Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended | |
Sep. 27, 2014 | Oct. 17, 2014 | |
DEI [Abstract] | ' | ' |
Entity Registrant Name | 'MAXIM INTEGRATED PRODUCTS INC | ' |
Entity Central Index Key | '0000743316 | ' |
Trading Symbol | 'MXIM | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 27-Sep-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Current Fiscal Year End Date | '--06-27 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 282,920,517 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 27, 2014 | Jun. 28, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $1,243,883 | $1,322,472 |
Short-term Investments | 75,094 | 49,953 |
Total cash, cash equivalents and short-term investments | 1,318,977 | 1,372,425 |
Accounts receivable, net | 281,932 | 295,828 |
Inventories | 305,108 | 289,292 |
Deferred tax assets | 54,379 | 74,597 |
Other current assets | 67,383 | 54,560 |
Total current assets | 2,027,779 | 2,086,702 |
Property, plant and equipment, net | 1,303,861 | 1,331,519 |
Intangible assets, net | 337,917 | 360,994 |
Goodwill | 595,441 | 596,637 |
Other assets | 40,127 | 29,766 |
TOTAL ASSETS | 4,305,125 | 4,405,618 |
Current liabilities: | ' | ' |
Accounts payable | 96,347 | 102,076 |
Income taxes payable | 20,122 | 20,065 |
Accrued salary and related expenses | 126,624 | 186,732 |
Accrued expenses | 65,216 | 64,028 |
Long-term Debt, Current Maturities | 0 | 372 |
Deferred income on shipments to distributors | 26,821 | 25,734 |
Total current liabilities | 335,130 | 398,635 |
Long term debt | 1,001,026 | 1,001,026 |
Income taxes payable | 350,396 | 362,802 |
Deferred tax liabilities | 145,597 | 159,879 |
Other liabilities | 61,572 | 53,365 |
Total liabilities | 1,893,721 | 1,975,707 |
Commitments and contingencies (Note 11) | ' | ' |
Stockholders' equity: | ' | ' |
Common stock and capital in excess of par value | 284 | 23,290 |
Retained earnings | 2,430,194 | 2,423,794 |
Accumulated other comprehensive loss | -19,074 | -17,173 |
Total stockholders' equity | 2,411,404 | 2,429,911 |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $4,305,125 | $4,405,618 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Income Statement [Abstract] | ' | ' |
Net revenues | $580,275 | $585,241 |
Cost of goods sold | 241,454 | 238,045 |
Gross margin | 338,821 | 347,196 |
Operating expenses: | ' | ' |
Research and development | 140,362 | 129,902 |
Selling, general and administrative | 79,989 | 77,430 |
Operating Expenses, Amortization | 4,327 | 3,436 |
Impairment of Long-Lived Assets to be Disposed of | 10,226 | 0 |
Severance and restructuring expenses | 1,385 | 5,547 |
Other operating (income) expenses, net | 1,574 | 2,272 |
Total operating expenses | 237,863 | 218,587 |
Operating income | 100,958 | 128,609 |
Interest and other expense, net | -6,477 | -3,463 |
Income before provision for income taxes | 94,481 | 125,146 |
Provision for income taxes | -5,499 | 22,026 |
Net income | $99,980 | $103,120 |
Earnings per share: | ' | ' |
Basic (per share) | $0.35 | $0.36 |
Diluted (per share) | $0.35 | $0.36 |
Shares used in the calculation of earnings per share: | ' | ' |
Basic (in shares) | 284,086 | 284,654 |
Diluted (in shares) | 289,430 | 290,260 |
Dividends paid per share | $0.28 | $0.26 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Statements of Income and Comprehensive Income [Abstract] | ' | ' |
Net income | $99,980 | $103,120 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | -25 | -8 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | -1,575 | 1,224 |
Unrealized gains (losses) on post-retirement benefits, net of tax benefit (expense) | 239 | 284 |
Tax effect of the unrealized exchange gain (loss) on long-term intercompany receivables | -540 | 138 |
Other Comprehensive Income (Loss), Net of Tax | -1,901 | 1,638 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 98,079 | 104,758 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | 0 | 4 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 470 | -290 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | ($121) | ($75) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $99,980 | $103,120 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Stock-based compensation | 22,420 | 18,740 |
Depreciation and amortization | 63,693 | 51,133 |
Deferred taxes | 6,207 | 25,529 |
Loss on sale of property, plant and equipment | 244 | 36 |
Tax benefit (shortfall) related to stock-based compensation plans | 1,610 | -3,488 |
Impairment of Long-Lived Assets to be Disposed of | 10,226 | 0 |
Excess tax benefit related to stock-based compensation | -2,249 | -1,697 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | 13,896 | -12,450 |
Inventories | -15,650 | -2,301 |
Other current assets and income tax refund receivable | -24,974 | -18,546 |
Accounts payable | 4,455 | -9,162 |
Income taxes payable | -12,289 | 11,393 |
Deferred income on shipments to distributors | 1,087 | 622 |
All other accrued liabilities | -51,659 | -67,035 |
Net cash provided by operating activities | 116,997 | 95,894 |
Cash flows from investing activities: | ' | ' |
Purchase of property, plant and equipment | -31,686 | -36,329 |
Proceeds from sale of property, plant, and equipment | 212 | 3,048 |
Payments to Acquire Available-for-sale Securities | -25,142 | 0 |
Net cash used in investing activities | -56,616 | -33,281 |
Cash flows from financing activities: | ' | ' |
Excess tax benefit related to stock-based compensation | 2,249 | 1,697 |
Repayment of notes payable | -437 | 0 |
Proceeds from Issuance of Long-term Debt | 0 | 100 |
Net issuance of restricted stock units | -8,038 | -6,966 |
Proceeds from stock options exercised | 9,704 | 5,247 |
Repurchase of common stock | -62,685 | -154,386 |
Dividends paid | -79,763 | -73,744 |
Net cash used in financing activities | -138,970 | -228,052 |
Net decrease in cash and cash equivalents | -78,589 | -165,439 |
Cash and cash equivalents: | ' | ' |
Beginning of period | 1,322,472 | 1,174,986 |
End of period | 1,243,883 | 1,009,547 |
Supplemental disclosures of cash flow information: | ' | ' |
Cash paid (refunded), net during the period for income taxes | 8,581 | 433 |
Cash paid for interest | 8,452 | 8,302 |
Noncash investing and financing activities: | ' | ' |
Accounts payable related to property, plant, and equipment purchases | $4,290 | $21,725 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Sep. 27, 2014 | |
Basis of Presentation [Abstract] | ' |
Basis of Presentation [Text Block] | ' |
BASIS OF PRESENTATION | |
The accompanying unaudited condensed consolidated financial statements of Maxim Integrated Products, Inc. and all of its majority-owned subsidiaries (collectively, the “Company” or “Maxim Integrated”) included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with generally accepted accounting principles of the United States of America (“GAAP”) have been condensed or omitted pursuant to applicable rules and regulations. In the opinion of management, all adjustments of a normal recurring nature which were considered necessary for fair presentation have been included. The year-end condensed consolidated balance sheet data were derived from audited consolidated financial statements but do not include all disclosures required by GAAP. The results of operations for the three months ended September 27, 2014 are not necessarily indicative of the results to be expected for the entire year. These condensed consolidated interim financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Annual Report on Form 10-K for the fiscal year ended June 28, 2014. The Condensed Consolidated Financial Statements included in this Quarterly Report include the financial results of Volterra Semiconductor Corporation (“Volterra”) prospectively from the date of acquisition. Refer to Note 13: “Acquisitions” of these Notes to Condensed Consolidated Interim Financial Statements for further discussion in relation to Volterra. | |
The Company has a 52-to-53-week fiscal year that ends on the last Saturday in June. Accordingly, every fifth or sixth fiscal year will be a 53-week fiscal year. Fiscal years 2014 and 2013 were 52-week fiscal years while fiscal year 2015 will be a 52-week fiscal year. |
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronouncements | 3 Months Ended |
Sep. 27, 2014 | |
Recently Issued Accounting Pronouncements [Abstract] | ' |
Recently Issued Accounting Pronouncements [Text Block] | ' |
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | |
(i) New Accounting Updates Recently Adopted | |
In the first quarter of fiscal year 2015, the Company adopted Accounting Standards Update (“ASU”) No. 2013-11, Income Taxes (Topic 740)-Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which requires certain unrecognized tax benefits to be presented as reductions to deferred tax assets instead of liabilities on the Condensed Consolidated Balance Sheets. The adoption of this standard did not have a material impact on the Company’s Condensed Consolidated Balance Sheets. | |
(ii) Recent Accounting Updates Not Yet Effective | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 uses a five-step model to determine revenue recognition in contracts with customers. The Company is currently evaluating the potential impact of this standard on its financial statements. ASU 2014-09 is effective for the Company in our first quarter of fiscal year 2018 using either of two methods: (i) retrospective to each prior reporting period presented with the option to elect certain practical expedients as defined within ASU 2014-09; or (ii) retrospective with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application and providing certain additional disclosures as defined per ASU 2014-09. | |
In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU 2014-08 redefines discontinued operations as disposals representing a strategic shift in operations and having a major effect on the organization’s operations and financial results. The Company is currently evaluating the potential impact of this standard on its financial statements. The Company will be required to adopt ASU 2014-08 on a prospective basis starting in fiscal year 2016. |
Balance_Sheet_Components
Balance Sheet Components | 3 Months Ended | |||||||
Sep. 27, 2014 | ||||||||
Balance Sheet Related Disclosures [Abstract] | ' | |||||||
Balance Sheet Components [Text Block] | ' | |||||||
BALANCE SHEET COMPONENTS | ||||||||
Accounts receivable, net consists of: | ||||||||
September 27, | June 28, | |||||||
2014 | 2014 | |||||||
Accounts Receivable: | (in thousands) | |||||||
Accounts receivable | $ | 302,111 | $ | 313,578 | ||||
Returns and allowances | (20,179 | ) | (17,750 | ) | ||||
$ | 281,932 | $ | 295,828 | |||||
Inventories consist of: | ||||||||
September 27, | June 28, | |||||||
2014 | 2014 | |||||||
Inventories: | (in thousands) | |||||||
Raw materials | $ | 11,639 | $ | 14,774 | ||||
Work-in-process | 200,659 | 188,198 | ||||||
Finished goods | 92,810 | 86,320 | ||||||
$ | 305,108 | $ | 289,292 | |||||
Property, plant and equipment, net consists of: | ||||||||
September 27, | June 28, | |||||||
2014 | 2014 | |||||||
Property, plant and equipment: | (in thousands) | |||||||
Land | $ | 62,093 | $ | 62,093 | ||||
Buildings and building improvements | 384,468 | 378,477 | ||||||
Machinery and equipment | 2,144,586 | 2,134,813 | ||||||
2,591,147 | 2,575,383 | |||||||
Less: accumulated depreciation and amortization | (1,287,286 | ) | (1,243,864 | ) | ||||
$ | 1,303,861 | $ | 1,331,519 | |||||
Accrued salary and related expenses consist of: | ||||||||
September 27, | June 28, | |||||||
2014 | 2014 | |||||||
Accrued salary and related expenses: | (in thousands) | |||||||
Accrued bonus | $ | 24,029 | $ | 88,192 | ||||
Accrued vacation | 43,130 | 43,528 | ||||||
Accrued salaries | 11,665 | 18,242 | ||||||
Other | 47,800 | 36,770 | ||||||
$ | 126,624 | $ | 186,732 | |||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||||||||||||||||||
Sep. 27, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair Value Measurements [Text Block] | ' | |||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||||||||||||||||||
The FASB established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Three levels of inputs that may be used to measure fair value are as follows: | ||||||||||||||||||||||||||||||||
Level 1 - Quoted (unadjusted) prices in active markets for identical assets or liabilities. | ||||||||||||||||||||||||||||||||
The Company’s Level 1 assets consist of money market funds. | ||||||||||||||||||||||||||||||||
Level 2 - Observable inputs other than quoted prices included in Level 1, 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, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. | ||||||||||||||||||||||||||||||||
The Company's Level 2 assets and liabilities consist of U.S. treasury bills and foreign currency forward contracts that are valued using quoted market prices or are determined using a yield curve model based on current market rates. As a result, the Company has classified these investments as Level 2 in the fair value hierarchy. | ||||||||||||||||||||||||||||||||
Level 3 - Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. | ||||||||||||||||||||||||||||||||
The Company’s Level 3 consists of contingent consideration liability related to certain prior years’ acquisitions | ||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis were as follows: | ||||||||||||||||||||||||||||||||
As of September 27, 2014 | As of June 28, 2014 | |||||||||||||||||||||||||||||||
Fair Value | Total | Fair Value | Total | |||||||||||||||||||||||||||||
Measurements Using | Balance | Measurements Using | Balance | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Money market funds (1) | $ | 891,158 | $ | — | $ | — | $ | 891,158 | $ | 971,868 | $ | — | $ | — | $ | 971,868 | ||||||||||||||||
