Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Jun. 29, 2014 | Jul. 25, 2014 | Dec. 27, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
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-K | ' | ' |
Document Period End Date | 29-Jun-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Public Float | ' | ' | $6,328,000,000 |
Entity Common Stock, Shares Outstanding | ' | 238,511,332 | ' |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | |||
Consolidated Statements Of Income [Abstract] | ' | ' | ' | |||
Revenues | $1,388,386 | $1,282,236 | $1,266,621 | |||
Cost of sales | 338,580 | [1] | 322,516 | [1] | 312,539 | [1] |
Gross profit | 1,049,806 | 959,720 | 954,082 | |||
Expenses: | ' | ' | ' | |||
Research and development | 250,434 | [1] | 235,184 | [1] | 224,467 | [1] |
Selling, general and administrative | 159,642 | [1] | 151,382 | [1] | 147,579 | [1] |
Total operating expenses | 410,076 | 386,566 | 372,046 | |||
Operating income | 639,730 | 573,154 | 582,036 | |||
Interest expense | -41,168 | [2] | -48,343 | [2] | -47,517 | [2] |
Acquisition related costs | ' | ' | -3,195 | |||
Interest and other income | 2,706 | 4,070 | 4,586 | |||
Income before income taxes | 601,268 | 528,881 | 535,910 | |||
Provision for income taxes | 141,307 | 121,956 | 137,799 | |||
Net income | $459,961 | $406,925 | $398,111 | |||
Basic earnings per share | $1.91 | $1.72 | $1.71 | |||
Shares used in the calculation of basic earnings per share | 240,498 | 236,703 | 233,013 | |||
Diluted earnings per share | $1.90 | $1.71 | $1.70 | |||
Shares used in the calculation of diluted earnings per share | 242,551 | 237,753 | 234,298 | |||
Cash dividends per share | $1.06 | $1.02 | $0.98 | |||
[1] | Stock-based compensationCost of sales $8,074, $7,912, $7,579Research and development $37,624, $36,904, $35,389 Selling, general and administrative $19,430, $19,049, $18,257 | |||||
[2] | Amortization of debt discount (non-cash interest expense) $18,458, $21,029, $19,868 |
Consolidated_Statements_Of_Inc1
Consolidated Statements Of Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Amortization of debt discount (non-cash interest expense) | $18,458 | $21,029 | $19,868 |
Cost of sales [Member] | ' | ' | ' |
Allocated Share-based Compensation Expense | 8,074 | 7,912 | 7,579 |
Research and development [Member] | ' | ' | ' |
Allocated Share-based Compensation Expense | 37,624 | 36,904 | 35,389 |
Selling, General And Administrative Expense [Member] | ' | ' | ' |
Allocated Share-based Compensation Expense | $19,430 | $19,049 | $18,257 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Consolidated Statements Of Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $459,961 | $406,925 | $398,111 |
Other comprehensive income, net of tax: | ' | ' | ' |
Net changes in unrealized gains (losses) on available-for-sale securities | 621 | -431 | -965 |
Total comprehensive income | $460,582 | $406,494 | $397,146 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 29, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $157,323 | $126,650 |
Marketable securities | 855,464 | 1,398,091 |
Accounts receivable, net of allowance for doubtful accounts of $1,653 ($1,891 in 2013) | 173,340 | 145,274 |
Inventories: | ' | ' |
Raw materials | 10,544 | 9,348 |
Work-in-process | 62,695 | 59,532 |
Finished goods | 18,071 | 18,349 |
Total inventories | 91,310 | 87,229 |
Deferred tax assets | 46,294 | ' |
Prepaid expenses and other current assets | 40,982 | 36,646 |
Total current assets | 1,364,713 | 1,793,890 |
Property, plant and equipment, at cost: | ' | ' |
Land | 28,837 | 28,837 |
Buildings and improvements | 237,809 | 235,748 |
Manufacturing and test equipment | 681,071 | 651,194 |
Office furniture and equipment | 6,028 | 5,494 |
Property, plant and equipment, total | 953,745 | 921,273 |
Accumulated depreciation and amortization | -676,665 | -632,807 |
Net Property, plant and equipment | 277,080 | 288,466 |
Identified intangible assets, net and goodwill | 13,785 | 15,985 |
Total noncurrent assets | 290,865 | 304,451 |
Total assets | 1,655,578 | 2,098,341 |
Current liabilities: | ' | ' |
Accounts payable | 28,221 | 10,258 |
Accrued payroll and related benefits | 88,326 | 77,659 |
Deferred income on shipments to distributors | 45,619 | 44,088 |
Income taxes payable | 41,731 | 12,834 |
Other accrued liabilities | 11,218 | 18,933 |
Convertible senior notes- current portion | ' | 826,629 |
Deferred tax liabilities- current portion | ' | 35,479 |
Total current liabilities | 215,115 | 1,025,880 |
Deferred tax liabilities | 67,999 | 48,026 |
Other long-term liabilities | 41,095 | 42,527 |
Total liabilities | 324,209 | 1,116,433 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $0.001 par value, 2,000 shares authorized; none issued or outstanding | ' | ' |
Common stock, $0.001 par value, 2,000,000 shares authorized; 239,096 and 233,025 shares issued and outstanding at June 29, 2014 and June 30, 2013, respectively | 239 | 233 |
Additional paid-in capital | 1,947,767 | 1,736,496 |
Accumulated other comprehensive income, net of tax | 355 | -266 |
Accumulated deficit | -616,992 | -754,555 |
Total stockholders' equity | 1,331,369 | 981,908 |
Total liabilities and stockholders' equity | $1,655,578 | $2,098,341 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 29, 2014 | Jun. 30, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Current assets: | ' | ' |
Allowance for doubtful accounts | $1,653 | $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 |
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) | 239,096 | 233,025 |
Common stock, shares outstanding (in shares) | 239,096 | 233,025 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Cash flow from operating activities: | ' | ' | ' |
Net income | $459,961 | $406,925 | $398,111 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 51,255 | 55,366 | 55,934 |
Stock-based compensation | 65,128 | 63,865 | 61,225 |
Amortization of convertible senior notes discount | 18,458 | 21,029 | 19,868 |
Excess tax benefit from stock-based compensation | -11,038 | ' | ' |
Change in operating assets and liabilities: | ' | ' | ' |
(Increase) decrease in accounts receivable | -28,066 | 7,816 | 17,290 |
Increase in inventories | -4,081 | -7,565 | -5,965 |
Decrease (increase) in prepaid expenses, other current assets and deferred tax assets | 1,464 | -2,159 | 12,001 |
Decrease in long-term assets | ' | 1,426 | 4,581 |
Decrease in accounts payable, accrued payroll, other accrued liabilities, and long-term liabilities | 21,038 | -4,727 | -24,905 |
Increase (decrease) in deferred income on shipments to distributors | 1,531 | 2,755 | -6,254 |
Increase in income taxes payable | 20,777 | 19,203 | 33,333 |
Cash provided by operating activities | 596,427 | 563,934 | 565,219 |
Cash flow from investing activities: | ' | ' | ' |
Purchases of marketable securities | -1,496,652 | -1,181,592 | -1,046,120 |
Proceeds from sale and maturities of available-for-sale securities | 2,039,216 | 772,968 | 707,791 |
Acquisition of Dust Networks, net of cash assumed | ' | ' | -23,365 |
Purchases of property, plant and equipment | -37,669 | -17,640 | -35,731 |
Cash provided by (used in) investing activities | 504,895 | -426,264 | -397,425 |
Cash flow from financing activities: | ' | ' | ' |
Extinguishment of Convertible Senior Notes | -845,087 | ' | ' |
Excess tax benefit from stock-based compensation | 11,038 | ' | ' |
Issuance of common stock under employee stock plans | 100,491 | 102,590 | 79,650 |
Purchases of common stock | -81,786 | -85,699 | -76,066 |
Payments of cash dividends | -255,305 | -241,329 | -228,483 |
Cash used in financing activities | -1,070,649 | -224,438 | -224,899 |
Increase (Decrease) in cash and cash equivalents | 30,673 | -86,768 | -57,105 |
Cash and cash equivalents, beginning of year | 126,650 | 213,418 | 270,523 |
Cash and cash equivalents, end of year | 157,323 | 126,650 | 213,418 |
Supplemental disclosures of cash flow information: | ' | ' | ' |
Cash paid for income taxes | 119,797 | 99,720 | 91,315 |
Cash paid for interest expense | $21,127 | $25,485 | $25,831 |
Consolidated_Statements_Of_Sto
Consolidated Statements Of Stockholdersb Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Deficit [Member] | Total |
In Thousands, unless otherwise specified | |||||
Stockholders' Equity Attributable to Parent, Beginning Balance at Jul. 03, 2011 | $227 | $1,465,871 | $1,130 | ($961,617) | $505,611 |
Common Stock, Shares, Outstanding, Beginning Balance at Jul. 03, 2011 | 227,607 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Issuance of common stock for cash under employee stock option, restricted stock and stock purchase plans, shares | 4,908 | ' | ' | ' | ' |
Issuance of common stock for cash under employee stock option, restricted stock and stock purchase plans, value | 5 | 79,645 | ' | ' | 79,650 |
Tax deficit from stock transactions | ' | -2,575 | ' | ' | -2,575 |
Purchase and retirement of common stock, shares | -2,481 | ' | ' | ' | ' |
Purchase and retirement of common stock, value | -2 | -16,351 | ' | -59,713 | -76,066 |
Cash dividends | ' | ' | ' | -228,483 | -228,483 |
Stock-based compensation | ' | 61,225 | ' | ' | 61,225 |
Unrealized loss on available-for-sale investments, net of tax effect | ' | ' | -965 | ' | -965 |
Net income | ' | ' | ' | 398,111 | 398,111 |
Stockholders' Equity Attributable to Parent, Ending Balance at Jul. 01, 2012 | 230 | 1,587,815 | 165 | -851,702 | 736,508 |
Common Stock, Shares, Outstanding, Ending Balance at Jul. 01, 2012 | 230,034 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Issuance of common stock for cash under employee stock option, restricted stock and stock purchase plans, shares | 5,392 | ' | ' | ' | ' |
Issuance of common stock for cash under employee stock option, restricted stock and stock purchase plans, value | 5 | 102,585 | ' | ' | 102,590 |
Tax deficit from stock transactions | ' | -521 | ' | ' | -521 |
Purchase and retirement of common stock, shares | -2,401 | ' | ' | ' | ' |
Purchase and retirement of common stock, value | -2 | -17,248 | ' | -68,449 | -85,699 |
Cash dividends | ' | ' | ' | -241,329 | -241,329 |
Stock-based compensation | ' | 63,865 | ' | ' | 63,865 |
Unrealized loss on available-for-sale investments, net of tax effect | ' | ' | -431 | ' | -431 |
Net income | ' | ' | ' | 406,925 | 406,925 |
Stockholders' Equity Attributable to Parent, Ending Balance at Jun. 30, 2013 | 233 | 1,736,496 | -266 | -754,555 | 981,908 |
Common Stock, Shares, Outstanding, Ending Balance at Jun. 30, 2013 | 233,025 | ' | ' | ' | 233,025 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Issuance of common stock for cash under employee stock option, restricted stock and stock purchase plans, shares | 5,059 | ' | ' | ' | ' |
Issuance of common stock for cash under employee stock option, restricted stock and stock purchase plans, value | 5 | 100,483 | ' | ' | 100,488 |
Tax deficit from stock transactions | ' | 11,038 | ' | ' | 11,038 |
Purchase and retirement of common stock, shares | -1,896 | ' | ' | ' | ' |
Purchase and retirement of common stock, value | -2 | -14,691 | ' | -67,093 | -81,786 |
Release of deferred tax liabilities as a result of the conversion of Convertible Senior Notes | ' | 49,313 | ' | ' | 49,313 |
Shares issued as conversion premium for the conversion of Convertible Senior Notes | 3 | ' | ' | ' | 3 |
Shares issued as conversion premium for the conversion of Convertible Senior Notes, shares | 2,908 | ' | ' | ' | ' |
Cash dividends | ' | ' | ' | -255,305 | -255,305 |
Stock-based compensation | ' | 65,128 | ' | ' | 65,128 |
Unrealized loss on available-for-sale investments, net of tax effect | ' | ' | 621 | ' | 621 |
Net income | ' | ' | ' | 459,961 | 459,961 |
Stockholders' Equity Attributable to Parent, Ending Balance at Jun. 29, 2014 | $239 | $1,947,767 | $355 | ($616,992) | $1,331,369 |
Common Stock, Shares, Outstanding, Ending Balance at Jun. 29, 2014 | 239,096 | ' | ' | ' | 239,096 |
Consolidated_Statements_Of_Sto1
Consolidated Statements Of Stockholdersb Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Consolidated Statements Of Stockholders' Equity [Abstract] | ' | ' | ' |
Cash dividends per share | $1.06 | $1.02 | $0.98 |
Unrealized loss on available-for-sale investments, tax | $201 | $151 | $628 |
Description_Of_Business_And_Si
Description Of Business And Significant Accounting Policies | 12 Months Ended | ||||||||||
Jun. 29, 2014 | |||||||||||
Description Of Business And Significant Accounting Policies [Abstract] | ' | ||||||||||
Description Of Business And Significant Accounting Policies | ' | ||||||||||
LINEAR TECHNOLOGY CORPORATION | |||||||||||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |||||||||||
Note 1. Description of Business and Significant Accounting Policies | |||||||||||
Description of Business | |||||||||||
Linear Technology Corporation (together with its consolidated subsidiaries, "Linear," “Linear Technology” or the “Company”), a member of the S&P 500, has been designing, manufacturing and marketing a broad line of high performance analog integrated circuits for major companies worldwide for over three decades. The Company's products provide an essential bridge between our analog world and the digital electronics in communications, networking, industrial, automotive, computer, medical, instrumentation, consumer, and military and aerospace systems. Linear Technology produces power management, data conversion, signal conditioning, RF and interface ICs, µModule® subsystems, and wireless sensor network products. The Company is a Delaware corporation; it was originally organized and incorporated in California in 1981. | |||||||||||
Basis of Presentation | |||||||||||
The Company operates on a 52/53-week fiscal year ending on the Sunday nearest June 30. Fiscal years 2014, 2013 and 2012 were 52-week years. | |||||||||||
The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries after elimination of all significant inter-company accounts and transactions. Accounts denominated in foreign currencies have been remeasured using the U.S. dollar as the functional currency. | |||||||||||
The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States requires management to make estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. | |||||||||||
Cash Equivalents and Marketable Securities | |||||||||||
Cash equivalents are highly liquid investments purchased with original maturities of three months or less at the time of purchase. Cash equivalents consist of investment grade securities in commercial paper, bank certificates of deposit, and money market funds. | |||||||||||
