Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Sep. 29, 2013 | Oct. 25, 2013 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'LINEAR TECHNOLOGY CORP /CA/ | ' |
Entity Central Index Key | '0000791907 | ' |
Current Fiscal Year End Date | '--06-29 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 29-Sep-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 234,162,695 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | ||
Revenues | $340,357 | $335,148 | ||
Cost of sales | 84,001 | [1] | 83,758 | [1] |
Gross profit | 256,356 | 251,390 | ||
Expenses: | ' | ' | ||
Research and development | 61,512 | [1] | 58,803 | [1] |
Selling, general and administrative | 38,678 | [1] | 37,504 | [1] |
Total operating expenses | 100,190 | 96,307 | ||
Operating income | 156,166 | 155,083 | ||
Interest expense | -12,259 | [2] | -12,001 | [2] |
Interest and other income | 882 | 1,003 | ||
Income before income taxes | 144,789 | 144,085 | ||
Provision for income taxes | 36,921 | 38,903 | ||
Net income | $107,868 | $105,182 | ||
Basic earnings per share | $0.45 | $0.45 | ||
Shares used in the calculation of basic earnings per share | 238,146 | 234,990 | ||
Diluted earnings per share | $0.45 | $0.45 | ||
Shares used in the calculation of diluted earnings per share | 239,328 | 236,010 | ||
Cash dividends per share | $0.26 | [3] | $0.25 | |
[1] | Stock-based compensation Cost of sales$1,964Â $1,970Â Research and development9,162Â 9,196Â Selling, general and administrative4,730Â 4,745 | |||
[2] | Amortization of debt discount (non- cash interest expense)5,446Â 5,146 | |||
[3] |
CONSOLIDATED_STATEMENTS_OF_INC1
CONSOLIDATED STATEMENTS OF INCOME (PARENTHETICAL) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 |
Amortization of debt discount (non-cash interest expense) | $5,446 | $5,146 |
Common Stock, Dividends, Per Share, Cash Paid | $0.26 | ' |
Cost of sales [Member] | ' | ' |
Allocated Share-based Compensation Expense | 1,964 | 1,970 |
Research and development [Member] | ' | ' |
Allocated Share-based Compensation Expense | 9,162 | 9,196 |
Selling, General And Administrative Expense [Member] | ' | ' |
Allocated Share-based Compensation Expense | $4,730 | $4,745 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehesive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 |
Net income | $107,868 | $105,182 |
Other comprehensive income, net of tax: | ' | ' |
Changes in unrealized gains (losses) on available-for-sale securities | 319 | 307 |
Total comprehensive income | $108,187 | $105,489 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 29, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $274,966 | $126,650 |
Marketable securities | 1,314,481 | 1,398,091 |
Accounts receivable, net of allowance for doubtful accounts of $1,891 ($2,035 at July 1, 2012) | 182,186 | 145,274 |
Inventories: | ' | ' |
Raw materials | 9,886 | 9,348 |
Work-in-process | 59,239 | 59,532 |
Finished goods | 17,871 | 18,349 |
Total inventories | 86,996 | 87,229 |
Prepaid expenses and other current assets | 35,770 | 36,646 |
Total current assets | 1,894,399 | 1,793,890 |
Property, plant and equipment, at cost: | ' | ' |
Land | 28,837 | 28,837 |
Buildings and improvements | 236,538 | 235,748 |
Manufacturing and test equipment | 652,340 | 651,194 |
Office furniture and equipment | 5,704 | 5,494 |
Property, plant and equipment, total | 923,419 | 921,273 |
Accumulated depreciation and amortization | -643,350 | -632,807 |
Net Property, plant and equipment | 280,069 | 288,466 |
Identified intangible assets, net and goodwill | 15,435 | 15,985 |
Total noncurrent assets | 295,504 | 304,451 |
Total assets | 2,189,903 | 2,098,341 |
Current liabilities: | ' | ' |
Accounts payable | 13,238 | 10,258 |
Accrued payroll and related benefits | 60,267 | 77,659 |
Deferred income on shipments to distributors | 42,245 | 44,088 |
Income taxes payable | 38,521 | 12,834 |
Other accrued liabilities | 21,164 | 18,933 |
Long-term Debt, Current Maturities | 832,075 | 826,629 |
Deferred Tax Liabilities, Net, Current | 37,028 | 35,479 |
Total current liabilities | 1,044,538 | 1,025,880 |
Deferred tax liabilities | 49,797 | 48,026 |
Other long-term liabilities | 43,163 | 42,527 |
Total liabilities | 1,137,498 | 1,116,433 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $0.001 par value, 2,000 shares authorized; none issued or outstanding | 0 | 0 |
Common stock, $0.001 par value, 2,000,000 shares authorized; 233,226 shares issued and outstanding at December 30, 2012 (230,034 shares at July 1, 2012) | 234 | 233 |
Additional paid-in capital | 1,772,790 | 1,736,496 |
Accumulated other comprehensive income, net of tax | 53 | -266 |
Accumulated deficit | -720,672 | -754,555 |
Total stockholders' equity | 1,052,405 | 981,908 |
Total liabilities and stockholders' equity | $2,189,903 | $2,098,341 |
CONSOLIDATED_BALANCE_SHEETS_PA
CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) (USD $) | Sep. 29, 2013 | Jun. 30, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Current assets: | ' | ' |
Allowance for doubtful accounts | $1,881 | $1,891 |
Stockholders' equity: | ' | ' |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized (in shares) | 2,000 | 2,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Common stock, shares issued (in shares) | 233,882 | 233,025 |
Common stock, shares outstanding (in shares) | 233,882 | 233,025 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 |
Cash flow from operating activities: | ' | ' |
Net income | $107,868 | $105,182 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 12,835 | 14,346 |
Tax deficit resulting from the the exercise of stock-based awards | 1,529 | -1,002 |
Stock-based compensation | 15,856 | 15,911 |
Amortization of convertible senior notes discount | 5,446 | 5,146 |
Change in operating assets and liabilities: | ' | ' |
Decrease in accounts receivable | -36,912 | 667 |
Increase in inventories | 233 | -2,036 |
Decrease in prepaid expenses, other current assets and deferred tax assets | 4,255 | -802 |
Decrease in long-term assets | 0 | 475 |
Decrease in accounts payable, accrued payroll, other accrued liabilities, and long-term liabilities | -12,373 | 753 |
Increase (decrease) in deferred income on shipments to distributors | -1,843 | 1,074 |
Increase in income taxes payable | 26,833 | 33,422 |
Cash provided by operating activities | 123,727 | 173,136 |
Cash flow from investing activities: | ' | ' |
Purchases of marketable securities | -261,440 | -315,253 |
Proceeds from sale and maturities of available-for-sale securities | 344,992 | 180,602 |
Purchases of property, plant and equipment | -3,888 | -3,381 |
Cash used in investing activities | 79,664 | -138,032 |
Cash flow from financing activities: | ' | ' |
Issuance of common stock under employee stock plans | 21,655 | 10,719 |
Purchases of common stock | -14,671 | -5,087 |
Payments of cash dividends | -62,059 | -58,844 |
Cash used in financing activities | -55,075 | -53,212 |
Decrease in cash and cash equivalents | 148,316 | -18,108 |
Cash and cash equivalents, beginning of period | 126,650 | ' |
Cash and cash equivalents, end of period | $274,966 | ' |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Sep. 29, 2013 | |
Basis of Presentation [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
Interim financial statements and information are unaudited; however, in the opinion of management, all adjustments necessary for a fair and accurate presentation of the interim results in conformity with U.S. generally accepted accounting principles (“GAAP”) have been made. All such adjustments were of a normal recurring nature. The results for the three month period ended September 29, 2013 are not necessarily an indication of results to be expected for the entire fiscal year. All information reported in this Form 10-Q should be read in conjunction with the Company’s annual consolidated financial statements for the fiscal year ended June 30, 2013 included in the Company’s Annual Report on Form 10-K. The accompanying balance sheet at June 30, 2013 has been derived from those audited financial statements. Because the Company is viewed as a single operating segment for management purposes, no segment information has been disclosed. | |
Revenue Recognition | |