U.S. treasury bills (2) | — | 75,094 | — | 75,094 | — | 49,953 | — | 49,953 | ||||||||||||||||||||||||
Foreign currency forward contracts (3) | — | 259 | — | 259 | — | 316 | — | 316 | ||||||||||||||||||||||||
Total Assets | $ | 891,158 | $ | 75,353 | $ | — | $ | 966,511 | $ | 971,868 | $ | 50,269 | $ | — | $ | 1,022,137 | ||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Foreign currency forward contracts (4) | $ | — | $ | 2,366 | $ | — | $ | 2,366 | $ | — | $ | 438 | $ | — | $ | 438 | ||||||||||||||||
Contingent Consideration (4) | — | — | 1,000 | 1,000 | — | — | 3,215 | 3,215 | ||||||||||||||||||||||||
Total Liabilities | $ | — | $ | 2,366 | $ | 1,000 | $ | 3,366 | $ | — | $ | 438 | $ | 3,215 | $ | 3,653 | ||||||||||||||||
(1) Included in Cash and cash equivalents in the accompanying Condensed Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||
(2) Included in Short-term investments in the accompanying Condensed Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||
(3) Included in Other current assets in the accompanying Condensed Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||
(4) Included in Accrued expenses in the accompanying Condensed Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||
The tables below present reconciliations for liabilities measured and recorded at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended September 27, 2014 and September 28, 2013: | ||||||||||||||||||||||||||||||||
Fair Value Measured and Recorded Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||
September 27, | September 28, | |||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Contingent Consideration | (in thousands) | |||||||||||||||||||||||||||||||
Beginning balance | $ | 3,215 | $ | 8,577 | ||||||||||||||||||||||||||||
Total gains or losses (realized and unrealized): | ||||||||||||||||||||||||||||||||
Included in earnings | 384 | 208 | ||||||||||||||||||||||||||||||
Payments | (2,599 | ) | — | |||||||||||||||||||||||||||||
Ending balance | $ | 1,000 | $ | 8,785 | ||||||||||||||||||||||||||||
Changes in unrealized losses (gains) included in earnings related to liabilities still held as of period end | $ | 384 | $ | 208 | ||||||||||||||||||||||||||||
The valuation of contingent consideration is based on a probability weighted earnout model which relies primarily on estimates of milestone achievements and discount rates applicable for the period expected payout. The most significant unobservable input used in the determination of estimated fair value of contingent consideration is the estimates on the likelihood of milestone achievements, which directly correlates to the fair value recognized in the Condensed Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||
The fair value of this liability is estimated quarterly by management based on inputs received from the Company’s engineering and finance personnel. The determination of the milestone achievement is performed by the Company’s business units and reviewed by the accounting department. Potential valuation adjustments are made as the progress toward achieving milestones becomes determinable, with the impact of such adjustments being recorded to other operating expenses (income), net in our Condensed Consolidated Statements of Income. | ||||||||||||||||||||||||||||||||
During the three months ended September 27, 2014 and the year ended June 28, 2014, there were no transfers in or out of Level 3 from other levels in the fair value hierarchy. | ||||||||||||||||||||||||||||||||
There were no assets or liabilities measured at fair value on a non-recurring basis as of September 27, 2014 and June 28, 2014. |
Financial_Instruments
Financial Instruments | 3 Months Ended | |||||||||||||||||||||||||||||||
Sep. 27, 2014 | ||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Financial Instruments [Text Block] | ' | |||||||||||||||||||||||||||||||
FINANCIAL INSTRUMENTS | ||||||||||||||||||||||||||||||||
Short-term investments | ||||||||||||||||||||||||||||||||
Fair values were as follows: | ||||||||||||||||||||||||||||||||
September 27, 2014 | June 28, 2014 | |||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gain | Gross Unrealized Loss | Estimated Fair Value | Amortized Cost | Gross Unrealized Gain | Gross Unrealized Loss | Estimated Fair Value | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Available-for-sale investments | ||||||||||||||||||||||||||||||||
Government agency securities | $ | 75,020 | $ | 86 | $ | (12 | ) | $ | 75,094 | $ | 49,853 | $ | 100 | $ | — | $ | 49,953 | |||||||||||||||
Total available-for-sale investments | $ | 75,020 | $ | 86 | $ | (12 | ) | $ | 75,094 | $ | 49,853 | $ | 100 | $ | — | $ | 49,953 | |||||||||||||||
In the three months ended September 27, 2014 and the year ended June 28, 2014, the Company did not recognize any impairment charges on short-term investments. | ||||||||||||||||||||||||||||||||
Derivative instruments and hedging activities | ||||||||||||||||||||||||||||||||
The Company generates revenues in various global markets based on orders obtained in non-U.S. currencies, primarily the Japanese Yen, the Euro and the British Pound. The Company incurs expenditures denominated in non-U.S. currencies, including the Philippine Peso and Thai Baht associated with the Company's manufacturing activities in the Philippines and Thailand, respectively, and expenditures for sales offices and research and development activities undertaken outside of the U.S. | ||||||||||||||||||||||||||||||||
The Company has established a program that primarily utilizes foreign currency forward contracts to offset the risks associated with the effects of certain foreign currency exposures. The Company does not use these foreign currency forward contracts for trading purposes. | ||||||||||||||||||||||||||||||||
Derivatives designated as cash flow hedging instruments | ||||||||||||||||||||||||||||||||
The Company designates certain forward contracts as hedging instruments pursuant to Accounting Standards Codification (“ASC”) | ||||||||||||||||||||||||||||||||
No. 815-Derivatives and Hedging (“ASC 815”). As of September 27, 2014 and June 28, 2014, respectively, the notional amounts of the forward contracts we held to purchase U.S. Dollars in exchange for other international currencies were $70.1 million and $60.6 million, respectively, and the notional amounts of forward contracts we held to sell U.S. Dollars in exchange for other international currencies were $1.5 million and $0.8 million, respectively. | ||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||||||||
As of September 27, 2014 and June 28, 2014, respectively, the notional amounts of the forward contracts we held to purchase U.S. Dollars in exchange for other international currencies were $35.7 million and $31.4 million, respectively, and the notional amounts of forward contracts we held to sell U.S. Dollars in exchange for other international currencies were $38.9 million and $48.9 million, respectively. The fair values of our outstanding foreign currency forward contracts and amounts included in the condensed consolidated statement of income were not material for three months ended September 27, 2014 and year ended June 28, 2014. | ||||||||||||||||||||||||||||||||
Long-term debt | ||||||||||||||||||||||||||||||||
The following table summarizes the Company’s long-term debt: | ||||||||||||||||||||||||||||||||
September 27, | June 28, | |||||||||||||||||||||||||||||||
2014 | 2014 | |||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
2.5% fixed rate notes due November 2018 | $ | 500,000 | $ | 500,000 | ||||||||||||||||||||||||||||
3.375% fixed rate notes due March 2023 | 500,000 | 500,000 | ||||||||||||||||||||||||||||||
Notes denominated in Euro | ||||||||||||||||||||||||||||||||
Amortizing floating rate notes (EURIBOR plus 1.5%) due up to June 30, 2014 | — | 372 | ||||||||||||||||||||||||||||||
Term fixed rate notes (2.0%) due on September 30, 2015 | 1,026 | 1,026 | ||||||||||||||||||||||||||||||
Total | 1,001,026 | 1,001,398 | ||||||||||||||||||||||||||||||
Less: Current portion | — | (372 | ) | |||||||||||||||||||||||||||||
Total long-term debt | $ | 1,001,026 | $ | 1,001,026 | ||||||||||||||||||||||||||||
On November 21, 2013, the Company completed a public offering of $500 million aggregate principal amount of the Company’s 2.5% coupon senior unsecured and unsubordinated notes due in November 2018 (“2018 Notes”), with an effective interest rate of 2.6%. Interest on the 2018 Notes is payable semi-annually in arrears on May 15 and November 15 of each year, commencing on May 15, 2014. The net proceeds of this offering were approximately $494.5 million, after issuing at a discount and deducting paid expenses, and are included in the financing activities in the Condensed Consolidated Statements of Cash Flows. | ||||||||||||||||||||||||||||||||
On March 18, 2013, the Company completed a public offering of $500 million aggregate principal amount of the Company’s 3.375% senior unsecured and unsubordinated notes due in March 2023 (“2023 Notes”), with an effective interest rate of 3.5%. Interest on the 2023 Notes is payable semi-annually in arrears on March 15 and September 15 of each year. The net proceeds of this offering were approximately $490.0 million, after issuing at a discount and deducting paid expenses, and are included in the financing activities in the Condensed Consolidated Statements of Cash Flows. | ||||||||||||||||||||||||||||||||
The Company accounts for all the notes above based on their amortized cost. The discount and expenses are being amortized to Interest and other income (expense), net in the Condensed Consolidated Statements of Income over the life of the notes. Interest expense associated with the notes was $7.4 million and $4.3 million during the three months ended September 27, 2014 and September 28, 2013, respectively. The interest expense is recorded in Interest and other income (expense), net in the Condensed Consolidated Statements of Income. | ||||||||||||||||||||||||||||||||
The estimated fair value of the Company’s debt was approximately $999 million as of September 27, 2014. The estimated fair value of the debt is based primarily on observable market inputs and is a Level 2 measurement. | ||||||||||||||||||||||||||||||||
Credit Facility | ||||||||||||||||||||||||||||||||
The Company has access to a $350 million senior unsecured revolving credit facility with certain institutional lenders that expires on June 27, 2019. The facility fee is at a rate per annum that varies based on the Company's index debt rating and any advances under the credit agreement will accrue interest at a base rate plus a margin based on the Company's index debt rating. The credit agreement requires the Company to comply with certain covenants, including a requirement that the Company maintain a ratio of debt to EBITDA (earnings before interest, taxes, depreciation, and amortization) of not more than 3 to 1 and a minimum interest coverage ratio (EBITDA divided by interest expense) greater than 3.5 to 1. As of September 27, 2014, the Company had not borrowed any amounts from this credit facility and was in compliance with all debt covenants. | ||||||||||||||||||||||||||||||||
Other Financial Instruments | ||||||||||||||||||||||||||||||||
For the balance of the Company’s financial instruments, cash equivalents, accounts receivable, accounts payable and other accrued liabilities, the carrying amounts approximate fair value due to their short maturities. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | |||||||||||||||||||||||||||||||
Sep. 27, 2014 | ||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||||||||||||
Stock-Based Compensation [Text Block] | ' | |||||||||||||||||||||||||||||||
STOCK-BASED COMPENSATION | ||||||||||||||||||||||||||||||||
The following table shows total stock-based compensation expense by type of award, and the resulting tax effect, included in the Condensed Consolidated Statements of Income for the three months ended September 27, 2014 and September 28, 2013: | ||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||
September 27, 2014 | September 28, 2013 | |||||||||||||||||||||||||||||||
Stock Options | Restricted Stock Units | Employee Stock Purchase Plan | Total | Stock Options | Restricted Stock Units | Employee Stock Purchase Plan | Total | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Cost of goods sold | $ | 339 | $ | 1,974 | $ | 524 | $ | 2,837 | $ | 349 | $ | 1,918 | $ | 475 | $ | 2,742 | ||||||||||||||||
Research and development | 2,147 | 8,832 | 1,343 | 12,322 | 1,836 | 6,440 | 1,322 | 9,598 | ||||||||||||||||||||||||
Selling, general and administrative | 1,429 | 5,224 | 608 | 7,261 | 1,264 | 4,527 | 609 | 6,400 | ||||||||||||||||||||||||
Pre-tax stock-based compensation expense | $ | 3,915 | $ | 16,030 | $ | 2,475 | $ | 22,420 | $ | 3,449 | $ | 12,885 | $ | 2,406 | $ | 18,740 | ||||||||||||||||
Less: income tax effect | 3,272 | 2,729 | ||||||||||||||||||||||||||||||
Net stock-based compensation expense | $ | 19,148 | $ | 16,011 | ||||||||||||||||||||||||||||
Stock Options | ||||||||||||||||||||||||||||||||
The fair value of options granted to employees under the Company’s Amended and Restated 1996 Stock Incentive Plan is estimated on the date of grant using the Black-Scholes option valuation model. | ||||||||||||||||||||||||||||||||
Expected volatilities are based on the historical volatilities from the Company’s traded common stock over a period equal to the expected term. The Company is utilizing the simplified method to estimate expected holding periods. The risk-free interest rate is based on the U.S. Treasury yield. The Company determines the dividend yield by dividing the annualized dividends per share by the prior quarter’s average stock price. The Company also estimates forfeitures at the time of grant and makes revisions to forfeitures on a quarterly basis. | ||||||||||||||||||||||||||||||||
