 |
Gain (Loss) on Disposition of Assets | 0 | 101 |
Gain (Loss) on Disposition of Business | 0 | (917) |
Decrease (increase) in deferred income taxes | 2,797 | 2 |
Changes in operating accounts, net of acquisitions: | ||
Decrease (increase) in trade receivables, net | 7,643 | (35,271) |
Decrease (increase) in inventories | 1,502 | (24,402) |
Decrease (increase) in shipped systems pending acceptance | 2,041 | (67) |
Decrease (increase) in other current assets | 518 | 1,489 |
Increase (decrease) in accounts payable and accrued liabilities | (21,579) | 36,963 |
Increase (decrease) in deferred revenue | (988) | (2,730) |
Net cash (used in) provided by operating activities | 57,346 | 40,797 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of investments | (155,020) | (48,668) |
Proceeds from sales and maturities of investments | 78,918 | 17,034 |
Purchase of property, plant and equipment | (6,670) | (3,079) |
Decrease (increase) in other assets | 523 | (4,646) |
Net cash (used in) provided by investing activities | (80,611) | (36,360) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Payments Related to Tax Withholding for Share-based Compensation | (951) | (1,696) |
Proceeds from Issuance of Common Stock | 1,238 | 2,624 |
Net cash (used in) provided by financing activities | (50) | 607 |
Effect of exchange rate changes on cash | (1,337) | 562 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (24,652) | 5,606 |
Cash and Cash Equivalents, at Carrying Value | 52,129 | 62,251 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 53,233 | 63,338 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Cash paid for interest | 477 | 496 |
Cash paid for income taxes | (1,766) | (979) |
Income tax refunds received | 34 | 67 |
Property, Plant and Equipment, Gross, Period Increase (Decrease) | 3,990 | (824) |
Property, Plant and Equipment, Additions | 1,537 | 483 |
Proceeds from Divestiture of Businesses | $ 1,638 | $ 2,999 |
The Company
The Company | 9 Months Ended |
Dec. 29, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company | 1. Basis of Presentation These unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with United States generally accepted accounting principles (U.S. GAAP) have been condensed or omitted in these interim statements. Accordingly, these condensed consolidated financial statements should be read in conjunction with the financial statements and notes included in the Annual Report of Electro Scientific Industries, Inc. (the Company) on Form 10-K for its fiscal year ended March 31, 2018 . These interim statements include all adjustments (consisting of only normal recurring adjustments and accruals) necessary for a fair presentation of results for the interim periods presented. The results for interim periods are not necessarily indicative of the results of operations for the entire year. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of commitments and contingencies at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results may differ from those estimates. Management believes that the estimates used are reasonable. Estimates made by management include: revenue recognition; inventory valuation; valuation of investments; accrued restructuring costs; share-based compensation; income taxes, including the valuation of deferred tax assets; valuation of long-lived assets, including intangibles; valuation of goodwill and acquisition accounting. The fiscal quarters ended December 29, 2018 and December 30, 2017 each consisted of 13-week periods. Similarly, the three fiscal quarters ended December 29, 2018 and the three fiscal quarters ended December 30, 2017 each consisted of 39-week periods. On October 29, 2018, the Company signed a definitive agreement for MKS Instruments, Inc. (NASDAQ:MKSI) to acquire the Company. See Note 19: Merger Agreement for further details. Restricted Cash Cash and cash equivalents that are restricted as to withdrawal or use under the terms of certain contractual agreements are recorded in Other current assets on our balance sheet for fiscal 2019 and in Other long-term assets in fiscal 2018. The following table provides a summary of the Company's cash, cash equivalents and restricted cash position: (In thousands) Dec 29, 2018 Mar 31, 2018 Dec 30, 2017 Cash and cash equivalents $ 52,129 $ 76,792 $ 62,251 Restricted cash included in other current assets 1,104 — — Restricted cash included in other long-term assets — 1,093 1,087 Total cash, cash equivalents and restricted cash $ 53,233 $ 77,885 $ 63,338 Changes to Significant Accounting Policies The only significant changes to the Company's significant accounting policies from those presented in Note 2: Summary of Significant Accounting Policies to the consolidated financial statements included in the Company's Annual Report on Form 10-K for its fiscal year ended March 31, 2018 were due to the adoption of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 606, " Revenue from Contracts with Customers ". Changes to associated accounting policies are summarized below. Accounts Receivable and Allowance for Doubtful Accounts Trade receivables are stated at the amount the Company has an unconditional right to bill and generally do not bear interest, net of any estimated allowance for doubtful accounts. The Company establishes and monitors the collectability of amounts due from customers and sets appropriate credit limits based on an evaluation of the financial condition of customers and other relevant factors, including but not limited to obtaining credit ratings and customers' financial statements. With certain customers, letters of credit are obtained to mitigate credit risk. Subsequent to entering into a contract, if it is determined or expected that a customer will be unable to fully meet its financial obligation, such as in the case of a bankruptcy filing or other material events impacting its business, a specific allowance for bad debt is recorded to reduce the related receivable to the amount expected to be recovered. Bad debts are historically insignificant for the Company, and allowances for doubtful accounts are established based on actual experience. Unbilled receivables arise when the Company has performed services and earned amounts related to a customer contract, but has not yet billed those amounts. Unbilled receivables were $1.2 million as of December 29, 2018 and $0.9 million as of March 31, 2018 and were included as a component of Trade receivables, net of allowances, on the Condensed Consolidated Balance Sheets. Shipped Systems Pending Acceptance Shipped systems pending acceptance represent deferred costs of sales related to systems shipped to the customer, but where revenue has been deferred pending the customer's final acceptance. These contracts also generally result in a deferred revenue contract liability. Once the criteria for revenue recognition have been met for these contracts, the deferred costs are recognized as a cost of sales together with the associated revenue. Contract Assets and Liabilities Arising from Contracts with Customers Customer deposits are a contract liability representing amounts collected from customers prior to any performance of the contract on the part of the Company. Customer deposits are included as a component of Accrued liabilities on our balance sheet (see Note 6: Accrued Liabilities ). Deferred revenues (see Note 8: Deferred Revenue ) are a contract liability representing the amount of billings for contracts where the Company has an unconditional right to consideration, in excess of revenues recognized and amounts billed. The value of customer deposits and deferred revenues will increase or decrease based on the timing of invoices and recognition of revenue. Revenue Recognition The Company recognizes revenue according to the five steps required by ASC 606; (1) identifying the contract with a customer, (2) identifying the performance obligations in the contract, (3) determining the transaction price, (4) allocating the transaction price to performance obligations in the contract, and (5) recognizing revenue when (or as) the Company satisfies a performance obligation. The Company's revenue streams primarily come from two sources, system sales and service sales. Systems Revenues : The Company sells high-value capital equipment to customers and these system sales generally include the base system, supporting components (such as input devices and related tooling), and a standard warranty. The performance obligations related to system sales are generally satisfied at a point-in-time upon transfer of control. Transfer of control is determined with consideration of commercial and billing terms, physical movement, transfer of the risks and rewards of ownership, transfer of title, and customer acceptance or a track record of acceptance and any other relevant factors. If the Company has a demonstrable track record of acceptance for a system sold, the Company deems transfer of control to have occurred in accordance with commercial terms, even if customer acceptance has not been received, as the acceptance is a formality and is not considered substantive. Payment on system sales is generally due within 90 days of shipment or less. Standard warranties on systems are assurance-type warranties and are recorded as a liability at the time of shipment (see Note 7: Product Warranty ). Service Revenues : The Company offers additional services directly associated with the capital equipment it sells. These are generally in two major categories: (1) service contracts, which are generally recognized over time, and (2) point-in-time services. Service contracts recognized over time include extended service contracts (labor and materials), consumables and materials contracts, and labor-only contracts. Most service contracts recognized over time have a stated contract period and revenue is recognized over that period. Certain contracts may be consumption-based, in which case the revenue is recognized ratably in relation to the associated consumption. Service contracts are generally billed and are due in advance of the service period. Point-in-time services include spare parts sales, labor, trouble-shooting services, and similar items, and these are recognized at a point in time upon shipment or transfer of control, and are generally billed concurrent with recognition. Standard warranties on parts are assurance-type warranties and are recorded as a liability at the time of shipment (see Note 7: Product Warranty ). The Company must make various judgments and estimates that vary in level of significance and subjectivity when recognizing revenue. The primary judgments include an evaluation of any credit risk, as described in our policy on accounts receivable, the identification of variable consideration in the contract, the determination of performance obligations in a contract, the determination of standalone selling prices for performance obligations, and the determination of when performance obligations are fulfilled. Generally, our revenue streams are subject to little variable consideration as we have minimal historical or expected future returns or other adjustments to selling price. Accordingly, standalone selling price is used to determine how to allocate the overall transaction price for a contract. Standalone selling price is based on historical transactions where available and relevant, and when not available, on a method that maximizes the use of observable inputs, which is generally a cost plus reasonable margin approach. Performance obligations are typically documented and evident from our contracts with customers and the associated triggers for transfer of control are generally objective as they are based on attributes such as shipment, customer acceptance, and other similar criteria. From time to time, however, the Company must exercise judgment to determine if transfer of control has occurred based on criteria such as whether a track record of acceptance has been established and acceptance terms are substantive, whether the risks and rewards of ownership have been transferred, or whether there are other facts and circumstances that could impact the timing and amount of revenue recognized. These