The Company recognizes revenues when the earnings process is complete, when persuasive evidence of an arrangement exists, the product has been delivered, the price is fixed and determinable and collection is reasonably assured. During the first quarter of fiscal year 2014, the Company recognized approximately 15% of net revenues from domestic distributors that are recognized under agreements which provide for certain sales price rebates and limited product return privileges. Given the uncertainties associated with the levels of pricing rebates, the ultimate sales price on domestic distributor sales transactions is not fixed or determinable until domestic distributors sell the merchandise to the end-customer. At the time of shipment to domestic distributors, the Company records a trade receivable and deferred revenue at the distributor purchasing price since there is a legally enforceable obligation from the distributor to pay for the products delivered. The Company relieves inventory as title has passed to the distributor and recognizes deferred cost of sales in the same amount. “Deferred income on shipments to distributors” represents the difference between deferred revenue and deferred cost of sales and is recognized as a current liability until such time as the distributor confirms a final sale to its end customer. At September 29, 2013, the Company had approximately $52.4 million of deferred revenue and $10.2 million of deferred cost of sales recognized as $42.2 million of “Deferred income on shipments to distributors.” The Company believes that its deferred costs of revenues have limited risk of material impairment as the Company offers stock rotation privileges to distributors (up to 3% to 5% of quarterly purchases) which enable distributors to rotate slow moving inventory. In addition, stock rotated inventory that is returned to the Company is generally resalable. The Company reviews distributor ending on-hand inventory balances, as well as orders placed on the Company to ensure that distributors are not overstocking parts and are ordering to forecasted demand. To the extent the Company had a significant reduction in distributor price or grants significant price rebates, there could be a material impact on the ultimate revenue and gross profit recognized. The price rebates that have been remitted back to distributors have generally ranged from $2.7 million to $3.6 million per quarter. | |
The Company’s sales to international distributors are made under agreements which permit limited stock return privileges but not sales price rebates. Revenue on these sales is recognized upon shipment at which time title passes. The Company has reserves to cover expected product returns. If product returns for a particular fiscal period exceed or are below expectations, the Company may determine that additional or less sales return allowances are required to properly reflect its estimated exposure for product returns. Generally, changes to sales return allowances have not had a significant impact on operating margin. |
Fiscal_Period
Fiscal Period | 3 Months Ended |
Sep. 29, 2013 | |
Fiscal Period [Abstract] | ' |
Fiscal Period | ' |
Fiscal Period | |
The Company operates on a 52/53-week fiscal year ending on the Sunday nearest June 30. Fiscal years 2014 and 2013 are 52-week years. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share | ' | ||||||||
Earnings Per Share | |||||||||
Basic earnings per share is calculated using the weighted average shares of common stock and unvested restricted stock outstanding during the period. Diluted earnings per share is calculated using the weighted average shares of common stock outstanding, plus the dilutive effect of stock options using the treasury stock method. The following table sets forth the reconciliation of weighted average common shares outstanding used in the computation of basic and diluted earnings per share: | |||||||||
Three Months Ended | |||||||||
In thousands, except per share amounts | September 29, | September 30, | |||||||
2013 | 2012 | ||||||||
Numerator-net income | $ | 107,868 | $ | 105,182 | |||||
Denominator for basic earnings | 238,146 | 234,990 | |||||||
per share-weighted | |||||||||
average shares | |||||||||
Effect of dilutive securities- | 1,182 | 1,020 | |||||||
employee stock options | |||||||||
Denominator for diluted earnings | 239,328 | 236,010 | |||||||
per share | |||||||||
Basic earnings per share | $ | 0.45 | $ | 0.45 | |||||
Diluted earnings per share | $ | 0.45 | $ | 0.45 | |||||
The weighted average diluted common shares outstanding for the quarter ended September 29, 2013 excludes the effect of 2.1 million out-of-the-money stock options, that if included would be anti-dilutive. The weighted average diluted common shares outstanding for the quarter ended September 30, 2012 excludes the effect of 5.2 million out-of-the-money stock options, that if included would be anti-dilutive. |
Fair_Value
Fair Value | 3 Months Ended | ||||||||||||
Sep. 29, 2013 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Fair Value | ' | ||||||||||||
Fair Value | |||||||||||||
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 investment portfolio assets. Financial instruments are categorized in a fair value hierarchy that prioritizes the information used to develop assumptions for measuring fair value and expands disclosures about fair value measurements. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1 input); then to quoted prices (in non-active markets or in active markets for similar assets or liabilities), inputs other than quoted prices that are observable for the asset or liability, and inputs that are not directly observable, but that are corroborated by observable market data for the asset or liability (Level 2 input); then the lowest priority to unobservable inputs, for example, the Company’s data about the assumptions that market participants would use in pricing an asset or liability (Level 3 input). Fair value is a market-based measurement, not an entity-specific measurement, and a fair value measurement should therefore be based on the assumptions that market participants would use in pricing the asset or liability. | |||||||||||||
The Company’s Level 1 assets consist of investments in money-market funds and United States Treasury securities that are actively traded. The Company’s Level 2 assets consist of municipal bonds, obligations of U.S. government-sponsored enterprises, corporate debt and commercial paper that are less actively traded in the market, but where quoted market prices exist for similar instruments that are actively traded. The Company determines the fair value of its Level 2 assets by obtaining non-binding market prices from its third-party portfolio managers on the last day of the quarter. The Company has no Level 3 assets. | |||||||||||||
The following table presents the Company’s fair value hierarchy for its financial assets (cash equivalents and marketable securities) measured at fair value on a recurring basis as of September 29, 2013: | |||||||||||||
In thousands | Quoted Prices in | Significant Other | Total | ||||||||||
Active Markets | Observable Inputs | ||||||||||||
for Identical | (Level 2) | ||||||||||||
Description | Instruments (Level 1) | ||||||||||||
Assets | |||||||||||||
Investments in U.S. Treasury | $ | 537,115 | $ | — | $ | 537,115 | |||||||
securities and money-market funds | |||||||||||||
Investments in municipal bonds, | — | 966,237 | 966,237 | ||||||||||
obligations of U.S. government- | |||||||||||||
sponsored enterprises, corporate debt | |||||||||||||
and commercial paper | |||||||||||||
Total assets measured at fair value | $ | 537,115 | $ | 966,237 | $ | 1,503,352 | |||||||
The following table presents the Company’s fair value hierarchy for its financial assets (cash equivalents and marketable securities) measured at fair value on a recurring basis as of June 30, 2013: | |||||||||||||
In thousands | Quoted Prices in | Significant Other | Total | ||||||||||
Active Markets | Observable Inputs | ||||||||||||
for Identical | (Level 2) | ||||||||||||
Description | Instruments (Level 1) | ||||||||||||
Assets | |||||||||||||
Investments in U.S. Treasury | $ | 433,301 | $ | — | $ | 433,301 | |||||||
securities and money-market funds | |||||||||||||
Investments in municipal bonds, | — | 1,004,055 | 1,004,055 | ||||||||||
obligations of U.S. government- | |||||||||||||
sponsored enterprises, corporate debt | |||||||||||||
and commercial paper | |||||||||||||
Total assets measured at fair value | $ | 433,301 | $ | 1,004,055 | $ | 1,437,356 | |||||||
Marketable_Securities
Marketable Securities | 3 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||
Marketable Securities | ' | |||||||||||||||