The fair value of options granted to employees has been estimated using the following weighted-average assumptions: | ||||||||||||||||||||||||||||||||
Stock Options | ||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||
September 27, | September 28, | |||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Expected holding period (in years) | 4.8 | 5.4 | ||||||||||||||||||||||||||||||
Risk-free interest rate | 1.6 | % | 1.4 | % | ||||||||||||||||||||||||||||
Expected stock price volatility | 26.7 | % | 35 | % | ||||||||||||||||||||||||||||
Dividend yield | 3.1 | % | 3.1 | % | ||||||||||||||||||||||||||||
The weighted-average fair value of stock options granted was $5.67 and $6.74 per share for the three months ended September 27, 2014 and September 28, 2013, respectively. | ||||||||||||||||||||||||||||||||
The following table summarizes outstanding, exercisable and vested and expected to vest stock options as of September 27, 2014 and their activity for the three months ended September 27, 2014: | ||||||||||||||||||||||||||||||||
Number of | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in Years) | Aggregate Intrinsic Value (1) | |||||||||||||||||||||||||||||
Shares | ||||||||||||||||||||||||||||||||
Balance at June 28, 2014 | 16,163,644 | $ | 25.74 | |||||||||||||||||||||||||||||
Options Granted | 55,576 | 32.76 | ||||||||||||||||||||||||||||||
Options Exercised | (524,614 | ) | 16.91 | |||||||||||||||||||||||||||||
Options Cancelled | (391,851 | ) | 36.8 | |||||||||||||||||||||||||||||
Balance at September 27, 2014 | 15,302,755 | $ | 25.78 | 3.5 | $ | 99,141,987 | ||||||||||||||||||||||||||
Exercisable, September 27, 2014 | 7,068,084 | $ | 25.79 | 1.8 | $ | 56,266,217 | ||||||||||||||||||||||||||
Vested and expected to vest, September 27, 2014 | 14,551,614 | $ | 25.7 | 3.4 | $ | 96,124,051 | ||||||||||||||||||||||||||
-1 | Aggregate intrinsic value represents the difference between the exercise price and the closing price per share of the Company’s common stock on September 26, 2014, the last business day preceding the fiscal quarter-end, multiplied by the number of options outstanding, exercisable or vested and expected to vest as of September 27, 2014. | |||||||||||||||||||||||||||||||
As of September 27, 2014, there was $32.3 million of total unrecognized stock compensation cost related to 8.2 million unvested stock options, which is expected to be recognized over a weighted average period of approximately 2.5 years. | ||||||||||||||||||||||||||||||||
As of September 28, 2013, there was $44.2 million of total unrecognized stock compensation cost related to 11.1 million unvested stock options, which is expected to be recognized over a weighted average period of approximately 3.1 years. | ||||||||||||||||||||||||||||||||
Restricted Stock Units | ||||||||||||||||||||||||||||||||
The fair value of Restricted Stock Units (“RSUs”) under the Company’s Amended and Restated 1996 Stock Incentive Plan is estimated using the value of the Company’s common stock on the date of grant, reduced by the present value of dividends expected to be paid on the Company’s common stock prior to vesting. The Company also estimates forfeitures at the time of grant and makes revisions to forfeitures on a quarterly basis. | ||||||||||||||||||||||||||||||||
The weighted-average fair value of RSUs granted was $25.48 and $24.75 per share for the three months ended September 27, 2014 and September 28, 2013, respectively. | ||||||||||||||||||||||||||||||||
The following table summarizes outstanding and expected to vest RSUs as of September 27, 2014 and their activity during the three months ended September 27, 2014: | ||||||||||||||||||||||||||||||||
Number of | Weighted Average | Aggregate Intrinsic | ||||||||||||||||||||||||||||||
Shares | Remaining | Value (1) | ||||||||||||||||||||||||||||||
Contractual Term | ||||||||||||||||||||||||||||||||
(in Years) | ||||||||||||||||||||||||||||||||
Balance at June 28, 2014 | 7,695,131 | |||||||||||||||||||||||||||||||
Restricted stock units granted | 2,462,214 | |||||||||||||||||||||||||||||||
Restricted stock units released | (675,621 | ) | ||||||||||||||||||||||||||||||
Restricted stock units cancelled | (216,225 | ) | ||||||||||||||||||||||||||||||
Balance at September 27, 2014 | 9,265,499 | 3.1 | $ | 308,410,676 | ||||||||||||||||||||||||||||
Outstanding and expected to vest, September 27, 2014 | 8,602,824 | 3 | $ | 265,913,281 | ||||||||||||||||||||||||||||
-1 | Aggregate intrinsic value for RSUs represents the closing price per share of the Company’s common stock on September 26, 2014, the last business day preceding the fiscal quarter-end, multiplied by the number of RSUs outstanding or expected to vest as of September 27, 2014. | |||||||||||||||||||||||||||||||
The Company withheld shares totaling $8.0 million in value as a result of employee withholding taxes based on the value of the RSUs on their vesting date for the three months ended September 27, 2014. The total payments for the employees’ tax obligations to the taxing authorities are reflected as financing activities within the Condensed Consolidated Statements of Cash Flows. | ||||||||||||||||||||||||||||||||
As of September 27, 2014, there was $187.8 million of unrecognized compensation expense related to 9.3 million unvested RSUs, which is expected to be recognized over a weighted average period of approximately 3.1 years. | ||||||||||||||||||||||||||||||||
As of September 28, 2013, there was $152.1 million of unrecognized compensation expense related to 9.1 million unvested RSUs, which is expected to be recognized over a weighted average period of approximately 3.0 years. | ||||||||||||||||||||||||||||||||
Employee Stock Purchase Plan | ||||||||||||||||||||||||||||||||
The fair value of rights to acquire common stock under the Company’s 2008 Employee Stock Purchase Plan (the “ESPP”) is estimated on the date of grant using the Black-Scholes option valuation model. | ||||||||||||||||||||||||||||||||
As of September 27, 2014, there was $3.1 million of unrecognized compensation expense related to the ESPP. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Sep. 27, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings Per Share [Text Block] | ' | |||||||
EARNINGS PER SHARE | ||||||||
Basic earnings per share are computed using the weighted average number of shares of common stock outstanding during the period. For purposes of computing basic earnings per share, the weighted average number of outstanding shares of common stock excludes unvested RSUs. Diluted earnings per share incorporates the incremental shares issuable upon the assumed exercise of stock options, assumed release of unvested RSUs and assumed issuance of common stock under the employee stock purchase plans using the treasury stock method. | ||||||||
The following table sets forth the computation of basic and diluted earnings per share: | ||||||||
Three Months Ended | ||||||||
September 27, | September 28, | |||||||
2014 | 2013 | |||||||
(in thousands, except per share data) | ||||||||
Numerator for basic earnings per share and diluted earnings per share | ||||||||
Net income | $ | 99,980 | $ | 103,120 | ||||
Denominator for basic earnings per share | 284,086 | 284,654 | ||||||
Effect of dilutive securities: | ||||||||
Stock options, ESPP and RSUs | 5,344 | 5,606 | ||||||
Denominator for diluted earnings per share | 289,430 | 290,260 | ||||||
Earnings per share: basic | ||||||||
Basic | $ | 0.35 | $ | 0.36 | ||||
Diluted | $ | 0.35 | $ | 0.36 | ||||
Approximately 5.9 million and 8.9 million stock options were excluded from the calculation of diluted earnings per share for the three months ended September 27, 2014 and September 28, 2013, respectively. These options were excluded because they were determined to be antidilutive. However, such options could be dilutive in the future and, under those circumstances, would be included in the calculation of diluted earnings per share. |
Segment_Information
Segment Information | 3 Months Ended | |||||||
Sep. 27, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Segment Information [Text Block] | ' | |||||||
SEGMENT INFORMATION | ||||||||
The Company operates and tracks its results in one reportable segment. The Company designs, develops, manufactures and markets a broad range of linear and mixed signal integrated circuits. The Chief Executive Officer has been identified as the Chief Operating Decision Maker as defined by ASC No. 280, Segment Reporting (“ASC 280”). | ||||||||
The Company has three operating segments that aggregate into one reportable segment. Under ASC 280, two or more operating segments may be aggregated into a single operating segment for financial reporting purposes if aggregation is consistent with the objective and basic principles of ASC 280, if the segments have similar economic characteristics, and if the segments are similar in each of the following areas: | ||||||||
• | the nature of products and services; | |||||||
• | the nature of the production processes; | |||||||
• | the type or class of customer for their products and services; and | |||||||
• | the methods used to distribute their products or provide their services. | |||||||
The Company meets each of the aggregation criteria for the following reasons: | ||||||||
• | the sale of analog and mixed signal integrated circuits is the primary source of revenue for each of the Company’s three operating segments; | |||||||
• | the integrated circuits sold by each of the Company’s operating segments are manufactured using similar semiconductor manufacturing processes; | |||||||
• | the integrated circuits marketed by each of the Company’s operating segments are sold to the same types of customers; and | |||||||
• | all of the Company’s integrated circuits are sold through a centralized sales force and common wholesale distributors. | |||||||
All of the Company’s operating segments share similar long-term financial performance as they have similar economic characteristics, including gross margins. The causes for variation among the Company’s operating segments are the same and include factors such as (i) life cycle and price and cost fluctuations, (ii) number of competitors, (iii) product differentiation and (iv) size of market opportunity. Additionally, each operating segment is subject to the overall cyclical nature of the semiconductor industry. The number and composition of employees and the amounts and types of tools and materials required are similar for each operating segment. Finally, even though the Company periodically reorganizes the Company’s operating segments based upon changes in customers, end-markets or products, acquisitions, long-term growth strategies, and the experience and bandwidth of the senior executives in charge, the common financial goals for each operating segment remain constant. | ||||||||
Enterprise-wide information is provided in accordance with ASC 280. Geographical revenue information is based on customers’ ship-to location. Long-lived assets consist of property, plant and equipment. Property, plant and equipment information is based on the physical location of the assets at the end of each reporting period. | ||||||||
Net revenues from unaffiliated customers by geographic region were as follows: | ||||||||
Three Months Ended | ||||||||
September 27, | September 28, | |||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
United States | $ | 74,595 | $ | 89,099 | ||||
China | 240,016 | 233,898 | ||||||
Rest of Asia | 165,433 | 173,382 | ||||||
Europe | 83,965 | 72,626 | ||||||
Rest of World | 16,266 | 16,236 | ||||||
$ | 580,275 | $ | 585,241 | |||||
Net long-lived assets by geographic region were as follows: | ||||||||
September 27, | June 28, | |||||||
2014 | 2014 | |||||||
(in thousands) | ||||||||
United States | $ | 973,939 | $ | 1,035,699 | ||||
Philippines | 178,352 | 172,823 | ||||||
Rest of World | 151,570 | 122,997 | ||||||
$ | 1,303,861 | $ | 1,331,519 | |||||
Comprehensive_Income
Comprehensive Income | 3 Months Ended | |||||||||||||||||||||||
Sep. 27, 2014 | ||||||||||||||||||||||||
Statement of Comprehensive Income [Abstract] | ' | |||||||||||||||||||||||
Comprehensive Income [Text Block] | ' | |||||||||||||||||||||||
COMPREHENSIVE INCOME | ||||||||||||||||||||||||
The changes in accumulated other comprehensive loss by component and related tax effects in the three months ended September 27, 2014 were as follows: | ||||||||||||||||||||||||
(in thousands) | Unrealized gains and losses on intercompany receivables | Unrealized gains and losses on post-retirement benefits | Cumulative translation adjustment | Unrealized gains and losses on cash flow hedges | Unrealized gains and losses on available-for-sale securities | Total | ||||||||||||||||||
28-Jun-14 | $ | (5,753 | ) | $ | (10,373 | ) | $ | (1,136 | ) | $ | (11 | ) | $ | 100 | $ | (17,173 | ) | |||||||
Other comprehensive income (loss) before reclassifications | — | — | — | (1,874 | ) | (25 | ) | (1,899 | ) | |||||||||||||||
Amounts reclassified out of accumulated other comprehensive loss (income) | — | 360 | — | (171 | ) | — | 189 | |||||||||||||||||
Tax effects | (540 | ) | (121 | ) | — | 470 | — | (191 | ) | |||||||||||||||
Other comprehensive income (loss) | (540 | ) | 239 | — | (1,575 | ) | (25 | ) | (1,901 | ) | ||||||||||||||
27-Sep-14 | $ | (6,293 | ) | $ | (10,134 | ) | $ | (1,136 | ) | $ | (1,586 | ) | $ | 75 | $ | (19,074 | ) | |||||||
Income_Taxes
Income Taxes | 3 Months Ended |
Sep. 27, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes [Text Block] | ' |
INCOME TAXES | |
In the three months ended September 27, 2014 and September 28, 2013, the Company recorded an income tax provision (benefit) of $(5.5) million and $22.0 million, respectively. The Company’s effective tax rate for the three months ended September 27, 2014 and September 28, 2013 was (5.8)% and 17.6%, respectively. | |