judgmental determinations are made based on a weighting of all available evidence. Revenues associated with sales to customers under local contracts in Japan are typically recognized upon title transfer, which generally occurs upon customer acceptance. Revenues are recorded net of taxes collected from customers, which are subsequently submitted to governmental authorities. Practical Expedients Related to Revenue Recognition For contracts with customers which have a duration of less than 12 months, the Company has elected the practical expedient to recognize commission costs when paid, as the amortization period would generally be one year or less. Commissions associated with contracts with a duration over 12 months are immaterial. Commission costs are recorded as a component of Selling, general and administrative expenses. As the Company's contracts with customers generally have a duration of less than 12 months, and for certain contracts with a duration over 12 months, a right to payment exists as services are performed, the Company has elected to not disclose the remaining performance obligations for those contracts. For contracts where the Company has a right to consideration from a customer in an amount that corresponds directly to the services delivered to-date and for which the Company has a right to invoice, the Company recognizes revenue for the services rendered. The Company's contracts are generally not paid more than 12 months in advance or more than 12 months after delivery and therefore do not typically have a significant financing element. Accordingly, the Company has elected to not assess whether a contract has a significant financing component in performing the revenue assessment. For contracts where control transfers prior to delivery, the Company accounts for shipping and handling costs as a fulfillment cost and not as a performance obligation for revenue recognition purposes. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Dec. 29, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | 2. Recent Accounting Pronouncements Adopted accounting pronouncements: In February 2018, the FASB issued ASU 2018-03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities , which made six targeted amendments to ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities . These amendments mostly affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. ASU 2018-03 became effective as of the Company's second quarter of fiscal 2019 ending September 29, 2018. Adopting ASU 2018-03 had no material effect on the Company's financial position, results of operations or cash flows. In February 2018, the FASB issued ASU 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , in response the enactment of the Tax Cuts and Jobs Act (the Tax Act) and the subsequent questions and concerns of stakeholders regarding how to apply the changes to the income tax effects of deferred tax assets and liabilities sitting in accumulated other comprehensive income. The guidance eliminates the resulting stranded tax effects and improves the usefulness of the information reported to users of the financial statements. ASU 2018-02 was effective for the Company as of April 1, 2018, the beginning of fiscal 2019. Adopting ASU 2018-02 had no material effect on the Company's financial position, results of operations or cash flows. In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting , which amends the scope of modification accounting surrounding share-based payment arrangements as issued in ASU 2016-09 by providing guidance on the various types of changes which would trigger modification accounting for share-based payment awards, specifically an entity would not apply modification accounting under ASC 718 if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. ASU 2017-09 was effective for the Company as of April 1, 2018, the beginning of fiscal 2019. The adoption of ASU 2017-09 had no material effect on the Company's financial position, results of operations or cash flows. In March 2017, the FASB issued ASU 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which requires companies to disaggregate the current-service-cost component from other components of net benefit cost and provides specific guidance for presentation in the income statement. ASU 2017-07 was effective for the Company as of April 1, 2018, the beginning of fiscal 2019. The adoption of ASU 2017-07 had no material effect on the Company's financial position, results of operations or cash flows. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory , to improve and simplify the accounting for the income tax consequences of intra-entity transfers of assets other than inventory, requiring companies to recognize income tax consequences upon the transfer of the asset to a third party. ASU 2017-09 was effective for the Company as of April 1, 2018, the beginning of fiscal 2019. The adoption of ASU 2016-16 had no material effect on the Company's financial position, results of operations or cash flows. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers: Topic 606 (ASU 2014-09) , to supersede nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that the Company expects to be entitled to for those goods or services. The FASB has continued to issue ASU topics to further clarify ASU 2014-09. These have included ASU 2016-08, ASU 2016-10, ASU 2016-12, and ASU 2016-20. The new standards were effective for the Company as of April 1, 2018, the beginning of fiscal 2019. The Company elected the modified retrospective approach as its transition method. The new standard resulted in an immaterial change to revenue recognition related to system sales and service contracts, the Company's major revenue streams. The cumulative effect of the changes made to our consolidated balance sheet as of April 1, 2018 related to the adoption of ASC 606 for contracts not completed at the date of adoption were as follows: (In thousands) Mar 31, 2018 Adjustments Apr 1, 2018 ASSETS Non-current assets: Deferred income taxes, net $ 43,518 $ (12 ) $ 43,506 Total assets $ 372,988 $ (12 ) $ 372,976 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Deferred revenue $ 9,818 $ (52 ) $ 9,766 Total current liabilities 81,705 (52 ) 81,653 Total liabilities 106,630 (52 ) 106,578 Shareholders’ equity: Retained earnings 54,816 40 54,856 Total shareholders’ equity 266,358 40 266,398 Total liabilities and shareholders’ equity $ 372,988 $ (12 ) $ 372,976 The adoption of ASC 606 did not have a material impact on the Company's financial position, results of operations or cash flows as of and for the fiscal third quarter ended December 29, 2018 or the first three quarters of fiscal 2019 ended December 29, 2018 . Additionally, we do not expect the adoption of the standard to have a material impact to our financial position on an ongoing basis. Recently issued accounting pronouncements not yet adopted In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement , to improve disclosures of the key provisions of ASC 820 by adding, modifying, and removing certain targeted disclosure requirements. ASU 2018-13 is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods, which would be the Company's fiscal year ending April 3, 2021. Early adoption is permitted, including adoption in any interim period, for public business entities for reporting periods for which financial statements have not yet been issued and early adoption is permitted for any removed or modified disclosure while delaying adoption of the remaining disclosures until their effective date. While the Company does not expect the adoption of ASU 2018-13 to have a material effect on its business, the Company is still evaluating any potential impact that adoption of ASU 2018-13 may have on its financial position, results of operations or cash flows. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities , in order to (i) improve disclosures related to an entity's risk management activities through better transparency and understandability and (ii) simplify and reduce the complexity of hedge accounting by preparers. ASU 2017-12 is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods, which would be the Company's fiscal year ending March 28, 2020. Early adoption is permitted, including adoption in any interim period, for public business entities for reporting periods for which financial statements have not yet been issued. The FASB also issued ASU 2018-16 to modify and clarify portions of ASU 2017-12. While the Company does not expect the adoption of ASU 2017-12 to have a material effect on its business, the Company is still evaluating any potential impact that adoption of ASU 2017-12 may have on its financial position, results of operations or cash flows. In February 2016, the FASB issued ASU 2016-02, Leases . ASU 2016-02 increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and requires disclosing key information about leasing arrangements. The FASB has issued ASU 2018-01, ASU 2018-11 and ASU 2018-20 to clarify and make targeted improvements to ASU 2016-02. ASU 2016-02 is effective for annual periods beginning after December 15, 2018 and interim periods within those annual periods, which would be the Company's fiscal year ending March 28, 2020. The Company is still evaluating any potential impact that adoption of ASU 2016-02 may have on its financial position, results of operations or cash flows. The Company is in the preliminary scoping phase of implementation and is currently identifying the impacted leases and preparing to perform initial quantification of the potential impacts. The Company has established a plan to develop and implement any associated business processes, as well as perform applicable accounting and reporting evaluations in advance of the effective date of the standard. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Dec. 29, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements Financial Assets and Liabilities Measured at Fair Value ASC Topic 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include the following: • Level 1 , defined as observable inputs such as quoted prices in active markets for identical assets or liabilities; • Level 2 , defined as inputs that are observable either directly or indirectly such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and other inputs that can be corroborated by observable market data; and • Level 3 , defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of December 29, 2018 and March 31, 2018 was as follows (in thousands): December 29, 2018 Level 1 Level 2 Level 3 Total Cash equivalents: Money market securities $ 21,578 $ — $ — $ 21,578 Total cash equivalents $ 21,578 $ — $ — $ 21,578 Short term investments - available for sale: U.S. treasury fund $ 26,910 $ — $ — $ 26,910 Commercial paper — 58,530 — 58,530 Corporate bonds — 37,641 — 37,641 Total short-term investments - available for sale $ 26,910 $ 96,171 $ — $ 123,081 Forward purchase or sale contracts: Japanese Yen $ — $ 24 $ — $ 24 New Taiwan Dollar — 5 — 5 Korean Won — 10 — 10 Euro — 14 — 14 British Pound — 19 — 19 Chinese Renminbi — (41 ) — (41 ) Singapore Dollar — 1 — 1 Total forward contracts $ — $ 32 $ — $ 32 Deferred compensation plan assets:* Mutual funds and exchange traded funds $ 1,874 $ — $ — $ 1,874 Money market securities 316 — — 316 Total deferred compensation plan assets $ 2,190 $ — $ — $ 2,190 March 31, 2018 Level 1 Level 2 Level 3 Total Cash equivalents: Money market securities $ 41,752 $ — $ — $ 41,752 U.S. treasury fund 2,500 — — 2,500 Commercial paper — 3,498 — 3,498 Corporate bonds — 1,999 — 1,999 Total cash equivalents $ 44,252 $ 5,497 $ — $ 49,749 Short term investments - available for sale: U.S. treasury fund $ 10,458 $ — $ — $ 10,458 Commercial paper — 25,913 — 25,913 Corporate bonds — 10,750 — 10,750 Total short-term investments - available for sale $ 10,458 $ 36,663 $ — $ 47,121 Forward purchase or sale contracts: Japanese Yen $ — $ (23 ) $ — $ (23 ) New Taiwan Dollar — 3 — 3 Korean Won — (12 ) — (12 ) Euro — 7 — 7 British Pound — 49 — 49 Chinese Renminbi — (29 ) — (29 ) Singapore Dollar — (1 ) — (1 ) Total forward contracts $ — $ (6 ) $ — $ (6 ) Deferred compensation plan assets:* Mutual funds and exchange