Marketable Securities | ||||||||||||||||
The Company’s cash equivalents and marketable securities in debt instruments are classified as available-for-sale; most of the debt instruments have an investment rating of AA+ to AAA. The following is a summary of cash equivalents and marketable securities at September 29, 2013 and June 30, 2013: | ||||||||||||||||
September 29, 2013 | ||||||||||||||||
In thousands | Amortized | Unrealized | Unrealized | Fair | ||||||||||||
Cost | Gain | (Loss) (1) | Value | |||||||||||||
U.S. Treasury securities | $ | 468,399 | $ | 279 | $ | (2 | ) | $ | 468,676 | |||||||
Obligations of U.S. government-sponsored enterprises | 99,902 | 89 | — | 99,991 | ||||||||||||
Municipal bonds | 628,981 | 230 | (39 | ) | 629,172 | |||||||||||
Corporate debt securities and other | 237,071 | 14 | (11 | ) | 237,074 | |||||||||||
Money market funds | 68,439 | — | — | 68,439 | ||||||||||||
Total | $ | 1,502,792 | $ | 612 | $ | (52 | ) | $ | 1,503,352 | |||||||
Amounts included in: | ||||||||||||||||
Cash equivalents | $ | 188,871 | $ | — | $ | — | $ | 188,871 | ||||||||
Marketable securities | 1,313,921 | 612 | (52 | ) | 1,314,481 | |||||||||||
Total | $ | 1,502,792 | $ | 612 | $ | (52 | ) | $ | 1,503,352 | |||||||
June 30, 2013 | ||||||||||||||||
In thousands | Amortized | Unrealized | Unrealized | Fair | ||||||||||||
Cost | Gain | (Loss) (1) | Value | |||||||||||||
U.S. Treasury securities | $ | 423,090 | $ | 247 | $ | (2 | ) | $ | 423,335 | |||||||
Obligations of U.S. government-sponsored enterprises | 120,420 | 100 | (3 | ) | 120,517 | |||||||||||
Municipal bonds | 674,004 | 319 | (64 | ) | 674,259 | |||||||||||
Corporate debt securities and other | 209,257 | 26 | (4 | ) | 209,279 | |||||||||||
Money market funds | 9,966 | — | — | 9,966 | ||||||||||||
Total | $ | 1,436,737 | $ | 692 | $ | (73 | ) | $ | 1,437,356 | |||||||
Amounts included in: | ||||||||||||||||
Cash equivalents | $ | 39,265 | $ | — | $ | — | $ | 39,265 | ||||||||
Marketable securities | 1,397,472 | 692 | (73 | ) | 1,398,091 | |||||||||||
Total | $ | 1,436,737 | $ | 692 | $ | (73 | ) | $ | 1,437,356 | |||||||
(1) The Company evaluated the nature of the investments with a loss position at September 29, 2013 and June 30, 2013, which are primarily obligations of the U.S. government and its sponsored enterprises, municipal bonds and U.S. corporate notes. In evaluating the investments, the Company considered the duration of the impairments, and the amount of the impairments relative to the underlying portfolio and concluded that such amounts were not other-than-temporary. The Company principally holds securities until maturity, however, they may be sold under certain circumstances. Unrealized losses on the investments greater than twelve months old were not significant as of September 29, 2013 and June 30, 2013. | ||||||||||||||||
The estimated fair value of debt investments in marketable securities, by effective maturity date is as follows: | ||||||||||||||||
In thousands | September 29, | June 30, | ||||||||||||||
2013 | 2013 | |||||||||||||||
Due in one year or less | $ | 1,292,406 | $ | 1,349,531 | ||||||||||||
Due after one year through three years | 22,075 | 48,560 | ||||||||||||||
Total | $ | 1,314,481 | $ | 1,398,091 | ||||||||||||
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||
Sep. 29, 2013 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||
Stock-Based Compensation | ' | ||||||
Stock-based Compensation | |||||||
Equity Incentive Plans | |||||||
At September 29, 2013, 20.0 million shares were available for grant under the Company’s equity incentive plans. The Company’s restricted awards generally vest annually over a period of five years (20% a year) based upon continued employment with the Company. Options also generally become exercisable over a five-year period (generally 10% every six months) based upon continued employment. Options granted prior to January 11, 2005 expire ten years after the date of grant; options granted after January 11, 2005 expire seven years after the date of the grant. | |||||||
The Company has an Employee Stock Purchase Plan (“ESPP”) that permits eligible employees to purchase common stock through payroll deductions at 85% of the fair market value of the common stock at the end of each six-month offering period. The offering periods generally commence on approximately May 1 and November 1 of each year. At September 29, 2013, 1.0 million shares were available for issuance under the ESPP. | |||||||
Accounting for Stock-Based Compensation | |||||||
Compensation cost for restricted stock awards is based on the fair market value of the Company’s stock on the date of grant. Compensation cost for stock options is calculated on the date of grant using the fair value of stock options as determined using the Black-Scholes valuation model. The Company amortizes the compensation cost straight-line over the vesting period, which is generally five years. The Black-Scholes valuation model requires the Company to estimate key assumptions such as expected option term, stock price volatility and forfeiture rates to determine the fair value of a stock option. The estimate of these key assumptions is based on historical information and judgment regarding market factors and trends. | |||||||
As of September 29, 2013, there was approximately $142.4 million of total unrecognized stock-based compensation cost related to share-based payments granted under the Company’s stock-based compensation plans that will be recognized over a period of approximately 5 years. Future grants will add to this total, whereas quarterly amortization and the vesting of the existing grants will reduce this total. | |||||||
The Company issues new shares of common stock upon exercise of stock options. For the quarter ended September 29, 2013, options for approximately 0.7 million shares were exercised for a gain to the optionee (aggregate intrinsic value) of $8.2 million determined as of the dates of the option exercises. | |||||||
Stock Options | |||||||
The following table summarizes stock option activity and related information under all stock option plans during the period indicated: | |||||||
Stock | Weighted- | ||||||
Options | Average | ||||||
Outstanding | Exercise | ||||||
Price | |||||||
Outstanding options, June 30, 2013 | 6,736,330 | $ | 31.51 | ||||
Granted | — | — | |||||
Forfeited and expired | (11,500 | ) | 39.21 | ||||
Exercised | (743,733 | ) | 29.12 | ||||
Outstanding options, September 29, 2013 | 5,981,097 | $ | 31.79 | ||||
Options vested and exercisable at: | |||||||
September 29, 2013 | 5,375,691 | $ | 32.81 | ||||
Restricted Stock | |||||||
The following table summarizes the Company’s restricted stock and restricted stock unit activity under all equity award plans during the period indicated: | |||||||
Restricted Awards Outstanding | Weighted-Average Grant-Date Fair Value | ||||||
Nonvested at June 30, 2013 | 5,668,273 | $ | 31.54 | ||||
Granted | 408,145 | 40.25 | |||||
Vested | (481,344 | ) | 30.42 | ||||
Forfeited | (38,029 | ) | 32.04 | ||||
Nonvested at September 29, 2013 | 5,557,045 | $ | 32.26 | ||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 3 Months Ended | ||||
Sep. 29, 2013 | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Text Block] | ' | ||||
Accumulated Other Comprehensive Income | |||||
Accumulated other comprehensive income consists of unrealized gains or losses on available-for-sale securities. The components of other comprehensive income at September 29, 2013 and September 30, 2012 were as follows: | |||||
Accumulated Other Comprehensive Income | |||||
In thousands | |||||
Balance, June 30, 2013 | $ | (266 | ) | ||
Net changes in unrealized gains on available-for-sale securities, net of tax | 319 | ||||
Accumulated other comprehensive income, September 29, 2013 | $ | 53 | |||
Accumulated Other Comprehensive Income | |||||
In thousands | |||||
Balance, July 1, 2012 | $ | 165 | |||
Net changes in unrealized gains on available-for-sale securities, net of tax | 307 | ||||
Accumulated other comprehensive income, September 30, 2012 | $ | 472 | |||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 3 Months Ended | ||||||||||||
Sep. 29, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||
Goodwill and Intangible Assets | |||||||||||||
Goodwill | |||||||||||||
