Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Sep. 27, 2014 | Oct. 24, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Entity Registrant Name | 'CIRRUS LOGIC INC | ' |
Entity Central Index Key | '0000772406 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Document Period End Date | 27-Sep-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Current Fiscal Year End Date | '--03-28 | ' |
Entity Common Stock, Shares Outstanding | ' | 63,163,170 |
Consolidated_Condensed_Balance
Consolidated Condensed Balance Sheets (USD $) | Sep. 27, 2014 | Mar. 29, 2014 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $48,214 | $31,850 |
Marketable securities | 85,796 | 263,417 |
Accounts receivable, net | 126,161 | 63,220 |
Inventories | 121,169 | 69,743 |
Deferred tax assets | 16,435 | 22,024 |
Other current assets | 29,089 | 25,079 |
Total current assets | 426,864 | 475,333 |
Long-term marketable securities | 9,228 | 89,243 |
Property and equipment, net | 133,458 | 103,650 |
Intangibles, net | 187,030 | 11,999 |
Goodwill | 265,410 | 16,367 |
Deferred tax assets | 24,998 | 25,065 |
Other assets | 17,658 | 3,087 |
Total assets | 1,064,646 | 724,744 |
Liabilities and Stockholders' Equity | ' | ' |
Accounts payable | 81,549 | 51,932 |
Accrued salaries and benefits | 17,706 | 13,388 |
Deferred income | 5,218 | 5,631 |
Other accrued liabilities | 34,946 | 11,572 |
Total current liabilities | 139,419 | 82,523 |
Debt | 226,439 | ' |
Other long-term liabilities | 25,376 | 4,863 |
Stockholders' equity: | ' | ' |
Capital stock | 1,104,379 | 1,078,878 |
Accumulated deficit | -430,144 | -440,634 |
Accumulated other comprehensive loss | -823 | -886 |
Total stockholders' equity | 673,412 | 637,358 |
Total liabilities and stockholders' equity | $1,064,646 | $724,744 |
Consolidated_Condensed_Stateme
Consolidated Condensed Statements of Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Consolidated Condensed Statements of Income [Abstract] | ' | ' | ' | ' |
Net sales | $210,214 | $190,671 | $362,779 | $345,796 |
Cost of sales | 109,647 | 91,223 | 186,837 | 166,850 |
Gross profit | 100,567 | 99,448 | 175,942 | 178,946 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 44,557 | 29,722 | 84,334 | 58,252 |
Selling, general and administrative | 21,545 | 19,215 | 41,228 | 38,413 |
Acquisition related costs | 14,937 | ' | 14,937 | ' |
Restructuring and other | 1,455 | -154 | 1,455 | -584 |
Patent infringement settlements, net | ' | ' | ' | 695 |
Total operating expenses | 82,494 | 48,783 | 141,954 | 96,776 |
Income from operations | 18,073 | 50,665 | 33,988 | 82,170 |
Interest income | 136 | 201 | 331 | 359 |
Interest expense | -2,806 | ' | -3,468 | ' |
Other income (expense) | -11,994 | -38 | -11,493 | -55 |
Income before income taxes | 3,409 | 50,828 | 19,358 | 82,474 |
Provision for income taxes | 2,557 | 17,461 | 8,258 | 28,465 |
Net income | $852 | $33,367 | $11,100 | $54,009 |
Basic earnings per share | $0.01 | $0.53 | $0.18 | $0.85 |
Diluted earnings per share | $0.01 | $0.50 | $0.17 | $0.82 |
Basic weighted average common shares outstanding | 62,241 | 63,217 | 62,137 | 63,329 |
Diluted weighted average common shares outstanding | 65,085 | 66,125 | 64,892 | 66,203 |
Consolidated_Condensed_Stateme1
Consolidated Condensed Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Consolidated Condensed Statements of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $852 | $33,367 | $11,100 | $54,009 |
Net changes to available-for-sale securities | ' | ' | ' | ' |
Unrealized gain on marketable securities | 42 | 256 | 142 | 216 |
Net changes to foreign currency derivatives | ' | ' | ' | ' |
Unrealized loss on foreign currency derivatives | -29 | ' | -29 | ' |
Provision for income taxes | -15 | -90 | -50 | -23 |
Comprehensive income | $850 | $33,533 | $11,163 | $54,202 |
Consolidated_Condensed_Stateme2
Consolidated Condensed Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $11,100 | $54,009 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 11,109 | 6,912 |
Stock compensation expense | 19,529 | 11,650 |
Deferred income taxes | 5,656 | 26,572 |
Loss on retirement or write-off of long-lived assets | 325 | ' |
Excess tax benefit from employee stock options | -4,138 | ' |
Other non-cash charges | 14,233 | 2,359 |
Net change in operating assets and liabilities: | ' | ' |
Accounts receivable, net | -50,897 | -28,351 |
Inventories | -22,768 | 28,053 |
Other assets | 2,305 | -8,003 |
Accounts payable and other accrued liabilities | 8,777 | -2,099 |
Deferred income | -964 | -98 |
Income taxes payable | 4,059 | 97 |
Net cash (used in) provided by operating activities | -1,674 | 91,101 |
Cash flows from investing activities: | ' | ' |
Proceeds from sale of available for sale marketable securities | 266,989 | 14,317 |
Purchases of available for sale marketable securities | -9,290 | -83,657 |
Purchases of property, equipment and software | -10,622 | -6,938 |
Investments in technology | -1,107 | -1,295 |
Loss on foreign exchange hedging activities | -11,976 | ' |
Acquisition of Wolfson, net of cash obtained | -444,138 | ' |
Increase in deposits and other assets | -756 | -16 |
Net cash used in investing activities | -210,900 | -77,589 |
Cash flows from financing activities: | ' | ' |
Proceeds from long-term revolver | 226,439 | ' |
Debt issuance costs | -2,825 | ' |
Issuance of common stock, net of shares withheld for taxes | 1,796 | 1,636 |
Repurchase of stock to satisfy employee tax withholding obligations | -610 | -12,664 |
Excess tax benefit from employee stock options | 4,138 | ' |
Net cash provided by (used in) financing activities | 228,938 | -11,028 |
Net increase in cash and cash equivalents | 16,364 | 2,484 |
Cash and cash equivalents at beginning of period | 31,850 | 66,402 |
Cash and cash equivalents at end of period | $48,214 | $68,886 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Sep. 27, 2014 | |
Basis of Presentation [Abstract] | ' |
Basis of Presentation | ' |
1. Basis of Presentation | |
The consolidated condensed financial statements have been prepared by Cirrus Logic, Inc. (“Cirrus Logic,” “we,” “us,” “our,” or the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “Commission”). The accompanying unaudited consolidated condensed financial statements do not include complete footnotes and financial presentations. As a result, these financial statements should be read along with the audited consolidated financial statements and notes thereto for the year ended March 29, 2014, included in our Annual Report on Form 10-K filed with the Commission on May 28, 2014. In our opinion, the financial statements reflect all adjustments, including normal recurring adjustments, necessary for a fair presentation of the financial position, operating results and cash flows for those periods presented. The preparation of financial statements in conformity with United States (“U.S.”) generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect reported assets, liabilities, revenues and expenses, as well as disclosure of contingent assets and liabilities. Actual results could differ from those estimates and assumptions. Moreover, the results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the entire year. Additionally, prior period amounts have been adjusted to conform to current year presentation. | |
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronouncements | 6 Months Ended |
Sep. 27, 2014 | |
Recently Issued Accounting Pronouncements [Abstract] | ' |
Recently Issued Accounting Pronouncements | ' |
2. Recently Issued Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (FASB) issued ASU No. 2014-09, Revenue from Contracts with Customers (ASC Topic 606). The purpose of the ASU is to converge revenue recognition requirements per GAAP and International Financial Reporting Standards (IFRS). The core principle of the guidance is that an entity should recognize revenue to depict 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. The amendments in this ASU are effective for interim and annual reporting periods beginning after December 15, 2016, with early adoption not permitted by the FASB. The Company is currently evaluating the impact of this ASU on its consolidated financial position, results of operations and cash flows. | |
Marketable_Securities
Marketable Securities | 6 Months Ended | ||||||||||||
Sep. 27, 2014 | |||||||||||||
Marketable Securities [Abstract] | ' | ||||||||||||
Marketable Securities | ' | ||||||||||||
3. Marketable Securities | |||||||||||||