traded funds $ 1,841 $ — $ — $ 1,841 Money market securities 207 — — 207 Total deferred compensation plan assets $ 2,048 $ — $ — $ 2,048 *These investments represent assets held in trust for the deferred compensation plan For Level 1 assets, the Company utilized quoted prices in active markets for identical assets. For Level 2 assets, exclusive of forward contracts, the Company utilized quoted prices in active markets for similar assets. For forward contracts, spot prices at December 29, 2018 and March 31, 2018 were utilized to calculate fair values. During the first three quarters of fiscal 2019 and fiscal 2018 , there were no transfers between Level 1, 2 or 3 assets. Investments The Company’s investments, including investments classified as cash equivalents, at December 29, 2018 and March 31, 2018 were as follows (in thousands): Unrealized December 29, 2018 Cost Gain Loss Fair Value Available-for-sale securities (current): U.S. treasury fund $ 26,912 $ — $ (2 ) $ 26,910 Commercial paper 58,530 — — 58,530 Corporate Bonds 37,675 — (34 ) 37,641 Total investments (current) $ 123,117 $ — $ (36 ) $ 123,081 Available-for-sale securities (non-current): Mutual funds, exchange traded funds and money market securities* $ 2,226 $ — $ (36 ) $ 2,190 Total investments (non-current) $ 2,226 $ — $ (36 ) $ 2,190 Unrealized March 31, 2018 Cost Gain Loss Fair Value Available-for-sale securities (current): U.S. treasury fund $ 12,975 $ — $ (17 ) $ 12,958 Commercial paper 29,411 — — 29,411 Corporate bonds 12,768 — (19 ) 12,749 Total investments (current) $ 55,154 $ — $ (36 ) $ 55,118 Available-for-sale securities (non-current): Mutual funds, exchange traded funds and money market securities* $ 1,881 $ 167 $ — $ 2,048 Total investments (non-current) $ 1,881 $ 167 $ — $ 2,048 *These investments represent assets held in trust for the deferred compensation plan For purposes of determining gross realized gains and losses and reclassification out of accumulated other comprehensive income (loss), the cost of securities sold is based on specific identification. Net unrealized holding gains and losses on current available-for-sale securities included in accumulated other comprehensive income (loss) were insignificant as of December 29, 2018 and March 31, 2018 . |
Inventories
Inventories | 9 Months Ended |
Dec. 29, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories Inventories are principally valued at standard cost, which approximates the lower of cost or net realizable value on a first-in, first-out basis. Components of inventories were as follows: (In thousands) Dec 29, 2018 Mar 31, 2018 Raw materials and purchased parts $ 58,855 $ 52,591 Work-in-process 15,569 18,634 Finished goods 7,422 16,461 $ 81,846 $ 87,686 |
Other Assets
Other Assets | 9 Months Ended |
Dec. 29, 2018 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Other Assets | 5. Other Assets Other assets consisted of the following: (In thousands) Dec 29, 2018 Mar 31, 2018 Demo and leased equipment, net $ 7,464 $ 6,746 Long term deposits and non-trade receivables 2,830 3,232 Non-current restricted cash — 1,093 Other non-current assets 3,208 3,709 $ 13,502 $ 14,780 Depreciation expense for demo and leased equipment in the first three quarters of fiscal 2019 totaled $ 0.6 million with no expense occurring in the third quarter of fiscal 2019 . Depreciation expense for demo and leased equipment for the first three quarters of fiscal 2018 totaled $ 0.8 million with $ 0.6 million occurring in the third quarter of fiscal 2018 . Of the total $7.5 million and $6.7 million of demo and leased equipment at December 29, 2018 and March 31, 2018 , $1.3 million and $3.4 million were leased assets at customer sites expected to generate revenue. Included in Other non-current assets are long-term investments held in a trust for the deferred compensation plan and other similar items. |
Accrued Liabilities (Current) O
Accrued Liabilities (Current) Other liabilities (Notes) | 9 Months Ended |
Dec. 29, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 6. Accrued Liabilities Accrued liabilities consisted of the following: (In thousands) Dec 29, 2018 Mar 31, 2018 Payroll-related liabilities $ 8,880 $ 15,879 Product warranty accrual 5,387 4,646 Purchase order commitments and receipts 2,136 2,978 Customer deposits 1,051 2,214 Income taxes payable 648 1,152 Current portion, long-term debt 437 421 Other current liabilities 6,948 7,243 $ 25,487 $ 34,533 Included in other current liabilities above are accrued amounts for value-added taxes, freight, restructuring activities and other similar items. |
Product Warranty
Product Warranty | 9 Months Ended |
Dec. 29, 2018 | |
Product Warranties Disclosures [Abstract] | |
Product Warranty | 7. Product Warranty The following is a reconciliation of the changes in the aggregate product warranty accrual: Fiscal quarter ended Three fiscal quarters ended (In thousands) Dec 29, 2018 Dec 30, 2017 Dec 29, 2018 Dec 30, 2017 Product warranty accrual, beginning $ 9,223 $ 7,156 $ 10,220 $ 5,474 Warranty charges incurred, net (2,683 ) (3,273 ) (7,026 ) (8,384 ) Provision for warranty charges 1,975 5,067 5,321 11,860 Product warranty accrual, ending $ 8,515 $ 8,950 $ 8,515 $ 8,950 Net warranty charges incurred include labor charges and costs of replacement parts for repairs under warranty. These costs are recorded net of any estimated cost recoveries resulting from either successful repair of damaged parts or from warranties offered by the Company’s suppliers for defective components. The provision for warranty charges reflects the estimate of future anticipated net warranty costs to be incurred for all products under warranty at quarter end and is recorded to cost of sales. Of the total of $8.5 million and $9.0 million of product warranty accruals as of December 29, 2018 and December 30, 2017 , $3.1 million and $4.5 million were non-current and were included in Other Liabilities on the Condensed Consolidated Balance Sheets. |
Deferred Revenue
Deferred Revenue | 9 Months Ended |
Dec. 29, 2018 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Revenue | 8. Deferred Revenue Generally, revenue is recognized upon satisfaction of performance obligations, which includes fulfillment of acceptance criteria at the Company's factory and transfer of risk of loss and title. Revenue is deferred whenever title transfer is pending, risk of loss has not transferred, and/or acceptance criteria have not yet been fulfilled. Deferred revenue arises from, among other factors, sales to Japanese customers, shipments of substantially new products and shipments with custom specifications and other acceptance criteria where the Company cannot demonstrate a track record of acceptance. For sales involving multiple performance obligations, the stand-alone selling price of any undelivered performance obligation, is deferred until the performance obligations are delivered and acceptance criteria are met. Revenue related to maintenance and service contracts is deferred and recognized ratably over the duration of the contracts. The following is a reconciliation of the changes in deferred revenue: Fiscal quarter ended Three fiscal quarters ended (In thousands) Dec 29, 2018 Dec 30, 2017 Dec 29, 2018 Dec 30, 2017 Deferred revenue, beginning $ 8,551 $ 16,369 $ 10,514 $ 15,397 Revenue deferred 9,982 20,009 38,266 66,661 Revenue recognized (9,628 ) (23,991 ) (39,875 ) (69,671 ) Deferred revenue, ending $ 8,905 $ 12,387 $ 8,905 $ 12,387 Of the total of $8.9 million and $12.4 million of deferred revenue at December 29, 2018 and December 30, 2017 , $0.1 million and $0.4 million were non-current and were included in Other Liabilities on the Condensed Consolidated Balance Sheets. For the third quarter of fiscal 2019 and the first three quarters of fiscal 2019 , revenue recognized that was included in the opening deferred revenue balance was $3.9 million and $8.4 million , respectively. For the third quarter of fiscal 2019 and the first three quarters of fiscal 2019 , $0.6 million and $2.1 million of the beginning customer deposit balance was utilized in each of the periods, respectively. Customer deposits are included as a component of Accrued liabilities on our balance sheet (see Note 6: Accrued Liabilities ). The amount of revenue recognized from performance obligations satisfied in prior periods was not material. |
Long-term Debt (Notes)
Long-term Debt (Notes) | 9 Months Ended |
Dec. 29, 2018 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 9. Long-term Debt ESI Leasing, LLC (ESI Leasing), a wholly owned subsidiary of the Company, has a loan agreement (Loan Agreement) with First Technology Federal Credit Union (Lender) which provides for a term loan from the Lender to ESI Leasing in the principal amount of $14 million (Loan). The interest rate of the Loan is fixed at 4.75% per annum, except that it may be increased if certain covenants under the Loan Agreement are not satisfied and after and during the continuation of an “Event of Default” as defined in the Loan Agreement. The Loan amortizes over a period of approximately 20 years, with the outstanding principal maturing and becoming due on January 1, 2027. ESI Leasing pays monthly principal and interest payments on the Loan totaling $1.1 million annually through the maturity of the Loan. The Company unconditionally guarantees the Loan. The Company is required to maintain certain deposits with the Lender through March 31, 2019, at which point the restriction will be removed as long as it is in compliance with certain minimum covenants. The principal maturities for each of the next five twelve-month periods ending on December 29 are as follows: (In thousands) 2019 2020 2021 2022 2023 Principal maturities $ 471 $ 492 $ 518 $ 543 $ 570 Total debt outstanding on the Loan Agreement were as follows: (In thousands) Dec 29, 2018 Mar 31, 2018 Total debt outstanding $ 12,875 $ 13,187 Less: Current portion, long-term debt (437 ) (421 ) Long-term debt $ 12,438 $ 12,766 Deferred debt issuance costs related to the above long-term debt as of December 29, 2018 and March 31, 2018 were $277 thousand and $302 thousand , respectively. See Note 20: Subsequent Events for events related to the Loan Agreement which occurred subsequent to the end of the third quarter of fiscal 2019. |
Revolving Credit Facility (Note
Revolving Credit Facility (Notes) | 9 Months Ended |
Dec. 29, 2018 | |
Debt Disclosure [Abstract] | |
Revolving Credit Facility [Text Block] | 10. Revolving Credit Facility The Company is party to a loan and security agreement (Credit Facility) with Silicon Valley Bank (SVB), which was initially entered into on March 20, 2015 and amended on July 12, 2016. The Credit Facility provides for a senior secured asset-based revolving facility with availability up to $30.0 million, including a $15.0 million sublimit for letters of credit. The Credit Facility expires March 20, 2019. At December 29, 2018 , the Company had no amounts outstanding under the Credit Facility, was in compliance with all covenants, and was not in default under the Credit Facility. The commitment fee on the amount of unused credit was 0.3 percent. As amended, the Credit Facility allows for a greater level of EBITDA losses, but reduces the level of permitted acquisitions and purchases of capital equipment. If the Company fails to meet the covenants in its Credit Facility or its lenders fail to fund, access to the facility may be limited or the facility may become unavailable altogether. See Note 20: Subsequent Events for events related to the Credit Facility which occurred subsequent to the end of the third quarter of fiscal 2019. |
Commitments & Contingencies (No
Commitments & Contingencies (Notes) | 9 Months Ended |
