Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Mar. 30, 2014 | Apr. 16, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'CREE INC | ' |
Entity Central Index Key | '0000895419 | ' |
Current Fiscal Year End Date | '--06-29 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 121,938,248 |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $268,838 | $190,069 |
Short-term investments | 954,573 | 833,846 |
Total cash, cash equivalents and short-term investments | 1,223,411 | 1,023,915 |
Accounts receivable, net | 222,333 | 192,507 |
Inventories | 251,234 | 197,001 |
Deferred income taxes | 25,740 | 26,125 |
Prepaid expenses and other current assets | 59,352 | 76,218 |
Total current assets | 1,782,070 | 1,515,766 |
Property and equipment, net | 575,945 | 542,833 |
Intangible assets, net | 343,647 | 357,525 |
Goodwill | 616,345 | 616,345 |
Other assets | 45,041 | 19,941 |
Total assets | 3,363,048 | 3,052,410 |
Current liabilities: | ' | ' |
Accounts payable, trade | 159,230 | 121,441 |
Accrued salaries and wages | 44,030 | 41,407 |
Income taxes payable | 16,060 | 1,315 |
Other current liabilities | 44,400 | 43,248 |
Total current liabilities | 263,720 | 207,411 |
Long-term liabilities: | ' | ' |
Deferred income taxes | 27,249 | 25,504 |
Other long-term liabilities | 40,691 | 12,843 |
Total long-term liabilities | 67,940 | 38,347 |
Commitments and contingencies (Note 11) | ' | ' |
Shareholders' equity: | ' | ' |
Preferred stock, par value $0.01; 3,000 shares authorized at March 30, 2014 and June 30, 2013; none issued and outstanding | 0 | 0 |
Common stock, par value $0.00125; 200,000 shares authorized at March 30, 2014 and June 30, 2013; 121,930 and 119,623 shares issued and outstanding at March 30, 2014 and June 30, 2013, respectively | 151 | 148 |
Additional paid-in-capital | 2,162,798 | 2,025,764 |
Accumulated other comprehensive income, net of taxes | 10,117 | 8,244 |
Retained earnings | 858,322 | 772,496 |
Total shareholders’ equity | 3,031,388 | 2,806,652 |
Total liabilities and shareholders’ equity | $3,363,048 | $3,052,410 |
Consolidated_Balance_Sheets_Co
Consolidated Balance Sheets Consolidation Balance Sheets (Parenthetical) (USD $) | Mar. 30, 2014 | Jun. 30, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 3,000 | 3,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 200,000 | 200,000 |
Common stock, shares issued | 121,930 | 119,623 |
Common stock, shares outstanding | 121,930 | 119,623 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenue, net | $405,259 | $348,934 | $1,211,351 | $1,010,973 |
Cost of revenue, net | 255,265 | 215,924 | 754,822 | 628,438 |
Gross profit | 149,994 | 133,010 | 456,529 | 382,535 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 46,626 | 39,036 | 132,805 | 116,524 |
Sales, general and administrative | 65,368 | 62,140 | 197,589 | 174,885 |
Amortization of acquisition-related intangibles | 7,257 | 7,719 | 21,800 | 23,108 |
Loss on disposal or impairment of long-lived assets | 364 | 863 | 1,781 | 2,385 |
Total operating expenses | 119,615 | 109,758 | 353,975 | 316,902 |
Operating income | 30,379 | 23,252 | 102,554 | 65,633 |
Non-operating income, net | 3,152 | 2,512 | 9,373 | 8,378 |
Income before income taxes | 33,531 | 25,764 | 111,927 | 74,011 |
Income tax expense | 5,367 | 3,607 | 17,585 | 15,328 |
Net income | $28,164 | $22,157 | $94,342 | $58,683 |
Earnings per share: | ' | ' | ' | ' |
Basic | $0.23 | $0.19 | $0.78 | $0.51 |
Diluted | $0.23 | $0.19 | $0.77 | $0.50 |
Weighted average shares used in per share calculation: | ' | ' | ' | ' |
Basic | 121,535 | 116,682 | 120,677 | 116,059 |
Diluted | 123,695 | 118,608 | 123,140 | 116,768 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $28,164 | $22,157 | $94,342 | $58,683 |
Currency translation (loss) gain, net of tax benefit (expense) of $0, $90, $0 and ($1), respectively | -163 | -145 | -28 | 5 |
Net unrealized gain (loss) on available-for-sale securities, net of tax (expense) of ($126), ($75), ($1,191) and ($22), respectively | 191 | 67 | 1,901 | -17 |
