Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Mar. 29, 2015 | Jun. 02, 2015 | Sep. 26, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Exar Corporation | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | -26 | ||
Entity Common Stock, Shares Outstanding | 48,047,601 | ||
Entity Public Float | $198,800,000 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 753568 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | 29-Mar-15 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $55,233 | $14,614 |
Short-term marketable securities | 152,420 | |
Accounts receivable (net of allowances of $1,334 and $1,178) | 27,459 | 15,023 |
Accounts receivable, related party (net of allowances of $774 and $608) | 1,663 | 3,309 |
Inventories | 30,767 | 28,982 |
Other current assets | 3,090 | 3,549 |
Total current assets | 118,212 | 217,897 |
Property, plant and equipment, net | 26,077 | 21,280 |
Goodwill | 44,871 | 30,410 |
Intangible assets, net | 86,102 | 31,390 |
Other non-current assets | 7,838 | 1,240 |
Total assets | 283,100 | 302,217 |
Current liabilities: | ||
Accounts payable | 13,526 | 15,488 |
Accrued compensation and related benefits | 5,649 | 4,174 |
Deferred income and allowances on sales to distributors | 3,362 | 1,765 |
Deferred income and allowances on sales to distributors, related party | 6,982 | 9,349 |
Other current liabilities | 21,287 | 11,370 |
Total current liabilities | 50,806 | 42,146 |
Long-term lease financing obligations | 5,069 | 70 |
Other non-current obligations | 4,393 | 6,626 |
Total liabilities | 60,268 | 48,842 |
Commitments and contingencies (Notes 15, 16 and 17) | ||
Stockholders’ equity: | ||
Common stock, $.0001 par value; 100,000,000 shares authorized; 47,745,618 and 47,336,005 shares outstanding (net of treasury shares) | 5 | 5 |
Additional paid-in capital | 521,490 | 508,116 |
Accumulated other comprehensive loss | -26 | -1,079 |
Accumulated deficit | -298,637 | -253,667 |
Total stockholders’ equity | 222,832 | 253,375 |
Total liabilities and stockholders’ equity | $283,100 | $302,217 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowances | $1,334 | $1,178 |
Common stock par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares outstanding | 47,745,618 | 47,336,005 |
Related Party [Member] | ||
Accounts receivable, allowances | $774 | $608 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | |
Sales: | |||
Net sales | $125,791,000 | $89,595,000 | $85,856,000 |
Net sales, related party | 36,259,000 | 35,727,000 | 36,170,000 |
Total net sales | 162,050,000 | 125,322,000 | 122,026,000 |
Cost of sales: | |||
Cost of sales | 71,139,000 | 48,067,000 | 45,943,000 |
Cost of sales, related party | 14,359,000 | 15,738,000 | 16,716,000 |
Amortization of purchased intangible assets and inventory step-up | 11,740,000 | 7,600,000 | 3,379,000 |
Impairment of Intangibles | 1,600,000 | 0 | |
Restructuring charges and exit costs | 12,200,000 | 3,000,000 | |
Warranty reserve | -1,078,000 | 1,440,000 | |
Total cost of sales | 112,124,000 | 74,668,000 | 66,339,000 |
Gross profit | 49,926,000 | 50,654,000 | 55,687,000 |
Operating expenses: | |||
Research and development | 37,181,000 | 27,048,000 | 22,376,000 |
Selling, general and administrative | 43,758,000 | 33,055,000 | 32,531,000 |
Merger and acquisition costs | 7,348,000 | 1,880,000 | 110,000 |
Net change in fair value of contingent consideration | -4,343,000 | -10,455,000 | |
Total operating expenses, net | 92,989,000 | 54,355,000 | 56,270,000 |
Loss from operations | -43,063,000 | -3,701,000 | -583,000 |
Other income and expense, net: | |||
Interest income and other, net | 571,000 | 1,503,000 | 2,441,000 |
Interest expense | -1,082,000 | -156,000 | -165,000 |
Impairment of long term investment | -544,000 | -323,000 | |
Total other income and expense, net | -1,055,000 | 1,024,000 | 2,276,000 |
Income (loss) before income taxes | -44,118,000 | -2,677,000 | 1,693,000 |
Provision for (benefit from) income taxes | 889,000 | -8,478,000 | -1,189,000 |
Net income (loss) | -45,007,000 | 5,801,000 | 2,882,000 |
Less: Net loss attributable to non-controlling interests | -37,000 | ||
Net income (loss) attributable to Exar Corporation | -44,970,000 | 5,801,000 | 2,882,000 |
Net income (loss) per share to common stockholders: | |||
Basic (in Dollars per share) | ($0.95) | $0.12 | $0.06 |
Diluted (in Dollars per share) | ($0.95) | $0.12 | $0.06 |
Shares used in the computation of net income (loss) per share: | |||
Basic (in Shares) | 47,253,000 | 47,291,000 | 45,809,000 |
Diluted (in Shares) | 47,253,000 | 48,823,000 | 46,476,000 |
Cost of Sales [Member] | |||
Cost of sales: | |||
Impairment of Intangibles | 8,367,000 | 1,636,000 | |
Restructuring charges and exit costs | 7,597,000 | 187,000 | 301,000 |
Operating Expense [Member] | |||
Cost of sales: | |||
Impairment of Intangibles | 4,456,000 | ||
Restructuring charges and exit costs | $4,589,000 | $2,827,000 | $1,253,000 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Net income (loss) | ($45,007) | $5,801 | $2,882 |
Changes in market value of investments, net of tax: | |||
Changes in unrealized gain (loss) on investments | 199 | -754 | -243 |
Reclassification adjustment for net realized gains (losses) | 26 | 201 | -82 |
Release of tax provision for unrealized gains | 828 | 828 | |
Net change in market value of investments | 1,053 | -553 | -325 |
Comprehensive income (loss) | -43,954 | 5,248 | 2,557 |
Less: comprehensive loss attributable to non-controlling interests | -37 | ||
Comprehensive income (loss) attributable to Exar Corporation | ($43,917) | $5,248 | $2,557 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Altior [Member] | Cadeka Microcircuits [Member] | Integrated Memory Logic Limited [Member] | Total |
Altior [Member] | Cadeka Microcircuits [Member] | USD ($) | USD ($) | Altior [Member] | Cadeka Microcircuits [Member] | Integrated Memory Logic Limited [Member] | USD ($) | USD ($) | USD ($) | Altior [Member] | Cadeka Microcircuits [Member] | Integrated Memory Logic Limited [Member] | USD ($) | Integrated Memory Logic Limited [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||
Balance at Apr. 01, 2012 | $5,000 | ($248,983,000) | $734,821,000 | ($262,350,000) | ($201,000) | $223,292,000 | $223,292,000 | |||||||||||||
Balance (in Shares) at Apr. 01, 2012 | 65,169,602 | -19,924,369 | ||||||||||||||||||
Net income (loss) | 2,882,000 | 2,882,000 | 2,882,000 | |||||||||||||||||
Change in unrealized gains on marketable securities | -325,000 | -325,000 | -325,000 | |||||||||||||||||
Shares issued through employee stock plans | 6,296,000 | 6,296,000 | 6,296,000 | |||||||||||||||||
Shares issued through employee stock plans (in Shares) | 903,772 | 26,000 | ||||||||||||||||||
Shares issued in connection acquisition | 3,740,000 | 3,740,000 | 3,740,000 | |||||||||||||||||
Shares issued in connection acquisition (in Shares) | 357,873 | |||||||||||||||||||
Shares issued for vested restricted stock units (in Shares) | 125,095 | |||||||||||||||||||
Withholding of shares for tax obligations on vested restricted stock units | -219,000 | -219,000 | -219,000 | |||||||||||||||||
Withholding of shares for tax obligations on vested restricted stock units (in Shares) | -24,727 | |||||||||||||||||||
Repurchase of common stock | 0 | |||||||||||||||||||
Stock-based compensation | 4,788,000 | 4,788,000 | 4,788,000 | |||||||||||||||||
Balance at Mar. 31, 2013 | 5,000 | -248,983,000 | 749,426,000 | -259,468,000 | -526,000 | 240,454,000 | 240,454,000 | |||||||||||||
Balance (in Shares) at Mar. 31, 2013 | 66,531,615 | -19,924,369 | ||||||||||||||||||
Net income (loss) | 5,801,000 | 5,801,000 | 5,801,000 | |||||||||||||||||
Change in unrealized gains on marketable securities | -553,000 | -553,000 | -553,000 | |||||||||||||||||
Shares issued through employee stock plans | 5,833,000 | 5,833,000 | 5,833,000 | |||||||||||||||||
Shares issued through employee stock plans (in Shares) | 805,527 | 20,000 | ||||||||||||||||||
Shares issued in connection acquisition | 5,005,000 | 5,005,000 | 5,005,000 | |||||||||||||||||
Shares issued in connection acquisition (in Shares) | 438,995 | |||||||||||||||||||
Shares issued for vested restricted stock units | 12,000 | 12,000 | 12,000 | |||||||||||||||||
Shares issued for vested restricted stock units (in Shares) | 346,407 | |||||||||||||||||||
Withholding of shares for tax obligations on vested restricted stock units | -1,149,000 | -1,149,000 | -1,149,000 | |||||||||||||||||
Withholding of shares for tax obligations on vested restricted stock units (in Shares) | -106,865 | |||||||||||||||||||
Retirement of treasury shares | 248,983,000 | -248,983,000 | ||||||||||||||||||
Retirement of treasury shares (in Shares) | -19,924,369 | 19,924,369 | ||||||||||||||||||
Repurchase of common stock | -9,000,000 | -9,000,000 | -9,000,000 | |||||||||||||||||
Repurchase of common stock (in Shares) | -755,305 | |||||||||||||||||||
Stock-based compensation | 6,972,000 | 6,972,000 | 6,972,000 | |||||||||||||||||
Balance at Mar. 30, 2014 | 5,000 | 508,116,000 | -253,667,000 | -1,079,000 | 253,375,000 | 253,375,000 | ||||||||||||||
Balance (in Shares) at Mar. 30, 2014 | 47,336,005 | |||||||||||||||||||
Net income (loss) | -44,970,000 | -44,970,000 | -44,970,000 | |||||||||||||||||
Change in unrealized gains on marketable securities | 1,053,000 | 1,053,000 | 1,053,000 | |||||||||||||||||
Shares issued through employee stock plans | 6,358,000 | 6,358,000 | 6,358,000 | |||||||||||||||||
Shares issued through employee stock plans (in Shares) | 890,709 | 26,000 | ||||||||||||||||||
Option assumed from acquisition of Integrated Memory Logic Limited | 3,835,000 | 3,835,000 | 3,835,000 | |||||||||||||||||
Non-controlling interest upon acquisition of 92% of iML shares and additional contributions | -307,000 | -307,000 | 18,920,000 | 18,613,000 | ||||||||||||||||
Purchase of iML non-controlling interests ownership | -18,883,000 | -18,883,000 | ||||||||||||||||||
Net loss attributable to non-controlling interests | -37,000 | -37,000 | ||||||||||||||||||
Shares issued for vested restricted stock units | 416,000 | 416,000 | 416,000 | |||||||||||||||||
Shares issued for vested restricted stock units (in Shares) | 414,242 | |||||||||||||||||||
Withholding of shares for tax obligations on vested restricted stock units | -1,090,000 | -1,090,000 | -1,090,000 | |||||||||||||||||
Withholding of shares for tax obligations on vested restricted stock units (in Shares) | -104,376 | |||||||||||||||||||
Retirement of treasury shares | 8,000,000 | |||||||||||||||||||
Repurchase of common stock | -7,999,000 | -7,999,000 | -7,999,000 | |||||||||||||||||
Repurchase of common stock (in Shares) | -790,962 | |||||||||||||||||||
Stock-based compensation | 12,161,000 | 12,161,000 | 12,161,000 | |||||||||||||||||
Balance at Mar. 29, 2015 | $5,000 | $521,490,000 | ($298,637,000) | ($26,000) | $222,832,000 | $222,832,000 | ||||||||||||||
Balance (in Shares) at Mar. 29, 2015 | 47,745,618 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | |
Cash flows from operating activities: | |||
Net income (loss) | ($45,007,000) | $5,801,000 | $2,882,000 |
Reconciliation of net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 18,424,000 | 12,947,000 | 10,809,000 |
Impairment charges | 13,367,000 | 2,224,000 | |
Stock-based compensation expense | 13,614,000 | 8,852,000 | 4,788,000 |
Restructuring charges and exit costs | 7,985,000 | 57,000 | 56,000 |
Release of deferred tax valuation allowance | 828,000 | -6,940,000 | |
Gain on sale of intangible asset | -223,000 | ||
Net change in fair value of contingent consideration | -4,343,000 | -10,455,000 | |
Changes in operating assets and liabilities, net of effects of acquisitions: | |||
Accounts receivable and accounts receivable, related party | -694,000 | -1,960,000 | -4,616,000 |
Inventories | -2,405,000 | -5,907,000 | -930,000 |
Other current and non-current assets | -5,766,000 | -305,000 | 528,000 |
Accounts payable | -6,702,000 | 5,505,000 | 1,632,000 |
Accrued compensation and related benefits | -865,000 | 412,000 | -513,000 |
Other current and non-current liabilities | -1,307,000 | -8,620,000 | -5,903,000 |
Deferred income and allowance on sales to distributors and related party distributor | -770,000 | -760,000 | -1,144,000 |
Net cash provided by (used in) operating activities | -13,641,000 | 851,000 | 7,366,000 |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment and intellectual property, net | -3,925,000 | -2,658,000 | -1,385,000 |
Purchases of short-term marketable securities | -9,296,000 | -257,946,000 | -200,654,000 |
Proceeds from maturities of short-term marketable securities | 3,997,000 | 31,821,000 | 48,687,000 |
Proceeds from sales of short-term marketable securities | 158,412,000 | 264,221,000 | 148,914,000 |
Other disposal activities | 125,000 | 360,000 | |
Net cash provided by (used in) investing activities | 76,530,000 | 12,786,000 | -4,828,000 |
Cash flows from financing activities: | |||
Proceeds from issuance of common stock | 6,358,000 | 5,844,000 | 6,515,000 |
Purchase of stock for withholding taxes on vested restricted stock | -1,090,000 | -1,149,000 | -219,000 |
Proceeds from issuance of debt | 91,000,000 | ||
Repayment of debt | -91,000,000 | ||
Payment of non-controlling interest of Integrated Memory Logic Limited | -18,883,000 | ||
Capital contribution from Integrated Memory Logic Limited non-controlling interest | 740,000 | ||
Repurchase of common stock | -7,999,000 | -9,000,000 | |
Repayment of lease financing obligations | -1,396,000 | -3,249,000 | -2,830,000 |
Net cash provided by (used) in financing activities | -22,270,000 | -13,741,000 | 3,466,000 |
Net increase (decrease) in cash and cash equivalents | 40,619,000 | -104,000 | 6,004,000 |
Cash and cash equivalents at the beginning of year | 14,614,000 | 14,718,000 | 8,714,000 |
Cash and cash equivalents at the end of year | 55,233,000 | 14,614,000 | 14,718,000 |
Supplemental disclosure of cash flow and non-cash information: | |||
Cash paid for income taxes | 42,000 | 106,000 | 154,000 |
Cash paid for interest | 1,085,000 | 155,000 | 165,000 |
Non-cash investing and financing activities: | |||
Engineering design tool acquired under capital lease | 8,842,000 | ||
Release of restricted stock upon vesting | 416,000 | ||
Integrated Memory Logic Limited [Member] | |||
Cash flows from investing activities: | |||
Acquisition, net of cash acquired | -72,658,000 | ||
Cadeka Microcircuits and Others [Member] | |||
Cash flows from investing activities: | |||
Acquisition, net of cash acquired | -22,777,000 | -750,000 | |
Stretch, Inc. [Member] | |||
Cash flows from financing activities: | |||
Repayment of debt assumed from Stretch acquisition | -6,187,000 | ||
Altior Acquisition and Others [Member] | |||
Non-cash investing and financing activities: | |||
Issuance of common stock in connection with acquisition | 10,000 | 3,759,000 | |
Cadeka Microcircuits [Member] | |||
Non-cash investing and financing activities: | |||
Issuance of common stock in connection with acquisition | $5,005,000 |
Note_1_Description_of_Business
Note 1 - Description of Business | 12 Months Ended |
Mar. 29, 2015 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1. DESCRIPTION OF BUSINESS |
Exar Corporation was incorporated in California in 1971 and reincorporated in Delaware in 1991. Exar Corporation and its subsidiaries (“Exar,” “us,” “our” or “we”) is a fabless semiconductor company that designs, develops and markets high performance analog mixed-signal integrated circuits and advanced sub-system solutions for the Industrial and Embedded Systems, High-End Consumer and Infrastructure markets. |
Note_2_Accounting_Policies
Note 2 - Accounting Policies | 12 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Accounting Policies [Abstract] | |||||||||
Significant Accounting Policies [Text Block] | NOTE 2. ACCOUNTING POLICIES | ||||||||
Basis of Presentation—Our fiscal years consist of 52 or 53 weeks. In a 52-week year, each fiscal quarter consists of 13 weeks. Fiscal years 2015, 2014 and 2013 each consisted of 52 weeks. Fiscal year 2016 will consist of 52 weeks. Fiscal years ended March 29, 2015, March 30, 2014 and March 31, 2013 are also referred to as “2015,” “2014,” and “2013,” respectively, unless otherwise indicated. | |||||||||
Certain reclassifications have been made to the prior year consolidated financial statements to conform to the current year’s presentation. Such reclassification had no effect on previously reported results of operations or stockholders’ equity. | |||||||||
Principles of Consolidation—The consolidated financial statements include the accounts of Exar and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. | |||||||||
Use of Management Estimates—The preparation of consolidated financial statements in conformity with generally accepted accounting principles in the United States (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates, including (1) revenue recognition; (2) allowance for doubtful accounts; (3) valuation of inventories; (4) income taxes; (5) stock-based compensation; (6) goodwill; (7) long-lived assets; (8) contingent consideration; (9) restructuring accruals; and (10) warranty liabilities. Actual results could differ from these estimates and material effects on operating results and financial position may result. | |||||||||
Business Combinations—The estimated fair value of acquired assets and assumed liabilities and the results of operations of acquired businesses are included in our consolidated financial statements from the effective date of the purchase. The total purchase price is allocated to the estimated fair value of assets acquired and liabilities assumed. See Note 3 - “Business Combinations.” | |||||||||
Cash and Cash Equivalents—We consider all highly liquid debt securities and investments with maturities of 90 days or less from the date of purchase to be cash and cash equivalents. Cash and cash equivalents also consist of cash on deposit with banks and money market funds. | |||||||||
Inventories—Inventories are recorded at the lower of cost or market, determined on a first-in, first-out basis. Cost is computed using the standard cost, which approximates average actual cost. Inventory is written down when conditions indicate that the selling price could be less than cost due to physical deterioration, obsolescence, changes in price levels, or other causes. The write-down of excess inventories is generally based on inventory levels in excess of 12 months of demand, as judged by management, for each specific product. | |||||||||
Property, Plant and Equipment—Property, plant and equipment, including assets held under capital leases and leasehold improvements, are stated at cost less accumulated depreciation and amortization. Depreciation for machinery and equipment is computed using the straight-line method over the estimated useful lives of the assets, which ranges from three to 10 years. Buildings are depreciated using the straight-line method over an estimated useful life of 30 years. Assets held under capital leases and leasehold improvements are amortized over the shorter of the terms of the leases or their estimated useful lives. Land is not depreciated. | |||||||||
Non-Marketable Equity Securities—Non-marketable equity investments are accounted for at historical cost and are presented on our consolidated balance sheets within other non-current assets. | |||||||||
Other-Than-Temporary Impairment—All of our marketable and non-marketable investments are subject to periodic impairment reviews. Investments are considered to be impaired when a decline in fair value is judged to be other-than-temporary, as follows: | |||||||||
Marketable investments—When the resulting fair value is significantly below cost basis and/or the significant decline has lasted for an extended period of time, we perform an evaluation to determine whether the marketable equity security is other than temporarily impaired. The evaluation that we use to determine whether a marketable equity security is other than temporarily impaired is based on the specific facts and circumstances present at the time of assessment, which include significant quantitative and qualitative assessments and estimates regarding credit ratings, collateralized support, the length of time and significance of a security’s loss position and intent and ability to hold a security to maturity or forecasted recovery. Other-than-temporary declines in value of our investments are reported in the impairment of long term investment line in the consolidated statements of operations. | |||||||||
Non-marketable equity investments—When events or circumstances are identified that would likely have a significant adverse effect on the fair value of the investment and the fair value is significantly below cost basis and/or the significant decline has lasted for an extended period of time, we perform an impairment analysis. The indicators that we use to identify those events and circumstances include: | |||||||||
• | the investment manager’s evaluation; | ||||||||
• | the investee’s revenue and earnings trends relative to predefined milestones and overall business prospects; | ||||||||
• | the technological feasibility of the investee’s products and technologies; | ||||||||
• | the general market conditions in the investee’s industry; and | ||||||||
• | the investee’s liquidity, debt ratios and the rate at which the investee is using cash. | ||||||||
Investments identified as having an indicator of impairment are subject to further analysis to determine if the investment is other than temporarily impaired, and if so, the investment is written-down to its impaired value. When an investee is not considered viable from a financial or technological point of view, the entire investment is written down. Impairment of non-marketable equity investments is recorded in the impairment charges on investments line in the consolidated statements of operations. | |||||||||
Goodwill— Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. We evaluate goodwill for impairment on an annual basis or whenever events and changes in circumstances suggest that the carrying amount may not be recoverable. We conduct our annual impairment analysis in the fourth quarter of each fiscal year. Impairment of goodwill is tested at the reporting unit level by comparing the reporting unit’s carrying amount, including goodwill, to the fair value of the reporting unit. Estimations and assumptions regarding the number of reporting units, future performances, results of our operations and comparability of our market capitalization and net book value will be used. If the carrying amount of the reporting unit exceeds its fair value, goodwill is considered impaired and a second step is performed to measure the amount of impairment loss. Because we have one reporting unit, we utilize an entity-wide approach to assess goodwill for impairment. | |||||||||
Long-Lived Assets—We review long-lived assets, including property and equipment and intangible assets, for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets (or asset group) may not be fully recoverable. Whenever events or changes in circumstances suggest that the carrying amount of long-lived assets may not be recoverable, we estimate the future cash flows expected to be generated by the assets (or asset group) from its use or eventual disposition. If the sum of the expected future cash flows is less than the carrying amount of those assets, we recognize an impairment loss based on the excess of the carrying amount over the fair value of the assets. Significant management judgment is required in the grouping of long-lived assets and forecasts of future operating results that are used in the discounted cash flow method of valuation. If our actual results or the plans and estimates used in future impairment analyses are lower than the original estimates used to assess the recoverability of these assets, we could incur additional impairment charges. | |||||||||
When we determine that the useful lives of assets are shorter than we had originally estimated, we accelerate the rate of depreciation and/or amortization over the assets’ new, shorter useful lives. | |||||||||
Substantially all of our property, plant and equipment and other long-lived assets are located in the United States. | |||||||||
In-process research and development—In-process research and development (“IPR&D”) assets are considered indefinite-lived intangible assets and are not subject to amortization until their useful life is determined. IPR&D assets must be tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. The impairment test consists of a comparison of the fair value of the IPR&D assets with their carrying values. If the carrying amount of the IPR&D asset exceeds its fair value, an impairment loss must be recognized in an amount equal to that excess. After an impairment loss is recognized, the adjusted carrying amount of the IPR&D assets will be their new accounting basis. Subsequent reversal of a previously recognized impairment loss is prohibited under GAAP. The initial determination and subsequent evaluation for impairment of the IPR&D asset requires management to make significant judgments and estimates. Once an IPR&D project has been completed, the useful life of the IPR&D asset is determined and amortized accordingly. If the IPR&D asset is abandoned, the remaining carrying value is written off in the period when such decision is made. During the fiscal year ended March 29, 2015, we recorded an impairment charge of $0.5 million for one abandoned project and started amortizing IPR&D assets with a carrying value of $1.2 million for three completed projects. | |||||||||
Income Taxes—Deferred taxes are recognized using the asset and liability method, whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, operating losses and tax credit carryforwards. Valuation allowances are provided if it is more likely than not that some or all of the deferred tax assets will not be realized. | |||||||||
Revenue Recognition—We recognize revenue in accordance with Financial Accounting Standards Board (“FASB”) authoritative guidance for revenue recognition. Four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the price is fixed or determinable; and (4) collectability is reasonably assured. | |||||||||
We derive revenue principally from the sale of our products to distributors and to original equipment manufacturers (“OEMs”) or their contract manufacturers. Our delivery terms are primarily free on board shipping point, at which time title and all risks of ownership are transferred to the customer. | |||||||||
To date, software revenue has been an immaterial portion of our net sales. | |||||||||
Non-distributors—For non-distributors, revenue is recognized when title to the product is transferred to the customer, which occurs upon shipment or delivery, depending upon the terms of the customer order, provided that persuasive evidence of a sales arrangement exists, the price is fixed or determinable, collection of the resulting receivables is reasonably assured, there are no customer acceptance requirements and there are no remaining significant obligations. Provisions for returns and allowances for non-distributor customers are provided at the time product sales are recognized. Allowances for sales returns and other reserves are recorded based on historical experience or specific identification of an event necessitating an allowance. | |||||||||
Distributors—Agreements with our primary distributors permit the return of 3% to 6% of their purchases during the preceding quarter for purposes of stock rotation. For one of these distributors, a scrap allowance of 1% of the preceding quarter’s purchases is permitted. We also provide discounts to certain distributors based on volume of product they sell for a specific product with a specific volume range for a given customer over a period not to exceed one year. | |||||||||
We recognize revenue from each of our distributors using the sell-in basis or sell-through basis, each as described below. Once adopted, the basis for revenue recognition for a distributor is maintained unless there is a change in circumstances or contractual terms indicating the basis for revenue recognition for that distributor or any particular transaction is no longer appropriate. | |||||||||
• | Sell-in Basis—Revenue is recognized upon shipment if we conclude we meet the same criteria as for non-distributors discussed above and we can reasonably estimate the credits for returns, pricing allowances and/or other concessions. We record an estimated allowance, at the time of shipment, based upon historical patterns of returns, pricing allowances and other concessions (i.e., “sell-in” basis). | ||||||||
• | Sell-through Basis—Revenue and the related costs of sales are deferred until the resale to the end customer if we grant more than limited rights of return, pricing allowances and/or other concessions or if we cannot reasonably estimate the level of returns and credits issuable (i.e., “sell-through” basis). Under the sell-through basis, accounts receivable are recognized and inventory is relieved upon shipment to the distributor as title to the inventory is transferred upon shipment, at which point we have a legally enforceable right to collection under normal terms. The associated sales and cost of sales are deferred and are included in deferred income and allowances on sales to distributors in the consolidated balance sheet. When the related product is sold by our distributors to their end customers, at which time the ultimate price we receive is known, we recognize previously deferred income as sales and cost of sales. | ||||||||
The following table summarizes the deferred income balance, primarily consisting of sell-through distributors (in thousands): | |||||||||
As of March 29, | As of March 30, | ||||||||
2015 | 2014 | ||||||||
Deferred revenue at published list price | $ | 15,029 | $ | 15,871 | |||||
Deferred cost of revenue | (4,685 | ) | (4,757 | ) | |||||
Deferred income | $ | 10,344 | $ | 11,114 | |||||
Sell-through revenue recognition is highly dependent on receiving pertinent and accurate data from our distributors in a timely fashion. Distributors provide us periodic data regarding the product, price, quantity and end customer when products are resold as well as the quantities of our products they still have in stock. We must use estimates and apply judgments to reconcile distributors’ reported inventories to their activities. Any error in our judgment could lead to inaccurate reporting of our net sales, gross profit, deferred income and allowances on sales to distributors and net income. | |||||||||
Mask Costs—We incur costs for the fabrication of masks to manufacture our products. If we determine the product technological feasibility has been achieved when costs are incurred, the costs will be treated as pre-production costs and capitalized as machinery and equipment under property, plant and equipment. The amount will be amortized to cost of sales over the estimated production period of the product. If product technological feasibility has not been achieved or the mask is not expected to be utilized in production manufacturing, the related mask costs are expensed to Research and development (“R&D”) when incurred. We periodically assess capitalized mask costs for impairment. Total mask costs capitalized were $0.3 million and $2.3 million as of March 29, 2015 and March 30, 2014, respectively. The costs capitalized are amortized over five years commencing with the start of commercial production. In the fiscal year ended March 29, 2015 we recorded an impairment charge of $2.0 million during our strategic restructuring process prompted by our recent acquisition of iML and associated significant reduction in force. | |||||||||
Research and Development Expenses—R&D costs consist primarily of salaries, employee benefits, certain types of mask tooling costs, depreciation, amortization, overhead, outside contractors, facility expenses, and non-recurring engineering fees. Expenditures for research and development are charged to expense as incurred. In accordance with FASB authoritative guidance for the costs of computer software to be sold, leased or otherwise marketed, certain software development costs are capitalized after technological feasibility has been established. The period from achievement of technological feasibility, which we define as the establishment of a working model, until the general availability of such software to customers, has been short, and therefore software development costs qualifying for capitalization have been insignificant. Accordingly, we have not capitalized any software development costs in fiscal years 2015, 2014 and 2013. | |||||||||
We have entered into an agreement under which certain R&D costs are eligible for reimbursement. Amounts reimbursed under this arrangement are offset against R&D expenses. During fiscal years 2015, 2014 and 2013, we offset $0.3 million, $1.5 million and $2.0 million, respectively, of R&D expenses in connection with such agreements. | |||||||||
Advertising Expenses—We expense advertising costs as incurred. Advertising expenses for fiscal years 2015, 2014 and 2013 were immaterial. | |||||||||
Comprehensive Income (Loss)—Comprehensive income (loss) includes charges or credits to equity related to changes in unrealized gains or losses on marketable securities, net of taxes. Comprehensive income (loss) for fiscal years 2015, 2014 and 2013 has been disclosed within the consolidated statements of comprehensive income (loss). | |||||||||
Foreign Currency—The accounts of foreign subsidiaries are remeasured to U.S. dollars for financial reporting purposes by using the U.S. dollar as the functional currency and exchange gains and losses are reported in income and expenses. These currency gains or losses are reported in interest income and other, net in the consolidated statements of operations. Monetary balance sheet accounts are remeasured using the current exchange rate in effect at the balance sheet date. For non-monetary items, the accounts are measured at the historical exchange rate. Revenues and expenses are remeasured at the average exchange rates for the period. Foreign currency transaction losses were immaterial for fiscal years 2015, 2014 and 2013. | |||||||||
Concentration of Credit Risk and Significant Customers—Financial instruments potentially subjecting us to concentrations of credit risk consist primarily of cash, cash equivalents, short-term marketable securities, accounts receivable and long-term investments. The majority of our sales are derived from distributors and manufacturers in the communications, industrial, storage and computer industries. We perform ongoing credit evaluations of our customers and generally do not require collateral for sales on credit. We maintain allowances for potential credit losses, and such losses have been within management’s expectations. Charges to bad debt expense were $0.5 million for fiscal year 2015 and insignificant for fiscal years 2014 and 2013. Our policy is to invest our cash, cash equivalents and short-term marketable securities with high credit quality financial institutions and limit the amounts invested with any one financial institution or in any type of financial instrument. We do not hold or issue financial instruments for trading purposes. | |||||||||
We sell our products to distributors and OEMs throughout the world. Future Electronics, Inc. (“Future”), a related party, has been and continues to be our largest distributor. See Note 19 — “Segment and Geographic Information,” for distributors who accounted for more than 10% of net sales and accounts receivable. | |||||||||
Concentration of Other Risks—The majority of our products are currently fabricated by our foundry suppliers and are assembled and tested by third-party subcontractors located in Asia. A significant disruption in the operations of one or more of these subcontractors could impact the production of our products for a substantial period of time which could result in a material adverse effect on our business, financial condition and results of operations. | |||||||||
Fair Value of Financial Instruments—We estimate the fair value of our financial instruments by using available market information and valuation methodologies considered to be appropriate. However, considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies could have a material effect on estimated fair value amounts. The estimated fair value of our cash equivalents, short-term marketable securities, accounts receivable, accounts payable and accrued liabilities presented in the consolidated balance sheets at March 29, 2015, March 30, 2014 and March 31, 2013 was not materially different from the carrying values due to the relatively short periods to maturity of the instruments. | |||||||||
Fair Value of Contingent Consideration—We estimate the fair value of our contingent consideration at the date of acquisition and is re-measured each reporting period and any changes in the fair value of the contingent consideration are recognized as a gain or loss in the consolidated statements of operations. The contingent consideration is valued with level three inputs. Due to a significant decrease in revenue projections for products associated with contingent consideration, the fair value of the contingent consideration from the acquisitions of Altior and Cadeka was fully released as of September 28, 2014. As of March 30, 2014, the fair value of the contingent consideration was $4.3 million and is included in current and noncurrent liabilities on the consolidated balance sheet. | |||||||||