Dec. 29, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 11. Commitments and Contingencies The Company mitigates credit risk by transacting with highly rated counterparties for foreign exchange contracts, letters of credit and other transactions where counterparty risk is a factor. The Company has evaluated the non-performance risks associated with the Company's lenders and other parties and believes them to be insignificant. On or about November 29, 2018, the Company and members of the Board of Directors were named as defendants in a complaint filed in the U.S. District Court for the District of Oregon by alleged stockholders of the Company in connection with the proposed Merger. The complaint was dated November 29, 2018 and was captioned Brian Morris et. al. v. Electro Scientific Industries, Inc. et al. Five additional complaints were subsequently filed, two in the U.S. District Court for the District of Oregon and three in the Multnomah County Circuit Court in the State of Oregon. The cases filed in the U.S. District Court were dated December 6, 2018 and December 12, 2018 and captioned Melvyn Klein et. al. v. Electro Scientific Industries, Inc. et al. and Donald Mager et. al. v. Electro Scientific Industries, Inc. et al., respectively. The complaints filed in Multnomah County Circuit Court were dated December 5, 2018, December 5, 2018 and December 13, 2018 and captioned Michael Kent et. al v. Electro Scientific Industries, Inc. et al., Christopher Stanley et. al v. Electro Scientific Industries, Inc. et al. and Eduardo Colmenares et. al. v. Electro Scientific Industries, Inc. et al. These lawsuits are purported class actions brought on behalf of Company stockholders, asserting various claims against members of the Board of Directors, MKS, and Merger Sub, including breach of fiduciary duty and aiding and abetting breach of fiduciary duty. The lawsuits allege that the Merger does not appropriately value the Company, and that the Company’s Merger related disclosures fail to disclose certain material information regarding the Merger. These complaints purport to seek unspecified damages and may seek injunctive relief preventing the consummation of the Merger. The Company believes that the claims in these complaints are without merit and intends to vigorously defend this litigation. The Company provided supplemental Merger related disclosures to eliminate the burden and expense of litigation and to avoid any possible disruption to the Merger that could result from further litigation. An adverse judgment for monetary damages could have an adverse effect on the operations of the Company. A preliminary injunction could delay or jeopardize the completion of the Merger, and an adverse judgment granting permanent injunctive relief could indefinitely enjoin completion of the Merger. The Company may also be party to various other litigations arising in the normal course of business. Currently, the Company is not party to any other litigation it believes would have a material adverse effect on the Company's financial position, results of operations or cash flows. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Dec. 29, 2018 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | 12. Shareholders’ Equity Share Repurchase Program In December 2011, the Board of Directors authorized a share repurchase program totaling $20.0 million to acquire shares of the Company's outstanding common stock. The repurchases are to be made at management’s discretion in the open market or in privately negotiated transactions in compliance with applicable securities laws and other legal requirements and are subject to market conditions, acceptable share price and other factors. The Company did not repurchase any shares during fiscal 2018 or the first three quarters of fiscal 2019 . There is no expiration date for the repurchase program and $18.3 million still remains for future repurchases. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) (Notes) | 9 Months Ended |
Dec. 29, 2018 | |
Accumulated Other Comprehensive Income [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | 13. Accumulated Other Comprehensive Income (Loss) The following is a reconciliation of the changes in accumulated other comprehensive income (AOCI): Foreign currency translation adjustment Accumulated other comprehensive income related to benefit plan obligation Net unrealized loss on available-for-sale securities Total Balance at March 31, 2018 $ 590 $ (16 ) $ (27 ) $ 547 Other comprehensive (loss) income before reclassifications and taxes (1,798 ) 16 (1 ) (1,783 ) Amounts reclassified from AOCI — — — — Tax effect 270 (5 ) — 265 Other Comprehensive (loss) income (1,528 ) 11 (1 ) (1,518 ) Balance at December 29, 2018 $ (938 ) $ (5 ) $ (28 ) $ (971 ) |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Dec. 29, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | 14. Share-Based Compensation The Company's share-based compensation consists of restricted stock unit awards with a service condition (time-based RSUs), restricted stock unit awards with a market performance condition (market-based RSUs), restricted stock unit awards with a performance condition other than market performance (performance-based RSUs), an employee stock purchase plan and stock-settled stock appreciation rights (SARs). The fair value of time-based and performance-based restricted stock units (RSUs) are measured on the grant date based on the market value of the Company's common stock. The market-based RSUs must achieve the total shareholder return (TSR) measures in order for the awards to vest, and the grant date fair value of the awards is calculated using a Monte Carlo simulation model. The Company recognizes expense related to the fair value of the 1990 Employee Stock Purchase Plan (ESPP) and SARs using the Black-Scholes model to estimate the fair value of awards on the date of grant. Except for performance-based RSUs, the Company recognizes compensation expense for all share-based compensation awards, net of estimated forfeitures, on a straight-line basis over the requisite service period of the award. Expense for performance-based RSUs is recognized based on the probability of achievement of the performance criteria. The compensation cost for market-based RSUs is recognized over the related service period, even if the market condition is never satisfied. The impact of adjustments related to awards where the requisite service period was not completed is reflected as an offset to current period shared-based compensation expense. The Company granted a total of 277,915 time-based RSUs and 92,500 market-based RSUs during the first three quarters of fiscal 2019 , but did not grant any SARs or performance-based RSUs. No time-based RSUs were granted during the third quarter of fiscal 2019 . Share-based compensation expense under the stock incentive plans is included in the Company’s Condensed Consolidated Statements of Operations as follows: Fiscal quarter ended Three fiscal quarters ended (In thousands) Dec 29, 2018 Dec 30, 2017 Dec 29, 2018 Dec 30, 2017 Cost of sales $ 109 $ 64 $ 337 $ 208 Selling, general and administrative 1,271 498 3,698 2,629 Research, development and engineering 324 151 833 484 Total share-based compensation expense $ 1,704 $ 713 $ 4,868 $ 3,321 The Company incurred $25 thousand of capitalizable share-based compensation costs during the first three quarters of fiscal 2019. The capitalizable cost was incurred for internal labor hours allocated to the enterprise resource planning software and related systems implementation, which will support the Company's operating and financial functions. No capitalized share-based compensation costs were incurred during fiscal 2018. As of December 29, 2018 , the Company had $9.5 million of total unrecognized share-based compensation costs, net of estimated forfeitures, which are expected to be recognized over a weighted average period of 1.8 years. |
Revenue, Product and Geographic
Revenue, Product and Geographic Information (Notes) | 9 Months Ended |
Dec. 29, 2018 | |
Product ang Geographic Information Reporting [Abstract] | |
Product and Geographic Information [Text Block] | 15. Revenues, Product and Geographic Information Operating segments are defined as components of an enterprise about which separate financial information is available and evaluated regularly by the chief operating decision maker (CODM) in deciding how to allocate resources and in assessing performance. The Company's CODM is its Chief Executive Officer (CEO). The Company and its consolidated subsidiaries operate in a single segment, defined as a manufacturer of high-technology microfabrication and related equipment. This segment sells products into a variety of end markets that are grouped into four major categories for the purpose of providing an understanding of the principal end markets for the products manufactured by the Company, specifically: (1) Printed Circuit Board (PCB), (2) Component Test, (3) Semiconductor, and (4) Industrial Machining. Service sales are interrelated with all major end markets of the Company and are separately presented. The following table presents net sales information by the four major market categories and associated service sales addressed by the Company's single segment: Fiscal quarter ended Three fiscal quarters ended (In thousands) Dec 29, 2018 Dec 30, 2017 Dec 29, 2018 Dec 30, 2017 Printed Circuit Board $ 9,457 $ 76,933 $ 114,610 $ 161,305 Component Test 31,896 6,504 59,856 20,959 Semiconductor 12,429 10,664 42,433 25,486 Industrial Machining 1,897 5,317 6,900 14,077 Service 12,263 11,422 40,684 32,664 Net sales $ 67,942 $ 110,840 $ 264,483 $ 254,491 The following table presents net sales information by timing of delivery: Fiscal quarter ended Three fiscal quarters ended (In thousands) Dec 29, 2018 Dec 30, 2017 Dec 29, 2018 Dec 30, 2017 Point-in-time $ 62,607 $ 104,202 $ 246,561 $ 237,022 Over-time 5,335 6,638 17,922 17,469 Net sales $ 67,942 $ 110,840 $ 264,483 $ 254,491 Net sales by geographic area, based on the location of the end user, were as follows: Fiscal quarter ended Three fiscal quarters ended (In thousands) Dec 29, 2018 Dec 30, 2017 Dec 29, 2018 Dec 30, 2017 Asia $ 56,748 $ 103,069 $ 232,448 $ 233,685 Europe 6,127 5,340 17,490 11,269 Americas 5,067 2,431 14,545 9,537 Net sales $ 67,942 $ 110,840 $ 264,483 $ 254,491 |
Restructuring and Cost Manageme
Restructuring and Cost Management Plans | 9 Months Ended |
Dec. 29, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Cost Management Plans | 16. Restructuring and Cost Management Plans 2017 Corporate Restructuring: In the fourth quarter of 2017, the Company initiated a restructuring plan to improve business effectiveness and streamline operations to achieve a stated target profit level for the Company as a whole. As a part of the restructuring plan, the management team was reorganized from a business unit to a functional structure; the Company closed facilities in Montreal, Canada; Napa, California; and Sunnyvale, California; the Company discontinued certain products; and the Company made select reductions in headcount across the Company. Actions under this plan were completed as of the end of the third quarter of fiscal 2018. Total expenses related to the plan were $17.1 million in 2018 , while no expenses have been incurred in the first three quarters of fiscal 2019 . Included in the fiscal 2018 expenses are approximately $13.3 million of charges impacting gross margins, all incurred in the first and second quarters of fiscal 2018, primarily related to impairment of other assets and inventory stemming from the product portfolio program reviews which resulted in discontinuing certain products. Operating expense charges included $2.3 million of facilities and fixed assets charges related to streamlining facilities and discontinued products and $1.3 million of employee severance and related costs. Product portfolio reviews related to the restructuring plan were completed as of the end of the third quarter of fiscal 2018. The impacts of the decisions made in the portfolio reviews involve the use of certain estimates. The following table presents the total costs incurred by category and expected restructuring costs as of December 29, 2018 (in thousands): Total Expected Costs for the Plan Costs Recognized from inception of the plan through the Quarter ended Dec 29, 2018 Remaining Costs to be Recognized Subsequent to Dec 29, 2018 Employee severance and related personnel costs $ 4,925 $ 4,925 $ — Site closure costs 1,516 1,516 — Current asset impairments and other gross profit charges (1) 14,947 14,947 — Non-current asset impairments 3,033 3,033 — Other costs 239 239 — Total $ 24,660 $ 24,660 $ — (1) Current asset impairments include inventory charges recorded in cost of sales. The following table presents the amounts payable related to the 2017 Corporate Restructuring (in thousands): Employee severance and related personnel costs Site closure costs Current asset impairments and other gross profit charges Non-current asset impairments Other Costs Total Balance as of April 1, 2017 $ 3,247 $ 888 $ — $ — $ — $ 4,135 Costs incurred 1,337 627 13,278 1,657 175 17,074 Cash payments (4,445 ) (1,515 ) (2,402 ) 32 (175 ) (8,505 ) Non-cash items — — (10,876 ) (1,689 ) — (12,565 ) Balance as of March 31, 2018 $ 139 $ — $ — $ — $ — $ 139 Costs incurred — — — — — — Cash (payments) receipts (58 ) — — — — (58 ) Non-cash items — — — — — — Balance as of December 29, 2018 $ 81 $ — $ — $ — $ — $ 81 Other restructuring plans: The Company's previously disclosed other restructuring plans are largely complete. No net restructuring costs related to these plans were recorded in the first three quarters of fiscal 2019 while $0.4 million were recorded in fiscal 2018 . The Company does not expect to incur additional expenses related to these plans. Overall restructuring reserve: As of December 29, 2018 , and March 31, 2018 , the amount of unpaid restructuring costs included in accrued liabilities on the Consolidated Balance Sheets were $0.1 million and $0.4 million , respectively. Included in the payable balance are amounts for severance and employee benefits, and net lease commitments. |