Investments with maturities over three months at the time of purchase are classified as marketable securities. At June 29, 2014 and June 30, 2013, the Company’s marketable securities balance consisted primarily of debt securities in municipal bonds, corporate bonds, commercial paper, U.S. and foreign government and agency securities. The Company’s marketable securities are managed by outside professional managers within investment guidelines set by the Company. The Company’s investment guidelines generally restrict the professional managers to high quality debt instruments with a credit rating of AAA. Within the Company's investment policy there is a provision that allows the Company to hold AA+ securities under certain circumstances. The Company’s investments in debt securities are classified as available-for-sale. Investments in available-for-sale securities are reported at fair value with unrealized gains and losses, net of tax, as a component of “Accumulated other comprehensive income” in the Consolidated Balance Sheets. The Company classifies investments with maturities greater than twelve months as current as it considers all investments as a potential source of operating cash regardless of maturity date. The cost of securities matured or sold is based on the specific identification method. | |||||||||||
Accounts Receivable | |||||||||||
The allowance for doubtful accounts reflects the Company’s best estimate of probable losses inherent in the accounts receivable balance. The Company determines the allowance based on the aging of its accounts receivable, historical experience, known troubled accounts, management judgment and other currently available evidence. The Company writes off accounts receivable against the allowance when it determines a balance is uncollectible and no longer actively pursues collection of the receivable. | |||||||||||
Concentrations of Credit Risk | |||||||||||
The Company’s investment policy restricts investments to high credit quality investments with maturities of three years or less and limits the amount invested with any one issuer. Concentrations of credit risk with respect to accounts receivable are generally not significant due to the diversity of the Company's customers, customer end-markets, and customer geographical locations. The Company performs ongoing credit evaluations of its customers' financial condition and requires collateral, primarily letters of credit, as deemed necessary. | |||||||||||
Arrow Electronics Inc. (“Arrow”), the Company’s largest distributor, distributes the Company’s products worldwide. Arrow is one of the largest distributors of electronic components in the world with revenues of $21.4 billion in their December 2013 fiscal year-end. Arrow's global components business segment covers the world's largest electronics markets - the Americas, EMEA (Europe, Middle East, and Africa), and Asia Pacific regions. As of June 29, 2014 and June 30, 2013, Arrow worldwide accounted for 38% and 36% of the Company’s total net accounts receivable, respectively. Arrow worldwide accounted for 31%, 31% and 29% of the Company’s worldwide net revenues in fiscal 2014, 2013 and 2012, respectively. As of June 29, 2014 and June 30, 2013, Arrow domestic accounted for 10% and 13% of the Company’s total net accounts receivable, respectively. Arrow domestic accounted for 12%, 13% and 13% of the Company’s worldwide net revenues in fiscal 2014, 2013 and 2012, respectively. Arrow, like the Company’s other distributors, is not an end customer, but rather serves as a channel of sale to many end users of the Company's products. | |||||||||||
No end customer accounted for more than 10% of the Company’s worldwide net revenues for any of the periods presented. | |||||||||||
The Company’s assets, liabilities and cash flows are predominantly U.S. dollar denominated, including those of its foreign operations. However, the Company’s foreign subsidiaries have certain assets, liabilities and cash flows that are subject to foreign currency risk. For the three years ended June 29, 2014, the Company did not utilize derivative instruments to hedge foreign currency risk or for any other purpose. Gains and losses resulting from foreign currency fluctuations are recognized in income. | |||||||||||
Inventories | |||||||||||
The Company values inventories at the lower of cost or market on a first-in, first-out basis. The Company records charges to write-down inventories for unsalable, excess or obsolete raw materials, work-in-process and finished goods. Newly introduced parts are generally not valued until success in the market place has been determined by a consistent pattern of sales and backlog among other factors. In addition to write-downs based on newly introduced parts, judgmental assessments are calculated for the remaining inventory based on salability, obsolescence, historical experience and current business conditions. | |||||||||||
Property, Plant and Equipment and Other Non-Current Assets | |||||||||||
Depreciation for property, plant and equipment is provided using the straight-line method over the estimated useful lives of the assets (5-10 years for equipment and 10-30 years for buildings and building improvements). Leasehold improvements are amortized over the shorter of the asset’s useful life or the expected term of the lease. Depreciation expense for fiscal years 2014, 2013, and 2012 was $49.1 million, $49.4 million and $48.5 million, respectively. | |||||||||||
Other non-current assets principally relate to intangible assets totaling $11.6 million and goodwill totaling $2.2 million. Intangible assets are amortized over their estimated useful lives of 5 to 10 years using the straight-line method of amortization. | |||||||||||
The Company performs reviews of its long-lived assets for impairment whenever events or changes in circumstance indicate the carrying value may not be recoverable or that the useful life is shorter than originally estimated. | |||||||||||
Long-lived assets by geographic area were as follows, net of accumulated depreciation: | |||||||||||
June 29, | June 30, | ||||||||||
In thousands | 2014 | 2013 | |||||||||
United States | $ | 187,900 | $ | 208,971 | |||||||
Malaysia | 54,539 | 56,889 | |||||||||
Singapore | 48,426 | 38,591 | |||||||||
Total long-lived assets | $ | 290,865 | $ | 304,451 | |||||||
Goodwill and Intangible Assets | |||||||||||
The Company reviews goodwill and purchased intangible assets with indefinite lives for impairment annually and whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Reviews are performed to determine whether the carrying value of an asset is impaired, based on comparisons to undiscounted expected future cash flows. If this comparison indicates that there is impairment, the impaired asset is written down to fair value, which is typically calculated using: (i) quoted market prices or (ii) discounted expected future cash flows utilizing a discount rate consistent with the guidance. Impairment is based on the excess of the carrying amount over the fair value of those assets. | |||||||||||
Goodwill is recorded as the difference, if any, between the aggregate consideration paid for an acquisition and the fair value of the net tangible and intangible assets acquired. The Company tests goodwill for impairment at the reporting unit level (operating segment or one level below an operating segment) on an annual basis or more frequently if the Company believes indicators of impairment exist. During fiscal year 2014, the Company performed a qualitative assessment to test goodwill for impairment. Based on the qualitative assessment, if the Company determines that the fair value of a reporting unit is more likely than not (i.e. a likelihood of more than 50 percent) to be less than its carrying amount, the two step impairment test will be performed. The first step of the impairment test involves comparing the fair values of the applicable reporting units with their aggregate carrying values, including goodwill. The Company generally determines the fair value of the Company’s reporting units using the income approach methodology of valuation that includes the discounted cash flow method as well as other generally accepted valuation methodologies. If the carrying amount of a reporting unit exceeds the reporting unit’s fair value, the Company performs the second step of the goodwill impairment test to determine the amount of impairment loss. The second step of the goodwill impairment test involves comparing the implied fair value of the affected reporting unit’s goodwill with the carrying value of that goodwill. No impairment charges were recorded associated with the Company's goodwill and intangible assets for any of the periods presented. | |||||||||||
Advertising Expense | |||||||||||
The Company expenses advertising costs in the period in which they occur. Advertising expenses for fiscal years 2014, 2013, and 2012 were approximately $5.5 million, $5.4 million and $5.1 million, respectively. | |||||||||||
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. The Company recognized approximately 15% of net revenues in fiscal year 2014 from North American (“domestic”) distributors. Domestic distributor revenues 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. Domestic distributor agreements permit the following: price protection on certain domestic distribution inventory if the Company lowers the prices of its products; exchanges up to 3%-5% of certain purchases on a quarterly basis; and ship and debit transactions. Ship and debit transactions occur when the Company agrees to accept a lower selling price for a specific quantity of product at the request of the domestic distributor in order to complete a sales transaction in the domestic distributor channel. For such sales, the Company rebates the negotiated price decrease to the distributor upon shipment as a reduction in the accounts receivable from the distributor. | |||||||||||
At the time of shipment to domestic distributors, the Company records a trade receivable and deferred revenue at the distributor’s purchase 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 costs of sales and is recognized as a current liability until such time as the distributor confirms a final sale to its end customer. “Deferred income on shipments to distributors” effectively represents the deferred gross margin on the sale to the distributor, however, the actual amount of gross margin the Company ultimately recognizes in future periods may be less than the originally recorded amount as a result of price protection, negotiated price rebates and exchanges as mentioned above. The wide range and variability of negotiated price rebates granted to distributors does not allow the Company to accurately estimate the portion of the balance in the “Deferred income on shipments to distributors” that will be remitted back to the distributors. These price rebates that have been remitted back to distributors have ranged from $2.7 million to $4.2 million per quarter. The Company does not reduce deferred income by anticipated future price rebates. Instead, price rebates are recorded against “Deferred income on shipments to distributors” when incurred, which is generally at the time the distributor sells the product to the end customers. | |||||||||||
The Company’s sales to international distributors are made under agreements which permit limited stock return privileges but not sales price rebates. The agreements generally permit distributors to exchange up to 5% of purchases on a semi-annual basis. Revenue on international distributor sales is recognized upon shipment at which time title passes. The Company estimates international distributor returns based on historical data and current business expectations and defers a portion of international distributor revenues and costs based on these estimated returns. | |||||||||||
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 immaterial. | |||||||||||
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 the Company might be required to make as a result of these agreements, and accordingly, the Company has not accrued any amounts for its indemnification obligations. | |||||||||||
Stock-Based Compensation | |||||||||||
The Company has equity incentive plans, which are described more fully in “Note 2: Stock-Based Compensation.” Stock-based compensation is measured at the grant date, based on the fair value of the award. The Company's equity awards granted in fiscal years 2014 and 2013 were restricted stock awards. Stock-based compensation cost for restricted stock awards is based on the fair market value of the Company’s stock on the date of grant. Stock-based 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 Black-Scholes valuation model requires the Company to estimate key assumptions such as expected option term and stock price volatility 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. The Company amortizes restricted stock and stock option award compensation cost straight-line over the awards vesting period, which is generally 5 years. | |||||||||||
Income Taxes | |||||||||||
The Company recognizes a 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 Company recognizes liabilities for uncertain tax positions based on the two-step process prescribed in the authoritative accounting literature. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step requires the Company to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. See “Note 11. Income Taxes” for further information. | |||||||||||
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, unvested restricted stock, the dilutive effect of stock options, calculated using the treasury stock method and the dilutive effect of the conversion premium related to the Notes. The dilutive effect of stock options for fiscal years 2014, 2013, and 2012 was 1,173,000, 1,050,000, and 1,285,000 shares, respectively. There were no out-of-the-money stock options that had to be excluded from the weighted average diluted common shares outstanding for fiscal year 2014. The weighted average diluted common shares outstanding for fiscal years 2013, and 2012 excludes the effect of approximately 4,391,000, and 7,929,000 stock options, respectively, that if included would be anti-dilutive. | |||||||||||
The Company included the dilutive effect of 879,000 shares for the conversion premium related to the Notes in the calculation of diluted earnings per common share because the average-per-share market price of the Company's common stock was above the conversion price during the fiscal year prior to the conversion on May 1, 2014. The conversion premium was not included in the calculation of diluted earnings per common share in the prior fiscal year periods because the average-per-share market price in each year was below the conversion prices during these periods. | |||||||||||
Comprehensive Income | |||||||||||
Comprehensive income consists of net income and other comprehensive income or loss. Other comprehensive income or loss components include unrealized gains or losses on available-for-sale securities, net of tax. | |||||||||||
Segment Reporting | |||||||||||
The Company competes in a single operating segment, and as a result, no segment information has been disclosed outside of geographical information. Disclosures about products and services, and major customers are included above in Note 1. | |||||||||||
Export sales by geographic area in fiscal years 2014, 2013, and 2012 were as follows: | |||||||||||
June 29, | June 30, | July 1, | |||||||||
In thousands | 2014 | 2013 | 2012 | ||||||||
Europe | $ | 267,219 | $ | 235,300 | $ | 243,183 | |||||