The Company’s investments that have original maturities greater than 90 days have been classified as available-for-sale securities in accordance with U.S. GAAP. Marketable securities are categorized on the consolidated condensed balance sheet as short- and long-term marketable securities, as appropriate. | |||||||||||||
The following table is a summary of available-for-sale securities at September 27, 2014 (in thousands): | |||||||||||||
Estimated | |||||||||||||
Gross | Gross | Fair Value | |||||||||||
Amortized | Unrealized | Unrealized | (Net Carrying | ||||||||||
As of September 27, 2014 | Cost | Gains | Losses | Amount) | |||||||||
Corporate debt securities | $ | 78,574 | $ | 2 | $ | -38 | $ | 78,538 | |||||
Commercial paper | 16,487 | 4 | -5 | 16,486 | |||||||||
Total securities | $ | 95,061 | $ | 6 | $ | -43 | $ | 95,024 | |||||
The Company’s specifically identified gross unrealized losses of $43 thousand relates to 15 different securities with total amortized cost of approximately $63.1 million at September 27, 2014. Because the Company does not intend to sell the investments at a loss and the Company will not be required to sell the investments before recovery of its amortized cost basis, it did not consider the investment in these securities to be other-than-temporarily impaired at September 27, 2014. Further, the securities with gross unrealized losses had been in a continuous unrealized loss position for less than 12 months as of September 27, 2014. | |||||||||||||
The following table is a summary of available-for-sale securities at March 29, 2014 (in thousands): | |||||||||||||
Estimated | |||||||||||||
Gross | Gross | Fair Value | |||||||||||
Amortized | Unrealized | Unrealized | (Net Carrying | ||||||||||
As of March 29, 2014 | Cost | Gains | Losses | Amount) | |||||||||
Corporate debt securities | $ | 246,878 | $ | 52 | $ | -245 | $ | 246,685 | |||||
U.S. Treasury securities | 56,986 | 10 | -2 | 56,994 | |||||||||
Agency discount notes | 2,008 | 1 | - | 2,009 | |||||||||
Commercial paper | 41,962 | 10 | -2 | 41,970 | |||||||||
Certificates of deposit | 5,006 | - | -4 | 5,002 | |||||||||
Total securities | $ | 352,840 | $ | 73 | $ | -253 | $ | 352,660 | |||||
The Company’s specifically identified gross unrealized losses of $253 thousand relates to 74 different securities with total amortized cost of approximately $207.8 million at March 29, 2014. Because the Company does not intend to sell the investments at a loss and the Company will not be required to sell the investments before recovery of its amortized cost basis, it did not consider the investment in these securities to be other-than-temporarily impaired at March 29, 2014. Further, the securities with gross unrealized losses had been in a continuous unrealized loss position for less than 12 months as of March 29, 2014. | |||||||||||||
The cost and estimated fair value of available-for-sale securities by contractual maturities were as follows (in thousands): | |||||||||||||
27-Sep-14 | 29-Mar-14 | ||||||||||||
Amortized | Estimated | Amortized | Estimated | ||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||
Within 1 year | $ | 85,821 | $ | 85,796 | $ | 263,418 | $ | 263,417 | |||||
After 1 year | 9,240 | 9,228 | 89,422 | 89,243 | |||||||||
Total | $ | 95,061 | $ | 95,024 | $ | 352,840 | $ | 352,660 | |||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 6 Months Ended | |||||
Sep. 27, 2014 | ||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||
Derivative Financial Instruments | ' | |||||
4. Derivative Financial Instruments | ||||||
Our primary objective for holding derivative financial instruments is to manage currency exchange rate risk and interest rate risk. | ||||||
Currency Exchange Rate Risk | ||||||
We are exposed to currency exchange rate risk and generally hedge our exposures with currency forward contracts. Substantially all of our revenue is transacted in U.S. dollars. However, a portion of our operating expenditures are incurred in or exposed to other currencies, primarily the British pound. We have established a forecasted transaction currency risk management program to protect against fluctuations in the volatility of the functional currency equivalent of future cash flows caused by changes in exchange rates. This program may reduce, but not eliminate, the impact of currency exchange movements. | ||||||
Fair Value of Derivative Instruments in the Consolidated Condensed Balance Sheets | ||||||
The fair value of our derivative instruments at the end of each period were as follows (in thousands): | ||||||
Other Accrued Liabilities | ||||||
September 27, | March 29, | |||||
2014 | 2014 | |||||
Currency forwards | $ | 29 | $ | - | ||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 6 Months Ended | |||||||||||
Sep. 27, 2014 | ||||||||||||
Fair Value of Financial Instruments [Abstract] | ' | |||||||||||
Fair Value of Financial Instruments | ' | |||||||||||
5. Fair Value of Financial Instruments | ||||||||||||
The Company has determined that the only assets and liabilities in the Company’s financial statements that are required to be measured at fair value on a recurring basis are the Company’s cash equivalents, investment portfolio, and foreign currency derivative assets/liabilities. The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). | ||||||||||||
• | 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. | |||||||||||
The Company’s investment portfolio assets consist of corporate debt securities, money market funds, U.S. Treasury securities, obligations of certain U.S. government-sponsored enterprises, commercial paper, and certificates of deposit and are reflected on our consolidated condensed balance sheets under the headings cash and cash equivalents, marketable securities, and long-term marketable securities. The Company determines the fair value of its investment portfolio assets by obtaining non-binding market prices from its third-party portfolio managers on the last day of the quarter, whose sources may use quoted prices in active markets for identical assets (Level 1 inputs) or inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs) in determining fair value. | ||||||||||||
The fair value of the foreign currency derivatives is included in “Other accrued liabilities” on the consolidated condensed balance sheet. | ||||||||||||
The Company’s long-term revolving facility, described in Note 9, bears interest at a base rate plus applicable margin or LIBOR plus applicable margin. As of September 27, 2014, the fair value of the Company’s long-term revolving facility approximates carrying value based on estimated margin. | ||||||||||||
As of September 27, 2014, the Company classified its investment portfolio assets and foreign currency derivative liabilities as Level 1 or Level 2 inputs. The Company has no Level 3 assets. There were no transfers between Level 1, Level 2, or Level 3 measurements for the three month period ending September 27, 2014. | ||||||||||||
The fair value of our financial assets and liabilities at September 27, 2014, was determined using the following inputs (in thousands): | ||||||||||||
Quoted Prices | ||||||||||||
in Active | Significant | |||||||||||
Markets for | Other | Significant | ||||||||||
Identical | Observable | Unobservable | ||||||||||
Assets | Inputs | Inputs | ||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
Assets: | ||||||||||||
Cash equivalents | ||||||||||||
Money market funds | $ | 17,577 | $ | - | $ | - | $ | 17,577 | ||||
Available-for-sale securities | ||||||||||||
Corporate debt securities | $ | - | $ | 78,538 | $ | - | $ | 78,538 | ||||
Commercial paper | - | 16,486 | - | 16,486 | ||||||||
$ | - | $ | 95,024 | $ | - | $ | 95,024 | |||||
Liabilities: | ||||||||||||
Other accrued liabilities | ||||||||||||
Foreign exchange derivative | $ | - | $ | 29 | $ | - | $ | 29 | ||||
The fair value of our financial assets at March 29, 2014, was determined using the following inputs (in thousands): | ||||||||||||
Quoted Prices | ||||||||||||
in Active | Significant | |||||||||||
Markets for | Other | Significant | ||||||||||
Identical | Observable | Unobservable | ||||||||||
Assets | Inputs | Inputs | ||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
Cash equivalents | ||||||||||||
Money market funds | $ | 20,456 | $ | - | $ | - | $ | 20,456 | ||||
Commercial paper | - | 1,878 | - | 1,878 | ||||||||
$ | 20,456 | $ | 1,878 | $ | - | $ | 22,334 | |||||
Available-for-sale securities | ||||||||||||
Corporate debt securities | $ | - | $ | 246,685 | $ | - | $ | 246,685 | ||||
U.S. Treasury securities | 56,994 | - | - | 56,994 | ||||||||
Agency discount notes | - | 2,009 | - | 2,009 | ||||||||
Commercial paper | - | 41,970 | - | 41,970 | ||||||||