Stock-Based Compensation—We measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. We use the Black-Scholes model to estimate the fair value of our options. The fair value of time-based and performance-based restricted stock units is based on the grant date share price. The fair value of market-based restricted stock units and options is estimated using a Monte Carlo simulation model. See Note 14 - “Stock-Based Compensation” for more details about our assumptions used in calculating the stock-based compensation expenses and equity related transactions during the fiscal year. | |||||||||
We recognize compensation expense equal to the grant-date fair value for all share-based payment awards that are expected to vest. This expense is recorded on a straight-line basis over the requisite service period of the entire awards, unless the awards are subject to performance or market conditions, in which case we recognize compensation expense over the requisite service period of each separate vesting tranche. For the performance-based awards, we recognize compensation expense when it becomes probable that the performance criteria specified in the plan will be achieved. For the market-based awards, compensation expense is not reversed if the market condition is not satisfied. The amount of stock-based compensation that we recognize is also based on an expected forfeiture rate. If there is a difference between the forfeiture assumptions used in determining stock-based compensation costs and the actual forfeitures which become known over time, we may change the forfeiture rate, which could have a significant impact on its stock-based compensation expense. In addition, we follow the “with-and-without” intra-period allocation approach in our tax attribute calculations. | |||||||||
Recent Accounting Pronouncements | |||||||||
In May 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. The core principle of ASU 2014-09 is that revenue should be recognized in a manner that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 defines a five-step process in order to achieve this core principle which may require the use of judgment and estimates. The entity may adopt ASU 2014-09 either by using a full retrospective approach for all periods presented or a modified retrospective approach. This standard is effective for annual reporting periods beginning after December 15, 2016. In April 2015, the FASB issued an exposure draft proposing a one-year delay of the effective date of this new revenue recognition standard. Exar is currently evaluating the effect adoption of this standard will have, if any, on its consolidated financial position, results of operations or cash flows. | |||||||||
In June 2014, the FASB issued ASU No. 2014-12, Accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. Under ASU No. 2014-12, a performance target that affects vesting and that could be achieved after the requisite service period should be treated as a performance condition and therefore, should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. ASU No. 2014-12 is effective for annual reporting periods beginning after December 15, 2015. Exar has not yet selected a transition method and is currently evaluating the effect of adoption of this standard, if any, on its consolidated financial position, results of operations or cash flows. | |||||||||
In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, to provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures requirement. ASU 2014-15 (1) provides a definition of the term substantial doubt, (2) requires an evaluation every reporting period including interim periods, (3) provides principles for considering the mitigating effect of management’s plans, (4) requires certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) requires an express statement and other disclosures when substantial doubt is not alleviated, and (6) requires an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). ASU 2014-15 is effective for the annual reporting period ending after December 15, 2016, and for annual periods and interim periods thereafter. Exar does not expect the adoption of this guidance will have a material impact on its consolidated financial position, results of operations or cash flows. |
Note_3_Business_Combinations
Note 3 - Business Combinations | 12 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Business Combinations [Abstract] | |||||||||
Business Combination Disclosure [Text Block] | NOTE 3. BUSINESS COMBINATIONS | ||||||||
We periodically evaluate potential strategic acquisitions to, broaden our product offering and build upon our existing library of intellectual property, human capital and engineering talent, in order to expand our capabilities in the areas in which we operate or to acquire complementary businesses. | |||||||||
We account for each business combination by applying the acquisition method, which requires (1) identifying the acquiree; (2) determining the acquisition date; (3) recognizing and measuring the identifiable assets acquired, the liabilities assumed, and any non-controlling interest we have in the acquiree at their acquisition date fair value; and (4) recognizing and measuring goodwill or a gain from a bargain purchase. | |||||||||
Assets acquired and liabilities assumed in a business combination that arise from contingencies are recognized at fair value on the acquisition date if fair value can be determined during the measurement period. If fair value cannot be determined, we typically account for the acquired contingencies using existing guidance for a reasonable estimate. | |||||||||
To establish fair value, we measure the price that would be received to sell an asset or paid to transfer a liability in an ordinary transaction between market participants. The measurement assumes the highest and best use of the asset by the market participants that would maximize the value of the asset or the group of assets within which the asset would be used at the measurement date, even if the intended use of the asset is different. | |||||||||
When partial ownership in an acquiree is obtained and it is determined that the company controls the acquiree, the assets acquired, liabilities assumed and any non-controlling interests are recognized and consolidated at 100% of their fair values at that date, regardless of the percentage ownership in the acquiree. As goodwill is calculated as a residual, all goodwill of the acquired business, not just the company's share, is recognized under this “full-goodwill” approach. Non-controlling interests are stated at the non-controlling shareholder's proportion of the acquired net assets. The results of entities acquired during the year are included until the date control changes. | |||||||||
Acquisition related costs, including finder’s fees, advisory, legal, accounting, valuation and other professional or consulting fees are accounted for as expenses in the periods in which the costs are incurred and the services are received, with the exception that the costs to issue debt or equity securities are recognized in accordance with other applicable GAAP. | |||||||||
Acquisition of Integrated Memory Logic Limited | |||||||||
On June 3, 2014, we acquired approximately 92% of outstanding shares of Integrated Memory Logic Limited (“iML”), a leading provider of analog mixed-signal solutions for the flat panel display market. On September 15, 2014, we completed the acquisition through a second-step merger to acquire all of the remaining outstanding shares of iML. The iML acquisition supports Exar's strategy of building a large scale diversified analog mixed-signal business. iML’s results of operations and estimated fair value of assets acquired and liabilities assumed were included in our consolidated financial statements beginning June 4, 2014. | |||||||||
Consideration | |||||||||
In June 2014, we acquired approximately 92% of iML’s outstanding shares for $206.4 million in cash. In September 2014, we acquired the remaining 8% of iML outstanding shares and vested options exercised subsequent to June 3, 2014 for $18.9 million. Additionally, as required under the terms of the merger agreement, we assumed and converted iML’s employees’ then outstanding options into options to purchase 1.5 million shares of Exar’s common stock. The fair value of pre-merger vested options of $3.8 million was recorded as purchase consideration. | |||||||||
In accordance with Accounting Standard Codification (“ASC”) 805, Business Combinations, the acquisition of iML’s outstanding shares was recorded as a purchase business acquisition since iML was considered a business. Under the purchase method of accounting, the fair value of the consideration was allocated to net assets acquired. The fair value of purchased identifiable intangible assets was determined using discounted cash flow models from operating projections prepared by management using an internal rate of return of 16.9%. The excess of the fair value of consideration paid over the fair values of net assets acquired and identifiable intangible assets resulted in recognition of goodwill of $14.5 million. Goodwill is primarily from expected synergies resulting from combining the operations of iML with that of Exar and is not deductible for tax purposes. The fair value of non-controlling interests was calculated using cash value per acquired share multiplied by the remaining 8% outstanding shares. | |||||||||
The summary of the purchase consideration is as follows (in thousands): | |||||||||
Amount | |||||||||
Cash | $ | 206,411 | |||||||
Consideration for the acquisition of non-controlling interests | 17,872 | ||||||||
Fair value of assumed iML employee options | 3,835 | ||||||||
Total purchase price | $ | 228,118 | |||||||
Purchase Price Allocation | |||||||||
The allocation of total purchase price to iML’s tangible and identifiable intangible assets and liabilities assumed was based on their estimated fair values at the date of acquisition. | |||||||||
The fair value allocated to each of the major classes of tangible and identifiable intangible assets acquired and liabilities assumed in the iML acquisition was as follows (in thousands): | |||||||||
Amount | |||||||||
Identifiable tangible assets (liabilities) | |||||||||
Cash | $ | 133,752 | |||||||
Accounts receivable | 10,096 | ||||||||
Inventories | 3,950 | ||||||||
Other current assets | 962 | ||||||||
Property, plant and equipment | 480 | ||||||||
Other assets | 308 | ||||||||
Current liabilities | (12,356 | ) | |||||||
Long-term liabilities | (3,595 | ) | |||||||
Total identifiable tangible assets (liabilities), net | 133,597 | ||||||||
Identifiable intangible assets | 80,060 | ||||||||
Total identifiable assets, net | 213,657 | ||||||||
Goodwill | 14,461 | ||||||||
Fair value of total consideration transferred | $ | 228,118 | |||||||
The following table sets forth the components of identifiable intangible assets acquired in connection with the iML acquisition (in thousands): | |||||||||
Fair Value | |||||||||
Developed technologies | $ | 55,780 | |||||||
In-process research and development | 8,100 | ||||||||
Customer relationships | 15,060 | ||||||||
Trade names | 1,120 | ||||||||
Total identifiable intangible assets | $ | 80,060 | |||||||
Acquisition Related Costs | |||||||||
Acquisition related costs, or deal costs, relating to iML are included in the merger and acquisition costs and interest expense line on the consolidated statement of operations for fiscal year 2015 and were approximately $7.2 million. | |||||||||
Unaudited Pro Forma Financial Information | |||||||||
The following unaudited pro forma condensed financial information presents the combined results of operations of Exar and iML as if the acquisition was completed as of April 1, 2013 (in thousands): | |||||||||
Fiscal Years Ended | |||||||||
March 29, | March 30, | ||||||||
2015 | 2014 | ||||||||
Net sales | $ | 172,780 | $ | 186,290 | |||||
Net income (loss) | $ | (36,207 | ) | $ | 5,884 | ||||
Earnings (loss) per share to common stockholders | |||||||||
Basic | $ | (0.77 | ) | $ | 0.12 | ||||
Diluted | $ | (0.77 | ) | $ | 0.12 | ||||
Fiscal Year 2015 Compared with Fiscal Year 2014 | |||||||||
The pro forma financial information includes (1) amortization charges from acquired intangible assets of $2.4 and $9.7 million, respectively; (2) the estimated stock-based compensation expense related to the stock options assumed of $0.9 million and $1.0 million, respectively; (3) the elimination of historical intangible assets of $0.1 and $0.4 million, respectively; (4) the elimination of historical stock-based compensation charges recorded by iML of $0.8 million and $0.5 million, respectively, as a result of the cancellation of all outstanding options on the acquisition date; (5) the elimination of acquisition related costs of $11.2 million and $0, respectively; and (6) the related tax provision of $0.6 million for both periods. | |||||||||
The unaudited pro forma condensed financial information is not intended to represent or be indicative of the results of operations of Exar that would have been reported had the acquisition been completed as of April 1, 2013, and should not be taken as representative of the future consolidated results of operations of Exar. | |||||||||
Acquisition of Stretch, Inc. | |||||||||
On January 14, 2014, we completed the acquisition of Stretch, Inc. (“Stretch”), a provider of software configurable processors supporting the video surveillance market previously located in Sunnyvale, California. The transaction provides Exar with the technology to deliver an end-to-end high-definition solution for both digital and analog transmission of data from the camera to the DVR or NVR in surveillance applications. Stretch’s results of operations and estimated fair value of assets acquired and liabilities assumed were included in our consolidated financial statements beginning January 14, 2014. The pro forma effects of the portion of the Stretch operations assumed through the transaction on our results of operations during fiscal year 2014 and 2013 were considered immaterial. | |||||||||
Consideration | |||||||||
Stretch was acquired for which the purchase consideration was $10,000 in cash. By acquiring Stretch, Exar acquired all of Stretch’s assets, consisting principally of intellectual property, accounts receivable and inventory, as well as assumed all of Stretch’s liabilities and contractual obligations. | |||||||||
In accordance with ASC 805, Business Combinations, the acquisition of Stretch was recorded as a purchase business acquisition since Stretch was considered a business. Under the purchase method of accounting, the fair value of the consideration was allocated to net assets acquired at their fair values. The fair value of purchased identifiable intangible assets was determined using discounted cash flow models from operating projections prepared by management using an internal rate of return ranging from 17% to 21%. The excess of the fair value of consideration paid over the fair values of net assets acquired and identifiable intangible assets resulted in recognition of goodwill of approximately $0.7 million. The goodwill results largely of expected synergies from combining the operations of Stretch with that of Exar and is deductible over 15 years for tax purposes. | |||||||||
The table below shows the allocation of the purchase price to tangible and intangible assets acquired and liabilities assumed (in thousands): | |||||||||
Amount | |||||||||
Tangible assets | $ | 2,937 | |||||||
Intangible assets | 7,010 | ||||||||
Goodwill | 667 | ||||||||
Liabilities assumed | (10,604 | ) | |||||||
Fair value of total consideration transferred | $ | 10 | |||||||
Acquisition of Cadeka Technologies (Cayman) Holding Ltd. | |||||||||
On July 5, 2013, we completed the acquisition of substantially all of the assets of Cadeka Technologies (Cayman) Holding Ltd., a privately held company organized under the laws of the Cayman Islands and all the outstanding stock of the subsidiaries of Cadeka, including the equity of its wholly owned subsidiary Cadeka Microcircuits, LLC, a Colorado limited liability company (“Cadeka”). With locations in Loveland, Colorado, Shenzhen and Wuxi, China, Cadeka designs, develops and markets high precision analog integrated circuits for use in industrial and high reliability applications. Cadeka’s results of operations and estimated fair value of assets acquired and liabilities assumed were included in our consolidated financial statements beginning July 5, 2013. The pro forma effects of the portion of the Cadeka operations assumed through the transaction on our results of operations during fiscal years 2014 and 2013 were considered immaterial. | |||||||||
Consideration | |||||||||
In accordance with ASC 805, Business Combinations, the total consideration paid for Cadeka was first allocated to the net tangible liabilities assumed based on the estimated fair values of the assets and liabilities at the acquisition date. The excess of the fair value of the consideration paid over the fair value of Cadeka’s net tangible liabilities assumed and identifiable intangible assets acquired resulted in the recognition of goodwill of $19.4 million primarily related to expected synergies from combining the operations of Cadeka with that of Exar and the release of deferred tax liabilities. The goodwill is not expected to be tax deductible. | |||||||||
The table below shows the allocation of the purchase price to tangible and intangible assets acquired and liabilities assumed (in thousands): | |||||||||
Amount | |||||||||
Tangible assets | $ | 3,286 | |||||||
Intangible assets | 20,380 | ||||||||
Goodwill | 19,387 | ||||||||
Liabilities assumed | (8,216 | ) | |||||||
Fair value of total consideration transferred | $ | 34,837 | |||||||
Acquisition of Altior Inc. | |||||||||
On March 22, 2013, we completed the acquisition of substantially all of the assets of Altior Inc. (“Altior”), a developer of data management solutions in Eatontown, New Jersey. Altior’s results of operations and estimated fair value of assets acquired and liabilities assumed were included in our consolidated financial statements beginning March 23, 2013. The pro forma effects of the portion of the Altior operations assumed through the transaction on our results of operations during fiscal years 2013 were considered immaterial. | |||||||||
Consideration | |||||||||
In accordance with ASC 805, Business Combinations, the total consideration paid for Altior was first allocated to the net tangible liabilities assumed based on the estimated fair values of the assets and liabilities at the acquisition date. The excess of the fair value of the consideration paid over the fair value of Altior’s net tangible liabilities assumed and identifiable intangible assets acquired resulted in the recognition of goodwill of $7.2 million primarily related to expected synergies from combining the operations of Altior with that of Exar and the release of deferred tax liabilities. The goodwill is not expected to be tax deductible. | |||||||||
The summary of the purchase consideration is as follows (in thousands): | |||||||||
Amount | |||||||||
Tangible assets | $ | 302 | |||||||
Intangible assets | 7,540 | ||||||||
Goodwill | 7,172 | ||||||||
Liabilities assumed | (136 | ) | |||||||
Fair value of total consideration transferred | $ | 14,878 | |||||||
Note_4_Balance_Sheet_Details
Note 4 - Balance Sheet Details | 12 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Supplemental Balance Sheet Disclosures [Text Block] | NOTE 4. BALANCE SHEET DETAILS | ||||||||
Our property, plant and equipment consisted of the following as of the dates indicated below (in thousands): | |||||||||
March 29, | March 30, | ||||||||
2015 | 2014 | ||||||||
Land | $ | 6,660 | $ | 6,660 | |||||
Building | 17,431 | 16,787 | |||||||
Machinery and equipment | 41,449 | 40,675 | |||||||
Software and licenses | 22,044 | 17,549 | |||||||
Property, plant and equipment, total | 87,584 | 81,671 | |||||||
Accumulated depreciation and amortization | (61,507 | ) | (60,391 | ) | |||||
Total property, plant and equipment, net | $ | 26,077 | $ | 21,280 | |||||
Depreciation and amortization expense pertaining to property, plant and equipment for fiscal years 2015, 2014 and 2013 was $6.3 million, $5.6 million and $6.8 million, respectively. During fiscal year 2015, we wrote off $7.5 million of fully depreciated assets and recorded $2.0 million impairment charges to write off certain mask costs during our strategic restructuring process prompted by our recent acquisition of iML and associated significant reduction in force. See Note 7 – “Restructuring Charges and Exit Costs” for impairment detail. | |||||||||
Our inventories consisted of the following (in thousands) as of the dates indicated below: | |||||||||
March 29, | March 30, | ||||||||
2015 | 2014 | ||||||||
Work-in-progress and raw materials | $ | 16,789 | $ | 13,555 | |||||
Finished goods | 13,978 | 15,427 | |||||||
Total inventories | $ | 30,767 | $ | 28,982 | |||||
Our other current liabilities consisted of the following (in thousands) as of the dates indicated below: | |||||||||
March 29, | March 30, | ||||||||
2015 | 2014 | ||||||||
Deferred tax liability | $ | 7,021 | $ | — | |||||
Short-term lease financing obligations | 3,834 | 2,671 | |||||||
Accrued retention bonus | 2,951 | 217 | |||||||
Accrued manufacturing expenses, royalties and licenses | 1,122 | 1,639 | |||||||
Purchase consideration holdback | 1,006 | 1,256 | |||||||
Accrued legal and professional services | 982 | 1,453 | |||||||
Accrued restructuring charges and exit costs | 982 | 2,214 | |||||||
Accrued sales and marketing expenses | 686 | 666 | |||||||
Other current liabilities | 2,703 | 1,254 | |||||||
Total other current liabilities | $ | 21,287 | $ | 11,370 | |||||
Our other non - current obligations consisted of the following (in thousands) as of the dates indicated: | |||||||||
March 29, | March 30, | ||||||||
2015 | 2014 | ||||||||
Long-term taxes payable | 4,351 | 794 | |||||||
Deferred tax liability | 42 | 614 | |||||||
Fair value of earn out liability – long-term | — | 3,853 | |||||||
Accrued retention bonus | — | 1,181 | |||||||
Accrued restructuring charges and exit costs | — | 155 | |||||||
Other | — | 29 | |||||||
Total other non-current obligations | $ | 4,393 | $ | 6,626 | |||||
Note_5_Fair_Value
Note 5 - Fair Value | 12 Months Ended | ||||||||||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||
Fair Value Disclosures [Text Block] | NOTE 5. FAIR VALUE | ||||||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||||||
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. GAAP describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value as follows: | |||||||||||||||||||||||||
Level 1—Quoted prices in active markets for identical assets or liabilities. | |||||||||||||||||||||||||
Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices 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 assets or liabilities. | |||||||||||||||||||||||||
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |||||||||||||||||||||||||
Our cash and investment instruments are classified within Level 1 or Level 2 of the fair value hierarchy because they are valued using quoted market prices, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency. | |||||||||||||||||||||||||
The fair value of contingent consideration arising from the acquisition of Altior and Cadeka (See Note 3 — “Business Combinations”) is classified within Level 3 of the fair value hierarchy since it is based on a probability-based approach that includes significant unobservable inputs. | |||||||||||||||||||||||||
We received approximately 93,000 common shares of CounterPath Corporation (“CounterPath”) through the dissolution of Skypoint Telecom Fund II (US), LP. (“Skypoint Fund”), in which we were a limited partner from 2001 until its dissolution. CounterPath was one of the investee companies of Skypoint. We estimated the fair value using the market value of common shares as determined by trading on the Nasdaq Capital Market. These securities have been classified to Level 2 and recorded in the other non-current assets line item on the consolidated balance sheet. We believe the fair value inputs of CounterPath do not meet all of the criteria for Level 1 classification primarily due to the low trading volume of the stock. See Note 8 - “Long-term Investments” for the discussion on Skypoint. | |||||||||||||||||||||||||
There were no transfers between Level 1, Level 2, and Level 3 during the year ended March 29, 2015. | |||||||||||||||||||||||||
In the first quarter of fiscal year 2015, we sold all of our short term investments to fund the iML acquisition. The following table summarizes our other investments assets and liabilities as March 29, 2015 (in thousands): | |||||||||||||||||||||||||
29-Mar-15 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Money market funds | $ | 6 | $ | — | $ | — | $ | 6 | |||||||||||||||||
Common shares of CounterPath | — | 48 | — | 48 | |||||||||||||||||||||
Total investment assets | $ | 6 | $ | 48 | $ | — | $ | 54 | |||||||||||||||||
The fair value of contingent consideration was determined based on a probability-based approach which includes projected revenues, percentage probability of occurrence and discount rate to present value payments. A significant increase (decrease) in the projected revenue, discount rate or probability of occurrence in isolation could result in a significantly higher (lower) fair value measurement. We calculate the fair value of the contingent consideration on a quarterly basis based on a collaborative effort of our operations and financial accounting groups based on additional information as it becomes available. Any change in the fair value adjustment is recorded in the earnings of that period. | |||||||||||||||||||||||||
During the second quarter of fiscal year 2015, we measured the fair value of the contingent consideration liabilities from the Altior and Cadeka acquisitions based on a combination of income and market approaches which utilizes unobservable inputs (Level 3). Due to the significant decrease in associated product revenue projection within the period in which such contingent consideration could be earned, we determined that the probability of revenue target achievement was highly unlikely. As a result, the fair value of the contingent consideration liabilities has been reduced to zero since the second quarter of fiscal year 2015. | |||||||||||||||||||||||||
The change in the fair value of our Altior purchase consideration liability is as follows (in thousands): | |||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||
As of April 1, 2012 | $ | — | |||||||||||||||||||||||
Estimated contingent consideration liability | 10,138 | ||||||||||||||||||||||||
As of March 31, 2013 | 10.138 | ||||||||||||||||||||||||
Fair value adjustment | (7,165 | ) | |||||||||||||||||||||||
As of March 30, 2014 | 2,973 | ||||||||||||||||||||||||
Fair value adjustment | (2,973 | ) | |||||||||||||||||||||||
As of March 29, 2015 | $ | — | |||||||||||||||||||||||
The change in the fair value of our Cadeka purchase consideration liability is as follows (in thousands): | |||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||
As of March 31, 2013 | $ | — | |||||||||||||||||||||||
Estimated contingent consideration liability | 4,660 | ||||||||||||||||||||||||
Fair value adjustment | (3,290 | ) | |||||||||||||||||||||||
As of March 30, 2014 | 1,370 | ||||||||||||||||||||||||
Fair value adjustment | (1,370 | ) | |||||||||||||||||||||||
As of March 29, 2015 | $ | — | |||||||||||||||||||||||
Our investment assets, measured at fair value on a recurring basis, as of March 30, 2014 were as follows (in thousands, except for percentages): | |||||||||||||||||||||||||
30-Mar-14 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Money market funds | $ | 4,636 | $ | — | $ | — | $ | 4,636 | |||||||||||||||||
U.S. government and agency securities | 9,378 | 13,134 | — | 22,512 | |||||||||||||||||||||
State and local government securities | — | 2,772 | — | 2,772 | |||||||||||||||||||||
Corporate bonds and securities | 5 | 71,248 | — | 71,253 | |||||||||||||||||||||
Asset-backed securities | — | 27,635 | — | 27,635 | |||||||||||||||||||||
Mortgage-backed securities | — | 28,248 | — | 28,248 | |||||||||||||||||||||
Total investment assets | $ | 14,019 | $ | 143,037 | $ | — | $ | 157,056 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Acquisition-related contingent consideration – Altior | $ | — | $ | — | $ | 2,973 | $ | 2,973 | |||||||||||||||||
Acquisition-related contingent consideration – Cadeka | $ | — | $ | — | $ | 1,370 | $ | 1,370 | |||||||||||||||||
Total liabilities | $ | — | $ | — | $ | 4,343 | $ | 4,343 | |||||||||||||||||
Our cash, cash equivalents and short-term marketable securities as of the dates indicated below were as follows (in thousands): | |||||||||||||||||||||||||
March 29, | March 30, | ||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||||
Cash in financial institutions | $ | 55,227 | $ | 9,978 | |||||||||||||||||||||
Money market funds | 6 | 4,636 | |||||||||||||||||||||||
Total cash and cash equivalents | $ | 55,233 | $ | 14,614 | |||||||||||||||||||||
Short-term marketable securities | |||||||||||||||||||||||||
U.S. government and agency securities | $ | — | $ | 22,512 | |||||||||||||||||||||
State and local government securities | — | 2,772 | |||||||||||||||||||||||
Corporate bonds and securities | — | 71,253 | |||||||||||||||||||||||
Asset-backed securities | — | 27,635 | |||||||||||||||||||||||
Mortgage-backed securities | — | 28,248 | |||||||||||||||||||||||
Total short-term marketable securities | $ | — | $ | 152,420 | |||||||||||||||||||||
Our marketable securities include U.S. government and agency securities, state and local government securities, corporate bonds and securities, and asset-backed and mortgage-backed securities. We classify investments as available-for-sale at the time of purchase and re-evaluate such designation as of each balance sheet date. We amortize premiums and accrete discounts to interest income over the life of the investment. Our available-for-sale securities, which we intend to sell as necessary to meet our liquidity requirements, are classified as cash equivalents if the maturity date is 90 days or less from the date of purchase and as short-term marketable securities if the maturity date is greater than 90 days from the date of purchase. | |||||||||||||||||||||||||
All marketable securities are reported at fair value based on the estimated or quoted market prices as of each balance sheet date, with unrealized gains or losses, net of tax effect, recorded in the consolidated statements of other comprehensive income except those unrealized losses that are deemed to be other than temporary which are reflected in the impairment of long term investment line item on the consolidated statements of operations. | |||||||||||||||||||||||||
Realized gains (losses) on the sale of marketable securities are determined by the specific identification method and are reflected in the interest income and other, net line item on the consolidated statements of operations. | |||||||||||||||||||||||||
Our net realized gains (losses) on marketable securities for the periods indicated below were as follows (in thousands): | |||||||||||||||||||||||||
Fiscal Years Ended | |||||||||||||||||||||||||
March 29, | March 30, | March 31, | |||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||
Gross realized gains | $ | 264 | $ | 748 | $ | 871 | |||||||||||||||||||
Gross realized losses | (238 | ) | (547 | ) | (953 | ) | |||||||||||||||||||
Net realized gains (losses) | $ | 26 | $ | 201 | $ | (82 | ) | ||||||||||||||||||
We did not have any unrealized gain (loss) as of March 29, 2015. | |||||||||||||||||||||||||
The following table summarizes our investments in marketable securities as of March 30, 2014 (in thousands): | |||||||||||||||||||||||||
30-Mar-14 | |||||||||||||||||||||||||
Amortized | Unrealized Gross | Unrealized Gross | Fair Value | ||||||||||||||||||||||
Cost | Gains(1) | Losses(1) | |||||||||||||||||||||||
Money market funds | $ | 4,636 | $ | — | $ | — | $ | 4,636 | |||||||||||||||||
U.S. government and agency securities | 22,550 | 1 | (39 | ) | 22,512 | ||||||||||||||||||||
State and local government securities | 2,762 | 10 | — | 2,772 | |||||||||||||||||||||
Corporate bonds and securities | 71,309 | 32 | (88 | ) | 71,253 | ||||||||||||||||||||
Asset-backed securities | 27,661 | 22 | (48 | ) | 27,635 | ||||||||||||||||||||
Mortgage-backed securities | 28,362 | 24 | (138 | ) | 28,248 | ||||||||||||||||||||
Total investments | $ | 157,280 | $ | 89 | $ | (313 | ) | $ | 157,056 | ||||||||||||||||
(1) | Gross of tax impact of $828 | ||||||||||||||||||||||||
Our asset-backed securities as of March 30, 2014 were comprised primarily of premium tranches of vehicle loans and credit card receivables, while our mortgage-backed securities are primarily from Federal agencies. We did not own auction rate securities nor did we own securities that are classified as subprime. | |||||||||||||||||||||||||
Management determines the appropriate classification of cash equivalents or short-term marketable securities at the time of purchase and reevaluates such classification as of each balance sheet date. The investments are adjusted for amortization of premiums and accretion of discounts to maturity and such accretion/amortization, which is immaterial for all periods presented, is included in the interest income and other, net line in the consolidated statements of operations. Cash equivalents and short-term marketable securities are reported at fair value with the related unrealized gains and losses included in the accumulated other comprehensive losses line in the consolidated balance sheets. | |||||||||||||||||||||||||
We periodically review our investments in unrealized loss positions for other-than-temporary impairments. This evaluation includes, but is not limited to, significant quantitative and qualitative assessments and estimates regarding credit ratings, collateralized support, the length of time and significance of a security’s loss position, our intent whether or not to sell the security, and whether it is more likely than not that we will not have to sell the security before recovery of its cost basis. All investments were redeemed in the first quarter of fiscal year 2015 to fund the iML acquisition. | |||||||||||||||||||||||||
The amortized cost and estimated fair value of cash equivalents and marketable securities classified as available-for-sale by expected maturity as of March 30, 2014 (in thousands): | |||||||||||||||||||||||||
30-Mar-14 | |||||||||||||||||||||||||
Amortized Cost | Fair Value | ||||||||||||||||||||||||
Less than 1 year | $ | 49,539 | $ | 49,504 | |||||||||||||||||||||
Due in 1 to 5 years | 107,741 | 107,552 | |||||||||||||||||||||||
Total | $ | 157,280 | $ | 157,056 | |||||||||||||||||||||
The following table summarizes the gross unrealized losses and fair values of our investments in an unrealized loss position as of March 30, 2014, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands): | |||||||||||||||||||||||||
30-Mar-14 | |||||||||||||||||||||||||
Less than 12 months | 12 months or greater | Total | |||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||
U.S. government and agency securities | $ | 18,245 | $ | (39 | ) | $ | — | $ | — | $ | 18,245 | $ | (39 | ) | |||||||||||
Corporate bonds and securities | 48,379 | (87 | ) | 596 | (1 | ) | 48,975 | (88 | ) | ||||||||||||||||
Asset-backed securities | 7,118 | (12 | ) | 5,478 | (36 | ) | 12,596 | (48 | ) | ||||||||||||||||
Mortgage-backed securities | 19,682 | (120 | ) | 983 | (18 | ) | 20,665 | (138 | ) | ||||||||||||||||
Total | $ | 93,424 | $ | (258 | ) | $ | 7,057 | $ | (55 | ) | $ | 100,481 | $ | (313 | ) | ||||||||||
Note_6_Related_Party_Transacti
Note 6 - Related Party Transaction | 12 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Related Party Transactions [Abstract] | |||||||||||||
Related Party Transactions Disclosure [Text Block] | NOTE 6. RELATED PARTY TRANSACTION | ||||||||||||
Alonim Investments Inc. (“Alonim”) owns approximately 7.6 million shares, or approximately 16%, of our outstanding common stock as of March 29, 2015. As such, Alonim is our largest stockholder and any sales made to Alonim or its affiliates are considered related party transactions and revenue is recognized in accordance to our revenue recognition policy disclosed in “Note 2 – Accounting Policies”. | |||||||||||||
Related party contributions as a percentage of our total net sales for the periods indicated below were as follows: | |||||||||||||
Fiscal Years Ended | |||||||||||||
March 29, | March 30, | March 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Alonim | 22% | 29% | 30% | ||||||||||
Related party receivables as a percentage of our net accounts receivable were as follows as of the dates indicated below: | |||||||||||||
March 29, | March 30, | ||||||||||||
2015 | 2014 | ||||||||||||
Alonim | 6% | 18% | |||||||||||
Related party expenses for reimbursement of promotional materials were not significant for fiscal years 2015, 2014 and 2013. |
Note_7_Restructuring_Charges_a
Note 7 - Restructuring Charges and Exit Costs | 12 Months Ended | ||||||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | NOTE 7. RESTRUCTURING CHARGES AND EXIT COSTS | ||||||||||||||||||||
Restructuring expenses result from the execution of management approved restructuring plans that were generally developed to improve our cost structure and/or operations, often in conjunction with our acquisition integration strategies. Restructuring expenses consist of employee severance costs and may also include contract termination costs to improve our cost structure prospectively. | |||||||||||||||||||||
2015 Restructuring Charges and Exit Costs | |||||||||||||||||||||