Japan | 222,792 | 190,400 | 204,478 | ||||||||
Rest of the world | 520,322 | 486,800 | 452,468 | ||||||||
Total export sales | $ | 1,010,333 | $ | 912,500 | $ | 900,129 | |||||
Recently Accounting Pronouncements | |||||||||||
On May 28, 2014, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 Revenue from Contracts with Customers (Topic 606), which will supersede most existing revenue recognition guidance under current US General Accepted Accounting Principles (“GAAP”). The new standard will become effective for the first annual fiscal period beginning after December 15, 2016; accordingly, the standard is effective for the Company beginning in fiscal year 2018, with no option to early adopt under US GAAP. The core principle of ASU No. 2014-09 is that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASU No. 2014-09 provides for one of the two methods of transition: retrospective application to each prior period presented; or recognition of the cumulative effect of retrospective application of the new standard in the period of initial application. The Company is currently evaluating the impact of ASU No. 2014-09 on its consolidated financial statements and which transition method to elect. | |||||||||||
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||||||
Jun. 29, 2014 | ||||||||||||||
Stock-Based Compensation [Abstract] | ' | |||||||||||||
Stock-Based Compensation | ' | |||||||||||||
Note 2. Stock-Based Compensation | ||||||||||||||
Equity Incentive Plans | ||||||||||||||
The Company has two equity incentive plans (2005 Equity Incentive Plan and 2010 Equity Incentive Plan) under which the Company may grant Incentive Stock Options, Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Shares and Performance Units. Under the plans, the Company may grant awards to employees, executive officers, directors and consultants who provide services to the Company. To date, the Company has only granted Nonstatutory Stock Options, Restricted Stock and Restricted Stock Units. At June 29, 2014, 18.4 million shares were available for grant under the plans. Over the past four years the Company has only granted restricted stock and restricted stock units. The Company’s restricted awards generally vest annually over a period of five years (20% a year) based upon continued employment with the Company. Stock options generally become exercisable over a five-year period (generally 10% every six months) and expire seven years after 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 June 29, 2014, 0.8 million shares were available for issuance under the ESPP. During fiscal year 2014, 0.2 million shares were issued at a weighted-average price of $35.46 per share. | ||||||||||||||
The following is a brief description of each of the Company’s equity incentive plans: | ||||||||||||||
2010 Equity Incentive Plan. At the 2010 Annual Meeting of Stockholders on November 3, 2010, the Company's stockholders approved a new 2010 Equity Incentive Plan that replaced the 2001 Nonstatutory Stock Option Plan. The remaining shares from the 2001 Nonstatutory Stock Option Plan were transferred into the 2010 Equity Incentive Plan and an additional 5.0 million shares were added to the 2010 Equity Incentive Plan. The plan enables the Company to issue Incentive Stock Options, Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performances Shares and Performance Units. Under the 2010 Equity Incentive Plan, the Company may grant awards to employees, executive officers, directors and consultants who provide services to the Company. | ||||||||||||||
2005 Equity Incentive Plan. On November 2, 2005, the Company’s stockholders approved the 2005 Equity Incentive Plan, to provide for the issuance of the Company’s common stock. The plan enables the Company to issue Incentive Stock Options, Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performances Shares and Performance Units. Under the 2005 Equity Incentive Plan, the Company may grant awards to employees, executive officers, directors and consultants who provide services to the Company. | ||||||||||||||
2005 Employee Stock Purchase Plan. On November 2, 2005, the Company’s stockholders approved the 2005 Employee Stock Purchase Plan, to provide employees of the Company with an opportunity to purchase common stock of the Company through accumulated payroll deductions. The Company’s stockholders approved a 2.0 million share increase to the 2005 ESPP plan at the 2009 Annual Meeting of Stockholders. The maximum number of shares that may be issued to any one participant in any six-month offering period under the ESPP is currently 300 shares. | ||||||||||||||
As of June 29, 2014 there was approximately $173.8 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 five 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 fiscal year ended June 29, 2014, 3.0 million stock options were exercised for a gain (aggregate intrinsic value) of $37.8 million determined as of the date of option exercise. | ||||||||||||||
Stock Options | ||||||||||||||
The following table summarizes the stock option activity and related information under all stock option plans: | ||||||||||||||
Weighted | ||||||||||||||
Weighted | Average | |||||||||||||
Average | Remaining | Aggregate | ||||||||||||
Stock Options | Exercise | Contract | Intrinsic | |||||||||||
Outstanding | Price | Life (Years) | Value | |||||||||||
Outstanding options, July 3, 2011 | 17,543,589 | $ | 31.38 | |||||||||||
Granted | — | — | ||||||||||||
Forfeited and expired | -3,590,390 | 37.31 | ||||||||||||
Exercised | -2,872,339 | 24.96 | ||||||||||||
Outstanding options, July 1, 2012 | 11,080,860 | $ | 31.12 | |||||||||||
Granted | — | — | ||||||||||||
Forfeited and expired | -1,028,250 | 37.28 | ||||||||||||
Exercised | -3,316,280 | 28.42 | ||||||||||||
Outstanding options, June 30, 2013 | 6,736,330 | $ | 31.51 | |||||||||||
Granted | — | — | ||||||||||||
Forfeited and expired | -1,915,375 | 41.19 | ||||||||||||
Exercised | -3,010,856 | 30.44 | ||||||||||||
Outstanding options, June 29, 2014 | 1,810,099 | $ | 23.05 | 1.52 | $ | 42,764,840 | ||||||||
Vested and expected to vest at June 29, 2014 | 1,810,094 | $ | 23.05 | 1.52 | $ | 42,764,759 | ||||||||
Options vested and exercisable at: | ||||||||||||||
1-Jul-12 | 8,613,560 | 33.52 | ||||||||||||
30-Jun-13 | 5,529,186 | 33.42 | ||||||||||||
29-Jun-14 | 1,809,099 | 23.05 | 1.52 | $ | 42,747,870 | |||||||||
The following table sets forth certain information with respect to employee stock options outstanding and exercisable at June 29, 2014: | ||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||
Weighted | ||||||||||||||
Weighted | Average | Weighted | ||||||||||||
Average | Remaining | Average | ||||||||||||
Stock Options | Exercise | Contractual | Stock Options | Exercise | ||||||||||
Range of Exercise Prices | Outstanding | Price | Life (Years) | Exercisable | Price | |||||||||
$22.74-$22.74 | 1,767,099 | $ | 22.74 | 1.55 | 1,767,099 | $ | 22.74 | |||||||
$29.71-$29.71 | 1,000 | 29.71 | 2.55 | — | — | |||||||||
$36.12-$36.12 | 42,000 | 36.12 | 0.25 | 42,000 | 36.12 | |||||||||
$22.74-$36.12 | 1,810,099 | $ | 23.05 | 1.52 | 1,809,099 | $ | 23.05 | |||||||
Restricted Awards | ||||||||||||||
The following table summarizes the Company’s restricted stock and restricted stock unit activity under all equity award plans: | ||||||||||||||
Weighted- | ||||||||||||||
Restricted Awards | Average Grant- | |||||||||||||
Outstanding | Date Fair Value | |||||||||||||
Non-vested at July 3, 2011 | 5,202,056 | $ | 30.37 | |||||||||||
Granted | 2,065,806 | 31.30 | ||||||||||||
Vested | -1,755,210 | 30.53 | ||||||||||||
Forfeited | -114,644 | 30.41 | ||||||||||||
Non-vested at July 1, 2012 | 5,398,008 | $ | 30.67 | |||||||||||
Granted | 2,190,049 | 32.81 | ||||||||||||
Vested | -1,779,799 | 30.54 | ||||||||||||
Forfeited | -139,985 | 30.80 | ||||||||||||
Non-vested at June 30, 2013 | 5,668,273 | $ | 31.54 | |||||||||||
Granted | 2,367,730 | 43.49 | ||||||||||||
Vested | -1,789,488 | 30.37 | ||||||||||||
Forfeited | -129,428 | 33.36 | ||||||||||||
Non-vested at June 29, 2014 | 6,117,087 | $ | 36.46 | |||||||||||
Fair_Value
Fair Value | 12 Months Ended | ||||||||||
Jun. 29, 2014 | |||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||
Fair Value | ' | ||||||||||
Note 3. 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 had no Level 3 assets in fiscal years 2014 and 2013. | |||||||||||
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 29, 2014: | |||||||||||
In thousands | Quoted Prices in | Significant | |||||||||
Active Markets | Other | ||||||||||
for Identical | Observable | ||||||||||
Instruments | Inputs | ||||||||||
Description | (Level 1) | (Level 2) | Total | ||||||||
Assets | |||||||||||
Investments in U.S. Treasury | |||||||||||
securities and money-market funds | $ | 443,635 | $ | — | $ | 443,635 | |||||
Investments in municipal bonds, | |||||||||||
obligations of U.S. government- | — | 446,931 | 446,931 | ||||||||
sponsored enterprises and commercial paper | |||||||||||
Total assets measured at fair value | $ | 443,635 | $ | 446,931 | $ | 890,566 | |||||
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 | |||||||||
Active Markets | Other | ||||||||||
for Identical | Observable | ||||||||||
Instruments | Inputs | ||||||||||
Description | (Level 1) | (Level 2) | Total | ||||||||
Assets | |||||||||||
Investments in U.S. Treasury | |||||||||||
securities and money-market funds | $ | 433,301 | $ | — | $ | 433,301 | |||||
Investments in municipal bonds, | |||||||||||
obligations of U.S. government- | — | 1,004,055 | 1,004,055 | ||||||||
sponsored enterprises and commercial paper | |||||||||||
Total assets measured at fair value | $ | 433,301 | $ | 1,004,055 | $ | 1,437,356 | |||||
Marketable_Securities
Marketable Securities | 12 Months Ended | |||||||||||||
Jun. 29, 2014 | ||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||
Marketable Securities | ' | |||||||||||||
Note 4. Marketable Securities | ||||||||||||||
The following is a summary of cash equivalents and marketable securities at June 29, 2014 and June 30, 2013: | ||||||||||||||
29-Jun-14 | ||||||||||||||
Amortized | Unrealized | Unrealized | ||||||||||||
In thousands | Cost | Gain | (Loss) (1) | Fair Value | ||||||||||
U.S. Treasury securities | $ | 426,777 | $ | 455 | $ | -2 | $ | 427,230 | ||||||
Obligations of U.S. government-sponsored enterprises | 133,131 | 46 | -2 | 133,175 | ||||||||||
Municipal bonds | 60,267 | 49 | -4 | 60,312 | ||||||||||
Corporate debt securities and other | 253,429 | 18 | -3 | 253,444 | ||||||||||
Money market funds | 16,405 | — | — | 16,405 | ||||||||||
Total | $ | 890,009 | $ | 568 | $ | -11 | $ | 890,566 | ||||||
Amounts included in: | ||||||||||||||
Cash equivalents | $ | 35,102 | $ | — | $ | — | $ | 35,102 | ||||||
Marketable securities | 854,907 | 568 | -11 | 855,464 | ||||||||||
Total | $ | 890,009 | $ | 568 | $ | -11 | $ | 890,566 | ||||||
30-Jun-13 | ||||||||||||||
Amortized | Unrealized | Unrealized | ||||||||||||
In thousands | Cost | Gain | (Loss) (1) | Fair 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 June 29, 2014 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 June 29, 2014 and June 30, 2013. | ||||||||||||||
The estimated fair value of investments in debt securities by effective maturity date, is as follows: | ||||||||||||||
June 29, | June 30, | |||||||||||||
In thousands | 2014 | 2013 | ||||||||||||
Due in one year or less | $ | 470,453 | $ | 1,349,531 | ||||||||||
Due after one year through three years | 385,011 | 48,560 | ||||||||||||
Total | $ | 855,464 | $ | 1,398,091 | ||||||||||
Acquisition
Acquisition | 12 Months Ended |
Jun. 29, 2014 | |
Acquisition [Abstract] | ' |
Acquisitions | ' |
Note 5. Acquisition | |
On December 20, 2011, the Company acquired 100% of the outstanding stock of privately held Dust Networks ("Dust") of Hayward, California, a provider of low power wireless sensor network technology. The acquisition of Dust enables the Company to offer a complete high performance wireless sensor networking solution. Dust's low power radio and software technology complements the Company's strengths in industrial instrumentation, power management and energy harvesting technology. The consideration associated with the acquisition was approximately $25.2 million including $1.7 million for Dust acquisition expenses that were expensed immediately. The Company paid additional consideration over the subsequent two year period of approximately $2.8 million in cash, to certain acquired key employees. | |
The Company allocated the Dust purchase price to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair value at the date of acquisition resulting in the recognition of $13.1 million of intellectual property, $4.0 million of customer relationships, $2.2 million of goodwill and $3.6 million in net tangible assets. | |
No supplemental pro-forma information is presented for the acquisition due to the immaterial effect of the acquisition on the Company's results of operations. The Company recognized $3.2 million of transaction related costs that were expensed in the quarter ended January 1, 2012. | |
Goodwill_And_Intangible_Assets
Goodwill And Intangible Assets | 12 Months Ended | ||||||||||
Jun. 29, 2014 | |||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||
Goodwill and Intangible Assets | ' | ||||||||||
Note 6. 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 June 29, 2014 is attributable to the acquisition of Dust Networks ("Dust") in fiscal year 2012. There were no changes to the goodwill balance for the year ended June 29, 2014. | |||||||||||
Intangible Assets | |||||||||||
As a result of the acquisition of Dust during the second quarter of fiscal year 2012 the Company recorded the following intangible assets: $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 is 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 6.4 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 | 29-Jun-14 | ||||||||||
Accumulated | |||||||||||
Original Cost | Amortization | Net | |||||||||
Intellectual property | $ | 13,100 | $ | -4,500 | $ | 8,600 | |||||
Customer relationships | 4,000 | -1,000 | 3,000 | ||||||||
Total intangible assets | $ | 17,100 | $ | -5,500 | $ | 11,600 | |||||
In thousands | 30-Jun-13 | ||||||||||
Accumulated | |||||||||||
Original Cost | Amortization | Net | |||||||||
Intellectual property | $ | 13,100 | $ | -2,700 | $ | 10,400 | |||||
Customer relationships | 4,000 | -600 | 3,400 | ||||||||
Total intangible assets | $ | 17,100 | $ | -3,300 | $ | 13,800 | |||||
Amortization expense associated with intangible assets for fiscal year 2014, 2013, and 2012 was $2.2 million, $6.0 million and $6.8 million, respectively. Amortization expense for intangible assets is estimated to be $2.2 million in fiscal year 2015, $2.2 million in fiscal year 2016, $1.7 million in fiscal year 2017, $1.2 million in fiscal year 2018, $1.2 million in fiscal year 2019 and $3.1 million thereafter. | |||||||||||
Convertible_Senior_Notes
Convertible Senior Notes | 12 Months Ended | ||||||||||
Jun. 29, 2014 | |||||||||||
Convertible Senior Notes [Abstract] | ' | ||||||||||