Certificates of deposit | - | 5,002 | - | 5,002 | ||||||||
$ | 56,994 | $ | 295,666 | $ | - | $ | 352,660 | |||||
Accounts_Receivable_net
Accounts Receivable, net | 6 Months Ended | |||||
Sep. 27, 2014 | ||||||
Accounts Receivable, net [Abstract] | ' | |||||
Accounts Receivable, net | ' | |||||
6. Accounts Receivable, net | ||||||
The following are the components of accounts receivable, net (in thousands): | ||||||
September 27, | March 29, | |||||
2014 | 2014 | |||||
Gross accounts receivable | $ | 126,532 | $ | 63,449 | ||
Allowance for doubtful accounts | -371 | -229 | ||||
Accounts receivable, net | $ | 126,161 | $ | 63,220 | ||
Inventories
Inventories | 6 Months Ended | |||||
Sep. 27, 2014 | ||||||
Inventories [Abstract] | ' | |||||
Inventories | ' | |||||
7. Inventories | ||||||
Inventories are comprised of the following (in thousands): | ||||||
September 27, | March 29, | |||||
2014 | 2014 | |||||
Work in process | $ | 64,518 | $ | 37,967 | ||
Finished goods | 56,651 | 31,776 | ||||
$ | 121,169 | $ | 69,743 | |||
Acquisition
Acquisition | 6 Months Ended | ||||
Sep. 27, 2014 | |||||
Acquisition [Abstract] | ' | ||||
Acquisition | ' | ||||
8. Acquisition | |||||
On August 21, 2014, Cirrus Logic completed the acquisition of Wolfson Microelectronics plc (the “Acquisition”), a public limited company incorporated in Scotland (“Wolfson”). Upon completion of the acquisition, Wolfson was re-registered as a private limited company. Wolfson is a supplier of high performance, mixed-signal audio solutions for the consumer electronics market. The Acquisition accelerates Cirrus Logic’s strategic roadmap, further strengthens our technology portfolio with the addition of MEMS microphones and extensive software capabilities, while significantly expanding our development capacity. | |||||
The enterprise value for Wolfson in connection with the Acquisition was approximately £283 million (approximately $469 million based on a U.S. dollar to pound sterling exchange rate of 1.659), and was based on the agreed upon offer of £2.35 per share (the “Offer”) for the entire issued and to be issued share capital of Wolfson. Cirrus Logic financed the Acquisition through a combination of existing cash on Cirrus Logic’s balance sheet and $225 million in debt funding from Wells Fargo Bank, National Association, as discussed below in Note 9. Upon completion of the Acquisition, the Company recorded approximately $12.0 million, in the current fiscal quarter, of realized losses on foreign currency fluctuations in the initial valuation exchange rate of 1.682 (U.S. dollar to pound sterling) and the actual exchange rate at Acquisition date of 1.659. The loss is included in the consolidated condensed statements of income under the caption “Other income (expense)”. | |||||
The Acquisition was accounted for as a business purchase pursuant to ASC Topic 805, Business Combinations, and the operations of Wolfson have been included in the Company’s consolidated financial statements since August 21, 2014, the date of acquisition. The following table presents the initial allocation of the purchase price to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition (in thousands): | |||||
Amount | |||||
Cash and cash equivalents | $ | 25,342 | |||
Inventory | 28,658 | ||||
Other current assets | 15,633 | ||||
Property, plant and equipment | 29,093 | ||||
Intangible assets | 175,987 | ||||
Pension assets | 1,625 | ||||
Total identifiable assets acquired | $ | 276,338 | |||
Deferred tax liability - current | -11,483 | ||||
Deferred revenue | -551 | ||||
Other accrued liabilities | -41,417 | ||||
Other long-term liabilities | -2,449 | ||||
Total identifiable liabilities assumed | $ | -55,900 | |||
Net identifiable assets acquired | $ | 220,438 | |||
Goodwill | 249,043 | ||||
Net assets acquired | $ | 469,481 | |||
The goodwill of $249.0 million arising from the Acquisition is attributable primarily to expected synergies and the product and customer base of Wolfson. None of the goodwill is expected to be deductible for income tax purposes. As of September 27, 2014, there were no changes in the recognized amounts of goodwill resulting from the Acquisition. | |||||
The components of the acquired intangible assets and related weighted average amortization periods are detailed below (in thousands): | |||||
Intangible assets | Amount | Weighted-average Amortization Period (years) | |||
Developed technology | $ | 74,247 | 6.2 | ||
Technology intellectual property | 14,572 | 5.3 | |||
Trademark | 1,437 | 1.3 | |||
In-process research & development | 72,750 | 7.5 | |||
Customer relationships | 12,981 | 10 | |||
Total | $ | 175,987 | |||
The initial allocation of the purchase price is preliminary and subject to completion, including the areas of taxation, inventory, real property, intangible assets, other assets, deferred revenue, and other liabilities, where valuation assessments are in progress. The adjustments arising from the completion of the outstanding matters may materially affect the preliminary purchase accounting and would be retroactively reflected in the financial statements as of September 27, 2014 and for the interim periods then ended. | |||||
The Company recognized $14.9 million of acquisition related costs that were expensed in the current period. These costs are included in the consolidated condensed statements of income in the line item entitled “Acquisition related costs.” | |||||
The Company’s consolidated condensed statements of income for the period ending September 27, 2014 included $13.0 million of revenue attributable to Wolfson, which reflects revenues from the acquisition date to the end of the period. The earnings related to Wolfson included in the Company’s consolidated condensed statements of income for the period ending September 27, 2014, are excluded as it would be impracticable to allocate costs and services shared across product lines for the Company as to not be misleading. | |||||
Giving pro forma effect to the Acquisition as if it had occurred as of March 30, 2014, the beginning of the Company’s fiscal year, and after applying the Company’s accounting policies and adjusting the results to reflect these changes since March 30, 2014, $57.2 million of pro forma revenue would have been attributable to Wolfson. Pro forma earnings attributable to Wolfson is excluded as it would be impracticable. Costs and services shared across product lines for the Company cannot appropriately be allocated as to not be misleading. | |||||
Revolving_Credit_Facilities
Revolving Credit Facilities | 6 Months Ended |
Sep. 27, 2014 | |
Line of Credit [Abstract] | ' |
Revolving Credit Facilities | ' |
9. Revolving Credit Facilities | |
On August 29, 2014, Cirrus Logic entered into a credit agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association, as Administrative Agent, and the Lenders party thereto. | |
The Credit Agreement provides for a $250 million senior secured revolving credit facility (the “Credit Facility”). The Credit Facility replaced Cirrus Logic’s Interim Credit Facility described below, and may be used for general corporate purposes. The Credit Facility matures on August 29, 2017. | |
The Credit Facility is required to be guaranteed by all of Cirrus Logic’s material domestic subsidiaries (the “Subsidiary Guarantors”). The Credit Facility is secured by substantially all of the assets of Cirrus Logic and any Subsidiary Guarantors, except for certain excluded assets. Borrowings under the Credit Facility may, at Cirrus Logic’s election, bear interest at either (a) a Base Rate plus the Applicable Margin (“Base Rate Loans”) or (b) a LIBOR Rate plus the Applicable Margin (“LIBOR Rate Loans”). The Applicable Margin ranges from 0% to .25% per annum for Base Rate Loans and 1.50% to 2.00% per annum for LIBOR Rate Loans based on Cirrus Logic’s Leverage Ratio (discussed below). | |
A Commitment Fee accrues at a rate per annum ranging from 0.25% to 0.35% (based on the Leverage Ratio) on the average daily unused portion of the Commitment of the Lenders. The Credit Agreement contains customary affirmative covenants, including, among others, covenants regarding the payment of taxes and other obligations, maintenance of insurance, reporting requirements and compliance with applicable laws and regulations. Further, the Credit Agreement contains customary negative covenants limiting the ability of Cirrus Logic or any Subsidiary to, among other things, incur debt, grant liens, make investments, effect certain fundamental changes, make certain asset dispositions, and make certain restricted payments. The Credit Facility also contains certain financial covenants providing that (a) the ratio of consolidated funded indebtedness to consolidated EBITDA for the prior four consecutive quarters must not be greater than 2.00 to 1.00 (the “Leverage Ratio”) and (b) the sum of cash and Cash Equivalents of Cirrus Logic and its Subsidiaries on a consolidated basis must not be less than $100 million. At September 27, 2014, the Company was in compliance with all covenants under the Credit Agreement. The Company had borrowed $226.4 million under this facility as of September 27, 2014, which is included in long-term liabilities on the consolidated condensed balance sheets. The borrowings were primarily used for financing Acquisition. | |