(Loss) Earnings Per Share
(Loss) Earnings Per Share | 9 Months Ended |
Dec. 29, 2018 | |
Earnings Per Share [Abstract] | |
(Loss) Earnings Per Share | 18. Earnings Per Share The following is a reconciliation of weighted average shares outstanding used in the calculation of basic and diluted earnings per share: Fiscal quarter ended Three fiscal quarters ended (In thousands, except per share data) Dec 29, 2018 Dec 30, 2017 Dec 29, 2018 Dec 30, 2017 Net income $ 6,340 $ 33,973 $ 54,319 $ 41,135 Weighted average shares used for basic earnings per share 34,769 34,224 34,623 33,839 Incremental diluted shares 1,206 1,786 1,504 1,723 Weighted average shares used for diluted earnings per share 35,975 36,010 36,127 35,562 Net income per share: Basic $ 0.18 $ 0.99 $ 1.57 $ 1.22 Diluted $ 0.18 $ 0.94 $ 1.50 $ 1.16 RSUs and SARs representing an additional 0.1 million shares of stock for the third quarter of fiscal 2018 and 0.4 million shares of stock for the first three quarters of fiscal 2018 were not included in the calculation of diluted net earnings per share because their effect would have been antidilutive. Antidilutive shares were immaterial for the third quarter of fiscal 2019 and the first three quarters of fiscal 2019 . |
Income Taxes (Notes)
Income Taxes (Notes) | 9 Months Ended |
Dec. 29, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 17. Income Taxes The Tax Cuts and Jobs Act (the Tax Act) was enacted into law in the United States on December 22, 2017. The Tax Act includes various changes to the tax law, including a reduction in the U.S. corporate income tax rate from 35% to 21%. The Tax Act added section 250 to the Internal Revenue Code, effectively creating a new preferential tax rate for income derived by domestic corporations from serving foreign markets. The new deduction is described as a deduction for foreign-derived intangible income. This lower tax rate provides a new benefit for owning intangible property and conducting business operations in the United States. The Tax Act also includes a base erosion and anti-abuse tax (BEAT), applicable to corporations with annual gross receipts of at least $500 million for the prior 3-years, which requires U.S. multinationals making “excessive” deductible payments to their foreign affiliates to pay a 10 percent tax on their income without those deductions, after a one-year, 5 percent transition rate. The Company does not expect the BEAT provisions to apply until it meets the threshold. Further the Tax Act imposes a tax on global intangible low-taxed income (GILTI) on controlled foreign corporations’ aggregate net income over a 10% benchmark return on qualified business asset investment less interest expense. The Company continues to assess the impacts of these provisions on the Company’s financial position, results of operations or cash flows. The Securities and Exchange Commission Staff Accounting Bulletin No. 118 (SAB 118) allows the use of provisional amounts in the Company’s financial statements during a measurement period if accounting for the income tax effects of the Tax Act has not been completed when the Company’s financial statements are issued. This measurement period may extend no longer than one year. The Company has evaluated the new legislation and the additional technical guidance from the Department of Treasury, the FASB, and other relevant rule-making bodies issued to date and updated our financial position, results of operations, and cash flows based upon the available information. As a result of evaluating the new rules and regulations relating Internal Revenue Code (IRC) §965 regarding the deemed repatriation of foreign earnings and how it impacts the Company, the Company made the basis election under Prop. Reg. Section 1.965-2(f)(2), allowing the Company to make certain basis adjustments with respect to the stock of each deferred foreign income corporation and each earnings and profits deficit foreign corporation. The change resulted in the recognition of capital gain for which there was sufficient excess capital loss carried forward to fully offset the gain. Furthermore, the valuation allowance recorded against the excess capital loss carry carry-forward was reversed. As a result the financial arising from the change was minimal. |
Merger Agreement (Notes)
Merger Agreement (Notes) | 9 Months Ended |
Dec. 29, 2018 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | 19. Merger Agreement Merger Agreement On October 29, 2018, the Company entered into an Agreement and Plan of Merger (the Merger Agreement) with MKS Instruments, Inc., a Massachusetts corporation (MKS) and EAS Equipment, Inc., a Delaware corporation and a wholly owned subsidiary of MKS (Merger Sub). The Merger Agreement provides for, subject to the terms and conditions of the Merger Agreement, the acquisition of the Company by MKS at a price of $30.00 per share in cash, without interest and subject to deduction for any required withholding tax, through the merger of Merger Sub into the Company (the Merger), with the Company surviving the Merger as a wholly owned subsidiary of MKS. The Company incurred $4.3 million of merger and integration related costs during the third quarter of fiscal 2019 . See Note 20: Subsequent Events for events related to the Merger Agreement which occurred subsequent to the end of the third quarter of fiscal 2019. |
Subsequent Events (Notes)
Subsequent Events (Notes) | 9 Months Ended |
Dec. 29, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 20. Subsequent Events Merger On January 10, 2019, the Company held a special meeting of shareholders, and the Company's shareholders voted to approve the previously announced definitive merger agreement with MKS. All necessary regulatory and shareholder approvals are now complete, and subject to the satisfaction of certain remaining customary closing conditions, the transaction is expected to close in early February 2019. Upon the closing of the transaction, trading of the Company's shares on NASDAQ will cease. Termination of Loan Agreement On January 17, 2019 and in preparation for the merger with MKS, the Company terminated its Loan Agreement with the Lender, as referenced in Note 9: Long-term Debt , and extinguished the outstanding Loan by way of a $12.9 million cash payment. As part of the termination of the Loan Agreement, the deposit restrictions placed by the Lender on the Company are no longer required. Termination of Revolving Debt Agreement On January 17, 2019 and in preparation for the merger with MKS, the Company terminated its Credit Facility with SVB, as referenced in Note 10: Revolving Credit Facility , and extinguished any and all outstanding amounts under the Credit Facility. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements Table of Adjustment due to Adoption of ASC 606 (Tables) | 9 Months Ended |
Dec. 29, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | The cumulative effect of the changes made to our consolidated balance sheet as of April 1, 2018 related to the adoption of ASC 606 for contracts not completed at the date of adoption were as follows: (In thousands) Mar 31, 2018 Adjustments Apr 1, 2018 ASSETS Non-current assets: Deferred income taxes, net $ 43,518 $ (12 ) $ 43,506 Total assets $ 372,988 $ (12 ) $ 372,976 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Deferred revenue $ 9,818 $ (52 ) $ 9,766 Total current liabilities 81,705 (52 ) 81,653 Total liabilities 106,630 (52 ) 106,578 Shareholders’ equity: Retained earnings 54,816 40 54,856 Total shareholders’ equity 266,358 40 266,398 Total liabilities and shareholders’ equity $ 372,988 $ (12 ) $ 372,976 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Dec. 29, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Hierarchy for Financial Assets Measured at Fair Value on Recurring Basis | The Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of December 29, 2018 and March 31, 2018 was as follows (in thousands): December 29, 2018 Level 1 Level 2 Level 3 Total Cash equivalents: Money market securities $ 21,578 $ — $ — $ 21,578 Total cash equivalents $ 21,578 $ — $ — $ 21,578 Short term investments - available for sale: U.S. treasury fund $ 26,910 $ — $ — $ 26,910 Commercial paper — 58,530 — 58,530 Corporate bonds — 37,641 — 37,641 Total short-term investments - available for sale $ 26,910 $ 96,171 $ — $ 123,081 Forward purchase or sale contracts: Japanese Yen $ — $ 24 $ — $ 24 New Taiwan Dollar — 5 — 5 Korean Won — 10 — 10 Euro — 14 — 14 British Pound — 19 — 19 Chinese Renminbi — (41 ) — (41 ) Singapore Dollar — 1 — 1 Total forward contracts $ — $ 32 $ — $ 32 Deferred compensation plan assets:* Mutual funds and exchange traded funds $ 1,874 $ — $ — $ 1,874 Money market securities 316 — — 316 Total deferred compensation plan assets $ 2,190 $ — $ — $ 2,190 March 31, 2018 Level 1 Level 2 Level 3 Total Cash equivalents: Money market securities $ 41,752 $ — $ — $ 41,752 U.S. treasury fund 2,500 — — 2,500 Commercial paper — 3,498 — 3,498 Corporate bonds — 1,999 — 1,999 Total cash equivalents $ 44,252 $ 5,497 $ — $ 49,749 Short term investments - available for sale: U.S. treasury fund $ 10,458 $ — $ — $ 10,458 Commercial paper — 25,913 — 25,913 Corporate bonds — 10,750 — 10,750 Total short-term investments - available for sale $ 10,458 $ 36,663 $ — $ 47,121 Forward purchase or sale contracts: Japanese Yen $ — $ (23 ) $ — $ (23 ) New Taiwan Dollar — 3 — 3 Korean Won — (12 ) — (12 ) Euro — 7 — 7 British Pound — 49 — 49 Chinese Renminbi — (29 ) — (29 ) Singapore Dollar — (1 ) — (1 ) Total forward contracts $ — $ (6 ) $ — $ (6 ) Deferred compensation plan assets:* Mutual funds and exchange traded funds $ 1,841 $ — $ — $ 1,841 Money market securities 207 — — 207 Total deferred compensation plan assets $ 2,048 $ — $ — $ 2,048 |
Investments | The Company’s investments, including investments classified as cash equivalents, at December 29, 2018 and March 31, 2018 were as follows (in thousands): Unrealized December 29, 2018 Cost Gain Loss Fair Value Available-for-sale securities (current): U.S. treasury fund $ 26,912 $ — $ (2 ) $ 26,910 Commercial paper 58,530 — — 58,530 Corporate Bonds 37,675 — (34 ) 37,641 Total investments (current) $ 123,117 $ — $ (36 ) $ 123,081 Available-for-sale securities (non-current): Mutual funds, exchange traded funds and money market securities* $ 2,226 $ — $ (36 ) $ 2,190 Total investments (non-current) $ 2,226 $ — $ (36 ) $ 2,190 Unrealized March 31, 2018 Cost Gain Loss Fair Value Available-for-sale securities (current): U.S. treasury fund $ 12,975 $ — $ (17 ) $ 12,958 Commercial paper 29,411 — — 29,411 Corporate bonds 12,768 — (19 ) 12,749 Total investments (current) $ 55,154 $ — $ (36 ) $ 55,118 Available-for-sale securities (non-current): Mutual funds, exchange traded funds and money market securities* $ 1,881 $ 167 $ — $ 2,048 Total investments (non-current) $ 1,881 $ 167 $ — $ 2,048 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Dec. 29, 2018 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | Components of inventories were as follows: (In thousands) Dec 29, 2018 Mar 31, 2018 Raw materials and purchased parts $ 58,855 $ 52,591 Work-in-process 15,569 18,634 Finished goods 7,422 16,461 $ 81,846 $ 87,686 |