Other comprehensive income (loss) | 28 | -78 | 1,873 | -12 |
Comprehensive income | $28,192 | $22,079 | $96,215 | $58,671 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Tax benefit (expense) on currency translation (loss) gain | $0 | $90 | $0 | ($1) |
Tax (expense) on net unrealized gain (loss) on available-for-sale securities | ($126) | ($75) | ($1,191) | ($22) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $94,342 | $58,683 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 120,219 | 114,370 |
Stock-based compensation | 46,261 | 40,945 |
Excess tax benefit from share-based payment arrangements | -18,396 | -3,636 |
Loss on disposal or impairment of long-lived assets | 1,781 | 2,385 |
Amortization of premium/discount on investments | 7,674 | 7,075 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable, net | -29,829 | -29,624 |
Inventories | -53,511 | -6,866 |
Prepaid expenses and other assets | 13,008 | -6,472 |
Accounts payable, trade | 29,016 | 33,495 |
Accrued salaries and wages and other liabilities | 17,605 | 13,715 |
Net cash provided by operating activities | 228,170 | 224,070 |
Cash flows from investing activities: | ' | ' |
Purchases of property and equipment | -119,614 | -55,406 |
Purchases of available-for-sale investments | -510,401 | -533,884 |
Proceeds from maturities of available-for-sale investments | 365,005 | 297,740 |
Proceeds from sale of property and equipment | 117 | 301 |
Proceeds from sale of available-for-sale investments | 22,387 | 36,089 |
Purchases of patent and licensing rights | -14,755 | -15,794 |
Net cash used in investing activities | -257,261 | -270,954 |
Cash flows from financing activities: | ' | ' |
Net proceeds from issuance of common stock | 89,476 | 43,352 |
Excess tax benefit from share-based payment arrangements | 18,396 | 3,636 |
Repurchases of common stock | -107 | -638 |
Net cash provided by financing activities | 107,765 | 46,350 |
Effects of foreign exchange changes on cash and cash equivalents | 95 | 87 |
Net increase (decrease) in cash and cash equivalents | 78,769 | -447 |
Cash and cash equivalents: | ' | ' |
Beginning of period | 190,069 | 178,885 |
End of period | $268,838 | $178,438 |
Basis_of_Presentation_and_Chan
Basis of Presentation and Changes in Significant Accounting Policies | 9 Months Ended | |
Mar. 30, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Basis of Presentation and Changes in Significant Accounting Policies | ' | |
Basis of Presentation and Changes in Significant Accounting Policies | ||
Overview | ||
Cree, Inc. (the Company) is a leading innovator of lighting-class light emitting diode (LED) products, lighting products and semiconductor products for power and radio-frequency (RF) applications. The Company's products are targeted for applications such as indoor and outdoor lighting, video displays, transportation, electronic signs and signals, power supplies, inverters and wireless systems. | ||
The Company develops and manufactures semiconductor materials and devices primarily based on silicon carbide (SiC), gallium nitride (GaN) and related compounds. In many cases, the properties of SiC and GaN offer technical advantages over traditional silicon, gallium arsenide (GaAs) and other materials used for electronic applications. | ||
The Company's LED products consist of LED components, LED chips and SiC materials. The Company's success in selling LED products depends upon its ability to offer innovative products and to enable its customers to develop and market LED-based products that successfully compete against other LED-based products and drive LED adoption against traditional lighting products. | ||
The Company's lighting products primarily consist of LED lighting systems. The Company designs, manufactures and sells lighting fixtures and lamps for the commercial, industrial and consumer markets. | ||
In addition, the Company develops, manufactures and sells power and RF devices. The Company's power products are made from SiC and provide increased efficiency, faster switching speeds and reduced system size and weight over comparable silicon-based power devices. The Company's RF devices are made from GaN and provide improved efficiency, bandwidth and frequency of operation as compared to silicon or GaAs. | ||