Cirrus Logic entered into a credit agreement (the “Interim Credit Agreement”) with Wells Fargo Bank, National Association as administrative agent and lender, on April 29, 2014, in connection with the Acquisition. The Interim Credit Agreement provided for a $225 million senior secured revolving credit facility (the “Interim Facility”). The Interim Facility was to be used for, among other things, payment of the offer consideration in connection with the Acquisition. The Interim Facility would have matured on the earliest to occur of (a) January 23, 2015, (b) the date of termination of the Commitments as a result of a permanent reduction of all of the Commitments (as defined in the Interim Credit Agreement) by Cirrus Logic or (c) the date of termination of the Commitments as a result of an event of default. The Interim Facility actually matured under scenario (b) above with no outstanding borrowings or accrued interest on the maturity date. | |
The Company maintained an unsecured revolving credit facility until early fiscal year 2014. The aggregate borrowing limit under this facility was $100 million, with a $15 million letter of credit sublimit and was intended to provide the Company with short-term borrowings for working capital and other general corporate purposes. The Company had no outstanding amounts under the facility prior to its expiration on April 19, 2013. | |
Income_Taxes
Income Taxes | 6 Months Ended | |||||||||||
Sep. 27, 2014 | ||||||||||||
Income Taxes [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
10. Income Taxes | ||||||||||||
Our provision for income taxes is based on estimated effective tax rates derived from an estimate of annual consolidated earnings before taxes, adjusted for nondeductible expenses, other permanent items and any applicable credits. Our income tax expense is primarily a non-cash charge due to the utilization of U.S. net operating losses. | ||||||||||||
The following table presents the provision for income taxes and the effective tax rates (in thousands): | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
September 27, | September 28, | September 27, | September 28, | |||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Income before income taxes | $ | 3,409 | $ | 50,828 | $ | 19,358 | $ | 82,474 | ||||
Provision for income taxes | $ | 2,557 | $ | 17,461 | $ | 8,258 | $ | 28,465 | ||||
Effective tax rate | 75.0% | 34.4% | 42.7% | 34.5% | ||||||||
Our income tax expense for the second quarter and first six months of fiscal year 2015 was above the federal statutory rate primarily due to the inclusion of foreign losses in the period from the close of the Acquisition to the end of the quarter at foreign statutory rates below the U.S. federal statutory rate. Our income tax expense for the second quarter and first six months of fiscal year 2014 was slightly below the federal statutory rate primarily due to the effect of the federal research and development credit which was extended through December 31, 2013 by the American Taxpayer Relief Act of 2012, which was enacted on January 2, 2013. | ||||||||||||
We had no unrecognized tax benefits as of September 27, 2014. The Company does not believe that its unrecognized tax benefits will significantly increase or decrease during the next 12 months. | ||||||||||||
We accrue interest and penalties related to unrecognized tax benefits as a component of the provision for income taxes. As of September 27, 2014, the balance of accrued interest and penalties was zero. No interest or penalties were incurred during the first six months of fiscal year 2015 or 2014. | ||||||||||||
The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax in multiple state and foreign jurisdictions. Fiscal years 2011 through 2014 remain open to examination by the major taxing jurisdictions to which we are subject. | ||||||||||||
Pension_Plan
Pension Plan | 6 Months Ended | |||||||||||
Sep. 27, 2014 | ||||||||||||
Pension and Other Postretirement and Postemployment Benefit Plans, Liabilities [Abstract] | ' | |||||||||||
Pension Plan | ' | |||||||||||
11. Pension Plan | ||||||||||||
As a result of the Acquisition, the Company now fully funds a defined benefit pension scheme (“the Plan”) maintained by Wolfson, for non-U.S. employees, which was closed to new participants as of July 2, 2002. As of April 30, 2011, the participants in the Plan no longer accrue benefits and therefore the Company will not be required to pay contributions in respect to future accrual. | ||||||||||||
Prior to the acquisition, Wolfson paid deficit contributions of approximately $1.65 million in April 2014. The Company will be obligated to pay approximately $1.65 million by April 30, 2015 and approximately $0.6 million by April 30, 2016. The Company expects to completely close the Plan over the next ten years. | ||||||||||||
The components of the Company’s net periodic pension expense (income) for the three and six months ended September 27, 2014 and September 28, 2013 are as follows (in thousands): | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
September 27, | September 28, | September 27, | September 28, | |||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Interest cost | $ | 254 | $ | - | $ | 254 | $ | - | ||||
Expected return on plan assets | -370 | - | -370 | - | ||||||||
-116 | - | -116 | - | |||||||||
The following weighted-average assumptions were used to determine net periodic benefit costs for the three months ended September 27, 2014: | ||||||||||||
Discount rate | 4.20 | % | ||||||||||
Expected long-term return on plan assets | 5.58 | % | ||||||||||
The following tables set forth the benefit obligation, the fair value of plan assets, and the funded status of the Company’s plan (in thousands): | ||||||||||||
Change in benefit obligation: | ||||||||||||
Beginning balance at June 29, 2014 | $ | 24,538 | ||||||||||
Interest cost | 254 | |||||||||||
Benefits paid and expenses | -69 | |||||||||||
Actuarial loss | 1,344 | |||||||||||
Total benefit obligation at September 27, 2014 | 26,067 | |||||||||||
Change in plan assets: | ||||||||||||
Beginning balance at June 29, 2014 | 27,089 | |||||||||||
Actual return on plan assets | 672 | |||||||||||
Benefits paid and expenses | -69 | |||||||||||
Fair value of plan assets at September 27, 2014 | 27,692 | |||||||||||
Funded status of plan at September 27, 2014 | $ | 1,625 | ||||||||||
Based on an actuarial study performed as of September 27, 2014, the plan is overfunded and a long-term asset is reflected in the Company’s consolidated condensed balance sheet under the caption “Other assets”. The weighted-average discount rate assumption used to determine benefit obligations as of September 27, 2014 was 3.9%. | ||||||||||||
Net_Income_Per_Share
Net Income Per Share | 6 Months Ended | |||||||||||
Sep. 27, 2014 | ||||||||||||
Net Income Per Share [Abstract] | ' | |||||||||||
Net Income Per Share | ' | |||||||||||
12. Net Income Per Share | ||||||||||||
Basic net income per share is based on the weighted effect of common shares issued and outstanding and is calculated by dividing net income by the basic weighted average shares outstanding during the period. Diluted net income per share is calculated by dividing net income by the weighted average number of common shares used in the basic net income per share calculation, plus the equivalent number of common shares that would be issued assuming exercise or conversion of all potentially dilutive common shares outstanding. These potentially dilutive items consist primarily of outstanding stock options and restricted stock awards. | ||||||||||||
The following table details the calculation of basic and diluted earnings per share for the three and six months ended September 27, 2014 and September 28, 2013 (in thousands, except per share amounts): | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
September 27, | September 28, | September 27, | September 28, | |||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Numerator: | ||||||||||||