The Company's federal statutory tax rate is 35%. The Company's effective tax rate for the three months ended September 27, 2014 was lower than the statutory tax rate primarily because earnings of foreign subsidiaries, generated primarily by our international operations managed in Ireland, were taxed at lower rates, and a $24.8 million discrete benefit for the favorable settlement of a Singapore tax issue, partially offset by stock-based compensation for which no tax benefit is expected. | |
The Company’s effective tax rate for the three months ended September 28, 2013 was lower than the statutory tax rate primarily because earnings of foreign subsidiaries, generated primarily by our international operations managed in Ireland, were taxed at lower rates, partially offset by stock-based compensation for which no tax benefit is expected. | |
The Company’s federal corporate income tax returns are audited on a recurring basis by the IRS. In fiscal year 2012 the U.S. Internal Revenue Service commenced an audit of the Company's federal corporate income tax returns for fiscal years 2009 through 2011, which is still ongoing. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | |||||||
Sep. 27, 2014 | ||||||||
Product Warranties Disclosures [Abstract] | ' | |||||||
Commitments and Contingencies [Text Block] | ' | |||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
Legal Proceedings | ||||||||
The Company is a party or subject to various legal proceedings and claims, either asserted or unasserted, which arise in the ordinary course of business, including proceedings and claims that relate to intellectual-property matters. While the outcome of these matters cannot be predicted with certainty, we do not believe that the outcome of any of these matters, individually or in the aggregate, will result in losses that are materially in excess of amounts already recognized or reserved, if any. | ||||||||
Indemnification | ||||||||
The Company indemnifies certain customers, distributors, suppliers and subcontractors for attorney fees and damages and costs awarded against such parties in certain circumstances in which the Company’s products are alleged to infringe third party intellectual property rights, including patents, registered trademarks or copyrights. The terms of the Company’s indemnification obligations are generally perpetual from the effective date of the agreement. In certain cases, there are limits on and exceptions to the Company’s potential liability for indemnification relating to intellectual property infringement claims. | ||||||||
Pursuant to the Company’s charter documents and separate written indemnification agreements, the Company has certain indemnification obligations to its current officers, employees and directors, as well as certain former officers and directors. | ||||||||
Product Warranty | ||||||||
The Company generally warrants its products for one year from the date of shipment against defects in materials, workmanship and material non-conformance to the Company’s specifications. The general warranty policy provides for the repair or replacement of defective products or a credit to the customer’s account. In addition, the Company may consider its relationship with the customer when reviewing product warranty claims. In limited circumstances and for strategic customers in certain unique industries and applications, our product warranty may extend for up to five years, and may also include financial responsibility, such as the payment of monetary compensation to reimburse a customer for its financial losses above and beyond repairing or replacing the product or crediting the customer’s account should the product not meet the Company’s specifications and losses and /or damages results from the defective product. | ||||||||
Accruals are based on specifically identified claims and on the estimated, undiscounted cost of incurred-but-not-reported claims. If there is a material increase in the rate of customer claims compared with our historical experience or if the Company's estimates of probable losses relating to specifically identified warranty exposures require revision, the Company may record a charge against future cost of sales. Product warranty liability is included within the balance sheet captions “Accrued Expenses” and “Other liabilities” in the accompanying Condensed Consolidated Balance Sheets. | ||||||||
The changes in the Company's aggregate product warranty liabilities for the three months ended September 27, 2014 and September 28, 2013 were as follows: | ||||||||
September 27, | September 28, | |||||||
2014 | 2013 | |||||||
Product warranty liability | (in thousands) | |||||||
Beginning balance | $ | 21,296 | $ | 3,075 | ||||
Accruals for warranties | 57 | 498 | ||||||
Payments | (1,617 | ) | (843 | ) | ||||
Changes in estimate | 81 | (378 | ) | |||||
Ending balance | $ | 19,817 | $ | 2,352 | ||||
Less: Current portion | 11,217 | 2,352 | ||||||
Non-current portion | $ | 8,600 | $ | — | ||||
Common_Stock_Repurchases
Common Stock Repurchases | 3 Months Ended |
Sep. 27, 2014 | |
Common Stock Repurchases [Abstract] | ' |
Common Stock Repurchases [Text Block] | ' |
COMMON STOCK REPURCHASES | |
In July 2013, the Board of Directors authorized the Company to repurchase up to $1 billion of the Company’s common stock from time to time at the discretion of the Company’s management. This stock repurchase authorization has no expiration date. All prior authorizations by the Company’s Board of Directors for the repurchase of common stock were superseded by this authorization. | |
During the three months ended September 27, 2014, the Company repurchased approximately 2.0 million shares of its common stock for $62.7 million. As of September 27, 2014, the Company had remaining authorization of $699.2 million for future share repurchases. The number of shares to be repurchased and the timing of such repurchases will be based on several factors, including the price of the Company’s common stock and general market and business conditions. |
Acquisitions_Notes
Acquisitions (Notes) | 3 Months Ended | |||||
Sep. 27, 2014 | ||||||
Business Combinations [Abstract] | ' | |||||
Business Combination Disclosure [Text Block] | ' | |||||
ACQUISITIONS | ||||||
Acquisitions completed in fiscal year 2015 | ||||||
None. | ||||||
Acquisitions completed in fiscal year 2014 | ||||||
The Company completed two acquisitions during fiscal year 2014. | ||||||
VOLTERRA SEMICONDUCTOR CORPORATION | ||||||
On October 1, 2013, the Company completed its acquisition of Volterra Semiconductor Corporation ("Volterra"), formerly a publicly traded company that develops power management solutions. The primary reason for this acquisition was to expand the Company's available market across a wide range of end markets, including enterprise server, cloud computing, communications and energy. The results of operations of Volterra are included in the Company’s Condensed Consolidated Statements of Income, beginning in the second quarter of fiscal year 2014. Acquisition-related costs for the twelve months ended June 28, 2014 were $7.0 million. | ||||||
The total purchase price for Volterra was approximately $615 million and was comprised of: | ||||||
(in thousands) | ||||||
Cash consideration for 100% of outstanding common stock of Volterra at $23 per share | $ | 593,250 | ||||
Cash consideration for vested options settlement | 21,756 | |||||
Total preliminary purchase price | $ | 615,006 | ||||
The preliminary purchase price allocation as of the date of the acquisition is set forth in the table below and reflects various fair value estimates and analysis. These estimates were determined through established and generally accepted valuation techniques, including preliminary work performed by third-party valuation specialists, and are subject to change during the purchase price allocation period (up to one year from the acquisition date) as valuations are finalized. | ||||||
Volterra | ||||||
(in thousands) | ||||||
Cash and cash equivalents and short-term investments | $ | 163,500 | ||||
Accounts receivable | 23,453 | |||||
Inventories | 33,339 | |||||
Other tangible assets | 17,151 | |||||
Accrued expenses | (35,343 | ) | ||||
Income taxes payable | (23,241 | ) | ||||
Other liabilities assumed | (20,149 | ) | ||||
Net tangible assets | 158,710 | |||||
Amortizable intangible assets | 226,900 | |||||
In-process research and development ("IPR&D") | 56,200 | |||||
Goodwill | 174,894 | |||||
Substitution of stock-based compensation awards | (1,698 | ) | ||||
Total purchase price | $ | 615,006 | ||||
The Company has evaluated and continues to evaluate certain pre-acquisition contingencies, including corporate income tax related payables, uncertain tax positions and certain legal contingencies, relating to Volterra that existed as of the acquisition date. Additional information, which existed as of the acquisition date but was at that time unknown to the Company, may become known to the Company during the remainder of the purchase price allocation period. | ||||||
IPR&D assets relate to future technology, is capitalized until the technology is ready for its intended use and then amortized over the technology useful life. IPR&D costs incurred by the Company subsequent to the acquisition are expensed. | ||||||
Goodwill was primarily attributable to the opportunities from the addition of Volterra's product portfolio which complements the Company’s suite of products, including providing integrated process solutions to customers. The goodwill is not deductible for tax purposes. | ||||||
The amortizable intangible assets are being amortized on a straight-line basis over their estimated useful lives as follows: | ||||||
Volterra acquisition | ||||||
Fair value | Weighted average useful life (in years) | |||||
(in thousands) | ||||||
Intellectual property | $ | 192,500 | 4.9 | |||
Customer relationships | 24,600 | 9.6 | ||||
Trade name | 6,400 | 4 | ||||
Backlog | 900 | 0.4 | ||||
Patents | 2,500 | 4.8 | ||||
Total amortizable intangible assets | $ | 226,900 | ||||
Pro forma results of operations for this acquisition have not been presented because it is not material to the Company's Condensed Consolidated Statements of Income. | ||||||
OTHER ACQUISITION | ||||||
The Company acquired another company during the fiscal year ended June 28, 2014, which develops low power high performance analog circuits. The total cash consideration paid to acquire this company was approximately $6.1 million for which the purchase price was largely attributable to the developed intellectual property. Goodwill associated with this acquisition was $0.5 million. Acquisition related costs were not material for this transaction. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 3 Months Ended | |||||||||||||||||||||||
Sep. 27, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill and Intangible Assets [Text Block] | ' | |||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | ||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
The Company monitors the recoverability of goodwill recorded in connection with acquisitions, by reporting unit, annually, or more often if events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company performed the annual goodwill impairment analysis during the first quarter of fiscal year 2015 and concluded that goodwill was not impaired, as the fair value of each reporting unit exceeded its carrying value. | ||||||||||||||||||||||||
Activity and goodwill balances for the three months ended September 27, 2014 were as follows: | ||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Balance at June 28, 2014 | $ | 596,637 | ||||||||||||||||||||||
Adjustments | (1,196 | ) | ||||||||||||||||||||||
Balance at September 27, 2014 | $ | 595,441 | ||||||||||||||||||||||
Intangible Assets | ||||||||||||||||||||||||
The useful lives of amortizable intangible assets are as follows: | ||||||||||||||||||||||||
Asset | Life | |||||||||||||||||||||||
Intellectual property | 3 months-10 years | |||||||||||||||||||||||
Customer relationships | 5-10 years | |||||||||||||||||||||||
Trade name | 3-4 years | |||||||||||||||||||||||
Backlog | 4 months | |||||||||||||||||||||||
Patents | 5 years | |||||||||||||||||||||||
Intangible assets consisted of the following: | ||||||||||||||||||||||||
September 27, | June 28, | |||||||||||||||||||||||
2014 | 2014 | |||||||||||||||||||||||
Original | Accumulated | Net | Original | Accumulated | Net | |||||||||||||||||||
Cost | Amortization | Cost | Amortization | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Intellectual property | $ | 435,962 | $ | 220,389 | $ | 215,573 | $ | 435,962 | $ | 201,581 | $ | 234,381 | ||||||||||||
Customer relationships | 120,230 | 72,786 | 47,444 | 120,230 | 69,064 | 51,166 | ||||||||||||||||||
Tradename | 8,500 | 3,686 | 4,814 | 8,500 | 3,269 | 5,231 | ||||||||||||||||||
Backlog | — | — | — | 1,000 | 1,000 | — | ||||||||||||||||||
Patent | 2,500 | 516 | 1,984 | 2,500 | 386 | 2,114 | ||||||||||||||||||
Total amortizable purchased intangible assets | 567,192 | 297,377 | 269,815 | 568,192 | 275,300 | 292,892 | ||||||||||||||||||
IPR&D | 68,102 | — | 68,102 | 68,102 | — | 68,102 | ||||||||||||||||||
Total purchased intangible assets | $ | 635,294 | $ | 297,377 | $ | 337,917 | $ | 636,294 | $ | 275,300 | $ | 360,994 | ||||||||||||
The following table presents the amortization expense of intangible assets and its presentation in the Condensed Consolidated Statements of Income: | ||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
September 27, | September 28, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Cost of goods sold | $ | 18,750 | $ | 8,092 | ||||||||||||||||||||
