Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Dec. 29, 2018 | Feb. 01, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 29, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | SYNA | |
Entity Registrant Name | SYNAPTICS INCORPORATED | |
Entity Central Index Key | 817,720 | |
Current Fiscal Year End Date | --06-29 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 34,403,114 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Dec. 31, 2018 | Jun. 30, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 283 | $ 301 |
Accounts receivable, net of allowances of $2.1 and $1.8 at December 31, 2018 and June 30, 2018, respectively | 326 | 289.1 |
Inventories | 145.7 | 131.2 |
Prepaid expenses and other current assets | 35.1 | 18.2 |
Total current assets | 789.8 | 739.5 |
Property and equipment at cost, net of accumulated depreciation of $130.4 and $127.4 at December 31, 2018 and June 30, 2018, respectively | 106 | 117.8 |
Goodwill | 372.8 | 372.8 |
Acquired intangibles, net | 181.2 | 219.2 |
Non-current other assets | 49.8 | 50.5 |
Total assets | 1,499.6 | 1,499.8 |
Current Liabilities: | ||
Accounts payable | 172.6 | 156.9 |
Accrued compensation | 23.2 | 25.4 |
Income taxes payable | 11.6 | 13.1 |
Acquisition-related liabilities | 8.7 | |
Other accrued liabilities | 91.9 | 79.7 |
Total current liabilities | 299.3 | 283.8 |
Convertible notes, net | 459.4 | 450.7 |
Other long-term liabilities | 36.7 | 36 |
Total liabilities | 795.4 | 770.5 |
Stockholders' Equity: | ||
Common stock $0.001 par value; 120,000,000 shares authorized, 63,803,544 and 62,889,679 shares issued, and 34,313,668 and 35,249,803 shares outstanding, at December 31, 2018 and June 30, 2018, respectively | 0.1 | 0.1 |
Additional paid-in capital | 1,232.3 | 1,195.2 |
Treasury stock: 29,489,876 and 27,639,876 common treasury shares at December 31, 2018 and June 30, 2018, respectively, at cost | (1,151.2) | (1,073.9) |
Accumulated other comprehensive income | 1.5 | |
Retained earnings | 623 | 606.4 |
Total stockholders' equity | 704.2 | 729.3 |
Liabilities and stockholders' equity | $ 1,499.6 | $ 1,499.8 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Millions | Dec. 31, 2018 | Jun. 30, 2018 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 2.1 | $ 1.8 |
Property and equipment, accumulated depreciation | $ 130.4 | $ 127.4 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 120,000,000 | 120,000,000 |
Common stock, shares issued | 63,803,544 | 62,889,679 |
Common stock, shares outstanding | 34,313,668 | 35,249,803 |
Common treasury shares | 29,489,876 | 27,639,876 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | ||||
Net revenue | $ 425.5 | $ 430.4 | $ 843.1 | $ 847.8 |
Cost of revenue | 275.7 | 315.2 | 552.4 | 618.2 |
Gross margin | 149.8 | 115.2 | 290.7 | 229.6 |
Operating expenses: | ||||
Research and development | 84.2 | 92.2 | 174.3 | 179.3 |
Selling, general, and administrative | 35.6 | 37.4 | 69.4 | 77.7 |
Acquired intangibles amortization | 2.9 | 3 | 5.8 | 7.1 |
Restructuring costs | 2.1 | 6.6 | 10.4 | 6.4 |
Total operating expenses | 124.8 | 139.2 | 259.9 | 270.5 |
Operating income/(loss) | 25 | (24) | 30.8 | (40.9) |
Interest and other expense, net | (4.3) | (4.7) | (6.2) | (10.7) |
Income/(loss) before provision for income taxes and equity investment loss | 20.7 | (28.7) | 24.6 | (51.6) |
Provision for income taxes | 7.5 | 53.3 | 7.2 | 56.5 |
Equity investment loss | (0.4) | (0.4) | (0.8) | (0.8) |
Net income/(loss) | $ 12.8 | $ (82.4) | $ 16.6 | $ (108.9) |
Net income/(loss) per share: | ||||
Basic | $ 0.37 | $ (2.42) | $ 0.48 | $ (3.22) |
Diluted | $ 0.36 | $ (2.42) | $ 0.47 | $ (3.22) |
Shares used in computing net income/(loss) per share: | ||||
Basic | 34.5 | 34.1 | 34.8 | 33.8 |
Diluted | 35.1 | 34.1 | 35.6 | 33.8 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income/ (Loss) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income/(loss) | $ 12.8 | $ (82.4) | $ 16.6 | $ (108.9) |
Other comprehensive loss: | ||||
Change in unrealized net gain on investment | (1.5) | |||
Net current period-other comprehensive loss | (1.5) | |||
Comprehensive income/(loss) | $ 12.8 | $ (82.4) | $ 15.1 | $ (108.9) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | ||
Net income/(loss) | $ 16.6 | $ (108.9) |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | ||
Share-based compensation costs | 32.9 | 34.3 |
Depreciation and amortization | 19.2 | 20.1 |
Acquired intangibles amortization | 38 | 43.3 |
Deferred taxes | (4.5) | 22.7 |
Amortization of convertible debt discount and issuance costs | 8.7 | 8.4 |
Amortization of debt issuance costs | 0.3 | 1.4 |
Impairment recovery on investments | (2.8) | |
Arbitration settlement | (1.9) | |
Equity investment loss | 0.8 | 0.8 |
Foreign currency remeasurement (gain)/loss | 0.2 | 0.1 |
Changes in operating assets and liabilities, net of acquisitions: | ||
Accounts receivable, net | (31.7) | 30 |
Inventories | (14.5) | 70.1 |
Prepaid expenses and other current assets | (17) | 18.4 |
Other assets | 2.6 | (5.5) |
Accounts payable | 19.5 | (27.6) |
Accrued compensation | (2.2) | (5.4) |
Acquisition-related liabilities | (6.8) | |
Income taxes payable | (0.4) | 7.6 |
Other accrued liabilities | 6.5 | (6.6) |
Net cash provided by operating activities | 63.5 | 103.2 |
Cash flows from investing activities | ||
Acquisition of businesses, net of cash and cash equivalents acquired | (395.9) | |
Proceeds from sales of investments | 2.8 | |
Purchases of property and equipment | (11.2) | (19.5) |
Purchase of intangible assets | (7.7) | |
Net cash used in investing activities | (8.4) | (423.1) |
Cash flows from financing activities | ||
Proceeds from issuance of convertible debt, net of issuance costs | 514.5 | |
Payment of debt | (220) | |
Purchases of treasury stock | (77.3) | (93.6) |
Proceeds from issuance of shares | 11.4 | 9.2 |
Payment of debt issuance costs | (1.1) | |
Payroll taxes for deferred stock and market stock units | (7.2) | (4.6) |
Net cash provided by/(used in) financing activities | (73.1) | 204.4 |
Effect of exchange rate changes on cash and cash equivalents | (0.1) | |
Net decrease in cash and cash equivalents | (18) | (115.6) |
Cash and cash equivalents at beginning of period | 301 | 367.8 |
Cash and cash equivalents at end of period | 283 | 252.2 |
Supplemental disclosures of cash flow information | ||
Cash paid for taxes | 14.3 | 18.1 |
Cash refund on taxes | 5.2 | 1 |
Non-cash investing and financing activities: | ||
Purchases of property and equipment in current liabilities | $ 2.8 | 3.4 |
Common stock issued pursuant to acquisition | $ 39.1 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission, or the SEC, and U.S. generally accepted accounting principles, or U.S. GAAP. Certain information or footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to SEC rules and regulations. In our opinion, the financial statements include all adjustments, which are of a normal and recurring nature and necessary for the fair presentation of the results of the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the operating results for the full fiscal year or any future period. These financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2018. The consolidated financial statements include our financial statements and those of our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated upon consolidation. Our fiscal year is the 52- or 53-week period ending on the last Saturday in June. Our fiscal 2019 is a 52-week period ending June 29, 2019, and our fiscal 2018 was a 53-week period ending on June 30, 2018. The fiscal periods presented in this report are 13-week and 26-week periods for the three and six months ended December 29, 2018, respectively, and 13-week and 27-week periods for the three and six months ended December 30, 2017, respectively. For simplicity, the accompanying condensed consolidated financial statements have been shown as ending on calendar quarter end dates as of and for all periods presented, unless otherwise indicated. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates, including those related to revenue recognition, allowance for doubtful accounts, cost of revenue, inventories, loss on purchase commitments, product warranty, accrued liabilities, share-based compensation costs, provision for income taxes, deferred income tax asset valuation allowances, uncertain tax positions, goodwill, intangible assets, investments and loss contingencies. We base our estimates on historical experience, applicable laws and regulations, and various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. Foreign Currency Transactions and Foreign Exchange Contracts The U.S. dollar is our functional and reporting currency. We remeasure our monetary assets and liabilities not denominated in the functional currency into U.S. dollar equivalents at the rate of exchange in effect on the balance sheet date. We measure and record non-monetary balance sheet accounts at the historical rate in effect at the date of transaction. We remeasure foreign currency expenses at the weighted average exchange rate in the month that the transaction occurred. Our foreign currency transactions and remeasurement gains and losses are included in selling, general, and administrative expenses in the condensed consolidated statements of operations and resulted in net losses of $0.2 million and $0.6 million in the three and six months ended December 31, 2018 and net losses of $0.2 million and $0.5 million in the three and six months ended December 31, 2017. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Dec. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 2. Revenue Recognition Change in Accounting Policy In May 2014, the FASB issued an Accounting Standards Update, or ASU, on revenue from contracts with customers, ASU No. 2014-09, Revenue from Contracts with Customers, or the new revenue standard. The new revenue standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. We adopted the new revenue standard at the beginning of our fiscal 2019, using the modified retrospective method applied to all contracts not completed as of the adoption date. Results for reporting periods ending after our fiscal 2018 are presented under the new revenue standard, while prior reporting periods are not adjusted and continue to be reported in accordance with the previous revenue standard. Recognition of revenue has remained substantially unchanged under the new revenue standard as that under the previous revenue standard. Accordingly, there was no the new revenue standard Condensed Consolidated Balance Sheets As of December 31, 2018 Pro forma as if As reported under previous standard new standard Adjustments was in effect Accounts receivable, net $ 326.0 $ (5.1 ) $ 320.9 Total assets 1,499.6 (5.1 ) 1,494.5 Other accrued liabilities 91.9 (5.1 ) 86.8 Total liabilities and stockholders' equity 1,499.6 (5.1 ) 1,494.5 Condensed Consolidated Statement of Cash Flows Six Months Ended December 31, 2018 Pro forma as if As reported under previous standard new standard Adjustments was in effect Cash flows from operating activities: Accounts receivable, net $ (31.7 ) $ (0.1 ) $ (31.8 ) Other accrued liabilities 6.5 0.1 6.6 Revenue Recognition Our revenue is primarily generated from the sale of ASIC chips, either directly to a customer or to a distributor. Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to receive in exchange for those goods or services. All of our revenue, except an inconsequential amount, is recognized at a point in time, either on shipment or delivery of the product, depending on customer terms and conditions. We generally warrant our products for a period of 12 months from the date of sale and estimate probable product warranty costs at the time we recognize revenue as the warranty is considered an assurance warranty and not a performance obligation. Non-product revenue is recognized over the same period of time such performance obligations are satisfied. We then select an appropriate method for measuring satisfaction of the performance obligations. Revenue from sales to distributors is recognized upon shipment of the product to the distributors (sell-in basis). Master sales agreements are in place with certain customers, and these agreements typically contain terms and conditions with respect to payment, delivery, warranty and supply. In the absence of a master sales agreement, we consider a customer's purchase order or our standard terms and conditions to be the contract with the customer. Our pricing terms are negotiated independently, on a stand-alone basis. In determining the transaction price, we evaluate whether the price is subject to refund or adjustment to determine the net consideration which we expect to receive for the sale of such products. In limited situations, we make sales to certain customers under arrangements where we grant stock rotation rights, price protection and price allowances; variable consideration associated with these rights is expected to be inconsequential. These adjustments and incentives are accounted for as variable consideration, classified as other current liabilities under the new revenue standard Our accounts receivable balance is from contracts with customers and represents our unconditional right to receive consideration from customers. Payments are generally due within three months We invoice customers for each delivery upon shipment and recognize revenue in accordance with delivery terms. As of December 31, 2018, we did not have any remaining unsatisfied performance obligations with an original duration greater than one year. Accordingly, under the optional exception provided by ASC 606-10-50-14, we do not disclose revenues allocated to future performance obligations of partially completed contracts. We have elected to account for shipping and handling costs as fulfillment costs before the customer obtains control of the goods. We incur commission expense that is incremental to obtaining contracts with customers. Sales commissions (which are recorded in the “selling, general and administrative” expense line item in the condensed consolidated statements of operations) are expensed when the product is shipped because such commissions are owed after shipment. Revenue from contracts with customers disaggregated by geographic area based on customer location and groups of similar products is presented in Note 12 Segment, Customers, and Geographical Information. |
Net Income Per Share
Net Income Per Share | 6 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | 3. Net Income Per Share The computation of basic and diluted net income per share was as follows (in millions, except per share data): Three Months Ended Six Months Ended December 31, December 31, 2018 2017 2018 2017 Numerator: Net income/(loss) $ 12.8 $ (82.4 ) $ 16.6 $ (108.9 ) Denominator: Shares, basic 34.5 34.1 34.8 33.8 Effect of dilutive share-based awards 0.6 — 0.8 — Shares, diluted 35.1 34.1 35.6 33.8 Net income/(loss) per share: Basic $ 0.37 $ (2.42 ) $ 0.48 $ (3.22 ) Diluted $ 0.36 $ (2.42 ) $ 0.47 $ (3.22 ) Our basic net income per share amounts for each period presented have been computed using the weighted average number of shares of common stock outstanding over the period measured. Our diluted net income per share amounts for each period presented include the weighted average effect of potentially dilutive shares. We use the “treasury stock” method to determine the dilutive effect of our stock options, deferred stock units, or DSUs, market stock units, or MSUs, performance stock units, or PSUs, and our convertible notes. Dilutive net income per share amounts do not include the potential weighted average effect of 1,736,456 and 3,334,776 shares of common stock related to certain share-based awards that were outstanding during the three months ended December 31, 2018 and 2017, respectively, and 1,426,365 and 3,020,056 shares of common stock related to certain share-based awards that were outstanding during the six months ended December 31, 2018, and 2017, respectively. These share-based awards were not included in the computation of diluted net income per share because their effect would have been antidilutive. |
Fair Value
Fair Value | 6 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 4. Fair Value Financial assets measured at fair value on a recurring basis by level within the fair value hierarchy, consisted of the following (in millions): December 31, June 30, 2018 2018 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: Money market funds $ 259.4 $ - $ - $ 275.2 $ - $ - Auction rate securities - - - - - 1.5 Total available-for-sale securities $ 259.4 $ - $ - $ 275.2 $ - $ 1.5 In our condensed consolidated balance sheets, as of December 31, 2018 and June 30, 2018, money market balances were included in cash and cash equivalents and as of June 30, 2018, auction rate securities, or ARS investments, were included in non-current other assets. During the six months ended December 31, 2018 we converted our ARS investments to senior surplus notes, under an offering memorandum, which also included a receipt of a small amount of cash and warrants. We sold the senior surplus notes during the six months ended December 31, 2018, resulting in a gain of $2.8 million. There were no transfers in or out of our Level 1, 2, or 3 assets during the six months ended December 31, 2018 and 2017. The fair values of our accounts receivable and accounts payable approximate their carrying values because of the short-term nature of those instruments. Intangible assets, property and equipment, and goodwill are measured at fair value on a non-recurring basis if impairment is indicated. |
Inventories
Inventories | 6 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | 5. Inventories Inventories are stated at the lower of cost (first-in, first-out method) or net realizable value and consisted of the following (in millions): December 31, June 30, 2018 2018 Raw materials and work-in-progress $ 111.8 $ 105.0 Finished goods 33.9 26.2 $ 145.7 $ 131.2 We record a write-down, if necessary, to reduce the carrying value of inventory to its net realizable value. The effect of these write-downs is to establish a new cost basis in the related inventory, which we do not subsequently write up. We also record a liability and charge to cost of revenue for estimated losses on inventory we are obligated to purchase from our contract manufacturers when such losses become probable from customer delays, order cancellations, or other factors. |
Acquired Intangibles and Goodwi
Acquired Intangibles and Goodwill | 6 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Acquired Intangibles and Goodwill | 6. Acquired Intangibles and Goodwill Acquired Intangibles The following table summarizes the life, the gross carrying value and the related accumulated amortization of our acquired intangible assets as of December 31, 2018 and June 30, 2018 (in millions): December 31, 2018 June 30, 2018 Weighted Average Life in Years Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value Display driver technology 5.3 $ 164.0 $ (132.2 ) $ 31.8 $ 164.0 $ (116.5 ) $ 47.5 Audio and video technology 5.5 134.1 (35.9 ) 98.2 133.9 (22.8 ) 111.1 Fingerprint authentication technology 4.7 47.2 (47.2 ) - 55.7 (53.7 ) 2.0 Customer relationships 4.1 81.8 (44.2 ) 37.6 81.8 (38.5 ) 43.3 Licensed technology and other 4.2 7.7 (2.6 ) 5.1 9.0 (3.0 ) 6.0 Tradename 7.0 1.8 (0.4 ) 1.4 1.9 (0.2 ) 1.7 Patents 8.1 4.4 (1.8 ) 2.6 4.6 (1.7 ) 2.9 Backlog - - - - 0.5 (0.5 ) - In-process research and development Not applicable 4.5 - 4.5 4.7 - 4.7 Acquired intangibles, gross 5.0 $ 445.5 $ (264.3 ) $ 181.2 $ 456.1 $ (236.9 ) $ 219.2 The total amortization expense for the acquired intangible assets was $18.0 million and $23.2 million for the three months ended December 31, 2018 and 2017, respectively, and $38.0 million and $43.3 million for the six months ended December 31, 2018 and 2017, respectively. During the three months ended December 31, 2018 and 2017, $15.1 million and $20.3 million, respectively, and $32.1 million and $36.2 million for the six months ended December 31, 2018 and 2017, respectively, of amortization expense was included in our condensed consolidated statements of operations in cost of revenue; the remainder was included in acquired intangibles amortization. The following table presents expected annual fiscal year aggregate amortization expense as of December 31, 2018 (in millions): Remainder of 2019 $ 36.0 2020 50.5 2021 36.6 2022 32.0 2023 19.5 2024 2.0 Thereafter 0.1 To be determined 4.5 Future amortization $ 181.2 Goodwill Goodwill represents the excess of the purchase price over the fair value of net tangible and identifiable intangible assets acquired. There were no changes in our goodwill balance for the six months ended December 31, 2018. |
Other Accrued Liabilities
Other Accrued Liabilities | 6 Months Ended |
Dec. 31, 2018 | |
Payables And Accruals [Abstract] | |
Other Accrued Liabilities | 7. Other Accrued Liabilities Other accrued liabilities consisted of the following (in millions): December 31, June 30, 2018 2018 Customer Obligations $ 46.3 $ 26.4 Inventory obligations 30.1 28.8 Warranty 4.1 5.5 Other 11.4 19.0 $ 91.9 $ 79.7 Customer obligations include $6.4 million of contract liabilities and $39.9 million of refund liabilities as of December 31, 2018, as defined under revenue recognition guidance of the new revenue standard the new revenue standard |
Indemnifications, Contingencies
Indemnifications, Contingencies and Legal Proceedings | 6 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Indemnifications, Contingencies and Legal Proceedings | 8. Indemnifications, Contingencies Indemnifications In connection with certain agreements, we are obligated to indemnify the counterparty against third party claims alleging infringement of certain intellectual property rights by us. We have also entered into indemnification agreements with our officers and directors. Maximum potential future payments under these agreements cannot be estimated because these agreements do not have a maximum stated liability. However, historical costs related to these indemnification provisions have not been significant. We have not recorded any liability in our condensed consolidated financial statements for such indemnification obligations. Contingencies We have in the past, and may in the future receive notices from third parties that claim our products infringe their intellectual property rights. We cannot be certain that our technologies and products do not and will not infringe issued patents or other proprietary rights of third parties. Any infringement claims, with or without merit, could result in significant litigation costs and diversion of management and financial resources, including the payment of damages, which could have a material adverse effect on our business, financial condition, and results of operations. Legal Proceedings In October 2015, Amkor Technology, or Amkor, filed a complaint against us alleging infringement of intellectual property rights and various other claims. In November 2015, we filed an indemnification claim against the former stockholders and option holders of Validity Sensors, Inc., or Validity, to secure our rights under the Agreement and Plan of Reorganization between us and Validity (the “Validity Agreement”). In April 2017, we agreed to settle this case with Amkor on undisclosed terms that include each party licensing and assigning certain intellectual property rights, and cash payments. Settlement costs incurred in connection with this litigation were recorded in our condensed consolidated financial statements in fiscal 2017 and all but an immaterial amount was paid during our fiscal 2017. Pursuant to the Validity Agreement, we offset costs, damages and settlements incurred in connection with our defense and resolution of the complaint with Amkor against the contingent consideration earnout balance of $8.7 million as of June 30, 2018. In September 2018, we entered into a final order settling the indemnification claim against the former stockholders and option holders of Validity under which we retained $1.9 million of the earnout balance and paid the remainder of $6.8 million in October 2018. |