Net income | $ | 852 | $ | 33,367 | $ | 11,100 | $ | 54,009 | ||||
Denominator: | ||||||||||||
Weighted average shares outstanding | 62,241 | 63,217 | 62,137 | 63,329 | ||||||||
Effect of dilutive securities | 2,844 | 2,908 | 2,755 | 2,874 | ||||||||
Weighted average diluted shares | 65,085 | 66,125 | 64,892 | 66,203 | ||||||||
Basic earnings per share | $ | 0.01 | $ | 0.53 | $ | 0.18 | $ | 0.85 | ||||
Diluted earnings per share | $ | 0.01 | $ | 0.50 | $ | 0.17 | $ | 0.82 | ||||
The weighted outstanding shares excluded from our diluted calculation for the three and six months ended September 27, 2014 were 642 thousand and 731 thousand, respectively, as the shares were anti-dilutive. The weighted outstanding shares excluded from our diluted calculation for the three and six months ended September 28, 2013 were 991 thousand and 986 thousand, respectively. | ||||||||||||
Legal_Matters
Legal Matters | 6 Months Ended |
Sep. 27, 2014 | |
Legal Matters [Abstract] | ' |
Legal Matters | ' |
13. Legal Matters | |
From time to time, we are involved in legal proceedings concerning matters arising in connection with the conduct of our business activities. We regularly evaluate the status of legal proceedings in which we are involved in order to assess whether a loss is probable or there is a reasonable possibility that a loss or additional loss may have been incurred and determine if accruals are appropriate. We further evaluate each legal proceeding to assess whether an estimate of possible loss or range of loss can be made. | |
On June 4, 2012, U.S. Ethernet Innovations, LLC (the “Plaintiff”) filed suit against Cirrus Logic and two other defendants in the U.S. District Court, Eastern District of Texas. The Plaintiff alleges that Cirrus Logic infringed four U.S. patents relating to Ethernet technology. In its complaint, the Plaintiff indicated that it is seeking unspecified monetary damages, including up to treble damages for willful infringement. We answered the complaint on June 29, 2012, denying the allegations of infringement and seeking a declaratory judgment that the patents in suit were invalid and not infringed. The parties entered into a settlement agreement on May 30, 2013. In exchange for a full release of claims as it relates to the asserted patent, we paid the Plaintiff $0.7 million. This amount is recorded as a separate line item on the consolidated condensed statements of comprehensive income under the caption “Patent infringement settlements, net.” | |
For the case described below, management is unable to provide a meaningful estimate of the possible loss or range of possible loss because, among other reasons, (i) the proceedings are in various stages; (ii) damages have not been sought or specified; (iii) damages are unsupported and/or exaggerated; (iv) there is uncertainty as to the outcome of pending appeals or motions; (v) there are significant factual issues to be resolved; and/or (vi) there are novel legal issues or unsettled legal theories to be presented or a large number of parties. For this case, however, management does not believe, based on currently available information, that the outcome of this proceeding will have a material adverse effect on our financial condition. However, the ultimate resolutions of this proceeding and matters are inherently difficult to predict; as such, our operating results could be materially affected by the unfavorable resolution of this proceeding or matters for any particular period, depending, in part, upon the operating results for such period. We intend to vigorously defend ourselves against the allegations made in the legal case described below. | |
On June 17, 2014, Enterprise Systems Technologies S.a.r.l. (the “Plaintiff”) filed suit against Cirrus Logic, Inc. in the U.S. District Court, District of Delaware. The Plaintiff alleges that Cirrus Logic indirectly infringes two U.S. patents through the manufacture and sale of digital signal processors, audio codecs, audio processors, and other components included in communications and consumer electronic devices such as smartphones and computers. The Plaintiff is seeking unspecified monetary damages. On July 23, 2014, the Plaintiff filed an amended complaint removing allegations associated with one of the two patents. On August 25, 2014, the lawsuit was stayed pending resolution of the proceedings in the International Trade Commission described below. | |
On July 16, 2014, the Plaintiff requested the International Trade Commission to investigate the impact of certain products that allegedly infringe the same patent asserted in the District Court of Delaware. The Plaintiff is seeking a limited exclusion order against certain Apple, Inc. products that incorporate the Company’s components. The target date for completion of the investigation is December 21, 2015. | |
Stockholders_Equity
Stockholder's Equity | 6 Months Ended |
Sep. 27, 2014 | |
Stockholder's Equity [Abstract] | ' |
Stockholder's Equity | ' |
14. Stockholders’ Equity | |
Common Stock | |
The Company issued a net 0.4 million and 0.6 million shares of common stock during the three and six month periods ending September 27, 2014, respectively, in connection with stock issuances pursuant to the Company’s 2006 Stock Incentive Plan. The Company issued a net 0.2 million and 0.3 million shares of common stock during the three and six month periods ending September 28, 2013, respectively, in connection with stock issuances pursuant to the Company’s 2006 Stock Incentive Plan. | |
Segment_Information
Segment Information | 6 Months Ended | |||||||||||
Sep. 27, 2014 | ||||||||||||
Segment Information [Abstract] | ' | |||||||||||
Segment Information | ' | |||||||||||
15. Segment Information | ||||||||||||
We determine our operating segments in accordance with Financial Accounting Standards Board guidelines. Our Chief Executive Officer (“CEO”) has been identified as the chief operating decision maker under these guidelines. | ||||||||||||
The Company operates and tracks its results in one reportable segment, but reports revenue performance in two product lines. We are adjusting how we present product line revenue to better reflect our business model. Beginning this quarter we will report revenue by Portable Audio Products, which includes devices selling into such end applications as tablets and smartphones. The remainder of the revenue will be defined as Non-Portable Audio and Other Products, which target high-end home entertainment, automotive, energy, industrial and various general markets. Our CEO receives and uses enterprise-wide financial information to assess financial performance and allocate resources, rather than detailed information at a product line level. Additionally, our product lines have similar characteristics and customers. They share operations support functions such as sales, public relations, supply chain management, various research and development and engineering support, in addition to the general and administrative functions of human resources, legal, finance and information technology. Therefore, no complete, discrete financial information maintained for these product lines. | ||||||||||||
Revenues from our product lines are as follows (in thousands): | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
September 27, | September 28, | September 27, | September 28, | |||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Portable Audio Products | $ | 163,563 | $ | 150,949 | $ | 276,132 | $ | 267,556 | ||||
Non-Portable Audio and Other Products | 46,651 | 39,722 | 86,647 | 78,240 | ||||||||
$ | 210,214 | $ | 190,671 | $ | 362,779 | $ | 345,796 | |||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 6 Months Ended | ||||||||||||
Sep. 27, 2014 | |||||||||||||
Marketable Securities [Abstract] | ' | ||||||||||||
Schedule of Available-for-sale Securities | ' | ||||||||||||
Estimated | |||||||||||||
Gross | Gross | Fair Value | |||||||||||
Amortized | Unrealized | Unrealized | (Net Carrying | ||||||||||
As of September 27, 2014 | Cost | Gains | Losses | Amount) | |||||||||
Corporate debt securities | $ | 78,574 | $ | 2 | $ | -38 | $ | 78,538 | |||||
Commercial paper | 16,487 | 4 | -5 | 16,486 | |||||||||
Total securities | $ | 95,061 | $ | 6 | $ | -43 | $ | 95,024 | |||||