Convertible Senior Notes | ' | ||||||||||
Note 7. 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 in fiscal 2011 using a portion of its existing cash and marketable securities balances. On May 1, 2014 the Company executed the conversion of the remaining principal amount of $845.1 million of its 2027A notes. On such date, each $1,000 principal amount of the 2027A notes was convertible at a rate of 24.582 shares (which is equivalent to a conversion price of approximately $40.68 per share) of the Company’s common stock. The first $1,000 in conversion value of $845.1 million was paid in cash and the remaining conversion premium of $138.9 million was settled in common stock, as provided in the Indenture for the 2027A Notes. As a result of the conversion, holders of the 2027A notes received the principal amount of $845.1 million in cash and the remaining conversion premium was settled in shares of the Company’s common stock totaling approximately 2.9 million shares. There was no gain or loss recognized as a result of the conversion. | |||||||||||
The 2027A notes paid cash interest of 3.00% semiannually in arrears on May 1 and November 1. In accordance with the provisions of ASC 470-20-10 to 35, the Company recognized 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 2027A notes that do not have conversion features such as the 2027A notes. The difference between the effective interest rate of 5.69% and the coupon rate of 3.00%, results in non-cash interest expense that will never be paid by the Company. | |||||||||||
Prior to the conversion, interest expense related to the Notes included in interest expense on the condensed consolidated statements of income for fiscal years 2014, 2013, and 2012 was as follows: | |||||||||||
In thousands | June 29, | June 30, | July 1, | ||||||||
2014 | 2013 | 2012 | |||||||||
Contractual coupon interest | $ | 21,127 | $ | 25,353 | $ | 25,353 | |||||
Amortization of debt discount | 18,458 | 21,029 | 19,868 | ||||||||
Amortization of debt issuance costs | 1,583 | 1,898 | 1,898 | ||||||||
Total interest expense related to the Notes | $ | 41,168 | $ | 48,280 | $ | 47,119 | |||||
Credit_Facility
Credit Facility | 12 Months Ended |
Jun. 29, 2014 | |
Credit Facility [Abstract] | ' |
Credit Facility | ' |
Note 8. Credit Facility | |
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. | |
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 $30.0 million. The Company must also maintain EBITDA of not less than $75.0 million measured quarterly, and, in order to take certain actions such as payments of dividends, must also maintain a balance of $500.0 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. Presently, the Company has not utilized the credit agreement. | |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||
Jun. 29, 2014 | |||||||||||
Stockholders' Equity [Abstract] | ' | ||||||||||
Stockholders' Equity | ' | ||||||||||
Note 9. 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. For the majority of restricted stock awards and units granted, the number of shares issued on the date the restricted stock awards and units vest is net of the minimum statutory tax withholding requirements that the Company pays in cash to the appropriate taxing authorities on behalf of its employees. The table below includes these withheld shares because they are treated as common stock repurchases in our financial statements, as they reduce the number of shares that would have been issued upon vesting. In addition, the table below includes open market repurchases. | |||||||||||
Shares repurchased in fiscal years 2014, 2013, and 2012 are as follows: | |||||||||||
In thousands | June 29, | June 30, | July 1, | ||||||||
2014 | 2013 | 2012 | |||||||||
Number of shares of common stock repurchased | 1,896 | 2,401 | 2,481 | ||||||||
Total cost of repurchase | $ | 81,786 | $ | 85,699 | $ | 76,066 | |||||
Dividends | |||||||||||
On July 23, 2014 the Company’s Board of Directors approved a cash dividend of $0.27 per share which is payable on August 27, 2014 to stockholders of record on August 15, 2014. During fiscal year 2014, the Company paid $255.3 million in dividends representing $1.06 per share. The payment of future dividends will be based on quarterly financial performance. | |||||||||||
Retirement_Plan
Retirement Plan | 12 Months Ended |
Jun. 29, 2014 | |
Retirement Plan [Abstract] | ' |
Retirement Plan | ' |
Note 10. Retirement Plan | |
The Company has established a 401(k) retirement plan for its qualified U.S. employees. Under the plan, participating employees may defer up to 25% of their pre-tax earnings, subject to the Internal Revenue Service annual contribution limits. The Company contributes to qualified U.S. employees’ 401(k) accounts as part of the Company’s semi-annual profit sharing payouts. Contributions made by the Company within the fiscal year to this plan were approximately $9.7 million, $9.4 million and $10.6 million in fiscal years 2014, 2013, and 2012, respectively. | |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||
Jun. 29, 2014 | |||||||||||
Income Taxes [Abstract] | ' | ||||||||||
Income Taxes | ' | ||||||||||
Note 11. Income Taxes | |||||||||||
The components of income before income taxes for fiscal years 2014, 2013, and 2012 are as follows: | |||||||||||
In thousands | June 29, | June 30, | July 1, | ||||||||
2014 | 2013 | 2012 | |||||||||
United States operations | $ | 364,275 | $ | 334,693 | $ | 390,619 | |||||
Foreign operations | 236,993 | 194,188 | 145,291 | ||||||||
$ | 601,268 | $ | 528,881 | $ | 535,910 | ||||||
The provision for income taxes for fiscal years 2014, 2013, and 2012 consists of the following: | |||||||||||
In thousands | June 29, | June 30, | July 1, | ||||||||
2014 | 2013 | 2012 | |||||||||
United States federal: | |||||||||||
Current | $ | 153,396 | $ | 91,308 | $ | 102,097 | |||||
Deferred | -11,706 | 23,590 | 29,387 | ||||||||
141,690 | 114,898 | 131,484 | |||||||||
State: | |||||||||||
Current | -4,207 | 2,058 | 2,265 | ||||||||
Deferred | -392 | 130 | 41 | ||||||||
-4,599 | 2,188 | 2,306 | |||||||||
Foreign: | |||||||||||
Current | 3,986 | 5,014 | 4,734 | ||||||||
Deferred | 230 | -144 | -725 | ||||||||
4,216 | 4,870 | 4,009 | |||||||||
$ | 141,307 | $ | 121,956 | $ | 137,799 | ||||||
The provision for income taxes reconciles to the amount computed by applying the statutory U.S. Federal rate at 35% to income before income taxes for fiscal years 2014, 2013, and 2012 are as follows: | |||||||||||
In thousands | June 29, | June 30, | July 1, | ||||||||
2014 | 2013 | 2012 | |||||||||
Tax at U.S. statutory rate | $ | 210,443 | $ | 185,108 | $ | 187,569 | |||||
State income taxes, net of federal benefit | -2,989 | 1,422 | 1,485 | ||||||||
Earnings of foreign subsidiaries subject to lower rates | -49,149 | -40,526 | -38,931 | ||||||||
Domestic manufacturing deduction | -13,342 | -12,833 | -10,641 | ||||||||
Research and development credit | -6,378 | -14,506 | -6,944 | ||||||||
Other | 2,722 | 3,291 | 5,261 | ||||||||
$ | 141,307 | $ | 121,956 | $ | 137,799 | ||||||
The tax benefits (charges) attributable to equity-based compensation transactions that were applied to additional paid-in capital were $11.0 million, $(0.5) million and $ (2.6) million, for fiscal 2014, 2013, and 2012, respectively. | |||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax assets and liabilities recorded in the balance sheet as of June 29, 2014 and June 30, 2013 are as follows: | |||||||||||
In thousands | June 29, | June 30, | |||||||||
2014 | 2013 | ||||||||||
Deferred tax assets: | |||||||||||
Loss carryforwards | $ | 5,979 | $ | 6,887 | |||||||
Credit carryforwards | 13,663 | 8,993 | |||||||||
Inventory valuation | 19,601 | 20,697 | |||||||||
Deferred income on shipments to distributors | 15,827 | 15,284 | |||||||||
Stock-based compensation | 12,496 | 19,178 | |||||||||
Accrued compensation and benefits | 7,517 | 7,120 | |||||||||
Other | 2,581 | 3,222 | |||||||||
Valuation allowance | -13,663 | -8,993 | |||||||||
Total deferred tax assets | 64,001 | 72,388 | |||||||||
Deferred tax liabilities: | |||||||||||
Depreciation and amortization | $ | 9,469 | $ | 13,845 | |||||||
Unremitted earnings of subsidiaries | 72,748 | 58,951 | |||||||||
Convertible senior notes | — | 81,929 | |||||||||
Other | 3,489 | 1,168 | |||||||||
Total deferred tax liabilities | 85,706 | 155,893 | |||||||||
Net deferred tax liabilities | $ | -21,705 | $ | -83,505 | |||||||
The Company has state tax credit carryforwards of $13.7 million, that do not expire. The Company has provided a valuation allowance of $(13.7) million on state tax credit carryforwards which are not likely to be utilized. | |||||||||||
The Company has a partial tax holiday in Singapore whereby the local statutory rate is significantly reduced. The tax holiday is effective through August 2019, if certain conditions are met. The Company has obtained a partial tax holiday in Malaysia, which is effective through July 2015. The Company currently expects to extend the Malaysia tax holiday. | |||||||||||
The impact of the Singapore and Malaysia tax holidays was to increase net income by approximately $22.6 million ($0.09 per diluted share) in fiscal year 2014, $18.9 million ($0.08 per diluted share) in fiscal year 2013, and $18.0 million ($0.08 per diluted share) in fiscal year 2012. The Company does not provide a residual U.S. tax on a portion of the undistributed earnings of its Singapore and Malaysian subsidiaries, as it is the Company's intention to permanently invest these earnings overseas. Should these earnings be remitted to the U.S. parent, additional U.S. taxable income would be approximately $852.2 million. Determining the unrecognized deferred tax liability related to investments in these non-U.S. subsidiaries that are permanently reinvested is not practicable. | |||||||||||
At June 29, 2014, the Company had $29.4 million of unrecognized tax benefits, of which $10.6 million if recognized, would favorably impact the effective income tax rate in future periods. | |||||||||||
The Company’s policy is to recognize interest and/or penalties related to income tax matters in income tax expense. Income tax expense for fiscal year 2014 includes accrued interest on unrecognized tax benefits totaling $0.8 million. At June 29, 2014, the total amount of interest on unrecognized tax benefits is $2.0 million. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||
In thousands | Unrecognized | ||||||||||
Tax Benefits | |||||||||||
Balance at July 1, 2012 | $ | 30,230 | |||||||||
Net additions for current year tax positions | 6,808 | ||||||||||
Net additions for prior year tax positions | 1,053 | ||||||||||
Settlements | — | ||||||||||
Lapse in statute of limitations | -7,538 | ||||||||||
Balance at June 30, 2013 | 30,553 | ||||||||||
Net additions for current year tax positions | 6,012 | ||||||||||
Net additions for prior year tax positions | 972 | ||||||||||
Settlements | -2,215 | ||||||||||
Lapse in statute of limitations | -5,879 | ||||||||||
Balance at June 29, 2014 | $ | 29,443 | |||||||||
The Company estimates that it is reasonably possible that the liability for gross unrecognized tax benefits could decrease up to $8.1 million within the next 12 months. These changes could occur as a result of expiration of various statutes of limitations. | |||||||||||
During fiscal year 2014 the Company had $6.4 million of discrete tax benefits that positively impacted the effective tax rate, related primarily to the reversal of estimated tax liabilities for uncertain tax positions as a result of the expiration of open tax years. | |||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 29, 2014 | |
Commitments and Contingencies [Abstract] | ' |
Commitments and Contingencies | ' |
Note 12. Commitments and Contingencies | |
Contractual Obligations | |
The Company leases certain of its facilities under operating leases, some of which have options to extend the lease period. In addition, the Company has entered into long-term land leases for the sites of its Singapore and Malaysia manufacturing facilities. | |
At June 29, 2014, future minimum lease payments under non-cancelable operating leases and land leases having an initial term in excess of one year were as follows: fiscal year 2015: $2.8 million; fiscal year 2016: $2.2 million; fiscal year 2017: $1.2 million; fiscal year 2018: $0.8 million, fiscal year 2019: $0.5 million and thereafter: $1.0 million. | |
Total rent expense was $3.7 million, $4.1 million, and $4.1 million in fiscal years 2014, 2013, and 2012, respectively. | |
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. | |
Quarterly_Information
Quarterly Information | 12 Months Ended | |||||||||||||
Jun. 29, 2014 | ||||||||||||||
Quarterly Information [Abstract] | ' | |||||||||||||
Quarterly Information | ' | |||||||||||||
Note 13. Quarterly Information (Unaudited) | ||||||||||||||
In thousands, except per share amounts | June 29, | March 30, | December 29, | September 29, | ||||||||||
Quarter Ended Fiscal Year 2014 | 2014 | 2014 | 2013 | 2013 | ||||||||||
Revenues | $ | 365,428 | $ | 348,006 | $ | 334,595 | $ | 340,357 | ||||||
Gross profit | 277,849 | 263,527 | 252,074 | 256,356 | ||||||||||
Net income | 129,735 | 117,607 | 104,751 | 107,868 | ||||||||||
Basic earnings per share | 0.53 | 0.49 | 0.44 | 0.45 | ||||||||||
Diluted earnings per share | 0.53 | 0.48 | 0.44 | 0.45 | ||||||||||
Cash dividends per share | 0.27 | 0.27 | 0.26 | 0.26 | ||||||||||
Stock price range per share: | ||||||||||||||
High | 50.43 | 48.68 | 45.38 | 40.98 | ||||||||||
Low | 44.23 | 43.36 | 38.70 | 36.75 | ||||||||||
In thousands, except per share amounts | June 30, | March 31, | December 30, | September 30, | ||||||||||
Quarter Ended Fiscal Year 2013 | 2013 | 2013 | 2012 | 2012 | ||||||||||
Revenues | $ | 327,265 | $ | 314,542 | $ | 305,281 | $ | 335,148 | ||||||
Gross profit | 245,951 | 235,283 | 227,096 | 251,390 | ||||||||||
Net income | 101,941 | 110,968 | 88,834 | 105,182 | ||||||||||
Basic earnings per share | 0.43 | 0.47 | 0.38 | 0.45 | ||||||||||
Diluted earnings per share | 0.43 | 0.46 | 0.38 | 0.45 | ||||||||||
Cash dividends per share | 0.26 | — | 0.51 | 0.25 | ||||||||||
Stock price range per share: | ||||||||||||||
High | 38.38 | 38.58 | 34.46 | 33.67 | ||||||||||
Low | 34.61 | 34.30 | 31.00 | 29.66 | ||||||||||
The stock activity in the above table is based on the high and low closing prices. These prices represent quotations between dealers without adjustment for retail markups, markdowns or commissions, and may not represent actual transactions. The Company's common stock is traded on the NASDAQ Global Market under the symbol LLTC. | ||||||||||||||
At June 29, 2014 there were approximately 1,664 stockholders of record. | ||||||||||||||
Description_Of_Business_And_Si1
Description Of Business And Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||
Jun. 29, 2014 | |||||||||||
Description Of Business And Significant Accounting Policies [Abstract] | ' | ||||||||||
Basis of Presentation | ' | ||||||||||
Basis of Presentation | |||||||||||