Intangible asset amortization | 4,327 | 3,436 | ||||||||||||||||||||||
Total intangible asset amortization expenses | $ | 23,077 | $ | 11,528 | ||||||||||||||||||||
The following table represents the estimated future amortization expense of intangible assets as of September 27, 2014: | ||||||||||||||||||||||||
Fiscal Year | Amount | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Remaining nine months of 2015 | $ | 67,366 | ||||||||||||||||||||||
2016 | 74,454 | |||||||||||||||||||||||
2017 | 61,782 | |||||||||||||||||||||||
2018 | 41,927 | |||||||||||||||||||||||
2019 | 13,278 | |||||||||||||||||||||||
2020 | 3,358 | |||||||||||||||||||||||
Thereafter | 7,650 | |||||||||||||||||||||||
Total intangible assets | $ | 269,815 | ||||||||||||||||||||||
Impairment_of_LongLived_Assets
Impairment of Long-Lived Assets (Notes) | 3 Months Ended |
Sep. 27, 2014 | |
impairment of long life assets [Abstract] | ' |
Impairment of Long Lived Assets Disclosure [Text Block] | ' |
IMPAIRMENT OF LONG-LIVED ASSETS | |
Fiscal year 2015: | |
During the first quarter of fiscal year 2015, the Company recorded $10.2 million in impairment of long-lived assets in the Company's Condensed Consolidated Statements of Income. | |
The impairment was primarily related to used fabrication tools identified by the Company as obsolete in the three months ended September 27, 2014 due to the transition to newer technologies. The Company reached its conclusion regarding the asset impairment after conducting an evaluation of alternative use, the condition of the assets and current market demand. | |
Fiscal year 2014: | |
None. |
Subsequent_Event_Notes
Subsequent Event (Notes) | 3 Months Ended |
Sep. 27, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
SUBSEQUENT EVENT | |
In October 2014, the Company announced plans to permanently lower its cost structure through a combination of operating spending reductions and the closure of the Company’s San Jose wafer manufacturing facility. |
Balance_Sheet_Components_Table
Balance Sheet Components (Tables) | 3 Months Ended | |||||||
Sep. 27, 2014 | ||||||||
Balance Sheet Related Disclosures [Abstract] | ' | |||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | |||||||
Accounts receivable, net consists of: | ||||||||
September 27, | June 28, | |||||||
2014 | 2014 | |||||||
Accounts Receivable: | (in thousands) | |||||||
Accounts receivable | $ | 302,111 | $ | 313,578 | ||||
Returns and allowances | (20,179 | ) | (17,750 | ) | ||||
$ | 281,932 | $ | 295,828 | |||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||
Inventories consist of: | ||||||||
September 27, | June 28, | |||||||
2014 | 2014 | |||||||
Inventories: | (in thousands) | |||||||
Raw materials | $ | 11,639 | $ | 14,774 | ||||
Work-in-process | 200,659 | 188,198 | ||||||
Finished goods | 92,810 | 86,320 | ||||||
$ | 305,108 | $ | 289,292 | |||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||
Property, plant and equipment, net consists of: | ||||||||
September 27, | June 28, | |||||||
2014 | 2014 | |||||||
Property, plant and equipment: | (in thousands) | |||||||
Land | $ | 62,093 | $ | 62,093 | ||||
Buildings and building improvements | 384,468 | 378,477 | ||||||
Machinery and equipment | 2,144,586 | 2,134,813 | ||||||
2,591,147 | 2,575,383 | |||||||
Less: accumulated depreciation and amortization | (1,287,286 | ) | (1,243,864 | ) | ||||
$ | 1,303,861 | $ | 1,331,519 | |||||
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | ' | |||||||
Accrued salary and related expenses consist of: | ||||||||
September 27, | June 28, | |||||||
2014 | 2014 | |||||||
Accrued salary and related expenses: | (in thousands) | |||||||
Accrued bonus | $ | 24,029 | $ | 88,192 | ||||
Accrued vacation | 43,130 | 43,528 | ||||||
Accrued salaries | 11,665 | 18,242 | ||||||
Other | 47,800 | 36,770 | ||||||
$ | 126,624 | $ | 186,732 | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||
Sep. 27, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis were as follows: | ||||||||||||||||||||||||||||||||
As of September 27, 2014 | As of June 28, 2014 | |||||||||||||||||||||||||||||||
Fair Value | Total | Fair Value | Total | |||||||||||||||||||||||||||||
Measurements Using | Balance | Measurements Using | Balance | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Money market funds (1) | $ | 891,158 | $ | — | $ | — | $ | 891,158 | $ | 971,868 | $ | — | $ | — | $ | 971,868 | ||||||||||||||||
U.S. treasury bills (2) | — | 75,094 | — | 75,094 | — | 49,953 | — | 49,953 | ||||||||||||||||||||||||
Foreign currency forward contracts (3) | — | 259 | — | 259 | — | 316 | — | 316 | ||||||||||||||||||||||||
Total Assets | $ | 891,158 | $ | 75,353 | $ | — | $ | 966,511 | $ | 971,868 | $ | 50,269 | $ | — | $ | 1,022,137 | ||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Foreign currency forward contracts (4) | $ | — | $ | 2,366 | $ | — | $ | 2,366 | $ | — | $ | 438 | $ | — | $ | 438 | ||||||||||||||||
Contingent Consideration (4) | — | — | 1,000 | 1,000 | — | — | 3,215 | 3,215 | ||||||||||||||||||||||||
Total Liabilities | $ | — | $ | 2,366 | $ | 1,000 | $ | 3,366 | $ | — | $ | 438 | $ | 3,215 | $ | 3,653 | ||||||||||||||||
(1) Included in Cash and cash equivalents in the accompanying Condensed Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||
(2) Included in Short-term investments in the accompanying Condensed Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||
(3) Included in Other current assets in the accompanying Condensed Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||
(4) Included in Accrued expenses in the accompanying Condensed Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | |||||||||||||||||||||||||||||||
The tables below present reconciliations for liabilities measured and recorded at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended September 27, 2014 and September 28, 2013: | ||||||||||||||||||||||||||||||||
Fair Value Measured and Recorded Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||
September 27, | September 28, | |||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Contingent Consideration | (in thousands) | |||||||||||||||||||||||||||||||
Beginning balance | $ | 3,215 | $ | 8,577 | ||||||||||||||||||||||||||||
Total gains or losses (realized and unrealized): | ||||||||||||||||||||||||||||||||
Included in earnings | 384 | 208 | ||||||||||||||||||||||||||||||
Payments | (2,599 | ) | — | |||||||||||||||||||||||||||||
Ending balance | $ | 1,000 | $ | 8,785 | ||||||||||||||||||||||||||||
Changes in unrealized losses (gains) included in earnings related to liabilities still held as of period end | $ | 384 | $ | 208 | ||||||||||||||||||||||||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||
Sep. 27, 2014 | ||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Available-for-sale investments [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Fair values were as follows: | ||||||||||||||||||||||||||||||||
September 27, 2014 | June 28, 2014 | |||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gain | Gross Unrealized Loss | Estimated Fair Value | Amortized Cost | Gross Unrealized Gain | Gross Unrealized Loss | Estimated Fair Value | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Available-for-sale investments | ||||||||||||||||||||||||||||||||
Government agency securities | $ | 75,020 | $ | 86 | $ | (12 | ) | $ | 75,094 | $ | 49,853 | $ | 100 | $ | — | $ | 49,953 | |||||||||||||||
Total available-for-sale investments | $ | 75,020 | $ | 86 | $ | (12 | ) | $ | 75,094 | $ | 49,853 | $ | 100 | $ | — | $ | 49,953 | |||||||||||||||
Schedule of long-term debt [Table Text Block] | ' | |||||||||||||||||||||||||||||||
The following table summarizes the Company’s long-term debt: | ||||||||||||||||||||||||||||||||
September 27, | June 28, | |||||||||||||||||||||||||||||||
2014 | 2014 | |||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
2.5% fixed rate notes due November 2018 | $ | 500,000 | $ | 500,000 | ||||||||||||||||||||||||||||
3.375% fixed rate notes due March 2023 | 500,000 | 500,000 | ||||||||||||||||||||||||||||||
Notes denominated in Euro | ||||||||||||||||||||||||||||||||
Amortizing floating rate notes (EURIBOR plus 1.5%) due up to June 30, 2014 | — | 372 | ||||||||||||||||||||||||||||||
Term fixed rate notes (2.0%) due on September 30, 2015 | 1,026 | 1,026 | ||||||||||||||||||||||||||||||
Total | 1,001,026 | 1,001,398 | ||||||||||||||||||||||||||||||
Less: Current portion | — | (372 | ) | |||||||||||||||||||||||||||||
Total long-term debt | $ | 1,001,026 | $ | 1,001,026 | ||||||||||||||||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||
Sep. 27, 2014 | ||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | |||||||||||||||||||||||||||||||
The following table shows total stock-based compensation expense by type of award, and the resulting tax effect, included in the Condensed Consolidated Statements of Income for the three months ended September 27, 2014 and September 28, 2013: | ||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||
September 27, 2014 | September 28, 2013 | |||||||||||||||||||||||||||||||
Stock Options | Restricted Stock Units | Employee Stock Purchase Plan | Total | Stock Options | Restricted Stock Units | Employee Stock Purchase Plan | Total | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Cost of goods sold | $ | 339 | $ | 1,974 | $ | 524 | $ | 2,837 | $ | 349 | $ | 1,918 | $ | 475 | $ | 2,742 | ||||||||||||||||
Research and development | 2,147 | 8,832 | 1,343 | 12,322 | 1,836 | 6,440 | 1,322 | 9,598 | ||||||||||||||||||||||||
Selling, general and administrative | 1,429 | 5,224 | 608 | 7,261 | 1,264 | 4,527 | 609 | 6,400 | ||||||||||||||||||||||||
Pre-tax stock-based compensation expense | $ | 3,915 | $ | 16,030 | $ | 2,475 | $ | 22,420 | $ | 3,449 | $ | 12,885 | $ | 2,406 | $ | 18,740 | ||||||||||||||||
Less: income tax effect | 3,272 | 2,729 | ||||||||||||||||||||||||||||||
Net stock-based compensation expense | $ | 19,148 | $ | 16,011 | ||||||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||||||||||||||||||||||||||||||
The fair value of options granted to employees has been estimated using the following weighted-average assumptions: | ||||||||||||||||||||||||||||||||
Stock Options | ||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||
September 27, | September 28, | |||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Expected holding period (in years) | 4.8 | 5.4 | ||||||||||||||||||||||||||||||
Risk-free interest rate | 1.6 | % | 1.4 | % | ||||||||||||||||||||||||||||
Expected stock price volatility | 26.7 | % | 35 | % | ||||||||||||||||||||||||||||
Dividend yield | 3.1 | % | 3.1 | % | ||||||||||||||||||||||||||||
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding [Table Text Block] | ' | |||||||||||||||||||||||||||||||
The following table summarizes outstanding, exercisable and vested and expected to vest stock options as of September 27, 2014 and their activity for the three months ended September 27, 2014: | ||||||||||||||||||||||||||||||||
Number of | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in Years) | Aggregate Intrinsic Value (1) | |||||||||||||||||||||||||||||
Shares | ||||||||||||||||||||||||||||||||
Balance at June 28, 2014 | 16,163,644 | $ | 25.74 | |||||||||||||||||||||||||||||
Options Granted | 55,576 | 32.76 | ||||||||||||||||||||||||||||||
Options Exercised | (524,614 | ) | 16.91 | |||||||||||||||||||||||||||||
Options Cancelled | (391,851 | ) | 36.8 | |||||||||||||||||||||||||||||
Balance at September 27, 2014 | 15,302,755 | $ | 25.78 | 3.5 | $ | 99,141,987 | ||||||||||||||||||||||||||
Exercisable, September 27, 2014 | 7,068,084 | $ | 25.79 | 1.8 | $ | 56,266,217 | ||||||||||||||||||||||||||
Vested and expected to vest, September 27, 2014 | 14,551,614 | $ | 25.7 | 3.4 | $ | 96,124,051 | ||||||||||||||||||||||||||
-1 | Aggregate intrinsic value represents the difference between the exercise price and the closing price per share of the Company’s common stock on September 26, 2014, the last business day preceding the fiscal quarter-end, multiplied by the number of options outstanding, exercisable or vested and expected to vest as of September 27, 2014. | |||||||||||||||||||||||||||||||
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest [Table Text Block] | ' | |||||||||||||||||||||||||||||||
The following table summarizes outstanding and expected to vest RSUs as of September 27, 2014 and their activity during the three months ended September 27, 2014: | ||||||||||||||||||||||||||||||||
Number of | Weighted Average | Aggregate Intrinsic | ||||||||||||||||||||||||||||||
Shares | Remaining | Value (1) | ||||||||||||||||||||||||||||||
Contractual Term | ||||||||||||||||||||||||||||||||
(in Years) | ||||||||||||||||||||||||||||||||
Balance at June 28, 2014 | 7,695,131 | |||||||||||||||||||||||||||||||
Restricted stock units granted | 2,462,214 | |||||||||||||||||||||||||||||||
Restricted stock units released | (675,621 | ) | ||||||||||||||||||||||||||||||
Restricted stock units cancelled | (216,225 | ) | ||||||||||||||||||||||||||||||
Balance at September 27, 2014 | 9,265,499 | 3.1 | $ | 308,410,676 | ||||||||||||||||||||||||||||
Outstanding and expected to vest, September 27, 2014 | 8,602,824 | 3 | $ | 265,913,281 | ||||||||||||||||||||||||||||
-1 | Aggregate intrinsic value for RSUs represents the closing price per share of the Company’s common stock on September 26, 2014, the last business day preceding the fiscal quarter-end, multiplied by the number of RSUs outstanding or expected to vest as of September 27, 2014. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Sep. 27, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||
The following table sets forth the computation of basic and diluted earnings per share: | ||||||||
Three Months Ended | ||||||||
September 27, | September 28, | |||||||