The Company’s specifically identified gross unrealized losses of $43 thousand relates to 15 different securities with total amortized cost of approximately $63.1 million at September 27, 2014. Because the Company does not intend to sell the investments at a loss and the Company will not be required to sell the investments before recovery of its amortized cost basis, it did not consider the investment in these securities to be other-than-temporarily impaired at September 27, 2014. Further, the securities with gross unrealized losses had been in a continuous unrealized loss position for less than 12 months as of September 27, 2014. | |||||||||||||
The following table is a summary of available-for-sale securities at March 29, 2014 (in thousands): | |||||||||||||
Estimated | |||||||||||||
Gross | Gross | Fair Value | |||||||||||
Amortized | Unrealized | Unrealized | (Net Carrying | ||||||||||
As of March 29, 2014 | Cost | Gains | Losses | Amount) | |||||||||
Corporate debt securities | $ | 246,878 | $ | 52 | $ | -245 | $ | 246,685 | |||||
U.S. Treasury securities | 56,986 | 10 | -2 | 56,994 | |||||||||
Agency discount notes | 2,008 | 1 | - | 2,009 | |||||||||
Commercial paper | 41,962 | 10 | -2 | 41,970 | |||||||||
Certificates of deposit | 5,006 | - | -4 | 5,002 | |||||||||
Total securities | $ | 352,840 | $ | 73 | $ | -253 | $ | 352,660 | |||||
Schedule of Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity | ' | ||||||||||||
27-Sep-14 | 29-Mar-14 | ||||||||||||
Amortized | Estimated | Amortized | Estimated | ||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||
Within 1 year | $ | 85,821 | $ | 85,796 | $ | 263,418 | $ | 263,417 | |||||
After 1 year | 9,240 | 9,228 | 89,422 | 89,243 | |||||||||
Total | $ | 95,061 | $ | 95,024 | $ | 352,840 | $ | 352,660 | |||||
Derivative_Instruments_Fair_Va
Derivative Instruments Fair Value (Tables) | 6 Months Ended | |||||
Sep. 27, 2014 | ||||||
Derivative Instrument Detail [Abstract] | ' | |||||
Schedule of Derivative Instruments Fair Value | ' | |||||
Other Accrued Liabilities | ||||||
September 27, | March 29, | |||||
2014 | 2014 | |||||
Currency forwards | $ | 29 | $ | - | ||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 6 Months Ended | |||||||||||
Sep. 27, 2014 | ||||||||||||
Fair Value of Financial Instruments [Abstract] | ' | |||||||||||
Schedule of Fair Value of Financial Assets and Liabilities | ' | |||||||||||
Quoted Prices | ||||||||||||
in Active | Significant | |||||||||||
Markets for | Other | Significant | ||||||||||
Identical | Observable | Unobservable | ||||||||||
Assets | Inputs | Inputs | ||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
Assets: | ||||||||||||
Cash equivalents | ||||||||||||
Money market funds | $ | 17,577 | $ | - | $ | - | $ | 17,577 | ||||
Available-for-sale securities | ||||||||||||
Corporate debt securities | $ | - | $ | 78,538 | $ | - | $ | 78,538 | ||||
Commercial paper | - | 16,486 | - | 16,486 | ||||||||
$ | - | $ | 95,024 | $ | - | $ | 95,024 | |||||
Liabilities: | ||||||||||||
Other accrued liabilities | ||||||||||||
Foreign exchange derivative | $ | - | $ | 29 | $ | - | $ | 29 | ||||
The fair value of our financial assets at March 29, 2014, was determined using the following inputs (in thousands): | ||||||||||||
Quoted Prices | ||||||||||||
in Active | Significant | |||||||||||
Markets for | Other | Significant | ||||||||||
Identical | Observable | Unobservable | ||||||||||
Assets | Inputs | Inputs | ||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
Cash equivalents | ||||||||||||
Money market funds | $ | 20,456 | $ | - | $ | - | $ | 20,456 | ||||
Commercial paper | - | 1,878 | - | 1,878 | ||||||||
$ | 20,456 | $ | 1,878 | $ | - | $ | 22,334 | |||||
Available-for-sale securities | ||||||||||||
Corporate debt securities | $ | - | $ | 246,685 | $ | - | $ | 246,685 | ||||
U.S. Treasury securities | 56,994 | - | - | 56,994 | ||||||||
Agency discount notes | - | 2,009 | - | 2,009 | ||||||||
Commercial paper | - | 41,970 | - | 41,970 | ||||||||
Certificates of deposit | - | 5,002 | - | 5,002 | ||||||||
$ | 56,994 | $ | 295,666 | $ | - | $ | 352,660 | |||||
Accounts_Receivable_net_Tables
Accounts Receivable, net (Tables) | 6 Months Ended | |||||
Sep. 27, 2014 | ||||||
Accounts Receivable, net [Abstract] | ' | |||||
Components of Accounts Receivable, net | ' | |||||
September 27, | March 29, | |||||
2014 | 2014 | |||||
Gross accounts receivable | $ | 126,532 | $ | 63,449 | ||
Allowance for doubtful accounts | -371 | -229 | ||||
Accounts receivable, net | $ | 126,161 | $ | 63,220 | ||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | |||||
Sep. 27, 2014 | ||||||
Inventories [Abstract] | ' | |||||
Schedule of Inventories | ' | |||||
September 27, | March 29, | |||||
2014 | 2014 | |||||
Work in process | $ | 64,518 | $ | 37,967 | ||
Finished goods | 56,651 | 31,776 | ||||
$ | 121,169 | $ | 69,743 | |||
Acquisition_Tables
Acquisition (Tables) | 6 Months Ended | ||
Sep. 27, 2014 | |||
Acquisition [Abstract] | ' | ||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ||
Amount | |||
Cash and cash equivalents | $ | 25,342 | |
Inventory | 28,658 | ||
Other current assets | 15,633 | ||
Property, plant and equipment | 29,093 | ||
Intangible assets | 175,987 | ||
Pension assets | 1,625 | ||
Total identifiable assets acquired | $ | 276,338 | |
Deferred tax liability - current | -11,483 | ||
Deferred revenue | -551 | ||
Other accrued liabilities | -41,417 | ||
Other long-term liabilities | -2,449 | ||
Total identifiable liabilities assumed | $ | -55,900 | |
Net identifiable assets acquired | $ | 220,438 | |
Goodwill | 249,043 | ||
Net assets acquired | $ | 469,481 | |
Acquisition_Acquired_Intangibl
Acquisition Acquired Intangibles (Tables) | 6 Months Ended | ||||
Sep. 27, 2014 | |||||
Acquisition [Abstract] | ' | ||||
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | ' | ||||
Intangible assets | Amount | Weighted-average Amortization Period (years) | |||
Developed technology | $ | 74,247 | 6.2 | ||
Technology intellectual property | 14,572 | 5.3 | |||
Trademark | 1,437 | 1.3 | |||
In-process research & development | 72,750 | 7.5 | |||
Customer relationships | 12,981 | 10 | |||
Total | $ | 175,987 | |||
Income_Taxes_Tables
Income Taxes (Tables) | 6 Months Ended | |||||||||||
Sep. 27, 2014 | ||||||||||||
Income Taxes [Abstract] | ' | |||||||||||
Schedule of Provision for Income Taxes and Effective Tax Rates | ' | |||||||||||
Three Months Ended | Six Months Ended | |||||||||||
September 27, | September 28, | September 27, | September 28, | |||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Income before income taxes | $ | 3,409 | $ | 50,828 | $ | 19,358 | $ | 82,474 | ||||
Provision for income taxes | $ | 2,557 | $ | 17,461 | $ | 8,258 | $ | 28,465 | ||||
Effective tax rate | 75.0% | 34.4% | 42.7% | 34.5% | ||||||||
Pension_Plan_Periodic_Pension_
Pension Plan (Periodic Pension Costs) (Tables) | 6 Months Ended | |||||||||||
Sep. 27, 2014 | ||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | |||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | |||||||||||
Three Months Ended | Six Months Ended | |||||||||||
September 27, | September 28, | September 27, | September 28, | |||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Interest cost | $ | 254 | $ | - | $ | 254 | $ | - | ||||
Expected return on plan assets | -370 | - | -370 | - | ||||||||
-116 | - | -116 | - | |||||||||
Pension_Plan_Weighted_Average_
Pension Plan (Weighted Average Assumptions) (Tables) | 3 Months Ended | |||
Sep. 27, 2014 | ||||
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | ' | |||
Schedule of Weighted Average Assumptions - Net Periodic Benefit Costs | ' | |||
Discount rate | 4.20 | % | ||
Expected long-term return on plan assets | 5.58 | % | ||
Pension_Plan_Benefit_Obligatio
Pension Plan (Benefit Obligation and Plan Asset Fair Value) (Tables) | 3 Months Ended | ||
Sep. 27, 2014 | |||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | ||
Schedule of Benefit Obligation and Plan Fair Value | ' | ||
Change in benefit obligation: | |||
Beginning balance at June 29, 2014 | $ | 24,538 | |
Interest cost | 254 | ||
Benefits paid and expenses | -69 | ||
Actuarial loss | 1,344 | ||
Total benefit obligation at September 27, 2014 | 26,067 | ||
Change in plan assets: | |||
Beginning balance at June 29, 2014 | 27,089 | ||
Actual return on plan assets | 672 | ||
Benefits paid and expenses | -69 | ||
Fair value of plan assets at September 27, 2014 | 27,692 | ||
Funded status of plan at September 27, 2014 | $ | 1,625 | |
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 6 Months Ended | |||||||||||
Sep. 27, 2014 | ||||||||||||
Net Income Per Share [Abstract] | ' | |||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||||||
Three Months Ended | Six Months Ended | |||||||||||
September 27, | September 28, | September 27, | September 28, | |||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Numerator: | ||||||||||||