The majority of the Company's products are manufactured at its production facilities located in North Carolina, Wisconsin and China. The Company also uses contract manufacturers for certain aspects of product fabrication, assembly and packaging. The Company operates research and development facilities in North Carolina, California, Wisconsin, India and China (including Hong Kong). | ||
Cree, Inc. is a North Carolina corporation established in 1987 and is headquartered in Durham, North Carolina. | ||
As of March 30, 2014, the Company has three reportable segments: | ||
• | LED Products | |
• | Lighting Products | |
• | Power and RF Products | |
For financial results by reportable segment, please refer to Note 12 "Reportable Segments." | ||
Basis of Presentation | ||
The consolidated balance sheet at March 30, 2014, the consolidated statements of income for the three and nine months ended March 30, 2014 and March 31, 2013, the consolidated statements of comprehensive income for the three and nine months ended March 30, 2014 and March 31, 2013, and the consolidated statements of cash flows for the nine months ended March 30, 2014 and March 31, 2013 (collectively, the consolidated financial statements) have been prepared by the Company and have not been audited. In the opinion of management, all normal and recurring adjustments necessary to present fairly the consolidated financial position, results of operations and cash flows at March 30, 2014, and for all periods presented, have been made. All intercompany accounts and transactions have been eliminated. The consolidated balance sheet at June 30, 2013 has been derived from the audited financial statements as of that date. The nine month period ended March 30, 2014 includes one less week as compared to the nine month period ended March 31, 2013. | ||
Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2013 (fiscal 2013). The results of operations for the three and nine months ended March 30, 2014 are not necessarily indicative of the operating results that may be attained for the entire fiscal year ending June 29, 2014 (fiscal 2014). | ||
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual amounts could differ materially from those estimates. | ||
Certain fiscal 2013 amounts in the accompanying consolidated financial statements have been reclassified to conform to the fiscal 2014 presentation. These reclassifications had no effect on previously reported consolidated net income or shareholders’ equity. | ||
New Accounting Standards | ||
Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward or Tax Credit Carryforward Exists | ||
In July 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward or Tax Credit Carryforward Exists. The ASU provides guidance regarding the presentation in the statement of financial position of an unrecognized tax benefit when a net operating loss carryforward or a tax credit carryfoward exists. The ASU generally provides that an entity's unrecognized tax benefit, or a portion of its unrecognized tax benefit, should be presented in its financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The ASU applies prospectively to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date, and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company early adopted this guidance beginning with the first quarter of fiscal 2014. The Company's adoption of this guidance did not have a significant impact on its consolidated financial statements. |
Acquisitions
Acquisitions | 9 Months Ended |
Mar. 30, 2014 | |
Business Combinations [Abstract] | ' |
Acquisitions | ' |
Acquisitions | |