Other Assets (Tables)
Other Assets (Tables) | 9 Months Ended |
Dec. 29, 2018 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Other Assets | Other assets consisted of the following: (In thousands) Dec 29, 2018 Mar 31, 2018 Demo and leased equipment, net $ 7,464 $ 6,746 Long term deposits and non-trade receivables 2,830 3,232 Non-current restricted cash — 1,093 Other non-current assets 3,208 3,709 $ 13,502 $ 14,780 |
Accrued Liabilities (Current)_2
Accrued Liabilities (Current) Other Liabilities Disclosure (Tables) | 9 Months Ended |
Dec. 29, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued liabilities consisted of the following: (In thousands) Dec 29, 2018 Mar 31, 2018 Payroll-related liabilities $ 8,880 $ 15,879 Product warranty accrual 5,387 4,646 Purchase order commitments and receipts 2,136 2,978 Customer deposits 1,051 2,214 Income taxes payable 648 1,152 Current portion, long-term debt 437 421 Other current liabilities 6,948 7,243 $ 25,487 $ 34,533 |
Product Warranty (Tables)
Product Warranty (Tables) | 9 Months Ended |
Dec. 29, 2018 | |
Product Warranties Disclosures [Abstract] | |
Reconciliation of the Change in Aggregate Accrual for Product Warranty | The following is a reconciliation of the changes in the aggregate product warranty accrual: Fiscal quarter ended Three fiscal quarters ended (In thousands) Dec 29, 2018 Dec 30, 2017 Dec 29, 2018 Dec 30, 2017 Product warranty accrual, beginning $ 9,223 $ 7,156 $ 10,220 $ 5,474 Warranty charges incurred, net (2,683 ) (3,273 ) (7,026 ) (8,384 ) Provision for warranty charges 1,975 5,067 5,321 11,860 Product warranty accrual, ending $ 8,515 $ 8,950 $ 8,515 $ 8,950 |
Deferred Revenue (Tables)
Deferred Revenue (Tables) | 9 Months Ended |
Dec. 29, 2018 | |
Deferred Revenue Disclosure [Abstract] | |
Reconciliation of the Changes in Deferred Revenue | The following is a reconciliation of the changes in deferred revenue: Fiscal quarter ended Three fiscal quarters ended (In thousands) Dec 29, 2018 Dec 30, 2017 Dec 29, 2018 Dec 30, 2017 Deferred revenue, beginning $ 8,551 $ 16,369 $ 10,514 $ 15,397 Revenue deferred 9,982 20,009 38,266 66,661 Revenue recognized (9,628 ) (23,991 ) (39,875 ) (69,671 ) Deferred revenue, ending $ 8,905 $ 12,387 $ 8,905 $ 12,387 Of the total of $8.9 million and $12.4 million of deferred revenue at December 29, 2018 and December 30, 2017 , $0.1 million and $0.4 million were non-current and were included in Other Liabilities on the Condensed Consolidated Balance Sheets. For the third quarter of fiscal 2019 and the first three quarters of fiscal 2019 , revenue recognized that was included in the opening deferred revenue balance was $3.9 million and $8.4 million , respectively. For the third quarter of fiscal 2019 and the first three quarters of fiscal 2019 , $0.6 million and $2.1 million of the beginning customer deposit balance was utilized in each of the periods, respectively. Customer deposits are included as a component of Accrued liabilities on our balance sheet (see Note 6: Accrued Liabilities ). The amount of revenue recognized from performance obligations satisfied in prior periods was not material. |
Long-term Debt Debt Outstanding
Long-term Debt Debt Outstanding (Tables) | 9 Months Ended |
Dec. 29, 2018 | |
Debt Instrument [Line Items] | |
Schedule of Debt [Table Text Block] | Total debt outstanding on the Loan Agreement were as follows: (In thousands) Dec 29, 2018 Mar 31, 2018 Total debt outstanding $ 12,875 $ 13,187 Less: Current portion, long-term debt (437 ) (421 ) Long-term debt $ 12,438 $ 12,766 |
Share-Based Compensation Expens
Share-Based Compensation Expense (Tables) | 9 Months Ended |
Dec. 29, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | hare-based compensation expense under the stock incentive plans is included in the Company’s Condensed Consolidated Statements of Operations as follows: Fiscal quarter ended Three fiscal quarters ended (In thousands) Dec 29, 2018 Dec 30, 2017 Dec 29, 2018 Dec 30, 2017 Cost of sales $ 109 $ 64 $ 337 $ 208 Selling, general and administrative 1,271 498 3,698 2,629 Research, development and engineering 324 151 833 484 Total share-based compensation expense $ 1,704 $ 713 $ 4,868 $ 3,321 |
Revenue, Product and Geograph_2
Revenue, Product and Geographic Information (Tables) | 9 Months Ended |
Dec. 29, 2018 | |
Product ang Geographic Information Reporting [Abstract] | |
Revenue from External Customers by Products and Services [Table Text Block] | Fiscal quarter ended Three fiscal quarters ended (In thousands) Dec 29, 2018 Dec 30, 2017 Dec 29, 2018 Dec 30, 2017 Printed Circuit Board $ 9,457 $ 76,933 $ 114,610 $ 161,305 Component Test 31,896 6,504 59,856 20,959 Semiconductor 12,429 10,664 42,433 25,486 Industrial Machining 1,897 5,317 6,900 14,077 Service 12,263 11,422 40,684 32,664 Net sales $ 67,942 $ 110,840 $ 264,483 $ 254,491 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Net sales by geographic area, based on the location of the end user, were as follows: Fiscal quarter ended Three fiscal quarters ended (In thousands) Dec 29, 2018 Dec 30, 2017 Dec 29, 2018 Dec 30, 2017 Asia $ 56,748 $ 103,069 $ 232,448 $ 233,685 Europe 6,127 5,340 17,490 11,269 Americas 5,067 2,431 14,545 9,537 Net sales $ 67,942 $ 110,840 $ 264,483 $ 254,491 |
Restructuring and Cost Manage_2
Restructuring and Cost Management Plans (Tables) | 9 Months Ended |
Dec. 29, 2018 | |
Restructuring and Related Activities [Abstract] | |
Amounts Related to Restructuring Costs Payable | The following table presents the amounts payable related to the 2017 Corporate Restructuring (in thousands): Employee severance and related personnel costs Site closure costs Current asset impairments and other gross profit charges Non-current asset impairments Other Costs Total Balance as of April 1, 2017 $ 3,247 $ 888 $ — $ — $ — $ 4,135 Costs incurred 1,337 627 13,278 1,657 175 17,074 Cash payments (4,445 ) (1,515 ) (2,402 ) 32 (175 ) (8,505 ) Non-cash items — — (10,876 ) (1,689 ) — (12,565 ) Balance as of March 31, 2018 $ 139 $ — $ — $ — $ — $ 139 Costs incurred — — — — — — Cash (payments) receipts (58 ) — — — — (58 ) Non-cash items — — — — — — Balance as of December 29, 2018 $ 81 $ — $ — $ — $ — $ 81 The Company's previously disclosed other restructuring plans are largely complete. No net restruc |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Dec. 29, 2018 | |
Earnings Per Share [Abstract] | |
Reconciliation of Weighted Average Shares Outstanding Used in Calculation of Basic and Diluted Earnings Per Share | The following is a reconciliation of weighted average shares outstanding used in the calculation of basic and diluted earnings per share: Fiscal quarter ended Three fiscal quarters ended (In thousands, except per share data) Dec 29, 2018 Dec 30, 2017 Dec 29, 2018 Dec 30, 2017 Net income $ 6,340 $ 33,973 $ 54,319 $ 41,135 Weighted average shares used for basic earnings per share 34,769 34,224 34,623 33,839 Incremental diluted shares 1,206 1,786 1,504 1,723 Weighted average shares used for diluted earnings per share 35,975 36,010 36,127 35,562 Net income per share: Basic $ 0.18 $ 0.99 $ 1.57 $ 1.22 Diluted $ 0.18 $ 0.94 $ 1.50 $ 1.16 |
Basis of Presentation Cash and
Basis of Presentation Cash and Cash Equivalents and Restricted Cash reconciliation (Details) - USD ($) $ in Thousands | Dec. 29, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Apr. 01, 2017 |
Cash and Cash Equivalents [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | $ 52,129 | $ 76,792 | $ 62,251 | |
Restricted Cash, Current | 1,104 | 0 | 0 | |
Restricted Cash | 0 | 1,093 | 1,087 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 53,233 | $ 77,885 | $ 63,338 | $ 57,732 |
Basis of Presentation Basis of
Basis of Presentation Basis of presentation text (Details) - USD ($) $ in Millions | Dec. 29, 2018 | Mar. 31, 2018 |
Accounting Policies [Abstract] | ||
Unbilled Contracts Receivable | $ 1.2 | $ 0.9 |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements Adjustments due to adoption of ASC 606 Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | Dec. 29, 2018 | Apr. 01, 2018 | Mar. 31, 2018 |
Item Effected [Line Items] | |||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | $ 40,919 | $ 43,506 | $ 43,518 |
Assets | 408,152 | 372,976 | 372,988 |
Deferred Revenue, Current | 8,777 | 9,766 | 9,818 |
Liabilities, Current | 61,769 | 81,653 | 81,705 |
Liabilities | 83,773 | 106,578 | 106,630 |
Retained earnings | 109,176 | 54,856 | 54,816 |
Stockholders' Equity Attributable to Parent | 324,379 | 266,398 | 266,358 |
Liabilities and Equity | $ 408,152 | 372,976 | 372,988 |
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||
Item Effected [Line Items] | |||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 43,518 | ||
Assets | 372,988 | ||
Deferred Revenue, Current | 9,818 | ||
Liabilities, Current | 81,705 | ||
Liabilities | 106,630 | ||
Retained earnings | 54,816 | ||
Stockholders' Equity Attributable to Parent | 266,358 | ||
Liabilities and Equity | $ 372,988 | ||
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||
Item Effected [Line Items] | |||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | (12) | ||
Assets | (12) | ||
Deferred Revenue, Current | (52) | ||
Liabilities, Current | (52) | ||
Liabilities | (52) | ||
Retained earnings | 40 | ||
Stockholders' Equity Attributable to Parent | 40 | ||
Liabilities and Equity | $ (12) |
Fair Value Measurements - Inves
Fair Value Measurements - Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Dec. 29, 2018 | Dec. 30, 2017 | Mar. 31, 2018 | ||
Available For Sale Securities Current [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities | $ 123,081 | $ 55,118 | ||
Available-for-sale Securities, Amortized Cost Basis | 123,117 | 55,154 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (36) | (36) | ||
Available For Sale Securities Current [Member] | US Treasury Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities | 26,910 | 12,958 | ||
Available-for-sale Securities, Amortized Cost Basis | 26,912 | 12,975 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (2) | (17) | ||
Available For Sale Securities Current [Member] | Commercial Paper [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities | 58,530 | 29,411 | ||
Available-for-sale Securities, Amortized Cost Basis | 58,530 | 29,411 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | ||
Available For Sale Securities Current [Member] | Corporate Bond Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Gross Unrealized Loss | (34) | $ (19) | ||
Available-for-sale Securities | 37,641 | 12,749 | ||
Available-for-sale Securities, Amortized Cost Basis | 37,675 | 12,768 | ||
Available-for-sale Securities, Gross Unrealized Gain | 0 | $ 0 | ||
Available For Sale Securities Non Current [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities | 2,190 | 2,048 | [1] | |
Available-for-sale Securities, Amortized Cost Basis | 2,226 | 1,881 | [1] | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 167 | [1] | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (36) | 0 | [1] | |
Available For Sale Securities Non Current [Member] | Exchange traded funds and money market securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities | 2,190 | 2,048 | [1] | |
Available-for-sale Securities, Amortized Cost Basis | 2,226 | 1,881 | [1] | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 167 | [1] | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | $ (36) | $ 0 | [1] | |
[1] | *These investments represent assets held in trust for the deferred compensation plan |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Hierarchy (Details) - USD ($) $ in Thousands | Dec. 29, 2018 | Mar. 31, 2018 | |
US Government Agencies Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | $ 1,999 | ||