Net income | $ | 852 | $ | 33,367 | $ | 11,100 | $ | 54,009 | ||||
Denominator: | ||||||||||||
Weighted average shares outstanding | 62,241 | 63,217 | 62,137 | 63,329 | ||||||||
Effect of dilutive securities | 2,844 | 2,908 | 2,755 | 2,874 | ||||||||
Weighted average diluted shares | 65,085 | 66,125 | 64,892 | 66,203 | ||||||||
Basic earnings per share | $ | 0.01 | $ | 0.53 | $ | 0.18 | $ | 0.85 | ||||
Diluted earnings per share | $ | 0.01 | $ | 0.50 | $ | 0.17 | $ | 0.82 | ||||
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | |||||||||||
Sep. 27, 2014 | ||||||||||||
Segment Information [Abstract] | ' | |||||||||||
Schedule of Segment Revenue from Product Lines | ' | |||||||||||
Three Months Ended | Six Months Ended | |||||||||||
September 27, | September 28, | September 27, | September 28, | |||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Portable Audio Products | $ | 163,563 | $ | 150,949 | $ | 276,132 | $ | 267,556 | ||||
Non-Portable Audio and Other Products | 46,651 | 39,722 | 86,647 | 78,240 | ||||||||
$ | 210,214 | $ | 190,671 | $ | 362,779 | $ | 345,796 | |||||
Marketable_Securities_Narrativ
Marketable Securities (Narrative) (Details) (USD $) | Sep. 27, 2014 | Mar. 29, 2014 |
security | security | |
Marketable Securities [Abstract] | ' | ' |
Gross Unrealized Losses | ($43,000) | ($253,000) |
Amortized cost on available for sale securities held at gross unrealized loss | $63,100,000 | $207,800,000 |
Number of securities | 15 | 74 |
Marketable_Securities_Schedule
Marketable Securities (Schedule of Available-for-sale Securities) (Details) (USD $) | Sep. 27, 2014 | Mar. 29, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value | $95,024 | $352,660 |
Gross Unrealized Gains | 6 | 73 |
Gross Unrealized Losses | -43 | -253 |
Amortized Cost | 95,061 | 352,840 |
Corporate Debt Securities - U.S. [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value | 78,538 | 246,685 |
Gross Unrealized Gains | 2 | 52 |
Gross Unrealized Losses | -38 | -245 |
Amortized Cost | 78,574 | 246,878 |
U.S. Treasury Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value | ' | 56,994 |
Gross Unrealized Gains | ' | 10 |
Gross Unrealized Losses | ' | -2 |
Amortized Cost | ' | 56,986 |
Agency Discount Notes [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value | ' | 2,009 |
Gross Unrealized Gains | ' | 1 |
Amortized Cost | ' | 2,008 |
Commercial Paper [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value | 16,486 | 41,970 |
Gross Unrealized Gains | 4 | 10 |
Gross Unrealized Losses | -5 | -2 |
Amortized Cost | 16,487 | 41,962 |
Certificates of Deposit [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value | ' | 5,002 |
Gross Unrealized Losses | ' | -4 |
Amortized Cost | ' | $5,006 |
Marketable_Securities_Schedule1
Marketable Securities (Schedule of Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity) (Details) (USD $) | Sep. 27, 2014 | Mar. 29, 2014 |
In Thousands, unless otherwise specified | ||
Marketable Securities [Abstract] | ' | ' |
Within 1 year, Amortized Cost | $85,821 | $263,418 |
After 1 year, Amortized Cost | 9,240 | 89,422 |
Within 1 year, Estimated Fair Value | 85,796 | 263,417 |
After 1 year, Estimated Fair Value | 9,228 | 89,243 |
Amortized Cost | 95,061 | 352,840 |
Estimated Fair Value | $95,024 | $352,660 |
Derivative_Instruments_Schedul
Derivative Instruments (Schedule of Derivative Instruments Fair Value) (Details) (Other Accrued Liabilities [Member], USD $) | Sep. 27, 2014 |
In Thousands, unless otherwise specified | |
Other Accrued Liabilities [Member] | ' |
Currency forwards | $29 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Schedule of Fair Value of Financial Assets and Liabilities) (Details) (USD $) | Sep. 27, 2014 | Mar. 29, 2014 |
In Thousands, unless otherwise specified | ||
Derivative Financial Instruments, Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of financial liabilitites | $29 | ' |
Derivative Financial Instruments, Liabilities [Member] | Significant Other Observable Inputs Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of financial liabilitites | 29 | ' |
Cash Equivalents [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of financial assets | ' | 22,334 |
Cash Equivalents [Member] | Quoted Prices In Active Markets For Identical Assets Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of financial assets | ' | 20,456 |
Cash Equivalents [Member] | Significant Other Observable Inputs Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of financial assets | ' | 1,878 |
Cash Equivalents [Member] | Money-Market Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of financial assets | 17,577 | 20,456 |
Cash Equivalents [Member] | Money-Market Funds [Member] | Quoted Prices In Active Markets For Identical Assets Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of financial assets | 17,577 | 20,456 |
Cash Equivalents [Member] | Commercial Paper [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of financial assets | ' | 1,878 |
Cash Equivalents [Member] | Commercial Paper [Member] | Significant Other Observable Inputs Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of financial assets | ' | 1,878 |
Available-for-sale Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of financial assets | 95,024 | 352,660 |
Available-for-sale Securities [Member] | Quoted Prices In Active Markets For Identical Assets Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of financial assets | ' | 56,994 |
Available-for-sale Securities [Member] | Significant Other Observable Inputs Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of financial assets | 95,024 | 295,666 |
Available-for-sale Securities [Member] | Corporate Debt Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of financial assets | 78,538 | 246,685 |
Available-for-sale Securities [Member] | Corporate Debt Securities [Member] | Significant Other Observable Inputs Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of financial assets | 78,538 | 246,685 |
Available-for-sale Securities [Member] | U.S. Treasury Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of financial assets | ' | 56,994 |
Available-for-sale Securities [Member] | U.S. Treasury Securities [Member] | Quoted Prices In Active Markets For Identical Assets Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of financial assets | ' | 56,994 |
Available-for-sale Securities [Member] | Agency Discount Notes [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of financial assets | ' | 2,009 |
Available-for-sale Securities [Member] | Agency Discount Notes [Member] | Significant Other Observable Inputs Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of financial assets | ' | 2,009 |
Available-for-sale Securities [Member] | Commercial Paper [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of financial assets | 16,486 | 41,970 |
Available-for-sale Securities [Member] | Commercial Paper [Member] | Significant Other Observable Inputs Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of financial assets | 16,486 | 41,970 |
Available-for-sale Securities [Member] | Certificates of Deposit [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of financial assets | ' | 5,002 |
Available-for-sale Securities [Member] | Certificates of Deposit [Member] | Significant Other Observable Inputs Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of financial assets | ' | $5,002 |
Accounts_Receivable_net_Compon
Accounts Receivable, net (Components of Accounts Receivable, net) (Details) (USD $) | Sep. 27, 2014 | Mar. 29, 2014 |
In Thousands, unless otherwise specified | ||
Accounts Receivable, net [Abstract] | ' | ' |
Gross accounts receivable | $126,532 | $63,449 |
Allowance for doubtful accounts | -371 | -229 |
Accounts receivable, net | $126,161 | $63,220 |
Inventories_Schedule_of_Invent
Inventories (Schedule of Inventories) (Details) (USD $) | Sep. 27, 2014 | Mar. 29, 2014 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Work in process | $64,518 | $37,967 |
Finished goods | 56,651 | 31,776 |
Total inventories | $121,169 | $69,743 |
Acquisition_Narrative_Details
Acquisition (Narrative) (Details) | 3 Months Ended | 6 Months Ended | 6 Months Ended | ||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Aug. 21, 2014 | Aug. 21, 2014 | Apr. 29, 2014 | Apr. 29, 2014 | Mar. 29, 2014 | Sep. 27, 2014 | Aug. 21, 2014 |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | GBP (£) | USD ($) | Wolfson [Member] | Wolfson [Member] | |
USD ($) | USD ($) | ||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Enterprise value | ' | ' | ' | ' | $469,000 | £ 283,000 | ' | ' | ' | ' | ' |