Debt
Debt | 6 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | 9. Debt Convertible Debt Our convertible debt consists of an original $525 million aggregate principal amount of 0.50% convertible senior notes due 2022, or the Notes, which were issued in a private placement transaction. The net proceeds from the Notes, after deducting discounts, were $514.5 million. The Notes bear interest at a rate of 0.50% per year, which is payable semi-annually in arrears, on June 15 and December 15 of each year. The Notes are senior unsecured obligations and rank senior in right of payment to any of our indebtedness that is expressly subordinated in right of payment to the Notes; equal in right of payment to any our liabilities that are not so subordinated; effectively junior in right of payment to any of our secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of our subsidiaries. The Notes mature on June 15, 2022, or the Maturity Date, unless earlier repurchased, redeemed or converted. Holders may convert all or any portion of their Notes, in multiples of $1,000 principal amounts, at their option at any time prior to the close of business on the business day immediately preceding March 15, 2022 under certain defined circumstances. On or after March 15, 2022 until the close of business on the business day immediately preceding the Maturity Date, holders may convert all or any portion of their Notes, in multiples of $1,000 principal amounts, at the option of the holder. Upon conversion, we will pay or deliver, at our election, shares of common stock, cash, or a combination of cash and shares of common stock. The conversion rate for the Notes is initially 13.6947 shares of common stock per $1,000 principal amount of Notes (equivalent to an initial conversion price of approximately $73.02 per share of common stock). The conversion rate is subject to adjustment in certain circumstances. Upon the occurrence of a fundamental change (as defined in the Notes indenture), holders of the Notes may require us to repurchase for cash all or a portion of their Notes at a fundamental change repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest up to, but excluding, the fundamental change repurchase date. We may not redeem the Notes prior to June 20, 2020. We may redeem for cash all or any portion of the Notes, at our option, on or after June 20, 2020, if the last reported sale price of our common stock, as determined by us, has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest up to, but excluding, the redemption date. Our policy is to settle the principal amount of our Notes with cash upon conversion or redemption. As of the issuance date of the Notes, we recorded $82.1 million of the principal amount to equity, representing the debt discount for the difference between our estimated nonconvertible debt borrowing rate of 4.39% and the coupon rate of the Notes of 0.50% using a five-year life, which coincides with the term of the Notes. In addition, we allocated the total of $11.1 million of debt issuance costs, consisting of the Initial Purchaser’s discount of $10.5 million and legal, accounting, and printing costs of $579,000, pro rata, to the equity and debt components of the Notes, or $1.9 million and $9.2 million, respectively. The debt discount and the debt issuance costs allocated to the debt component of the Notes are amortized as interest expense using the effective interest method over five years. The contractual interest expense and amortization of discount on the Notes for the six months ended December 31, 2018, were as follows (in millions): Six Months Ended December 31, 2018 Interest expense $ 1.3 Amortization of discount and debt issuance costs 8.7 Total interest $ 10.0 The unamortized amounts of the debt issuance costs and discount associated with the Notes as of December 31, 2018 were $6.6 million and $59.0 million, respectively. Revolving Credit Facility In September 2017, we entered into an Amendment and Restatement Agreement, or the Agreement, with the lenders that are party thereto, or the Lenders, and Wells Fargo Bank, National Association, as administrative agent for the Lenders. The Agreement terminated our prior term loan arrangement and provides for a revolving credit facility in a principal amount of up to $200 million, which includes a $20 million sublimit for letters of credit and a $20 million sublimit for swingline loans. Under the terms of the Agreement, we may, subject to the satisfaction of certain conditions, request increases in the revolving credit facility commitments in an aggregate principal amount of up to $100 million to the extent existing or new lenders agree to provide such increased or additional commitments, as applicable. Proceeds under the revolving credit facility are available for working capital and general corporate purposes. As of December 31, 2018, there is no balance outstanding under the revolving credit facility. The revolving credit facility is required to be repaid in full on the earlier of (i) September 27, 2022 and (ii) the date 91 days prior to the Maturity Date of the Notes if the Notes have not been refinanced in full by such date. Debt issuance costs of $2.3 million relating to the revolving credit facility will be amortized over 60 months. Our obligations under the Agreement are guaranteed by the material domestic subsidiaries of our company, subject to certain exceptions (such material subsidiaries, together with our company, collectively, the Credit Parties). The obligations of the Credit Parties under the Agreement and the other loan documents delivered in connection therewith are secured by a first priority security interest in substantially all of the existing and future personal property of the Credit Parties, including, without limitation, 65% of the voting capital stock of certain of the Credit Parties’ direct foreign subsidiaries, subject to certain exceptions. The revolving credit facility bears interest at our election of a Base Rate plus an Applicable Margin or LIBOR plus an Applicable Margin. Swingline loans bear interest at a Base Rate plus an Applicable Margin. The Base Rate is a floating rate that is the greater of the Prime Rate, the Federal Funds Rate plus 50 basis points, or LIBOR plus 100 basis points. The Applicable Margin is based on a sliding scale which ranges from 0.25 to 100 basis points for Base Rate loans and 100 basis points to 175 basis points for LIBOR loans. We are required to pay a commitment fee on any unused commitments under the Agreement which is determined on a leverage-based sliding scale ranging from 0.175% to 0.25% per annum. Interest and fees are payable on a quarterly basis. Under the Agreement, there are various restrictive covenants, including three financial covenants which limit the consolidated total leverage ratio, or leverage ratio, the consolidated interest coverage ratio, or interest coverage ratio, a restriction which places a limit on the amount of capital expenditures that may be made in any fiscal year, a restriction that permits up to $50 million per fiscal quarter of accounts receivable financings, and sets the Specified Leverage Ratio. The leverage ratio is the ratio of debt as of the measurement date to earnings before interest, taxes, depreciation and amortization, or EBITDA, for the four consecutive quarters ending with the quarter of measurement. The current leverage ratio shall not exceed 3.50 to 1.00 provided that for the four fiscal quarters ending after the date of a material acquisition, such maximum leverage ratio shall be adjusted to 3.75 to 1.00, and thereafter, shall not be more than 3.50 to 1.00. The interest coverage ratio is EBITDA to interest expense for the four consecutive quarters ending with the quarter of measurement. The interest coverage ratio must not be less than 3.50 to 1.0 during the term of the Agreement. The Specified Leverage Ratio is the ratio used in determining, among other things, whether we are permitted to make dividends and/or prepay certain indebtedness, at a fixed ratio of 3.00 to 1.00. As of the end of the quarter, we were in compliance with the restrictive covenants. |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | 10. Share-Based Compensation Share-based compensation and the related tax benefit recognized in our condensed consolidated statements of operations were as follows (in millions): Three Months Ended Six Months Ended December 31, December 31, 2018 2017 2018 2017 Cost of revenue $ 0.8 $ 0.7 $ 1.7 $ 1.4 Research and development 8.5 9.8 16.8 18.9 Selling, general, and administrative 6.9 7.3 14.4 14.0 Total $ 16.2 $ 17.8 $ 32.9 $ 34.3 Income tax expense/(benefit) on share-based compensation $ 0.3 $ 1.3 $ (2.4 ) $ (2.7 ) Historically, we have issued new shares in connection with our share-based compensation plans, however, treasury shares are also available for issuance. Any additional shares repurchased under our common stock repurchase program will be available for issuance under our share-based compensation plans. Stock Options Stock option activity, including stock options granted, exercised, and forfeited, weighted average exercise prices for stock options outstanding and exercisable, and the aggregate intrinsic value were as follows: Stock Weighted Aggregate Option Average Intrinsic Awards Exercise Value Outstanding Price (in millions) Balance as of June 30, 2018 1,618,209 $ 57.14 Granted - - Exercised (109,254 ) 29.70 Forfeited (38,850 ) 65.48 Balance as of December 31, 2018 1,470,105 58.96 $ 2.2 Exercisable at December 31, 2018 1,345,451 59.37 $ 2.2 The aggregate intrinsic value was determined using the closing price of our common stock on December 28, 2018 of $37.14 and excludes the impact of stock options that were not in-the-money. Deferred Stock Units DSU activity, including DSUs granted, delivered, and forfeited, and the balance and aggregate intrinsic value of DSUs were as follows: Aggregate DSU Intrinsic Awards Value Outstanding (in millions) Balance as of June 30, 2018 1,853,558 Granted 1,167,118 Delivered (640,672 ) Forfeited (177,706 ) Balance as of December 31, 2018 2,202,298 $ 81.8 The aggregate intrinsic value was determined using the closing price of our common stock on December 28, 2018 of $37.14. Of the shares delivered, 152,845 shares valued at $5.9 million were withheld to meet statutory tax withholding requirements. Market Stock Units Our Amended and Restated 2010 Incentive Compensation Plan provides for the grant of MSU awards to our employees, consultants, and directors. An MSU is a promise to deliver shares of our common stock at a future date based on the achievement of market-based performance requirements in accordance with the terms of the MSU grant agreement. We have granted MSUs to our executive officers and other management members, which are designed to vest in three tranches with the target quantity for each tranche equal to one-third of the total MSU grant. The first tranche vests based on a one-year performance period; the second tranche vests based on a two-year performance period; and the third tranche vests based on a three-year performance period. Performance is measured based on the achievement of a specified level of total stockholder return, or TSR, relative to the TSR of the S&P Semiconductor Select Industry Index, or SPSISC Index, for grants made beginning in fiscal 2018, and relative to the Philadelphia Semiconductor Index, or SOX Index, for grants made prior to fiscal 2018. The potential payout ranges from 0% to 200% of the grant target quantity and is adjusted on a two-to-one ratio based on our TSR performance relative to the SPSISC Index TSR or SOX Index TSR using the following formula: (100% + ([Synaptics TSR — {SPSISC Index TSR or SOX Index TSR}] x 2)) The payout for the first tranche and the second tranche will not exceed 100% and the payout for the third tranche will be calculated based on the total target quantity for the entire grant multiplied by the payout factor, based on performance for the three-year performance period, less shares