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 1,999 | ||
Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | $ 21,578 | 49,749 | |
Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 21,578 | 44,252 | |
Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | 5,497 | |
Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Cash Equivalents [Member] | Money Market Instruments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 21,578 | 41,752 | |
Cash Equivalents [Member] | Money Market Instruments [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 21,578 | 41,752 | |
Cash Equivalents [Member] | US Treasury Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 2,500 | ||
Cash Equivalents [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 2,500 | ||
Cash Equivalents [Member] | Commercial Paper [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 3,498 | ||
Cash Equivalents [Member] | Commercial Paper [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | ||
Cash Equivalents [Member] | Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 3,498 | ||
Short-term Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 123,081 | 47,121 | |
Short-term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 26,910 | 10,458 | |
Short-term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 96,171 | 36,663 | |
Short-term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Short-term Investments [Member] | US Treasury Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 26,910 | 10,458 | |
Short-term Investments [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 26,910 | 10,458 | |
Short-term Investments [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Short-term Investments [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Short-term Investments [Member] | Commercial Paper [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 58,530 | 25,913 | |
Short-term Investments [Member] | Commercial Paper [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Short-term Investments [Member] | Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 58,530 | 25,913 | |
Short-term Investments [Member] | Commercial Paper [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Short-term Investments [Member] | Corporate Bond Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 37,641 | 10,750 | |
Short-term Investments [Member] | Corporate Bond Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Short-term Investments [Member] | Corporate Bond Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 37,641 | 10,750 | |
Short-term Investments [Member] | Corporate Bond Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | ||
Foreign Exchange Forward [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Obligations, Fair Value Disclosure | (6) | ||
Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Obligations, Fair Value Disclosure | (6) | ||
Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 32 | ||
Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | ||
Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 32 | ||
Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | ||
Deferred Compensation Plan Asset [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred Compensation Plan Assets | [1] | 2,190 | 2,048 |
Deferred Compensation Plan Asset [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred Compensation Plan Assets | [1] | 2,190 | 2,048 |
Deferred Compensation Plan Asset [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred Compensation Plan Assets | [1] | 0 | 0 |
Deferred Compensation Plan Asset [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred Compensation Plan Assets | [1] | 0 | 0 |
Deferred Compensation Plan Asset [Member] | Exchange Traded Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred Compensation Plan Assets | 1,874 | 1,841 | |
Deferred Compensation Plan Asset [Member] | Exchange Traded Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred Compensation Plan Assets | [1] | 1,874 | 1,841 |
Deferred Compensation Plan Asset [Member] | Exchange Traded Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred Compensation Plan Assets | [1] | 0 | 0 |
Deferred Compensation Plan Asset [Member] | Exchange Traded Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred Compensation Plan Assets | [1] | 0 | 0 |
Deferred Compensation Plan Asset [Member] | Money Market Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred Compensation Plan Assets | [1] | 316 | 207 |
Deferred Compensation Plan Asset [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred Compensation Plan Assets | [1] | 316 | 207 |
Deferred Compensation Plan Asset [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred Compensation Plan Assets | [1] | 0 | 0 |
Deferred Compensation Plan Asset [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred Compensation Plan Assets | [1] | 0 | 0 |
Japan, Yen | Foreign Exchange Forward [Member] | Forward Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 24 | ||
Obligations, Fair Value Disclosure | (23) | ||
Japan, Yen | Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | ||
Japan, Yen | Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 24 | ||
Obligations, Fair Value Disclosure | (23) | ||
Japan, Yen | Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | ||
Taiwan, New Dollars | Foreign Exchange Forward [Member] | Forward Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 5 | 3 | |
Taiwan, New Dollars | Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | ||
Taiwan, New Dollars | Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 5 | 3 | |
Taiwan, New Dollars | Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | ||
Korea (South), Won | Foreign Exchange Forward [Member] | Forward Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 10 | ||
Obligations, Fair Value Disclosure | (12) | ||
Korea (South), Won | Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | ||
Korea (South), Won | Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 10 | ||
Obligations, Fair Value Disclosure | (12) | ||
Korea (South), Won | Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | ||
Euro Member Countries, Euro | Foreign Exchange Forward [Member] | Forward Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 14 | 7 | |
Euro Member Countries, Euro | Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | ||
Euro Member Countries, Euro | Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 14 | 7 | |
Euro Member Countries, Euro | Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | ||
United Kingdom, Pounds | Forward Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 49 | ||
United Kingdom, Pounds | Foreign Exchange Forward [Member] | Forward Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 19 | 49 | |
United Kingdom, Pounds | Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | ||
United Kingdom, Pounds | Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 19 | ||
United Kingdom, Pounds | Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | ||
China, Yuan Renminbi | Foreign Exchange Forward [Member] | Forward Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Obligations, Fair Value Disclosure | (41) | (29) | |
China, Yuan Renminbi | Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Obligations, Fair Value Disclosure | 0 | ||
China, Yuan Renminbi | Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Obligations, Fair Value Disclosure | (41) | (29) | |
China, Yuan Renminbi | Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Obligations, Fair Value Disclosure | 0 | ||
Singapore, Dollars | Foreign Exchange Forward [Member] | Forward Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Obligations, Fair Value Disclosure | (1) | ||
Singapore, Dollars | Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Obligations, Fair Value Disclosure | $ (1) | ||
Singapore, Dollars | Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 1 | ||
Singapore, Dollars | Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | ||
Singapore, Dollars | Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 1 | ||
Singapore, Dollars | Foreign Exchange Forward [Member] | Forward Contracts [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | $ 0 | ||
[1] | *These investments represent assets held in trust for the deferred compensation plan |
Inventories - Components of Inv
Inventories - Components of Inventories (Details) - USD ($) $ in Thousands | Dec. 29, 2018 | Mar. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials and purchased parts | $ 58,855 | $ 52,591 |
Work-in-process | 15,569 | 18,634 |
Finished goods | 7,422 | 16,461 |
Inventories | $ 81,846 | $ 87,686 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Mar. 31, 2018 | |
Other Assets, Noncurrent Disclosure [Abstract] | |||||
Demo equipment depreciation expense | $ 0 | $ 600 | $ 600 | $ 800 | |
Consignment and demo equipment, net | 7,464 | 7,464 | $ 6,746 | ||
Long term deposits | 2,830 | 2,830 | 3,232 | ||
Restricted Cash, Noncurrent | 0 | 0 | 1,093 | ||
Other | 3,208 | 3,208 | 3,709 | ||
Other assets | $ 13,502 | $ 13,502 | $ 14,780 |
Other Assets - Additional Infor
Other Assets - Additional Information (Details) - USD ($) $ in Thousands | Dec. 29, 2018 | Mar. 31, 2018 |
Schedule of Cost-method Investments [Line Items] | ||
Consignment and demo equipment, net | $ 7,464 | $ 6,746 |
Other Assets Other assets other
Other Assets Other assets other details (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||
Demo equipment depreciation expense | $ 0 | $ 0.6 | $ 0.6 | $ 0.8 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 29, 2018 | Mar. 31, 2018 |
Disclosure Accrued Liabilities [Abstract] | ||
Payroll-related liabilities | $ 8,880 | $ 15,879 |
Product Warranty Accrual, Current | 5,387 | 4,646 |
Customer Deposits, Current | 1,051 | 2,214 |
Purchase order commitments and receipts | 2,136 | 2,978 |
Accrued Income Taxes, Current | 648 | 1,152 |
Long-term Debt, Current Maturities | 437 | 421 |
Other | 6,948 | 7,243 |
Accrued liabilities | $ 25,487 | $ 34,533 |
Product Warranty (Details)
Product Warranty (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | |
Product Warranty | ||||
Standard and Extended Product Warranty Accrual | $ 9,223 | $ 7,156 | $ 10,220 | $ 5,474 |
Warranty charges incurred, net | (2,683) | (3,273) | (7,026) | (8,384) |
Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties | 1,975 | |||
Provision for warranty charges | 5,067 | 5,321 | 11,860 | |
Standard and Extended Product Warranty Accrual | 8,515 | 8,950 | 8,515 | 8,950 |
Product Warranty Accrual, Noncurrent | $ 3,100 | $ 4,500 | $ 3,100 | $ 4,500 |
Document Period End Date | Dec. 29, 2018 |
Deferred Revenue (Details)
Deferred Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | |
Deferred Revenue Disclosure [Abstract] | ||||
Deferred Revenue, Period Start | $ 8,551 | $ 16,369 | $ 10,514 | $ 15,397 |
Deferred Revenue, Noncurrent | 100 | 400 | 100 | 400 |
Revenue deferred | 9,982 | 20,009 | 38,266 | 66,661 |
Revenue recognized | (9,628) | (23,991) | (39,875) | (69,671) |
Deferred Revenue, Period Start | $ 8,905 | $ 12,387 | $ 8,905 | $ 12,387 |
Long-term Debt (Details)
Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 29, 2018 | Mar. 31, 2018 |
Debt Disclosure [Abstract] | ||
Debt Issuance Costs, Net | $ 277 | $ 302 |
Long-term Debt Long-term debt t
Long-term Debt Long-term debt table (Details) - USD ($) $ in Thousands | Dec. 29, 2018 | Mar. 31, 2018 |
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 12,875 | $ 13,187 |
Long-term Debt, Current Maturities | (437) | (421) |
Long-term Debt | $ 12,438 | $ 12,766 |
Long-term Debt Maturities of LT
Long-term Debt Maturities of LT Debt (Details) $ in Thousands | Dec. 29, 2018USD ($) |
Debt Disclosure [Abstract] | |
Held-to-maturity Securities, Debt Maturities, Next Twelve Months, Fair Value | $ 471 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 543 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 518 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 492 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | $ 570 |
Shareholders' Equity - Share re
Shareholders' Equity - Share repurchase (Details) $ in Millions | Dec. 09, 2011USD ($) |
Statement of Stockholders' Equity [Abstract] | |