The Company operates on a 52/53-week fiscal year ending on the Sunday nearest June 30. Fiscal years 2014, 2013 and 2012 were 52-week years. | |||||||||||
The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries after elimination of all significant inter-company accounts and transactions. Accounts denominated in foreign currencies have been remeasured using the U.S. dollar as the functional currency. | |||||||||||
The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States requires management to make estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. | |||||||||||
Cash Equivalents and Marketable Securities | ' | ||||||||||
Cash Equivalents and Marketable Securities | |||||||||||
Cash equivalents are highly liquid investments purchased with original maturities of three months or less at the time of purchase. Cash equivalents consist of investment grade securities in commercial paper, bank certificates of deposit, and money market funds. | |||||||||||
Investments with maturities over three months at the time of purchase are classified as marketable securities. At June 29, 2014 and June 30, 2013, the Company’s marketable securities balance consisted primarily of debt securities in municipal bonds, corporate bonds, commercial paper, U.S. and foreign government and agency securities. The Company’s marketable securities are managed by outside professional managers within investment guidelines set by the Company. The Company’s investment guidelines generally restrict the professional managers to high quality debt instruments with a credit rating of AAA. Within the Company's investment policy there is a provision that allows the Company to hold AA+ securities under certain circumstances. The Company’s investments in debt securities are classified as available-for-sale. Investments in available-for-sale securities are reported at fair value with unrealized gains and losses, net of tax, as a component of “Accumulated other comprehensive income” in the Consolidated Balance Sheets. The Company classifies investments with maturities greater than twelve months as current as it considers all investments as a potential source of operating cash regardless of maturity date. The cost of securities matured or sold is based on the specific identification method. | |||||||||||
Accounts Receivable | ' | ||||||||||
Accounts Receivable | |||||||||||
The allowance for doubtful accounts reflects the Company’s best estimate of probable losses inherent in the accounts receivable balance. The Company determines the allowance based on the aging of its accounts receivable, historical experience, known troubled accounts, management judgment and other currently available evidence. The Company writes off accounts receivable against the allowance when it determines a balance is uncollectible and no longer actively pursues collection of the receivable. | |||||||||||
Concentrations of Credit Risk | ' | ||||||||||
Concentrations of Credit Risk | |||||||||||
The Company’s investment policy restricts investments to high credit quality investments with maturities of three years or less and limits the amount invested with any one issuer. Concentrations of credit risk with respect to accounts receivable are generally not significant due to the diversity of the Company's customers, customer end-markets, and customer geographical locations. The Company performs ongoing credit evaluations of its customers' financial condition and requires collateral, primarily letters of credit, as deemed necessary. | |||||||||||
Arrow Electronics Inc. (“Arrow”), the Company’s largest distributor, distributes the Company’s products worldwide. Arrow is one of the largest distributors of electronic components in the world with revenues of $21.4 billion in their December 2013 fiscal year-end. Arrow's global components business segment covers the world's largest electronics markets - the Americas, EMEA (Europe, Middle East, and Africa), and Asia Pacific regions. As of June 29, 2014 and June 30, 2013, Arrow worldwide accounted for 38% and 36% of the Company’s total net accounts receivable, respectively. Arrow worldwide accounted for 31%, 31% and 29% of the Company’s worldwide net revenues in fiscal 2014, 2013 and 2012, respectively. As of June 29, 2014 and June 30, 2013, Arrow domestic accounted for 10% and 13% of the Company’s total net accounts receivable, respectively. Arrow domestic accounted for 12%, 13% and 13% of the Company’s worldwide net revenues in fiscal 2014, 2013 and 2012, respectively. Arrow, like the Company’s other distributors, is not an end customer, but rather serves as a channel of sale to many end users of the Company's products. | |||||||||||
No end customer accounted for more than 10% of the Company’s worldwide net revenues for any of the periods presented. | |||||||||||
The Company’s assets, liabilities and cash flows are predominantly U.S. dollar denominated, including those of its foreign operations. However, the Company’s foreign subsidiaries have certain assets, liabilities and cash flows that are subject to foreign currency risk. For the three years ended June 29, 2014, the Company did not utilize derivative instruments to hedge foreign currency risk or for any other purpose. Gains and losses resulting from foreign currency fluctuations are recognized in income. | |||||||||||
Inventories | ' | ||||||||||
Inventories | |||||||||||
The Company values inventories at the lower of cost or market on a first-in, first-out basis. The Company records charges to write-down inventories for unsalable, excess or obsolete raw materials, work-in-process and finished goods. Newly introduced parts are generally not valued until success in the market place has been determined by a consistent pattern of sales and backlog among other factors. In addition to write-downs based on newly introduced parts, judgmental assessments are calculated for the remaining inventory based on salability, obsolescence, historical experience and current business conditions. | |||||||||||
Property, Plant and Equipment and Other Non-Current Assets | ' | ||||||||||
Property, Plant and Equipment and Other Non-Current Assets | |||||||||||
Depreciation for property, plant and equipment is provided using the straight-line method over the estimated useful lives of the assets (5-10 years for equipment and 10-30 years for buildings and building improvements). Leasehold improvements are amortized over the shorter of the asset’s useful life or the expected term of the lease. Depreciation expense for fiscal years 2014, 2013, and 2012 was $49.1 million, $49.4 million and $48.5 million, respectively. | |||||||||||
Other non-current assets principally relate to intangible assets totaling $11.6 million and goodwill totaling $2.2 million. Intangible assets are amortized over their estimated useful lives of 5 to 10 years using the straight-line method of amortization. | |||||||||||
The Company performs reviews of its long-lived assets for impairment whenever events or changes in circumstance indicate the carrying value may not be recoverable or that the useful life is shorter than originally estimated. | |||||||||||
Long-lived assets by geographic area were as follows, net of accumulated depreciation: | |||||||||||
June 29, | June 30, | ||||||||||
In thousands | 2014 | 2013 | |||||||||
United States | $ | 187,900 | $ | 208,971 | |||||||
Malaysia | 54,539 | 56,889 | |||||||||
Singapore | 48,426 | 38,591 | |||||||||
Total long-lived assets | $ | 290,865 | $ | 304,451 | |||||||
Goodwill and Intangible Assets | ' | ||||||||||
Goodwill and Intangible Assets | |||||||||||
The Company reviews goodwill and purchased intangible assets with indefinite lives for impairment annually and whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Reviews are performed to determine whether the carrying value of an asset is impaired, based on comparisons to undiscounted expected future cash flows. If this comparison indicates that there is impairment, the impaired asset is written down to fair value, which is typically calculated using: (i) quoted market prices or (ii) discounted expected future cash flows utilizing a discount rate consistent with the guidance. Impairment is based on the excess of the carrying amount over the fair value of those assets. | |||||||||||
Goodwill is recorded as the difference, if any, between the aggregate consideration paid for an acquisition and the fair value of the net tangible and intangible assets acquired. The Company tests goodwill for impairment at the reporting unit level (operating segment or one level below an operating segment) on an annual basis or more frequently if the Company believes indicators of impairment exist. During fiscal year 2014, the Company performed a qualitative assessment to test goodwill for impairment. Based on the qualitative assessment, if the Company determines that the fair value of a reporting unit is more likely than not (i.e. a likelihood of more than 50 percent) to be less than its carrying amount, the two step impairment test will be performed. The first step of the impairment test involves comparing the fair values of the applicable reporting units with their aggregate carrying values, including goodwill. The Company generally determines the fair value of the Company’s reporting units using the income approach methodology of valuation that includes the discounted cash flow method as well as other generally accepted valuation methodologies. If the carrying amount of a reporting unit exceeds the reporting unit’s fair value, the Company performs the second step of the goodwill impairment test to determine the amount of impairment loss. The second step of the goodwill impairment test involves comparing the implied fair value of the affected reporting unit’s goodwill with the carrying value of that goodwill. No impairment charges were recorded associated with the Company's goodwill and intangible assets for any of the periods presented. | |||||||||||
Advertising Expense | ' | ||||||||||
Advertising Expense | |||||||||||
The Company expenses advertising costs in the period in which they occur. Advertising expenses for fiscal years 2014, 2013, and 2012 were approximately $5.5 million, $5.4 million and $5.1 million, respectively. | |||||||||||
Revenue Recognition | ' | ||||||||||
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. The Company recognized approximately 15% of net revenues in fiscal year 2014 from North American (“domestic”) distributors. Domestic distributor revenues 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. Domestic distributor agreements permit the following: price protection on certain domestic distribution inventory if the Company lowers the prices of its products; exchanges up to 3%-5% of certain purchases on a quarterly basis; and ship and debit transactions. Ship and debit transactions occur when the Company agrees to accept a lower selling price for a specific quantity of product at the request of the domestic distributor in order to complete a sales transaction in the domestic distributor channel. For such sales, the Company rebates the negotiated price decrease to the distributor upon shipment as a reduction in the accounts receivable from the distributor. | |||||||||||
At the time of shipment to domestic distributors, the Company records a trade receivable and deferred revenue at the distributor’s purchase 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 costs of sales and is recognized as a current liability until such time as the distributor confirms a final sale to its end customer. “Deferred income on shipments to distributors” effectively represents the deferred gross margin on the sale to the distributor, however, the actual amount of gross margin the Company ultimately recognizes in future periods may be less than the originally recorded amount as a result of price protection, negotiated price rebates and exchanges as mentioned above. The wide range and variability of negotiated price rebates granted to distributors does not allow the Company to accurately estimate the portion of the balance in the “Deferred income on shipments to distributors” that will be remitted back to the distributors. These price rebates that have been remitted back to distributors have ranged from $2.7 million to $4.2 million per quarter. The Company does not reduce deferred income by anticipated future price rebates. Instead, price rebates are recorded against “Deferred income on shipments to distributors” when incurred, which is generally at the time the distributor sells the product to the end customers. | |||||||||||
The Company’s sales to international distributors are made under agreements which permit limited stock return privileges but not sales price rebates. The agreements generally permit distributors to exchange up to 5% of purchases on a semi-annual basis. Revenue on international distributor sales is recognized upon shipment at which time title passes. The Company estimates international distributor returns based on historical data and current business expectations and defers a portion of international distributor revenues and costs based on these estimated returns. | |||||||||||
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 immaterial. | |||||||||||
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 the Company might be required to make as a result of these agreements, and accordingly, the Company has not accrued any amounts for its indemnification obligations. | |||||||||||
Stock-Based Compensation | ' | ||||||||||
Stock-Based Compensation | |||||||||||
The Company has equity incentive plans, which are described more fully in “Note 2: Stock-Based Compensation.” Stock-based compensation is measured at the grant date, based on the fair value of the award. The Company's equity awards granted in fiscal years 2014 and 2013 were restricted stock awards. Stock-based compensation cost for restricted stock awards is based on the fair market value of the Company’s stock on the date of grant. Stock-based 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 Black-Scholes valuation model requires the Company to estimate key assumptions such as expected option term and stock price volatility 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. The Company amortizes restricted stock and stock option award compensation cost straight-line over the awards vesting period, which is generally 5 years. | |||||||||||
Income Taxes | ' | ||||||||||
Income Taxes | |||||||||||
The Company recognizes a 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 Company recognizes liabilities for uncertain tax positions based on the two-step process prescribed in the authoritative accounting literature. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step requires the Company to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. See “Note 11. Income Taxes” for further information. | |||||||||||