Exar completed a significant strategic restructuring process that began in the quarter ended September 28, 2014. This restructuring was prompted by the recent acquisition of iML, and an associated significant reduction in force, including reductions at our Hangzhou, China; Loveland, Colorado; and Ipoh, Malaysia locations. We believe this restructuring allows us to achieve meaningful synergies and operating efficiencies and focus our resources on strategic priorities that we expect will yield the highest incremental return for Exar’s stockholders. During fiscal year 2015, we incurred $12.2 million of restructuring charges and exit costs. The charges consisted primarily of reduction of our workforce, the impairment of certain fixed assets, licensed technologies and write-off of related inventory. Of the total restructuring charges and exist costs, $7.6 million was reflected in cost of sales and $4.6 million was reflected in operating expenses within our consolidated statements of operations. | |||||||||||||||||||||
2014 Restructuring Charges and Exit Costs | |||||||||||||||||||||
In fiscal year 2014, we recorded $3.0 million of restructuring charges and exit costs. Of the total restructuring charges and exit costs recorded in fiscal year 2014, $0.2 million was reflected in cost of sales and $2.8 million was reflected in operating expenses within our consolidated statements of operations. | |||||||||||||||||||||
2013 Restructuring Charges and Exit Costs | |||||||||||||||||||||
In the fourth quarter of fiscal year 2013, we recorded $0.3 million of restructuring charges and exit costs and released a $0.5 million liability related to the Industrial Research Assistance Program (“IRAP”) with Canadian governmental agency. In the third, second and first quarters of fiscal year 2013, we recorded restructuring charges and exit costs of $0.6 million, $0.3 million and $0.9 million, respectively. Of the total restructuring charges and exit costs recorded in fiscal year 2013, $0.3 million was reflected in cost of sales and $1.3 million was reflected in operating expenses within our consolidated statements of operations. | |||||||||||||||||||||
Our restructuring liabilities were included in the accounts payable, other current liabilities and other non-current obligations lines within our consolidated balance sheets. The following table summarizes the activities affecting the liabilities as of the dates indicated below (in thousands): | |||||||||||||||||||||
March 30, | Additions/ | Non-cash | Payments | March 29, | |||||||||||||||||
2014 | adjustments | charges | 2015 | ||||||||||||||||||
Lease termination costs and others | $ | 1,615 | $ | 522 | $ | (220 | ) | $ | (1,587 | ) | $ | 330 | |||||||||
Impairment of fixed assets, licensed technologies and write down of inventory | — | 7,765 | (7,765 | ) | — | — | |||||||||||||||
Severance | 754 | 3,899 | — | (4,001 | ) | 652 | |||||||||||||||
Total | $ | 2,369 | $ | 12,186 | $ | (7,985 | ) | $ | (5,588 | ) | $ | 982 | |||||||||
April 1, | Additions/ | Non-cash | Payments | March 30, | |||||||||||||||||
2013 | adjustments | charges | 2014 | ||||||||||||||||||
Lease termination costs and others | $ | 2,860 | $ | 570 | $ | (57 | ) | $ | (1,758 | ) | $ | 1,615 | |||||||||
Severance | 426 | 2,444 | — | (2,116 | ) | 754 | |||||||||||||||
Total | $ | 3,286 | $ | 3,014 | $ | (57 | ) | $ | (3,874 | ) | $ | 2,369 | |||||||||
See Note 4 — “Balance Sheet Details” for current and long-term portion of restructuring charges and exit costs recorded in the consolidated balance sheets as of March 29, 2015 and March 30, 2014. |
Note_8_Longterm_Investment
Note 8 - Long-term Investment | 12 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Investments Schedule [Abstract] | |||||||||
Investment [Text Block] | NOTE 8. LONG-TERM INVESTMENT | ||||||||
In July 2001, Exar became a Limited Partner in the Skypoint Telecom Fund II (US), LP. (“Skypoint Fund”), a venture capital fund focused on investments in communications infrastructure companies. We account for this non-marketable equity investment under the cost method in the other non-current assets in the consolidated balance sheet. The partnership was dissolved and the fund distributed stock of investee companies to Exar during first quarter of fiscal year 2015. | |||||||||
We periodically review and determine whether the investment is other-than-temporarily impaired, in which case the investment is written down to its impaired value. | |||||||||
As of the dates indicated below, our long-term investment balance, which is included in the “Other non-current assets” line item on the consolidated balance sheets, consisted of the following (in thousands): | |||||||||
March 29, | March 30, | ||||||||
2015 | 2014 | ||||||||
Beginning balance | $ | 946 | $ | 1,288 | |||||
Net distributions | (8 | ) | (19 | ) | |||||
Impairment charges | (544 | ) | (323 | ) | |||||
Ending balance | $ | 394 | $ | 946 | |||||
The carrying amount of approximately $0.4 million as of March 29, 2015 reflects the net of the capital contributions, capital distributions and $0.5 million cumulative impairment charges. During the term of the fund we made $4.8 million in capital contributions to Skypoint Fund since we became a limited partner in July 2001. | |||||||||
Impairment | |||||||||
We evaluate our long-term investment for impairment on an annual basis or whenever events and changes in circumstances suggest that the carrying amount may not be recoverable. If the carrying amount exceeds its fair value, the long term-investment is considered impaired and a second step is performed to measure the amount of impairment loss. | |||||||||
During first quarter of fiscal year 2015, we received approximately 93,000 common shares of CounterPath Corporation (“CounterPath”) through the dissolution of Skypoint Fund in which we were a limited partner since 2001. CounterPath was one of the investee companies of Skypoint Fund. We estimated the fair value using the market value of common shares as determined by trading on the Nasdaq Capital Market. We also received common shares from the other two private investee companies of Skypoint Fund through the dissolution. We assessed the fair value of the common shares received from these three companies and as a result $0.5 million impairment charges were recorded in fiscal year 2015. In fiscal years 2014 and 2013, we conducted our impairment analysis by comparing the carrying amount to the fair value of the underlying investments and recorded $0.3 million and $0 of impairment charges, respectively. |
Note_9_Goodwill_and_Intangible
Note 9 - Goodwill and Intangible Assets | 12 Months Ended | |||||||||||||||||||||||||||||
Mar. 29, 2015 | ||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 9. GOODWILL AND INTANGIBLE ASSETS | |||||||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||||||||
Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. We evaluate goodwill for impairment on an annual basis or whenever events and changes in circumstances suggest that the carrying amount may not be recoverable. We conduct our annual impairment analysis in the fourth quarter of each fiscal year. Impairment of goodwill is tested at the reporting unit level by comparing the reporting unit’s carrying amount, including goodwill, to the fair value of the reporting unit. Estimations and assumptions regarding the number of reporting units, future performances, results of our operations and comparability of our market capitalization and net book value will be used. If the carrying amount of the reporting unit exceeds its fair value, goodwill is considered impaired and a second step is performed to measure the amount of impairment loss. Because we have one single operating segment with highly integrated business, we assess goodwill for impairment at the enterprise level. | ||||||||||||||||||||||||||||||
In the fourth quarter of fiscal year 2015, we conducted our annual impairment review comparing the fair value of our single reporting unit with its carrying value. As of the test date and as of fiscal year-end, and before consideration of a control premium, the fair value, which was estimated as our market capitalization, exceeded the carrying value of our net assets. As a result, no goodwill impairment was recorded for fiscal year 2015. | ||||||||||||||||||||||||||||||
In the fourth quarter of fiscal years 2014 and 2013, we conducted our annual impairment review. As of the test date and as of year-end, and before consideration of a control premium, the fair value, which was estimated as our market capitalization, exceeded the carrying value of our net assets. As a result, no impairment was recorded for fiscal years 2014 or 2013. | ||||||||||||||||||||||||||||||
The changes in the carrying amount of goodwill for fiscal years 2015 and 2014 were as follows (in thousands): | ||||||||||||||||||||||||||||||
March 29, | March 30, | |||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||
Beginning balance | $ | 30,410 | $ | 10,356 | ||||||||||||||||||||||||||
Goodwill additions | 14,461 | 20,054 | ||||||||||||||||||||||||||||
Ending balance | $ | 44,871 | $ | 30,410 | ||||||||||||||||||||||||||
Goodwill additions during fiscal year 2015 consisted of $14.5 million residual allocation from the iML acquisition purchase price accounting. The goodwill additions during fiscal year 2014 consist of $19.4 million and $0.7 million residual allocation from the Cadeka and Stretch acquisition purchase price accounting, respectively. | ||||||||||||||||||||||||||||||
Intangible Assets | ||||||||||||||||||||||||||||||
Our purchased intangible assets as of the dates indicated below were as follows (in thousands): | ||||||||||||||||||||||||||||||
29-Mar-15 | 30-Mar-14 | |||||||||||||||||||||||||||||
Carrying Amount | Accumulated Amortization | Impairment charge | Net | Carrying Amount | Accumulated Amortization | Net | ||||||||||||||||||||||||
Carrying Amount | Carrying Amount | |||||||||||||||||||||||||||||
Amortized intangible assets: | ||||||||||||||||||||||||||||||
Existing technology | $ | 120,041 | $ | (47,259 | ) | $ | (9,134 | ) | $ | 63,648 | $ | 63,043 | $ | (37,510 | ) | $ | 25,533 | |||||||||||||
Customer relationships | 15,165 | (4,520 | ) | (870 | ) | 9,775 | 6,095 | (2,762 | ) | 3,333 | ||||||||||||||||||||
Distributor relationships | 7,254 | (1,973 | ) | — | 5,281 | 1,264 | (1,260 | ) | 4 | |||||||||||||||||||||
Patents/Core technology | 3,459 | (3,446 | ) | — | 13 | 3,459 | (3,378 | ) | 81 | |||||||||||||||||||||
Trade names | 1,330 | (274 | ) | — | 1,056 | 210 | (51 | ) | 159 | |||||||||||||||||||||
Total intangible assets subject to amortization | 147,249 | (57,472 | ) | (10,004 | ) | 79,773 | 74,071 | (44,961 | ) | 29,110 | ||||||||||||||||||||
In-process research and development | 9,148 | — | (2,819 | ) | 6,329 | 2,280 | — | 2,280 | ||||||||||||||||||||||
Total | $ | 156,397 | $ | (57,472 | ) | $ | (12,823 | ) | $ | 86,102 | $ | 76,351 | $ | (44,961 | ) | $ | 31,390 | |||||||||||||
Long-lived assets are amortized on a straight-line basis over their respective estimated useful lives except for customer and distributor relationships that are amortized on an accelerated basis. Existing technology is amortized over two to nine years. Customer relationships are amortized over five to seven years. Distributor relationships are amortized over six to seven years. Patents/core technology is amortized over five to six years. Trade names are amortized over three to six years. In-process Research & Development (“IPR&D”) is reclassified as existing technology upon completion or written off upon abandonment. During the third fiscal quarter, $1.2 million of IPR&D was reclassified as existing technology upon completion and started amortization. During the fourth fiscal quarter, as a result of not meeting critical specifications, we abandoned one IPR&D project and recorded a $0.5 million charges in the impairment of intangible assets line on the consolidated statement of operations. We expect the amortization of the remaining IPR&D projects to start in fiscal year 2016. We evaluate the remaining useful life of our long-lived assets that are being amortized each reporting period to determine whether events and circumstances warrant a revision to the remaining period of amortization. If the estimate of an intangible asset’s remaining useful life is changed, the remaining carrying amount of the long-lived asset is amortized prospectively over the remaining useful life. | ||||||||||||||||||||||||||||||
Long-lived assets are evaluated for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets (or asset group) may not be fully recoverable. Whenever events or changes in circumstances suggest that the carrying amount of long-lived assets may not be recoverable, we estimate the future cash flows expected to be generated by the assets (or asset group) from its use or eventual disposition. If the sum of the expected future cash flows is less than the carrying amount of those assets, we recognize an impairment loss based on the excess of the carrying amount over the fair value of the assets which is derived using a discounted cash flow model. Significant management judgment is required in the grouping of long-lived assets and forecasts of future operating results that are used in the discounted cash flow method of valuation. If our actual results or the plans and estimates used in future impairment analyses are lower than the original estimates used to assess the recoverability of these assets, we could incur additional impairment charges. | ||||||||||||||||||||||||||||||
During fiscal year 2015, Exar completed a significant strategic restructuring process that began in the quarter ended September 28, 2014. This restructuring was prompted by the acquisition of iML, and an associated significant reduction in force, including reductions at our Hangzhou, China; Loveland, Colorado; and Ipoh, Malaysia locations. We believe this restructuring allows us to achieve meaningful synergies and operating efficiencies and focus our resources on strategic priorities that we expect will yield the highest incremental return for Exar’s stockholders. For additional details, see Note 7 – “Restructuring Charges and Exit Costs.” As a result of this restructuring and the resultant re-prioritization of resources, we anticipated a decline in forecasted revenue related to certain intangible assets that were acquired in prior business combinations. Consequently, we performed an intangible assets impairment review during the second quarter of fiscal year 2015. Upon completion of this review, we recorded $12.3 million of impairment charges to acquired intangibles in the second quarter of fiscal year 2015 for the excess of carrying amount over estimated fair value based on projected cash flows discounted at 21%. Of these impairment charges, $7.5 million and $4.8 million are related to High-Performance Analog and Data Compression products, respectively. | ||||||||||||||||||||||||||||||
Due to the decline in forecasted revenue related to certain acquired intangible assets, we recorded $1.6 million impairment charges for fiscal year 2014. No impairment charges were recorded for fiscal year 2013. | ||||||||||||||||||||||||||||||
During the second quarter of fiscal year 2013, we sold certain patents for $500,000 and recorded a gain of approximately $223,000. | ||||||||||||||||||||||||||||||
The aggregate amortization expenses for our purchased intangible assets for fiscal years indicated below were as follows (in thousands): | ||||||||||||||||||||||||||||||
March 29, | March 30, | March 31, | ||||||||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||||||||||
Amortization expense | $ | 12,511 | $ | 7,813 | $ | 4,150 | ||||||||||||||||||||||||
The total future amortization expenses for our purchased intangible assets are summarized below (in thousands): | ||||||||||||||||||||||||||||||
Amortization Expense (by fiscal year) | ||||||||||||||||||||||||||||||
2016 | $ | 12,946 | ||||||||||||||||||||||||||||
2017 | 12,859 | |||||||||||||||||||||||||||||
2018 | 12,822 | |||||||||||||||||||||||||||||
2019 | 12,498 | |||||||||||||||||||||||||||||
2020 | 11,707 | |||||||||||||||||||||||||||||
2021 and thereafter | 16,941 | |||||||||||||||||||||||||||||
Total future amortization excluding IPR&D | $ | 79,773 | ||||||||||||||||||||||||||||
Note_10_Net_Income_Loss_Per_Sh
Note 10 - Net Income (Loss) Per Share | 12 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share [Text Block] | NOTE 10. NET INCOME (LOSS) PER SHARE | ||||||||||||
Basic net income (loss) per share excludes dilution and is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the applicable period. Diluted earnings per share reflects the potential dilution that would occur if outstanding stock options or warrants to purchase common stock were exercised for common stock, using the treasury stock method, and the common stock underlying outstanding restricted stock units (“RSUs”) was issued. | |||||||||||||
The following table summarizes our net income (loss) per share for the periods indicated below (in thousands, except per share amounts): | |||||||||||||
March 29, | March 30, | March 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Net income (loss) before non-controlling interests | $ | (45,007 | ) | $ | 5,801 | $ | 2,882 | ||||||
Net income (loss) attributable to non-controlling interests | (37 | ) | — | — | |||||||||
Net income (loss) attributable to Exar Corporation | (44,970 | ) | 5,801 | 2,882 | |||||||||
Shares used in computation of net income (loss) per share: | |||||||||||||
Basic | 47,253 | 47,291 | 45,809 | ||||||||||
Effect of options and awards | — | 1,532 | 667 | ||||||||||
Diluted | 47,253 | 48,823 | 46,476 | ||||||||||
Net income (loss) per share to common stockholders: | |||||||||||||
Basic | $ | (0.95 | ) | $ | 0.12 | $ | 0.06 | ||||||
Diluted | $ | (0.95 | ) | $ | 0.12 | $ | 0.06 | ||||||
All outstanding stock options and RSUs are potentially dilutive securities. As of March 29, 2015, all outstanding stock options and RSUs were excluded from the computation of diluted net loss per share as inclusion of such shares would have an anti-dilutive effect. Accordingly, basic and diluted net loss per share were the same in the period presented. As of March 30, 2014 and March 31, 2013, stock options of 1.4 million and 2.2 million, respectively, were excluded from the computation of diluted net income per share because they were determined to be anti-dilutive. |
Note_11_Shortterm_Debt
Note 11 - Short-term Debt | 12 Months Ended | ||||
Mar. 29, 2015 | |||||
Debt Disclosure [Abstract] | |||||
Debt Disclosure [Text Block] | NOTE 11. SHORT-TERM DEBT | ||||
As part of the acquisition of iML, we entered into short-term financing agreements with Stifel Financial Corporation (“Stifel”) and CTBC Bank Corporation (USA) (“CTBC”) to provide bridge financing for the acquisition. | |||||
CTBC | |||||
On June 9, 2014 we entered into a Business Loan Agreement with CTBC to provide a loan for $26.0 million. This loan bore an interest rate of 3.25% and had maturity date of December 9, 2014. Interest payments were due monthly with the entire principal due not later than December 9, 2014. | |||||
All obligations of Exar under the Business Loan Agreement were unconditionally guaranteed by iML through a $26.0 million short-term certificate deposit with the same institution which had been recorded as restricted cash as of September 28, 2014. As of October 2014, the CTBC business loan has been completely paid off. | |||||
Stifel | |||||
On May 27, 2014 (the “Initial Funding Date”), Exar entered into a bridge credit agreement (the “Credit Agreement”) with certain lender parties and Stifel Financial Corp., as Administrative Agent. The Credit Agreement provided Exar with a bridge term loan credit facility in an aggregate principal amount of up to $90.0 million (the “Bridge Facility”). | |||||
Interest on loans made under the Bridge Facility accrued, at Exar’s option, at a rate per annum equal to (1) the Base Rate (as defined below) plus (a) during the first 90 days following the Initial Funding Date, 7.5% and (b) thereafter, 8.5% or (2) 1-month LIBOR plus (a) during the first 90 days following the Initial Funding Date, 8.5% and (b) thereafter, 9.5%. The “Base Rate” was equal to, for any day, a rate per annum equal to the highest of (a) the prime rate in effect on such day, (b) the federal funds effective rate in effect on such day plus 0.50%, and (c) 1 month LIBOR plus 1.00%. The Base Rate was subject to a floor of 2.5%, and LIBOR was subject to a floor of 1.5%. | |||||
Exar had drawn $65.0 million in May 2014 to fund the acquisition of iML’s outstanding shares. We repaid $26.0 million of the debt in June 2014 through a loan from CTBC with lower interest rate. As of July 2014, the Stifel loan has been completely paid off. | |||||
Interest | |||||
For fiscal year 2015, interest on our short-term debt, which is included in the “Interest expense” line item on the consolidated statement of operations, consisted of the following (in thousands): | |||||
29-Mar-15 | |||||
CTBC | $ | 265 | |||
Stifel | 646 | ||||
Total interest on short-term debt | $ | 911 | |||
Note_12_Common_Stock_Repurchas
Note 12 - Common Stock Repurchases | 12 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | NOTE 12. COMMON STOCK REPURCHASES | ||||||||||||
From time to time, we acquire outstanding common stock in the open market to partially offset dilution from our equity award programs, to increase our return on invested capital and to bring our cash to a more appropriate level for our organization. | |||||||||||||
On August 28, 2007, we announced the approval of a share repurchase plan under which we were authorized to repurchase up to $100.0 million of our common stock. | |||||||||||||
On July 9, 2013, we announced the approval of a share repurchase program under which we were authorized to repurchase an additional $50.0 million of our common stock. The repurchase program does not have a termination date, and may be modified, extended or terminated at any time. We intend to retire all shares repurchased under the stock repurchase plan. The purchase price for the repurchased shares of Exar is reflected as a reduction of common stock and additional paid-in capital. We may continue to repurchase our common stock under the repurchase plan, which would reduce our cash, cash equivalents and/or short-term marketable securities available to fund future operations and to meet other liquidity requirements. | |||||||||||||
In the first fiscal quarter of 2014, we retired all of our 19.9 million treasury shares. | |||||||||||||
As of March 29, 2015, we had repurchased shares valued at $105.2 million under the share repurchase program. During fiscal year 2015, we repurchased $8.0 million of our common stock. The repurchased shares were retired immediately. During fiscal years 2014 and 2013, we repurchased $9.0 million and $0 of our common stock, respectively. The remaining authorized amount for the stock repurchase under the repurchase programs is $44.8 million. | |||||||||||||
Stock repurchase activities during fiscal years 2015 and 2014 are indicated below (in thousands, except per share amounts): | |||||||||||||
Average Price Paid Per | |||||||||||||
Total number of | Share | Amount Paid for | |||||||||||
Shares Purchased | (or Unit) | Purchase | |||||||||||
As of March 31, 2013 | 9,564 | $ | 9.22 | $ | 88,189 | ||||||||
Repurchases – August 25 to September 29, 2013 | 153 | 13.07 | 1,999 | ||||||||||
Repurchases – September 30 to October 27, 2013 | 73 | 13.63 | 1,001 | ||||||||||
Repurchases – November 24 to December 29, 2013 | 83 | 12.09 | 1,000 | ||||||||||
Repurchases – December 30, 2013 to January 26, 2014 | 122 | 11.61 | 1,417 | ||||||||||
Repurchases – January 27 to February 23, 2014 | 324 | 11.05 | 3,583 | ||||||||||
As of March 30, 2014 | 10,319 | $ | 9.42 | $ | 97,189 | ||||||||
Repurchases – March 31 to April 27, 2014 | 273 | 10.98 | 3,000 | ||||||||||
Repurchases – July 28 to September 28, 2014 | 393 | 9.83 | 3,864 | ||||||||||
Repurchases – September 29 to December 28, 2014 | 125 | 9.08 | 1,135 | ||||||||||
As of March 29, 2015 | 11,110 | $ | 9.47 | $ | 105,188 | ||||||||
Note: The average price paid per share is based on the total price paid by Exar, which includes applicable broker fees. |
Note_13_Employee_Benefit_Plans
Note 13 - Employee Benefit Plans | 12 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 13. EMPLOYEE BENEFIT PLANS | ||||||||||||
Exar Savings Plan | |||||||||||||
The Exar Savings Plan (“Plan”), as amended and restated, covers our eligible U.S. employees. The Plan provides for voluntary salary reduction contributions in accordance with Section 401(k) of the Internal Revenue Code as well as matching contributions from Exar. For fiscal year 2015 and 2014, our matching contribution was percentage of the employees’ contributions, not to exceed a fixed maximum. For fiscal year 2013, the matching contribution percentage was variable based upon Company’s performance targets set at the beginning of the fiscal year. | |||||||||||||
Our matching contributions to the Plan for the fiscal years ending on the dates indicated below were as follows (in thousands): | |||||||||||||
March 29, | March 30, | March 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Matching contributions | $ | 421 | $ | 373 | $ | 267 | |||||||
Management and Employee Incentive Compensation Programs | |||||||||||||
Our incentive compensation programs provide for incentive awards for substantially all employees based on the achievement of personal objectives and our operating performance results. Our incentive compensation programs may be amended or discontinued at the discretion of our board of directors. | |||||||||||||
Our unpaid incentive compensation for the fiscal years ending on the dates indicated below was as follows (in thousands): | |||||||||||||
March 29, | March 30, | March 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Unpaid incentive compensation | $ | 1,627 | $ | 698 | $ | 781 | |||||||
Note_14_Stockbased_Compensatio
Note 14 - Stock-based Compensation | 12 Months Ended | ||||||||||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 14. STOCK-BASED COMPENSATION | ||||||||||||||||||||||||
Employee Stock Participation Plan (“ESPP”) | |||||||||||||||||||||||||
Our ESPP permits employees to purchase common stock through payroll deductions at a purchase price that is equal to 95% of our common stock price on the last trading day of each three-calendar-month offering period. Exar’s ESPP is intended to qualify under Section 423(b) of the U.S. Internal Revenue Code and was initially approved by our stockholders at our 1989 annual shareholder meeting. Our ESPP is non-compensatory. | |||||||||||||||||||||||||
The following table summarizes our ESPP transactions during the fiscal periods presented (in thousands, except per share amounts): | |||||||||||||||||||||||||
Shares of | Weighted | ||||||||||||||||||||||||
Common Stock | Average | ||||||||||||||||||||||||
Price per Share | |||||||||||||||||||||||||
Authorized to issue: | 4,500 | ||||||||||||||||||||||||
Reserved for future issuance: | |||||||||||||||||||||||||
Fiscal year ending March 29, 2015 | 1,346 | ||||||||||||||||||||||||
Fiscal year ending March 30, 2014 | 1,372 | ||||||||||||||||||||||||
Fiscal year ending March 31, 2013 | 1,392 | ||||||||||||||||||||||||
Issued: | |||||||||||||||||||||||||
Fiscal year ending March 29, 2015 | 26 | $ | 10.01 | ||||||||||||||||||||||
Fiscal year ending March 30, 2014 | 20 | 11.38 | |||||||||||||||||||||||
Fiscal year ending March 31, 2013 | 26 | 8.38 | |||||||||||||||||||||||
Equity Incentive Plans | |||||||||||||||||||||||||
At the annual meeting of stockholders on September 18, 2014 (the “Annual Meeting”), our stockholders approved the Exar Corporation 2014 Equity Incentive Plan (“2014 Plan”). The 2014 Plan authorizes the issuance of stock options, stock appreciation rights, restricted stock, stock bonuses and other forms of awards granted or denominated in common stock or units of common stock, as well as cash bonus awards. | |||||||||||||||||||||||||
Prior to the Annual Meeting, we maintained the Exar Corporation 2006 Equity Incentive Plan (the “2006 Plan”) and the Sipex Corporation 2006 Equity Incentive Plan (the “Sipex 2006 Plan”). As of June 30, 2014, a total of 6,555,492 shares of our common stock were then subject to outstanding awards granted under the 2006 Plan and the Sipex 2006 Plan, and an additional 669,008 shares of our common stock were then available for new award grants under the 2006 Plan. As part of the stockholder approval of the 2014 Plan at the Annual Meeting, we agreed that no new awards will be granted under the 2006 Plan and the Sipex 2006 Plan, although awards made under these plans prior to the Annual Meeting will remain subject to the terms of each such plan. | |||||||||||||||||||||||||
The maximum number of shares of our common stock that may be issued or transferred pursuant to awards under the 2014 Plan equals the sum of: (1) 5,170,000 shares, plus (2) the number of any shares subject to stock options granted under the 2006 Plan and the Sipex 2006 Plan and outstanding as of the date of the Annual Meeting which expire, or for any reason are cancelled or terminated, after the date of the Annual Meeting without being exercised, plus (3) the number of any shares subject to restricted stock and restricted stock unit awards granted under the 2006 Plan and the Sipex 2006 Plan that are outstanding and unvested as of the date of the Annual Meeting which are forfeited, terminated, cancelled, or otherwise reacquired after the date of the Annual Meeting without having become vested. Awards other than a stock option or stock appreciation right granted under the 2014 Plan are counted against authorized shares available for future issuance on a basis of two shares for each share subject to the award. As of March 29, 2015, there were approximately 4.9 million shares available for future grant under the 2014 Plan. | |||||||||||||||||||||||||
The following table summarizes information about our stock options outstanding at March 29, 2015: | |||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
Range of | Number | Weighted | Weighted | Number | Weighted | ||||||||||||||||||||
Outstanding | Average | Average | Exercisable | Average | |||||||||||||||||||||
As of | Remaining | Exercise | As of | Exercise | |||||||||||||||||||||
March 29, | Contractual | March 29, | |||||||||||||||||||||||
Terms | |||||||||||||||||||||||||
Exercise Prices | 2015 | (in years) | Price per Share | 2015 | Price per Share | ||||||||||||||||||||
$1.57 | - | $6.43 | 1,951,070 | 3.32 | $ | 6.12 | 1,493,854 | $ | 6.04 | ||||||||||||||||
6.60 | - | 8.51 | 1,693,928 | 4.29 | 7.85 | 909,929 | 7.79 | ||||||||||||||||||
8.57 | - | 9.55 | 1,583,739 | 5.95 | 9.22 | 361,184 | 9.15 | ||||||||||||||||||
9.57 | - | 11.64 | 1,594,345 | 5.86 | 10.55 | 358,156 | 10.73 | ||||||||||||||||||
11.79 | - | 13.93 | 786,540 | 5.67 | 12.82 | 195,320 | 13.15 | ||||||||||||||||||
Total | 7,609,622 | 4.86 | 8.77 | 3,318,443 | 7.78 | ||||||||||||||||||||
Stock Option Activities | |||||||||||||||||||||||||
A summary of stock option transactions during the periods indicated below for all stock option plans was as follows: | |||||||||||||||||||||||||
Outstanding | Weighted | Weighted | Aggregate | In-the-money | |||||||||||||||||||||
Options / | Average | Average | Intrinsic | Options | |||||||||||||||||||||
Quantity | Exercise | Remaining | Value | Vested and | |||||||||||||||||||||
Price per Share | Contractual | (in thousands) | Exercisable | ||||||||||||||||||||||
Term | (in thousands) | ||||||||||||||||||||||||
(in years) | |||||||||||||||||||||||||
Balance at April 1, 2012 | 6,345,307 | $ | 7.23 | 4.67 | $ | 9,474 | 1,193 | ||||||||||||||||||
Granted | 2,540,010 | 8.32 | |||||||||||||||||||||||
Exercised | (875,459 | ) | 6.92 | ||||||||||||||||||||||
Cancelled | (903,781 | ) | 9.67 | ||||||||||||||||||||||
Forfeited | (893,744 | ) | 6.41 | ||||||||||||||||||||||
Balance at March 31, 2013 | 6,212,333 | $ | 7.48 | 5.04 | $ | 19,199 | 1,481 | ||||||||||||||||||
Granted | 2,482,650 | 11.89 | |||||||||||||||||||||||
Exercised | (784,864 | ) | 7.14 | ||||||||||||||||||||||
Cancelled | (10,834 | ) | 10.92 | ||||||||||||||||||||||
Forfeited | (685,437 | ) | 8.02 | ||||||||||||||||||||||
Balance at March 30, 2014 | 7,213,848 | $ | 8.98 | 5.02 | $ | 21,301 | 2,170 | ||||||||||||||||||
Granted | 2,624,778 | 8.7 | |||||||||||||||||||||||
Exercised | (864,222 | ) | 7.05 | ||||||||||||||||||||||
Cancelled | (291,769 | ) | 12.36 | ||||||||||||||||||||||
Forfeited | (1,073,013 | ) | 10.45 | ||||||||||||||||||||||
Balance at March 29, 2015 | 7,609,622 | $ | 8.77 | 4.86 | $ | 14,377 | 2,850 | ||||||||||||||||||
Vested and expected to vest, March 29, 2015 | 7,114,744 | $ | 8.69 | 4.81 | $ | 13,941 | |||||||||||||||||||
Vested and exercisable, March 29, 2015 | 3,318,443 | $ | 7.78 | 3.96 | $ | 9,100 | |||||||||||||||||||
The aggregate intrinsic values in the table above represent the total pre-tax intrinsic value, which is based on the closing price of our common stock of $10.30, $11.71 and $10.50 as of March 29, 2015, March 30, 2014 and March 31, 2013, respectively. These are the values which would have been received by option holders if all option holders exercised their options and sold the underlying shares on that date. | |||||||||||||||||||||||||
In January 2012, we granted 480,000 performance-based stock options to our CEO. The options are scheduled to vest in four equal annual installments at the end of fiscal years 2013 through 2016 if certain predetermined financial measures are met. If the financial measures are not met, each installment will be rolled over to the subsequent fiscal year. In January 2014, we granted 140,000 performance-based stock options to our CEO. The options are scheduled to vest at the end of fiscal year 2017 if certain predetermined financial measures are met. We recorded $338,000, $260,000 and $260,000 of compensation expense for these options in fiscal years 2015, 2014 and 2013, respectively. The assumptions used to value the options are presented below under “Valuation Assumptions.” | |||||||||||||||||||||||||
Options exercised for the fiscal years ended on the dates indicated below were as follows (in thousands): | |||||||||||||||||||||||||
March 29, | March 30, | March 31, | |||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||
Intrinsic value of options exercised | $ | 2,543 | $ | 3,887 | $ | 1,443 | |||||||||||||||||||
Cash received related to option exercises | 6,095 | 9,493 | 6,059 | ||||||||||||||||||||||
Tax benefit recorded | 1,655 | 6,669 | 1,927 | ||||||||||||||||||||||
RSUs | |||||||||||||||||||||||||
We issue RSUs to employees and non-employee directors that are generally subject to vesting requirements. RSUs generally vest on the first or third anniversary date from the grant date. Prior to vesting, RSUs do not have dividend equivalent rights, do not have voting rights and the shares underlying the RSUs are not considered issued and outstanding. Shares are issued on the date the RSUs vest. | |||||||||||||||||||||||||
A summary of RSU transactions during the periods indicated for all stock incentive plans is as follows: | |||||||||||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||||||||||
Average | Average | Intrinsic | |||||||||||||||||||||||
Grant-Date | Remaining | Value | |||||||||||||||||||||||
Fair Value | Contractual | (in thousands) | |||||||||||||||||||||||
Term | |||||||||||||||||||||||||
(in years) | |||||||||||||||||||||||||
Unvested at April 1, 2012 | 604,655 | $ | 7.13 | 2.38 | $ | 5,079 | |||||||||||||||||||
Granted | 331,894 | 8.4 | |||||||||||||||||||||||
Issued and released | (125,095 | ) | 7.1 | ||||||||||||||||||||||
Forfeited | (79,250 | ) | 6.96 | ||||||||||||||||||||||
Unvested at March 31, 2013 | 732,204 | $ | 7.73 | 1.72 | $ | 7,688 | |||||||||||||||||||
Granted | 828,995 | 13.06 | |||||||||||||||||||||||
Issued and released | (346,407 | ) | 9.38 | ||||||||||||||||||||||
Forfeited | (37,666 | ) | 9.52 | ||||||||||||||||||||||
Unvested at March 30, 2014 | 1,177,126 | $ | 10.94 | 1.62 | $ | 13,784 | |||||||||||||||||||
Granted | 509,370 | 9.34 | |||||||||||||||||||||||
Issued and released | (414,242 | ) | 10.28 | ||||||||||||||||||||||
Forfeited | (199,329 | ) | 11.87 | ||||||||||||||||||||||
Unvested at March 29, 2015 | 1,072,925 | $ | 10.26 | 1.5 | $ | 11,051 | |||||||||||||||||||
Vested and expected to vest, March 29, 2015 | 829,673 | 1.42 | $ | 8,546 | |||||||||||||||||||||
The aggregate intrinsic value of RSUs represents the closing price per share of our common stock at the end of the periods presented, multiplied by the number of unvested RSUs or the number of vested and expected to vest RSUs, as applicable, at the end of each period. | |||||||||||||||||||||||||
For RSUs, stock-based compensation expense was calculated based on our stock price on the date of grant, multiplied by the number of RSUs granted. The grant date fair value of RSUs less estimated forfeitures was recognized on a straight-line basis, over the vesting period. | |||||||||||||||||||||||||
In March 2012, we granted 300,000 performance-based RSUs (“PRSUs”) to our CEO. The PRSUs are scheduled to start vesting in three equal installments at the end of each fiscal year 2013 through 2015 with three year vesting periods if certain predetermined financial measures are met. If the financial measures are not met for a particular fiscal year, the installment for that fiscal year will be forfeited at the end of its respective fiscal year. In fiscal years 2015, 2014 and 2013, we recorded $1.2 million, $0.7 million and $0.4 million compensation expense, respectively for these awards. | |||||||||||||||||||||||||
In April 2012, we granted 29,000 bonus RSUs to our CEO. The RSUs vested 50% on the date that is six months after the commencement of the fiscal year 2013 and 50% on the last day of fiscal year 2013. In fiscal year 2013, we recorded $250,000, of compensation expense for these awards. | |||||||||||||||||||||||||