The Company annually evaluates goodwill for impairment as well as whenever events or changes in circumstances might suggest that the carrying value of goodwill may not be recoverable. The Company expects that none of the goodwill will be deductible for tax purposes. The goodwill balance of $2.2 million at September 29, 2013 is attributable to the Dust acquisition in fiscal 2012. There were no changes to the goodwill balance for the quarter ended September 29, 2013. | |||||||||||||
Intangible Assets | |||||||||||||
As a result of the acquisition of Dust during the second quarter of fiscal year 2012 the Company recorded intangible assets consisting of $13.1 million of intellectual property and $4.0 million of customer relationships. The Company reviews intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value of assets may not be recoverable. Finite-intangible assets are amortized on a straight-line basis over their estimated useful lives that are expected to reflect the estimated pattern of economic use. | |||||||||||||
The remaining amortization expense, related to finite-lived intangible assets, will be recognized over a weighted-average period of approximately 7.0 years. The useful lives of amortizable intangible assets are as follows: | |||||||||||||
Assets | Life | ||||||||||||
Intellectual property | 5-10 years | ||||||||||||
Customer relationships | 10 years | ||||||||||||
Intangible assets consisted of the following: | |||||||||||||
In thousands | September 29, 2013 | ||||||||||||
Original Cost | Accumulated Amortization | Net | |||||||||||
Intellectual property | $ | 13,100 | $ | (3,150 | ) | $ | 9,950 | ||||||
Customer relationships | 4,000 | (700 | ) | 3,300 | |||||||||
Total intangible assets | $ | 17,100 | $ | (3,850 | ) | $ | 13,250 | ||||||
Convertible_Senior_Notes
Convertible Senior Notes | 3 Months Ended | |||||||||
Sep. 29, 2013 | ||||||||||
Debt Disclosure [Abstract] | ' | |||||||||
Convertible Senior Notes | ' | |||||||||
Convertible Senior Notes | ||||||||||
During the fourth quarter of fiscal year 2007, the Company issued $1.0 billion aggregate principal amount of its 3.00% Convertible Senior Notes due May 1, 2027 (the “2027A notes”) and $700.0 million aggregate principal amount of its 3.125% Convertible Senior Notes due May 1, 2027 (the “2027B notes” and, together with the 2027A notes, the “Notes”) to an initial purchaser in a private offering. The Company received net proceeds from the issuance of the Notes of $1,678.0 million after the deduction of issuance costs of $22.0 million. The Company used the entire net proceeds of the offering to fund a portion of its repurchase of $3.0 billion of its common stock pursuant to an accelerated stock repurchase transaction it entered into with an affiliate of the initial purchaser of the Notes simultaneously with the offering of the Notes. The Company redeemed for cash $395.8 million (the remaining principal amount) of its 2027B notes on November 1, 2010 using a portion of its existing cash and marketable securities balances. Through the first quarter of fiscal year 2013 the Company has repurchased $154.9 million (principal amount) of its 2027A notes, resulting in approximately $845.1 million (principal amount) of debt outstanding as of September 29, 2013. At September 29, 2013, no shares related to the Notes were included in the computation of diluted earnings per share. | ||||||||||
At September 29, 2013, the conversion rate of the 2027A notes was 24.118 shares of common stock per $1,000 principal amount of the 2027A notes, subject to adjustment upon the occurrence of certain events as described in the Indenture for the 2027A notes (including the payment of dividends). The payment of the dividend approved by the Company’s Board of Directors at its October 2013 meeting will cause a further minor adjustment in the conversion rate of the Notes. The Company may redeem all or some of the 2027A notes for cash at any time on or after May 1, 2014, and holders may require the Company to repurchase the 2027A notes for cash on specified dates beginning May 1, 2014 or upon a fundamental change. The Company presently intends to redeem the debt on May 1, 2014, and presently anticipates having sufficient domestic cash balances to do so. | ||||||||||
The 2027A notes pay cash interest of 3.00% which is payable semiannually in arrears on May 1 and November 1. In accordance with the provisions of ASC 470-20-10 to 35 the Company recognizes an effective interest rate of 5.69% on the carrying value of the 2027A notes. The effective rate is based on the interest rates of similar instruments issued at the time of issuance of the Notes that do not have conversion features such as the Notes. The differences between the effective interest rates of 5.69% and the coupon rate of 3.00%, results in non-cash interest expense that will never be paid by the Company. | ||||||||||
The carrying values of the liability and equity components of the Notes are reflected in the Company’s consolidated balance sheets as follows: | ||||||||||
In thousands | September 29, | June 30, | ||||||||
2013 | 2013 | |||||||||
Liability components | ||||||||||
Principal amount of the Notes | $ | 845,088 | $ | 845,088 | ||||||
Unamortized discount of liability component | (13,013 | ) | (18,459 | ) | ||||||
Carrying value of liability component | $ | 832,075 | $ | 826,629 | ||||||
Equity component-net carrying value | $ | 122,639 | $ | 122,639 | ||||||
Interest expense related to the Notes included in interest expense on the consolidated statements of income was recognized as follows: | ||||||||||
Three Months Ended | ||||||||||
In thousands | September 29, | September 30, | ||||||||
2013 | 2012 | |||||||||
Contractual coupon interest | $ | 6,338 | $ | 6,338 | ||||||
Amortization of debt discount | 5,446 | 5,146 | ||||||||
Amortization of debt issuance costs | 475 | 475 | ||||||||
Total interest expense related to the Notes | $ | 12,259 | $ | 11,959 | ||||||
Stockholders_Equity
Stockholders' Equity | 3 Months Ended |
Sep. 29, 2013 | |
Equity [Abstract] | ' |
Stockholders' Equity Note Disclosure [Text Block] | ' |
Stockholders’ Equity | |
Stock Repurchase | |
On October 16, 2012, the Company’s Board of Directors authorized the Company to purchase up to 10.0 million shares of its outstanding common stock in the open market over a two-year time period. During the quarter ended September 29, 2013, the Company repurchased 0.2 million shares of its common stock for approximately $7.9 million. As of September 29, 2013, the Company had remaining authorization to repurchase up to an additional 8.0 million shares of the Company's common stock. | |
In addition to open market repurchases, the Company also repurchases shares related to equity award vestings as outlined below. During the quarter ended September 29, 2013, the Company repurchased approximately 168.3 thousand shares related to equity grants of its common stock for approximately $6.8 million. The Company generally grants restricted stock awards and restricted stock units under its equity incentive plans, which are subject to vesting. Recipients are required to pay tax on such awards and units at the time they vest. For the majority of restricted stock awards and units granted, the number of shares issued on the date the awards and units vest is net of the minimum statutory withholding requirements that the Company pays in cash to the appropriate taxing authorities on behalf of its employees. These withheld shares are not included in the common open market stock repurchase totals in the above paragraph even though they are treated as common stock repurchases in our financial statements, as they reduce the number of shares that would otherwise have been issued. | |
Dividends | |
In October 2013, the Company's Board of Directors approved a cash dividend of $0.26 per share to be paid on November 27, 2013 to stockholders of record on November 15, 2013. During the three months ended September 29, 2013, the Company paid $62.1 million in dividends representing $0.26 per share. The payment of future dividends will be based on the Company's financial performance. |
Product_Warranty_and_Indemnifi
Product Warranty and Indemnification | 3 Months Ended |
Sep. 29, 2013 | |
Product Warranties Disclosures [Abstract] | ' |
Product Warranty and Indemnification | ' |
Product Warranty and Indemnification | |
The Company’s warranty policy provides for the replacement of defective parts. In certain large contracts, the Company has agreed to negotiate in good faith a product warranty in the event that an epidemic failure of its parts was to take place. To date there have been no significant occurrences. Warranty expense historically has been negligible. | |