issued for the first tranche and the second tranche. Delivery of shares earned, if any, will take place on the dates provided in the applicable MSU grant agreement, assuming the grantee is still an employee, consultant, or director of our company at the end of the applicable performance period. On the delivery date, we withhold shares to cover statutory tax withholding requirements and deliver a net quantity of shares to the employee, consultant, or director after such withholding. Until delivery of shares, the grantee has no rights as a stockholder with respect to any shares underlying the MSU award. During the six months ended December 31, 2018, MSU activity, including MSUs granted, delivered, and forfeited, and the balance and aggregate intrinsic value of MSUs as of December 31, 2018 was as follows: Aggregate MSU Intrinsic Awards Value Outstanding (in millions) Balance as of June 30, 2018 354,726 Granted 163,059 Performance adjustment (46,663 ) Delivered (92,202 ) Forfeited (14,981 ) Balance as of December 31, 2018 363,939 $ 13.5 The aggregate intrinsic value was determined using the closing price of our common stock on December 28, 2018 of $37.14. Of the shares delivered, 33,981 shares valued at $1.3 million were withheld to meet statutory tax withholding requirements. We value MSUs using the Monte Carlo simulation model on the date of grant and amortize the compensation expense over the three-year performance and service period on a straight-line basis. The unrecognized share-based compensation cost of our outstanding MSUs was approximately $16.8 million as of December 31, 2018, which will be recognized over a weighted average period of approximately 1.4 years. Performance Stock Units Our Amended and Restated 2010 Incentive Compensation Plan provides for the grant of PSU awards to our employees, consultants, and directors. A PSU is a promise to deliver shares of our common stock at a future date based on the achievement of performance-based requirements in accordance with the terms of the PSU grant agreement. We have granted PSUs to our executive officers and other management members, which are designed to vest in three tranches with the target quantity for each tranche equal to one-third of the total PSU grant. The grants have a specific one-year performance period and vesting occurs over three service periods with the final service period ending approximately three years from the grant date. Performance is measured based on the achievement of a specified level of non-GAAP earnings per share. The potential payout ranges from 0% to 200% of the grant target quantity and is adjusted on a linear basis with a payout triggering if our non-GAAP earnings per share equals greater than 65% of the target with a maximum payout achieved at 135% of target. Delivery of shares earned, if any, will take place on the dates provided in the applicable PSU grant agreement, assuming the grantee is still an employee, consultant, or director of our company at the end of the applicable service period. On the delivery date, we withhold shares to cover statutory tax withholding requirements and deliver a net quantity of shares to the employee, consultant, or director after such withholding. Until delivery of shares, the grantee has no rights as a stockholder with respect to any shares underlying the PSU award. During the six months ended December 31, 2018, PSU activity, including PSUs granted, delivered, and forfeited, and the balance and aggregate intrinsic value of PSUs as of December 31, 2018 was as follows: Aggregate PSU Intrinsic Awards Value Outstanding (in millions) Balance as of June 30, 2018 294,541 Granted 147,005 Delivered - Forfeited (17,028 ) Balance as of December 31, 2018 424,518 $ 15.8 The aggregate intrinsic value was determined using the closing price of our common stock on December 28, 2018 of $37.14. We value PSUs using the aggregate intrinsic value on the date of grant adjusted for estimated performance achievement during the performance period and amortize the compensation expense over the three-year service period on a ratable basis. The unrecognized share-based compensation cost of our outstanding PSUs was approximately $9.0 million as of December 31, 2018, which will be recognized over a weighted average period of approximately 1.2 years. Employee Stock Purchase Plan Shares purchased, weighted average purchase price, cash received, and the aggregate intrinsic value for employee stock purchase plan purchases during the six-month period ended December 31, 2018 were as follows (in millions, except for shares purchased and weighted average price): . Shares purchased 258,563 Weighted average purchase price $ 31.60 Cash received $ 8.2 Aggregate intrinsic value $ 1.4 |
Income Taxes
Income Taxes | 6 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes On December 22, 2017, the U.S. government enacted comprehensive tax legislation, commonly known as the Tax Cuts and Jobs Act of 2017, or the Act, which significantly reformed the Internal Revenue Code of 1986, as amended. The Act contains broad and complex changes to corporate taxation, including, in part, reduction of the U.S. federal corporate tax rate from 35% to 21%, requires companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously considered permanently reinvested, and creates new taxes on certain foreign-sourced earnings. As our accounting and tax year is the fiscal period ending on the last Saturday in June, U.S. federal tax law requires that taxpayers with a fiscal year that spans the effective date of a tax rate change to calculate a blended tax rate based on the pro rata number of days in the fiscal year before and after the effective date. As a result, our U.S. federal tax rate for fiscal 2018 was a days-weighted blended tax rate of 28.17%. For fiscal 2019 and subsequent tax years, our U.S. federal tax rate is 21%. In fiscal 2018, we recognized provisional tax expense of $41.4 million, related to the tax impact of the Act, of which an expense of $44.1 million relates to the one-time transition tax and a benefit of $2.7 million relates to remeasurement of deferred tax at the new tax rate. The one-time transition tax is based on our post-1986 foreign earnings and profits, or E&P, which we previously excluded from U.S. income taxes as we considered such earnings to be indefinitely reinvested overseas. The one-time transition tax is applied at a 15.5% tax rate on cash assets and an 8% tax rate for other specified assets. We were able to utilize the research credit carryforward, resulting in a net one-time transition tax impact of $11.9 million on the income tax payable. As of December 31, 2018, based on additional analysis of technical guidance, we recognized a non-discrete tax expense of $1.4 million, which is included in the annual effective tax rate, and a discrete benefit of $0.2 million, both of which relate to the limitation on the deduction of executive’s compensation. Staff Accounting Bulletin 118 allowed companies to record provisional amounts and recognize the effect of the tax law during a measurement period. The measurement period ended in the second quarter of our fiscal 2019. As of December 31, 2018, we have finalized our accounting for the tax impact of the Act. However, further technical guidance related to the Act, including final regulations on a broad range of topics, is expected to be issued and, as such, if our interpretation and final accounting are inconsistent with future regulations and guidance we will recognize the impact as a discrete item in the period that such guidance is issued. The Global Intangible Low-Tax Income, or GILTI, which is a provision under the Act, imposes a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. GILTI requires an accounting policy election of either (1) treating taxes due on future U.S. inclusions in taxable income related to GILTI as a current period expense when incurred or (2) factoring such amounts into the measurement of deferred taxes. We elected to treat GILTI as a period cost and recognize the impact in the period when it is incurred. We account for income taxes under the asset and liability method. The provision for income taxes recorded in interim periods is recorded by applying the estimated annual effective tax rate to year-to-date income before provision for income taxes, excluding the effects of significant unusual or infrequently occurring discrete items. The tax effects of discrete items are recorded in the same period that the related discrete items are reported and results in a difference between the actual effective tax rate and the estimated annual effective tax rate. The provision for income taxes of $7.5 million and $53.3 million for the three months ended December 31, 2018 and 2017, respectively, represented estimated federal, foreign, and state income taxes. The effective tax rate for the three months ended December 31, 2018 diverged from the combined U.S. federal and state statutory tax rate primarily because of foreign withholding taxes, nondeductible amortization, the impact of net shortfalls in share-based compensation deductions and GILTI, partially offset by the benefit of research credits, foreign tax credits, foreign-derived intangible income deduction, release of reserves related to uncertain tax positions and foreign income taxed at lower tax rates. The effective tax rate for the three months ended December 31, 2017, diverged from the combined U.S. federal and state statutory tax rate, primarily because of the impact of the one-time transition tax on E&P, the impact of the reduction in the U.S. federal tax rate on our net deferred tax assets, foreign withholding taxes, nondeductible amortization, the impact of accounting for qualified stock options, and foreign income taxed at higher tax rates, partially offset by benefits from research credits. The provision for income taxes of $7.2 million and $56.5 million for the six months ended December 31, 2018, and 2017, respectively, represented estimated federal, foreign, and state income taxes. The effective tax rate for the six months ended December 31, 2018, diverged from the combined U.S. federal and state statutory tax rate primarily due to foreign withholding taxes, nondeductible amortization, the impact of net shortfalls in share-based compensation deductions, and GILTI, partially offset by the benefit of research credits, foreign tax credits, foreign-derived intangible income deduction, excess share-based compensation deductions, release of reserves related to uncertain tax positions and foreign income taxed at lower tax rates. The effective tax rate for the six months ended December 31, 2017, diverged from the combined U.S. federal and state statutory tax rate, primarily because of the impact of the one-time transition tax on E&P, the impact of the reduction in the U.S. federal tax rate on our net deferred tax assets, foreign withholding taxes, nondeductible amortization, the impact of accounting for qualified stock options, and foreign income taxed at higher tax rates, partially offset by benefits from research credits. The total liability for gross unrecognized tax benefits related to uncertain tax positions decreased $0.1 million during the six months ended December 31, 2018, to $24.7 million from $24.8 million at June 30, 2018, and was included in other long-term liabilities on our condensed consolidated balance sheets. If recognized, the total gross unrecognized tax benefits would reduce the effective tax rate on income from continuing operations. Accrued interest and penalties related to unrecognized tax benefits as of December 31, 2018 were $2.3 million; this balance increased by $0.4 million compared to June 30, 2018. We classify interest and penalties as components of income tax expense. It is reasonably possible that the amount of the liability for unrecognized tax benefits may change within the next twelve months and an estimate of the range of possible changes include an increase in our liability of up to $4.4 million. In July 2018, the U.S. Ninth Circuit Court of Appeals reversed the 2015 decision of the U.S. Tax Court in Altera Corp. v. Commissioner which found that the Treasury regulations addressing the treatment of stock-based compensation in a cost-sharing arrangement with a related party were invalid. In August 2018, the U.S. Ninth Circuit Court of Appeals withdrew its July 2018 opinion. The reconstituted panel has not issued an opinion on this appeal. As our tax filing position is consistent with the Treasury regulations, we determined no adjustment to our financial statements is required, however, due to the uncertainties with respect to the ultimate resolution, we will continue to monitor developments in this case. Our major tax jurisdictions are the United States, Hong Kong SAR, and Japan. From fiscal 2013 onward, we remain subject to examination by one or more of these jurisdictions. In August 2018, we received the revenue agent’s report resolving the fiscal 2014 and 2015 examination with the Internal Revenue Service with no material impact on our consolidated financial statements. Our case is pending review by the Joint Committee on Taxation, which we anticipate will conclude in June 2019. Any prospective adjustments to our unrecognized tax benefits will be recorded as an increase or decrease to income tax expense and cause a corresponding change to our effective tax rate. Accordingly, our effective tax rate could fluctuate materially from period to period. |