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, unvested restricted stock, the dilutive effect of stock options, calculated using the treasury stock method and the dilutive effect of the conversion premium related to the Notes. The dilutive effect of stock options for fiscal years 2014, 2013, and 2012 was 1,173,000, 1,050,000, and 1,285,000 shares, respectively. There were no out-of-the-money stock options that had to be excluded from the weighted average diluted common shares outstanding for fiscal year 2014. The weighted average diluted common shares outstanding for fiscal years 2013, and 2012 excludes the effect of approximately 4,391,000, and 7,929,000 stock options, respectively, that if included would be anti-dilutive. | |||||||||||
The Company included the dilutive effect of 879,000 shares for the conversion premium related to the Notes in the calculation of diluted earnings per common share because the average-per-share market price of the Company's common stock was above the conversion price during the fiscal year prior to the conversion on May 1, 2014. The conversion premium was not included in the calculation of diluted earnings per common share in the prior fiscal year periods because the average-per-share market price in each year was below the conversion prices during these periods. | |||||||||||
Comprehensive Income | ' | ||||||||||
Comprehensive Income | |||||||||||
Comprehensive income consists of net income and other comprehensive income or loss. Other comprehensive income or loss components include unrealized gains or losses on available-for-sale securities, net of tax. | |||||||||||
Segment Reporting | ' | ||||||||||
Segment Reporting | |||||||||||
The Company competes in a single operating segment, and as a result, no segment information has been disclosed outside of geographical information. Disclosures about products and services, and major customers are included above in Note 1. | |||||||||||
Export sales by geographic area in fiscal years 2014, 2013, and 2012 were as follows: | |||||||||||
June 29, | June 30, | July 1, | |||||||||
In thousands | 2014 | 2013 | 2012 | ||||||||
Europe | $ | 267,219 | $ | 235,300 | $ | 243,183 | |||||
Japan | 222,792 | 190,400 | 204,478 | ||||||||
Rest of the world | 520,322 | 486,800 | 452,468 | ||||||||
Total export sales | $ | 1,010,333 | $ | 912,500 | $ | 900,129 | |||||
Recently Accounting Pronouncements | ' | ||||||||||
Recently Accounting Pronouncements | |||||||||||
On May 28, 2014, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 Revenue from Contracts with Customers (Topic 606), which will supersede most existing revenue recognition guidance under current US General Accepted Accounting Principles (“GAAP”). The new standard will become effective for the first annual fiscal period beginning after December 15, 2016; accordingly, the standard is effective for the Company beginning in fiscal year 2018, with no option to early adopt under US GAAP. The core principle of ASU No. 2014-09 is that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASU No. 2014-09 provides for one of the two methods of transition: retrospective application to each prior period presented; or recognition of the cumulative effect of retrospective application of the new standard in the period of initial application. The Company is currently evaluating the impact of ASU No. 2014-09 on its consolidated financial statements and which transition method to elect. | |||||||||||
Description_Of_Business_And_Si2
Description Of Business And Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||
Jun. 29, 2014 | |||||||||||
Description Of Business And Significant Accounting Policies [Abstract] | ' | ||||||||||
Long-Lived Assets By Geographic Area | ' | ||||||||||
June 29, | June 30, | ||||||||||
In thousands | 2014 | 2013 | |||||||||
United States | $ | 187,900 | $ | 208,971 | |||||||
Malaysia | 54,539 | 56,889 | |||||||||
Singapore | 48,426 | 38,591 | |||||||||
Total long-lived assets | $ | 290,865 | $ | 304,451 | |||||||
Export Sales By Geographic Area | ' | ||||||||||
June 29, | June 30, | July 1, | |||||||||
In thousands | 2014 | 2013 | 2012 | ||||||||
Europe | $ | 267,219 | $ | 235,300 | $ | 243,183 | |||||
Japan | 222,792 | 190,400 | 204,478 | ||||||||
Rest of the world | 520,322 | 486,800 | 452,468 | ||||||||
Total export sales | $ | 1,010,333 | $ | 912,500 | $ | 900,129 | |||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||
Jun. 29, 2014 | ||||||||||||||
Stock-Based Compensation [Abstract] | ' | |||||||||||||
Schedule Of Stock Option Activity | ' | |||||||||||||
Weighted | ||||||||||||||
Weighted | Average | |||||||||||||
Average | Remaining | Aggregate | ||||||||||||
Stock Options | Exercise | Contract | Intrinsic | |||||||||||
Outstanding | Price | Life (Years) | Value | |||||||||||
Outstanding options, July 3, 2011 | 17,543,589 | $ | 31.38 | |||||||||||
Granted | — | — | ||||||||||||
Forfeited and expired | -3,590,390 | 37.31 | ||||||||||||
Exercised | -2,872,339 | 24.96 | ||||||||||||
Outstanding options, July 1, 2012 | 11,080,860 | $ | 31.12 | |||||||||||
Granted | — | — | ||||||||||||
Forfeited and expired | -1,028,250 | 37.28 | ||||||||||||
Exercised | -3,316,280 | 28.42 | ||||||||||||
Outstanding options, June 30, 2013 | 6,736,330 | $ | 31.51 | |||||||||||
Granted | — | — | ||||||||||||
Forfeited and expired | -1,915,375 | 41.19 | ||||||||||||
Exercised | -3,010,856 | 30.44 | ||||||||||||
Outstanding options, June 29, 2014 | 1,810,099 | $ | 23.05 | 1.52 | $ | 42,764,840 | ||||||||
Vested and expected to vest at June 29, 2014 | 1,810,094 | $ | 23.05 | 1.52 | $ | 42,764,759 | ||||||||
Options vested and exercisable at: | ||||||||||||||
1-Jul-12 | 8,613,560 | 33.52 | ||||||||||||
30-Jun-13 | 5,529,186 | 33.42 | ||||||||||||
29-Jun-14 | 1,809,099 | 23.05 | 1.52 | $ | 42,747,870 | |||||||||
Schedule Of Employee Stock Options Outstanding And Exercisable | ' | |||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||
Weighted | ||||||||||||||
Weighted | Average | Weighted | ||||||||||||
Average | Remaining | Average | ||||||||||||
Stock Options | Exercise | Contractual | Stock Options | Exercise | ||||||||||
Range of Exercise Prices | Outstanding | Price | Life (Years) | Exercisable | Price | |||||||||
$22.74-$22.74 | 1,767,099 | $ | 22.74 | 1.55 | 1,767,099 | $ | 22.74 | |||||||
$29.71-$29.71 | 1,000 | 29.71 | 2.55 | — | — | |||||||||
$36.12-$36.12 | 42,000 | 36.12 | 0.25 | 42,000 | 36.12 | |||||||||
$22.74-$36.12 | 1,810,099 | $ | 23.05 | 1.52 | 1,809,099 | $ | 23.05 | |||||||
Schedule Of Restricted Stock And Restricted Stock Unit Activity | ' | |||||||||||||
Weighted- | ||||||||||||||
Restricted Awards | Average Grant- | |||||||||||||
Outstanding | Date Fair Value | |||||||||||||
Non-vested at July 3, 2011 | 5,202,056 | $ | 30.37 | |||||||||||
Granted | 2,065,806 | 31.30 | ||||||||||||
Vested | -1,755,210 | 30.53 | ||||||||||||
Forfeited | -114,644 | 30.41 | ||||||||||||
Non-vested at July 1, 2012 | 5,398,008 | $ | 30.67 | |||||||||||
Granted | 2,190,049 | 32.81 | ||||||||||||
Vested | -1,779,799 | 30.54 | ||||||||||||
Forfeited | -139,985 | 30.80 | ||||||||||||
Non-vested at June 30, 2013 | 5,668,273 | $ | 31.54 | |||||||||||
Granted | 2,367,730 | 43.49 | ||||||||||||
Vested | -1,789,488 | 30.37 | ||||||||||||
Forfeited | -129,428 | 33.36 | ||||||||||||
Non-vested at June 29, 2014 | 6,117,087 | $ | 36.46 | |||||||||||
Fair_Value_Tables
Fair Value (Tables) | 12 Months Ended | ||||||||||
Jun. 29, 2014 | |||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||
Fair Value Hierarchy For financial 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 June 29, 2014: | |||||||||||
In thousands | Quoted Prices in | Significant | |||||||||
Active Markets | Other | ||||||||||
for Identical | Observable | ||||||||||
Instruments | Inputs | ||||||||||
Description | (Level 1) | (Level 2) | Total | ||||||||
Assets | |||||||||||
Investments in U.S. Treasury | |||||||||||
securities and money-market funds | $ | 443,635 | $ | — | $ | 443,635 | |||||
Investments in municipal bonds, | |||||||||||
obligations of U.S. government- | — | 446,931 | 446,931 | ||||||||
sponsored enterprises and commercial paper | |||||||||||
Total assets measured at fair value | $ | 443,635 | $ | 446,931 | $ | 890,566 | |||||
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 | |||||||||
Active Markets | Other | ||||||||||
for Identical | Observable | ||||||||||
Instruments | Inputs | ||||||||||
Description | (Level 1) | (Level 2) | Total | ||||||||
Assets | |||||||||||
Investments in U.S. Treasury | |||||||||||
securities and money-market funds | $ | 433,301 | $ | — | $ | 433,301 | |||||
Investments in municipal bonds, | |||||||||||
obligations of U.S. government- | — | 1,004,055 | 1,004,055 | ||||||||
sponsored enterprises and commercial paper | |||||||||||
Total assets measured at fair value | $ | 433,301 | $ | 1,004,055 | $ | 1,437,356 | |||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 12 Months Ended | |||||||||||||
Jun. 29, 2014 | ||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||
Summary Of Cash Equivalents And Marketable Securities | ' | |||||||||||||
29-Jun-14 | ||||||||||||||
Amortized | Unrealized | Unrealized | ||||||||||||
In thousands | Cost | Gain | (Loss) (1) | Fair Value | ||||||||||
U.S. Treasury securities | $ | 426,777 | $ | 455 | $ | -2 | $ | 427,230 | ||||||
Obligations of U.S. government-sponsored enterprises | 133,131 | 46 | -2 | 133,175 | ||||||||||
Municipal bonds | 60,267 | 49 | -4 | 60,312 | ||||||||||
Corporate debt securities and other | 253,429 | 18 | -3 | 253,444 | ||||||||||
Money market funds | 16,405 | — | — | 16,405 | ||||||||||
Total | $ | 890,009 | $ | 568 | $ | -11 | $ | 890,566 | ||||||
Amounts included in: | ||||||||||||||
Cash equivalents | $ | 35,102 | $ | — | $ | — | $ | 35,102 | ||||||
Marketable securities | 854,907 | 568 | -11 | 855,464 | ||||||||||
Total | $ | 890,009 | $ | 568 | $ | -11 | $ | 890,566 | ||||||
30-Jun-13 | ||||||||||||||
Amortized | Unrealized | Unrealized | ||||||||||||
In thousands | Cost | Gain | (Loss) (1) | Fair 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 June 29, 2014 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 June 29, 2014 and June 30, 2013. | ||||||||||||||
Estimated Fair Value Of Investments | ' | |||||||||||||
June 29, | June 30, | |||||||||||||
In thousands | 2014 | 2013 | ||||||||||||
Due in one year or less | $ | 470,453 | $ | 1,349,531 | ||||||||||
Due after one year through three years | 385,011 | 48,560 | ||||||||||||
Total | $ | 855,464 | $ | 1,398,091 | ||||||||||
Goodwill_And_Intangible_Assets1
Goodwill And Intangible Assets (Tables) | 12 Months Ended | ||||||||||
Jun. 29, 2014 | |||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||
Schedule of Finite-Lived Intangible | ' | ||||||||||
Assets | Life | ||||||||||
Intellectual property | 5-10 years | ||||||||||
Customer relationships | 10 years | ||||||||||
Intangible assets consisted of the following: | |||||||||||
In thousands | 29-Jun-14 | ||||||||||
Accumulated | |||||||||||
Original Cost | Amortization | Net | |||||||||
Intellectual property | $ | 13,100 | $ | -4,500 | $ | 8,600 | |||||
Customer relationships | 4,000 | -1,000 | 3,000 | ||||||||
Total intangible assets | $ | 17,100 | $ | -5,500 | $ | 11,600 | |||||
In thousands | 30-Jun-13 | ||||||||||
Accumulated | |||||||||||
Original Cost | Amortization | Net | |||||||||
Intellectual property | $ | 13,100 | $ | -2,700 | $ | 10,400 | |||||
Customer relationships | 4,000 | -600 | 3,400 | ||||||||
Total intangible assets | $ | 17,100 | $ | -3,300 | $ | 13,800 | |||||
Convertible_Senior_Notes_Table
Convertible Senior Notes (Tables) | 12 Months Ended | ||||||||||
Jun. 29, 2014 | |||||||||||
Convertible Senior Notes [Abstract] | ' | ||||||||||
Schedule Of Interest Expense | ' | ||||||||||
In thousands | June 29, | June 30, | July 1, | ||||||||
2014 | 2013 | 2012 | |||||||||
Contractual coupon interest | $ | 21,127 | $ | 25,353 | $ | 25,353 | |||||
Amortization of debt discount | 18,458 | 21,029 | 19,868 | ||||||||
Amortization of debt issuance costs | 1,583 | 1,898 | 1,898 | ||||||||
Total interest expense related to the Notes | $ | 41,168 | $ | 48,280 | $ | 47,119 | |||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||
Jun. 29, 2014 | |||||||||||
Stockholders' Equity [Abstract] | ' | ||||||||||
Schedule Of Shares Repurchased | ' | ||||||||||
In thousands | June 29, | June 30, | July 1, | ||||||||
2014 | 2013 | 2012 | |||||||||
Number of shares of common stock repurchased | 1,896 | 2,401 | 2,481 | ||||||||
Total cost of repurchase | $ | 81,786 | $ | 85,699 | $ | 76,066 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||
Jun. 29, 2014 | |||||||||||
Income Taxes [Abstract] | ' | ||||||||||
Schedule of Components of Income Before Income Taxes | ' | ||||||||||
In thousands | June 29, | June 30, | July 1, | ||||||||
2014 | 2013 | 2012 | |||||||||
United States operations | $ | 364,275 | $ | 334,693 | $ | 390,619 | |||||
Foreign operations | 236,993 | 194,188 | 145,291 | ||||||||
$ | 601,268 | $ | 528,881 | $ | 535,910 | ||||||
Schedule of Components of the Provision for Income Taxes | ' | ||||||||||
In thousands | June 29, | June 30, | July 1, | ||||||||
2014 | 2013 | 2012 | |||||||||
United States federal: | |||||||||||
Current | $ | 153,396 | $ | 91,308 | $ | 102,097 | |||||
Deferred | -11,706 | 23,590 | 29,387 | ||||||||
141,690 | 114,898 | 131,484 | |||||||||
State: | |||||||||||
Current | -4,207 | 2,058 | 2,265 | ||||||||
Deferred | -392 | 130 | 41 | ||||||||
-4,599 | 2,188 | 2,306 | |||||||||
Foreign: | |||||||||||
Current | 3,986 | 5,014 | 4,734 | ||||||||
Deferred | 230 | -144 | -725 | ||||||||
4,216 | 4,870 | 4,009 | |||||||||
$ | 141,307 | $ | 121,956 | $ | 137,799 | ||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | ||||||||||
In thousands | June 29, | June 30, | July 1, | ||||||||
2014 | 2013 | 2012 | |||||||||
Tax at U.S. statutory rate | $ | 210,443 | $ | 185,108 | $ | 187,569 | |||||
State income taxes, net of federal benefit | -2,989 | 1,422 | 1,485 | ||||||||
Earnings of foreign subsidiaries subject to lower rates | -49,149 | -40,526 | -38,931 | ||||||||
Domestic manufacturing deduction | -13,342 | -12,833 | -10,641 | ||||||||
Research and development credit | -6,378 | -14,506 | -6,944 | ||||||||
Other | 2,722 | 3,291 | 5,261 | ||||||||
$ | 141,307 | $ | 121,956 | $ | 137,799 | ||||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||||
In thousands | June 29, | June 30, | |||||||||
2014 | 2013 | ||||||||||
Deferred tax assets: | |||||||||||
Loss carryforwards | $ | 5,979 | $ | 6,887 | |||||||
Credit carryforwards | 13,663 | 8,993 | |||||||||
Inventory valuation | 19,601 | 20,697 | |||||||||
Deferred income on shipments to distributors | 15,827 | 15,284 | |||||||||
Stock-based compensation | 12,496 | 19,178 | |||||||||
Accrued compensation and benefits | 7,517 | 7,120 | |||||||||
Other | 2,581 | 3,222 | |||||||||
Valuation allowance | -13,663 | -8,993 | |||||||||
Total deferred tax assets | 64,001 | 72,388 | |||||||||
Deferred tax liabilities: | |||||||||||
Depreciation and amortization | $ | 9,469 | $ | 13,845 | |||||||
Unremitted earnings of subsidiaries | 72,748 | 58,951 | |||||||||
Convertible senior notes | — | 81,929 | |||||||||
Other | 3,489 | 1,168 | |||||||||
Total deferred tax liabilities | 85,706 | 155,893 | |||||||||
Net deferred tax liabilities | $ | -21,705 | $ | -83,505 | |||||||