The Company provides a limited indemnification for certain customers against intellectual property infringement claims related to the Company's products. In certain cases, there are limits on and exceptions to the Company's potential liability for indemnification relating to intellectual property infringement claims. To date, the Company has not incurred any significant indemnification expenses relating to intellectual property infringement claims. The Company cannot estimate the amount of potential future payments, if any, that it might be required to make as a result of these agreements, and accordingly, the Company has not accrued any amounts for its indemnification obligations. |
Income_Taxes
Income Taxes | 3 Months Ended |
Sep. 29, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The Company must recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. As of September 29, 2013, the Company's other long-term liabilities account includes $33.9 million of unrecognized tax benefits of which approximately $15.6 million would favorably impact its effective income tax rate in future periods if the Company's positions on these tax matters are upheld. The Company's policy is to recognize interest and/or penalties related to income tax matters in income tax expense. Included in the liability for unrecognized tax benefits was $2.7 million accrued for interest at September 29, 2013. | |
The Company's effective income tax rates for the first quarter of fiscal year 2014 were 25.50% as compared to 27.00% in the same period of fiscal year 2013. The decrease in the effective income tax rate from the prior year period was primarily due to the reinstatement during the third quarter of fiscal 2013 of the Federal Research and Development Tax Credit (“R&D Tax Credit”) that had expired December 31, 2011 and an increase in earnings of its wholly-owned foreign subsidiaries taxed at lower rates. |
Contingencies
Contingencies | 3 Months Ended |
Sep. 29, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingencies | ' |
Contingencies | |
Litigation | |
The Company is subject to various legal proceedings and claims that arise in the ordinary course of business on a wide range of matters, including, among others, patent suits and employment claims. The Company does not believe that any such current suits will have a material impact on its business or financial condition. However, current lawsuits and any future lawsuits will divert resources and could result in the payment of substantial damages. |
Subsequent_Events_Subsequent_E
Subsequent Events Subsequent Events (Notes) | 3 Months Ended |
Sep. 29, 2013 | |
Subsequent Event [Line Items] | ' |
Subsequent Events [Text Block] | ' |
14. Subsequent Event | |
On October 23, 2013, the Company entered into a Credit Agreement (the “Credit Agreement”) by and between the Company and Wells Fargo Bank, National Association (the “Bank”). The Company entered into the Credit Agreement to enhance cash deployment flexibility as the Company presently intends to redeem its Convertible Senior Notes of $845.1 million on May 1, 2014. | |
The Credit Agreement provides for a $100.0 million unsecured revolving line of credit, under which the Company may borrow, repay and reborrow loans from time to time prior to its scheduled maturity date of October 22, 2015 (the “Maturity Date”). Proceeds of loans made under the Credit Agreement may be used for working capital and other general corporate purposes of the Company and its subsidiaries. The Company may prepay the loans under the Credit Agreement in whole or in part at any time without premium or penalty, subject to customary breakage costs. | |
The loans bear interest at LIBOR plus 1.0%. The principal amount, together with all accrued and unpaid interest, is due and payable on the Maturity Date. | |
The Company is required to maintain with the Bank average account balances, calculated on a quarterly basis, of not less than $30 million. The Company must also maintain EBITDA of not less than $75 million, measured quarterly, and, in order to take certain actions such as payments of dividends, must also maintain a balance of $500 million of cash and cash equivalents and marketable securities on a worldwide consolidated basis. The Credit Agreement contains other customary affirmative and negative covenants, as well as customary events of default. |
Fiscal_Period_Policies
Fiscal Period (Policies) | 3 Months Ended |
Sep. 29, 2013 | |
Fiscal Period [Abstract] | ' |
Revenue Recognition, Policy [Policy Text Block] | ' |
Revenue Recognition | |
The Company recognizes revenues when the earnings process is complete, when persuasive evidence of an arrangement exists, the product has been delivered, the price is fixed and determinable and collection is reasonably assured. During the first quarter of fiscal year 2014, the Company recognized approximately 15% of net revenues from domestic distributors that are recognized under agreements which provide for certain sales price rebates and limited product return privileges. Given the uncertainties associated with the levels of pricing rebates, the ultimate sales price on domestic distributor sales transactions is not fixed or determinable until domestic distributors sell the merchandise to the end-customer. At the time of shipment to domestic distributors, the Company records a trade receivable and deferred revenue at the distributor purchasing price since there is a legally enforceable obligation from the distributor to pay for the products delivered. The Company relieves inventory as title has passed to the distributor and recognizes deferred cost of sales in the same amount. “Deferred income on shipments to distributors” represents the difference between deferred revenue and deferred cost of sales and is recognized as a current liability until such time as the distributor confirms a final sale to its end customer. At September 29, 2013, the Company had approximately $52.4 million of deferred revenue and $10.2 million of deferred cost of sales recognized as $42.2 million of “Deferred income on shipments to distributors.” The Company believes that its deferred costs of revenues have limited risk of material impairment as the Company offers stock rotation privileges to distributors (up to 3% to 5% of quarterly purchases) which enable distributors to rotate slow moving inventory. In addition, stock rotated inventory that is returned to the Company is generally resalable. The Company reviews distributor ending on-hand inventory balances, as well as orders placed on the Company to ensure that distributors are not overstocking parts and are ordering to forecasted demand. To the extent the Company had a significant reduction in distributor price or grants significant price rebates, there could be a material impact on the ultimate revenue and gross profit recognized. The price rebates that have been remitted back to distributors have generally ranged from $2.7 million to $3.6 million per quarter. | |
The Company’s sales to international distributors are made under agreements which permit limited stock return privileges but not sales price rebates. Revenue on these sales is recognized upon shipment at which time title passes. The Company has reserves to cover expected product returns. If product returns for a particular fiscal period exceed or are below expectations, the Company may determine that additional or less sales return allowances are required to properly reflect its estimated exposure for product returns. Generally, changes to sales return allowances have not had a significant impact on operating margin. | |
Fiscal Period, Policy [Policy Text Block] | ' |
The Company operates on a 52/53-week fiscal year ending on the Sunday nearest June 30. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||
The following table sets forth the reconciliation of weighted average common shares outstanding used in the computation of basic and diluted earnings per share: | |||||||||
Three Months Ended | |||||||||
In thousands, except per share amounts | September 29, | September 30, | |||||||
2013 | 2012 | ||||||||
Numerator-net income | $ | 107,868 | $ | 105,182 | |||||
Denominator for basic earnings | 238,146 | 234,990 | |||||||
per share-weighted | |||||||||
average shares | |||||||||
Effect of dilutive securities- | 1,182 | 1,020 | |||||||
employee stock options | |||||||||