Segment, Customers, and Geograp
Segment, Customers, and Geographic Information | 6 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment, Customers, and Geographic Information | 12. Segment, Customers, and Geographic Information We operate in one segment: the development, marketing, and sale of semiconductor products used in electronic devices and products. We generate our revenue from three broad product categories: the mobile product market, the personal computing, or PC, product market, and the Internet of Things product market, or IoT. We sell our products to original equipment manufacturers, or OEMs, and to contract manufacturers that provide manufacturing services to OEMs. Net revenue within geographic areas based on our customers’ locations for the periods presented was as follows (in millions): Three Months Ended Six Months Ended December 31, December 31, 2018 2017 2018 2017 China $ 251.7 $ 209.9 $ 479.5 $ 419.7 Japan 78.0 97.3 146.5 188.3 Taiwan 61.0 60.2 137.4 103.3 Other 13.9 21.7 29.3 37.8 South Korea 11.7 12.5 31.8 33.7 United States 9.2 28.8 18.6 65.0 $ 425.5 $ 430.4 $ 843.1 $ 847.8 Net revenue from our customers for each group of similar products was as follows (in millions): Three Months Ended Six Months Ended December 31, December 31, 2018 2017 2018 2017 Mobile product applications $ 274.4 $ 261.8 $ 537.1 $ 554.7 PC product applications 63.9 61.7 132.5 127.0 IoT product applications 87.2 106.9 173.5 166.1 $ 425.5 $ 430.4 $ 843.1 $ 847.8 Net revenue from major customers as a percentage of total net revenue for the periods presented was as follows: Three Months Ended Six Months Ended December 31, December 31, 2018 2017 2018 2017 Customer A 20% 12% 19% 15% Customer B 14% * 12% * Customer C * * * 11% Customer D * 12% * 12% * Less than 10% We extend credit based on evaluation of a customer’s financial condition, and we generally do not require collateral. Major customer accounts receivable as a percentage of total accounts receivable were as follows: December 31, June 30, 2018 2018 Customer A 22% 10% Customer B 18% 13% Customer C * 11% * Less than 10% |
Comprehensive Income_(Loss)
Comprehensive Income/(Loss) | 6 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Comprehensive Income/(Loss) | 13. Comprehensive Income/(Loss) Our comprehensive income/(loss) generally consists of net income/(loss) plus the effect of unrealized gains and losses on our investments, primarily due to temporary changes in market value of certain of our ARS investments. In addition, we recognize the noncredit portion of other-than-temporary impairment on debt securities in other comprehensive income/(loss). We recognize foreign currency remeasurement adjustments and foreign currency transaction gains and losses in our condensed consolidated statements of operations as the U.S. dollar is the functional currency of our foreign entities. |
Restructuring Activities
Restructuring Activities | 6 Months Ended |
Dec. 31, 2018 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Activities | 14. Restructuring Activities In November 2017, we committed to and initiated a restructuring action intended to streamline and reduce our operating cost structure and capitalize on acquisition synergies. These costs primarily related to severance costs for a reduction in headcount, facility consolidation and related costs. In April 2018, we committed to and initiated a restructuring to close a research and development facility. These costs included employee severance and related benefits and facility closure charges. Restructuring costs related to the November 2017 and April 2018 restructuring activities were recorded to the restructuring costs line item within our condensed consolidated statements of operations and are complete as of December 31, 2018. The restructuring liability activities for these fiscal 2018 initiated activities during the six months ended December 31, 2018 were as follows (in millions): Employee Severance Facility Consolidation and Benefits and Related Charges Total Balance as of June 30, 2018 $ 2.2 $ 0.1 $ 2.3 Accruals 0.2 - 0.2 Cash payments (2.4 ) (0.1 ) (2.5 ) Balance as of December 31, 2018 $ - $ - $ - In August 2018, we committed to and initiated a restructuring of our mobile fingerprint optical business. These costs primarily related to severance costs for a reduction in headcount and related costs. Restructuring costs related to the fiscal 2019 restructuring activities were recorded to the restructuring costs line item within our condensed consolidated statements of operations. These activities are complete as of December 31, 2018. The restructuring liability activities for the fiscal 2019 initiated activity during the six months ended December 31, 2018 were as follows (in millions): Employee Severance and Benefits Accruals $ 10.4 Cash payments (10.0 ) Balance as of December 31, 2018 $ 0.4 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates, including those related to revenue recognition, allowance for doubtful accounts, cost of revenue, inventories, loss on purchase commitments, product warranty, accrued liabilities, share-based compensation costs, provision for income taxes, deferred income tax asset valuation allowances, uncertain tax positions, goodwill, intangible assets, investments and loss contingencies. We base our estimates on historical experience, applicable laws and regulations, and various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. |
Foreign Currency Transactions and Foreign Exchange Contracts | Foreign Currency Transactions and Foreign Exchange Contracts The U.S. dollar is our functional and reporting currency. We remeasure our monetary assets and liabilities not denominated in the functional currency into U.S. dollar equivalents at the rate of exchange in effect on the balance sheet date. We measure and record non-monetary balance sheet accounts at the historical rate in effect at the date of transaction. We remeasure foreign currency expenses at the weighted average exchange rate in the month that the transaction occurred. Our foreign currency transactions and remeasurement gains and losses are included in selling, general, and administrative expenses in the condensed consolidated statements of operations and resulted in net losses of $0.2 million and $0.6 million in the three and six months ended December 31, 2018 and net losses of $0.2 million and $0.5 million in the three and six months ended December 31, 2017. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Topic 606 [Member] | |
Topic 606 Disclosure of Impact of Adoption to Condensed Consolidated Statements | Condensed Consolidated Balance Sheets As of December 31, 2018 Pro forma as if As reported under previous standard new standard Adjustments was in effect Accounts receivable, net $ 326.0 $ (5.1 ) $ 320.9 Total assets 1,499.6 (5.1 ) 1,494.5 Other accrued liabilities 91.9 (5.1 ) 86.8 Total liabilities and stockholders' equity 1,499.6 (5.1 ) 1,494.5 Condensed Consolidated Statement of Cash Flows Six Months Ended December 31, 2018 Pro forma as if As reported under previous standard new standard Adjustments was in effect Cash flows from operating activities: Accounts receivable, net $ (31.7 ) $ (0.1 ) $ (31.8 ) Other accrued liabilities 6.5 0.1 6.6 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Income Per Share | The computation of basic and diluted net income per share was as follows (in millions, except per share data): Three Months Ended Six Months Ended December 31, December 31, 2018 2017 2018 2017 Numerator: Net income/(loss) $ 12.8 $ (82.4 ) $ 16.6 $ (108.9 ) Denominator: Shares, basic 34.5 34.1 34.8 33.8 Effect of dilutive share-based awards 0.6 — 0.8 — Shares, diluted 35.1 34.1 35.6 33.8 Net income/(loss) per share: Basic $ 0.37 $ (2.42 ) $ 0.48 $ (3.22 ) Diluted $ 0.36 $ (2.42 ) $ 0.47 $ (3.22 ) |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Financial Assets Measured at Fair Value on a Recurring Basis | Financial assets measured at fair value on a recurring basis by level within the fair value hierarchy, consisted of the following (in millions): December 31, June 30, 2018 2018 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: Money market funds $ 259.4 $ - $ - $ 275.2 $ - $ - Auction rate securities - - - - - 1.5 Total available-for-sale securities $ 259.4 $ - $ - $ 275.2 $ - $ 1.5 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories are stated at the lower of cost (first-in, first-out method) or net realizable value and consisted of the following (in millions): December 31, June 30, 2018 2018 Raw materials and work-in-progress $ 111.8 $ 105.0 Finished goods 33.9 26.2 $ 145.7 $ 131.2 |
Acquired Intangibles and Good_2
Acquired Intangibles and Goodwill (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Life, Gross Carrying Value and Related Accumulated Amortization of Acquired Intangible Assets | The following table summarizes the life, the gross carrying value and the related accumulated amortization of our acquired intangible assets as of December 31, 2018 and June 30, 2018 (in millions): December 31, 2018 June 30, 2018 Weighted Average Life in Years Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value Display driver technology 5.3 $ 164.0 $ (132.2 ) $ 31.8 $ 164.0 $ (116.5 ) $ 47.5 Audio and video technology 5.5 134.1 (35.9 ) 98.2 133.9 (22.8 ) 111.1 Fingerprint authentication technology 4.7 47.2 (47.2 ) - 55.7 (53.7 ) 2.0 Customer relationships 4.1 81.8 (44.2 ) 37.6 81.8 (38.5 ) 43.3 Licensed technology and other 4.2 7.7 (2.6 ) 5.1 9.0 (3.0 ) 6.0 Tradename 7.0 1.8 (0.4 ) 1.4 1.9 (0.2 ) 1.7 Patents 8.1 4.4 (1.8 ) 2.6 4.6 (1.7 ) 2.9 Backlog - - - - 0.5 (0.5 ) - In-process research and development Not applicable 4.5 - 4.5 4.7 - 4.7 Acquired intangibles, gross 5.0 $ 445.5 $ (264.3 ) $ 181.2 $ 456.1 $ (236.9 ) $ 219.2 |
Schedule of Expected Annual Aggregate Amortization Expense | The following table presents expected annual fiscal year aggregate amortization expense as of December 31, 2018 (in millions): Remainder of 2019 $ 36.0 2020 50.5 2021 36.6 2022 32.0 2023 19.5 2024 2.0 Thereafter 0.1 To be determined 4.5 Future amortization $ 181.2 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Payables And Accruals [Abstract] | |