Stock Repurchase Program, Authorized Amount | $ 20 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | $ (1,783) | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | |||
Stockholders' Equity Attributable to Parent | 266,358 | |||
Stockholders' Equity Attributable to Parent | $ 324,379 | 324,379 | ||
Other Comprehensive Income (Loss), Tax | 265 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (44) | $ 581 | (1,528) | $ 969 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | 4 | 4 | 11 | 13 |
Other Comprehensive Income (Loss), Net of Tax | (51) | 568 | (1,518) | 964 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | (11) | $ (17) | (1) | $ (18) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (1,798) | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | |||
Stockholders' Equity Attributable to Parent | 590 | |||
Stockholders' Equity Attributable to Parent | (938) | (938) | ||
Other Comprehensive Income (Loss), Tax | 270 | |||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 16 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | |||
Stockholders' Equity Attributable to Parent | (16) | |||
Stockholders' Equity Attributable to Parent | (5) | (5) | ||
Other Comprehensive Income (Loss), Tax | (5) | |||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (1) | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | |||
Stockholders' Equity Attributable to Parent | (27) | |||
Stockholders' Equity Attributable to Parent | (28) | (28) | ||
Other Comprehensive Income (Loss), Tax | 0 | |||
AOCI Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' Equity Attributable to Parent | 547 | |||
Stockholders' Equity Attributable to Parent | $ (971) | $ (971) |
Share-Based Compensation - Expe
Share-Based Compensation - Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ||||
Total share-based compensation expense | $ 1,704 | $ 713 | $ 4,868 | $ 3,321 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 9 months 11 days | |||
Cost of Sales | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ||||
Total share-based compensation expense | 109 | 64 | $ 337 | 208 |
Selling, General and Administrative Expenses | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ||||
Total share-based compensation expense | 1,271 | 498 | 3,698 | 2,629 |
Research and Development Expense | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ||||
Total share-based compensation expense | 324 | $ 151 | $ 833 | $ 484 |
Restricted Stock Units (RSUs) [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 277,915 | |||
Market-based [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 92,500 | |||
Stock Options | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 9,500 | $ 9,500 |
Share-Based Compensation Other
Share-Based Compensation Other items (Details) $ in Thousands | 3 Months Ended |
Dec. 29, 2018USD ($) | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | $ 25 |
Revenue, Product and Geograph_3
Revenue, Product and Geographic Information Revenue from Product Market (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | |
Revenue from External Customer [Line Items] | ||||
Revenues | $ 67,942 | $ 110,840 | $ 264,483 | $ 254,491 |
Service Market [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 12,263 | 11,422 | 40,684 | 32,664 |
Printed Circuit Board [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 9,457 | 76,933 | 114,610 | 161,305 |
Component Test [Member] [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 31,896 | 6,504 | 59,856 | 20,959 |
Semiconductor [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 12,429 | 10,664 | 42,433 | 25,486 |
Industrial Machining [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | $ 1,897 | $ 5,317 | $ 6,900 | $ 14,077 |
Revenue, Product and Geograph_4
Revenue, Product and Geographic Information Revenue from Geographic Location table (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | |
Revenue from External Customer [Line Items] | ||||
Revenues | $ 67,942 | $ 110,840 | $ 264,483 | $ 254,491 |
Asia [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 56,748 | 103,069 | 232,448 | 233,685 |
Americas [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 5,067 | 2,431 | 14,545 | 9,537 |
Europe [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | $ 6,127 | $ 5,340 | $ 17,490 | $ 11,269 |
Revenue, Product and Geograph_5
Revenue, Product and Geographic Information Revenue by Point-in-time vs Over-time (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 67,942 | $ 110,840 | $ 264,483 | $ 254,491 |
Transferred at Point in Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 62,607 | 104,202 | 246,561 | 237,022 |
Transferred over Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 5,335 | $ 6,638 | $ 17,922 | $ 17,469 |
Restructuring and Cost Manage_3
Restructuring and Cost Management Plans - Amounts Related to Restructuring Costs Payable (Details) - USD ($) $ in Thousands | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jul. 01, 2017 | Dec. 29, 2018 | Apr. 01, 2017 | |||||
Q4 FY17 Restructuring Plan [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Incurred Cost | $ 24,660 | $ 0 | $ 17,074 | ||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring Reserve Start | 139 | ||||||
Restructuring Reserve End | 81 | 4,135 | |||||
Q4 FY17 Restructuring Plan [Member] | Employee Severance [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Incurred Cost | 4,925 | 0 | 1,337 | ||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring Reserve Start | 139 | ||||||
Restructuring Reserve End | 81 | 3,247 | |||||
Q4 FY17 Restructuring Plan [Member] | Current Asset Impairments and Other Gross Profit [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Incurred Cost | $ 14,947 | [1] | 0 | [2] | 13,278 | [2] | |
Restructuring Reserve [Roll Forward] | |||||||
Restructuring Reserve Start | [2] | 0 | |||||
Restructuring Reserve End | [2] | 0 | 0 | ||||
Q4 FY17 Restructuring Plan [Member] | Site Closures and Non-current Asset Impairments [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Incurred Cost | 2,300 | ||||||
Chelmsford Plan [Domain] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Incurred Cost | $ 0 | $ 400 | |||||
[1] | (1) Current asset impairments include inventory charges recorded in cost of sales. | ||||||
[2] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjk2NDhhYThkMTgyNDQ5MjRiMzY4NzdiODcxOTIyOGFlfFRleHRTZWxlY3Rpb246RDU3M0NGMkQ1RkY5RDFBOUY4OTAzMkNDNzkyNUMxMTYM} |
Restructuring and Cost Manage_4
Restructuring and Cost Management Plans Q4 FY17 Restructuring Plan Expected Costs (Details) - Q4 FY17 Restructuring Plan [Member] - USD ($) $ in Thousands | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jul. 01, 2017 | Dec. 29, 2018 | Apr. 01, 2017 | |||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Expected Cost | $ 24,660 | ||||||
Restructuring and Related Cost, Incurred Cost | $ 24,660 | 0 | $ 17,074 | ||||
Restructuring and Related Cost, Expected Cost Remaining | 0 | ||||||
Employee Severance [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Expected Cost | 4,925 | ||||||
Restructuring and Related Cost, Incurred Cost | 4,925 | 0 | 1,337 | ||||
Restructuring and Related Cost, Expected Cost Remaining | 0 | ||||||
Site Closures [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Expected Cost | 1,516 | ||||||
Restructuring and Related Cost, Incurred Cost | 1,516 | 0 | 627 | ||||
Restructuring and Related Cost, Expected Cost Remaining | 0 | ||||||
Current Asset Impairments and Other Gross Profit [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Expected Cost | [1] | 14,947 | |||||
Restructuring and Related Cost, Incurred Cost | 14,947 | [1] | 0 | [2] | 13,278 | [2] | |
Restructuring and Related Cost, Expected Cost Remaining | [1] | 0 | |||||
Non-Current Asset Impairments [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Expected Cost | 3,033 | ||||||
Restructuring and Related Cost, Incurred Cost | 3,033 | 0 | 1,657 | ||||
Restructuring and Related Cost, Expected Cost Remaining | 0 | ||||||
Other Restructuring [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Expected Cost | 239 | ||||||
Restructuring and Related Cost, Incurred Cost | $ 239 | 0 | $ 175 | ||||
Restructuring and Related Cost, Expected Cost Remaining | $ 0 | ||||||
[1] | (1) Current asset impairments include inventory charges recorded in cost of sales. | ||||||
[2] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjk2NDhhYThkMTgyNDQ5MjRiMzY4NzdiODcxOTIyOGFlfFRleHRTZWxlY3Rpb246RDU3M0NGMkQ1RkY5RDFBOUY4OTAzMkNDNzkyNUMxMTYM} |
Restructuring and Cost Manage_5
Restructuring and Cost Management Plans Q4 FY17 Restructuring Plan Accrual Reconciliation (Details) - Q4 FY17 Restructuring Plan [Member] - USD ($) $ in Thousands | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Jul. 01, 2017 | Dec. 29, 2018 | Apr. 01, 2017 | Mar. 31, 2018 | |||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve | $ 81 | $ 4,135 | $ 139 | |||||
Restructuring and Related Cost, Incurred Cost | $ 24,660 | 0 | 17,074 | |||||
Payments for Restructuring | (58) | (8,505) | ||||||
Restructuring Reserve, Settled without Cash | 0 | (12,565) | ||||||
Site Closures [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve | 0 | 888 | 0 | |||||
Restructuring and Related Cost, Incurred Cost | 1,516 | 0 | 627 | |||||
Payments for Restructuring | 0 | (1,515) | ||||||
Restructuring Reserve, Settled without Cash | 0 | 0 | ||||||
Current Asset Impairments and Other Gross Profit [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve | [1] | 0 | 0 | 0 | ||||
Restructuring and Related Cost, Incurred Cost | 14,947 | [2] | 0 | [1] | 13,278 | [1] | ||
Payments for Restructuring | [1] | 0 | (2,402) | |||||
Restructuring Reserve, Settled without Cash | [1] | 0 | (10,876) | |||||
Non-Current Asset Impairments [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve | 0 | 0 | 0 | |||||
Restructuring and Related Cost, Incurred Cost | 3,033 | 0 | 1,657 | |||||
Cash Receipts For Restructuring | 32 | |||||||
Cash receipt for disposal of restructured assets | 0 | |||||||
Restructuring Reserve, Settled without Cash | 0 | (1,689) | ||||||
Other Restructuring [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve | 0 | 0 | 0 | |||||
Restructuring and Related Cost, Incurred Cost | 239 | 0 | 175 | |||||
Payments for Restructuring | 0 | (175) | ||||||
Restructuring Reserve, Settled without Cash | 0 | 0 | ||||||
Employee Severance [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve | 81 | 3,247 | $ 139 | |||||
Restructuring and Related Cost, Incurred Cost | $ 4,925 | 0 | 1,337 | |||||
Payments for Restructuring | (58) | (4,445) | ||||||
Restructuring Reserve, Settled without Cash | $ 0 | $ 0 | ||||||
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjk2NDhhYThkMTgyNDQ5MjRiMzY4NzdiODcxOTIyOGFlfFRleHRTZWxlY3Rpb246RDU3M0NGMkQ1RkY5RDFBOUY4OTAzMkNDNzkyNUMxMTYM} | |||||||
[2] | (1) Current asset impairments include inventory charges recorded in cost of sales. |
Restructuring and Cost Manage_6
Restructuring and Cost Management Plans Chelmsford Restructuring Plan Accrual (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Dec. 29, 2018 | Apr. 01, 2017 | |
Chelmsford Plan [Domain] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Incurred Cost | $ 0 | $ 400 |
Earnings (Loss) Per Share - Rec
Earnings (Loss) Per Share - Reconciliation of Weighted Average Shares Outstanding Used in Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Net income (loss) | $ 6,340 | $ 33,973 | $ 54,319 | $ 41,135 |
Weighted average number of shares - basic | 34,769 | 34,224 | 34,623 | 33,839 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 1,206 | 1,786 | 1,504 | 1,723 |
Weighted Average Number of Shares Outstanding, Diluted | 35,975 | 36,010 | 36,127 | 35,562 |
Net (loss) income per share - basic | $ 0.18 | $ 0.99 | $ 1.57 | $ 1.22 |
Net (loss) income per share - diluted | $ 0.18 | $ 0.94 | $ 1.50 | $ 1.16 |
Earnings (Loss) Per Share - Add
Earnings (Loss) Per Share - Additional Information (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended |
Dec. 30, 2017 | Dec. 30, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||
Number of shares that are not included in the calculation of diluted net earnings per share | 0.1 | 0.4 |