In June 2012, we announced the Fiscal Year 2013 Management Incentive Program (“2013 Incentive Program”). Under this program, each participant’s award is denominated in stock and subject to achievement of certain financial performance goals and the participant’s annual Management by Objective goals for the fiscal year. In fiscal year 2013, we recorded $1.2 million of stock compensation expense related to the 2013 Incentive Program as a result of achieving performance targets at various levels. | |||||||||||||||||||||||||
In July 2013, as part of the acquisition of Cadeka, we agreed to pay retention bonuses to certain former Cadeka employees and the bonus will be settled in RSUs subject to fulfillment of the applicable service period. In fiscal years 2015 and 2014, we recorded $1.7 million and $1.2 million of non-cash compensation expense, respectively. The expense is reported in the other current obligations line in the consolidated balance sheet as the total amount of the bonuses is to be settled in a variable number of RSUs at the completion of the requisite service period. Such non-cash compensation expense is recorded as part of stock compensation expense in the consolidated statement of operations. | |||||||||||||||||||||||||
In August 2013, we announced the Fiscal Year 2014 Management Incentive Program (“2014 Incentive Program”). Under this program, each participant’s award is denominated in stock and subject to achievement of certain financial performance goals and the participant’s annual Management by Objective goals for the fiscal year. The expense is reported in the other current liabilities line in the consolidated balance sheet as the total amount of bonus is to be settled in a variable number of RSUs at the completion of the requisite service period. Such non-cash compensation expense is recorded as part of stock compensation expense in the consolidated statements of operations. Due to only partially achieving the financial performance goals and the participants’ annual Management by Objectives goals, we reversed the previously recorded stock compensation of $295,000 in the second quarter of fiscal year 2015 which resulted in a net stock compensation recovery of $290,000 for fiscal year 2015. | |||||||||||||||||||||||||
In the first quarter of fiscal year 2014, we granted 50,000 PRSUs to certain executives. The PRSUs began vesting in three equal installments at the end of fiscal year 2014 as certain performance measures were met. In fiscal year 2015, we recorded stock compensation net recovery of $140,000 as a result of the termination of one executive’s employment. In fiscal year 2014, we recorded stock compensation expense of $331,000 related to these PRSUs. | |||||||||||||||||||||||||
In October 2013, we granted 70,000 PRSUs to certain executives. The first 50% of the PRSUs are scheduled to start vesting in three equal installments at the end of fiscal year 2015 with a three-year vesting period if certain performance measures are met. The second 50% of the PRSUs are scheduled to start vesting in three equal installments at the end of fiscal year 2016 with a three-year vesting period if certain performance measures are met. We recorded net stock compensation expense of $247,000 related to these awards in fiscal year 2015. One of the executives’ employment was terminated in fiscal year 2015. | |||||||||||||||||||||||||
In December 2013, we granted 100,000 RSUs to our CEO. The RSUs were scheduled to vest in two equal installments at the end of fiscal years 2016 and 2017. In October 2014, the second installment of 50,000 RSUs was modified to 50,000 PRSUs. These modified PRSUs were scheduled to vest at the end of fiscal year 2017 if certain predetermined financial measures are met. For fiscal year 2015, we record $10,000 stock compensation expense related to these modified PRSUs. | |||||||||||||||||||||||||
In January 2014, we granted 82,500 PRSUs to certain former Stretch employees. The PRSUs were scheduled to start vesting in three equal installments at the end of fiscal year 2015 with a three-year vesting period if certain performance measures were met. In fiscal year 2015 we did not record stock compensation expense related to these PRSUs as the performance measures were deemed not met. | |||||||||||||||||||||||||
In August 2014, we announced the Fiscal Year 2015 Management Incentive Program (“2015 Incentive Program”). Under this program, each participant’s award is denominated in shares of our common stock and is subject to attainment of Exar’s performance goals as established by the Compensation Committee of the Board of Directors for fiscal year 2015. We recorded a stock compensation expense of $1,965,000 in fiscal year 2015 related to these awards. | |||||||||||||||||||||||||
In August and December 2014, we granted 88,448 PRSUs to certain former iML employees. The PRSUs are scheduled to start vesting in three equal annual installments upon achievement of certain performance measures. In fiscal year 2015, we recorded $88,000 of stock compensation expense related to these PRSUs. | |||||||||||||||||||||||||
In January 2015, the employment of two of our executives terminated. As part of their termination agreements, we agreed their outstanding stock awards would continue to vest during the 12 month period following termination while they provided consulting services to us and that their vested stock options would remain exercisable for 12 month after they ceased providing consulting services. We also granted total of 60,000 RSUs with a vesting period of twelve months. In addition, we granted RSUs valued at $479,000 to one of the executives which were fully vested in February 2015. We recorded stock compensation expense of $1,519,000 related to these awards in fiscal year 2015. | |||||||||||||||||||||||||
Stock-Based Compensation Expenses | |||||||||||||||||||||||||
Valuation Assumptions | |||||||||||||||||||||||||
The assumptions used in calculating the fair value of stock-based compensation represent our estimates, but these estimates involve inherent uncertainties and the application of management judgments, which include the expected term of the share-based awards, stock price volatility and forfeiture rates. As a result, if factors change and we use different assumptions, our stock-based compensation expense could be materially different in the future. | |||||||||||||||||||||||||
Valuation Method—we compute the fair value of stock options on the date of grant using the Black-Scholes option-pricing model, except for market based performance awards which are valued under a Monte Carlo valuation method. | |||||||||||||||||||||||||
Expected Term—we estimate the expected life of options granted based on historical exercise and post-vest cancellation patterns, which we believe are representative of future behavior. | |||||||||||||||||||||||||
Volatility—our expected volatility is based on historical data of the market closing price for our common stock as reported by NASDAQ Global Select Market (“NASDAQ”) and/or New York Stock Exchange, Inc. (“NYSE”) under the symbol “EXAR” and the expected term of our stock options. | |||||||||||||||||||||||||
Risk-Free Interest Rate—the risk-free interest rate assumption is based on the observed interest rate of the U.S. Treasury appropriate for the expected term of the option to be valued. | |||||||||||||||||||||||||
Dividend Yield—we do not currently pay dividends and have no plans to do so in the future. Therefore, we have assumed a dividend yield of zero. | |||||||||||||||||||||||||
We used the following weighted average assumptions to calculate the fair values of options granted during the fiscal years presented below: | |||||||||||||||||||||||||
March 29, | March 30, | March 31, | |||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||
Expected term of options (years) | 4.53 – 4.70 | 4.40 – 4.49 | 4.36 | ||||||||||||||||||||||
Risk-free interest rate | 1.1 – 1.3 | % | 0.6 – 1.1 | % | 0.5 – 0.6 | % | |||||||||||||||||||
Expected volatility | 32 - 33 | % | 32 - 35 | % | 37 - 42 | % | |||||||||||||||||||
Expected dividend yield | — | — | — | ||||||||||||||||||||||
Weighted average grant date fair value | $ | 2.8 | $ | 3.4 | $ | 2.8 | |||||||||||||||||||
The following table summarizes stock-based compensation expense related to stock options and RSUs during the fiscal years presented below (in thousands): | |||||||||||||||||||||||||
March 29, | March 30, | March 31, | |||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||
Cost of sales | $ | 1,105 | $ | 714 | $ | 469 | |||||||||||||||||||
Research and development | 2,661 | 1,974 | 789 | ||||||||||||||||||||||
Selling, general and administrative | 9,848 | 6,164 | 3,530 | ||||||||||||||||||||||
Total stock-based compensation expense | $ | 13,614 | $ | 8,852 | $ | 4,788 | |||||||||||||||||||
The amount of stock-based compensation cost capitalized in inventory was immaterial at each of the fiscal years presented. | |||||||||||||||||||||||||
Unrecognized Stock-based Compensation Expense | |||||||||||||||||||||||||
The following table summarizes unrecognized stock-based compensation expense related to stock options and RSUs for the fiscal years ending on the date indicated below as follows: | |||||||||||||||||||||||||
29-Mar-15 | 30-Mar-14 | 31-Mar-13 | |||||||||||||||||||||||
Amount | Weighted | Amount | Weighted | Amount | Weighted | ||||||||||||||||||||
(in thousands) | Average | (in thousands) | Average | (in thousands) | Average | ||||||||||||||||||||
Remaining Recognition | Remaining Recognition | Remaining Recognition | |||||||||||||||||||||||
Period | Period | Period | |||||||||||||||||||||||
(in years) | (in years) | (in years) | |||||||||||||||||||||||
Options | $ | 8,579 | 2.3 | $ | 9,958 | 2.7 | $ | 6,269 | 2.8 | ||||||||||||||||
Performance Options | 380 | 1.9 | 242 | 2.2 | 502 | 2.6 | |||||||||||||||||||
RSUs | 3,568 | 2.3 | 5,970 | 2.2 | 1,557 | 2.5 | |||||||||||||||||||
PRSUs | 1,751 | 2.1 | 3,047 | 2.5 | 1,814 | 3.4 | |||||||||||||||||||
Total Stock-based compensation expense | $ | 14,278 | $ | 19,217 | $ | 10,142 | |||||||||||||||||||
Note_15_Lease_Financing_Obliga
Note 15 - Lease Financing Obligation | 12 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||||||
Debt and Capital Leases Disclosures [Text Block] | NOTE 15. LEASE FINANCING OBLIGATION | ||||||||||||
We have acquired engineering design tools (“Design Tools”) under capital leases. We acquired Design Tools of $6.8 million in January 2015 under two three-year licenses with prepayment of $1 million, $0.1 million in January 2015 under a two-year license, $4.4 million in October 2014 under a three-year license with a prepayment of $1.5 million for the first year license, $0.9 million in July 2012 under a three-year license, $4.5 million in December 2011 under a three-year license and $5.8 million in October 2011 under a three-year license all of which were accounted for as capital leases and recorded in the property, plant and equipment, net line item in the consolidated balance sheets. The obligations related to the Design Tools were included in other current liabilities and long-term lease financing obligations in our consolidated balance sheets as of March 29, 2015 and March 30, 2014, respectively. The effective interest rates for the design tools range from 2.0% to 7.25%. | |||||||||||||
Amortization expense related to the design tools, which was recorded using the straight-line method over the remaining useful life for the periods indicated below was as follows (in thousands): | |||||||||||||
Fiscal Years Ended | |||||||||||||
March 29, | March 30, | March 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Amortization expense | $ | 3,586 | $ | 3,294 | $ | 3,523 | |||||||
Future minimum lease and sublease income payments for the lease financing obligations as of March 29, 2015, are as follows (in thousands): | |||||||||||||
Fiscal Years | Design tools | ||||||||||||
2016 | $ | 4,014 | |||||||||||
2017 | 3,961 | ||||||||||||
2018 | 1,355 | ||||||||||||
Total minimum lease payments | 9,330 | ||||||||||||
Less: amount representing interest | 427 | ||||||||||||
Present value of future minimum lease payments | 8,903 | ||||||||||||
Less: short-term lease financing obligations | 3,834 | ||||||||||||
Long-term lease financing obligations | $ | 5,069 | |||||||||||
Interest expense for the design tools lease financing obligations for the periods indicated were as follow (in thousands): | |||||||||||||
Fiscal Years Ended | |||||||||||||
March 29, | March 30, | March 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Interest expense – design tools | $ | 165 | $ | 155 | $ | 143 | |||||||
In the course of our business, we enter into arrangements accounted for as operating leases related to the licensing of engineering design software and the rental of office space. Rent expenses for all operating leases for the periods indicated below were as follows (in thousands): | |||||||||||||
Fiscal Years Ended | |||||||||||||
March 29, | March 30, | March 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Rent expense | $ | 1,764 | $ | 1,289 | $ | 616 | |||||||
Our future minimum lease payments for the lease operating obligations, which all expire prior to 2019, as of March 29, 2015 are as follows (in thousands): | |||||||||||||
Operating lease | |||||||||||||
Fiscal Years | Facilities | ||||||||||||
2016 | $ | 635 | |||||||||||
2017 | 221 | ||||||||||||
2018 | 31 | ||||||||||||
2019 | 3 | ||||||||||||
Total future minimum lease payments | $ | 890 | |||||||||||
Note_16_Commitments_and_Contin
Note 16 - Commitments and Contingencies | 12 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Commitments and Contingencies Disclosure [Text Block] | NOTE 16. COMMITMENTS AND CONTINGENCIES | ||||||||
In early 2012, we received correspondences from the California Department of Toxic Substance Control (“DTSC”) regarding its ongoing investigation of hazardous wastes and hazardous waste constituents at a former regulated treatment facility in San Jose, California. In 1985, MPSI made two separate permitted hazmat deliveries to a licensed and regulated site for treatment. DTSC has requested that former/current property owners and companies, currently in excess of 50, that had hazardous waste treated at the site participate in further site assessment and limited remediation activities. We have entered into various agreements with other named generators, former property owners and DTSC limited to the investigation of the sites’ condition and evaluation, and selection of appropriate remedial measures. The designated environmental consulting firm has prepared and submitted to DTSC a site profile and is currently engaged in further study. Given that this matter is under investigation and discussions are ongoing with respect to various related considerations, we are unable to ascertain our exposure, if any, or estimate a reasonably possible range of loss. In the opinion of management, after consulting with legal counsel, and taking into account insurance coverage, any ultimate liability related to current outstanding claims and lawsuits, individually or in the aggregate, is not expected to have a material adverse effect on our financial statements, as a whole. | |||||||||
In a letter dated March 27, 2012, Exar was notified by the Alameda County Water District (“ACWD”) of the recent detection of volatile organic compounds at a site adjacent to a facility that was previously owned and occupied by Sipex. The letter was also addressed to prior and current property owners and tenants (collectively “Property Owners”). ACWD requested that the Property Owners carry out further site investigation activities to determine if the detected compounds are emanating from the site or simply flowing under it. In June 2012, the Property Owners filed with ACWD a report of its investigation/characterization activities and analytical data obtained. Accumulated data suggests that compounds of concern in groundwater appear to be from an offsite source. ACWD is investigating alternative upgradient sites. Given that this investigation is ongoing and Exar has not received any recent communications from ACWD, we are unable to ascertain our exposure, if any, or estimate a reasonably possible range of loss. In the opinion of management, after consulting with legal counsel, and taking into account insurance coverage, any ultimate liability related to current outstanding claims and lawsuits, individually or in the aggregate, is not expected to have a material adverse effect on our financial statements, as a whole. | |||||||||
We warrant all custom products and application specific products, including cards and boards, against defects in materials and workmanship for a period of 12 months, and occasionally we may provide an extended warranty from the delivery date. We warrant all of our standard products against defects in materials and workmanship for a period of 90 days from the date of delivery. Reserve requirements are recorded in the period of sale and are based on an assessment of the products sold with warranty, historical warranty costs incurred and customer/product specific circumstances. Our liability is generally limited, at our option, to replacing, repairing, or issuing a credit (if it has been paid for). Our warranty does not cover damage which results from accident, misuse, abuse, improper line voltage, fire, flood, lightning or other damage resulting from modifications, repairs or alterations performed other than by us, or resulting from failure to comply with our written operating and maintenance instructions. | |||||||||
Warranty expense has historically been immaterial for our products. A warranty liability of $1.4 million was established during fiscal year 2014 for the return of certain older generation data compression products shipped in prior years. This liability has been fully fulfilled as of March 29, 2015 and in February 2015, we received $0.5 million reimbursement from our insurance company. In June 2014, we assumed $0.4 million warranty liability from our acquisition of iML. | |||||||||
As of the dates indicated below, our warranty reserve balance, which is included in the “Other current liabilities” line item on the consolidated balance sheets, consisted of the following (in thousands): | |||||||||
March 29, | March 30, | ||||||||
2015 | 2014 | ||||||||
Beginning balance | $ | 1,074 | $ | 50 | |||||
Provisions for warranties issued | 458 | 1,480 | |||||||
Settlements/adjustments | (1,250 | ) | (456 | ) | |||||
Ending balance | $ | 282 | $ | 1,074 | |||||
In the ordinary course of business, we may provide for indemnification of varying scope and terms to customers, vendors, lessors, business partners, purchasers of assets or subsidiaries, and other parties with respect to certain matters, including, but not limited to, losses arising out of our breach of agreements or representations and warranties made by us, services to be provided by us, intellectual property infringement claims made by third parties or, matters related to our conduct of the business. In addition, we have entered into indemnification agreements with our directors and certain of our executive officers that will require us, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or executive officers. We maintain director and officer liability insurance, which may cover certain liabilities arising from our obligation to indemnify our directors and officers, and former directors and officers of acquired companies, in certain circumstances. | |||||||||
It is not possible to determine the aggregate maximum potential loss under these indemnification agreements due to the unique facts and circumstances involved in each particular agreement and claims. Such indemnification agreements might not be subject to maximum loss clauses. Historically, we have not incurred material costs as a result of obligations under these agreements and we have not accrued any liabilities related to such indemnification obligations in our consolidated financial statements. |
Note_17_Legal_Proceedings
Note 17 - Legal Proceedings | 12 Months Ended |
Mar. 29, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Legal Matters and Contingencies [Text Block] | NOTE 17. LEGAL PROCEEDINGS |
In fiscal year 2014, two former employees of Exar’s French subsidiary asserted claims in the French Labor Courts against that subsidiary for alleged unfair dismissal. We believe that the former employees were terminated in accordance with the requirements of French law and that the former employees’ claims are not supported by evidence. On December 22, 2014, Exar and one former employee entered into a settlement agreement resolving all claims made in the litigation. The French Labor Court in the other matter rendered a judgment in favor of the other employee on January 21, 2015 that we intend to appeal. We continue to dispute the claims and intend to continue to vigorously protect our interests. | |
In April 2015, Phenix, LLC (“Phenix”) filed a complaint against us and iML for patent infringement in the United States District Court for the Eastern District of Texas, alleging that at least the iML 7990 and 7991 products infringe one of its patents. See Note 22 - “Subsequent Event” for detail. | |
While there can be no assurance of favorable outcomes, we do not believe that the ultimate outcome of these actions, individually or in the aggregate, will have a material adverse effect on our financial position, results of operations or cash flows. |
Note_18_Income_Taxes
Note 18 - Income Taxes | 12 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Tax Disclosure [Text Block] | NOTE 18. INCOME TAXES | ||||||||||||
The following table presents domestic and foreign components income/ (loss) before income taxes (in thousands): | |||||||||||||
March 29, | March 30, | March 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
United States | $ | (50,428 | ) | $ | (2,370 | ) | $ | 1,693 | |||||
Foreign | 6,310 | (307 | ) | — | |||||||||
(Loss)/income before income tax | $ | (44,118 | ) | $ | (2,677 | ) | $ | 1,693 | |||||
The components of the provision for (benefit from) income taxes as of the dates indicated below were as follows (in thousands): | |||||||||||||
March 29, | March 30, | March 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Current: | |||||||||||||
Federal | $ | 828 | $ | (1,350 | ) | $ | (1,255 | ) | |||||
State | 11 | (93 | ) | (73 | ) | ||||||||
Foreign | 404 | (81 | ) | 114 | |||||||||
Total current | $ | 1,243 | $ | (1,524 | ) | $ | (1,214 | ) | |||||
Deferred: | |||||||||||||
Federal | $ | 39 | $ | (6,807 | ) | $ | 23 | ||||||
State | — | (147 | ) | 2 | |||||||||
Foreign | (393 | ) | — | — | |||||||||
Total deferred | $ | (354 | ) | $ | (6,954 | ) | $ | 25 | |||||
Total provision for (benefit from) income taxes | $ | 889 | $ | (8,478 | ) | $ | (1,189 | ) | |||||
Foreign income/ (loss) included in consolidated pre-tax income for the periods indicated below were as follows (in thousands): | |||||||||||||
Fiscal Years Ended | |||||||||||||
March 29, | March 30, | March 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Foreign income/(loss) | $ | 6,310 | $ | (307 | ) | $ | — | ||||||
Exar records U.S. income taxes on the undistributed earnings of foreign subsidiaries unless the subsidiaries' earnings are considered indefinitely reinvested outside the U.S. We plan to make a one-time $45.0 million repatriation in fiscal year 2016, and as of March 29, 2015, we recognized a $8.2 million deferred tax liability for the future income associated with this repatriation, net of previously taxed amounts. There are minimal US federal and state taxes as a result of this one time repatriation due to the availability of net operating loss carryovers. As of March 29, 2015, the cumulative amount of undistributed earnings considered indefinitely reinvested was $49.6 million. Despite the one-time planned repatriation, no incremental deferred tax liability has been recognized on the basis difference created by these earnings since it is our intention to utilize those earnings in our foreign operations. Upon distribution of those earnings in the form of a dividend or otherwise, we would be subject to both United States income taxes (subject to an adjustment for foreign tax credits) and withholding taxes payable to various foreign countries. Computation of the potential tax impact of the unremitted earnings is not practical. | |||||||||||||
Significant components of our net deferred taxes are as follows as of the dates indicated (in thousands): | |||||||||||||
March 29, | March 30, | ||||||||||||
2015 | 2014 | ||||||||||||
Deferred tax assets: | |||||||||||||
Reserves and expenses not currently deductible | $ | 10,328 | $ | 7,973 | |||||||||
Net operating loss carryforwards | 121,948 | 123,826 | |||||||||||
Tax credits | 30,214 | 27,259 | |||||||||||
Losses on investments | 1,032 | 1,832 | |||||||||||
Unrealized investment loss | — | 80 | |||||||||||
Intangible assets | 8,406 | 6,838 | |||||||||||
Deferred margin | 3,293 | 3,968 | |||||||||||
Depreciation | — | 642 | |||||||||||
Total deferred tax assets | 175,221 | 172,418 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Depreciation | (915 | ) | — | ||||||||||
Non-goodwill intangibles | (3,159 | ) | (6,560 | ) | |||||||||
Foreign earnings | (8,164 | ) | — | ||||||||||
Total deferred tax liabilities | (12,238 | ) | (6,560 | ) | |||||||||
Valuation allowance | (163,129 | ) | (165,924 | ) | |||||||||
Net deferred tax liabilities | $ | (146 | ) | $ | (66 | ) | |||||||
The valuation allowance decreased $2.8 million, $8.0 million and $6.7 million in fiscal years 2015, 2014 and 2013, respectively. The change in fiscal year 2015 was primarily due to increase of deferred tax liabilities related to foreign earnings. | |||||||||||||
Reconciliations of the income tax provision at the statutory rate to our provision for (benefit from) income tax are as follows as of the dates indicated (in thousands): | |||||||||||||
March 29, | March 30, | March 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Income tax benefit at statutory rate | $ | (15,441 | ) | $ | (937 | ) | $ | 593 | |||||
State income taxes, net of federal tax benefit | (64 | ) | (1 | ) | 60 | ||||||||
Deferred tax assets not benefited | 9,052 | (1,972 | ) | (378 | ) | ||||||||
Tax credits | (1,182 | ) | (757 | ) | (539 | ) | |||||||
Stock-based compensation | 435 | (427 | ) | 258 | |||||||||
Foreign rate differential | (1,927 | ) | 156 | 148 | |||||||||
Prior year tax expense true-up | — | (10 | ) | 11 | |||||||||
Fair value adjustment | (1,527 | ) | (3,732 | ) | — | ||||||||
Investment in US property | 8,840 | 45 | 54 | ||||||||||
OCI tax effect clearance | 828 | — | — | ||||||||||
Acquisition cost | 2,092 | 293 | — | ||||||||||
Others, net | (217 | ) | (1,136 | ) | (1,396 | ) | |||||||
Provision for (benefit from) income taxes | $ | 889 | $ | (8,478 | ) | $ | (1,189 | ) | |||||
As of March 29, 2015, our federal, state and Canada net operating loss carryforwards for income tax purposes were as follow (in thousands): | |||||||||||||
Federal net operating loss carryforwards | $ | 323,751 | |||||||||||
State net operating loss carryforwards | $ | 111,084 | |||||||||||
Canada net operating loss carryforwards | $ | 23,785 | |||||||||||
If not utilized, some of the federal net operating loss carryovers will begin expiring in fiscal year 2019, while the state net operating losses will begin to expire in fiscal year 2016. The Canadian net operating loss carryovers will begin expiring in fiscal year 2022, if not utilized. | |||||||||||||
As of March 29, 2015, our federal, state and Canada tax credit carryforwards, net of reserves, were as follows (in thousands): | |||||||||||||
Federal tax credit carryforwards | $ | 10,453 | |||||||||||
State tax credit carryforwards | $ | 20,165 | |||||||||||
Canada tax credit carryforwards | $ | 5,283 | |||||||||||
Federal tax credits will begin to expire in fiscal year 2018. State tax credits are carried forward indefinitely. The Canadian tax credits will begin to expire in fiscal year 2018. | |||||||||||||
Utilization of these federal and state net operating loss and tax credit carryforwards may be subject to a substantial annual limitation due to the ownership change limitations provided by the Internal Revenue Code of 1986, as amended, and similar state provisions. | |||||||||||||
We have evaluated our deferred tax assets and concluded that a valuation allowance is required for that portion of the total deferred tax assets that are not considered more likely than not to be realized in future periods. To the extent that the deferred tax assets with a valuation allowance become realizable in future periods, we will have the ability, subject to carryforward limitations, to benefit from these amounts. Approximately $8.4 million of these deferred tax assets pertain to certain net operating loss and credit carryforwards that resulted from the exercise of employee stock options. When recognized, the tax benefit of these carryforwards is accounted for as a credit to additional paid-in capital rather than a reduction of the income tax provision. | |||||||||||||
Uncertain Income Tax Benefits | |||||||||||||
A reconciliation of the beginning and ending amount of the unrecognized tax benefits during the tax year ended March 29, 2015 is as follows (in thousands): | |||||||||||||
Amount | |||||||||||||
Unrecognized tax benefits as of April 1, 2012 | 16,820 | ||||||||||||
Gross decrease related to prior year tax positions | (271 | ) | |||||||||||
Gross increase related to current year tax positions | 292 | ||||||||||||
Lapses in statute of limitation | (1,376 | ) | |||||||||||
Unrecognized tax benefits as of March 31, 2013 | 15,465 | ||||||||||||
Gross increase related to prior year tax positions | 92 | ||||||||||||
Gross increase related to current year tax positions | 487 | ||||||||||||
Lapses in statute of limitation | (1,880 | ) | |||||||||||
Unrecognized tax benefits as of March 30, 2014 | $ | 14,164 | |||||||||||
Gross increase related to prior year tax positions | 252 | ||||||||||||
Gross increase related to current year tax positions | 3,305 | ||||||||||||
Lapses in statute of limitation | (85 | ) | |||||||||||
Unrecognized tax benefits as of March 29, 2015 | $ | 17,636 | |||||||||||
Of the total gross unrecognized tax benefits of $17.6 million as of March 29, 2015, $14.7 million, if recognized, would impact the effective tax rate before consideration of the valuation allowance. | |||||||||||||
The total unrecognized gross tax benefits were as follows as of the dates indicated (in thousands): | |||||||||||||
March 29, | March 30, | ||||||||||||
2015 | 2014 | ||||||||||||
Unrecognized gross tax benefits | $ | 17,636 | $ | 14,164 | |||||||||
Less: amount used to reduce deferred tax assets | 13,285 | 13,370 | |||||||||||
Net income tax payable(1) | $ | 4,351 | $ | 794 | |||||||||
-1 | Included in other non-current obligations line item in consolidated balance sheet. | ||||||||||||
We believe that it is reasonably possible that the amount of gross unrecognized tax benefits related to the resolution of income tax matters could be reduced by approximately $1.4 million during the next 12 months as the statutes of limitations expire, which would decrease the provision for income taxes and increase our net income. | |||||||||||||
Estimated interest and penalties related to the underpayment of income taxes were classified as a component of the provision for income taxes in the consolidated statement of operations. Accrued interest and penalties consisted of the following as of the dates indicated (in thousands): | |||||||||||||
March 29, | March 30, | ||||||||||||
2015 | 2014 | ||||||||||||
Accrued interest and penalties | $ | 1,187 | $ | 83 | |||||||||
Our major tax jurisdictions are the United States federal and various states, Canada, China, Hong Kong and certain other foreign jurisdictions. The fiscal years 2004 through 2013 remain open and subject to examinations by the appropriate governmental agencies in the United States and certain of our foreign jurisdictions. | |||||||||||||
On December 19, 2014, the President signed into law The Tax Increase Prevention Act of 2014, which retroactively extends more than 50 expired tax provisions through 2014. Among the extended provisions is the Sec. 41 research credit for qualified research expenditures incurred through the end of 2014. The benefit of the reinstated credit did not impact the income statement in the period of enactment, which was the third quarter of fiscal year 2015, as the research and development credit carryforwards are offset by a full valuation allowance. | |||||||||||||
ASU No. 2013-11 – US GAAP previously did not include explicit guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. On a jurisdictional basis, Accounting Standard Update (“ASU”) No. 2013-11 generally requires an unrecognized tax benefit to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Exar has properly applied this guidance to its required SEC disclosures. The adoption of this guidance did not have any material impact on our financial position, results of operations or cash flows. |
Note_19_Segment_and_Geographic
Note 19 - Segment and Geographic Information | 12 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Segment Reporting Disclosure [Text Block] | NOTE 19. SEGMENT AND GEOGRAPHIC INFORMATION | ||||||||||||
Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or group, in deciding how to allocate resources and in assessing performance. | |||||||||||||
Our chief operating decision maker, the chief executive officer, reviews financial information presented on a consolidated basis for purposes of regularly making operating decisions and assessing financial performance. Accordingly, Exar considers itself to be in one reportable segment, which is comprised of one operating segment. We design, develop and market high performance analog mixed-signal integrated circuits and advanced sub-system solutions for the Industrial and Embedded Systems, High-End Consumer and Infrastructure markets. | |||||||||||||
Our net sales by end market were summarized as follows as of the dates indicated below (in thousands): | |||||||||||||
Fiscal Years Ended | |||||||||||||
March 29, | March 30, | March 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Industrial & Embedded Systems | $ | 79,050 | $ | 72,458 | $ | 63,396 | |||||||
High-End Consumer | 51,897 | 462 | 928 | ||||||||||
Infrastructure | 31,103 | 52,402 | 57,702 | ||||||||||
Total net sales | $ | 162,050 | $ | 125,322 | $ | 122,026 | |||||||
Our foreign operations are conducted primarily through our wholly-owned subsidiaries in Canada, China, France, Germany, Japan, Malaysia, South Korea, Taiwan and the United Kingdom. Our principal markets include North America, Europe and the Asia Pacific region. Net sales by geographic areas represent direct sales principally to OEMs, or their designated subcontract manufacturers, and to distributors (affiliated and unaffiliated) who buy our products and resell to their customers. | |||||||||||||
Our net sales by geographic area for the periods indicated below were as follows (in thousands): | |||||||||||||
Fiscal Years Ended | |||||||||||||
March 29, | March 30, | March 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
China | $ | 62,085 | $ | 43,537 | $ | 41,118 | |||||||
United States | 23,479 | 37,079 | 32,322 | ||||||||||
Taiwan | 17,955 | 3,397 | 4,347 | ||||||||||
Korea | 15,833 | 3,337 | 3,346 | ||||||||||
Singapore | 15,361 | 13,397 | 13,827 | ||||||||||
Germany | 11,257 | 11,270 | 11,692 | ||||||||||
Rest of world | 16,080 | 13,305 | 15,374 | ||||||||||
Total net sales | $ | 162,050 | $ | 125,322 | $ | 122,026 | |||||||
Substantially all of our long-lived assets at March 29, 2015 and March 30, 2014 were located in the United States. | |||||||||||||
The following distributors accounted for 10% or more of our net sales in the fiscal years indicated below: | |||||||||||||
Fiscal Years Ended | |||||||||||||
March 29, | March 30, | March 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Distributor A | 22 | % | 27 | % | 30 | % | |||||||
Distributor B | * | % | 21 | % | 11 | % | |||||||
Distributor C | * | % | 12 | % | 10 | % | |||||||
* Net sales for this distributor for this period were less than 10% of our net sales. | |||||||||||||
No other distributor or customer accounted for 10% or more of the net sales in fiscal years 2015, 2014 and 2013, respectively. | |||||||||||||
The following distributors and customer accounted for 10% or more of our net accounts receivable as of the dates indicated below: | |||||||||||||
March 29, | March 30, | ||||||||||||
2015 | 2014 | ||||||||||||
Distributor E | 12 | % | * | ||||||||||
Distributor B | 11 | % | 17 | % | |||||||||
Distributor D | 10 | % | 14 | % | |||||||||
Customer D | 10 | % | * | ||||||||||
Distributor A | * | 16 | % | ||||||||||
Distributor C | * | 12 | % | ||||||||||
————— | |||||||||||||
* Net accounts receivable for this distributor for this period were less than 10% of our net accounts receivables. | |||||||||||||
No other distributor or customer accounted for 10% or more of the net accounts receivable as of March 29, 2015 and March 30, 2014, respectively. |
Note_20_Allowances_For_Sales_R
Note 20 - Allowances For Sales Returns and Doubtful Accounts | 12 Months Ended | ||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||
Receivables [Abstract] | |||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 20. ALLOWANCES FOR SALES RETURNS AND DOUBTFUL ACCOUNTS | ||||||||||||||||
We had the following activities for the allowance for sales returns and allowance for doubtful accounts as the dates indicated (in thousands): | |||||||||||||||||
Classification | Balance | Additions | Utilizations (1) | Balance | |||||||||||||