Denominator for diluted earnings | 239,328 | 236,010 | |||||||
per share | |||||||||
Basic earnings per share | $ | 0.45 | $ | 0.45 | |||||
Diluted earnings per share | $ | 0.45 | $ | 0.45 | |||||
Fair_Value_Tables
Fair Value (Tables) | 3 Months Ended | ||||||||||||
Sep. 29, 2013 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||
The following table presents the Company’s fair value hierarchy for its financial assets (cash equivalents and marketable securities) measured at fair value on a recurring basis as of June 30, 2013: | |||||||||||||
In thousands | Quoted Prices in | Significant Other | Total | ||||||||||
Active Markets | Observable Inputs | ||||||||||||
for Identical | (Level 2) | ||||||||||||
Description | Instruments (Level 1) | ||||||||||||
Assets | |||||||||||||
Investments in U.S. Treasury | $ | 433,301 | $ | — | $ | 433,301 | |||||||
securities and money-market funds | |||||||||||||
Investments in municipal bonds, | — | 1,004,055 | 1,004,055 | ||||||||||
obligations of U.S. government- | |||||||||||||
sponsored enterprises, corporate debt | |||||||||||||
and commercial paper | |||||||||||||
Total assets measured at fair value | $ | 433,301 | $ | 1,004,055 | $ | 1,437,356 | |||||||
The following table presents the Company’s fair value hierarchy for its financial assets (cash equivalents and marketable securities) measured at fair value on a recurring basis as of September 29, 2013: | |||||||||||||
In thousands | Quoted Prices in | Significant Other | Total | ||||||||||
Active Markets | Observable Inputs | ||||||||||||
for Identical | (Level 2) | ||||||||||||
Description | Instruments (Level 1) | ||||||||||||
Assets | |||||||||||||
Investments in U.S. Treasury | $ | 537,115 | $ | — | $ | 537,115 | |||||||
securities and money-market funds | |||||||||||||
Investments in municipal bonds, | — | 966,237 | 966,237 | ||||||||||
obligations of U.S. government- | |||||||||||||
sponsored enterprises, corporate debt | |||||||||||||
and commercial paper | |||||||||||||
Total assets measured at fair value | $ | 537,115 | $ | 966,237 | $ | 1,503,352 | |||||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 3 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||
Schedule of Available-for-sale Securities [Table Text Block] | ' | |||||||||||||||
The following is a summary of cash equivalents and marketable securities at September 29, 2013 and June 30, 2013: | ||||||||||||||||
September 29, 2013 | ||||||||||||||||
In thousands | Amortized | Unrealized | Unrealized | Fair | ||||||||||||
Cost | Gain | (Loss) (1) | Value | |||||||||||||
U.S. Treasury securities | $ | 468,399 | $ | 279 | $ | (2 | ) | $ | 468,676 | |||||||
Obligations of U.S. government-sponsored enterprises | 99,902 | 89 | — | 99,991 | ||||||||||||
Municipal bonds | 628,981 | 230 | (39 | ) | 629,172 | |||||||||||
Corporate debt securities and other | 237,071 | 14 | (11 | ) | 237,074 | |||||||||||
Money market funds | 68,439 | — | — | 68,439 | ||||||||||||
Total | $ | 1,502,792 | $ | 612 | $ | (52 | ) | $ | 1,503,352 | |||||||
Amounts included in: | ||||||||||||||||
Cash equivalents | $ | 188,871 | $ | — | $ | — | $ | 188,871 | ||||||||
Marketable securities | 1,313,921 | 612 | (52 | ) | 1,314,481 | |||||||||||
Total | $ | 1,502,792 | $ | 612 | $ | (52 | ) | $ | 1,503,352 | |||||||
June 30, 2013 | ||||||||||||||||
In thousands | Amortized | Unrealized | Unrealized | Fair | ||||||||||||
Cost | Gain | (Loss) (1) | Value | |||||||||||||
U.S. Treasury securities | $ | 423,090 | $ | 247 | $ | (2 | ) | $ | 423,335 | |||||||
Obligations of U.S. government-sponsored enterprises | 120,420 | 100 | (3 | ) | 120,517 | |||||||||||
Municipal bonds | 674,004 | 319 | (64 | ) | 674,259 | |||||||||||
Corporate debt securities and other | 209,257 | 26 | (4 | ) | 209,279 | |||||||||||
Money market funds | 9,966 | — | — | 9,966 | ||||||||||||
Total | $ | 1,436,737 | $ | 692 | $ | (73 | ) | $ | 1,437,356 | |||||||
Amounts included in: | ||||||||||||||||
Cash equivalents | $ | 39,265 | $ | — | $ | — | $ | 39,265 | ||||||||
Marketable securities | 1,397,472 | 692 | (73 | ) | 1,398,091 | |||||||||||
Total | $ | 1,436,737 | $ | 692 | $ | (73 | ) | $ | 1,437,356 | |||||||
(1) The Company evaluated the nature of the investments with a loss position at September 29, 2013 and June 30, 2013, which are primarily obligations of the U.S. government and its sponsored enterprises, municipal bonds and U.S. corporate notes. In evaluating the investments, the Company considered the duration of the impairments, and the amount of the impairments relative to the underlying portfolio and concluded that such amounts were not other-than-temporary. The Company principally holds securities until maturity, however, they may be sold under certain circumstances. Unrealized losses on the investments greater than twelve months old were not significant as of September 29, 2013 and June 30, 2013. | ||||||||||||||||
Schedule of Investments in Debt Securities by Effective Maturity Date [Table Text Block] | ' | |||||||||||||||
The estimated fair value of debt investments in marketable securities, by effective maturity date is as follows: | ||||||||||||||||
In thousands | September 29, | June 30, | ||||||||||||||
2013 | 2013 | |||||||||||||||
Due in one year or less | $ | 1,292,406 | $ | 1,349,531 | ||||||||||||
Due after one year through three years | 22,075 | 48,560 | ||||||||||||||
Total | $ | 1,314,481 | $ | 1,398,091 | ||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||
Sep. 29, 2013 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||
The following table summarizes stock option activity and related information under all stock option plans during the period indicated: | |||||||
Stock | Weighted- | ||||||
Options | Average | ||||||
Outstanding | Exercise | ||||||
Price | |||||||
Outstanding options, June 30, 2013 | 6,736,330 | $ | 31.51 | ||||
Granted | — | — | |||||
Forfeited and expired | (11,500 | ) | 39.21 | ||||
Exercised | (743,733 | ) | 29.12 | ||||
Outstanding options, September 29, 2013 | 5,981,097 | $ | 31.79 | ||||
Options vested and exercisable at: | |||||||
September 29, 2013 | 5,375,691 | $ | 32.81 | ||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | ||||||
The following table summarizes the Company’s restricted stock and restricted stock unit activity under all equity award plans during the period indicated: | |||||||
Restricted Awards Outstanding | Weighted-Average Grant-Date Fair Value | ||||||
Nonvested at June 30, 2013 | 5,668,273 | $ | 31.54 | ||||
Granted | 408,145 | 40.25 | |||||
Vested | (481,344 | ) | 30.42 | ||||
Forfeited | (38,029 | ) | 32.04 | ||||
Nonvested at September 29, 2013 | 5,557,045 | $ | 32.26 | ||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | ||||
Sep. 29, 2013 | |||||
Comprehensive Income Disclosure [Abstract] | ' | ||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||
The components of other comprehensive income at September 29, 2013 and September 30, 2012 were as follows: | |||||
Accumulated Other Comprehensive Income | |||||
In thousands | |||||
Balance, June 30, 2013 | $ | (266 | ) | ||
Net changes in unrealized gains on available-for-sale securities, net of tax | 319 | ||||
Accumulated other comprehensive income, September 29, 2013 | $ | 53 | |||
Accumulated Other Comprehensive Income | |||||
In thousands | |||||
Balance, July 1, 2012 | $ | 165 | |||
Net changes in unrealized gains on available-for-sale securities, net of tax | 307 | ||||
Accumulated other comprehensive income, September 30, 2012 | $ | 472 | |||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 3 Months Ended | ||||||||||||
Sep. 29, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Amortizable Intangible Assets, Useful Lives [Table Text Block] | ' | ||||||||||||
The useful lives of amortizable intangible assets are as follows: | |||||||||||||
Assets | Life | ||||||||||||
Intellectual property | 5-10 years | ||||||||||||
Customer relationships | 10 years | ||||||||||||
Schedule of Finite-Lived Intangible Assets by Major Class [Table Text Block] | ' | ||||||||||||
Intangible assets consisted of the following: | |||||||||||||
In thousands | September 29, 2013 | ||||||||||||
Original Cost | Accumulated Amortization | Net | |||||||||||
Intellectual property | $ | 13,100 | $ | (3,150 | ) | $ | 9,950 | ||||||
Customer relationships | 4,000 | (700 | ) | 3,300 | |||||||||
Total intangible assets | $ | 17,100 | $ | (3,850 | ) | $ | 13,250 | ||||||
Convertible_Senior_Notes_Table
Convertible Senior Notes (Tables) | 3 Months Ended | |||||||||