2014 | 2013 | |||||||
(in thousands, except per share data) | ||||||||
Numerator for basic earnings per share and diluted earnings per share | ||||||||
Net income | $ | 99,980 | $ | 103,120 | ||||
Denominator for basic earnings per share | 284,086 | 284,654 | ||||||
Effect of dilutive securities: | ||||||||
Stock options, ESPP and RSUs | 5,344 | 5,606 | ||||||
Denominator for diluted earnings per share | 289,430 | 290,260 | ||||||
Earnings per share: basic | ||||||||
Basic | $ | 0.35 | $ | 0.36 | ||||
Diluted | $ | 0.35 | $ | 0.36 | ||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||
Sep. 27, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Schedule of Revenue from External Customers by Geographical Areas [Table Text Block] | ' | |||||||
Net revenues from unaffiliated customers by geographic region were as follows: | ||||||||
Three Months Ended | ||||||||
September 27, | September 28, | |||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
United States | $ | 74,595 | $ | 89,099 | ||||
China | 240,016 | 233,898 | ||||||
Rest of Asia | 165,433 | 173,382 | ||||||
Europe | 83,965 | 72,626 | ||||||
Rest of World | 16,266 | 16,236 | ||||||
$ | 580,275 | $ | 585,241 | |||||
Schedule of Long Lived Assets by Geographical Areas [Table Text Block] | ' | |||||||
Net long-lived assets by geographic region were as follows: | ||||||||
September 27, | June 28, | |||||||
2014 | 2014 | |||||||
(in thousands) | ||||||||
United States | $ | 973,939 | $ | 1,035,699 | ||||
Philippines | 178,352 | 172,823 | ||||||
Rest of World | 151,570 | 122,997 | ||||||
$ | 1,303,861 | $ | 1,331,519 | |||||
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 3 Months Ended | |||||||||||||||||||||||
Sep. 27, 2014 | ||||||||||||||||||||||||
Statement of Comprehensive Income [Abstract] | ' | |||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||||||||||
The changes in accumulated other comprehensive loss by component and related tax effects in the three months ended September 27, 2014 were as follows: | ||||||||||||||||||||||||
(in thousands) | Unrealized gains and losses on intercompany receivables | Unrealized gains and losses on post-retirement benefits | Cumulative translation adjustment | Unrealized gains and losses on cash flow hedges | Unrealized gains and losses on available-for-sale securities | Total | ||||||||||||||||||
28-Jun-14 | $ | (5,753 | ) | $ | (10,373 | ) | $ | (1,136 | ) | $ | (11 | ) | $ | 100 | $ | (17,173 | ) | |||||||
Other comprehensive income (loss) before reclassifications | — | — | — | (1,874 | ) | (25 | ) | (1,899 | ) | |||||||||||||||
Amounts reclassified out of accumulated other comprehensive loss (income) | — | 360 | — | (171 | ) | — | 189 | |||||||||||||||||
Tax effects | (540 | ) | (121 | ) | — | 470 | — | (191 | ) | |||||||||||||||
Other comprehensive income (loss) | (540 | ) | 239 | — | (1,575 | ) | (25 | ) | (1,901 | ) | ||||||||||||||
27-Sep-14 | $ | (6,293 | ) | $ | (10,134 | ) | $ | (1,136 | ) | $ | (1,586 | ) | $ | 75 | $ | (19,074 | ) | |||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | |||||||
Sep. 27, 2014 | ||||||||
Product Warranties Disclosures [Abstract] | ' | |||||||
Schedule of Product Warranty Liability [Table Text Block] | ' | |||||||
The changes in the Company's aggregate product warranty liabilities for the three months ended September 27, 2014 and September 28, 2013 were as follows: | ||||||||
September 27, | September 28, | |||||||
2014 | 2013 | |||||||
Product warranty liability | (in thousands) | |||||||
Beginning balance | $ | 21,296 | $ | 3,075 | ||||
Accruals for warranties | 57 | 498 | ||||||
Payments | (1,617 | ) | (843 | ) | ||||
Changes in estimate | 81 | (378 | ) | |||||
Ending balance | $ | 19,817 | $ | 2,352 | ||||
Less: Current portion | 11,217 | 2,352 | ||||||
Non-current portion | $ | 8,600 | $ | — | ||||
Acquisitions_Tables
Acquisitions (Tables) | 3 Months Ended | |||||
Sep. 27, 2014 | ||||||
Business Combinations [Abstract] | ' | |||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | |||||
The total purchase price for Volterra was approximately $615 million and was comprised of: | ||||||
(in thousands) | ||||||
Cash consideration for 100% of outstanding common stock of Volterra at $23 per share | $ | 593,250 | ||||
Cash consideration for vested options settlement | 21,756 | |||||
Total preliminary purchase price | $ | 615,006 | ||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | |||||
The preliminary purchase price allocation as of the date of the acquisition is set forth in the table below and reflects various fair value estimates and analysis. These estimates were determined through established and generally accepted valuation techniques, including preliminary work performed by third-party valuation specialists, and are subject to change during the purchase price allocation period (up to one year from the acquisition date) as valuations are finalized. | ||||||
Volterra | ||||||
(in thousands) | ||||||
Cash and cash equivalents and short-term investments | $ | 163,500 | ||||
Accounts receivable | 23,453 | |||||
Inventories | 33,339 | |||||
Other tangible assets | 17,151 | |||||
Accrued expenses | (35,343 | ) | ||||
Income taxes payable | (23,241 | ) | ||||
Other liabilities assumed | (20,149 | ) | ||||
Net tangible assets | 158,710 | |||||
Amortizable intangible assets | 226,900 | |||||
In-process research and development ("IPR&D") | 56,200 | |||||
Goodwill | 174,894 | |||||
Substitution of stock-based compensation awards | (1,698 | ) | ||||
Total purchase price | $ | 615,006 | ||||
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | ' | |||||
The amortizable intangible assets are being amortized on a straight-line basis over their estimated useful lives as follows: | ||||||
Volterra acquisition | ||||||
Fair value | Weighted average useful life (in years) | |||||
(in thousands) | ||||||
Intellectual property | $ | 192,500 | 4.9 | |||
Customer relationships | 24,600 | 9.6 | ||||
Trade name | 6,400 | 4 | ||||
Backlog | 900 | 0.4 | ||||
Patents | 2,500 | 4.8 | ||||
Total amortizable intangible assets | $ | 226,900 | ||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 3 Months Ended | |||||||||||||||||||||||
Sep. 27, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | ' | |||||||||||||||||||||||
Activity and goodwill balances for the three months ended September 27, 2014 were as follows: | ||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Balance at June 28, 2014 | $ | 596,637 | ||||||||||||||||||||||
Adjustments | (1,196 | ) | ||||||||||||||||||||||
Balance at September 27, 2014 | $ | 595,441 | ||||||||||||||||||||||
Useful lives of definite lived intangible assets [Table Text Block] | ' | |||||||||||||||||||||||
The useful lives of amortizable intangible assets are as follows: | ||||||||||||||||||||||||
Asset | Life | |||||||||||||||||||||||
Intellectual property | 3 months-10 years | |||||||||||||||||||||||
Customer relationships | 5-10 years | |||||||||||||||||||||||
Trade name | 3-4 years | |||||||||||||||||||||||
Backlog | 4 months | |||||||||||||||||||||||
Patents | 5 years | |||||||||||||||||||||||
Schedule of intangible assets [Table Text Block] | ' | |||||||||||||||||||||||
Intangible assets consisted of the following: | ||||||||||||||||||||||||
September 27, | June 28, | |||||||||||||||||||||||
2014 | 2014 | |||||||||||||||||||||||
Original | Accumulated | Net | Original | Accumulated | Net | |||||||||||||||||||
Cost | Amortization | Cost | Amortization | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Intellectual property | $ | 435,962 | $ | 220,389 | $ | 215,573 | $ | 435,962 | $ | 201,581 | $ | 234,381 | ||||||||||||
Customer relationships | 120,230 | 72,786 | 47,444 | 120,230 | 69,064 | 51,166 | ||||||||||||||||||
Tradename | 8,500 | 3,686 | 4,814 | 8,500 | 3,269 | 5,231 | ||||||||||||||||||
Backlog | — | — | — | 1,000 | 1,000 | — | ||||||||||||||||||
Patent | 2,500 | 516 | 1,984 | 2,500 | 386 | 2,114 | ||||||||||||||||||
Total amortizable purchased intangible assets | 567,192 | 297,377 | 269,815 | 568,192 | 275,300 | 292,892 | ||||||||||||||||||
IPR&D | 68,102 | — | 68,102 | 68,102 | — | 68,102 | ||||||||||||||||||
Total purchased intangible assets | $ | 635,294 | $ | 297,377 | $ | 337,917 | $ | 636,294 | $ | 275,300 | $ | 360,994 | ||||||||||||
Schedule of amortization expense allocation of intangible assets [Table Text Block] | ' | |||||||||||||||||||||||
The following table presents the amortization expense of intangible assets and its presentation in the Condensed Consolidated Statements of Income: | ||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
September 27, | September 28, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Cost of goods sold | $ | 18,750 | $ | 8,092 | ||||||||||||||||||||
Intangible asset amortization | 4,327 | 3,436 | ||||||||||||||||||||||
Total intangible asset amortization expenses | $ | 23,077 | $ | 11,528 | ||||||||||||||||||||
Estimated future amortization expense of intangible assets [Table Text Block] | ' | |||||||||||||||||||||||
The following table represents the estimated future amortization expense of intangible assets as of September 27, 2014: | ||||||||||||||||||||||||
Fiscal Year | Amount | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Remaining nine months of 2015 | $ | 67,366 | ||||||||||||||||||||||
2016 | 74,454 | |||||||||||||||||||||||
2017 | 61,782 | |||||||||||||||||||||||
2018 | 41,927 | |||||||||||||||||||||||
2019 | 13,278 | |||||||||||||||||||||||
2020 | 3,358 | |||||||||||||||||||||||
Thereafter | 7,650 | |||||||||||||||||||||||
Total intangible assets | $ | 269,815 | ||||||||||||||||||||||
Basis_of_Presentation_Details
Basis of Presentation (Details) | 3 Months Ended |
Sep. 27, 2014 | |
Basis of Presentation [Abstract] | ' |
Frequency of 53 Week Fiscal Year | 'fifth or sixth year |
Fiscal Year Duration Range | '52-to-53-week |
Number of Weeks in Current Fiscal Year | 'P52W |
Balance_Sheet_Components_Detai
Balance Sheet Components (Details) (USD $) | Sep. 27, 2014 | Jun. 28, 2014 |
In Thousands, unless otherwise specified | ||
Accounts Receivables: | ' | ' |
Accounts receivable | $302,111 | $313,578 |
Returns and allowances | -20,179 | -17,750 |
Accounts receivable, net | 281,932 | 295,828 |
Inventories: | ' | ' |
Raw materials | 11,639 | 14,774 |
Work-in-process | 200,659 | 188,198 |
Finished goods | 92,810 | 86,320 |
Inventory, net | 305,108 | 289,292 |
Property, plant and equipment: | ' | ' |
Land | 62,093 | 62,093 |
Buildings and building improvements | 384,468 | 378,477 |
Machinery and equipment | 2,144,586 | 2,134,813 |
Property, plant and equipment, gross | 2,591,147 | 2,575,383 |
Less: accumulated depreciation and amortization | -1,287,286 | -1,243,864 |
Property, plant and equipment, net | 1,303,861 | 1,331,519 |
Employee-related Liabilities, Current [Abstract] | ' | ' |
Accrued Bonuses | 24,029 | 88,192 |
Accrued Vacation | 43,130 | 43,528 |
Accrued Salaries | 11,665 | 18,242 |
Other Employee Related Liabilities, Current | 47,800 | 36,770 |
Accrued salary and related expenses | $126,624 | $186,732 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Sep. 27, 2014 | Jun. 28, 2014 | Sep. 28, 2013 | Jun. 29, 2013 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Jun. 28, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | ||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member] | Money Market Funds [Member] | Money Market Funds [Member] | Money Market Funds [Member] | Money Market Funds [Member] | Money Market Funds [Member] | Money Market Funds [Member] | Money Market Funds [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Accrued Liabilities [Member] | Accrued Liabilities [Member] | Accrued Liabilities [Member] | Accrued Liabilities [Member] | Accrued Liabilities [Member] | Accrued Liabilities [Member] | Accrued Liabilities [Member] | Accrued Liabilities [Member] | ||||||||||||||||||||||||||||||||||||
Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Measurements Using Level 1 [Member] | Fair Value Measurements Using Level 1 [Member] | Fair Value Measurements Using Level 2 [Member] | Fair Value Measurements Using Level 2 [Member] | Fair Value Measurements Using Level 3 [Member] | Fair Value Measurements Using Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||||||||||||||||||||||||||||||||||
Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Measurements Using Level 1 [Member] | Fair Value Measurements Using Level 1 [Member] | Fair Value Measurements Using Level 2 [Member] | Fair Value Measurements Using Level 2 [Member] | Fair Value Measurements Using Level 3 [Member] | Fair Value Measurements Using Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Measurements Using Level 1 [Member] | Fair Value Measurements Using Level 1 [Member] | Fair Value Measurements Using Level 2 [Member] | Fair Value Measurements Using Level 2 [Member] | Fair Value Measurements Using Level 3 [Member] | Fair Value Measurements Using Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Measurements Using Level 1 [Member] | Fair Value Measurements Using Level 1 [Member] | Fair Value Measurements Using Level 2 [Member] | Fair Value Measurements Using Level 2 [Member] | Fair Value Measurements Using Level 3 [Member] | Fair Value Measurements Using Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Measurements Using Level 1 [Member] | Fair Value Measurements Using Level 1 [Member] | Fair Value Measurements Using Level 2 [Member] | Fair Value Measurements Using Level 2 [Member] | Fair Value Measurements Using Level 3 [Member] | Fair Value Measurements Using Level 3 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | 1,243,883 | 1,322,472 | 1,009,547 | 1,174,986 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 891,158 | [1] | 971,868 | [1] | 891,158 | [1] | 971,868 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||