at Beginning | at End | ||||||||||||||||
of Year | of Year | ||||||||||||||||
Allowance for sales returns: | |||||||||||||||||
Year ended March 29, 2015 | $ | 1,674 | $ | 22,177 | $ | 22,354 | $ | 1,496 | |||||||||
Year ended March 30, 2014 | 1,084 | 17,004 | 16,414 | 1,674 | |||||||||||||
Year ended March 31, 2013 | 1,429 | 15,176 | 15,521 | 1,084 | |||||||||||||
Allowance for doubtful accounts: | |||||||||||||||||
Year ended March 29, 2015 | 111 | 501 | — | 612 | |||||||||||||
Year ended March 30, 2014 | 206 | (25 | ) | 70 | 111 | ||||||||||||
Year ended March 31, 2013 | 167 | 39 | — | 206 | |||||||||||||
-1 | Utilization amounts within allowance for sales returns reflect credits issued to distributors for stock rotations and volume discounts. | ||||||||||||||||
Note_21_Supplementary_Quarterl
Note 21 - Supplementary Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Quarterly Financial Information [Text Block] | NOTE 21. SUPPLEMENTARY QUARTERLY FINANCIAL DATA (UNAUDITED) | ||||||||||||||||||||||||||||||||
The following table contains selected unaudited quarterly financial data for fiscal years 2015 and 2014. In the opinion of management, this unaudited information has been prepared on the same basis as the audited information and includes all adjustments, consisting only of normal and recurring adjustments necessary to state fairly the information set forth therein. Results for a given quarter are not necessarily indicative of results for any subsequent quarter (in thousands, except per share data). Net income (loss) per share for the four quarters of each fiscal year may not sum to the total for the fiscal year, because of the different number of shares outstanding during each period. | |||||||||||||||||||||||||||||||||
Fiscal Year 2015 | Fiscal Year 2014 | ||||||||||||||||||||||||||||||||
Mar. 29, | Dec. 28, | Sep. 28, | Jun. 29, | Mar. 30, | Dec. 29, | Sep. 29, | Jun. 30, | ||||||||||||||||||||||||||
Classification | 2015 | 2014 | 2014 | 2014 | 2014 | 2013 | 2013 | 2013 | |||||||||||||||||||||||||
Consolidated Statement of Operations Data: | |||||||||||||||||||||||||||||||||
Net sales by end market: | |||||||||||||||||||||||||||||||||
Industrial & Embedded Systems | $ | 20,021 | $ | 20,506 | $ | 19,656 | $ | 18,867 | $ | 19,588 | $ | 18,429 | $ | 17,943 | $ | 16,498 | |||||||||||||||||
High-End Consumer | 16,072 | 16,202 | 16,199 | 3,424 | 43 | 68 | 105 | 246 | |||||||||||||||||||||||||
Infrastructure | 7,764 | 7,607 | 7,304 | 8,428 | 8,356 | 12,193 | 15,970 | 15,883 | |||||||||||||||||||||||||
Net sales | $ | 43,857 | $ | 44,315 | $ | 43,159 | $ | 30,719 | $ | 27,987 | $ | 30,690 | $ | 34,018 | $ | 32,627 | |||||||||||||||||
Gross profit | 17,948 | 16,890 | 4,132 | 10,956 | 8,422 | 12,826 | 13,929 | 15,477 | |||||||||||||||||||||||||
Income (loss) from operations | (2,346 | ) | (6,535 | ) | (22,830 | ) | (11,352 | ) | (311 | ) | (3,321 | ) | (616 | ) | 547 | ||||||||||||||||||
Net income (loss) | (2,914 | ) | (6,599 | ) | (23,352 | ) | (12,105 | ) | 147 | (1,634 | ) | 6,482 | 806 | ||||||||||||||||||||
Net income (loss) per share to common stockholders: | |||||||||||||||||||||||||||||||||
Basic | $ | (0.06 | ) | $ | (0.14 | ) | $ | (0.50 | ) | $ | (0.26 | ) | $ | 0 | $ | (0.03 | ) | $ | 0.14 | $ | 0.02 | ||||||||||||
Diluted | $ | (0.06 | ) | $ | (0.14 | ) | $ | (0.50 | ) | $ | (0.26 | ) | $ | 0 | $ | (0.03 | ) | $ | 0.13 | $ | 0.02 | ||||||||||||
Shares used in the computation of net income (loss) per share: | |||||||||||||||||||||||||||||||||
Basic | 47,516 | 47,119 | 47,139 | 47,236 | 47,328 | 47,529 | 47,496 | 46,805 | |||||||||||||||||||||||||
Diluted | 47,516 | 47,119 | 47,139 | 47,236 | 48,778 | 47,529 | 49,150 | 48,085 | |||||||||||||||||||||||||
In the first quarter of fiscal year 2015, we acquired 92% of the shares of iML in a tender offer. In the third quarter of fiscal year 2015, after completing a second-step merger, we paid $18.9 million to settle the acquisition of the remaining 8% of the shares and vested options exercised subsequent to June 3, 2014. Consistent with the payments for the tender offer, the payments associated with the second-step merger were classified as a component of investing activities in the Statement of Cash Flows for the nine month period ended December 28, 2014. However, since we maintained control of the subsidiary when the payments were made for the second-step merger, these payments should have been classified as part of financing activities. For the nine month period ended December 28, 2014, cash used by investing activities and cash used in financing should have been $78.0 million and $24.0 million respectively, instead of amounts previously reported. This misclassification on the Statement of Cash Flows had no impact on the result of operations, the balance sheet, or stockholders’ equity for any period. Additionally, we evaluated the materiality of this change from a qualitative perspective and have concluded that the impact of the misclassification was not material to the nine month period ended December 28, 2014. |
Note_22_Subsequent_Event
Note 22 - Subsequent Event | 12 Months Ended |
Mar. 29, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 22. SUBSEQUENT EVENT |
In April 2015, Phenix, LLC (“Phenix”) filed a complaint against us and iML for patent infringement in the United States District Court for the Eastern District of Texas, alleging that at least the iML 7990, 7991 and all reasonably similar products infringe one of its patents. Phenix seeks unspecified damages and an injunction prohibiting iML and us from any future infringement of its patent. We cannot currently estimate a reasonably possible range of loss for this action, if any, because the matter has not advanced to a stage where we could make any such estimate. We believe the claims made by Phenix in this matter are without merit and we intend to vigorously defend the action. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Accounting Policies [Abstract] | |||||||||
Fiscal Period, Policy [Policy Text Block] | Basis of Presentation—Our fiscal years consist of 52 or 53 weeks. In a 52-week year, each fiscal quarter consists of 13 weeks. Fiscal years 2015, 2014 and 2013 each consisted of 52 weeks. Fiscal year 2016 will consist of 52 weeks. Fiscal years ended March 29, 2015, March 30, 2014 and March 31, 2013 are also referred to as “2015,” “2014,” and “2013,” respectively, unless otherwise indicated. | ||||||||
Certain reclassifications have been made to the prior year consolidated financial statements to conform to the current year’s presentation. Such reclassification had no effect on previously reported results of operations or stockholders’ equity. | |||||||||
Consolidation, Policy [Policy Text Block] | Principles of Consolidation—The consolidated financial statements include the accounts of Exar and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. | ||||||||
Use of Estimates, Policy [Policy Text Block] | Use of Management Estimates—The preparation of consolidated financial statements in conformity with generally accepted accounting principles in the United States (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates, including (1) revenue recognition; (2) allowance for doubtful accounts; (3) valuation of inventories; (4) income taxes; (5) stock-based compensation; (6) goodwill; (7) long-lived assets; (8) contingent consideration; (9) restructuring accruals; and (10) warranty liabilities. Actual results could differ from these estimates and material effects on operating results and financial position may result. | ||||||||
Business Combinations Policy [Policy Text Block] | Business Combinations—The estimated fair value of acquired assets and assumed liabilities and the results of operations of acquired businesses are included in our consolidated financial statements from the effective date of the purchase. The total purchase price is allocated to the estimated fair value of assets acquired and liabilities assumed. See Note 3 - “Business Combinations. | ||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents—We consider all highly liquid debt securities and investments with maturities of 90 days or less from the date of purchase to be cash and cash equivalents. Cash and cash equivalents also consist of cash on deposit with banks and money market funds. | ||||||||
Inventory, Policy [Policy Text Block] | Inventories—Inventories are recorded at the lower of cost or market, determined on a first-in, first-out basis. Cost is computed using the standard cost, which approximates average actual cost. Inventory is written down when conditions indicate that the selling price could be less than cost due to physical deterioration, obsolescence, changes in price levels, or other causes. The write-down of excess inventories is generally based on inventory levels in excess of 12 months of demand, as judged by management, for each specific product. | ||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment—Property, plant and equipment, including assets held under capital leases and leasehold improvements, are stated at cost less accumulated depreciation and amortization. Depreciation for machinery and equipment is computed using the straight-line method over the estimated useful lives of the assets, which ranges from three to 10 years. Buildings are depreciated using the straight-line method over an estimated useful life of 30 years. Assets held under capital leases and leasehold improvements are amortized over the shorter of the terms of the leases or their estimated useful lives. Land is not depreciated. | ||||||||
Investment, Policy [Policy Text Block] | Non-Marketable Equity Securities—Non-marketable equity investments are accounted for at historical cost and are presented on our consolidated balance sheets within other non-current assets. | ||||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] | Other-Than-Temporary Impairment—All of our marketable and non-marketable investments are subject to periodic impairment reviews. Investments are considered to be impaired when a decline in fair value is judged to be other-than-temporary, as follows: | ||||||||
Marketable investments—When the resulting fair value is significantly below cost basis and/or the significant decline has lasted for an extended period of time, we perform an evaluation to determine whether the marketable equity security is other than temporarily impaired. The evaluation that we use to determine whether a marketable equity security is other than temporarily impaired is based on the specific facts and circumstances present at the time of assessment, which include significant quantitative and qualitative assessments and estimates regarding credit ratings, collateralized support, the length of time and significance of a security’s loss position and intent and ability to hold a security to maturity or forecasted recovery. Other-than-temporary declines in value of our investments are reported in the impairment of long term investment line in the consolidated statements of operations. | |||||||||
Non-marketable equity investments—When events or circumstances are identified that would likely have a significant adverse effect on the fair value of the investment and the fair value is significantly below cost basis and/or the significant decline has lasted for an extended period of time, we perform an impairment analysis. The indicators that we use to identify those events and circumstances include: | |||||||||
• | the investment manager’s evaluation; | ||||||||
• | the investee’s revenue and earnings trends relative to predefined milestones and overall business prospects; | ||||||||
• | the technological feasibility of the investee’s products and technologies; | ||||||||
• | the general market conditions in the investee’s industry; and | ||||||||
• | the investee’s liquidity, debt ratios and the rate at which the investee is using cash. | ||||||||
Investments identified as having an indicator of impairment are subject to further analysis to determine if the investment is other than temporarily impaired, and if so, the investment is written-down to its impaired value. When an investee is not considered viable from a financial or technological point of view, the entire investment is written down. Impairment of non-marketable equity investments is recorded in the impairment charges on investments line in the consolidated statements of operations. | |||||||||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill— Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. We evaluate goodwill for impairment on an annual basis or whenever events and changes in circumstances suggest that the carrying amount may not be recoverable. We conduct our annual impairment analysis in the fourth quarter of each fiscal year. Impairment of goodwill is tested at the reporting unit level by comparing the reporting unit’s carrying amount, including goodwill, to the fair value of the reporting unit. Estimations and assumptions regarding the number of reporting units, future performances, results of our operations and comparability of our market capitalization and net book value will be used. If the carrying amount of the reporting unit exceeds its fair value, goodwill is considered impaired and a second step is performed to measure the amount of impairment loss. Because we have one reporting unit, we utilize an entity-wide approach to assess goodwill for impairment. | ||||||||
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Long-Lived Assets—We review long-lived assets, including property and equipment and intangible assets, for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets (or asset group) may not be fully recoverable. Whenever events or changes in circumstances suggest that the carrying amount of long-lived assets may not be recoverable, we estimate the future cash flows expected to be generated by the assets (or asset group) from its use or eventual disposition. If the sum of the expected future cash flows is less than the carrying amount of those assets, we recognize an impairment loss based on the excess of the carrying amount over the fair value of the assets. Significant management judgment is required in the grouping of long-lived assets and forecasts of future operating results that are used in the discounted cash flow method of valuation. If our actual results or the plans and estimates used in future impairment analyses are lower than the original estimates used to assess the recoverability of these assets, we could incur additional impairment charges. | ||||||||
When we determine that the useful lives of assets are shorter than we had originally estimated, we accelerate the rate of depreciation and/or amortization over the assets’ new, shorter useful lives. | |||||||||
Substantially all of our property, plant and equipment and other long-lived assets are located in the United States. | |||||||||
In Process Research and Development, Policy [Policy Text Block] | In-process research and development—In-process research and development (“IPR&D”) assets are considered indefinite-lived intangible assets and are not subject to amortization until their useful life is determined. IPR&D assets must be tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. The impairment test consists of a comparison of the fair value of the IPR&D assets with their carrying values. If the carrying amount of the IPR&D asset exceeds its fair value, an impairment loss must be recognized in an amount equal to that excess. After an impairment loss is recognized, the adjusted carrying amount of the IPR&D assets will be their new accounting basis. Subsequent reversal of a previously recognized impairment loss is prohibited under GAAP. The initial determination and subsequent evaluation for impairment of the IPR&D asset requires management to make significant judgments and estimates. Once an IPR&D project has been completed, the useful life of the IPR&D asset is determined and amortized accordingly. If the IPR&D asset is abandoned, the remaining carrying value is written off in the period when such decision is made. During the fiscal year ended March 29, 2015, we recorded an impairment charge of $0.5 million for one abandoned project and started amortizing IPR&D assets with a carrying value of $1.2 million for three completed projects. | ||||||||
Income Tax, Policy [Policy Text Block] | Income Taxes—Deferred taxes are recognized using the asset and liability method, whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, operating losses and tax credit carryforwards. Valuation allowances are provided if it is more likely than not that some or all of the deferred tax assets will not be realized. | ||||||||
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition—We recognize revenue in accordance with Financial Accounting Standards Board (“FASB”) authoritative guidance for revenue recognition. Four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the price is fixed or determinable; and (4) collectability is reasonably assured. | ||||||||
We derive revenue principally from the sale of our products to distributors and to original equipment manufacturers (“OEMs”) or their contract manufacturers. Our delivery terms are primarily free on board shipping point, at which time title and all risks of ownership are transferred to the customer. | |||||||||
To date, software revenue has been an immaterial portion of our net sales. | |||||||||
Non-distributors—For non-distributors, revenue is recognized when title to the product is transferred to the customer, which occurs upon shipment or delivery, depending upon the terms of the customer order, provided that persuasive evidence of a sales arrangement exists, the price is fixed or determinable, collection of the resulting receivables is reasonably assured, there are no customer acceptance requirements and there are no remaining significant obligations. Provisions for returns and allowances for non-distributor customers are provided at the time product sales are recognized. Allowances for sales returns and other reserves are recorded based on historical experience or specific identification of an event necessitating an allowance. | |||||||||
Distributors—Agreements with our primary distributors permit the return of 3% to 6% of their purchases during the preceding quarter for purposes of stock rotation. For one of these distributors, a scrap allowance of 1% of the preceding quarter’s purchases is permitted. We also provide discounts to certain distributors based on volume of product they sell for a specific product with a specific volume range for a given customer over a period not to exceed one year. | |||||||||
We recognize revenue from each of our distributors using the sell-in basis or sell-through basis, each as described below. Once adopted, the basis for revenue recognition for a distributor is maintained unless there is a change in circumstances or contractual terms indicating the basis for revenue recognition for that distributor or any particular transaction is no longer appropriate. | |||||||||
• | Sell-in Basis—Revenue is recognized upon shipment if we conclude we meet the same criteria as for non-distributors discussed above and we can reasonably estimate the credits for returns, pricing allowances and/or other concessions. We record an estimated allowance, at the time of shipment, based upon historical patterns of returns, pricing allowances and other concessions (i.e., “sell-in” basis). | ||||||||
• | Sell-through Basis—Revenue and the related costs of sales are deferred until the resale to the end customer if we grant more than limited rights of return, pricing allowances and/or other concessions or if we cannot reasonably estimate the level of returns and credits issuable (i.e., “sell-through” basis). Under the sell-through basis, accounts receivable are recognized and inventory is relieved upon shipment to the distributor as title to the inventory is transferred upon shipment, at which point we have a legally enforceable right to collection under normal terms. The associated sales and cost of sales are deferred and are included in deferred income and allowances on sales to distributors in the consolidated balance sheet. When the related product is sold by our distributors to their end customers, at which time the ultimate price we receive is known, we recognize previously deferred income as sales and cost of sales. | ||||||||
The following table summarizes the deferred income balance, primarily consisting of sell-through distributors (in thousands): | |||||||||
As of March 29, | As of March 30, | ||||||||
2015 | 2014 | ||||||||
Deferred revenue at published list price | $ | 15,029 | $ | 15,871 | |||||
Deferred cost of revenue | (4,685 | ) | (4,757 | ) | |||||
Deferred income | $ | 10,344 | $ | 11,114 | |||||
Sell-through revenue recognition is highly dependent on receiving pertinent and accurate data from our distributors in a timely fashion. Distributors provide us periodic data regarding the product, price, quantity and end customer when products are resold as well as the quantities of our products they still have in stock. We must use estimates and apply judgments to reconcile distributors’ reported inventories to their activities. Any error in our judgment could lead to inaccurate reporting of our net sales, gross profit, deferred income and allowances on sales to distributors and net income. | |||||||||
Mask Costs Policy [Policy Text Block] | Mask Costs—We incur costs for the fabrication of masks to manufacture our products. If we determine the product technological feasibility has been achieved when costs are incurred, the costs will be treated as pre-production costs and capitalized as machinery and equipment under property, plant and equipment. The amount will be amortized to cost of sales over the estimated production period of the product. If product technological feasibility has not been achieved or the mask is not expected to be utilized in production manufacturing, the related mask costs are expensed to Research and development (“R&D”) when incurred. We periodically assess capitalized mask costs for impairment. Total mask costs capitalized were $0.3 million and $2.3 million as of March 29, 2015 and March 30, 2014, respectively. The costs capitalized are amortized over five years commencing with the start of commercial production. In the fiscal year ended March 29, 2015 we recorded an impairment charge of $2.0 million during our strategic restructuring process prompted by our recent acquisition of iML and associated significant reduction in force. | ||||||||
Research and Development Expense, Policy [Policy Text Block] | Research and Development Expenses—R&D costs consist primarily of salaries, employee benefits, certain types of mask tooling costs, depreciation, amortization, overhead, outside contractors, facility expenses, and non-recurring engineering fees. Expenditures for research and development are charged to expense as incurred. In accordance with FASB authoritative guidance for the costs of computer software to be sold, leased or otherwise marketed, certain software development costs are capitalized after technological feasibility has been established. The period from achievement of technological feasibility, which we define as the establishment of a working model, until the general availability of such software to customers, has been short, and therefore software development costs qualifying for capitalization have been insignificant. Accordingly, we have not capitalized any software development costs in fiscal years 2015, 2014 and 2013. | ||||||||
We have entered into an agreement under which certain R&D costs are eligible for reimbursement. Amounts reimbursed under this arrangement are offset against R&D expenses. During fiscal years 2015, 2014 and 2013, we offset $0.3 million, $1.5 million and $2.0 million, respectively, of R&D expenses in connection with such agreements. | |||||||||
Advertising Costs, Policy [Policy Text Block] | Advertising Expenses—We expense advertising costs as incurred. Advertising expenses for fiscal years 2015, 2014 and 2013 were immaterial. | ||||||||
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income (Loss)—Comprehensive income (loss) includes charges or credits to equity related to changes in unrealized gains or losses on marketable securities, net of taxes. Comprehensive income (loss) for fiscal years 2015, 2014 and 2013 has been disclosed within the consolidated statements of comprehensive income (loss). | ||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency—The accounts of foreign subsidiaries are remeasured to U.S. dollars for financial reporting purposes by using the U.S. dollar as the functional currency and exchange gains and losses are reported in income and expenses. These currency gains or losses are reported in interest income and other, net in the consolidated statements of operations. Monetary balance sheet accounts are remeasured using the current exchange rate in effect at the balance sheet date. For non-monetary items, the accounts are measured at the historical exchange rate. Revenues and expenses are remeasured at the average exchange rates for the period. Foreign currency transaction losses were immaterial for fiscal years 2015, 2014 and 2013. | ||||||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk and Significant Customers—Financial instruments potentially subjecting us to concentrations of credit risk consist primarily of cash, cash equivalents, short-term marketable securities, accounts receivable and long-term investments. The majority of our sales are derived from distributors and manufacturers in the communications, industrial, storage and computer industries. We perform ongoing credit evaluations of our customers and generally do not require collateral for sales on credit. We maintain allowances for potential credit losses, and such losses have been within management’s expectations. Charges to bad debt expense were $0.5 million for fiscal year 2015 and insignificant for fiscal years 2014 and 2013. Our policy is to invest our cash, cash equivalents and short-term marketable securities with high credit quality financial institutions and limit the amounts invested with any one financial institution or in any type of financial instrument. We do not hold or issue financial instruments for trading purposes. | ||||||||
We sell our products to distributors and OEMs throughout the world. Future Electronics, Inc. (“Future”), a related party, has been and continues to be our largest distributor. See Note 19 — “Segment and Geographic Information,” for distributors who accounted for more than 10% of net sales and accounts receivable. | |||||||||
Concentration of Other Risks—The majority of our products are currently fabricated by our foundry suppliers and are assembled and tested by third-party subcontractors located in Asia. A significant disruption in the operations of one or more of these subcontractors could impact the production of our products for a substantial period of time which could result in a material adverse effect on our business, financial condition and results of operations. | |||||||||
Fair Value Measurement, Policy [Policy Text Block] | Fair Value of Financial Instruments—We estimate the fair value of our financial instruments by using available market information and valuation methodologies considered to be appropriate. However, considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies could have a material effect on estimated fair value amounts. The estimated fair value of our cash equivalents, short-term marketable securities, accounts receivable, accounts payable and accrued liabilities presented in the consolidated balance sheets at March 29, 2015, March 30, 2014 and March 31, 2013 was not materially different from the carrying values due to the relatively short periods to maturity of the instruments. | ||||||||
Fair Value of Contingent Consideration—We estimate the fair value of our contingent consideration at the date of acquisition and is re-measured each reporting period and any changes in the fair value of the contingent consideration are recognized as a gain or loss in the consolidated statements of operations. The contingent consideration is valued with level three inputs. Due to a significant decrease in revenue projections for products associated with contingent consideration, the fair value of the contingent consideration from the acquisitions of Altior and Cadeka was fully released as of September 28, 2014. As of March 30, 2014, the fair value of the contingent consideration was $4.3 million and is included in current and noncurrent liabilities on the consolidated balance sheet. | |||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation—We measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. We use the Black-Scholes model to estimate the fair value of our options. The fair value of time-based and performance-based restricted stock units is based on the grant date share price. The fair value of market-based restricted stock units and options is estimated using a Monte Carlo simulation model. See Note 14 - “Stock-Based Compensation” for more details about our assumptions used in calculating the stock-based compensation expenses and equity related transactions during the fiscal year. | ||||||||
We recognize compensation expense equal to the grant-date fair value for all share-based payment awards that are expected to vest. This expense is recorded on a straight-line basis over the requisite service period of the entire awards, unless the awards are subject to performance or market conditions, in which case we recognize compensation expense over the requisite service period of each separate vesting tranche. For the performance-based awards, we recognize compensation expense when it becomes probable that the performance criteria specified in the plan will be achieved. For the market-based awards, compensation expense is not reversed if the market condition is not satisfied. The amount of stock-based compensation that we recognize is also based on an expected forfeiture rate. If there is a difference between the forfeiture assumptions used in determining stock-based compensation costs and the actual forfeitures which become known over time, we may change the forfeiture rate, which could have a significant impact on its stock-based compensation expense. In addition, we follow the “with-and-without” intra-period allocation approach in our tax attribute calculations. | |||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements | ||||||||
In May 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. The core principle of ASU 2014-09 is that revenue should be recognized in a manner that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 defines a five-step process in order to achieve this core principle which may require the use of judgment and estimates. The entity may adopt ASU 2014-09 either by using a full retrospective approach for all periods presented or a modified retrospective approach. This standard is effective for annual reporting periods beginning after December 15, 2016. In April 2015, the FASB issued an exposure draft proposing a one-year delay of the effective date of this new revenue recognition standard. Exar is currently evaluating the effect adoption of this standard will have, if any, on its consolidated financial position, results of operations or cash flows. | |||||||||
In June 2014, the FASB issued ASU No. 2014-12, Accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. Under ASU No. 2014-12, a performance target that affects vesting and that could be achieved after the requisite service period should be treated as a performance condition and therefore, should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. ASU No. 2014-12 is effective for annual reporting periods beginning after December 15, 2015. Exar has not yet selected a transition method and is currently evaluating the effect of adoption of this standard, if any, on its consolidated financial position, results of operations or cash flows. | |||||||||
In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, to provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures requirement. ASU 2014-15 (1) provides a definition of the term substantial doubt, (2) requires an evaluation every reporting period including interim periods, (3) provides principles for considering the mitigating effect of management’s plans, (4) requires certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) requires an express statement and other disclosures when substantial doubt is not alleviated, and (6) requires an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). ASU 2014-15 is effective for the annual reporting period ending after December 15, 2016, and for annual periods and interim periods thereafter. Exar does not expect the adoption of this guidance will have a material impact on its consolidated financial position, results of operations or cash flows. |
Note_2_Accounting_Policies_Tab
Note 2 - Accounting Policies (Tables) | 12 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Accounting Policies [Abstract] | |||||||||
Deferred Revenue, by Arrangement, Disclosure [Table Text Block] | As of March 29, | As of March 30, | |||||||
2015 | 2014 | ||||||||
Deferred revenue at published list price | $ | 15,029 | $ | 15,871 | |||||
Deferred cost of revenue | (4,685 | ) | (4,757 | ) | |||||
Deferred income | $ | 10,344 | $ | 11,114 |
Note_3_Business_Combinations_T
Note 3 - Business Combinations (Tables) | 12 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Note 3 - Business Combinations (Tables) [Line Items] | |||||||||
Schedule Of Consideration Paid [Table Text Block] | Amount | ||||||||
Cash | $ | 206,411 | |||||||
Consideration for the acquisition of non-controlling interests | 17,872 | ||||||||
Fair value of assumed iML employee options | 3,835 | ||||||||
Total purchase price | $ | 228,118 | |||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Amount | ||||||||
Tangible assets | $ | 2,937 | |||||||
Intangible assets | 7,010 | ||||||||
Goodwill | 667 | ||||||||
Liabilities assumed | (10,604 | ) | |||||||
Fair value of total consideration transferred | $ | 10 | |||||||
Amount | |||||||||
Tangible assets | $ | 3,286 | |||||||
Intangible assets | 20,380 | ||||||||
Goodwill | 19,387 | ||||||||
Liabilities assumed | (8,216 | ) | |||||||
Fair value of total consideration transferred | $ | 34,837 | |||||||
Amount | |||||||||
Tangible assets | $ | 302 | |||||||
Intangible assets | 7,540 | ||||||||
Goodwill | 7,172 | ||||||||
Liabilities assumed | (136 | ) | |||||||
Fair value of total consideration transferred | $ | 14,878 | |||||||
Business Acquisition, Pro Forma Information [Table Text Block] | Fiscal Years Ended | ||||||||
March 29, | March 30, | ||||||||
2015 | 2014 | ||||||||
Net sales | $ | 172,780 | $ | 186,290 | |||||
Net income (loss) | $ | (36,207 | ) | $ | 5,884 | ||||
Earnings (loss) per share to common stockholders | |||||||||
Basic | $ | (0.77 | ) | $ | 0.12 | ||||
Diluted | $ | (0.77 | ) | $ | 0.12 | ||||
Integrated Memory Logic Limited [Member] | |||||||||
Note 3 - Business Combinations (Tables) [Line Items] | |||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Amount | ||||||||
Identifiable tangible assets (liabilities) | |||||||||
Cash | $ | 133,752 | |||||||
Accounts receivable | 10,096 | ||||||||
Inventories | 3,950 | ||||||||
Other current assets | 962 | ||||||||
Property, plant and equipment | 480 | ||||||||
Other assets | 308 | ||||||||
Current liabilities | (12,356 | ) | |||||||
Long-term liabilities | (3,595 | ) | |||||||
Total identifiable tangible assets (liabilities), net | 133,597 | ||||||||
Identifiable intangible assets | 80,060 | ||||||||
Total identifiable assets, net | 213,657 | ||||||||
Goodwill | 14,461 | ||||||||
Fair value of total consideration transferred | $ | 228,118 | |||||||
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Fair Value | ||||||||
Developed technologies | $ | 55,780 | |||||||
In-process research and development | 8,100 | ||||||||
Customer relationships | 15,060 | ||||||||
Trade names | 1,120 | ||||||||
Total identifiable intangible assets | $ | 80,060 |
Note_4_Balance_Sheet_Details_T
Note 4 - Balance Sheet Details (Tables) | 12 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Property, Plant and Equipment [Table Text Block] | March 29, | March 30, | |||||||
2015 | 2014 | ||||||||
Land | $ | 6,660 | $ | 6,660 | |||||
Building | 17,431 | 16,787 | |||||||
Machinery and equipment | 41,449 | 40,675 | |||||||
Software and licenses | 22,044 | 17,549 | |||||||
Property, plant and equipment, total | 87,584 | 81,671 | |||||||
Accumulated depreciation and amortization | (61,507 | ) | (60,391 | ) | |||||
Total property, plant and equipment, net | $ | 26,077 | $ | 21,280 | |||||
Schedule of Inventory, Current [Table Text Block] | March 29, | March 30, | |||||||
2015 | 2014 | ||||||||
Work-in-progress and raw materials | $ | 16,789 | $ | 13,555 | |||||
Finished goods | 13,978 | 15,427 | |||||||
Total inventories | $ | 30,767 | $ | 28,982 | |||||
Other Current Liabilities [Table Text Block] | March 29, | March 30, | |||||||
2015 | 2014 | ||||||||
Deferred tax liability | $ | 7,021 | $ | — | |||||
Short-term lease financing obligations | 3,834 | 2,671 | |||||||
Accrued retention bonus | 2,951 | 217 | |||||||
Accrued manufacturing expenses, royalties and licenses | 1,122 | 1,639 | |||||||
Purchase consideration holdback | 1,006 | 1,256 | |||||||
Accrued legal and professional services | 982 | 1,453 | |||||||
Accrued restructuring charges and exit costs | 982 | 2,214 | |||||||
Accrued sales and marketing expenses | 686 | 666 | |||||||
Other current liabilities | 2,703 | 1,254 | |||||||
Total other current liabilities | $ | 21,287 | $ | 11,370 | |||||
Other Noncurrent Liabilities [Table Text Block] | March 29, | March 30, | |||||||