Foreign currency exchange rate, translation | ' | ' | ' | ' | 1.659 | ' | 1.682 | ' | ' | ' | ' |
Business acquisition, share price | ' | ' | ' | ' | ' | ' | ' | £ 2.35 | ' | ' | ' |
Line of credit facility maximum borrowing capacity | ' | ' | ' | ' | 225,000 | ' | ' | ' | ' | ' | ' |
Acquisition foreign currency transaction loss | ' | ' | 12,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 265,410 | ' | 265,410 | ' | ' | ' | ' | ' | 16,367 | ' | 249,043 |
Business Combination, Acquisition Related Costs | 14,937 | ' | 14,937 | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | 210,214 | 190,671 | 362,779 | 345,796 | ' | ' | ' | ' | ' | 13,000 | ' |
Business Acquisition, Pro Forma Revenue | ' | ' | $57,200 | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition_Schedule_of_Recogn
Acquisition (Schedule of Recognized Identified Assets Acquired, Goodwill, and Liabilities Assumed) (Details) (USD $) | Sep. 27, 2014 | Mar. 29, 2014 | Aug. 21, 2014 |
In Thousands, unless otherwise specified | Wolfson [Member] | ||
Cash and cash equivalents | ' | ' | $25,342 |
Inventory | ' | ' | 28,658 |
Other current assets | ' | ' | 15,633 |
Property, plant and equipment | ' | ' | 29,093 |
Intangible assets | ' | ' | 175,987 |
Pension assets | ' | ' | 1,625 |
Total identifiable assets acquired | ' | ' | 276,338 |
Deferred tax liability - current | ' | ' | -11,483 |
Deferred revenue | ' | ' | -551 |
Other accrued liabilities | ' | ' | -41,417 |
Other long-term liabilities | ' | ' | -2,449 |
Total identifiable liabilities assumed | ' | ' | -55,900 |
Net identifiable assets acquired | ' | ' | 220,438 |
Goodwill | 265,410 | 16,367 | 249,043 |
Net assets acquired | ' | ' | $469,481 |
Acquisition_Schedule_of_Finite
Acquisition (Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination) (Details) (USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Aug. 21, 2014 |
Wolfson [Member] | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 175,987 |
Developed technology [Member] | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '6 years 2 months 12 days |
Developed technology [Member] | Wolfson [Member] | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 74,247 |
Technology intellectual property [Member] | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '5 years 3 months 18 days |
Technology intellectual property [Member] | Wolfson [Member] | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 14,572 |
Trademark [Member] | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '1 year 3 months 18 days |
Trademark [Member] | Wolfson [Member] | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 1,437 |
In-process research & development [Member] | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '7 years 6 months |
In-process research & development [Member] | Wolfson [Member] | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 72,750 |
Customer relationships [Member] | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '10 years |
Customer relationships [Member] | Wolfson [Member] | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 12,981 |
Revolving_Credit_Facilities_Na
Revolving Credit Facilities (Narrative) (Details) (USD $) | Aug. 21, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 |
In Thousands, unless otherwise specified | Wells Fargo Secured Revolving Line of Credit [Member] | Wells Fargo Secured Revolving Line of Credit [Member] | Wells Fargo Secured Revolving Line of Credit [Member] | Wells Fargo Secured Revolving Line of Credit [Member] | Wells Fargo Secured Revolving Line of Credit [Member] | Wells Fargo Secured Revolving Line of Credit [Member] | Wells Fargo Secured Revolving Line of Credit [Member] | Expired Wells Fargo Line of Credit [Member] | |
Maximum [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | ||||
Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Line of credit facility maximum borrowing capacity | $225,000 | $250,000 | ' | ' | ' | ' | ' | ' | $100,000 |
Basis spread on variable interest rate | ' | ' | ' | 0.25% | ' | ' | 0.00% | ' | ' |
Line of credit facility, interest rate description | ' | ' | ' | ' | '2.00% | ' | ' | '1.50% | ' |
Line of credit facility, unused capacity, commitment fee percentage | ' | ' | 0.35% | ' | ' | 0.25% | ' | ' | ' |
Covenant terms, leverage ratio requirement | ' | 200.00% | ' | ' | ' | ' | ' | ' | ' |
Covenant terms, cash and cash equivalents | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, amount outstanding | ' | 226,400 | ' | ' | ' | ' | ' | ' | ' |
Revolving credit sublimit | ' | ' | ' | ' | ' | ' | ' | ' | $15,000 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 6 Months Ended |
Sep. 27, 2014 | |
Income Taxes [Abstract] | ' |
Unrecognized tax benefit | $0 |
Accrued interest and penalties | 0 |
Interest and penalties incurred during period | $0 |
Income_Taxes_Table_Details
Income Taxes (Table) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Income Taxes [Abstract] | ' | ' | ' | ' |
Income before income taxes | $3,409 | $50,828 | $19,358 | $82,474 |
Provision for income taxes | $2,557 | $17,461 | $8,258 | $28,465 |
Effective tax rate | 75.00% | 34.40% | 42.70% | 34.50% |
Pension_Plan_Net_Periodic_Pens
Pension Plan (Net Periodic Pension Expense) (Table) (Details) (USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 27, 2014 |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' |
Interest cost | $254 | $254 |
Expected return on plan assets | -370 | -370 |
Total net periodic benefit expense (income) | ($116) | ($116) |
Pension_Plan_Weighted_Average_1
Pension Plan (Weighted Average Assumptions) (Table) (Details) | 6 Months Ended |
Sep. 27, 2014 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' |
Discount rate | 4.20% |
Expected long-term return on plan assets | 5.58% |
Pension_Plan_Change_in_Benefit
Pension Plan (Change in Benefit Obligation and Plan Assets) (Table) (Details) (USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 27, 2014 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | ' | ' |
Beginning balance at June 29, 2014 | $24,538 | ' |
Interest cost | 254 | 254 |
Benefits paid and expenses | -69 | ' |
Actuarial loss | 1,344 | ' |
Total benefit obligation at September 27, 2014 | 26,067 | 26,067 |
Beginning balance at June 29,2014 | 27,089 | ' |
Actual return on plan assets | 672 | ' |
Benefits paid and expenses | -69 | ' |
Fair value of plan assets at September 27, 2014 | 27,692 | 27,692 |
Funded status of plan at September 27, 2014 | $1,625 | $1,625 |
Pension_Plan_Narrative_Details
Pension Plan (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 28, 2014 | Sep. 27, 2014 |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' |
Pension deficit contributions pre-acquisition | $1,650 | ' |
Pension defiticit contribution, current | ' | 1,650 |
Pension deficit contribution, noncurrent | ' | $600 |
Pension plan discount rate assumption in benefit obligation calculation | ' | 3.90% |
Net_Income_Per_Share_Narrative
Net Income Per Share (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Net Income Per Share [Abstract] | ' | ' | ' | ' |
Weighted average outstanding options excluded from diluted calculation | 642 | 991 | 731 | 986 |
Net_Income_Per_Share_Calculati
Net Income Per Share (Calculation Of Basic And Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Net Income Per Share [Abstract] | ' | ' | ' | ' |
Net income | $852 | $33,367 | $11,100 | $54,009 |
Basic weighted average common shares outstanding | 62,241 | 63,217 | 62,137 | 63,329 |
Effect of dilutive securities | 2,844 | 2,908 | 2,755 | 2,874 |
Diluted weighted average common shares outstanding | 65,085 | 66,125 | 64,892 | 66,203 |
Basic earnings per share | $0.01 | $0.53 | $0.18 | $0.85 |
Diluted earnings per share | $0.01 | $0.50 | $0.17 | $0.82 |
Legal_Matters_Details
Legal Matters (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2013 |
Legal Matters [Abstract] | ' |
Patent infringement settlements, net | ($695) |
Stockholders_Equity_Details
Stockholder's Equity (Details) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Stockholder's Equity [Abstract] | ' | ' | ' | ' |
Stock issued during period, shares, stock options exercised | 400 | 200 | 600 | 300 |
Segment_Information_Schedule_o
Segment Information (Schedule of Segment Revenue from Product Lines) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $210,214 | $190,671 | $362,779 | $345,796 |
Portable Audio Products [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 163,563 | 150,949 | 276,132 | 267,556 |
Non-Portable Audio and Other Products [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $46,651 | $39,722 | $86,647 | $78,240 |