Government agency securities | 75,094 | 49,953 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,094 | [2] | 49,953 | [2] | 0 | [2] | 0 | [2] | 75,094 | [2] | 49,953 | [2] | 0 | [2] | 0 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||
Foreign currency forward contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 259 | [3] | 316 | [3] | 0 | [3] | 0 | [3] | 259 | [3] | 316 | [3] | 0 | [3] | 0 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||
Total Assets | ' | ' | ' | ' | ' | ' | ' | 966,511 | 1,022,137 | 891,158 | 971,868 | 75,353 | 50,269 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||
Foreign currency forward contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,366 | [4] | 438 | [4] | 0 | [4] | 0 | [4] | 2,366 | [4] | 438 | [4] | 0 | [4] | 0 | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||
Contingent Consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | [4] | 3,215 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 1,000 | [4] | 3,215 | [4] | ||||||||||||||||||||||||
Total Liabilities | ' | ' | ' | ' | ' | ' | ' | 3,366 | 3,653 | 0 | 0 | 2,366 | 438 | 1,000 | 3,215 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | ' | ' | ' | ' | ' | 3,215 | 8,577 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | ' | ' | ' | ' | ' | 384 | 208 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||
Business acquisition,cash paid for contingent consideration | ' | ' | ' | ' | ' | -2,599 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | ' | ' | ' | ' | ' | 1,000 | 8,785 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) Included in Other Income | ' | ' | ' | ' | ' | $384 | $208 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||
[1] | Included in Cash and cash equivalents in the accompanying Condensed Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Included in Short-term investments in the accompanying Condensed Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Included in Other current assets in the accompanying Condensed Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Included in Accrued expenses in the accompanying Condensed Consolidated Balance Sheets. |
Financial_Instruments_Shortter
Financial Instruments, Short-term Investments (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Sep. 27, 2014 | Jun. 28, 2014 | |
Available-for-sale Securities [Abstract] | ' | ' |
Amortized Cost | $75,020,000 | $49,853,000 |
Gross Unrealized Gains | 86,000 | 100,000 |
Gross Unrealized Loss | -12,000 | 0 |
Estimated Fair Value | 75,094,000 | 49,953,000 |
Short-Term Investment [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | 0 | 0 |
Government agency securities [Member] | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Amortized Cost | 75,020,000 | 49,853,000 |
Gross Unrealized Gains | 86,000 | 100,000 |
Gross Unrealized Loss | -12,000 | 0 |
Estimated Fair Value | $75,094,000 | $49,953,000 |
Financial_Instruments_Balance_
Financial Instruments, Balance Sheet Location (Details) (USD $) | Sep. 27, 2014 | Jun. 28, 2014 |
In Millions, unless otherwise specified | ||
Derivatives designated as hedging instruments [Member] | Cash Flow Hedging [Member] | Forward contracts held to purchase U.S. dollars [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional amount of derivatives | $70.10 | $60.60 |
Derivatives designated as hedging instruments [Member] | Cash Flow Hedging [Member] | Forward contracts held to sell U.S. dollars [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional amount of derivatives | 1.5 | 0.8 |
Derivatives not designated as hedging instruments [Member] | Forward contracts held to purchase U.S. dollars [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional amount of derivatives | 35.7 | 31.4 |
Derivatives not designated as hedging instruments [Member] | Forward contracts held to sell U.S. dollars [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional amount of derivatives | $38.90 | $48.90 |
Financial_Instruments_Longterm
Financial Instruments, Long-term Debt (Details) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Sep. 27, 2014 | Sep. 28, 2013 | Jun. 28, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Dec. 28, 2013 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 30, 2013 | Sep. 27, 2014 | Jun. 28, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 27, 2014 | |
Fixed Rate Note Due November 2018 at 2 Point 50 Percent [Member] | Fixed Rate Note Due November 2018 at 2 Point 50 Percent [Member] | Fixed Rate Note Due November 2018 at 2 Point 50 Percent [Member] | Fixed Rate Note Due March 2023 at 3 Point 375 Percent [Member] | Fixed Rate Note Due March 2023 at 3 Point 375 Percent [Member] | Fixed Rate Note Due March 2023 at 3 Point 375 Percent [Member] | Amortizing floating rate notes (EURIBOR plus 1.5%) due up to June 30, 2014 [Member] | Amortizing floating rate notes (EURIBOR plus 1.5%) due up to June 30, 2014 [Member] | Term fixed rate notes (2.0%) due up to September 30, 2015 [Member] | Term fixed rate notes (2.0%) due up to September 30, 2015 [Member] | Unsecured Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convenant Requirement, minimum interest coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.5 | ' |
Long-term debt | $1,001,026,000 | ' | $1,001,398,000 | $500,000,000 | $500,000,000 | $500,000,000 | $500,000,000 | $500,000,000 | $500,000,000 | $0 | $372,000 | $1,026,000 | $1,026,000 | ' | ' |
Long-term debt, current portion | 0 | ' | -372,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, excluding current portion | 1,001,026,000 | ' | 1,001,026,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate of the notes | ' | ' | ' | 2.50% | ' | 2.50% | 3.38% | ' | 3.38% | ' | ' | ' | ' | ' | ' |
Effective interest rate of the Notes | ' | ' | ' | ' | ' | 2.60% | ' | ' | 3.50% | ' | ' | ' | ' | ' | ' |
Net Proceeds From Issuance of Long Term Debt 4 | ' | ' | ' | 494,500,000 | ' | ' | 490,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense relating to the Notes | 7,400,000 | 4,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair value of long-term debt | 999,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum stated interest rate of notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' |
Floating rate notes, rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'EURIBOR | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $350,000,000 |
Debt Instrument, Covenant Requirement, Ratio of Debt to EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | ' |
Allocated Share-based Compensation Expense | $22,420 | $18,740 |
Less: Income tax effect | 3,272 | 2,729 |
Net stock-based compensation expense | 19,148 | 16,011 |
Cost of Sales [Member] | ' | ' |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | ' |
Allocated Share-based Compensation Expense | 2,837 | 2,742 |
Research and Development Expense [Member] | ' | ' |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | ' |
Allocated Share-based Compensation Expense | 12,322 | 9,598 |
General and Administrative Expense [Member] | ' | ' |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | ' |
Allocated Share-based Compensation Expense | 7,261 | 6,400 |
Stock options [Member] | ' | ' |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | ' |
Allocated Share-based Compensation Expense | 3,915 | 3,449 |
Stock options [Member] | Cost of Sales [Member] | ' | ' |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | ' |
Allocated Share-based Compensation Expense | 339 | 349 |
Stock options [Member] | Research and Development Expense [Member] | ' | ' |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | ' |
Allocated Share-based Compensation Expense | 2,147 | 1,836 |
Stock options [Member] | General and Administrative Expense [Member] | ' | ' |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | ' |
Allocated Share-based Compensation Expense | 1,429 | 1,264 |
Restricted stock units [Member] | ' | ' |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | ' |
Allocated Share-based Compensation Expense | 16,030 | 12,885 |
Restricted stock units [Member] | Cost of Sales [Member] | ' | ' |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | ' |
Allocated Share-based Compensation Expense | 1,974 | 1,918 |
Restricted stock units [Member] | Research and Development Expense [Member] | ' | ' |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | ' |
Allocated Share-based Compensation Expense | 8,832 | 6,440 |
Restricted stock units [Member] | General and Administrative Expense [Member] | ' | ' |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | ' |
Allocated Share-based Compensation Expense | 5,224 | 4,527 |
ESP Plan [Member] | ' | ' |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | ' |
Allocated Share-based Compensation Expense | 2,475 | 2,406 |
ESP Plan [Member] | Cost of Sales [Member] | ' | ' |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | ' |
Allocated Share-based Compensation Expense | 524 | 475 |
ESP Plan [Member] | Research and Development Expense [Member] | ' | ' |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | ' |
Allocated Share-based Compensation Expense | 1,343 | 1,322 |
ESP Plan [Member] | General and Administrative Expense [Member] | ' | ' |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | ' |
Allocated Share-based Compensation Expense | $608 | $609 |
StockBased_Compensation_Fair_V
Stock-Based Compensation, Fair Value of Options (Details) (USD $) | 3 Months Ended | |
Sep. 27, 2014 | Sep. 28, 2013 | |
Stock Option [Member] | ' | ' |
Weighted-average Assumptions Used for Fair Value of Award Granted [Abstract] | ' | ' |
Options granted, weighted average fair value of stock options (per share) | $5.67 | $6.74 |
Stock options [Member] | ' | ' |
Weighted-average Assumptions Used for Fair Value of Award Granted [Abstract] | ' | ' |
Expected holding period (in years) | '4 years 9 months 18 days | '5 years 4 months 24 days |
Risk-free interest rate | 1.60% | 1.40% |
Expected stock price volatility | 26.70% | 35.00% |
Dividend yield | 3.10% | 3.10% |
StockBased_Compensation_Stock_
Stock-Based Compensation, Stock Option Plans (Details) (Stock options [Member], USD $) | 3 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | ||
Stock options [Member] | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | |
Options outstanding, beginning | 16,163,644 | ' | |
Options Granted | 55,576 | ' | |
Options Exercised | -524,614 | ' | |
Options Cancelled | -391,851 | ' | |
Options outstanding, ending | 15,302,755 | ' | |
Options outstanding, weighted average exercise price, beginning (per share) | $25.74 | ' | |
Options granted, weighted average exercise price (per share) | $32.76 | ' | |
Options exercised, weighted average exercise price (per share) | $16.91 | ' | |
Options cancelled, weighted average exercise price (per share) | $36.80 | ' | |
Options outstanding, weighted average exercise price, ending (per share) | $25.78 | ' | |
Options outstanding, weighted average remaining contractual term (in years) | '3 years 6 months | ' | |
Options outstanding, aggregate intrinsic value | $99,141,987 | [1] | ' |
Options exercisable, number of shares | 7,068,084 | ' | |
Options exercisable, weighted average exercise price (per share) | $25.79 | ' | |
Options exercisable, weighted average remaining contractual term (in years) | '1 year 9 months 18 days | ' | |
Options exercisable, aggregate intrinsic value | 56,266,217 | [1] | ' |
Options vested and expected to vest, number of shares | 14,551,614 | ' | |
Options vested and expected to vest, weighted average exercise price (per share) | $25.70 | ' | |
Options vested and expected to vest, weighted average remaining contractual term (in years) | '3 years 4 months 24 days | ' | |
Options vested and expected to vest, aggregate intrinsic value | 96,124,051 | [1] | ' |
Unrecognized compensation costs related to unvested stock options | $32,300,000 | $44,200,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 8,200,000 | 11,100,000 | |
Weighted average period of recognition for unrecognized compensation costs (in years) | '2 years 6 months | '3 years 1 month 6 days | |
[1] | (1)Aggregate intrinsic value represents the difference between the exercise price and the closing price per share of the Companybs common stock on September 26, 2014, the last business day preceding the fiscal quarter-end, multiplied by the number of options outstanding, exercisable or vested and expected to vest as of September 27, 2014. |
StockBased_Compensation_Restri
Stock-Based Compensation, Restricted Stock Units (Details) (Restricted stock units [Member], USD $) | 3 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | ||
Restricted stock units [Member] | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | |
Restricted stock units granted, weighted average grant date fair value (per share) | $25.48 | $24.75 | |
Value of restricted stock unit shares withheld for withholding tax | $8,000,000 | ' | |
Unrecognized compensation costs related to unvested RSUs | 187,800,000 | 152,100,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 9,300,000 | 9,100,000 | |
Weighted average period of recognition for unrecognized compensation costs (in years) | '3 years 1 month 6 days | '3 years | |
Outstanding and expected to vest RSUs [Roll Forward] | ' | ' | |
Restricted stock units outstanding, beginning | 7,695,131 | ' | |
Restricted stock units granted | 2,462,214 | ' | |
Restricted stock units released | -675,621 | ' | |
Restricted stock units cancelled | -216,225 | ' | |
Restricted stock units outstanding, ending | 9,265,499 | ' | |
Restricted stock units outstanding, weighted average remaining contractual term (in years) | '3 years 1 month 6 days | ' | |
Restricted stock units outstanding, aggregate intrinsic value | 308,410,676 | [1] | ' |
Restricted stock units expected to vest, number of shares | 8,602,824 | ' | |