2015 | 2014 | ||||||||
Long-term taxes payable | 4,351 | 794 | |||||||
Deferred tax liability | 42 | 614 | |||||||
Fair value of earn out liability – long-term | — | 3,853 | |||||||
Accrued retention bonus | — | 1,181 | |||||||
Accrued restructuring charges and exit costs | — | 155 | |||||||
Other | — | 29 | |||||||
Total other non-current obligations | $ | 4,393 | $ | 6,626 |
Note_5_Fair_Value_Tables
Note 5 - Fair Value (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | 29-Mar-15 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Money market funds | $ | 6 | $ | — | $ | — | $ | 6 | |||||||||||||||||
Common shares of CounterPath | — | 48 | — | 48 | |||||||||||||||||||||
Total investment assets | $ | 6 | $ | 48 | $ | — | $ | 54 | |||||||||||||||||
30-Mar-14 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Money market funds | $ | 4,636 | $ | — | $ | — | $ | 4,636 | |||||||||||||||||
U.S. government and agency securities | 9,378 | 13,134 | — | 22,512 | |||||||||||||||||||||
State and local government securities | — | 2,772 | — | 2,772 | |||||||||||||||||||||
Corporate bonds and securities | 5 | 71,248 | — | 71,253 | |||||||||||||||||||||
Asset-backed securities | — | 27,635 | — | 27,635 | |||||||||||||||||||||
Mortgage-backed securities | — | 28,248 | — | 28,248 | |||||||||||||||||||||
Total investment assets | $ | 14,019 | $ | 143,037 | $ | — | $ | 157,056 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Acquisition-related contingent consideration – Altior | $ | — | $ | — | $ | 2,973 | $ | 2,973 | |||||||||||||||||
Acquisition-related contingent consideration – Cadeka | $ | — | $ | — | $ | 1,370 | $ | 1,370 | |||||||||||||||||
Total liabilities | $ | — | $ | — | $ | 4,343 | $ | 4,343 | |||||||||||||||||
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | Amount | ||||||||||||||||||||||||
As of April 1, 2012 | $ | — | |||||||||||||||||||||||
Estimated contingent consideration liability | 10,138 | ||||||||||||||||||||||||
As of March 31, 2013 | 10.138 | ||||||||||||||||||||||||
Fair value adjustment | (7,165 | ) | |||||||||||||||||||||||
As of March 30, 2014 | 2,973 | ||||||||||||||||||||||||
Fair value adjustment | (2,973 | ) | |||||||||||||||||||||||
As of March 29, 2015 | $ | — | |||||||||||||||||||||||
Amount | |||||||||||||||||||||||||
As of March 31, 2013 | $ | — | |||||||||||||||||||||||
Estimated contingent consideration liability | 4,660 | ||||||||||||||||||||||||
Fair value adjustment | (3,290 | ) | |||||||||||||||||||||||
As of March 30, 2014 | 1,370 | ||||||||||||||||||||||||
Fair value adjustment | (1,370 | ) | |||||||||||||||||||||||
As of March 29, 2015 | $ | — | |||||||||||||||||||||||
Marketable Securities [Table Text Block] | March 29, | March 30, | |||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||||
Cash in financial institutions | $ | 55,227 | $ | 9,978 | |||||||||||||||||||||
Money market funds | 6 | 4,636 | |||||||||||||||||||||||
Total cash and cash equivalents | $ | 55,233 | $ | 14,614 | |||||||||||||||||||||
Short-term marketable securities | |||||||||||||||||||||||||
U.S. government and agency securities | $ | — | $ | 22,512 | |||||||||||||||||||||
State and local government securities | — | 2,772 | |||||||||||||||||||||||
Corporate bonds and securities | — | 71,253 | |||||||||||||||||||||||
Asset-backed securities | — | 27,635 | |||||||||||||||||||||||
Mortgage-backed securities | — | 28,248 | |||||||||||||||||||||||
Total short-term marketable securities | $ | — | $ | 152,420 | |||||||||||||||||||||
Realized Gain (Loss) on Investments [Table Text Block] | Fiscal Years Ended | ||||||||||||||||||||||||
March 29, | March 30, | March 31, | |||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||
Gross realized gains | $ | 264 | $ | 748 | $ | 871 | |||||||||||||||||||
Gross realized losses | (238 | ) | (547 | ) | (953 | ) | |||||||||||||||||||
Net realized gains (losses) | $ | 26 | $ | 201 | $ | (82 | ) | ||||||||||||||||||
Available-for-sale Securities [Table Text Block] | 30-Mar-14 | ||||||||||||||||||||||||
Amortized | Unrealized Gross | Unrealized Gross | Fair Value | ||||||||||||||||||||||
Cost | Gains(1) | Losses(1) | |||||||||||||||||||||||
Money market funds | $ | 4,636 | $ | — | $ | — | $ | 4,636 | |||||||||||||||||
U.S. government and agency securities | 22,550 | 1 | (39 | ) | 22,512 | ||||||||||||||||||||
State and local government securities | 2,762 | 10 | — | 2,772 | |||||||||||||||||||||
Corporate bonds and securities | 71,309 | 32 | (88 | ) | 71,253 | ||||||||||||||||||||
Asset-backed securities | 27,661 | 22 | (48 | ) | 27,635 | ||||||||||||||||||||
Mortgage-backed securities | 28,362 | 24 | (138 | ) | 28,248 | ||||||||||||||||||||
Total investments | $ | 157,280 | $ | 89 | $ | (313 | ) | $ | 157,056 | ||||||||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | 30-Mar-14 | ||||||||||||||||||||||||
Amortized Cost | Fair Value | ||||||||||||||||||||||||
Less than 1 year | $ | 49,539 | $ | 49,504 | |||||||||||||||||||||
Due in 1 to 5 years | 107,741 | 107,552 | |||||||||||||||||||||||
Total | $ | 157,280 | $ | 157,056 | |||||||||||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | 30-Mar-14 | ||||||||||||||||||||||||
Less than 12 months | 12 months or greater | Total | |||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||
U.S. government and agency securities | $ | 18,245 | $ | (39 | ) | $ | — | $ | — | $ | 18,245 | $ | (39 | ) | |||||||||||
Corporate bonds and securities | 48,379 | (87 | ) | 596 | (1 | ) | 48,975 | (88 | ) | ||||||||||||||||
Asset-backed securities | 7,118 | (12 | ) | 5,478 | (36 | ) | 12,596 | (48 | ) | ||||||||||||||||
Mortgage-backed securities | 19,682 | (120 | ) | 983 | (18 | ) | 20,665 | (138 | ) | ||||||||||||||||
Total | $ | 93,424 | $ | (258 | ) | $ | 7,057 | $ | (55 | ) | $ | 100,481 | $ | (313 | ) |
Note_6_Related_Party_Transacti1
Note 6 - Related Party Transaction (Tables) | 12 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Total Net Sales [Member] | |||||||||||||
Note 6 - Related Party Transaction (Tables) [Line Items] | |||||||||||||
Schedule of Related Party Transactions [Table Text Block] | Fiscal Years Ended | ||||||||||||
March 29, | March 30, | March 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Alonim | 22% | 29% | 30% | ||||||||||
Net Accounts Receivable [Member] | |||||||||||||
Note 6 - Related Party Transaction (Tables) [Line Items] | |||||||||||||
Schedule of Related Party Transactions [Table Text Block] | March 29, | March 30, | |||||||||||
2015 | 2014 | ||||||||||||
Alonim | 6% | 18% |
Note_7_Restructuring_Charges_a1
Note 7 - Restructuring Charges and Exit Costs (Tables) | 12 Months Ended | ||||||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||
Restructuring and Related Costs [Table Text Block] | March 30, | Additions/ | Non-cash | Payments | March 29, | ||||||||||||||||
2014 | adjustments | charges | 2015 | ||||||||||||||||||
Lease termination costs and others | $ | 1,615 | $ | 522 | $ | (220 | ) | $ | (1,587 | ) | $ | 330 | |||||||||
Impairment of fixed assets, licensed technologies and write down of inventory | — | 7,765 | (7,765 | ) | — | — | |||||||||||||||
Severance | 754 | 3,899 | — | (4,001 | ) | 652 | |||||||||||||||
Total | $ | 2,369 | $ | 12,186 | $ | (7,985 | ) | $ | (5,588 | ) | $ | 982 | |||||||||
April 1, | Additions/ | Non-cash | Payments | March 30, | |||||||||||||||||
2013 | adjustments | charges | 2014 | ||||||||||||||||||
Lease termination costs and others | $ | 2,860 | $ | 570 | $ | (57 | ) | $ | (1,758 | ) | $ | 1,615 | |||||||||
Severance | 426 | 2,444 | — | (2,116 | ) | 754 | |||||||||||||||
Total | $ | 3,286 | $ | 3,014 | $ | (57 | ) | $ | (3,874 | ) | $ | 2,369 |
Note_8_Longterm_Investment_Tab
Note 8 - Long-term Investment (Tables) | 12 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Investments Schedule [Abstract] | |||||||||
Investment Holdings, Schedule of Investments [Table Text Block] | March 29, | March 30, | |||||||
2015 | 2014 | ||||||||
Beginning balance | $ | 946 | $ | 1,288 | |||||
Net distributions | (8 | ) | (19 | ) | |||||
Impairment charges | (544 | ) | (323 | ) | |||||
Ending balance | $ | 394 | $ | 946 |
Note_9_Goodwill_and_Intangible1
Note 9 - Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||
Mar. 29, 2015 | ||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | March 29, | March 30, | ||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||
Beginning balance | $ | 30,410 | $ | 10,356 | ||||||||||||||||||||||||||
Goodwill additions | 14,461 | 20,054 | ||||||||||||||||||||||||||||
Ending balance | $ | 44,871 | $ | 30,410 | ||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | 29-Mar-15 | 30-Mar-14 | ||||||||||||||||||||||||||||
Carrying Amount | Accumulated Amortization | Impairment charge | Net | Carrying Amount | Accumulated Amortization | Net | ||||||||||||||||||||||||
Carrying Amount | Carrying Amount | |||||||||||||||||||||||||||||
Amortized intangible assets: | ||||||||||||||||||||||||||||||
Existing technology | $ | 120,041 | $ | (47,259 | ) | $ | (9,134 | ) | $ | 63,648 | $ | 63,043 | $ | (37,510 | ) | $ | 25,533 | |||||||||||||
Customer relationships | 15,165 | (4,520 | ) | (870 | ) | 9,775 | 6,095 | (2,762 | ) | 3,333 | ||||||||||||||||||||
Distributor relationships | 7,254 | (1,973 | ) | — | 5,281 | 1,264 | (1,260 | ) | 4 | |||||||||||||||||||||
Patents/Core technology | 3,459 | (3,446 | ) | — | 13 | 3,459 | (3,378 | ) | 81 | |||||||||||||||||||||
Trade names | 1,330 | (274 | ) | — | 1,056 | 210 | (51 | ) | 159 | |||||||||||||||||||||
Total intangible assets subject to amortization | 147,249 | (57,472 | ) | (10,004 | ) | 79,773 | 74,071 | (44,961 | ) | 29,110 | ||||||||||||||||||||
In-process research and development | 9,148 | — | (2,819 | ) | 6,329 | 2,280 | — | 2,280 | ||||||||||||||||||||||
Total | $ | 156,397 | $ | (57,472 | ) | $ | (12,823 | ) | $ | 86,102 | $ | 76,351 | $ | (44,961 | ) | $ | 31,390 | |||||||||||||
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | March 29, | March 30, | March 31, | |||||||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||||||||||
Amortization expense | $ | 12,511 | $ | 7,813 | $ | 4,150 | ||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Amortization Expense (by fiscal year) | |||||||||||||||||||||||||||||
2016 | $ | 12,946 | ||||||||||||||||||||||||||||
2017 | 12,859 | |||||||||||||||||||||||||||||
2018 | 12,822 | |||||||||||||||||||||||||||||
2019 | 12,498 | |||||||||||||||||||||||||||||
2020 | 11,707 | |||||||||||||||||||||||||||||
2021 and thereafter | 16,941 | |||||||||||||||||||||||||||||
Total future amortization excluding IPR&D | $ | 79,773 |
Note_10_Net_Income_Loss_Per_Sh1
Note 10 - Net Income (Loss) Per Share (Tables) | 12 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | March 29, | March 30, | March 31, | ||||||||||
2015 | 2014 | 2013 | |||||||||||
Net income (loss) before non-controlling interests | $ | (45,007 | ) | $ | 5,801 | $ | 2,882 | ||||||
Net income (loss) attributable to non-controlling interests | (37 | ) | — | — | |||||||||
Net income (loss) attributable to Exar Corporation | (44,970 | ) | 5,801 | 2,882 | |||||||||
Shares used in computation of net income (loss) per share: | |||||||||||||
Basic | 47,253 | 47,291 | 45,809 | ||||||||||
Effect of options and awards | — | 1,532 | 667 | ||||||||||
Diluted | 47,253 | 48,823 | 46,476 | ||||||||||
Net income (loss) per share to common stockholders: | |||||||||||||
Basic | $ | (0.95 | ) | $ | 0.12 | $ | 0.06 | ||||||
Diluted | $ | (0.95 | ) | $ | 0.12 | $ | 0.06 |
Note_11_Shortterm_Debt_Tables
Note 11 - Short-term Debt (Tables) | 12 Months Ended | ||||
Mar. 29, 2015 | |||||
Debt Disclosure [Abstract] | |||||
Interest Income and Interest Expense Disclosure [Table Text Block] | 29-Mar-15 | ||||
CTBC | $ | 265 | |||
Stifel | 646 | ||||
Total interest on short-term debt | $ | 911 |
Note_12_Common_Stock_Repurchas1
Note 12 - Common Stock Repurchases (Tables) | 12 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | Average Price Paid Per | ||||||||||||
Total number of | Share | Amount Paid for | |||||||||||
Shares Purchased | (or Unit) | Purchase | |||||||||||
As of March 31, 2013 | 9,564 | $ | 9.22 | $ | 88,189 | ||||||||
Repurchases – August 25 to September 29, 2013 | 153 | 13.07 | 1,999 | ||||||||||
Repurchases – September 30 to October 27, 2013 | 73 | 13.63 | 1,001 | ||||||||||
Repurchases – November 24 to December 29, 2013 | 83 | 12.09 | 1,000 | ||||||||||
Repurchases – December 30, 2013 to January 26, 2014 | 122 | 11.61 | 1,417 | ||||||||||
Repurchases – January 27 to February 23, 2014 | 324 | 11.05 | 3,583 | ||||||||||
As of March 30, 2014 | 10,319 | $ | 9.42 | $ | 97,189 | ||||||||
Repurchases – March 31 to April 27, 2014 | 273 | 10.98 | 3,000 | ||||||||||
Repurchases – July 28 to September 28, 2014 | 393 | 9.83 | 3,864 | ||||||||||
Repurchases – September 29 to December 28, 2014 | 125 | 9.08 | 1,135 | ||||||||||
As of March 29, 2015 | 11,110 | $ | 9.47 | $ | 105,188 |
Note_13_Employee_Benefit_Plans1
Note 13 - Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||
Schedule Of Matching Contributions [Table Text Block] | March 29, | March 30, | March 31, | ||||||||||
2015 | 2014 | 2013 | |||||||||||
Matching contributions | $ | 421 | $ | 373 | $ | 267 | |||||||
Schedule Of Paid And Unpaid Incentive Compensation [Table Text Block] | March 29, | March 30, | March 31, | ||||||||||
2015 | 2014 | 2013 | |||||||||||
Unpaid incentive compensation | $ | 1,627 | $ | 698 | $ | 781 |
Note_14_Stockbased_Compensatio1
Note 14 - Stock-based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity [Table Text Block] | Shares of | Weighted | |||||||||||||||||||||||
Common Stock | Average | ||||||||||||||||||||||||
Price per Share | |||||||||||||||||||||||||
Authorized to issue: | 4,500 | ||||||||||||||||||||||||
Reserved for future issuance: | |||||||||||||||||||||||||
Fiscal year ending March 29, 2015 | 1,346 | ||||||||||||||||||||||||
Fiscal year ending March 30, 2014 | 1,372 | ||||||||||||||||||||||||
Fiscal year ending March 31, 2013 | 1,392 | ||||||||||||||||||||||||
Issued: | |||||||||||||||||||||||||
Fiscal year ending March 29, 2015 | 26 | $ | 10.01 | ||||||||||||||||||||||
Fiscal year ending March 30, 2014 | 20 | 11.38 | |||||||||||||||||||||||
Fiscal year ending March 31, 2013 | 26 | 8.38 | |||||||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Options Outstanding | Options Exercisable | |||||||||||||||||||||||
Range of | Number | Weighted | Weighted | Number | Weighted | ||||||||||||||||||||
Outstanding | Average | Average | Exercisable | Average | |||||||||||||||||||||
As of | Remaining | Exercise | As of | Exercise | |||||||||||||||||||||
March 29, | Contractual | March 29, | |||||||||||||||||||||||
Terms | |||||||||||||||||||||||||
Exercise Prices | 2015 | (in years) | Price per Share | 2015 | Price per Share | ||||||||||||||||||||
$1.57 | - | $6.43 | 1,951,070 | 3.32 | $ | 6.12 | 1,493,854 | $ | 6.04 | ||||||||||||||||
6.60 | - | 8.51 | 1,693,928 | 4.29 | 7.85 | 909,929 | 7.79 | ||||||||||||||||||
8.57 | - | 9.55 | 1,583,739 | 5.95 | 9.22 | 361,184 | 9.15 | ||||||||||||||||||
9.57 | - | 11.64 | 1,594,345 | 5.86 | 10.55 | 358,156 | 10.73 | ||||||||||||||||||
11.79 | - | 13.93 | 786,540 | 5.67 | 12.82 | 195,320 | 13.15 | ||||||||||||||||||
Total | 7,609,622 | 4.86 | 8.77 | 3,318,443 | 7.78 | ||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Outstanding | Weighted | Weighted | Aggregate | In-the-money | ||||||||||||||||||||
Options / | Average | Average | Intrinsic | Options | |||||||||||||||||||||
Quantity | Exercise | Remaining | Value | Vested and | |||||||||||||||||||||
Price per Share | Contractual | (in thousands) | Exercisable | ||||||||||||||||||||||
Term | (in thousands) | ||||||||||||||||||||||||
(in years) | |||||||||||||||||||||||||
Balance at April 1, 2012 | 6,345,307 | $ | 7.23 | 4.67 | $ | 9,474 | 1,193 | ||||||||||||||||||
Granted | 2,540,010 | 8.32 | |||||||||||||||||||||||
Exercised | (875,459 | ) | 6.92 | ||||||||||||||||||||||
Cancelled | (903,781 | ) | 9.67 | ||||||||||||||||||||||
Forfeited | (893,744 | ) | 6.41 | ||||||||||||||||||||||
Balance at March 31, 2013 | 6,212,333 | $ | 7.48 | 5.04 | $ | 19,199 | 1,481 | ||||||||||||||||||
Granted | 2,482,650 | 11.89 | |||||||||||||||||||||||
Exercised | (784,864 | ) | 7.14 | ||||||||||||||||||||||
Cancelled | (10,834 | ) | 10.92 | ||||||||||||||||||||||
Forfeited | (685,437 | ) | 8.02 | ||||||||||||||||||||||
Balance at March 30, 2014 | 7,213,848 | $ | 8.98 | 5.02 | $ | 21,301 | 2,170 | ||||||||||||||||||
Granted | 2,624,778 | 8.7 | |||||||||||||||||||||||
Exercised | (864,222 | ) | 7.05 | ||||||||||||||||||||||
Cancelled | (291,769 | ) | 12.36 | ||||||||||||||||||||||
Forfeited | (1,073,013 | ) | 10.45 | ||||||||||||||||||||||
Balance at March 29, 2015 | 7,609,622 | $ | 8.77 | 4.86 | $ | 14,377 | 2,850 | ||||||||||||||||||
Vested and expected to vest, March 29, 2015 | 7,114,744 | $ | 8.69 | 4.81 | $ | 13,941 | |||||||||||||||||||
Vested and exercisable, March 29, 2015 | 3,318,443 | $ | 7.78 | 3.96 | $ | 9,100 | |||||||||||||||||||
Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block] | March 29, | March 30, | March 31, | ||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||
Intrinsic value of options exercised | $ | 2,543 | $ | 3,887 | $ | 1,443 | |||||||||||||||||||
Cash received related to option exercises | 6,095 | 9,493 | 6,059 | ||||||||||||||||||||||
Tax benefit recorded | 1,655 | 6,669 | 1,927 | ||||||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Shares | Weighted | Weighted | Aggregate | |||||||||||||||||||||
Average | Average | Intrinsic | |||||||||||||||||||||||
Grant-Date | Remaining | Value | |||||||||||||||||||||||
Fair Value | Contractual | (in thousands) | |||||||||||||||||||||||
Term | |||||||||||||||||||||||||
(in years) | |||||||||||||||||||||||||
Unvested at April 1, 2012 | 604,655 | $ | 7.13 | 2.38 | $ | 5,079 | |||||||||||||||||||
Granted | 331,894 | 8.4 | |||||||||||||||||||||||
Issued and released | (125,095 | ) | 7.1 | ||||||||||||||||||||||
Forfeited | (79,250 | ) | 6.96 | ||||||||||||||||||||||
Unvested at March 31, 2013 | 732,204 | $ | 7.73 | 1.72 | $ | 7,688 | |||||||||||||||||||
Granted | 828,995 | 13.06 | |||||||||||||||||||||||
Issued and released | (346,407 | ) | 9.38 | ||||||||||||||||||||||
Forfeited | (37,666 | ) | 9.52 | ||||||||||||||||||||||
Unvested at March 30, 2014 | 1,177,126 | $ | 10.94 | 1.62 | $ | 13,784 | |||||||||||||||||||
Granted | 509,370 | 9.34 | |||||||||||||||||||||||
Issued and released | (414,242 | ) | 10.28 | ||||||||||||||||||||||
Forfeited | (199,329 | ) | 11.87 | ||||||||||||||||||||||
Unvested at March 29, 2015 | 1,072,925 | $ | 10.26 | 1.5 | $ | 11,051 | |||||||||||||||||||
Vested and expected to vest, March 29, 2015 | 829,673 | 1.42 | $ | 8,546 | |||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | March 29, | March 30, | March 31, | ||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||
Expected term of options (years) | 4.53 – 4.70 | 4.40 – 4.49 | 4.36 | ||||||||||||||||||||||
Risk-free interest rate | 1.1 – 1.3 | % | 0.6 – 1.1 | % | 0.5 – 0.6 | % | |||||||||||||||||||
Expected volatility | 32 - 33 | % | 32 - 35 | % | 37 - 42 | % | |||||||||||||||||||
Expected dividend yield | — | — | — | ||||||||||||||||||||||
Weighted average grant date fair value | $ | 2.8 | $ | 3.4 | $ | 2.8 | |||||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | March 29, | March 30, | March 31, | ||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||
Cost of sales | $ | 1,105 | $ | 714 | $ | 469 | |||||||||||||||||||
Research and development | 2,661 | 1,974 | 789 | ||||||||||||||||||||||
Selling, general and administrative | 9,848 | 6,164 | 3,530 | ||||||||||||||||||||||
Total stock-based compensation expense | $ | 13,614 | $ | 8,852 | $ | 4,788 | |||||||||||||||||||
Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block] | 29-Mar-15 | 30-Mar-14 | 31-Mar-13 | ||||||||||||||||||||||
Amount | Weighted | Amount | Weighted | Amount | Weighted | ||||||||||||||||||||
(in thousands) | Average | (in thousands) | Average | (in thousands) | Average | ||||||||||||||||||||
Remaining Recognition | Remaining Recognition | Remaining Recognition | |||||||||||||||||||||||
Period | Period | Period | |||||||||||||||||||||||
(in years) | (in years) | (in years) | |||||||||||||||||||||||
Options | $ | 8,579 | 2.3 | $ | 9,958 | 2.7 | $ | 6,269 | 2.8 | ||||||||||||||||
Performance Options | 380 | 1.9 | 242 | 2.2 | 502 | 2.6 | |||||||||||||||||||
RSUs | 3,568 | 2.3 | 5,970 | 2.2 | 1,557 | 2.5 | |||||||||||||||||||
PRSUs | 1,751 | 2.1 | 3,047 | 2.5 | 1,814 | 3.4 | |||||||||||||||||||
Total Stock-based compensation expense | $ | 14,278 | $ | 19,217 | $ | 10,142 |
Note_15_Lease_Financing_Obliga1
Note 15 - Lease Financing Obligation (Tables) | 12 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||||||
Schedule Of Amortization Expense [Table Text Block] | Fiscal Years Ended | ||||||||||||
March 29, | March 30, | March 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Amortization expense | $ | 3,586 | $ | 3,294 | $ | 3,523 | |||||||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Fiscal Years | Design tools | |||||||||||
2016 | $ | 4,014 | |||||||||||
2017 | 3,961 | ||||||||||||
2018 | 1,355 | ||||||||||||
Total minimum lease payments | 9,330 | ||||||||||||
Less: amount representing interest | 427 | ||||||||||||
Present value of future minimum lease payments | 8,903 | ||||||||||||
Less: short-term lease financing obligations | 3,834 | ||||||||||||
Long-term lease financing obligations | $ | 5,069 | |||||||||||
Schedule of Interest Expense [Table Text Block] | Fiscal Years Ended | ||||||||||||
March 29, | March 30, | March 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Interest expense – design tools | $ | 165 | $ | 155 | $ | 143 | |||||||
Schedule of Rent Expense [Table Text Block] | Fiscal Years Ended | ||||||||||||
March 29, | March 30, | March 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Rent expense | $ | 1,764 | $ | 1,289 | $ | 616 | |||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Fiscal Years | Facilities | |||||||||||
2016 | $ | 635 | |||||||||||
2017 | 221 | ||||||||||||
2018 | 31 | ||||||||||||
2019 | 3 | ||||||||||||
Total future minimum lease payments | $ | 890 |
Note_16_Commitments_and_Contin1
Note 16 - Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Schedule of Product Warranty Liability [Table Text Block] | March 29, | March 30, | |||||||
2015 | 2014 | ||||||||
Beginning balance | $ | 1,074 | $ | 50 | |||||
Provisions for warranties issued | 458 | 1,480 | |||||||
Settlements/adjustments | (1,250 | ) | (456 | ) | |||||
Ending balance | $ | 282 | $ | 1,074 |
Note_18_Income_Taxes_Tables
Note 18 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | March 29, | March 30, | March 31, | ||||||||||
2015 | 2014 | 2013 | |||||||||||
United States | $ | (50,428 | ) | $ | (2,370 | ) | $ | 1,693 | |||||
Foreign | 6,310 | (307 | ) | — | |||||||||
(Loss)/income before income tax | $ | (44,118 | ) | $ | (2,677 | ) | $ | 1,693 | |||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | March 29, | March 30, | March 31, | ||||||||||
2015 | 2014 | 2013 | |||||||||||
Current: | |||||||||||||
Federal | $ | 828 | $ | (1,350 | ) | $ | (1,255 | ) | |||||
State | 11 | (93 | ) | (73 | ) | ||||||||
Foreign | 404 | (81 | ) | 114 | |||||||||
Total current | $ | 1,243 | $ | (1,524 | ) | $ | (1,214 | ) | |||||
Deferred: | |||||||||||||
Federal | $ | 39 | $ | (6,807 | ) | $ | 23 | ||||||
State | — | (147 | ) | 2 | |||||||||
Foreign | (393 | ) | — | — | |||||||||
Total deferred | $ | (354 | ) | $ | (6,954 | ) | $ | 25 | |||||
Total provision for (benefit from) income taxes | $ | 889 | $ | (8,478 | ) | $ | (1,189 | ) | |||||
Schedule Of Foreign Income Included In Pre-Tax Income [Table Text Block] | Fiscal Years Ended | ||||||||||||
March 29, | March 30, | March 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Foreign income/(loss) | $ | 6,310 | $ | (307 | ) | $ | — | ||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | March 29, | March 30, | |||||||||||
2015 | 2014 | ||||||||||||
Deferred tax assets: | |||||||||||||
Reserves and expenses not currently deductible | $ | 10,328 | $ | 7,973 | |||||||||
Net operating loss carryforwards | 121,948 | 123,826 | |||||||||||
Tax credits | 30,214 | 27,259 | |||||||||||
Losses on investments | 1,032 | 1,832 | |||||||||||
Unrealized investment loss | — | 80 | |||||||||||
Intangible assets | 8,406 | 6,838 | |||||||||||
Deferred margin | 3,293 | 3,968 | |||||||||||
Depreciation | — | 642 | |||||||||||
Total deferred tax assets | 175,221 | 172,418 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Depreciation | (915 | ) | — | ||||||||||
Non-goodwill intangibles | (3,159 | ) | (6,560 | ) | |||||||||
Foreign earnings | (8,164 | ) | — | ||||||||||
Total deferred tax liabilities | (12,238 | ) | (6,560 | ) | |||||||||
Valuation allowance | (163,129 | ) | (165,924 | ) | |||||||||
Net deferred tax liabilities | $ | (146 | ) | $ | (66 | ) | |||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | March 29, | March 30, | March 31, | ||||||||||
2015 | 2014 | 2013 | |||||||||||
Income tax benefit at statutory rate | $ | (15,441 | ) | $ | (937 | ) | $ | 593 | |||||
State income taxes, net of federal tax benefit | (64 | ) | (1 | ) | 60 | ||||||||
Deferred tax assets not benefited | 9,052 | (1,972 | ) | (378 | ) | ||||||||
Tax credits | (1,182 | ) | (757 | ) | (539 | ) | |||||||
Stock-based compensation | 435 | (427 | ) | 258 | |||||||||
Foreign rate differential | (1,927 | ) | 156 | 148 | |||||||||
Prior year tax expense true-up | — | (10 | ) | 11 | |||||||||
Fair value adjustment | (1,527 | ) | (3,732 | ) | — | ||||||||
Investment in US property | 8,840 | 45 | 54 | ||||||||||
OCI tax effect clearance | 828 | — | — | ||||||||||
Acquisition cost | 2,092 | 293 | — | ||||||||||
Others, net | (217 | ) | (1,136 | ) | (1,396 | ) | |||||||
Provision for (benefit from) income taxes | $ | 889 | $ | (8,478 | ) | $ | (1,189 | ) | |||||
Summary of Operating Loss Carryforwards [Table Text Block] | Federal net operating loss carryforwards | $ | 323,751 | ||||||||||
State net operating loss carryforwards | $ | 111,084 | |||||||||||
Canada net operating loss carryforwards | $ | 23,785 | |||||||||||
Summary of Tax Credit Carryforwards [Table Text Block] | Federal tax credit carryforwards | $ | 10,453 | ||||||||||
State tax credit carryforwards | $ | 20,165 | |||||||||||
Canada tax credit carryforwards | $ | 5,283 | |||||||||||
Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Table Text Block] | Amount | ||||||||||||
Unrecognized tax benefits as of April 1, 2012 | 16,820 | ||||||||||||
Gross decrease related to prior year tax positions | (271 | ) | |||||||||||
Gross increase related to current year tax positions | 292 | ||||||||||||
Lapses in statute of limitation | (1,376 | ) | |||||||||||
Unrecognized tax benefits as of March 31, 2013 | 15,465 | ||||||||||||
Gross increase related to prior year tax positions | 92 | ||||||||||||
Gross increase related to current year tax positions | 487 | ||||||||||||
Lapses in statute of limitation | (1,880 | ) | |||||||||||
Unrecognized tax benefits as of March 30, 2014 | $ | 14,164 | |||||||||||
Gross increase related to prior year tax positions | 252 | ||||||||||||
Gross increase related to current year tax positions | 3,305 | ||||||||||||
Lapses in statute of limitation | (85 | ) | |||||||||||
Unrecognized tax benefits as of March 29, 2015 | $ | 17,636 | |||||||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | March 29, | March 30, | |||||||||||
2015 | 2014 | ||||||||||||
Unrecognized gross tax benefits | $ | 17,636 | $ | 14,164 | |||||||||
Less: amount used to reduce deferred tax assets | 13,285 | 13,370 | |||||||||||
Net income tax payable(1) | $ | 4,351 | $ | 794 | |||||||||
Schedule Of Interest And Penalty Related To Underpayment Of Tax [Table Text Block] | March 29, | March 30, | |||||||||||
2015 | 2014 | ||||||||||||
Accrued interest and penalties | $ | 1,187 | $ | 83 |
Note_19_Segment_and_Geographic1
Note 19 - Segment and Geographic Information (Tables) | 12 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Fiscal Years Ended | ||||||||||||
March 29, | March 30, | March 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Industrial & Embedded Systems | $ | 79,050 | $ | 72,458 | $ | 63,396 | |||||||
High-End Consumer | 51,897 | 462 | 928 | ||||||||||
Infrastructure | 31,103 | 52,402 | 57,702 | ||||||||||
Total net sales | $ | 162,050 | $ | 125,322 | $ | 122,026 | |||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Fiscal Years Ended | ||||||||||||
March 29, | March 30, | March 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
China | $ | 62,085 | $ | 43,537 | $ | 41,118 | |||||||
United States | 23,479 | 37,079 | 32,322 | ||||||||||
Taiwan | 17,955 | 3,397 | 4,347 | ||||||||||
Korea | 15,833 | 3,337 | 3,346 | ||||||||||
Singapore | 15,361 | 13,397 | 13,827 | ||||||||||
Germany | 11,257 | 11,270 | 11,692 | ||||||||||
Rest of world | 16,080 | 13,305 | 15,374 | ||||||||||
Total net sales | $ | 162,050 | $ | 125,322 | $ | 122,026 | |||||||
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Fiscal Years Ended | ||||||||||||
March 29, | March 30, | March 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Distributor A | 22 | % | 27 | % | 30 | % | |||||||
Distributor B | * | % | 21 | % | 11 | % | |||||||
Distributor C | * | % | 12 | % | 10 | % | |||||||
Schedule Of Major Distributors [Table Text Block] | March 29, | March 30, | |||||||||||
2015 | 2014 | ||||||||||||
Distributor E | 12 | % | * | ||||||||||
Distributor B | 11 | % | 17 | % | |||||||||
Distributor D | 10 | % | 14 | % | |||||||||
Customer D | 10 | % | * | ||||||||||
Distributor A | * | 16 | % | ||||||||||
Distributor C | * | 12 | % |
Note_20_Allowances_For_Sales_R1
Note 20 - Allowances For Sales Returns and Doubtful Accounts (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||
Receivables [Abstract] | |||||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Classification | Balance | Additions | Utilizations (1) | Balance | ||||||||||||
at Beginning | at End | ||||||||||||||||
of Year | of Year | ||||||||||||||||
Allowance for sales returns: | |||||||||||||||||
Year ended March 29, 2015 | $ | 1,674 | $ | 22,177 | $ | 22,354 | $ | 1,496 | |||||||||
Year ended March 30, 2014 | 1,084 | 17,004 | 16,414 | 1,674 | |||||||||||||
Year ended March 31, 2013 | 1,429 | 15,176 | 15,521 | 1,084 | |||||||||||||
Allowance for doubtful accounts: | |||||||||||||||||
Year ended March 29, 2015 | 111 | 501 | — | 612 | |||||||||||||
Year ended March 30, 2014 | 206 | (25 | ) | 70 | 111 | ||||||||||||
Year ended March 31, 2013 | 167 | 39 | — | 206 |
Note_21_Supplementary_Quarterl1
Note 21 - Supplementary Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | Fiscal Year 2015 | Fiscal Year 2014 | |||||||||||||||||||||||||||||||
Mar. 29, | Dec. 28, | Sep. 28, | Jun. 29, | Mar. 30, | Dec. 29, | Sep. 29, | Jun. 30, | ||||||||||||||||||||||||||
Classification | 2015 | 2014 | 2014 | 2014 | 2014 | 2013 | 2013 | 2013 | |||||||||||||||||||||||||
Consolidated Statement of Operations Data: | |||||||||||||||||||||||||||||||||
Net sales by end market: | |||||||||||||||||||||||||||||||||
Industrial & Embedded Systems | $ | 20,021 | $ | 20,506 | $ | 19,656 | $ | 18,867 | $ | 19,588 | $ | 18,429 | $ | 17,943 | $ | 16,498 | |||||||||||||||||
High-End Consumer | 16,072 | 16,202 | 16,199 | 3,424 | 43 | 68 | 105 | 246 | |||||||||||||||||||||||||
Infrastructure | 7,764 | 7,607 | 7,304 | 8,428 | 8,356 | 12,193 | 15,970 | 15,883 | |||||||||||||||||||||||||
Net sales | $ | 43,857 | $ | 44,315 | $ | 43,159 | $ | 30,719 | $ | 27,987 | $ | 30,690 | $ | 34,018 | $ | 32,627 | |||||||||||||||||
Gross profit | 17,948 | 16,890 | 4,132 | 10,956 | 8,422 | 12,826 | 13,929 | 15,477 | |||||||||||||||||||||||||
Income (loss) from operations | (2,346 | ) | (6,535 | ) | (22,830 | ) | (11,352 | ) | (311 | ) | (3,321 | ) | (616 | ) | 547 | ||||||||||||||||||
Net income (loss) | (2,914 | ) | (6,599 | ) | (23,352 | ) | (12,105 | ) | 147 | (1,634 | ) | 6,482 | 806 | ||||||||||||||||||||
Net income (loss) per share to common stockholders: | |||||||||||||||||||||||||||||||||
Basic | $ | (0.06 | ) | $ | (0.14 | ) | $ | (0.50 | ) | $ | (0.26 | ) | $ | 0 | $ | (0.03 | ) | $ | 0.14 | $ | 0.02 | ||||||||||||
Diluted | $ | (0.06 | ) | $ | (0.14 | ) | $ | (0.50 | ) | $ | (0.26 | ) | $ | 0 | $ | (0.03 | ) | $ | 0.13 | $ | 0.02 | ||||||||||||
Shares used in the computation of net income (loss) per share: | |||||||||||||||||||||||||||||||||
Basic | 47,516 | 47,119 | 47,139 | 47,236 | 47,328 | 47,529 | 47,496 | 46,805 | |||||||||||||||||||||||||
Diluted | 47,516 | 47,119 | 47,139 | 47,236 | 48,778 | 47,529 | 49,150 | 48,085 |
Note_2_Accounting_Policies_Det
Note 2 - Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | |
Note 2 - Accounting Policies (Details) [Line Items] | ||||||
Number of Reportable Segments | 1 | |||||
Impairment of Intangible Assets (Excluding Goodwill) | $12,300,000 | $1,600,000 | $0 | |||
Number of Abandoned IPR&D Projects | 1 | 1 | ||||
IPR&D Reclassified to Existing Technology | 1,200,000 | 1,200,000 | ||||
Number of Completed IPR&D Projects | 3 | |||||
Capitalized Mask Costs | 300,000 | 300,000 | 2,300,000 | |||
Asset Impairment Charges | 13,367,000 | 2,224,000 | ||||
Research and Development Arrangement with Federal Government, Customer Funding to Offset Costs Incurred | 300,000 | 1,500,000 | 2,000,000 | |||
Provision for Doubtful Accounts | 500,000 | |||||
Business Combination, Contingent Consideration, Liability | 4,300,000 | |||||
Primary Distributors [Member] | Minimum [Member] | ||||||
Note 2 - Accounting Policies (Details) [Line Items] | ||||||
Purchase Return Percentage | 3.00% | |||||
Primary Distributors [Member] | Maximum [Member] | ||||||
Note 2 - Accounting Policies (Details) [Line Items] | ||||||
Purchase Return Percentage | 6.00% | |||||
One of the Primary Distributors [Member] | ||||||
Note 2 - Accounting Policies (Details) [Line Items] | ||||||
Scrap Allowance Percentage | 1.00% | |||||
Machinery and Equipment [Member] | Minimum [Member] | ||||||
Note 2 - Accounting Policies (Details) [Line Items] | ||||||
Property, Plant and Equipment, Useful Life | 3 years | |||||
Machinery and Equipment [Member] | Maximum [Member] | ||||||
Note 2 - Accounting Policies (Details) [Line Items] | ||||||
Property, Plant and Equipment, Useful Life | 10 years | |||||
Building [Member] | ||||||
Note 2 - Accounting Policies (Details) [Line Items] | ||||||
Property, Plant and Equipment, Useful Life | 30 years | |||||
Maximum [Member] | ||||||
Note 2 - Accounting Policies (Details) [Line Items] | ||||||
Discount Period | 1 year | |||||
2015 Restructuring [Member] | ||||||
Note 2 - Accounting Policies (Details) [Line Items] | ||||||
Asset Impairment Charges | 2,000,000 | |||||
In Process Research and Development [Member] | ||||||
Note 2 - Accounting Policies (Details) [Line Items] | ||||||
Impairment of Intangible Assets (Excluding Goodwill) | $500,000 | $500,000 | ||||
Capitalized Mask Costs [Member] | ||||||
Note 2 - Accounting Policies (Details) [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 5 years |
Note_2_Accounting_Policies_Det1
Note 2 - Accounting Policies (Details) - Deferred Income balance (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Deferred Income balance [Abstract] | ||
Deferred revenue at published list price | $15,029 | $15,871 |
Deferred cost of revenue | -4,685 | -4,757 |
Deferred income | $10,344 | $11,114 |
Note_3_Business_Combinations_D
Note 3 - Business Combinations (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 4 Months Ended | 1 Months Ended | |||||
Share data in Millions, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | Jun. 03, 2014 | Jun. 03, 2013 | Sep. 28, 2014 | Dec. 28, 2014 | Jan. 14, 2014 | Jul. 05, 2013 | Jul. 05, 2013 | Mar. 22, 2013 | Jun. 29, 2014 |
Note 3 - Business Combinations (Details) [Line Items] | ||||||||||||
Business Combination, Fair Value Percentage | 100.00% | |||||||||||
Acquired Intangible Assets Discount Rate | 21.00% | |||||||||||
Business Combination, Acquisition Related Costs | $7,348,000 | $1,880,000 | $110,000 | |||||||||
Amortization of Intangible Assets | 11,740,000 | 7,600,000 | 3,379,000 | |||||||||
Allocated Share-based Compensation Expense | 13,614,000 | 8,852,000 | 4,788,000 | |||||||||
Income Tax Expense (Benefit) | 889,000 | -8,478,000 | -1,189,000 | |||||||||
Pro Forma [Member] | Integrated Memory Logic Limited [Member] | ||||||||||||
Note 3 - Business Combinations (Details) [Line Items] | ||||||||||||
Business Combination, Acquisition Related Costs | -11,200,000 | 0 | ||||||||||
Amortization of Intangible Assets | 2,400,000 | 9,700,000 | ||||||||||
Allocated Share-based Compensation Expense | 900,000 | 1,000,000 | ||||||||||
Increase (Decrease) in Intangible Assets, Current | -100,000 | -400,000 | ||||||||||
Stock or Unit Option Plan Expense | -800,000 | -500,000 | ||||||||||
Income Tax Expense (Benefit) | 600,000 | 600,000 | ||||||||||
Minimum [Member] | Stretch, Inc. [Member] | ||||||||||||
Note 3 - Business Combinations (Details) [Line Items] | ||||||||||||
Acquired Intangible Assets Discount Rate | 17.00% | |||||||||||
Maximum [Member] | Stretch, Inc. [Member] | ||||||||||||
Note 3 - Business Combinations (Details) [Line Items] | ||||||||||||
Acquired Intangible Assets Discount Rate | 21.00% | |||||||||||
Integrated Memory Logic Limited [Member] | ||||||||||||
Note 3 - Business Combinations (Details) [Line Items] | ||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 92.00% | 8.00% | 8.00% | 92.00% | ||||||||
Payments to Acquire Businesses, Gross | 206,400,000 | 206,411,000 | 18,900,000 | |||||||||
Business Combination, Consideration Transferred | 228,118,000 | 18,900,000 | ||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 1.5 | |||||||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 3,800,000 | |||||||||||
Acquired Intangible Assets Discount Rate | 16.90% | |||||||||||