Other Accrued Liabilities | Other accrued liabilities consisted of the following (in millions): December 31, June 30, 2018 2018 Customer Obligations $ 46.3 $ 26.4 Inventory obligations 30.1 28.8 Warranty 4.1 5.5 Other 11.4 19.0 $ 91.9 $ 79.7 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Contractual Interest Expense and Amortization of Discount on Notes | The contractual interest expense and amortization of discount on the Notes for the six months ended December 31, 2018, were as follows (in millions): Six Months Ended December 31, 2018 Interest expense $ 1.3 Amortization of discount and debt issuance costs 8.7 Total interest $ 10.0 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Share-Based Compensation and Related Tax Benefit Recognized in Condensed Consolidated Statements of Income | Share-based compensation and the related tax benefit recognized in our condensed consolidated statements of operations were as follows (in millions): Three Months Ended Six Months Ended December 31, December 31, 2018 2017 2018 2017 Cost of revenue $ 0.8 $ 0.7 $ 1.7 $ 1.4 Research and development 8.5 9.8 16.8 18.9 Selling, general, and administrative 6.9 7.3 14.4 14.0 Total $ 16.2 $ 17.8 $ 32.9 $ 34.3 Income tax expense/(benefit) on share-based compensation $ 0.3 $ 1.3 $ (2.4 ) $ (2.7 ) |
Balance of Outstanding and Exercisable Stock Options | Stock option activity, including stock options granted, exercised, and forfeited, weighted average exercise prices for stock options outstanding and exercisable, and the aggregate intrinsic value were as follows: Stock Weighted Aggregate Option Average Intrinsic Awards Exercise Value Outstanding Price (in millions) Balance as of June 30, 2018 1,618,209 $ 57.14 Granted - - Exercised (109,254 ) 29.70 Forfeited (38,850 ) 65.48 Balance as of December 31, 2018 1,470,105 58.96 $ 2.2 Exercisable at December 31, 2018 1,345,451 59.37 $ 2.2 |
Shares Purchased, Weighted Average Purchase Price, Cash Received, and Aggregate Intrinsic Value for ESPP | Shares purchased, weighted average purchase price, cash received, and the aggregate intrinsic value for employee stock purchase plan purchases during the six-month period ended December 31, 2018 were as follows (in millions, except for shares purchased and weighted average price): . Shares purchased 258,563 Weighted average purchase price $ 31.60 Cash received $ 8.2 Aggregate intrinsic value $ 1.4 |
Deferred stock units outstanding [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Balance and Aggregate Intrinsic Value of Stock Units | DSU activity, including DSUs granted, delivered, and forfeited, and the balance and aggregate intrinsic value of DSUs were as follows: Aggregate DSU Intrinsic Awards Value Outstanding (in millions) Balance as of June 30, 2018 1,853,558 Granted 1,167,118 Delivered (640,672 ) Forfeited (177,706 ) Balance as of December 31, 2018 2,202,298 $ 81.8 |
Market stock units outstanding [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Balance and Aggregate Intrinsic Value of Stock Units | During the six months ended December 31, 2018, MSU activity, including MSUs granted, delivered, and forfeited, and the balance and aggregate intrinsic value of MSUs as of December 31, 2018 was as follows: Aggregate MSU Intrinsic Awards Value Outstanding (in millions) Balance as of June 30, 2018 354,726 Granted 163,059 Performance adjustment (46,663 ) Delivered (92,202 ) Forfeited (14,981 ) Balance as of December 31, 2018 363,939 $ 13.5 |
Performance stock units outstanding [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Balance and Aggregate Intrinsic Value of Stock Units | During the six months ended December 31, 2018, PSU activity, including PSUs granted, delivered, and forfeited, and the balance and aggregate intrinsic value of PSUs as of December 31, 2018 was as follows: Aggregate PSU Intrinsic Awards Value Outstanding (in millions) Balance as of June 30, 2018 294,541 Granted 147,005 Delivered - Forfeited (17,028 ) Balance as of December 31, 2018 424,518 $ 15.8 |
Segment, Customers, and Geogr_2
Segment, Customers, and Geographic Information (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Net Revenue within Geographic Areas Based on Customers' Locations | Net revenue within geographic areas based on our customers’ locations for the periods presented was as follows (in millions): Three Months Ended Six Months Ended December 31, December 31, 2018 2017 2018 2017 China $ 251.7 $ 209.9 $ 479.5 $ 419.7 Japan 78.0 97.3 146.5 188.3 Taiwan 61.0 60.2 137.4 103.3 Other 13.9 21.7 29.3 37.8 South Korea 11.7 12.5 31.8 33.7 United States 9.2 28.8 18.6 65.0 $ 425.5 $ 430.4 $ 843.1 $ 847.8 |
Net Revenue from External Customers | Net revenue from our customers for each group of similar products was as follows (in millions): Three Months Ended Six Months Ended December 31, December 31, 2018 2017 2018 2017 Mobile product applications $ 274.4 $ 261.8 $ 537.1 $ 554.7 PC product applications 63.9 61.7 132.5 127.0 IoT product applications 87.2 106.9 173.5 166.1 $ 425.5 $ 430.4 $ 843.1 $ 847.8 |
Sales Revenue, Net [Member] | |
Major Customers as Percentage of Net Revenue | Net revenue from major customers as a percentage of total net revenue for the periods presented was as follows: Three Months Ended Six Months Ended December 31, December 31, 2018 2017 2018 2017 Customer A 20% 12% 19% 15% Customer B 14% * 12% * Customer C * * * 11% Customer D * 12% * 12% * Less than 10% |
Accounts Receivable [Member] | |
Major Customers as Percentage of Net Revenue | Major customer accounts receivable as a percentage of total accounts receivable were as follows: December 31, June 30, 2018 2018 Customer A 22% 10% Customer B 18% 13% Customer C * 11% * Less than 10% |
Restructuring Activities (Table
Restructuring Activities (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Liability Activities | The restructuring liability activities for these fiscal 2018 initiated activities during the six months ended December 31, 2018 were as follows (in millions): Employee Severance Facility Consolidation and Benefits and Related Charges Total Balance as of June 30, 2018 $ 2.2 $ 0.1 $ 2.3 Accruals 0.2 - 0.2 Cash payments (2.4 ) (0.1 ) (2.5 ) Balance as of December 31, 2018 $ - $ - $ - The restructuring liability activities for the fiscal 2019 initiated activity during the six months ended December 31, 2018 were as follows (in millions): Employee Severance and Benefits Accruals $ 10.4 Cash payments (10.0 ) Balance as of December 31, 2018 $ 0.4 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | ||||
Net gain (loss) on foreign currency transactions | $ (0.2) | $ (0.2) | $ (0.6) | $ (0.5) |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) | 6 Months Ended | ||
Dec. 31, 2018 | Jul. 01, 2018 | Jun. 30, 2018 | |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||
Retained earnings | $ 623,000,000 | $ 606,400,000 | |
Contract asset | 0 | ||
Contract liability | 6,400,000 | $ 1,100,000 | |
Refund liability | 39,900,000 | 31,600,000 | |
Revenue recognized related to contract liabilities | $ 300,000 | ||
Description of payment terms in contract with customer | Payments are generally due within three months upon completion of the performance obligation and subsequent invoicing and, therefore, do not include significant financing components. | ||
Maximum [Member] | |||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||
Revenue, performance obligation, payment terms | 3 months | ||
Accounting Standards Update 2014-09 [Member] | |||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||
Remaining unsatisfied performance obligation | $ 0 | ||
Cumulative Impact of Adopting Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||
Retained earnings | $ 0 |
Revenue Recognition - Topic 606
Revenue Recognition - Topic 606 Disclosure of Impact of Adoption to Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Jun. 30, 2018 |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||
Accounts receivable, net | $ 326 | $ 289.1 |
Total assets | 1,499.6 | 1,499.8 |
Other accrued liabilities | 91.9 | 79.7 |
Total liabilities and stockholders' equity | 1,499.6 | $ 1,499.8 |
Adjustments [Member] | Topic 606 [Member] | ||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||
Accounts receivable, net | (5.1) | |
Total assets | (5.1) | |
Other accrued liabilities | (5.1) | |
Total liabilities and stockholders' equity | (5.1) | |
Proforma as if previous standard was in effect [Member] | Topic 606 [Member] | ||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||
Accounts receivable, net | 320.9 | |
Total assets | 1,494.5 | |
Other accrued liabilities | 86.8 | |
Total liabilities and stockholders' equity | $ 1,494.5 |
Revenue Recognition - Topic 6_2
Revenue Recognition - Topic 606 Disclosure of Impact of Adoption to Condensed Consolidated Statement of Cash Flows (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | ||
Accounts receivable, net | $ (31.7) | $ 30 |
Other accrued liabilities | 6.5 | $ (6.6) |
Adjustments [Member] | Topic 606 [Member] | ||
Cash flows from operating activities: | ||
Accounts receivable, net | (0.1) | |
Other accrued liabilities | 0.1 | |
Proforma as if previous standard was in effect [Member] | Topic 606 [Member] | ||
Cash flows from operating activities: | ||
Accounts receivable, net | (31.8) | |
Other accrued liabilities | $ 6.6 |
Net Income Per Share - Computat
Net Income Per Share - Computation of Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Numerator: | ||||
Net income/(loss) | $ 12.8 | $ (82.4) | $ 16.6 | $ (108.9) |
Denominator: | ||||
Shares, basic | 34.5 | 34.1 | 34.8 | 33.8 |
Effect of dilutive share-based awards | 0.6 | 0.8 | ||
Shares, diluted | 35.1 | 34.1 | 35.6 | 33.8 |
Net income/(loss) per share: | ||||
Basic | $ 0.37 | $ (2.42) | $ 0.48 | $ (3.22) |
Diluted | $ 0.36 | $ (2.42) | $ 0.47 | $ (3.22) |
Net Income Per Share - Addition
Net Income Per Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-Based Awards [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Common shares that were not included in computation of diluted net income per share | 1,736,456 | 3,334,776 | 1,426,365 | 3,020,056 |
Fair Value - Financial Assets M
Fair Value - Financial Assets Measured at Fair Value on a Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions | Dec. 31, 2018 | Jun. 30, 2018 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | $ 259.4 | $ 275.2 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 1.5 | |
Money Market Funds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | $ 259.4 | 275.2 |
Auction Rate Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | $ 1.5 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Transfer amount of assets of level one | $ 0 | $ 0 |
Transfer amount of assets of level two | 0 | 0 |
Transfer amount of assets of level three | 0 | 0 |
Transfer amount of assets out of level three | 0 | $ 0 |
Senior Surplus Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gain on sale | $ 2,800,000 |
Inventories - Inventories (Deta
Inventories - Inventories (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Jun. 30, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials and work-in-progress | $ 111.8 | $ 105 |
Finished goods | 33.9 | 26.2 |
Total Inventories | $ 145.7 | $ 131.2 |
Acquired Intangibles and Good_3
Acquired Intangibles and Goodwill - Summary of Life, Gross Carrying Value and Related Accumulated Amortization of Acquired Intangible Assets (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Dec. 31, 2018 | Jun. 30, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangibles, Gross Carrying Value | $ 445.5 | $ 456.1 |
Acquired intangibles, Accumulated Amortization | (264.3) | (236.9) |
Acquired intangibles, Net Carrying Value | $ 181.2 | 219.2 |
Weighted Average Life in Years | 5 years | |
Display Driver Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangibles, Gross Carrying Value | $ 164 | 164 |
Acquired intangibles, Accumulated Amortization | (132.2) | (116.5) |
Acquired intangibles, Net Carrying Value | $ 31.8 | 47.5 |
Weighted Average Life in Years | 5 years 3 months 18 days | |
Audio and Video Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangibles, Gross Carrying Value | $ 134.1 | 133.9 |
Acquired intangibles, Accumulated Amortization | (35.9) | (22.8) |
Acquired intangibles, Net Carrying Value | $ 98.2 | 111.1 |
Weighted Average Life in Years | 5 years 6 months | |
Fingerprint Authentication Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangibles, Gross Carrying Value | $ 47.2 | 55.7 |
Acquired intangibles, Accumulated Amortization | $ (47.2) | (53.7) |
Acquired intangibles, Net Carrying Value | 2 | |