Sep. 29, 2013 | ||||||||||
Debt Disclosure [Abstract] | ' | |||||||||
Schedule of Convertible Senior Notes [Table Text Block] | ' | |||||||||
The carrying values of the liability and equity components of the Notes are reflected in the Company’s consolidated balance sheets as follows: | ||||||||||
In thousands | September 29, | June 30, | ||||||||
2013 | 2013 | |||||||||
Liability components | ||||||||||
Principal amount of the Notes | $ | 845,088 | $ | 845,088 | ||||||
Unamortized discount of liability component | (13,013 | ) | (18,459 | ) | ||||||
Carrying value of liability component | $ | 832,075 | $ | 826,629 | ||||||
Equity component-net carrying value | $ | 122,639 | $ | 122,639 | ||||||
Schedule of Interest Expense Related to Convertible Senior Notes [Table Text Block] | ' | |||||||||
Interest expense related to the Notes included in interest expense on the consolidated statements of income was recognized as follows: | ||||||||||
Three Months Ended | ||||||||||
In thousands | September 29, | September 30, | ||||||||
2013 | 2012 | |||||||||
Contractual coupon interest | $ | 6,338 | $ | 6,338 | ||||||
Amortization of debt discount | 5,446 | 5,146 | ||||||||
Amortization of debt issuance costs | 475 | 475 | ||||||||
Total interest expense related to the Notes | $ | 12,259 | $ | 11,959 | ||||||
Basis_of_Presentation_Details
Basis of Presentation (Details) (USD $) | Sep. 29, 2013 | Jun. 30, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 |
Minimum [Member] | Maximum [Member] | North America [Member] | North America [Member] | Sales [Member] | |||
Distributor [Member] | Distributor [Member] | Minimum [Member] | Maximum [Member] | North America [Member] | |||
Distributor [Member] | Distributor [Member] | Distributor [Member] | |||||
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | ' | ' | ' | ' | 15.00% |
Deferred Revenue, Current | $52,400,000 | ' | ' | ' | ' | ' | ' |
Deferred Costs, Current | 10,200,000 | ' | ' | ' | ' | ' | ' |
Deferred income on shipments to distributors | 42,245,000 | 44,088,000 | ' | ' | ' | ' | ' |
Agreed Upon Purchase Exchanges Of Quarterly Purchases | ' | ' | ' | ' | 3.00% | 5.00% | ' |
Price rebates remitted per quarter | ' | ' | $2,700,000 | $3,600,000 | ' | ' | ' |
Fiscal_Period_Details
Fiscal Period (Details) | 3 Months Ended | 12 Months Ended |
Sep. 29, 2013 | Jul. 01, 2012 | |
Fiscal Period [Abstract] | ' | ' |
Operating Cycle | '52/53-week | ' |
Number Of Weeks In Fiscal Year | 'P52W | 'P52W |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' |
Numerator - net income | $107,868 | $105,182 |
Denominator for basic earnings per share- weighted average shares | 238,146,000 | 234,990,000 |
Effect of dilutive securities b employee stock options | 1,182,000 | 1,020,000 |
Denominator for diluted earnings per share | 239,328,000 | 236,010,000 |
Basic earnings per share | $0.45 | $0.45 |
Diluted earnings per share | $0.45 | $0.45 |
Antidilutive securities excluded from computation of earnings per share | 2,100,000 | 5,200,000 |
Fair_Value_Details
Fair Value (Details) (USD $) | Sep. 29, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities measured at fair value | $1,503,352 | $1,437,356 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Instruments (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets measured at fair value | 537,115 | 433,301 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Instruments (Level 1) [Member] | U.S. Treasury Securities and Money Market Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities measured at fair value | 537,115 | 433,301 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Instruments (Level 1) [Member] | Municipal Bonds, U.S. Government-Sponsored Enterprises and Commercial Paper [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets measured at fair value | 966,237 | 1,004,055 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury Securities and Money Market Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Municipal Bonds, U.S. Government-Sponsored Enterprises and Commercial Paper [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities measured at fair value | 966,237 | 1,004,055 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets measured at fair value | 1,503,352 | 1,437,356 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | U.S. Treasury Securities and Money Market Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities measured at fair value | 537,115 | 433,301 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Municipal Bonds, U.S. Government-Sponsored Enterprises and Commercial Paper [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities measured at fair value | $966,237 | $1,004,055 |
Marketable_Securities_Details
Marketable Securities (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Jun. 30, 2013 | Jul. 01, 2012 | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ||
Amortized Cost | $1,502,792 | $1,436,737 | ' | ||
Unrealized Gain | 612 | 692 | ' | ||
Unrealized (Loss) | -52 | [1] | -73 | [1] | ' |
Fair Value | 1,503,352 | 1,437,356 | ' | ||
Due in one year or less | 1,292,406 | ' | 1,349,531 | ||
Due after one year through three years | 22,075 | ' | 48,560 | ||
Total | 1,314,481 | ' | 1,398,091 | ||
Cash equivalents [Member] | ' | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ||
Amortized Cost | 188,871 | 39,265 | ' | ||
Unrealized Gain | 0 | 0 | ' | ||
Unrealized (Loss) | 0 | [1] | 0 | [1] | ' |
Fair Value | 188,871 | 39,265 | ' | ||
Marketable securities [Member] | ' | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ||
Amortized Cost | 1,313,921 | 1,397,472 | ' | ||
Unrealized Gain | 612 | 692 | ' | ||
Unrealized (Loss) | -52 | [1] | -73 | [1] | ' |
Fair Value | 1,314,481 | 1,398,091 | ' | ||
U.S. Treasury securities [Member] | ' | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ||
Amortized Cost | 468,399 | 423,090 | ' | ||
Unrealized Gain | 279 | 247 | ' | ||
Unrealized (Loss) | -2 | [1] | -2 | [1] | ' |
Fair Value | 468,676 | 423,335 | ' | ||
Obligations of U.S. government-sponsored enterprises [Member] | ' | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ||
Amortized Cost | 99,902 | 120,420 | ' | ||
Unrealized Gain | 89 | 100 | ' | ||
Unrealized (Loss) | 0 | [1] | -3 | [1] | ' |
Fair Value | 99,991 | 120,517 | ' | ||
Municipal bonds [Member] | ' | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ||
Amortized Cost | 628,981 | 674,004 | ' | ||
Unrealized Gain | 230 | 319 | ' | ||
Unrealized (Loss) | -39 | [1] | -64 | [1] | ' |
Fair Value | 629,172 | 674,259 | ' | ||
Corporate debt securities and other [Member] | ' | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ||
Amortized Cost | 237,071 | 209,257 | ' | ||
Unrealized Gain | 14 | 26 | ' | ||
Unrealized (Loss) | -11 | [1] | -4 | [1] | ' |
Fair Value | 237,074 | 209,279 | ' | ||
Money market funds [Member] | ' | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ||
Amortized Cost | 68,439 | 9,966 | ' | ||
Unrealized Gain | 0 | 0 | ' | ||
Unrealized (Loss) | 0 | [1] | 0 | [1] | ' |
Fair Value | $68,439 | $9,966 | ' | ||
[1] | The Company evaluated the nature of the investments with a loss position at SeptemberB 29, 2013 and JuneB 30, 2013, which are primarily obligations of the U.S. government and its sponsored enterprises, municipal bonds and U.S. corporate notes. In evaluating the investments, the Company considered the duration of the impairments, and the amount of the impairments relative to the underlying portfolio and concluded that such amounts were not other-than-temporary. The Company principally holds securities until maturity, however, they may be sold under certain circumstances. Unrealized losses on the investments greater than twelve months old were not significant as of SeptemberB 29, 2013 and JuneB 30, 2013. |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Sep. 29, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares available for grant | 20,000,000 |
Unrecognized stock-based compensation cost | $142.40 |
Unrecognized stock-based compensation cost, period of recognition (years) | '5 years |
Exercised, aggregate intrinsic value | $8.20 |
Stock option activity [Roll Forward] | ' |
Outstanding options, beginning balance, number | 6,736,330 |
Granted | 0 |
Forfeited and expired | -11,500 |
Exercised | -743,733 |
Outstanding options, ending balance, number | 5,981,097 |
Outstanding options, beginning balance, weighted average exercise price | $31.51 |
Granted, weighted average exercise price | $0 |