Unrecognized Income Tax Benefits Reconciliation | ' | ||||||||||
In thousands | Unrecognized | ||||||||||
Tax Benefits | |||||||||||
Balance at July 1, 2012 | $ | 30,230 | |||||||||
Net additions for current year tax positions | 6,808 | ||||||||||
Net additions for prior year tax positions | 1,053 | ||||||||||
Settlements | — | ||||||||||
Lapse in statute of limitations | -7,538 | ||||||||||
Balance at June 30, 2013 | 30,553 | ||||||||||
Net additions for current year tax positions | 6,012 | ||||||||||
Net additions for prior year tax positions | 972 | ||||||||||
Settlements | -2,215 | ||||||||||
Lapse in statute of limitations | -5,879 | ||||||||||
Balance at June 29, 2014 | $ | 29,443 | |||||||||
Quarterly_Information_Tables
Quarterly Information (Tables) | 12 Months Ended | |||||||||||||
Jun. 29, 2014 | ||||||||||||||
Quarterly Information [Abstract] | ' | |||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | |||||||||||||
In thousands, except per share amounts | June 29, | March 30, | December 29, | September 29, | ||||||||||
Quarter Ended Fiscal Year 2014 | 2014 | 2014 | 2013 | 2013 | ||||||||||
Revenues | $ | 365,428 | $ | 348,006 | $ | 334,595 | $ | 340,357 | ||||||
Gross profit | 277,849 | 263,527 | 252,074 | 256,356 | ||||||||||
Net income | 129,735 | 117,607 | 104,751 | 107,868 | ||||||||||
Basic earnings per share | 0.53 | 0.49 | 0.44 | 0.45 | ||||||||||
Diluted earnings per share | 0.53 | 0.48 | 0.44 | 0.45 | ||||||||||
Cash dividends per share | 0.27 | 0.27 | 0.26 | 0.26 | ||||||||||
Stock price range per share: | ||||||||||||||
High | 50.43 | 48.68 | 45.38 | 40.98 | ||||||||||
Low | 44.23 | 43.36 | 38.70 | 36.75 | ||||||||||
In thousands, except per share amounts | June 30, | March 31, | December 30, | September 30, | ||||||||||
Quarter Ended Fiscal Year 2013 | 2013 | 2013 | 2012 | 2012 | ||||||||||
Revenues | $ | 327,265 | $ | 314,542 | $ | 305,281 | $ | 335,148 | ||||||
Gross profit | 245,951 | 235,283 | 227,096 | 251,390 | ||||||||||
Net income | 101,941 | 110,968 | 88,834 | 105,182 | ||||||||||
Basic earnings per share | 0.43 | 0.47 | 0.38 | 0.45 | ||||||||||
Diluted earnings per share | 0.43 | 0.46 | 0.38 | 0.45 | ||||||||||
Cash dividends per share | 0.26 | — | 0.51 | 0.25 | ||||||||||
Stock price range per share: | ||||||||||||||
High | 38.38 | 38.58 | 34.46 | 33.67 | ||||||||||
Low | 34.61 | 34.30 | 31.00 | 29.66 | ||||||||||
Description_Of_Business_And_Si3
Description Of Business And Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||
Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | |
Concentration Risk [Line Items] | ' | ' | ' |
Depreciation expense | $49,100,000 | $49,400,000 | $48,500,000 |
Goodwill | 2,200,000 | ' | ' |
Impairment charges | 0 | ' | ' |
Finite-Lived Intangible Assets, Net | 11,600,000 | 13,800,000 | ' |
Advertising expenses | 5,500,000 | 5,400,000 | 5,100,000 |
Effect of dilutive securities b employee stock options | 1,173,000 | 1,050,000 | 1,285,000 |
Antidilutive securities excluded from computation of earnings per share | ' | 4,391,000 | 7,929,000 |
Effect of dilutive securities b conversion premium | 879,000 | ' | ' |
Vesting period (in years) | '5 years | ' | ' |
Other Intangible Assets [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) | 11,600,000 | ' | ' |
Goodwill | 2,200,000 | ' | ' |
Minimum [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Price rebates remitted per quarter | 2,700,000 | ' | ' |
Minimum [Member] | Equipment [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Useful life | '5 years | ' | ' |
Minimum [Member] | Building and Building Improvements [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Useful life | '10 years | ' | ' |
Minimum [Member] | Other Intangible Assets [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Intangible assets useful life | '5 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Price rebates remitted per quarter | $4,200,000 | ' | ' |
Maximum [Member] | Equipment [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Useful life | '10 years | ' | ' |
Maximum [Member] | Building and Building Improvements [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Useful life | '30 years | ' | ' |
Maximum [Member] | Other Intangible Assets [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Intangible assets useful life | '10 years | ' | ' |
North America [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk | 15.00% | ' | ' |
Domestic [Member] | Minimum [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Agreed upon purchase exchanges | 3.00% | ' | ' |
Domestic [Member] | Maximum [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Agreed upon purchase exchanges | 5.00% | ' | ' |
International [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Agreed upon purchase exchanges | 5.00% | ' | ' |
Sales [Member] | Arrow Electronics [Member] | Domestic [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk | 12.00% | 13.00% | 13.00% |
Sales [Member] | Arrow Electronics [Member] | International [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk | 31.00% | 31.00% | 29.00% |
Accounts Receivable [Member] | Arrow Electronics [Member] | Domestic [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk | 10.00% | 13.00% | ' |
Accounts Receivable [Member] | Arrow Electronics [Member] | International [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk | 38.00% | 36.00% | ' |
Description_Of_Business_And_Si4
Description Of Business And Significant Accounting Policies (Property, Plant and Equipment and Other Non-Current Assets) (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||
Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | Jun. 29, 2014 | Jun. 30, 2013 | Dec. 20, 2011 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | |
Intellectual property [Member] | Intellectual property [Member] | Dust Networks [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | ||||
Intellectual property [Member] | Equipment [Member] | Building and Building Improvements [Member] | Intellectual property [Member] | Equipment [Member] | Building and Building Improvements [Member] | |||||||
Property, Plant and Equipment and Other Noncurrent Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | $2,200,000 | ' | ' | ' | ' | $2,200,000 | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | ' | ' | ' | ' | '5 years | '10 years | ' | '10 years | '30 years |
Intangible assets - technology agreements | 11,600,000 | 13,800,000 | ' | 8,600,000 | 10,400,000 | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining amortization period (in years) | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | '10 years | ' | ' |
Depreciation expense | $49,100,000 | $49,400,000 | $48,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description_Of_Business_And_Si5
Description Of Business And Significant Accounting Policies (Export Sales and Long-lived Assets) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Long-lived assets | $290,865 | $304,451 | ' |
Export sales | 1,010,333 | 912,500 | 900,129 |
UNITED STATES | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Long-lived assets | 187,900 | 208,971 | ' |
Malaysia [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Long-lived assets | 54,539 | 56,889 | ' |
Singapore [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Long-lived assets | 48,426 | 38,591 | ' |
Europe [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Export sales | 267,219 | 235,300 | 243,183 |
JAPAN | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Export sales | 222,792 | 190,400 | 204,478 |
Rest of the world [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Export sales | $520,322 | $486,800 | $452,468 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Nov. 03, 2010 | Jun. 29, 2014 |
Restricted Awards [Member] | Stock Options [Member] | Employee Stock [Member] | 2010 Equity Incentive Plan [Member] | 2005 Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for grant | 18,400,000 | ' | ' | ' | ' | 800,000 | ' | ' |
Vesting period (in years) | '5 years | ' | ' | '5 years | ' | ' | ' | ' |
Vesting percentage | ' | ' | ' | 20.00% | 10.00% | ' | ' | ' |
Expiration period from date of grant | ' | ' | ' | ' | '7 years | ' | ' | ' |
Percentage of fair market value of the common stock at the end of each six-month offering period | ' | ' | ' | ' | ' | 85.00% | ' | ' |
Shares issued | ' | ' | ' | ' | ' | 200,000 | ' | ' |
Weighted average price | ' | ' | ' | ' | ' | $35.46 | ' | ' |
Additional shares authorized | ' | ' | ' | ' | ' | ' | 5,000,000 | 2,000,000 |
ESPP offering period | ' | ' | ' | ' | ' | ' | ' | '6 months |
Maximum number of shares that may be issued to any one participant | ' | ' | ' | ' | ' | ' | ' | 300 |
Unrecognized stock-based compensation cost | $173.80 | ' | ' | ' | ' | ' | ' | ' |
Unrecognized stock-based compensation cost, period of recognition (years) | '5 years | ' | ' | ' | ' | ' | ' | ' |
Stock options exercised | 3,010,856 | 3,316,280 | 2,872,339 | ' | ' | ' | ' | ' |
Exercised, aggregate intrinsic value | $37.80 | ' | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Schedu
Stock-Based Compensation (Schedule Of Stock Option Activity) (Details) (USD $) | 12 Months Ended | ||
Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | |
Stock option activity [Roll Forward] | ' | ' | ' |
Outstanding options, beginning balance, number | 6,736,330 | 11,080,860 | 17,543,589 |
Forfeited and expired | -1,915,375 | -1,028,250 | -3,590,390 |
Exercised | -3,010,856 | -3,316,280 | -2,872,339 |
Outstanding options, ending balance, number | 1,810,099 | 6,736,330 | 11,080,860 |
Outstanding options, beginning balance, weighted average exercise price | $31.51 | $31.12 | $31.38 |
Forfeited and expired, weighted average exercise price | $41.19 | $37.28 | $37.31 |
Exercised, weighted average exercise price | $30.44 | $28.42 | $24.96 |
Outstanding options, ending balance, weighted average exercise price | $23.05 | $31.51 | $31.12 |
Options vested and expected to vest, number | 1,810,094 | ' | ' |
Options vested and expected to vest, weighted average exercise price | $23.05 | ' | ' |
Options vested and exercisable, number | 1,809,099 | 5,529,186 | 8,613,560 |
Options vested and exercisable, weighted average exercise price | $23.05 | $33.42 | $33.52 |
Options outstanding, weighted average remaining contract life (years) | '1 year 6 months 7 days | ' | ' |
Vested and expected to vest, weighted average remaining contract life (years) | '1 year 6 months 7 days | ' | ' |
Options vested and exercisable, weighted average remaining contract life (years) | '1 year 6 months 7 days | ' | ' |
Options outstanding, aggregate intrinsic value | $42,764,840 | ' | ' |
Vested and expected to vest, aggregate intrinsic value | 42,764,759 | ' | ' |
Options vested and exercisable, aggregate intrinsic value | $42,747,870 | ' | ' |
StockBased_Compensation_Schedu1
Stock-Based Compensation (Schedule Of Employee Stock Options Outstanding And Exercisable) (Details) (USD $) | 12 Months Ended | |||
Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | Jul. 03, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock Options Outstanding | 1,810,099 | 6,736,330 | 11,080,860 | 17,543,589 |
Outstanding, Weighted Average Exercise Price | $23.05 | $31.51 | $31.12 | $31.38 |
Weighted Average Remaining Contractual Life (Years) | '1 year 6 months 7 days | ' | ' | ' |
Stock Options Exercisable | 1,809,099 | 5,529,186 | 8,613,560 | ' |
Exercisable, Weighted Average Exercise Price | $23.05 | $33.42 | $33.52 | ' |
$22.74-$22.74 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock Options Outstanding | 1,767,099 | ' | ' | ' |
Outstanding, Weighted Average Exercise Price | $22.74 | ' | ' | ' |
Weighted Average Remaining Contractual Life (Years) | '1 year 6 months 18 days | ' | ' | ' |
Stock Options Exercisable | 1,767,099 | ' | ' | ' |
Exercisable, Weighted Average Exercise Price | $22.74 | ' | ' | ' |
$29.71-$29.71 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock Options Outstanding | 1,000 | ' | ' | ' |
Outstanding, Weighted Average Exercise Price | $29.71 | ' | ' | ' |
Weighted Average Remaining Contractual Life (Years) | '2 years 6 months 18 days | ' | ' | ' |
$36.12-$36.12 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock Options Outstanding | 42,000 | ' | ' | ' |
Outstanding, Weighted Average Exercise Price | $36.12 | ' | ' | ' |
Weighted Average Remaining Contractual Life (Years) | '3 months | ' | ' | ' |
Stock Options Exercisable | 42,000 | ' | ' | ' |
Exercisable, Weighted Average Exercise Price | $36.12 | ' | ' | ' |
$22.74-$36.12 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock Options Outstanding | 1,810,099 | ' | ' | ' |
Outstanding, Weighted Average Exercise Price | $23.05 | ' | ' | ' |
Weighted Average Remaining Contractual Life (Years) | '1 year 6 months 7 days | ' | ' | ' |
Stock Options Exercisable | 1,809,099 | ' | ' | ' |
Exercisable, Weighted Average Exercise Price | $23.05 | ' | ' | ' |
StockBased_Compensation_Schedu2
Stock-Based Compensation (Schedule Of Restricted Stock And Restricted Stock Unit Activity) (Details) (USD $) | 12 Months Ended | ||
Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | |
Restricted stock and restricted stock unit activity [Roll Forward] | ' | ' | ' |
Non-vested restricted awards outstanding, number, beginning balance | 5,668,273 | 5,398,008 | 5,202,056 |
Granted, number | 2,367,730 | 2,190,049 | 2,065,806 |
Vested, number | -1,789,488 | -1,779,799 | -1,755,210 |
Forfeited, number | -129,428 | -139,985 | -114,644 |
Non-vested restricted awards outstanding, number, ending balance | 6,117,087 | 5,668,273 | 5,398,008 |
Non-vested restricted awards outstanding, weighted average grant date fair value, beginning balance | $31.54 | $30.67 | $30.37 |
Granted, weighted average grant date fair value | $43.49 | $32.81 | $31.30 |
Vested, weighted average grant date fair value | $30.37 | $30.54 | $30.53 |
Forfeited, weighted average grant date fair value | $33.36 | $30.80 | $30.41 |
Non-vested restricted awards outstanding, weighted average grant date fair value, ending balance | $36.46 | $31.54 | $30.67 |
Fair_Value_Details
Fair Value (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Jun. 29, 2014 | Jun. 30, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets measured at fair value | $890,566,000 | $1,437,356,000 |
U.S. Treasury Securities and Money Market Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets measured at fair value | 443,635,000 | 433,301,000 |
Municipal Bonds, U.S. Government-Sponsored Enterprises and Commercial Paper [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets measured at fair value | 446,931,000 | 1,004,055,000 |
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 | 443,635,000 | 433,301,000 |
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] | ' | ' |
Total assets measured at fair value | 443,635,000 | 433,301,000 |
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 | 446,931,000 | 1,004,055,000 |
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] | ' | ' |
Total assets measured at fair value | 446,931,000 | 1,004,055,000 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets measured at fair value | $0 | $0 |