Goodwill, Acquired During Period | 14,500,000 | 14,500,000 | ||||||||||
Business Combination, Acquisition Related Costs | 7,200,000 | |||||||||||
Stretch, Inc. [Member] | ||||||||||||
Note 3 - Business Combinations (Details) [Line Items] | ||||||||||||
Payments to Acquire Businesses, Gross | 10,000 | |||||||||||
Business Combination, Consideration Transferred | 10,000 | |||||||||||
Goodwill, Acquired During Period | 700,000 | 700,000 | ||||||||||
Business Acquisition Purchase Price Allocation Goodwill Expected Tax Deductible Period (in years) | 15 years | |||||||||||
Cadeka Microcircuits [Member] | ||||||||||||
Note 3 - Business Combinations (Details) [Line Items] | ||||||||||||
Business Combination, Consideration Transferred | 34,837,000 | |||||||||||
Goodwill, Acquired During Period | 19,400,000 | 19,400,000 | ||||||||||
Altior [Member] | ||||||||||||
Note 3 - Business Combinations (Details) [Line Items] | ||||||||||||
Business Combination, Consideration Transferred | 14,878,000 | |||||||||||
Goodwill, Acquired During Period | $7,200,000 |
Note_3_Business_Combinations_D1
Note 3 - Business Combinations (Details) - Business Acquistion Purchase Price (Integrated Memory Logic Limited [Member], USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | |
Jun. 03, 2014 | Jun. 03, 2013 | Sep. 28, 2014 | Dec. 28, 2014 | |
Integrated Memory Logic Limited [Member] | ||||
Note 3 - Business Combinations (Details) - Business Acquistion Purchase Price [Line Items] | ||||
Cash | $206,400,000 | $206,411,000 | $18,900,000 | |
Consideration for the acquisition of non-controlling interests | 17,872,000 | |||
Fair value of assumed iML employee options | 3,835,000 | |||
Total purchase price | $228,118,000 | $18,900,000 |
Note_3_Business_Combinations_D2
Note 3 - Business Combinations (Details) - Fair Value Allocated to Tangible and Identifiable Intangible Assets (USD $) | 0 Months Ended | 1 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 03, 2013 | Sep. 28, 2014 | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | Jun. 03, 2014 |
Identifiable tangible assets (liabilities) | ||||||
Goodwill | $44,871 | $30,410 | $10,356 | |||
Integrated Memory Logic Limited [Member] | ||||||
Identifiable tangible assets (liabilities) | ||||||
Cash | 133,752 | |||||
Accounts receivable | 10,096 | |||||
Inventories | 3,950 | |||||
Other current assets | 962 | |||||
Property, plant and equipment | 480 | |||||
Other assets | 308 | |||||
Current liabilities | -12,356 | |||||
Long-term liabilities | -3,595 | |||||
Total identifiable tangible assets (liabilities), net | 133,597 | |||||
Identifiable intangible assets | 80,060 | 80,060 | ||||
Total identifiable assets, net | 213,657 | |||||
Goodwill | 14,461 | |||||
Fair value of total consideration transferred | $228,118 | $18,900 |
Note_3_Business_Combinations_D3
Note 3 - Business Combinations (Details) - Identifiable Intangible Assets Acquired in Connection with the iML Acquisition (Integrated Memory Logic Limited [Member], USD $) | Jun. 03, 2014 | Jun. 03, 2013 |
In Thousands, unless otherwise specified | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Identifiable intangible assets | $80,060 | $80,060 |
Developed Technology Rights [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Identifiable intangible assets | 55,780 | |
In Process Research and Development [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Identifiable intangible assets | 8,100 | |
Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Identifiable intangible assets | 15,060 | |
Trade Names [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Identifiable intangible assets | $1,120 |
Note_3_Business_Combinations_D4
Note 3 - Business Combinations (Details) - Unaudited Pro Forma Condensed Financial Information (Integrated Memory Logic Limited [Member], USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Integrated Memory Logic Limited [Member] | ||
Note 3 - Business Combinations (Details) - Unaudited Pro Forma Condensed Financial Information [Line Items] | ||
Net sales | $172,780 | $186,290 |
Net income (loss) | ($36,207) | $5,884 |
Earnings (loss) per share to common stockholders | ||
Basic | ($0.77) | $0.12 |
Diluted | ($0.77) | $0.12 |
Note_3_Business_Combinations_D5
Note 3 - Business Combinations (Details) - Allocation of the Purchase Price to Tangible and Intangible Assets Acquired and Liabilities (USD $) | 0 Months Ended | 1 Months Ended | ||||
In Thousands, unless otherwise specified | Jan. 14, 2014 | Jul. 05, 2013 | Mar. 22, 2013 | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Note 3 - Business Combinations (Details) - Allocation of the Purchase Price to Tangible and Intangible Assets Acquired and Liabilities [Line Items] | ||||||
Goodwill | $44,871 | $30,410 | $10,356 | |||
Stretch, Inc. [Member] | ||||||
Note 3 - Business Combinations (Details) - Allocation of the Purchase Price to Tangible and Intangible Assets Acquired and Liabilities [Line Items] | ||||||
Tangible assets | 2,937 | |||||
Intangible assets | 7,010 | |||||
Goodwill | 667 | |||||
Liabilities assumed | -10,604 | |||||
Fair value of total consideration transferred | 10 | |||||
Cadeka Microcircuits [Member] | ||||||
Note 3 - Business Combinations (Details) - Allocation of the Purchase Price to Tangible and Intangible Assets Acquired and Liabilities [Line Items] | ||||||
Tangible assets | 3,286 | |||||
Intangible assets | 20,380 | |||||
Goodwill | 19,387 | |||||
Liabilities assumed | -8,216 | |||||
Fair value of total consideration transferred | 34,837 | |||||
Altior [Member] | ||||||
Note 3 - Business Combinations (Details) - Allocation of the Purchase Price to Tangible and Intangible Assets Acquired and Liabilities [Line Items] | ||||||
Tangible assets | 302 | |||||
Intangible assets | 7,540 | |||||
Goodwill | 7,172 | |||||
Liabilities assumed | -136 | |||||
Fair value of total consideration transferred | $14,878 |
Note_4_Balance_Sheet_Details_D
Note 4 - Balance Sheet Details (Details) (USD $) | 12 Months Ended | ||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | |
Note 4 - Balance Sheet Details (Details) [Line Items] | |||
Depreciation, Depletion and Amortization | $18,424,000 | $12,947,000 | $10,809,000 |
Write-off Of Fully Depreciated Assets | 7,500,000 | ||
Asset Impairment Charges | 13,367,000 | 2,224,000 | |
Property And Equipment [Member] | |||
Note 4 - Balance Sheet Details (Details) [Line Items] | |||
Depreciation, Depletion and Amortization | 6,300,000 | 5,600,000 | 6,800,000 |
2015 Restructuring [Member] | |||
Note 4 - Balance Sheet Details (Details) [Line Items] | |||
Asset Impairment Charges | $2,000,000 |
Note_4_Balance_Sheet_Details_D1
Note 4 - Balance Sheet Details (Details) - Property, Plant and Equipment (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ||
Land | $6,660 | $6,660 |
Building | 17,431 | 16,787 |
Machinery and equipment | 41,449 | 40,675 |
Software and licenses | 22,044 | 17,549 |
Property, plant and equipment, total | 87,584 | 81,671 |
Accumulated depreciation and amortization | -61,507 | -60,391 |
Total property, plant and equipment, net | $26,077 | $21,280 |
Note_4_Balance_Sheet_Details_D2
Note 4 - Balance Sheet Details (Details) - Inventories (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ||
Work-in-progress and raw materials | $16,789 | $13,555 |
Finished goods | 13,978 | 15,427 |
Total inventories | $30,767 | $28,982 |
Note_4_Balance_Sheet_Details_D3
Note 4 - Balance Sheet Details (Details) - Other Current Liabilities (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Other Current Liabilities [Abstract] | ||
Deferred tax liability | $7,021 | |
Short-term lease financing obligations | 3,834 | 2,671 |
Accrued retention bonus | 2,951 | 217 |
Accrued manufacturing expenses, royalties and licenses | 1,122 | 1,639 |
Purchase consideration holdback | 1,006 | 1,256 |
Accrued legal and professional services | 982 | 1,453 |
Accrued restructuring charges and exit costs | 982 | 2,214 |
Accrued sales and marketing expenses | 686 | 666 |
Other current liabilities | 2,703 | 1,254 |
Total other current liabilities | $21,287 | $11,370 |
Note_4_Balance_Sheet_Details_D4
Note 4 - Balance Sheet Details (Details) - Other Noncurrent Obligations (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Other Noncurrent Obligations [Abstract] | ||
Long-term taxes payable | $4,351 | $794 |
Deferred tax liability | 42 | 614 |
Fair value of earn out liability – long-term | 3,853 | |
Accrued retention bonus | 1,181 | |
Accrued restructuring charges and exit costs | 155 | |
Other | 29 | |
Total other non-current obligations | $4,393 | $6,626 |
Note_5_Fair_Value_Details
Note 5 - Fair Value (Details) (USD $) | 12 Months Ended | ||
Mar. 29, 2015 | Mar. 30, 2014 | Sep. 28, 2014 | |
Note 5 - Fair Value (Details) [Line Items] | |||
Business Combination, Contingent Consideration, Liability | $4,300,000 | ||
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 0 | ||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | 828,000 | 828,000 | |
CounterPath [Member] | |||
Note 5 - Fair Value (Details) [Line Items] | |||
Common Stock Shares Received, Dissolution (in Shares) | 93,000 | ||
Altior Inc. and Cadeka Microcircuits [Member] | |||
Note 5 - Fair Value (Details) [Line Items] | |||
Business Combination, Contingent Consideration, Liability | $0 |
Note_5_Fair_Value_Details_Inve
Note 5 - Fair Value (Details) - Investment Assets Measured at Fair Value (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Investment assets | $54 | $157,056 |
Liabilities: | ||
Investment liabilities | 4,343 | |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Investment assets | 9,378 | |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Investment assets | 13,134 | |
US Government Agencies Debt Securities [Member] | ||
Assets: | ||
Investment assets | 22,512 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Investment assets | 2,772 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Assets: | ||
Investment assets | 2,772 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Investment assets | 5 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Investment assets | 71,248 | |
Corporate Debt Securities [Member] | ||
Assets: | ||
Investment assets | 71,253 | |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Investment assets | 27,635 | |
Asset-backed Securities [Member] | ||
Assets: | ||
Investment assets | 27,635 | |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Investment assets | 28,248 | |
Collateralized Mortgage Backed Securities [Member] | ||
Assets: | ||
Investment assets | 28,248 | |
Altior [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Liabilities: | ||
Investment liabilities | 2,973 | |
Altior [Member] | ||
Liabilities: | ||
Investment liabilities | 2,973 | |
Cadeka Microcircuits [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Liabilities: | ||
Investment liabilities | 1,370 | |
Cadeka Microcircuits [Member] | ||
Liabilities: | ||
Investment liabilities | 1,370 | |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Investment assets | 6 | |
Money Market Funds [Member] | ||
Assets: | ||
Investment assets | 6 | |
CounterPath [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Investment assets | 48 | |
CounterPath [Member] | ||
Assets: | ||
Investment assets | 48 | |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Assets: | ||
Investment assets | 4,636 | |
Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Investment assets | 6 | 14,019 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Investment assets | 48 | 143,037 |
Fair Value, Inputs, Level 3 [Member] | ||
Liabilities: | ||
Investment liabilities | 4,343 | |
Money Market Funds [Member] | ||
Assets: | ||
Investment assets | $4,636 |
Note_5_Fair_Value_Details_Chan
Note 5 - Fair Value (Details) - Change in Fair Value of our Purchase Consideration Liabilities (Acquisition Related Contingent Consideration [Member], USD $) | 12 Months Ended | |||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Altior [Member] | ||||
Business Acquisition, Contingent Consideration [Line Items] | ||||
Balance | $2,973,000 | $10,138 | $0 | |
Fair value adjustment | -2,973,000 | -7,165,000 | ||
Estimated contingent consideration liability | 10,138,000 | |||
Balance | 0 | 2,973,000 | 10,138 | 0 |
Cadeka Microcircuits [Member] | ||||
Business Acquisition, Contingent Consideration [Line Items] | ||||
Balance | 1,370,000 | 0 | ||
Fair value adjustment | -1,370,000 | -3,290,000 | ||
Estimated contingent consideration liability | 4,660,000 | |||
Balance | $0 | $1,370,000 |
Note_5_Fair_Value_Details_Cash
Note 5 - Fair Value (Details) - Cash, Cash Equivalents and Short-term Marketable Securities (USD $) | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 |
In Thousands, unless otherwise specified | ||||
Cash and cash equivalents | ||||
Cash in financial institutions | $55,227 | $9,978 | ||
Money market funds | 6 | 4,636 | ||
Total cash and cash equivalents | 55,233 | 14,614 | 14,718 | 8,714 |
Short-term marketable securities | ||||
Short-term marketable securities | 152,420 | |||
US Government Agencies Debt Securities [Member] | ||||
Short-term marketable securities | ||||
Short-term marketable securities | 22,512 | |||
US States and Political Subdivisions Debt Securities [Member] | ||||
Short-term marketable securities | ||||
Short-term marketable securities | 2,772 | |||
Corporate Debt Securities [Member] | ||||
Short-term marketable securities | ||||
Short-term marketable securities | 71,253 | |||
Asset-backed Securities [Member] | ||||
Short-term marketable securities | ||||
Short-term marketable securities | 27,635 | |||
Collateralized Mortgage Backed Securities [Member] | ||||
Short-term marketable securities | ||||
Short-term marketable securities | $28,248 |
Note_5_Fair_Value_Details_Net_
Note 5 - Fair Value (Details) - Net Realized Gains (Losses) on Marketable Securities (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Net Realized Gains (Losses) on Marketable Securities [Abstract] | |||
Gross realized gains | $264 | $748 | $871 |
Gross realized losses | -238 | -547 | -953 |
Net realized gains (losses) | $26 | $201 | ($82) |
Note_5_Fair_Value_Details_Summ
Note 5 - Fair Value (Details) - Summary of Investments in Marketable Securities (USD $) | Mar. 30, 2014 | |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $157,280 | |
Unrealized Gross Gains | 89 | [1] |
Unrealized Gross Losses | -313 | [1] |
Fair Value | 157,056 | |
US Government Agencies Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 22,550 | |
Unrealized Gross Gains | 1 | [1] |
Unrealized Gross Losses | -39 | [1] |
Fair Value | 22,512 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,762 | |
Unrealized Gross Gains | 10 | [1] |
Unrealized Gross Losses | [1] | |
Fair Value | 2,772 | |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 71,309 | |
Unrealized Gross Gains | 32 | [1] |
Unrealized Gross Losses | -88 | [1] |
Fair Value | 71,253 | |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 27,661 | |
Unrealized Gross Gains | 22 | [1] |
Unrealized Gross Losses | -48 | [1] |
Fair Value | 27,635 | |
Collateralized Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 28,362 | |
Unrealized Gross Gains | 24 | [1] |
Unrealized Gross Losses | -138 | [1] |
Fair Value | 28,248 | |
Money Market Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 4,636 | |
Unrealized Gross Gains | [1] | |
Unrealized Gross Losses | [1] | |
Fair Value | $4,636 | |
[1] | Gross of tax impact of $828 |
Note_5_Fair_Value_Details_Amor
Note 5 - Fair Value (Details) - Amortized Cost and Estimated Fair Value of Cash Equivalents and Marketable Securities (USD $) | Mar. 30, 2014 |
In Thousands, unless otherwise specified | |
Amortized Cost and Estimated Fair Value of Cash Equivalents and Marketable Securities [Abstract] | |
Less than 1 year | $49,539 |
Less than 1 year | 49,504 |
Due in 1 to 5 years | 107,741 |
Due in 1 to 5 years | 107,552 |
Total | 157,280 |
Total | $157,056 |
Note_5_Fair_Value_Details_Summ1
Note 5 - Fair Value (Details) - Summary of the Gross Unrealized Losses and Fair Values of Investments (USD $) | Mar. 30, 2014 | |
In Thousands, unless otherwise specified | ||
Note 5 - Fair Value (Details) - Summary of the Gross Unrealized Losses and Fair Values of Investments [Line Items] | ||
Fair Value, Less than 12 Months | $93,424 | |
Gross Unrealized Losses Less than 12 Months | -258 | |
Fair Value, 12 Months or Greater | 7,057 | |
Gross Unrealized Losses, 12 Months or Greater | -55 | |
Fair Value Total | 100,481 | |
Gross Unrealized Losses Total | -313 | [1] |
US Government Agencies Debt Securities [Member] | ||
Note 5 - Fair Value (Details) - Summary of the Gross Unrealized Losses and Fair Values of Investments [Line Items] | ||
Fair Value, Less than 12 Months | 18,245 | |
Gross Unrealized Losses Less than 12 Months | -39 | |
Fair Value Total | 18,245 | |
Gross Unrealized Losses Total | -39 | [1] |
Corporate Debt Securities [Member] | ||
Note 5 - Fair Value (Details) - Summary of the Gross Unrealized Losses and Fair Values of Investments [Line Items] | ||
Fair Value, Less than 12 Months | 48,379 | |
Gross Unrealized Losses Less than 12 Months | -87 | |
Fair Value, 12 Months or Greater | 596 | |
Gross Unrealized Losses, 12 Months or Greater | -1 | |
Fair Value Total | 48,975 | |
Gross Unrealized Losses Total | -88 | [1] |
Asset-backed Securities [Member] | ||
Note 5 - Fair Value (Details) - Summary of the Gross Unrealized Losses and Fair Values of Investments [Line Items] | ||
Fair Value, Less than 12 Months | 7,118 | |
Gross Unrealized Losses Less than 12 Months | -12 | |
Fair Value, 12 Months or Greater | 5,478 | |
Gross Unrealized Losses, 12 Months or Greater | -36 | |
Fair Value Total | 12,596 | |
Gross Unrealized Losses Total | -48 | [1] |
Collateralized Mortgage Backed Securities [Member] | ||
Note 5 - Fair Value (Details) - Summary of the Gross Unrealized Losses and Fair Values of Investments [Line Items] | ||
Fair Value, Less than 12 Months | 19,682 | |
Gross Unrealized Losses Less than 12 Months | -120 | |
Fair Value, 12 Months or Greater | 983 | |
Gross Unrealized Losses, 12 Months or Greater | -18 | |
Fair Value Total | 20,665 | |
Gross Unrealized Losses Total | ($138) | [1] |
[1] | Gross of tax impact of $828 |
Note_6_Related_Party_Transacti2
Note 6 - Related Party Transaction (Details) | Mar. 29, 2015 | Mar. 30, 2014 |
Note 6 - Related Party Transaction (Details) [Line Items] | ||
Common Stock, Shares, Outstanding | 47,745,618 | 47,336,005 |
Alonim Investments Inc. [Member] | ||
Note 6 - Related Party Transaction (Details) [Line Items] | ||
Common Stock, Shares, Outstanding | 7,600,000 | |
Percentage Of Common Stock Shares Outstanding | 16.00% |
Note_6_Related_Party_Transacti3
Note 6 - Related Party Transaction (Details) - Related Party Contributions to Total Net Sales (Alonim Investments Inc. [Member], Customer Concentration Risk [Member], Sales Revenue, Net [Member]) | 12 Months Ended | ||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | |
Alonim Investments Inc. [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||
Related Party Transaction [Line Items] | |||
Alonim | 22.00% | 29.00% | 30.00% |
Note_6_Related_Party_Transacti4
Note 6 - Related Party Transaction (Details) - Related Party Receivables As a Percentage of Net Accounts Receivable (Alonim Investments Inc. [Member], Customer Concentration Risk [Member], Accounts Receivable [Member]) | 12 Months Ended | |
Mar. 29, 2015 | Mar. 30, 2014 | |
Alonim Investments Inc. [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||
Related Party Transaction [Line Items] | ||
Alonim | 6.00% | 18.00% |
Note_7_Restructuring_Charges_a2
Note 7 - Restructuring Charges and Exit Costs (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 30, 2012 | Jul. 01, 2012 | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Note 7 - Restructuring Charges and Exit Costs (Details) [Line Items] | |||||||
Restructuring Charges | $300 | $600 | $300 | $900 | $12,200 | $3,000 | |
Cost of Sales [Member] | |||||||
Note 7 - Restructuring Charges and Exit Costs (Details) [Line Items] | |||||||
Restructuring Charges | 7,597 | 187 | 301 | ||||
Operating Expense [Member] | |||||||
Note 7 - Restructuring Charges and Exit Costs (Details) [Line Items] | |||||||
Restructuring Charges | 4,589 | 2,827 | 1,253 | ||||
Industrial Research Assistance Program [Member] | |||||||
Note 7 - Restructuring Charges and Exit Costs (Details) [Line Items] | |||||||
Restructuring Charges | ($500) |
Note_7_Restructuring_Charges_a3
Note 7 - Restructuring Charges and Exit Costs (Details) - Summary of Activities Affecting Liabilities (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Restructuring Cost and Reserve [Line Items] | ||
Beginning Balance | $2,369 | $3,286 |
Additions/Adjustments | 12,186 | 3,014 |
Non-cash Charges | -7,985 | -57 |
Payments | -5,588 | -3,874 |
Ending Balance | 982 | 2,369 |
Lease Contract Termination Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Beginning Balance | 1,615 | 2,860 |
Additions/Adjustments | 522 | 570 |
Non-cash Charges | -220 | -57 |
Payments | -1,587 | -1,758 |
Ending Balance | 330 | 1,615 |
Impairment of Fixed Assets and Write Down of Inventory [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Additions/Adjustments | 7,765 | |
Non-cash Charges | -7,765 | |
Employee Severance [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Beginning Balance | 754 | 426 |
Additions/Adjustments | 3,899 | 2,444 |
Payments | -4,001 | -2,116 |
Ending Balance | $652 | $754 |
Note_8_Longterm_Investment_Det
Note 8 - Long-term Investment (Details) (USD $) | 12 Months Ended | |||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | Jun. 29, 2014 | |
Note 8 - Long-term Investment (Details) [Line Items] | ||||
Long-term Investments | $394,000 | $946,000 | $1,288,000 | |
Long-term Investments, Cumulative Impairment Charges | 500,000 | |||
Skypoint Fund [Member] | ||||
Note 8 - Long-term Investment (Details) [Line Items] | ||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 4,800,000 | |||
Number of Investee Companies | 3 | |||
Cost-method Investments, Other than Temporary Impairment | $500,000 | $300,000 | $0 | |
CounterPath [Member] | ||||
Note 8 - Long-term Investment (Details) [Line Items] | ||||
Common Stock Shares Received, Dissolution (in Shares) | 93,000 |
Note_8_Longterm_Investment_Det1
Note 8 - Long-term Investment (Details) - Summary of Long-term Investment (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Summary of Long-term Investment [Abstract] | ||
Beginning balance | $946 | $1,288 |
Net distributions | -8 | -19 |
Impairment charges | -544 | -323 |
Ending balance | $394 | $946 |
Note_9_Goodwill_and_Intangible2
Note 9 - Goodwill and Intangible Assets (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 4 Months Ended | 0 Months Ended | 3 Months Ended | ||||
Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | Jun. 03, 2014 | Jul. 05, 2013 | Jan. 14, 2014 | Sep. 30, 2012 | |
Note 9 - Goodwill and Intangible Assets (Details) [Line Items] | ||||||||||
Number of Operating Segments | 1 | |||||||||
Goodwill and Intangible Asset Impairment | $0 | $0 | $0 | |||||||
IPR&D Reclassified to Existing Technology | 1,200,000 | 1,200,000 | ||||||||
Number of Abandoned IPR&D Projects | 1 | 1 | ||||||||
Impairment of Intangible Assets (Excluding Goodwill) | 12,300,000 | 1,600,000 | 0 | |||||||
Acquired Intangible Assets Discount Rate | 21.00% | |||||||||
Gain (Loss) on Disposition of Intangible Assets | 223,000 | |||||||||
Minimum [Member] | Stretch, Inc. [Member] | ||||||||||
Note 9 - Goodwill and Intangible Assets (Details) [Line Items] | ||||||||||
Acquired Intangible Assets Discount Rate | 17.00% | |||||||||
Minimum [Member] | Existing Technology [Member] | ||||||||||
Note 9 - Goodwill and Intangible Assets (Details) [Line Items] | ||||||||||
Finite-Lived Intangible Asset, Useful Life | 2 years | |||||||||
Minimum [Member] | Customer Relationships [Member] | ||||||||||
Note 9 - Goodwill and Intangible Assets (Details) [Line Items] | ||||||||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||||||||
Minimum [Member] | Distribution Rights [Member] | ||||||||||
Note 9 - Goodwill and Intangible Assets (Details) [Line Items] | ||||||||||
Finite-Lived Intangible Asset, Useful Life | 6 years | |||||||||
Minimum [Member] | Patented Technology [Member] | ||||||||||
Note 9 - Goodwill and Intangible Assets (Details) [Line Items] | ||||||||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||||||||
Minimum [Member] | Trade Names [Member] | ||||||||||
Note 9 - Goodwill and Intangible Assets (Details) [Line Items] | ||||||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | |||||||||
Maximum [Member] | Stretch, Inc. [Member] | ||||||||||
Note 9 - Goodwill and Intangible Assets (Details) [Line Items] | ||||||||||
Acquired Intangible Assets Discount Rate | 21.00% | |||||||||
Maximum [Member] | Existing Technology [Member] | ||||||||||
Note 9 - Goodwill and Intangible Assets (Details) [Line Items] | ||||||||||
Finite-Lived Intangible Asset, Useful Life | 9 years | |||||||||
Maximum [Member] | Customer Relationships [Member] | ||||||||||
Note 9 - Goodwill and Intangible Assets (Details) [Line Items] | ||||||||||
Finite-Lived Intangible Asset, Useful Life | 7 years | |||||||||
Maximum [Member] | Distribution Rights [Member] | ||||||||||
Note 9 - Goodwill and Intangible Assets (Details) [Line Items] | ||||||||||
Finite-Lived Intangible Asset, Useful Life | 7 years | |||||||||
Maximum [Member] | Patented Technology [Member] | ||||||||||
Note 9 - Goodwill and Intangible Assets (Details) [Line Items] | ||||||||||
Finite-Lived Intangible Asset, Useful Life | 6 years | |||||||||
Maximum [Member] | Trade Names [Member] | ||||||||||
Note 9 - Goodwill and Intangible Assets (Details) [Line Items] | ||||||||||
Finite-Lived Intangible Asset, Useful Life | 6 years | |||||||||
Integrated Memory Logic Limited [Member] | ||||||||||
Note 9 - Goodwill and Intangible Assets (Details) [Line Items] | ||||||||||
Goodwill, Acquired During Period | 14,500,000 | 14,500,000 | ||||||||
Acquired Intangible Assets Discount Rate | 16.90% | |||||||||
Cadeka Microcircuits [Member] | ||||||||||
Note 9 - Goodwill and Intangible Assets (Details) [Line Items] | ||||||||||
Goodwill, Acquired During Period | 19,400,000 | 19,400,000 | ||||||||
Stretch, Inc. [Member] | ||||||||||
Note 9 - Goodwill and Intangible Assets (Details) [Line Items] | ||||||||||
Goodwill, Acquired During Period | 700,000 | 700,000 | ||||||||
High-Performance Analog [Member] | ||||||||||
Note 9 - Goodwill and Intangible Assets (Details) [Line Items] | ||||||||||
Impairment of Intangible Assets (Excluding Goodwill) | 7,500,000 | |||||||||
Data Compression [Member] | ||||||||||
Note 9 - Goodwill and Intangible Assets (Details) [Line Items] | ||||||||||
Impairment of Intangible Assets (Excluding Goodwill) | 4,800,000 | |||||||||
In Process Research and Development [Member] | ||||||||||
Note 9 - Goodwill and Intangible Assets (Details) [Line Items] | ||||||||||
Impairment of Intangible Assets (Excluding Goodwill) | 500,000 | 500,000 | ||||||||
Patents [Member] | ||||||||||
Note 9 - Goodwill and Intangible Assets (Details) [Line Items] | ||||||||||
Proceeds from Sale of Intangible Assets | 500,000 | |||||||||
Gain (Loss) on Disposition of Intangible Assets | $223,000 |
Note_9_Goodwill_and_Intangible3
Note 9 - Goodwill and Intangible Assets (Details) - Changes in the Carrying Amount of Goodwill (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Changes in the Carrying Amount of Goodwill [Abstract] | ||
Beginning balance | $30,410 | $10,356 |
Goodwill additions | 14,461 | 20,054 |
Ending balance | $44,871 | $30,410 |
Note_9_Goodwill_and_Intangible4
Note 9 - Goodwill and Intangible Assets (Details) - Purchased Intangible Assets (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Amortized intangible assets: | ||
Carrying Amount | $147,249 | $74,071 |
Accumulated Amortization | -57,472 | -44,961 |
Impairment charge | -10,004 | |
Net Carrying Amount | 79,773 | 29,110 |
Total | 156,397 | 76,351 |
Total | -57,472 | -44,961 |
Total | -12,823 | |
Total | 86,102 | 31,390 |
In Process Research and Development [Member] | ||
Amortized intangible assets: | ||
In-process research and development | 9,148 | 2,280 |
In-process research and development | -2,819 | |
In-process research and development | 6,329 | 2,280 |
Technology-Based Intangible Assets [Member] | ||
Amortized intangible assets: | ||
Carrying Amount | 120,041 | 63,043 |
Accumulated Amortization | -47,259 | -37,510 |
Impairment charge | -9,134 | |
Net Carrying Amount | 63,648 | 25,533 |
Total | -47,259 | -37,510 |
Customer Relationships [Member] | ||
Amortized intangible assets: | ||
Carrying Amount | 15,165 | 6,095 |
Accumulated Amortization | -4,520 | -2,762 |
Impairment charge | -870 | |
Net Carrying Amount | 9,775 | 3,333 |
Total | -4,520 | -2,762 |
Distribution Rights [Member] | ||
Amortized intangible assets: | ||
Carrying Amount | 7,254 | 1,264 |
Accumulated Amortization | -1,973 | -1,260 |
Net Carrying Amount | 5,281 | 4 |
Total | -1,973 | -1,260 |
Patents [Member] | ||
Amortized intangible assets: | ||
Carrying Amount | 3,459 | 3,459 |
Accumulated Amortization | -3,446 | -3,378 |
Net Carrying Amount | 13 | 81 |
Total | -3,446 | -3,378 |
Trade Names [Member] | ||
Amortized intangible assets: | ||
Carrying Amount | 1,330 | 210 |
Accumulated Amortization | -274 | -51 |
Net Carrying Amount | 1,056 | 159 |
Total | ($274) | ($51) |
Note_9_Goodwill_and_Intangible5
Note 9 - Goodwill and Intangible Assets (Details) - Aggregate Amortization Expenses for Purchased Intangible Assets (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Aggregate Amortization Expenses for Purchased Intangible Assets [Abstract] | |||
Amortization expense | $12,511 | $7,813 | $4,150 |
Note_9_Goodwill_and_Intangible6
Note 9 - Goodwill and Intangible Assets (Details) - Estimated Future Amortization Expenses for Purchased Intangible Assets (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Amortization Expense (by fiscal year) | ||
2016 | $12,946 | |
2017 | 12,859 | |
2018 | 12,822 | |
2019 | 12,498 | |
2020 | 11,707 | |
2021 and thereafter | 16,941 | |
Total future amortization excluding IPR&D | $79,773 | $29,110 |
Note_10_Net_Income_Loss_Per_Sh2
Note 10 - Net Income (Loss) Per Share (Details) (Equity Option [Member]) | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Equity Option [Member] | ||
Note 10 - Net Income (Loss) Per Share (Details) [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1.4 | 2.2 |
Note_10_Net_Income_Loss_Per_Sh3
Note 10 - Net Income (Loss) Per Share (Details) - Summary of Net Income (Loss) per Share (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Summary of Net Income (Loss) per Share [Abstract] | |||||||||||
Net income (loss) before non-controlling interests (in Dollars) | ($45,007) | $5,801 | $2,882 | ||||||||
Net income (loss) attributable to non-controlling interests (in Dollars) | -37 | ||||||||||
Net income (loss) attributable to Exar Corporation (in Dollars) | ($2,914) | ($6,599) | ($23,352) | ($12,105) | $147 | ($1,634) | $6,482 | $806 | ($44,970) | $5,801 | $2,882 |
Shares used in computation of net income (loss) per share: | |||||||||||
Basic | 47,253,000 | 47,291,000 | 45,809,000 | ||||||||
Effect of options and awards | 1,532,000 | 667,000 | |||||||||
Diluted | 47,516 | 47,119 | 47,139 | 47,236 | 48,778 | 47,529 | 49,150 | 48,085 | 47,253,000 | 48,823,000 | 46,476,000 |
Net income (loss) per share to common stockholders: | |||||||||||
Basic (in Dollars per share) | ($0.06) | ($0.14) | ($0.50) | ($0.26) | $0 | ($0.03) | $0.14 | $0.02 | ($0.95) | $0.12 | $0.06 |
Diluted (in Dollars per share) | ($0.06) | ($0.14) | ($0.50) | ($0.26) | $0 | ($0.03) | $0.13 | $0.02 | ($0.95) | $0.12 | $0.06 |
Note_11_Shortterm_Debt_Details
Note 11 - Short-term Debt (Details) (USD $) | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | |
Mar. 29, 2015 | 27-May-14 | 27-May-14 | Jun. 29, 2014 | Jun. 09, 2014 | Sep. 28, 2014 | |
Note 11 - Short-term Debt (Details) [Line Items] | ||||||
Proceeds from Issuance of Debt (in Dollars) | $91,000,000 | |||||
Repayments of Debt (in Dollars) | 91,000,000 | |||||
Scenario 1 [Member] | Initial Duration Following the Initial Funding Date [Member] | Term Loan Credit Facility [Member] | Bridge Facility [Member] | ||||||
Note 11 - Short-term Debt (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 7.50% | |||||
Scenario 1 [Member] | After the Initial Duration Following the Initial Funding Date [Member] | Term Loan Credit Facility [Member] | Bridge Facility [Member] | ||||||
Note 11 - Short-term Debt (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 8.50% | |||||
Scenario 1 [Member] | Term Loan Credit Facility [Member] | Bridge Facility [Member] | ||||||
Note 11 - Short-term Debt (Details) [Line Items] | ||||||
Initial Duration Following the Initial Funding Date | 90 days | |||||
Scenario 2 [Member] | Initial Duration Following the Initial Funding Date [Member] | Term Loan Credit Facility [Member] | Bridge Facility [Member] | ||||||
Note 11 - Short-term Debt (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 8.50% | |||||
Scenario 2 [Member] | After the Initial Duration Following the Initial Funding Date [Member] | Term Loan Credit Facility [Member] | Bridge Facility [Member] | ||||||
Note 11 - Short-term Debt (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 9.50% | |||||
Scenario 2 [Member] | Term Loan Credit Facility [Member] | Bridge Facility [Member] | ||||||
Note 11 - Short-term Debt (Details) [Line Items] | ||||||
Initial Duration Following the Initial Funding Date | 90 days | |||||
Federal Funds Effective Swap Rate [Member] | Term Loan Credit Facility [Member] | Bridge Facility [Member] | ||||||
Note 11 - Short-term Debt (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||
London Interbank Offered Rate (LIBOR) [Member] | Term Loan Credit Facility [Member] | Bridge Facility [Member] | ||||||
Note 11 - Short-term Debt (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimum | 1.50% | |||||
Base Rate [Member] | Term Loan Credit Facility [Member] | Bridge Facility [Member] | ||||||
Note 11 - Short-term Debt (Details) [Line Items] | ||||||
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimum | 2.50% | |||||
Certificates of Deposit [Member] | ||||||
Note 11 - Short-term Debt (Details) [Line Items] | ||||||
Restricted Cash and Cash Equivalents, Current (in Dollars) | 26,000,000 | |||||
Term Loan Credit Facility [Member] | Bridge Facility [Member] | ||||||
Note 11 - Short-term Debt (Details) [Line Items] | ||||||
Proceeds from Issuance of Debt (in Dollars) | 65,000,000 | |||||
Debt Instrument, Face Amount (in Dollars) | 90,000,000 | 90,000,000 | ||||
Repayments of Debt (in Dollars) | 26,000,000 | |||||
CTBC [Member] | ||||||
Note 11 - Short-term Debt (Details) [Line Items] | ||||||
Proceeds from Issuance of Debt (in Dollars) | $26,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% |
Note_11_Shortterm_Debt_Details1
Note 11 - Short-term Debt (Details) - Interest on Short-term Debt (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 29, 2015 |
Note 11 - Short-term Debt (Details) - Interest on Short-term Debt [Line Items] | |
Interest on short-term debt | $911 |
CTBC [Member] | |
Note 11 - Short-term Debt (Details) - Interest on Short-term Debt [Line Items] | |
Interest on short-term debt | 265 |
Stifel Financial Corp. [Member] | |
Note 11 - Short-term Debt (Details) - Interest on Short-term Debt [Line Items] | |
Interest on short-term debt | $646 |
Note_12_Common_Stock_Repurchas2
Note 12 - Common Stock Repurchases (Details) (USD $) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Share data in Millions, unless otherwise specified | Apr. 27, 2014 | Feb. 23, 2014 | Jan. 26, 2014 | Dec. 29, 2013 | Oct. 27, 2013 | Sep. 29, 2013 | Sep. 28, 2014 | Dec. 28, 2014 | Jun. 30, 2013 | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | Aug. 28, 2007 | Jul. 09, 2013 |
Note 12 - Common Stock Repurchases (Details) [Line Items] | ||||||||||||||
Treasury Stock, Shares, Retired (in Shares) | 19.9 | |||||||||||||
Stock Repurchased and Retired Balance, Value | $105,188,000 | $97,189,000 | $88,189,000 | |||||||||||
Stock Repurchased and Retired During Period, Value | 3,000,000 | 3,583,000 | 1,417,000 | 1,000,000 | 1,001,000 | 1,999,000 | 3,864,000 | 1,135,000 | ||||||
Stock Repurchased During Period, Value | 7,999,000 | 9,000,000 | 0 | |||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 44,800,000 | |||||||||||||
Common Stock [Member] | ||||||||||||||
Note 12 - Common Stock Repurchases (Details) [Line Items] | ||||||||||||||
Stock Repurchased and Retired During Period, Value | 8,000,000 | |||||||||||||
August 2007 Repurchase Plan [Member] | ||||||||||||||
Note 12 - Common Stock Repurchases (Details) [Line Items] | ||||||||||||||
Stock Repurchase Program, Authorized Amount | 100,000,000 | |||||||||||||
July 2013 Repurchase Program [Member] | ||||||||||||||
Note 12 - Common Stock Repurchases (Details) [Line Items] | ||||||||||||||
Stock Repurchase Program, Authorized Amount | $50,000,000 |
Note_12_Common_Stock_Repurchas3
Note 12 - Common Stock Repurchases (Details) - Stock Repurchase Activities (USD $) | 1 Months Ended | 2 Months Ended | 3 Months Ended | ||||||||
In Thousands, except Per Share data, unless otherwise specified | Apr. 27, 2014 | Feb. 23, 2014 | Jan. 26, 2014 | Dec. 29, 2013 | Oct. 27, 2013 | Sep. 29, 2013 | Sep. 28, 2014 | Dec. 28, 2014 | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Stock Repurchase Activities [Abstract] | |||||||||||
Balances, Total number of Shares Purchased | 11,110 | 10,319 | 9,564 | ||||||||
Balances, Average Price Paid Per Share (or Unit) | $9.47 | $9.42 | $9.22 | ||||||||
Balances, Amount Paid for Purchase | $105,188 | $97,189 | $88,189 | ||||||||
Repurchases, Total number of Shares Purchased | 273 | 324 | 122 | 83 | 73 | 153 | 393 | 125 | |||
Repurchases, Average Price Paid Per Share (or Unit) | $10.98 | $11.05 | $11.61 | $12.09 | $13.63 | $13.07 | $9.83 | $9.08 | |||