Forfeited and expired, weighted average exercise price | $39.21 |
Exercised, weighted average exercise price | $29.12 |
Outstanding options, ending balance, weighted average exercise price | $31.79 |
Options vested and exercisable, number | 5,375,691 |
Options vested and exercisable, weighted average exercise price | $32.81 |
Prior to January 11, 2005 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Expiration period from date of grant | '10 years |
After January 11, 2005 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Expiration period from date of grant | '7 years |
Restricted Awards [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting period (in years) | '5 years |
Vesting percentage | 20.00% |
Restricted stock and restricted stock unit activity [Roll Forward] | ' |
Non-vested restricted awards outstanding, number, beginning balance | 5,668,273 |
Granted, number | 408,145 |
Vested, number | -481,344 |
Forfeited, number | -38,029 |
Non-vested restricted awards outstanding, number, ending balance | 5,557,045 |
Non-vested restricted awards outstanding, weighted average grant date fair value, beginning balance | $31.54 |
Granted, weighted average grant date fair value | $40.25 |
Vested, weighted average grant date fair value | $30.42 |
Forfeited, weighted average grant date fair value | $32.04 |
Non-vested restricted awards outstanding, weighted average grant date fair value, ending balance | $32.26 |
Stock Options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting period (in years) | '5 years |
Vesting percentage | 10.00% |
Employee Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares available for grant | 1,000,000 |
Percentage of fair market value of the common stock at the end of each six-month offering period | 85.00% |
ESPP offering period | '6 months |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 |
Comprehensive Income Disclosure [Abstract] | ' | ' |
Balance, beginning balance | ($266) | $165 |
Changes in unrealized gains (losses) on available-for-sale securities | 319 | 307 |
Total accumulated other comprehensive income,ending balance | $53 | $472 |
Acquisition_Details
Acquisition (Details) (USD $) | Sep. 29, 2013 | Dec. 20, 2011 | Dec. 20, 2011 |
In Millions, unless otherwise specified | Dust Networks [Member] | Dust Networks [Member] | |
Intellectual property [Member] | Customer relationships [Member] | ||
Business Acquisition [Line Items] | ' | ' | ' |
Acquisition purchase price allocation, goodwill | $2.20 | ' | ' |
Acquisition purchase price allocation, net tangible assets | ' | $13.10 | $4 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets Goodwill (Details) (USD $) | Sep. 29, 2013 |
In Millions, unless otherwise specified | |
Goodwill [Roll Forward] | ' |
Goodwill, ending balance | $2.20 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets Intangible Assets (Details) (USD $) | 3 Months Ended | 3 Months Ended | |||||
Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Dec. 20, 2011 | Dec. 20, 2011 | |
Intellectual property [Member] | Customer relationships [Member] | Minimum [Member] | Maximum [Member] | Dust Networks [Member] | Dust Networks [Member] | ||
Intellectual property [Member] | Intellectual property [Member] | Intellectual property [Member] | Customer relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Business Acquisitions, Purchase Price Allocation, Subsequent Years, Remaining Adjustments | ' | ' | ' | ' | ' | $13,100,000 | $4,000,000 |
Weighted average remaining amortization period (in years) | '7 years 0 months | ' | '10 years | '5 years | '10 years | ' | ' |
Amortizable intangible assets, useful life, maximum (in years) | '7 years 0 months | ' | '10 years | '5 years | '10 years | ' | ' |
Original cost | 17,100,000 | 13,100,000 | 4,000,000 | ' | ' | ' | ' |
Accumulated amortization | -3,850,000 | -3,150,000 | -700,000 | ' | ' | ' | ' |
Total intangible assets, net | $13,250,000 | $9,950,000 | $3,300,000 | ' | ' | ' | ' |
Convertible_Senior_Notes_Detai
Convertible Senior Notes (Details) (USD $) | 3 Months Ended | 3 Months Ended | 1 Months Ended | |||||||||
Sep. 29, 2013 | Sep. 30, 2012 | Jul. 01, 2007 | Sep. 29, 2013 | Sep. 30, 2012 | Jul. 01, 2007 | Jun. 30, 2013 | Sep. 29, 2013 | Sep. 27, 2009 | Jul. 01, 2007 | Nov. 30, 2010 | Jul. 01, 2007 | |
Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | ||||
The Notes [Member] | The Notes [Member] | The Notes [Member] | The Notes [Member] | 2027A notes [Member] | 2027A notes [Member] | 2027A notes [Member] | 2027B notes [Member] | 2027B notes [Member] | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000,000,000 | ' | $700,000,000 |
Net proceeds from issuance | ' | ' | ' | ' | ' | 1,678,000,000 | ' | ' | ' | ' | ' | ' |
Costs deducted at issuance | ' | ' | ' | ' | ' | 22,000,000 | ' | ' | ' | ' | ' | ' |
Accelerated stock repurchase program, authorized amount | ' | ' | 3,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible senior notes amount redeemed for cash and marketable securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 395,800,000 | ' |
Convertible senior notes amount repurchased | ' | ' | ' | ' | ' | ' | ' | 154,900,000 | ' | ' | ' | ' |
Shares related to the Notes included in computation of diluted earnings per share | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion rate | ' | ' | ' | ' | ' | ' | ' | 24.118 | ' | ' | ' | ' |
Debt Instrument, Convertible, Principal Amount | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' |
Stated interest rate of the Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | 3.13% |
Effective interest rate of the Notes | ' | ' | ' | ' | ' | ' | ' | ' | 5.69% | ' | ' | ' |
Carrying values of the liability and equity components of the Notes: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of the Notes | ' | ' | ' | 845,088,000 | ' | ' | 845,088,000 | ' | ' | ' | ' | ' |
Unamortized discount of liability component | ' | ' | ' | -13,013,000 | ' | ' | -18,459,000 | ' | ' | ' | ' | ' |
Carrying value of liability component | ' | ' | ' | 832,075,000 | ' | ' | 826,629,000 | ' | ' | ' | ' | ' |
Equity component-net carrying value | ' | ' | ' | 122,639,000 | ' | ' | 122,639,000 | ' | ' | ' | ' | ' |
Interest expense related to the Notes: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractual coupon interest | ' | ' | ' | 6,338,000 | 6,338,000 | ' | ' | ' | ' | ' | ' | ' |
Amortization of debt discount | 5,446,000 | 5,146,000 | ' | 5,446,000 | 5,146,000 | ' | ' | ' | ' | ' | ' | ' |
Amortization of debt issuance costs | ' | ' | ' | 475,000 | 475,000 | ' | ' | ' | ' | ' | ' | ' |
Total interest expense related to the Notes | ' | ' | ' | $12,259,000 | $11,959,000 | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 3 Months Ended | ||
Sep. 29, 2013 | Sep. 30, 2012 | Oct. 12, 2010 | |
Equity [Abstract] | ' | ' | ' |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | ' | ' | 10,000,000 |
Stock Repurchased During Period, Shares | 200,000 | ' | ' |
Payments for Repurchase of Common Stock | $7,900,000 | ' | ' |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 8,000,000 | ' | ' |
Shares Paid for Tax Withholding for Share Based Compensation | 168,300 | ' | ' |
Payments for Repurchase of Common Stock for Employee Tax Withholding Obligations | 6,800,000 | ' | ' |
Dividends Payable, Amount Per Share | $0.26 | ' | ' |
Payments of Dividends | $62,059,000 | $58,844,000 | ' |
Common Stock, Dividends, Per Share, Cash Paid | $0.26 | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Sep. 29, 2013 |
Income Tax Contingency [Line Items] | ' |
Unrecognized Tax Benefits | $33.90 |
Largest unrecognized tax benefit, percentage likelihood of being realized upon ultimate resolution, minimum | 50.00% |
Unrecognized tax benefits that would impact effective income tax rate in future periods | 15.6 |
Interest on unrecognized tax benefits | $2.70 |
Subsequent_Events_Subsequent_E1
Subsequent Events Subsequent Events (Details) (USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Oct. 23, 2013 |
Subsequent Event [Line Items] | ' |
Planned Repayments of Long-term Debt | $845.10 |
Line of Credit Facility, Maximum Borrowing Capacity | 100 |
Debt Convenent, Minimum Required Average Bank Account Balances | 30 |
Debt Convenant, Minimum Required Quarterly EBIDTA | 75 |
Debt Covenant, Required Balance of Cash and Cash Equivalents and Marketable Securities | $500 |
London Interbank Offered Rate (LIBOR) [Member] | ' |
Subsequent Event [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.00% |