Marketable_Securities_Estimate
Marketable Securities (Estimated Fair Value Of Investments) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | $890,009 | $1,436,737 | ||
Unrealized Gain | 568 | 692 | ||
Unrealized (Loss) | -11 | [1] | -73 | [1] |
Fair Value | 890,566 | 1,437,356 | ||
Cash equivalents [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 35,102 | 39,265 | ||
Fair Value | 35,102 | 39,265 | ||
Marketable securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 854,907 | 1,397,472 | ||
Unrealized Gain | 568 | 692 | ||
Unrealized (Loss) | -11 | [1] | -73 | [1] |
Fair Value | 855,464 | 1,398,091 | ||
U.S. Treasury securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 426,777 | 423,090 | ||
Unrealized Gain | 455 | 247 | ||
Unrealized (Loss) | -2 | [1] | -2 | [1] |
Fair Value | 427,230 | 423,335 | ||
Obligations of U.S. government-sponsored enterprises [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 133,131 | 120,420 | ||
Unrealized Gain | 46 | 100 | ||
Unrealized (Loss) | -2 | [1] | -3 | [1] |
Fair Value | 133,175 | 120,517 | ||
Municipal bonds [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 60,267 | 674,004 | ||
Unrealized Gain | 49 | 319 | ||
Unrealized (Loss) | -4 | [1] | -64 | [1] |
Fair Value | 60,312 | 674,259 | ||
Corporate debt securities and other [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 253,429 | 209,257 | ||
Unrealized Gain | 18 | 26 | ||
Unrealized (Loss) | -3 | [1] | -4 | [1] |
Fair Value | 253,444 | 209,279 | ||
Money market funds [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 16,405 | 9,966 | ||
Fair Value | $16,405 | $9,966 | ||
[1] | The Company evaluated the nature of the investments with a loss position at June 29, 2014 and June 30, 2013, which are primarily obligations of the U.S. government and its sponsored enterprises, municipal bonds and U.S. corporate notes.B B 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.B B Unrealized losses on the investments greater than twelve months old were not significant as of June 29, 2014 and June 30, 2013. |
Marketable_Securities_Summary_
Marketable Securities (Summary Of Cash Equivalents And Marketable Securities) (Details) (USD $) | Jun. 29, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Investments, Debt and Equity Securities [Abstract] | ' | ' |
Due in one year or less | $470,453 | $1,349,531 |
Due after one year through three years | 385,011 | 48,560 |
Total | $855,464 | $1,398,091 |
Acquisition_Details
Acquisition (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 24 Months Ended | 0 Months Ended | |||||
Jul. 01, 2012 | Jun. 29, 2014 | Dec. 20, 2011 | Jan. 01, 2012 | Dec. 20, 2013 | Dec. 20, 2011 | Dec. 20, 2011 | Dec. 20, 2011 | Dec. 20, 2011 | Dec. 20, 2011 | |
Dust Networks [Member] | Dust Networks [Member] | Dust Networks [Member] | Dust Networks [Member] | Customer relationships [Member] | Customer relationships [Member] | Intellectual property [Member] | Intellectual property [Member] | |||
Dust Networks [Member] | Dust Networks [Member] | |||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of interest acquired | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' |
Consideration | ' | ' | $25,200,000 | ' | ' | ' | ' | ' | ' | ' |
Acquisition related costs | 3,195,000 | ' | 1,700,000 | 3,200,000 | ' | ' | ' | ' | ' | ' |
Intangible assets acquired | ' | ' | ' | ' | ' | ' | 4,000,000 | 4,000,000 | 13,100,000 | 13,100,000 |
Goodwill | ' | 2,200,000 | ' | ' | ' | 2,200,000 | ' | ' | ' | ' |
Tangible assets acquired | ' | ' | ' | ' | ' | 3,600,000 | ' | ' | ' | ' |
Additional Payments To Acquire Businesses Gross | ' | ' | ' | ' | $2,800,000 | ' | ' | ' | ' | ' |
Recovered_Sheet1
Goodwill and Intangible Assets (Goodwill) (Details) (USD $) | 12 Months Ended |
Jun. 29, 2014 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
Goodwill | $2,200,000 |
Change in goodwill | $0 |
Recovered_Sheet2
Goodwill and Intangible Assets (Intangible Assets) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | |||||||
Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | Dec. 20, 2011 | Jun. 29, 2014 | Jun. 30, 2013 | Dec. 20, 2011 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 29, 2014 | Dec. 20, 2011 | Dec. 20, 2011 | |
Intellectual property [Member] | Intellectual property [Member] | Intellectual property [Member] | Customer relationships [Member] | Customer relationships [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] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets acquired | ' | ' | ' | $13,100,000 | ' | ' | $4,000,000 | ' | ' | ' | ' | $13,100,000 | $4,000,000 |
Remaining amortization period | '6 years 4 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets useful life | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | '5 years | '10 years | ' | ' |
Original cost | 17,100,000 | 17,100,000 | ' | ' | 13,100,000 | 13,100,000 | ' | 4,000,000 | 4,000,000 | ' | ' | ' | ' |
Accumulated amortization | -5,500,000 | -3,300,000 | ' | ' | -4,500,000 | -2,700,000 | ' | -1,000,000 | -600,000 | ' | ' | ' | ' |
Total intangible assets | 11,600,000 | 13,800,000 | ' | ' | 8,600,000 | 10,400,000 | ' | 3,000,000 | 3,400,000 | ' | ' | ' | ' |
Amortization expense | 2,200,000 | 6,000,000 | 6,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2019 | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Therafter | $3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible_Senior_Notes_Narra
Convertible Senior Notes (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||
Jun. 29, 2014 | 1-May-14 | Jun. 29, 2014 | 1-May-14 | Jun. 29, 2014 | Jun. 29, 2014 | Jul. 01, 2012 | |
Convertible Senior Notes 3.00% [Member] | Convertible Senior Notes 3.00% [Member] | Convertible Senior Notes 3.00% [Member] | Convertible Senior Notes 3.125% [Member] | Convertible Debt [Member] | Convertible Debt [Member] | ||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount | ' | ' | $1,000,000,000 | ' | $700,000,000 | ' | ' |
Interest rate | ' | ' | 3.00% | ' | 3.13% | ' | ' |
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 | 845,087,000 | ' | ' | ' | ' | ' | 395,800,000 |
Shares for redeemed debt | ' | 2,900,000 | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Principal Amount | ' | 845,100,000 | ' | ' | ' | ' | ' |
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities | 879,000 | ' | ' | ' | ' | ' | ' |
Conversion rate | ' | 24.582 | ' | ' | ' | ' | ' |
Conversion price | ' | ' | ' | $40.68 | ' | ' | ' |
Conversion premium settled in common stock | ' | ' | ' | $138,900,000 | ' | ' | ' |
Effective interest rate of the Notes | ' | ' | 5.69% | ' | ' | ' | ' |
Convertible_Senior_Notes_Sched
Convertible Senior Notes (Schedule Of Interest Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Debt Instrument [Line Items] | ' | ' | ' |
Amortization of debt discount | $18,458 | $21,029 | $19,868 |
Convertible Debt [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Contractual coupon interest | 21,127 | 25,353 | 25,353 |
Amortization of debt discount | 18,458 | 21,029 | 19,868 |
Amortization of debt issuance costs | 1,583 | 1,898 | 1,898 |
Total interest expense related to the Notes | $41,168 | $48,280 | $47,119 |
Credit_Facility_Details
Credit Facility (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 29, 2014 |
Line of Credit Facility [Line Items] | ' |
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] | ' |
Line of Credit Facility [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.00% |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Thousands, except Share data in Millions, unless otherwise specified | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | Jul. 23, 2014 | Oct. 16, 2012 |
Stockholders' Equity [Abstract] | ' | ' | ' | ' | ' | ' |
Number of shares authorized | ' | ' | ' | ' | ' | 10 |
Dividends Payable, Amount Per Share | ' | ' | ' | ' | $0.27 | ' |
Payments of Dividends | $255,300 | $255,305 | $241,329 | $228,483 | ' | ' |
Common Stock, Dividends, Per Share, Cash Paid | $1.06 | ' | ' | ' | ' | ' |
Stockholders_Equity_Schedule_O
Stockholders' Equity (Schedule Of Shares Repurchased) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Stockholders' Equity [Abstract] | ' | ' | ' |
Number of shares of common stock repurchased | 1,896 | 2,401 | 2,481 |
Total cost of repurchase | $81,786 | $85,699 | $76,066 |
Retirement_Plan_Details
Retirement Plan (Details) (401(k) Retirement Plan [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
401(k) Retirement Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Maximum percentage of pre-tax earnings employees may defer | 25.00% | ' | ' |
Employer contribution | $9.70 | $9.40 | $10.60 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | |
Income Taxes [Line Items] | ' | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% |
State tax credit carryforwards | $13,700,000 | ' | ' |
Valuation allowance on state tax credit carryforwards | -13,700,000 | ' | ' |
Singapore and Malaysia tax holidays, increase to net income | 22,600,000 | 18,900,000 | 18,000,000 |
Singapore and Malaysia tax holidays, increase to net income per diluted share | $0.09 | $0.08 | $0.08 |
Estimated additional U.S. taxable income should undistributed foreign earnings be remitted to the U.S. parent | 852,200,000 | ' | ' |
Unrecognized tax benefits | 29,443,000 | 30,553,000 | 30,230,000 |
Unrecognized tax benefits that would favorably impact the effective income tax rate | 10,600,000 | ' | ' |
Accured interest on unrecognized tax benefits included in income tax expense | 800,000 | ' | ' |
Interest on unrecognized tax benefits | 2,000,000 | ' | ' |
Reasonably possible decrease in liability for unrecognized tax benefits | 8,100,000 | ' | ' |
Discrete tax benefit | $6,400,000 | ' | ' |
Singapore [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Income tax holiday, termination date | 'August 2019 | ' | ' |
Malaysia [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Income tax holiday, termination date | 'July 2015 | ' | ' |
Income_Taxes_Schedule_of_Compo
Income Taxes (Schedule of Components of Income Before Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Income Taxes [Abstract] | ' | ' | ' |
United States operations | $364,275 | $334,693 | $390,619 |
Foreign operations | 236,993 | 194,188 | 145,291 |
Income before income taxes | $601,268 | $528,881 | $535,910 |
Income_Taxes_Schedule_of_Compo1
Income Taxes (Schedule of Components of the Provision for Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
United States federal: | ' | ' | ' |
Current | $153,396 | $91,308 | $102,097 |
Deferred | -11,706 | 23,590 | 29,387 |
United States federal income tax expense | 141,690 | 114,898 | 131,484 |
State: | ' | ' | ' |
Current | -4,207 | 2,058 | 2,265 |
Deferred | -392 | 130 | 41 |
State income tax expense | -4,599 | 2,188 | 2,306 |
Foreign: | ' | ' | ' |
Current | 3,986 | 5,014 | 4,734 |
Deferred | 230 | -144 | -725 |
Foreign income tax expense | 4,216 | 4,870 | 4,009 |
Income Tax Expense (Benefit), Total | $141,307 | $121,956 | $137,799 |
Income_Taxes_Schedule_of_Effec
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) (USD $) | 12 Months Ended | ||
Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | |
Income Taxes [Abstract] | ' | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% |
Tax at U.S. statutory rate | $210,443,000 | $185,108,000 | $187,569,000 |
State income taxes, net of federal benefit | -2,989,000 | 1,422,000 | 1,485,000 |
Earnings of foreign subsidiaries subject to lower rates | -49,149,000 | -40,526,000 | -38,931,000 |
Domestic manufacturing deduction | -13,342,000 | -12,833,000 | -10,641,000 |
Research and development credit | -6,378,000 | -14,506,000 | -6,944,000 |
Other | 2,722,000 | 3,291,000 | 5,261,000 |
Income Tax Expense (Benefit), Total | 141,307,000 | 121,956,000 | 137,799,000 |
Tax (charge) benefits attributable to equity-based compensation transaction applied to additional paid-in capital | $11,000,000 | ($500,000) | ($2,600,000) |
Income_Taxes_Schedule_of_Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) (USD $) | Jun. 29, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Loss carryforwards | $5,979 | $6,887 |
Credit carryforwards | 13,663 | 8,993 |
Inventory valuation | 19,601 | 20,697 |
Deferred income on shipments to distributors | 15,827 | 15,284 |
Stock-based compensation | 12,496 | 19,178 |
Accrued compensation and benefits | 7,517 | 7,120 |
Other | 2,581 | 3,222 |
Valuation allowance | -13,663 | -8,993 |
Total deferred tax assets | 64,001 | 72,388 |
Deferred tax liabilities: | ' | ' |
Depreciation and amortization | 9,469 | 13,845 |
Unremitted earnings of subsidiaries | 72,748 | 58,951 |
Convertible senior notes | ' | 81,929 |
Other | 3,489 | 1,168 |
Total deferred tax liabilities | 85,706 | 155,893 |
Net deferred tax liabilities | ($21,705) | ($83,505) |
Income_Taxes_Unrecognized_Inco
Income Taxes (Unrecognized Income Tax Benefits Reconciliation) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 |
Reconciliation of unrecognized tax benefits: | ' | ' |
Balance | $30,553 | $30,230 |
Net additions for current year tax positions | 6,012 | 6,808 |
Net additions for prior year tax positions | 972 | 1,053 |
Settlements | -2,215 | ' |
Lapse in statue of limitations | -5,879 | -7,538 |
Balance | $29,443 | $30,553 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Commitments and Contingencies [Abstract] | ' | ' | ' |
Future minimum lease payments, operating leases, fiscal year 2015 | $2.80 | ' | ' |
Future minimum lease payments, operating leases, fiscal year 2016 | 2.2 | ' | ' |
Future minimum lease payments, operating leases, fiscal year 2017 | 1.2 | ' | ' |
Future minimum lease payments, operating leases, fiscal year 2018 | 0.8 | ' | ' |
Future minimum lease payments, operating leases, fiscal year 2019 | 0.5 | ' | ' |
Future minimum lease payments, operating leases, thereafter | 1 | ' | ' |
Rent expense | $3.70 | $4.10 | $4.10 |
Quarterly_Information_Details
Quarterly Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 30, 2012 | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
item | item | ||||||||||
Quarterly Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $365,428 | $348,006 | $334,595 | $340,357 | $327,265 | $314,542 | $305,281 | $335,148 | $1,388,386 | $1,282,236 | $1,266,621 |
Gross profit | 277,849 | 263,527 | 252,074 | 256,356 | 245,951 | 235,283 | 227,096 | 251,390 | 1,049,806 | 959,720 | 954,082 |
Net income | $129,735 | $117,607 | $104,751 | $107,868 | $101,941 | $110,968 | $88,834 | $105,182 | $459,961 | $406,925 | $398,111 |
Basic earnings per share | $0.53 | $0.49 | $0.44 | $0.45 | $0.43 | $0.47 | $0.38 | $0.45 | $1.91 | $1.72 | $1.71 |
Diluted earnings per share | $0.53 | $0.48 | $0.44 | $0.45 | $0.43 | $0.46 | $0.38 | $0.45 | $1.90 | $1.71 | $1.70 |
Cash dividends per share | $0.27 | $0.27 | $0.26 | $0.26 | $0.26 | ' | $0.51 | $0.25 | $1.06 | $1.02 | $0.98 |
High | $50.43 | $48.68 | $45.38 | $40.98 | $38.38 | $38.58 | $34.46 | $33.67 | ' | ' | ' |
Low | $44.23 | $43.36 | $38.70 | $36.75 | $34.61 | $34.30 | $31 | $29.66 | ' | ' | ' |
Number of stockholders of record | 1,664 | ' | ' | ' | ' | ' | ' | ' | 1,664 | ' | ' |