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other than Options, Expected to Vest, Weighted Average Remaining Contractual Term 1 | '3 years | ' | |
Restricted stock units expected to vest, aggregate intrinsic value | $265,913,281 | [1] | ' |
[1] | (1)Aggregate intrinsic value for RSUs represents the closing price per share of the Companybs common stock on September 26, 2014, the last business day preceding the fiscal quarter-end, multiplied by the number of RSUs outstanding or expected to vest as of September 27, 2014. |
StockBased_Compensation_Employ
Stock-Based Compensation, Employee Stock Purchase Plan (Details) (ESP Plan [Member], USD $) | Sep. 27, 2014 |
In Millions, unless otherwise specified | |
ESP Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized compensation expense | $3.10 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Numerator for basic earnings per share and diluted earnings per share | ' | ' |
Net income | $99,980 | $103,120 |
Denominator for basic earnings per share | 284,086,000 | 284,654,000 |
Effect of dilutive securities | ' | ' |
Stock options, ESPP and RSUs | 5,344,000 | 5,606,000 |
Denominator for diluted earnings per share | 289,430,000 | 290,260,000 |
Earnings per share, Basic (per share) | $0.35 | $0.36 |
Earnings per share, Diluted (per share) | $0.35 | $0.36 |
Antidilutive securities excluded from computation of earnings per share | 5,900,000 | 8,900,000 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Jun. 28, 2014 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | $580,275 | $585,241 | ' |
Long-lived assets | 1,303,861 | ' | 1,331,519 |
United States [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 74,595 | 89,099 | ' |
Long-lived assets | 973,939 | ' | 1,035,699 |
China [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 240,016 | 233,898 | ' |
Rest of Asia [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 165,433 | 173,382 | ' |
Europe [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 83,965 | 72,626 | ' |
Rest of World [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 16,266 | 16,236 | ' |
Long-lived assets | 151,570 | ' | 122,997 |
Philippines [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Long-lived assets | $178,352 | ' | $172,823 |
Comprehensive_Income_Accumulat
Comprehensive Income Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($17,173) | ' |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | -1,899 | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 189 | ' |
Other Comprehensive Income (Loss), Tax | -191 | ' |
Other Comprehensive Income (Loss), Net of Tax | -1,901 | 1,638 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -19,074 | ' |
Unrealized Holding Gains (Losses) on Intercompany Receivables [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -5,753 | ' |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 0 | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | ' |
Other Comprehensive Income (Loss), Tax | -540 | ' |
Other Comprehensive Income (Loss), Net of Tax | -540 | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -6,293 | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -10,373 | ' |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 0 | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 360 | ' |
Other Comprehensive Income (Loss), Tax | -121 | ' |
Other Comprehensive Income (Loss), Net of Tax | 239 | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -10,134 | ' |
Accumulated Translation Adjustment [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -1,136 | ' |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 0 | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | ' |
Other Comprehensive Income (Loss), Tax | 0 | ' |
Other Comprehensive Income (Loss), Net of Tax | 0 | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -1,136 | ' |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -11 | ' |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | -1,874 | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | -171 | ' |
Other Comprehensive Income (Loss), Tax | 470 | ' |
Other Comprehensive Income (Loss), Net of Tax | -1,575 | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -1,586 | ' |
Unrealized Holding Gains (losses) on Available-for-sale Investments [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 100 | ' |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | -25 | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | ' |
Other Comprehensive Income (Loss), Tax | 0 | ' |
Other Comprehensive Income (Loss), Net of Tax | -25 | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $75 | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
Sep. 27, 2014 | Sep. 28, 2013 | |
Income Tax Contingency [Line Items] | ' | ' |
Provision for income taxes | ($5,499,000) | $22,026,000 |
Effective Income Tax Rate Reconciliation, Percent | -5.80% | 17.60% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 35.00% | ' |
Scenario, Actual [Member] | ' | ' |
Income Tax Contingency [Line Items] | ' | ' |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $24,800,000 | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ' | ' |
Product Warranty Accrual | $21,296 | $3,075 |
Product Warranty Accrual, Warranties Issued | 57 | 498 |
Product Warranty Accrual, Payments | -1,617 | -843 |
Product Warranty Accrual, Preexisting, Increase (Decrease) | 81 | -378 |
Product Warranty Accrual | 19,817 | 2,352 |
Product Warranty Accrual, Current | 11,217 | 2,352 |
Product Warranty Accrual, Noncurrent | $8,600 | $0 |
Common_Stock_Repurchases_Detai
Common Stock Repurchases (Details) (USD $) | 1 Months Ended | 3 Months Ended |
Share data in Millions, unless otherwise specified | Jul. 31, 2013 | Sep. 27, 2014 |
Common Stock Repurchases [Abstract] | ' | ' |
Stock repurchase program, authorized amount | $1,000,000,000 | ' |
Shares of common stock repurchased | ' | 2 |
Value of common stock repurchased | ' | 62,700,000 |
Stock repurchase program, remaining authorized amount | ' | $699,200,000 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Sep. 27, 2014 | Dec. 28, 2013 | Jun. 28, 2014 | |
Business Acquisition [Line Items] | ' | ' | ' |
Number of Businesses Acquired | 0 | ' | 2 |
Business Acquisition, Share Price | ' | $23 | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | 100.00% | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ' | ' | ' |
Goodwill | 595,441,000 | ' | $596,637,000 |
Volterra [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Business Acquisition, Effective Date of Acquisition | 1-Oct-13 | ' | ' |
Business Combination, Acquisition Related Costs | ' | ' | 7,000,000 |
Payments to Acquire Businesses, Gross | ' | 593,250,000 | ' |
Business Acquisition, Cash Paid for Employee's Vested Options | ' | 21,756,000 | ' |
Business Combination, Consideration Transferred | ' | 615,006,000 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ' | ' | ' |
Business Combination, Cash and Equivalents | ' | 163,500,000 | ' |
Business Combination, Receivables | ' | 23,453,000 | ' |
Business Combination, Inventory | ' | 33,339,000 | ' |
Business Combination, Other Noncurrent Assets | ' | 17,151,000 | ' |
Business Combination, Accrued Liabilities | ' | -35,343,000 | ' |
Business Combination, Income Tax Payable | ' | -23,241,000 | ' |
Business Combination, Current Liabilities, Other | ' | -20,149,000 | ' |
Business Combination, Assets Acquired and Liabilities Assumed, Net | ' | 158,710,000 | ' |
Business Combination, Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | ' | 226,900,000 | ' |
Business Combination, Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | ' | 56,200,000 | ' |
Goodwill | ' | 174,894,000 | ' |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | ' | -1,698,000 | ' |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | ' | 615,006,000 | ' |
Volterra [Member] | Intellectual property [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | '4 years 10 months 24 days | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ' | ' | ' |
Business Combination, Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | ' | 192,500,000 | ' |
Volterra [Member] | Customer relationships [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | '9 years 7 months 6 days | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ' | ' | ' |
Business Combination, Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | ' | 24,600,000 | ' |
Volterra [Member] | Tradename [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | '4 years | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ' | ' | ' |
Business Combination, Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | ' | 6,400,000 | ' |
Volterra [Member] | Order or Production Backlog [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | '4 months 24 days | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ' | ' | ' |
Business Combination, Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | ' | 900,000 | ' |
Volterra [Member] | Patents [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | '4 years 9 months 18 days | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ' | ' | ' |
Business Combination, Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | ' | 2,500,000 | ' |
Other Acquisition [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Business Combination, Consideration Transferred | ' | ' | 6,100,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ' | ' | ' |
Goodwill | ' | ' | $500,000 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets, Goodwill (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 27, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Goodwill | $596,637 |
Goodwill, Translation and Purchase Accounting Adjustments | -1,196 |
Goodwill | $595,441 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets Useful Lives of Amortizable Intangible Assets (Details) | 3 Months Ended |
Sep. 27, 2014 | |
Intellectual property [Member] | Minimum [Member] | ' |
Amortizable intangible assets, useful life, minimum (in years) | '3 months |
Intellectual property [Member] | Maximum [Member] | ' |
Amortizable intangible assets, useful life, minimum (in years) | '10 years |
Customer relationships [Member] | Minimum [Member] | ' |
Amortizable intangible assets, useful life, minimum (in years) | '5 years |
Customer relationships [Member] | Maximum [Member] | ' |
Amortizable intangible assets, useful life, minimum (in years) | '10 years |
Tradename [Member] | Minimum [Member] | ' |
Amortizable intangible assets, useful life, minimum (in years) | '3 years |
Tradename [Member] | Maximum [Member] | ' |
Amortizable intangible assets, useful life, minimum (in years) | '4 years |
Order or Production Backlog [Member] | ' |
Amortizable intangible assets, useful life, minimum (in years) | '4 months |
Patents [Member] | ' |
Amortizable intangible assets, useful life, minimum (in years) | '5 years |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets, Intangible Assets (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Jun. 28, 2014 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' | ' |
Original Cost | $567,192 | ' | $568,192 |
Accumulated Amortization | 297,377 | ' | 275,300 |
Net | 269,815 | ' | 292,892 |
IPR&D | 68,102 | ' | 68,102 |
Gross Intangible Assets | 635,294 | ' | 636,294 |
Total purchased intangible assets | 337,917 | ' | 360,994 |
Cost of goods sold, amortization | 18,750 | 8,092 | ' |
Operating Expenses, Amortization | 4,327 | 3,436 | ' |
Amortization of Intangible Assets | 23,077 | 11,528 | ' |
Future amortization expense [Abstract] | ' | ' | ' |
Remaining nine months of 2015 | 67,366 | ' | ' |
2016 | 74,454 | ' | ' |
2017 | 61,782 | ' | ' |
2018 | 41,927 | ' | ' |
2019 | 13,278 | ' | ' |
2020 | 3,358 | ' | ' |
Thereafter | 7,650 | ' | ' |
Net | 269,815 | ' | 292,892 |
Intellectual property [Member] | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' | ' |
Original Cost | 435,962 | ' | 435,962 |
Accumulated Amortization | 220,389 | ' | 201,581 |
Net | 215,573 | ' | 234,381 |
Future amortization expense [Abstract] | ' | ' | ' |
Net | 215,573 | ' | 234,381 |
Customer relationships [Member] | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' | ' |
Original Cost | 120,230 | ' | 120,230 |
Accumulated Amortization | 72,786 | ' | 69,064 |
Net | 47,444 | ' | 51,166 |
Future amortization expense [Abstract] | ' | ' | ' |
Net | 47,444 | ' | 51,166 |
Tradename [Member] | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' | ' |
Original Cost | 8,500 | ' | 8,500 |
Accumulated Amortization | 3,686 | ' | 3,269 |
Net | 4,814 | ' | 5,231 |
Future amortization expense [Abstract] | ' | ' | ' |
Net | 4,814 | ' | 5,231 |
Order or Production Backlog [Member] | ' | ' | ' |
Finite and Indefinite Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortizable intangible assets, useful life, minimum (in years) | '4 months | ' | ' |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' | ' |
Original Cost | 0 | ' | 1,000 |
Accumulated Amortization | 0 | ' | 1,000 |
Net | 0 | ' | 0 |
Future amortization expense [Abstract] | ' | ' | ' |
Net | 0 | ' | 0 |
Patents [Member] | ' | ' | ' |
Finite and Indefinite Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortizable intangible assets, useful life, minimum (in years) | '5 years | ' | ' |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' | ' |
Original Cost | 2,500 | ' | 2,500 |
Accumulated Amortization | 516 | ' | 386 |
Net | 1,984 | ' | 2,114 |
Future amortization expense [Abstract] | ' | ' | ' |
Net | 1,984 | ' | 2,114 |
In Process Research and Development [Member] | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' | ' |
IPR&D | $68,102 | ' | $68,102 |
Impairment_of_LongLived_Assets1
Impairment of Long-Lived Assets (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
impairment of long life assets [Abstract] | ' | ' |
Impairment of Long-Lived Assets to be Disposed of | $10,226 | $0 |