Repurchases, Amount Paid for Purchase | $3,000 | $3,583 | $1,417 | $1,000 | $1,001 | $1,999 | $3,864 | $1,135 |
Note_13_Employee_Benefit_Plans2
Note 13 - Employee Benefit Plans (Details) - Matching Contributions to Exar Savings Plan (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Matching Contributions to Exar Savings Plan [Abstract] | |||
Matching contributions | $421 | $373 | $267 |
Note_13_Employee_Benefit_Plans3
Note 13 - Employee Benefit Plans (Details) - Unpaid Incentive Compensation (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Unpaid Incentive Compensation [Abstract] | |||
Unpaid incentive compensation | $1,627 | $698 | $781 |
Note_14_Stockbased_Compensatio2
Note 14 - Stock-based Compensation (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 5 Months Ended | 1 Months Ended | ||||||||
Jan. 31, 2015 | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | Apr. 30, 2012 | Jan. 31, 2014 | Jan. 31, 2012 | Sep. 28, 2014 | Mar. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2013 | Apr. 01, 2012 | Jun. 30, 2014 | Sep. 18, 2014 | |
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 7,609,622 | 7,213,848 | 6,212,333 | 6,345,307 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 4,500,000 | |||||||||||||||
Share Price (in Dollars per share) | $10.30 | $11.71 | $10.50 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 2,624,778 | 2,482,650 | 2,540,010 | |||||||||||||
Allocated Share-based Compensation Expense | $13,614,000 | $8,852,000 | $4,788,000 | |||||||||||||
Number of Executives Terminated | 2 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||||||||||||||
6 Months After The Commencement [Member] | Restricted Stock Units (RSUs) [Member] | Chief Executive Officer [Member] | ||||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||||||||||
On The Last Day of FY 2013 [Member] | Restricted Stock Units (RSUs) [Member] | Chief Executive Officer [Member] | ||||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||||||||||
Employee Stock Option [Member] | Chief Executive Officer [Member] | ||||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 140,000 | 480,000 | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Vesting, Number of Installments | 4 | |||||||||||||||
Allocated Share-based Compensation Expense | 338,000 | 260,000 | 260,000 | |||||||||||||
Performance-Based RSUs [Member] | 2014 Incentive Program [Member] | ||||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||||
Allocated Share-based Compensation Expense | 295,000 | |||||||||||||||
Share Based Compensation Expense Recovery | 290,000 | |||||||||||||||
Performance-Based RSUs [Member] | Chief Executive Officer [Member] | ||||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Vesting, Number of Installments | 3 | |||||||||||||||
Allocated Share-based Compensation Expense | 1,200,000 | 700,000 | 400,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 300,000 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||||
Performance-Based RSUs [Member] | Certain Executives [Member] | ||||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Vesting, Number of Installments | 3 | |||||||||||||||
Allocated Share-based Compensation Expense | 331,000 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 50,000 | |||||||||||||||
Performance-Based RSUs [Member] | One of Two Terminated Executives [Member] | ||||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||||
Share Based Compensation Expense Recovery | 140,000 | |||||||||||||||
Performance-Based RSUs [Member] | Former Stretch Employees [Member] | ||||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Vesting, Number of Installments | 3 | |||||||||||||||
Allocated Share-based Compensation Expense | 0 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 82,500 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||||
Performance-Based RSUs [Member] | Former iML Employees [Member] | ||||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Vesting, Number of Installments | 3 | |||||||||||||||
Allocated Share-based Compensation Expense | 88,000 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 88,448 | |||||||||||||||
Restricted Stock Units (RSUs) [Member] | Chief Executive Officer [Member] | ||||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Vesting, Number of Installments | 2 | |||||||||||||||
Allocated Share-based Compensation Expense | 250,000 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 29,000 | 100,000 | ||||||||||||||
Restricted Stock Units (RSUs) [Member] | Cadeka Employees [Member] | ||||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||||
Allocated Share-based Compensation Expense | 1,700,000 | 1,200,000 | ||||||||||||||
Restricted Stock Units (RSUs) [Member] | One of Two Terminated Executives [Member] | ||||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||||
Stock Granted, Value, Share-based Compensation, Gross | 479,000 | |||||||||||||||
Restricted Stock Units (RSUs) [Member] | Two Terminated Executives [Member] | ||||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||||
Allocated Share-based Compensation Expense | 1,519,000 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 60,000 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 12 months | |||||||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 509,370 | 828,995 | 331,894 | |||||||||||||
October 2013 PRSUs [Member] | Certain Executives [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Vesting, Number of Installments | 3 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||||||||||
October 2013 PRSUs [Member] | Certain Executives [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Vesting, Number of Installments | 3 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||||||||||
October 2013 PRSUs [Member] | Certain Executives [Member] | ||||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||||
Allocated Share-based Compensation Expense | 247,000 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 70,000 | |||||||||||||||
Modified PRSUs [Member] | Chief Executive Officer [Member] | ||||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||||
Allocated Share-based Compensation Expense | 10,000 | |||||||||||||||
Employee Stock Participation Plan [Member] | ||||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 95.00% | |||||||||||||||
2006 Plan and Sipex 2006 Plan [Member] | ||||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 6,555,492 | |||||||||||||||
2006 Plan [Member] | ||||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 669,008 | |||||||||||||||
2014 Plan [Member] | ||||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 5,170,000 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Per Award (in Shares) | 2 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 4,900,000 | |||||||||||||||
2013 Incentive Program [Member] | ||||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||||
Allocated Share-based Compensation Expense | 1,200,000 | |||||||||||||||
2015 Incentive Program [Member] | ||||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||||
Allocated Share-based Compensation Expense | $1,965,000 | |||||||||||||||
Chief Executive Officer [Member] | ||||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||||
Number of RSUs Modified Into PRSUs (in Shares) | 50,000 | |||||||||||||||
Two Terminated Executives [Member] | ||||||||||||||||
Note 14 - Stock-based Compensation (Details) [Line Items] | ||||||||||||||||
Sharebased Compensation Arrangement by Share Based Payment Award Additional Vesing Period For Outstanding Stock Awards | 12 months | |||||||||||||||
Sharebased Compensation Arrangement by Share Based Payment Award Additional Exercise Period For Vested Stock Awards | 12 months |
Note_14_Stockbased_Compensatio3
Note 14 - Stock-based Compensation (Details) - ESPP Transactions (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
ESPP Transactions [Abstract] | |||
Authorized to issue: | 4,500 | ||
Reserved for future issuance: | |||
Reserved for future issuance | 1,346 | 1,372 | 1,392 |
Issued: | |||
Issued | 26 | 20 | 26 |
Issued, Weighted Average Price per Share (in Dollars per share) | $10.01 | $11.38 | $8.38 |
Note_14_Stockbased_Compensatio4
Note 14 - Stock-based Compensation (Details) - Stock Option Transactions (USD $) | 12 Months Ended |
Mar. 29, 2015 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding (in Shares) | 7,609,622 |
Options Outstanding, Weighted Average Remaining Contractual Terms (in years) | 4 years 313 days |
Options Outstanding, Weighted Average Exercise Price per Share | $8.77 |
Options Exercisable (in Shares) | 3,318,443 |
Options Exercisable, Weighted Average Exercise Price per Share | $7.78 |
Range One [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Limit | $1.57 |
Range of Exercise Prices, Upper Limit | $6.43 |
Options Outstanding (in Shares) | 1,951,070 |
Options Outstanding, Weighted Average Remaining Contractual Terms (in years) | 3 years 116 days |
Options Outstanding, Weighted Average Exercise Price per Share | $6.12 |
Options Exercisable (in Shares) | 1,493,854 |
Options Exercisable, Weighted Average Exercise Price per Share | $6.04 |
Range Two [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Limit | $6.60 |
Range of Exercise Prices, Upper Limit | $8.51 |
Options Outstanding (in Shares) | 1,693,928 |
Options Outstanding, Weighted Average Remaining Contractual Terms (in years) | 4 years 105 days |
Options Outstanding, Weighted Average Exercise Price per Share | $7.85 |
Options Exercisable (in Shares) | 909,929 |
Options Exercisable, Weighted Average Exercise Price per Share | $7.79 |
Range Three [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Limit | $8.57 |
Range of Exercise Prices, Upper Limit | $9.55 |
Options Outstanding (in Shares) | 1,583,739 |
Options Outstanding, Weighted Average Remaining Contractual Terms (in years) | 5 years 346 days |
Options Outstanding, Weighted Average Exercise Price per Share | $9.22 |
Options Exercisable (in Shares) | 361,184 |
Options Exercisable, Weighted Average Exercise Price per Share | $9.15 |
Range Four [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Limit | $9.57 |
Range of Exercise Prices, Upper Limit | $11.64 |
Options Outstanding (in Shares) | 1,594,345 |
Options Outstanding, Weighted Average Remaining Contractual Terms (in years) | 5 years 313 days |
Options Outstanding, Weighted Average Exercise Price per Share | $10.55 |
Options Exercisable (in Shares) | 358,156 |
Options Exercisable, Weighted Average Exercise Price per Share | $10.73 |
Range Five [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Limit | $11.79 |
Range of Exercise Prices, Upper Limit | $13.93 |
Options Outstanding (in Shares) | 786,540 |
Options Outstanding, Weighted Average Remaining Contractual Terms (in years) | 5 years 244 days |
Options Outstanding, Weighted Average Exercise Price per Share | $12.82 |
Options Exercisable (in Shares) | 195,320 |
Options Exercisable, Weighted Average Exercise Price per Share | $13.15 |
Note_14_Stockbased_Compensatio5
Note 14 - Stock-based Compensation (Details) - Summary of Stock Option Transactions (USD $) | 12 Months Ended | |||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 | |
Summary of Stock Option Transactions [Abstract] | ||||
Balance at | 7,609,622 | 7,213,848 | 6,212,333 | 6,345,307 |
Balance at (in Dollars per share) | $8.77 | $8.98 | $7.48 | $7.23 |
Balance at | 4 years 313 days | 5 years 7 days | 5 years 14 days | 4 years 244 days |
Balance at (in Dollars) | $14,377 | $21,301 | $19,199 | $9,474 |
Balance at | 2,850 | 2,170 | 1,481 | 1,193 |
Vested and expected to vest, March 29, 2015 | 7,114,744 | |||
Vested and expected to vest, March 29, 2015 (in Dollars per share) | $8.69 | |||
Vested and expected to vest, March 29, 2015 | 4 years 295 days | |||
Vested and expected to vest, March 29, 2015 (in Dollars) | 13,941 | |||
Vested and exercisable, March 29, 2015 | 3,318,443 | |||
Vested and exercisable, March 29, 2015 (in Dollars per share) | $7.78 | |||
Vested and exercisable, March 29, 2015 | 3 years 350 days | |||
Vested and exercisable, March 29, 2015 (in Dollars) | $9,100 | |||
Granted | 2,624,778 | 2,482,650 | 2,540,010 | |
Granted (in Dollars per share) | $8.70 | $11.89 | $8.32 | |
Exercised | -864,222 | -784,864 | -875,459 | |
Exercised (in Dollars per share) | $7.05 | $7.14 | $6.92 | |
Cancelled | -291,769 | -10,834 | -903,781 | |
Cancelled (in Dollars per share) | $12.36 | $10.92 | $9.67 | |
Forfeited | -1,073,013 | -685,437 | -893,744 | |
Forfeited (in Dollars per share) | $10.45 | $8.02 | $6.41 |
Note_14_Stockbased_Compensatio6
Note 14 - Stock-based Compensation (Details) - Options Exercised (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Options Exercised [Abstract] | |||
Intrinsic value of options exercised | $2,543 | $3,887 | $1,443 |
Cash received related to option exercises | 6,095 | 9,493 | 6,059 |
Tax benefit recorded | $1,655 | $6,669 | $1,927 |
Note_14_Stockbased_Compensatio7
Note 14 - Stock-based Compensation (Details) - RSU Transactions (Restricted Stock Units (RSUs) [Member], USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 |
Restricted Stock Units (RSUs) [Member] | ||||
Note 14 - Stock-based Compensation (Details) - RSU Transactions [Line Items] | ||||
Shares | 1,072,925 | 1,177,126 | 732,204 | 604,655 |
Weighted Average Grant-Date Fair Value (in Dollars per share) | $10.26 | $10.94 | $7.73 | $7.13 |
Weighted Average Remaining Contractual Term (in years) | 1 year 6 months | 1 year 226 days | 1 year 262 days | 2 years 138 days |
Aggregate Intrinsic Value (in thousands) (in Dollars) | $11,051 | $13,784 | $7,688 | $5,079 |
Vested and expected to vest, March 29, 2015 | 829,673 | |||
Vested and expected to vest, March 29, 2015 | 1 year 153 days | |||
Vested and expected to vest, March 29, 2015 (in Dollars) | $8,546 | |||
Shares Granted | 509,370 | 828,995 | 331,894 | |
Weighted Average Grant Date Fair Value (in Dollars per share) | $9.34 | $13.06 | $8.40 | |
Issued and released | -414,242 | -346,407 | -125,095 | |
Issued and released, Weighted Average Grant-Date Fair Value (in Dollars per share) | $10.28 | $9.38 | $7.10 | |
Forfeited | -199,329 | -37,666 | -79,250 | |
Forfeited, Weighted Average Grant-Date Fair Value (in Dollars per share) | $11.87 | $9.52 | $6.96 |
Note_14_Stockbased_Compensatio8
Note 14 - Stock-based Compensation (Details) - Weighted Average Assumptions (USD $) | 12 Months Ended | ||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | |
Note 14 - Stock-based Compensation (Details) - Weighted Average Assumptions [Line Items] | |||
Expected term of options (years) | 4 years 131 days | ||
Weighted average grant date fair value (in Dollars per share) | $2.80 | $3.40 | $2.80 |
Minimum [Member] | |||
Note 14 - Stock-based Compensation (Details) - Weighted Average Assumptions [Line Items] | |||
Expected term of options (years) | 4 years 193 days | 4 years 146 days | |
Risk-free interest rate | 1.10% | 0.60% | 0.50% |
Expected volatility | 32.00% | 32.00% | 37.00% |
Maximum [Member] | |||
Note 14 - Stock-based Compensation (Details) - Weighted Average Assumptions [Line Items] | |||
Expected term of options (years) | 4 years 255 days | 4 years 178 days | |
Risk-free interest rate | 1.30% | 1.10% | 0.60% |
Expected volatility | 33.00% | 35.00% | 42.00% |
Note_14_Stockbased_Compensatio9
Note 14 - Stock-based Compensation (Details) - Stock-based Compensation Expense Related to Stock Options and RSUs (USD $) | 12 Months Ended | ||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based Compensation Expense | $13,614,000 | $8,852,000 | $4,788,000 |
Cost of Sales [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based Compensation Expense | 1,105,000 | 714,000 | 469,000 |
Research and Development Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based Compensation Expense | 2,661,000 | 1,974,000 | 789,000 |
Selling, General and Administrative Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based Compensation Expense | $9,848,000 | $6,164,000 | $3,530,000 |
Recovered_Sheet1
Note 14 - Stock-based Compensation (Details) - Unrecognized Stock-based Compensation Expense Related to Stock Options and RSUs (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Note 14 - Stock-based Compensation (Details) - Unrecognized Stock-based Compensation Expense Related to Stock Options and RSUs [Line Items] | |||
Amount | $14,278 | $19,217 | $10,142 |
Employee Stock Option [Member] | |||
Note 14 - Stock-based Compensation (Details) - Unrecognized Stock-based Compensation Expense Related to Stock Options and RSUs [Line Items] | |||
Amount | 8,579 | 9,958 | 6,269 |
Weighted Average Expected Remaining Period | 2 years 109 days | 2 years 255 days | 2 years 292 days |
Performance Shares [Member] | |||
Note 14 - Stock-based Compensation (Details) - Unrecognized Stock-based Compensation Expense Related to Stock Options and RSUs [Line Items] | |||
Amount | 380 | 242 | 502 |
Weighted Average Expected Remaining Period | 1 year 328 days | 2 years 73 days | 2 years 219 days |
Restricted Stock Units (RSUs) [Member] | |||
Note 14 - Stock-based Compensation (Details) - Unrecognized Stock-based Compensation Expense Related to Stock Options and RSUs [Line Items] | |||
Amount | 3,568 | 5,970 | 1,557 |
Weighted Average Expected Remaining Period | 2 years 109 days | 2 years 73 days | 2 years 6 months |
Performance-Based RSUs [Member] | |||
Note 14 - Stock-based Compensation (Details) - Unrecognized Stock-based Compensation Expense Related to Stock Options and RSUs [Line Items] | |||
Amount | $1,751 | $3,047 | $1,814 |
Weighted Average Expected Remaining Period | 2 years 36 days | 2 years 6 months | 3 years 146 days |
Note_15_Lease_Financing_Obliga2
Note 15 - Lease Financing Obligation (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||||||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2012 | Dec. 30, 2011 | Oct. 31, 2011 |
Note 15 - Lease Financing Obligation (Details) [Line Items] | ||||||||
Capital Lease Obligations Incurred | $8,842 | |||||||
Repayments of Long-term Capital Lease Obligations | 1,396 | 3,249 | 2,830 | |||||
Property, Plant and Equipment, Net [Member] | January 2015 Two Three-Year License [Member] | ||||||||
Note 15 - Lease Financing Obligation (Details) [Line Items] | ||||||||
Capital Lease Obligations Incurred | 6,800 | |||||||
Property, Plant and Equipment, Net [Member] | January 2015 Two-Year License [Member] | ||||||||
Note 15 - Lease Financing Obligation (Details) [Line Items] | ||||||||
Capital Lease Obligations Incurred | 100 | |||||||
Property, Plant and Equipment, Net [Member] | October 2014 Three-Year License [Member] | ||||||||
Note 15 - Lease Financing Obligation (Details) [Line Items] | ||||||||
Capital Lease Obligations Incurred | 4,400 | |||||||
Property, Plant and Equipment, Net [Member] | July 2012 Three-Year License [Member] | ||||||||
Note 15 - Lease Financing Obligation (Details) [Line Items] | ||||||||
Capital Lease Obligations Incurred | 900 | |||||||
Property, Plant and Equipment, Net [Member] | December 2011 Three-Year License [Member] | ||||||||
Note 15 - Lease Financing Obligation (Details) [Line Items] | ||||||||
Capital Lease Obligations Incurred | 4,500 | |||||||
Property, Plant and Equipment, Net [Member] | October 2011 Three-Year License [Member] | ||||||||
Note 15 - Lease Financing Obligation (Details) [Line Items] | ||||||||
Capital Lease Obligations Incurred | 5,800 | |||||||
Minimum [Member] | Capital Lease Obligations [Member] | ||||||||
Note 15 - Lease Financing Obligation (Details) [Line Items] | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.00% | |||||||
Maximum [Member] | Capital Lease Obligations [Member] | ||||||||
Note 15 - Lease Financing Obligation (Details) [Line Items] | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 7.25% | |||||||
January 2015 Two Three-Year License [Member] | ||||||||
Note 15 - Lease Financing Obligation (Details) [Line Items] | ||||||||
Repayments of Long-term Capital Lease Obligations | 1,000 | |||||||
October 2014 Three-Year License [Member] | ||||||||
Note 15 - Lease Financing Obligation (Details) [Line Items] | ||||||||
Repayments of Long-term Capital Lease Obligations | $1,500 |
Note_15_Lease_Financing_Obliga3
Note 15 - Lease Financing Obligation (Details) - Amortization Expense Related to the Design Tools (Design Tools [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Design Tools [Member] | |||
Note 15 - Lease Financing Obligation (Details) - Amortization Expense Related to the Design Tools [Line Items] | |||
Amortization expense | $3,586 | $3,294 | $3,523 |
Note_15_Lease_Financing_Obliga4
Note 15 - Lease Financing Obligation (Details) - Future Minimum Lease and Sublease Income Payments for Lease Financing Obligations (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Future Minimum Lease and Sublease Income Payments for Lease Financing Obligations [Abstract] | ||
2016 | $4,014 | |
2017 | 3,961 | |
2018 | 1,355 | |
Total minimum lease payments | 9,330 | |
Less: amount representing interest | 427 | |
Present value of future minimum lease payments | 8,903 | |
Less: short-term lease financing obligations | 3,834 | 2,671 |
Long-term lease financing obligations | $5,069 |
Note_15_Lease_Financing_Obliga5
Note 15 - Lease Financing Obligation (Details) - Interest Expense (Design Tools [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Design Tools [Member] | |||
Note 15 - Lease Financing Obligation (Details) - Interest Expense [Line Items] | |||
Interest expense – design tools | $165 | $155 | $143 |
Note_15_Lease_Financing_Obliga6
Note 15 - Lease Financing Obligation (Details) - Rent Expense (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Rent Expense [Abstract] | |||
Rent expense | $1,764 | $1,289 | $616 |
Note_15_Lease_Financing_Obliga7
Note 15 - Lease Financing Obligation (Details) - Operating Lease (USD $) | Mar. 29, 2015 |
In Thousands, unless otherwise specified | |
Operating Lease [Abstract] | |
2016 | $635 |
2017 | 221 |
2018 | 31 |
2019 | 3 |
Total future minimum lease payments | $890 |
Note_16_Commitments_and_Contin2
Note 16 - Commitments and Contingencies (Details) (USD $) | 1 Months Ended | ||||
Feb. 28, 2015 | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | Jun. 30, 2014 | |
Note 16 - Commitments and Contingencies (Details) [Line Items] | |||||
Product Warranty Accrual | $282,000 | $1,074,000 | $50,000 | ||
Proceeds from Insurance Settlement, Operating Activities | 500,000 | ||||
Return of Certain Older Generation Data Compression Products [Member] | |||||
Note 16 - Commitments and Contingencies (Details) [Line Items] | |||||
Product Warranty Accrual | 1,400,000 | ||||
Warranties [Member] | iML [Member] | |||||
Note 16 - Commitments and Contingencies (Details) [Line Items] | |||||
Business Combination, Separately Recognized Transactions, Liabilities Recognized | $400,000 |
Note_16_Commitments_and_Contin3
Note 16 - Commitments and Contingencies (Details) - Warranty Reserve Balance (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Warranty Reserve Balance [Abstract] | ||
Beginning balance | $1,074 | $50 |
Provisions for warranties issued | 458 | 1,480 |
Settlements/adjustments | -1,250 | -456 |
Ending balance | $282 | $1,074 |
Note_18_Income_Taxes_Details
Note 18 - Income Taxes (Details) (USD $) | 12 Months Ended | ||||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 27, 2016 | Apr. 01, 2012 | |
Note 18 - Income Taxes (Details) [Line Items] | |||||
Deferred Tax Liabilities, Undistributed Foreign Earnings | $8,164,000 | ||||
Undistributed Earnings of Foreign Subsidiaries | 49,600,000 | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | -2,800,000 | -8,000,000 | -6,700,000 | ||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 8,400,000 | ||||
Unrecognized Tax Benefits | 17,636,000 | 14,164,000 | 15,465,000 | 16,820,000 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 14,700,000 | ||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 1,400,000 | ||||
Scenario, Forecast [Member] | |||||
Note 18 - Income Taxes (Details) [Line Items] | |||||
Foreign Earnings Repatriated | $45,000,000 | ||||
Earliest Tax Year [Member] | |||||
Note 18 - Income Taxes (Details) [Line Items] | |||||
Open Tax Year | 2004 | ||||
Latest Tax Year [Member] | |||||
Note 18 - Income Taxes (Details) [Line Items] | |||||
Open Tax Year | 2013 |
Note_18_Income_Taxes_Details_D
Note 18 - Income Taxes (Details) - Domestic and Foreign Components Income/ (Loss) Before Income Taxes (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Domestic and Foreign Components Income/ (Loss) Before Income Taxes [Abstract] | |||
United States | ($50,428) | ($2,370) | $1,693 |
Foreign | 6,310 | -307 | |
(Loss)/income before income tax | ($44,118) | ($2,677) | $1,693 |
Note_18_Income_Taxes_Details_C
Note 18 - Income Taxes (Details) - Components of Provision for (Benefit from) Income Taxes (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Current: | |||
Federal | $828 | ($1,350) | ($1,255) |
State | 11 | -93 | -73 |
Foreign | 404 | -81 | 114 |
Total current | 1,243 | -1,524 | -1,214 |
Deferred: | |||
Federal | 39 | -6,807 | 23 |
State | -147 | 2 | |
Foreign | -393 | ||
Total deferred | -354 | -6,954 | 25 |
Total provision for (benefit from) income taxes | $889 | ($8,478) | ($1,189) |
Note_18_Income_Taxes_Details_F
Note 18 - Income Taxes (Details) - Foreign Income/(Loss) Included in Consolidated Pre-Tax Income (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Foreign Income/(Loss) Included in Consolidated Pre-Tax Income [Abstract] | ||
Foreign income/(loss) | $6,310 | ($307) |
Note_18_Income_Taxes_Details_C1
Note 18 - Income Taxes (Details) - Components of Net Deferred Taxes (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Reserves and expenses not currently deductible | $10,328 | $7,973 |
Net operating loss carryforwards | 121,948 | 123,826 |
Tax credits | 30,214 | 27,259 |
Losses on investments | 1,032 | 1,832 |
Unrealized investment loss | 80 | |
Intangible assets | 8,406 | 6,838 |
Deferred margin | 3,293 | 3,968 |
Depreciation | 642 | |
Total deferred tax assets | 175,221 | 172,418 |
Deferred tax liabilities: | ||
Depreciation | -915 | |
Non-goodwill intangibles | -3,159 | -6,560 |
Foreign earnings | -8,164 | |
Total deferred tax liabilities | -12,238 | -6,560 |
Valuation allowance | -163,129 | -165,924 |
Net deferred tax liabilities | ($146) | ($66) |
Note_18_Income_Taxes_Details_R
Note 18 - Income Taxes (Details) - Reconciliations of Income Tax Provision (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Reconciliations of Income Tax Provision [Abstract] | |||
Income tax benefit at statutory rate | ($15,441) | ($937) | $593 |
State income taxes, net of federal tax benefit | -64 | -1 | 60 |
Deferred tax assets not benefited | 9,052 | -1,972 | -378 |
Tax credits | -1,182 | -757 | -539 |
Stock-based compensation | 435 | -427 | 258 |
Foreign rate differential | -1,927 | 156 | 148 |
Prior year tax expense true-up | -10 | 11 | |
Fair value adjustment | -1,527 | -3,732 | |
Investment in US property | 8,840 | 45 | 54 |
OCI tax effect clearance | 828 | ||
Acquisition cost | 2,092 | 293 | |
Others, net | -217 | -1,136 | -1,396 |
Provision for (benefit from) income taxes | $889 | ($8,478) | ($1,189) |
Note_18_Income_Taxes_Details_N
Note 18 - Income Taxes (Details) - Net Operating Loss Carryforwards (USD $) | Mar. 29, 2015 |
In Thousands, unless otherwise specified | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | $323,751 |
State and Local Jurisdiction [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 111,084 |
Foreign Tax Authority [Member] | Canada Revenue Agency [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | $23,785 |
Note_18_Income_Taxes_Details_T
Note 18 - Income Taxes (Details) - Tax Credit Carryforwards (USD $) | Mar. 29, 2015 |
In Thousands, unless otherwise specified | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforwards | $10,453 |
State and Local Jurisdiction [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforwards | 20,165 |
Foreign Tax Authority [Member] | Canada Revenue Agency [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforwards | $5,283 |
Note_18_Income_Taxes_Details_U
Note 18 - Income Taxes (Details) - Unrecognized Tax Benefits (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 |
Unrecognized Tax Benefits [Abstract] | |||||
Unrecognized tax benefits | $17,636 | $14,164 | $14,164 | $15,465 | $16,820 |
Gross increase related to prior year tax positions | 252 | 92 | |||
Gross decrease related to prior year tax positions | -271 | ||||
Gross increase related to current year tax positions | 3,305 | 487 | 292 | ||
Lapses in statute of limitation | ($85) | ($1,880) | ($1,376) |
Note_18_Income_Taxes_Details_T1
Note 18 - Income Taxes (Details) - Total Unrecognized Gross Tax Benefits (USD $) | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 | ||
In Thousands, unless otherwise specified | ||||||
Total Unrecognized Gross Tax Benefits [Abstract] | ||||||
Unrecognized gross tax benefits | $17,636 | $14,164 | $15,465 | $16,820 | ||
Less: amount used to reduce deferred tax assets | 13,285 | 13,370 | ||||
Net income tax payable(1) | $4,351 | [1] | $794 | [1] | ||
[1] | Included in other non-current obligations line item in consolidated balance sheet. |
Note_18_Income_Taxes_Details_A
Note 18 - Income Taxes (Details) - Accrued Interest and Penalties (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Accrued Interest and Penalties [Abstract] | ||
Accrued interest and penalties | $1,187 | $83 |
Note_19_Segment_and_Geographic2
Note 19 - Segment and Geographic Information (Details) | 12 Months Ended |
Mar. 29, 2015 | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 1 |
Number of Operating Segments | 1 |
Note_19_Segment_and_Geographic3
Note 19 - Segment and Geographic Information (Details) - Net Sales by End Market (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | |||
Net sales by end market | $162,050 | $125,322 | $122,026 |
Industrial And Embedded Systems [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales by end market | 79,050 | 72,458 | 63,396 |
High End Consumer [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales by end market | 51,897 | 462 | 928 |
Infrastructure [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales by end market | $31,103 | $52,402 | $57,702 |
Note_19_Segment_and_Geographic4
Note 19 - Segment and Geographic Information (Details) - Net Sales by Geographic Area (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Note 19 - Segment and Geographic Information (Details) - Net Sales by Geographic Area [Line Items] | |||
Net sales | $162,050 | $125,322 | $122,026 |
CHINA | |||
Note 19 - Segment and Geographic Information (Details) - Net Sales by Geographic Area [Line Items] | |||
Net sales | 62,085 | 43,537 | 41,118 |
UNITED STATES | |||
Note 19 - Segment and Geographic Information (Details) - Net Sales by Geographic Area [Line Items] | |||
Net sales | 23,479 | 37,079 | 32,322 |
TAIWAN, PROVINCE OF CHINA | |||
Note 19 - Segment and Geographic Information (Details) - Net Sales by Geographic Area [Line Items] | |||
Net sales | 17,955 | 3,397 | 4,347 |
KOREA, REPUBLIC OF | |||
Note 19 - Segment and Geographic Information (Details) - Net Sales by Geographic Area [Line Items] | |||
Net sales | 15,833 | 3,337 | 3,346 |
SINGAPORE | |||
Note 19 - Segment and Geographic Information (Details) - Net Sales by Geographic Area [Line Items] | |||
Net sales | 15,361 | 13,397 | 13,827 |
GERMANY | |||
Note 19 - Segment and Geographic Information (Details) - Net Sales by Geographic Area [Line Items] | |||
Net sales | 11,257 | 11,270 | 11,692 |
Rest Of World [Member] | |||
Note 19 - Segment and Geographic Information (Details) - Net Sales by Geographic Area [Line Items] | |||
Net sales | $16,080 | $13,305 | $15,374 |
Note_19_Segment_and_Geographic5
Note 19 - Segment and Geographic Information (Details) - Major Distributors of Net Revenue (Customer Concentration Risk [Member], Sales Revenue, Net [Member]) | 12 Months Ended | |||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | ||
Distributor A [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Net Revenue | 22.00% | 27.00% | 30.00% | |
Distributor B [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Net Revenue | [1] | 21.00% | 11.00% | |
Distributor C [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Net Revenue | [1] | 12.00% | 10.00% | |
[1] | Net sales for this distributor for this period were less than 10% of our net sales. |
Note_19_Segment_and_Geographic6
Note 19 - Segment and Geographic Information (Details) - Major Distributors of Net Accounts Receivable (Customer Concentration Risk [Member], Accounts Receivable [Member]) | 12 Months Ended | |||
Mar. 29, 2015 | Mar. 30, 2014 | |||
Distributor E [Member] | ||||
Note 19 - Segment and Geographic Information (Details) - Major Distributors of Net Accounts Receivable [Line Items] | ||||
Distributor | 12.00% | [1] | ||
Distributor B [Member] | ||||
Note 19 - Segment and Geographic Information (Details) - Major Distributors of Net Accounts Receivable [Line Items] | ||||
Distributor | 11.00% | 17.00% | ||
Distributor D [Member] | ||||
Note 19 - Segment and Geographic Information (Details) - Major Distributors of Net Accounts Receivable [Line Items] | ||||
Distributor | 10.00% | 14.00% | ||
Customer D [Member] | ||||
Note 19 - Segment and Geographic Information (Details) - Major Distributors of Net Accounts Receivable [Line Items] | ||||
Distributor | 10.00% | [1] | ||
Distributor A [Member] | ||||
Note 19 - Segment and Geographic Information (Details) - Major Distributors of Net Accounts Receivable [Line Items] | ||||
Distributor | [1] | 16.00% | ||
Distributor C [Member] | ||||
Note 19 - Segment and Geographic Information (Details) - Major Distributors of Net Accounts Receivable [Line Items] | ||||
Distributor | [1] | 12.00% | ||
[1] | Net accounts receivable for this distributor for this period were less than 10% of our net accounts receivables. |
Note_20_Allowances_For_Sales_R2
Note 20 - Allowances For Sales Returns and Doubtful Accounts (Details) - Allowance for Sales Returns and Allowance for Doubtful Accounts (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | |||
Allowance for Sales Returns [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Balance at Beginning of Year | $1,674 | $1,084 | $1,429 | |||
Additions | 22,177 | 17,004 | 15,176 | |||
Utilizations | 22,354 | [1] | 16,414 | [1] | 15,521 | [1] |
Balance at End of Year | 1,496 | 1,674 | 1,084 | |||
Allowance for Doubtful Accounts [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Balance at Beginning of Year | 111 | 206 | 167 | |||
Additions | 501 | -25 | 39 | |||
Utilizations | [1] | 70 | [1] | [1] | ||
Balance at End of Year | $612 | $111 | $206 | |||
[1] | Utilization amounts within allowance for sales returns reflect credits issued to distributors for stock rotations and volume discounts. |
Note_21_Supplementary_Quarterl2
Note 21 - Supplementary Quarterly Financial Data (Unaudited) (Details) (USD $) | 12 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | |||||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | Dec. 28, 2014 | Jun. 03, 2014 | Jun. 03, 2013 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | |
Note 21 - Supplementary Quarterly Financial Data (Unaudited) (Details) [Line Items] | |||||||||
Net Cash Provided by (Used in) Investing Activities | $76,530,000 | $12,786,000 | ($4,828,000) | ||||||
Net Cash Provided by (Used in) Financing Activities | -22,270,000 | -13,741,000 | 3,466,000 | ||||||
Scenario, Actual [Member] | Misclassification of Cash Flows [Member] | |||||||||
Note 21 - Supplementary Quarterly Financial Data (Unaudited) (Details) [Line Items] | |||||||||
Net Cash Provided by (Used in) Investing Activities | 78,000,000 | ||||||||
Net Cash Provided by (Used in) Financing Activities | 24,000,000 | ||||||||
Integrated Memory Logic Limited [Member] | |||||||||
Note 21 - Supplementary Quarterly Financial Data (Unaudited) (Details) [Line Items] | |||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 8.00% | 92.00% | 8.00% | 8.00% | 92.00% | ||||
Payments to Acquire Businesses, Gross | $206,400,000 | $206,411,000 | $18,900,000 |
Note_21_Supplementary_Quarterl3
Note 21 - Supplementary Quarterly Financial Data (Unaudited) (Details) - Unaudited Quarterly Financial Data (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Net sales by end market: | |||||||||||
Net sales | $43,857 | $44,315 | $43,159 | $30,719 | $27,987 | $30,690 | $34,018 | $32,627 | $125,791 | $89,595 | $85,856 |
Gross profit | 17,948 | 16,890 | 4,132 | 10,956 | 8,422 | 12,826 | 13,929 | 15,477 | 49,926 | 50,654 | 55,687 |
Income (loss) from operations | -2,346 | -6,535 | -22,830 | -11,352 | -311 | -3,321 | -616 | 547 | -43,063 | -3,701 | -583 |
Net income (loss) | -2,914 | -6,599 | -23,352 | -12,105 | 147 | -1,634 | 6,482 | 806 | -44,970 | 5,801 | 2,882 |
Net income (loss) per share to common stockholders: | |||||||||||
Basic (in Dollars per share) | ($0.06) | ($0.14) | ($0.50) | ($0.26) | $0 | ($0.03) | $0.14 | $0.02 | ($0.95) | $0.12 | $0.06 |
Diluted (in Dollars per share) | ($0.06) | ($0.14) | ($0.50) | ($0.26) | $0 | ($0.03) | $0.13 | $0.02 | ($0.95) | $0.12 | $0.06 |
Shares used in the computation of net income (loss) per share: | |||||||||||
Basic (in Shares) | 47,516 | 47,119 | 47,139 | 47,236 | 47,328 | 47,529 | 47,496 | 46,805 | |||
Diluted (in Shares) | 47,516 | 47,119 | 47,139 | 47,236 | 48,778 | 47,529 | 49,150 | 48,085 | 47,253,000 | 48,823,000 | 46,476,000 |
Industrial And Embedded Systems [Member] | |||||||||||
Net sales by end market: | |||||||||||
Net sales | 20,021 | 20,506 | 19,656 | 18,867 | 19,588 | 18,429 | 17,943 | 16,498 | |||
High End Consumer [Member] | |||||||||||
Net sales by end market: | |||||||||||
Net sales | 16,072 | 16,202 | 16,199 | 3,424 | 43 | 68 | 105 | 246 | |||
Infrastructure [Member] | |||||||||||
Net sales by end market: | |||||||||||
Net sales | $7,764 | $7,607 | $7,304 | $8,428 | $8,356 | $12,193 | $15,970 | $15,883 |