Weighted Average Life in Years | 4 years 8 months 12 days | |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangibles, Gross Carrying Value | $ 81.8 | 81.8 |
Acquired intangibles, Accumulated Amortization | (44.2) | (38.5) |
Acquired intangibles, Net Carrying Value | $ 37.6 | 43.3 |
Weighted Average Life in Years | 4 years 1 month 6 days | |
Licensed Technology and Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangibles, Gross Carrying Value | $ 7.7 | 9 |
Acquired intangibles, Accumulated Amortization | (2.6) | (3) |
Acquired intangibles, Net Carrying Value | $ 5.1 | 6 |
Weighted Average Life in Years | 4 years 2 months 12 days | |
Tradename [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangibles, Gross Carrying Value | $ 1.8 | 1.9 |
Acquired intangibles, Accumulated Amortization | (0.4) | (0.2) |
Acquired intangibles, Net Carrying Value | $ 1.4 | 1.7 |
Weighted Average Life in Years | 7 years | |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangibles, Gross Carrying Value | $ 4.4 | 4.6 |
Acquired intangibles, Accumulated Amortization | (1.8) | (1.7) |
Acquired intangibles, Net Carrying Value | $ 2.6 | 2.9 |
Weighted Average Life in Years | 8 years 1 month 6 days | |
Backlog [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangibles, Gross Carrying Value | 0.5 | |
Acquired intangibles, Accumulated Amortization | (0.5) | |
In-Process Research and Development [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangibles, Gross Carrying Value | $ 4.5 | 4.7 |
Acquired intangibles, Net Carrying Value | $ 4.5 | $ 4.7 |
Acquired Intangibles and Good_4
Acquired Intangibles and Goodwill - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Acquired intangibles amortization | $ 18,000,000 | $ 23,200,000 | $ 38,000,000 | $ 43,300,000 |
Changes in goodwill | 0 | |||
Cost of Revenue [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Acquired intangibles amortization | $ 15,100,000 | $ 20,300,000 | $ 32,100,000 | $ 36,200,000 |
Acquired Intangibles and Good_5
Acquired Intangibles and Goodwill - Schedule of Expected Annual Aggregate Amortization Expense (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Jun. 30, 2018 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Remainder of 2019 | $ 36 | |
2,020 | 50.5 | |
2,021 | 36.6 | |
2,022 | 32 | |
2,023 | 19.5 | |
2,024 | 2 | |
Thereafter | 0.1 | |
To be determined | 4.5 | |
Acquired intangibles, Net Carrying Value | $ 181.2 | $ 219.2 |
Other Accrued Liabilities - Oth
Other Accrued Liabilities - Other Accrued Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Jun. 30, 2018 |
Payables And Accruals [Abstract] | ||
Customer Obligations | $ 46.3 | $ 26.4 |
Inventory obligations | 30.1 | 28.8 |
Warranty | 4.1 | 5.5 |
Other | 11.4 | 19 |
Other accrued liabilities | $ 91.9 | $ 79.7 |
Other Accrued Liabilities - Add
Other Accrued Liabilities - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Jul. 01, 2018 |
Payables And Accruals [Abstract] | ||
Contract liabilities | $ 6.4 | $ 1.1 |
Refund liabilities | $ 39.9 | $ 31.6 |
Indemnifications, Contingenci_2
Indemnifications, Contingencies and Legal Proceedings - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | ||
Oct. 31, 2018 | Dec. 31, 2018 | Jun. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |||
Contingent consideration liabilities recorded for business combinations | $ 1.9 | $ 8.7 | |
Payment for contingent consideration liabilities recorded for business combinations | $ 6.8 |
Debt - Additional Information (
Debt - Additional Information (Detail) | 6 Months Ended | ||
Dec. 31, 2018USD ($)Day$ / sharesshares | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | |
Debt Instrument [Line Items] | |||
Debt issuance cost | $ 1,100,000 | ||
Percentage of voting capital stock | 65.00% | ||
0.50% Convertible Senior Notes due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument aggregate principal amounts | $ 525,000,000 | ||
Net proceeds from issuance of convertible debt | $ 514,500,000 | ||
Interest rates on borrowings | 0.50% | ||
Debt instrument maturity date | Jun. 15, 2022 | ||
Conversion of notes in multiples of principal amounts | $ 1,000 | ||
Convertible number of shares, principal amount of notes | shares | 13.6947 | ||
Initial conversion price per share of common stock | $ / shares | $ 73.02 | ||
Note repurchase price, percentage of principal amount of notes | 100.00% | ||
Sale price of common stock, minimum threshold percentage | 130.00% | ||
Sale of common stock, threshold trading days | Day | 20 | ||
Sale of common stock, threshold consecutive trading days | Day | 30 | ||
Equity component of the principal amount of the convertible debt | $ 82,100,000 | ||
Nonconvertible debt borrowing rate | 4.39% | ||
Debt instrument term | 5 years | ||
Debt issuance costs | $ 11,100,000 | ||
Initial purchaser’s discount | 10,500,000 | ||
Legal, accounting, and printing costs | 579,000 | ||
Convertible debt issuance costs pro rata to equity components | 1,900,000 | ||
Convertible debt issuance costs pro rata to debt components | $ 9,200,000 | ||
Debt amortization period | 5 years | ||
Unamortized amounts of debt issuance costs | $ 6,600,000 | ||
Unamortized amounts of debt discount | $ 59,000,000 | ||
Amendment and Restatement Agreement [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Debt amortization period | 60 months | ||
Line of credit facility amount | $ 200,000,000 | ||
Line of credit facility allowable requests for additional borrowing | 100,000,000 | ||
Outstanding principal amount | $ 0 | ||
Maturity period | Sep. 27, 2022 | ||
Repayment date, description | The revolving credit facility is required to be repaid in full on the earlier of (i) September 27, 2022 and (ii) the date 91 days prior to the Maturity Date of the Notes if the Notes have not been refinanced in full by such date. | ||
Debt issuance cost | $ 2,300,000 | ||
Description of base rate | The revolving credit facility bears interest at our election of a Base Rate plus an Applicable Margin or LIBOR plus an Applicable Margin. Swingline loans bear interest at a Base Rate plus an Applicable Margin. The Base Rate is a floating rate that is the greater of the Prime Rate, the Federal Funds Rate plus 50 basis points, or LIBOR plus 100 basis points. The Applicable Margin is based on a sliding scale which ranges from 0.25 to 100 basis points for Base Rate loans and 100 basis points to 175 basis points for LIBOR loans. | ||
Covenant description | Under the Agreement, there are various restrictive covenants, including three financial covenants which limit the consolidated total leverage ratio, or leverage ratio, the consolidated interest coverage ratio, or interest coverage ratio, a restriction which places a limit on the amount of capital expenditures that may be made in any fiscal year, a restriction that permits up to $50 million per fiscal quarter of accounts receivable financings, and sets the Specified Leverage Ratio. The leverage ratio is the ratio of debt as of the measurement date to earnings before interest, taxes, depreciation and amortization, or EBITDA, for the four consecutive quarters ending with the quarter of measurement. The current leverage ratio shall not exceed 3.50 to 1.00 provided that for the four fiscal quarters ending after the date of a material acquisition, such maximum leverage ratio shall be adjusted to 3.75 to 1.00, and thereafter, shall not be more than 3.50 to 1.00. The interest coverage ratio is EBITDA to interest expense for the four consecutive quarters ending with the quarter of measurement. The interest coverage ratio must not be less than 3.50 to 1.0 during the term of the Agreement. The Specified Leverage Ratio is the ratio used in determining, among other things, whether we are permitted to make dividends and/or prepay certain indebtedness, at a fixed ratio of 3.00 to 1.00. As of the end of the quarter, we were in compliance with the restrictive covenants | ||
Maximum accounts receivable financings per quarter | $ 50,000,000 | ||
Maximum leverage ratio permitted | 3.50% | ||
Minimum interest coverage ratio | 3.50% | ||
Fixed coverage ratio | 3.00% | ||
Amendment and Restatement Agreement [Member] | Revolving Credit Facility [Member] | For The First Four Fiscal Quarters Ending After Date of Material Acquisition [Member] | |||
Debt Instrument [Line Items] | |||
Maximum leverage ratio permitted | 3.75% | ||
Amendment and Restatement Agreement [Member] | Revolving Credit Facility [Member] | Thereafter [Member] | |||
Debt Instrument [Line Items] | |||
Maximum leverage ratio permitted | 3.50% | ||
Amendment and Restatement Agreement [Member] | Revolving Credit Facility [Member] | Federal Funds Rates [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.50% | ||
Amendment and Restatement Agreement [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.00% | ||
Amendment and Restatement Agreement [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Commitment fee percentage of unused portion | 0.175% | ||
Amendment and Restatement Agreement [Member] | Revolving Credit Facility [Member] | Minimum [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.00% | ||
Amendment and Restatement Agreement [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.0025% | ||
Amendment and Restatement Agreement [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Commitment fee percentage of unused portion | 0.25% | ||
Amendment and Restatement Agreement [Member] | Revolving Credit Facility [Member] | Maximum [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.75% | ||
Amendment and Restatement Agreement [Member] | Revolving Credit Facility [Member] | Maximum [Member] | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.00% | ||
Amendment and Restatement Agreement [Member] | Letter of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility amount | 20,000,000 | ||
Amendment and Restatement Agreement [Member] | Bridge Loan [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility amount | $ 20,000,000 |
Debt - Schedule of Contractual
Debt - Schedule of Contractual Interest Expense and Amortization of Discount on Notes (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Amortization of discount and debt issuance costs | $ 8.7 | $ 8.4 |
0.50% Convertible Senior Notes due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Interest expense | 1.3 | |
Amortization of discount and debt issuance costs | 8.7 | |
Total interest | $ 10 |
Share-Based Compensation - Shar
Share-Based Compensation - Share-Based Compensation and Related Tax Benefit Recognized in Condensed Consolidated Statements of Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total | $ 16.2 | $ 17.8 | $ 32.9 | $ 34.3 |
Income tax expense/(benefit) on share-based compensation | 0.3 | 1.3 | (2.4) | (2.7) |
Cost of Revenue [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total | 0.8 | 0.7 | 1.7 | 1.4 |
Research and Development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total | 8.5 | 9.8 | 16.8 | 18.9 |
Selling, General, and Administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total | $ 6.9 | $ 7.3 | $ 14.4 | $ 14 |
Share-Based Compensation - Bala
Share-Based Compensation - Balance of Outstanding and Exercisable Stock Options (Detail) $ / shares in Units, $ in Millions | 6 Months Ended |
Dec. 31, 2018USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Option Awards Outstanding, Balance as of June 30, 2018 | shares | 1,618,209 |
Stock Option Awards Outstanding, Exercised | shares | (109,254) |
Stock Option Awards Outstanding, Forfeited | shares | (38,850) |
Stock Option Awards Outstanding, Balance as of December 31, 2018 | shares | 1,470,105 |
Stock Option Awards Outstanding, Exercisable at December 31, 2018 | shares | 1,345,451 |
Weighted Average Exercise Price, Balance as of June 30, 2018 | $ / shares | $ 57.14 |
Weighted Average Exercise Price, Exercised | $ / shares | 29.70 |
Weighted Average Exercise Price, Forfeited | $ / shares | 65.48 |
Weighted Average Exercise Price, Balance as of December 31, 2018 | $ / shares | 58.96 |
Weighted Average Exercise Price, Exercisable at December 31, 2018 | $ / shares | $ 59.37 |
Aggregate Intrinsic Value, Balance as of December 31, 2018 | $ | $ 2.2 |
Aggregate Intrinsic Value, Exercisable at December 31, 2018 | $ | $ 2.2 |
Share-Based Compensation - Stoc
Share-Based Compensation - Stock Options - Additional Information (Detail) | Dec. 28, 2018$ / shares |
Stock option outstanding [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Closing price of common stock used to calculate Aggregate intrinsic value of stock option outstanding | $ 37.14 |
Share-Based Compensation - Ba_2
Share-Based Compensation - Balance and Aggregate Intrinsic Value of Stock Units (Detail) $ in Millions | 6 Months Ended |
Dec. 31, 2018USD ($)shares | |
Deferred stock units outstanding [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock Unit Awards Outstanding, Balance as of June 30, 2018 | 1,853,558 |
Stock Unit Awards, Granted | 1,167,118 |
Stock Unit Awards, Delivered | (640,672) |
Stock Unit Awards, Forfeited | (177,706) |
Stock Unit Awards Outstanding, Balance as of December 31, 2018 | 2,202,298 |
Aggregate Intrinsic Value, Balance as of December 31, 2018 | $ | $ 81.8 |
Market stock units outstanding [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock Unit Awards Outstanding, Balance as of June 30, 2018 | 354,726 |
Stock Unit Awards, Granted | 163,059 |
Stock Unit Awards, Performance adjustment | (46,663) |
Stock Unit Awards, Delivered | (92,202) |
Stock Unit Awards, Forfeited | (14,981) |
Stock Unit Awards Outstanding, Balance as of December 31, 2018 | 363,939 |
Aggregate Intrinsic Value, Balance as of December 31, 2018 | $ | $ 13.5 |
Performance stock units outstanding [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock Unit Awards Outstanding, Balance as of June 30, 2018 | 294,541 |
Stock Unit Awards, Granted | 147,005 |
Stock Unit Awards, Forfeited | (17,028) |
Stock Unit Awards Outstanding, Balance as of December 31, 2018 | 424,518 |
Aggregate Intrinsic Value, Balance as of December 31, 2018 | $ | $ 15.8 |
Share-Based Compensation - Defe
Share-Based Compensation - Deferred Stock Units - Additional Information (Detail) - Deferred stock units outstanding [Member] - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |
Dec. 31, 2018 | Dec. 28, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Closing price of common stock used to calculate Aggregate intrinsic value of stock option outstanding | $ 37.14 | |
Shares withheld to meet statutory tax withholding requirements | 152,845 | |
Shares valued withheld to meet statutory tax withholding requirements | $ 5.9 |
Share-Based Compensation - Mark
Share-Based Compensation - Market Stock Units - Additional Information (Detail) - Market stock units outstanding [Member] - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |
Dec. 31, 2018 | Dec. 28, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Potential payout adjustment ratio | 200.00% | |
Closing price of common stock used to calculate Aggregate intrinsic value of stock option outstanding | $ 37.14 | |
Shares withheld to meet statutory tax withholding requirements | 33,981 | |
Shares valued withheld to meet statutory tax withholding requirements | $ 1.3 | |
Unrecognized share-based compensation cost | $ 16.8 | |
Unrecognized share-based compensation, period for recognition | 1 year 4 months 24 days | |
Minimum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Potential payout range | 0.00% | |
Maximum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Potential payout range | 200.00% | |
Share-based Compensation Award, First Tranche [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period of the underlying awards | 1 year | |
Vesting percentage of the underlying awards | 33.33% | |
Share-based Compensation Award, First Tranche [Member] | Maximum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Potential payout range | 100.00% | |
Share-based Compensation Award, Second Tranche [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period of the underlying awards | 2 years | |
Vesting percentage of the underlying awards | 33.33% | |
Share-based Compensation Award, Second Tranche [Member] | Maximum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Potential payout range | 100.00% | |
Share-based Compensation Award, Third Tranche [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period of the underlying awards | 3 years | |
Vesting percentage of the underlying awards | 33.33% |
Share-Based Compensation - Perf
Share-Based Compensation - Performance Stock Units - Additional Information (Detail) - Performance stock units outstanding [Member] $ / shares in Units, $ in Millions | 6 Months Ended |
Dec. 31, 2018USD ($)$ / shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting period of the underlying awards | 3 years |
Vesting percentage of the underlying awards | 33.33% |
Closing price of common stock used to calculate Aggregate intrinsic value of stock option outstanding | $ / shares | $ 37.14 |
Requisite service period | 3 years |
Unrecognized share-based compensation cost | $ | $ 9 |
Unrecognized share-based compensation, period for recognition | 1 year 2 months 12 days |
Minimum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Potential payout range | 0.00% |
Threshold percentage of earnings per share to trigger pay out | 65.00% |
Maximum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Potential payout range | 200.00% |
Threshold percentage of earnings per share to trigger pay out | 135.00% |
Share-Based Compensation - Sh_2
Share-Based Compensation - Shares Purchased, Weighted Average Purchase Price, Cash Received, and Aggregate Intrinsic Value for ESPP (Detail) $ / shares in Units, $ in Millions | 6 Months Ended |
Dec. 31, 2018USD ($)$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Aggregate intrinsic value | $ 2.2 |
Employee Stock Purchase Plan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares purchased | shares | 258,563 |
Weighted average purchase price | $ / shares | $ 31.60 |
Cash received | $ 8.2 |
Aggregate intrinsic value | $ 1.4 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 29, 2019 | Jun. 30, 2018 | |
Income Tax Disclosure [Line Items] | ||||||
U.S. federal corporate tax rate | 21.00% | 35.00% | 28.17% | |||
Provisional tax expense | $ 41.4 | |||||
One-time transition tax expense | 44.1 | |||||
Benefit from remeasurement of deferred tax at new tax rate | 2.7 | |||||
One-time transition tax effect net on income tax payable | $ 11.9 | |||||
Non-discrete tax expense | 1.4 | |||||
Discrete tax benefit | (0.2) | |||||
Provision for income taxes | $ 7.5 | $ 53.3 | 7.2 | $ 56.5 | ||
Gross unrecognized tax benefits | 24.7 | 24.7 | 24.8 | |||
Gross unrecognized tax benefits increased (decreased) during the year | (0.1) | |||||
Interest and penalties accrued related to unrecognized tax benefits | 2.3 | 2.3 | ||||
Increase in interest and penalties accrued related to unrecognized tax benefits | $ 0.4 | |||||
Maximum [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Estimated increase in unrecognized tax benefit in next twelve months | $ 4.4 | $ 4.4 | ||||
Cash Assets [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
One-time transition tax rate on post-1986 foreign earnings and profits | 15.50% | 15.50% | ||||
Other Specified Assets [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
One-time transition tax rate on post-1986 foreign earnings and profits | 8.00% | 8.00% | ||||
Scenario, Plan [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
U.S. federal corporate tax rate | 21.00% |
Segment, Customers, and Geogr_3
Segment, Customers, and Geographic Information - Additional Information (Detail) | 6 Months Ended |
Dec. 31, 2018SegmentProduct | |
Segment Reporting [Abstract] | |
Number of operating segments | Segment | 1 |
Number of product | Product | 3 |
Segment, Customers, and Geogr_4
Segment, Customers, and Geographic Information - Net Revenue within Geographic Areas Based on Customers' Locations (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net revenue | $ 425.5 | $ 430.4 | $ 843.1 | $ 847.8 |
China [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net revenue | 251.7 | 209.9 | 479.5 | 419.7 |
Taiwan [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net revenue | 61 | 60.2 | 137.4 | 103.3 |
Japan [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net revenue | 78 | 97.3 | 146.5 | 188.3 |
South Korea [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net revenue | 11.7 | 12.5 | 31.8 | 33.7 |
Other [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net revenue | 13.9 | 21.7 | 29.3 | 37.8 |
United States [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net revenue | $ 9.2 | $ 28.8 | $ 18.6 | $ 65 |
Segment, Customers, and Geogr_5
Segment, Customers, and Geographic Information - Net Revenue from External Customers (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue from External Customer [Line Items] | ||||
Net revenue | $ 425.5 | $ 430.4 | $ 843.1 | $ 847.8 |
Mobile Product Applications [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net revenue | 274.4 | 261.8 | 537.1 | 554.7 |
PC Product Applications [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net revenue | 63.9 | 61.7 | 132.5 | 127 |
Internet of Things Product Applications [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net revenue | $ 87.2 | $ 106.9 | $ 173.5 | $ 166.1 |
Segment, Customers, and Geogr_6
Segment, Customers, and Geographic Information - Major Customers as Percentage of Net Revenue (Detail) - Sales Revenue, Net [Member] - Customer Concentration Risk [Member] | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Customer A [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 20.00% | 12.00% | 19.00% | 15.00% |
Customer B [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 14.00% | 12.00% | ||
Customer C [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 11.00% | |||
Customer D [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 12.00% | 12.00% |
Segment, Customers, and Geogr_7
Segment, Customers, and Geographic Information - Major Customers as Percentage of Net Revenue (Parenthetical) (Detail) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Maximum [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% | 10.00% |
Segment, Customers, and Geogr_8
Segment, Customers, and Geographic Information - Major Customer Accounts Receivable as Percentage of Accounts Receivable (Detail) - Accounts Receivable [Member] - Credit Concentration Risk [Member] | 6 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Jun. 30, 2018 | |
Customer A [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 22.00% | 10.00% |
Customer B [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 18.00% | 13.00% |
Customer C [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 11.00% |
Segment, Customers, and Geogr_9
Segment, Customers, and Geographic Information - Major Customer Accounts Receivable as Percentage of Accounts Receivable (Parenthetical) (Detail) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Jun. 30, 2018 | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Maximum [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 10.00% | 10.00% |
Restructuring Activities - Rest
Restructuring Activities - Restructuring Liability Activities (Detail) $ in Millions | 6 Months Ended |
Dec. 31, 2018USD ($) | |
November 2017 and April 2018 Restructuring Plan [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Balance as of June 30, 2018 | $ 2.3 |
Accruals | 0.2 |
Cash payments | (2.5) |
November 2017 and April 2018 Restructuring Plan [Member] | Employee Severance And Benefits | |
Restructuring Cost And Reserve [Line Items] | |
Balance as of June 30, 2018 | 2.2 |
Accruals | 0.2 |
Cash payments | (2.4) |
November 2017 and April 2018 Restructuring Plan [Member] | Facility Consolidation And Related Charges | |
Restructuring Cost And Reserve [Line Items] | |
Balance as of June 30, 2018 | 0.1 |
Cash payments | (0.1) |
August 2018 Restructuring Plan [Member] | Employee Severance And Benefits | |
Restructuring Cost And Reserve [Line Items] | |
Accruals | 10.4 |
Cash payments | (10) |
Balance as of December 31, 2018 | $ 0.4 |