On August 17, 2011, the Company entered into a Stock Purchase Agreement with all of the shareholders of Ruud Lighting, Inc. (Ruud Lighting). Pursuant to the terms of the Stock Purchase Agreement and concurrently with the execution of the Stock Purchase Agreement, the Company acquired all of the outstanding share capital of Ruud Lighting in exchange for consideration consisting of 6.1 million shares of the Company's common stock valued at approximately $211.0 million and $372.2 million cash, subject to certain post-closing adjustments. Following the acquisition, the Company recorded certain post-closing purchase price adjustments resulting in a $2.3 million reduction to the purchase price and a total purchase price of approximately $666.0 million. See Note 11 “Commitments and Contingencies” for a discussion of the amounts received from the Stock Purchase Agreement escrow funds. The acquisition allowed the Company to expand its product portfolio into outdoor LED lighting. | |
Prior to the Company completing its acquisition of Ruud Lighting, Ruud Lighting completed the re-acquisition of its e-conolight business by purchasing all of the membership interests of E-conolight LLC (E-conolight). Ruud Lighting previously sold its e-conolight business in March 2010 and had been providing operational services to E-conolight since that date. In connection with the stock purchase transaction with Ruud Lighting, the Company funded Ruud Lighting's re-acquisition of E-conolight and repaid Ruud Lighting's outstanding debt in the aggregate amount of approximately $85.0 million. | |
The assets, liabilities and operating results of Ruud Lighting have been included in the Lighting Products segment of the Company’s consolidated financial statements from the date of acquisition and are reflected in all periods presented in the accompanying unaudited consolidated financial statements. |
Financial_Statement_Details
Financial Statement Details | 9 Months Ended | ||||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||||
Financial Statement Details [Abstract] | ' | ||||||||||||||||||
Financial Statement Details | ' | ||||||||||||||||||
Financial Statement Details | |||||||||||||||||||
Accounts receivable, net | |||||||||||||||||||
The following table summarizes the components of accounts receivable, net (in thousands): | |||||||||||||||||||
March 30, 2014 | June 30, 2013 | ||||||||||||||||||
Billed trade receivables | $254,274 | $220,307 | |||||||||||||||||
Unbilled contract receivables | 1,427 | 1,171 | |||||||||||||||||
255,701 | 221,478 | ||||||||||||||||||
Allowance for sales returns, discounts and other incentives | (31,111 | ) | (26,500 | ) | |||||||||||||||
Allowance for bad debts | (2,257 | ) | (2,471 | ) | |||||||||||||||
Total accounts receivable, net | $222,333 | $192,507 | |||||||||||||||||
Inventories | |||||||||||||||||||
The following table summarizes the components of inventories (in thousands): | |||||||||||||||||||
March 30, 2014 | June 30, 2013 | ||||||||||||||||||
Raw material | $84,302 | $62,253 | |||||||||||||||||
Work-in-progress | 81,846 | 68,146 | |||||||||||||||||
Finished goods | 85,086 | 66,602 | |||||||||||||||||
Total inventories | $251,234 | $197,001 | |||||||||||||||||
Other current liabilities | |||||||||||||||||||
The following table summarizes the components of other current liabilities (in thousands): | |||||||||||||||||||
March 30, 2014 | June 30, 2013 | ||||||||||||||||||
Accrued taxes | $17,812 | $21,436 | |||||||||||||||||
Accrued professional fees | 7,390 | 4,493 | |||||||||||||||||
Accrued warranty | 5,602 | 5,259 | |||||||||||||||||
Accrued other | 13,596 | 12,060 | |||||||||||||||||
Total other current liabilities | $44,400 | $43,248 | |||||||||||||||||
Accumulated other comprehensive income, net of taxes | |||||||||||||||||||
The following table summarizes the components of accumulated other comprehensive income, net of taxes (in thousands): | |||||||||||||||||||
March 30, 2014 | June 30, 2013 | ||||||||||||||||||
Currency translation gain | $8,464 | $8,492 | |||||||||||||||||
Net unrealized gain (loss) on available-for-sale securities | 1,653 | (248 | ) | ||||||||||||||||
Total accumulated other comprehensive income, net of taxes | $10,117 | $8,244 | |||||||||||||||||
Non-operating income, net | |||||||||||||||||||
The following table summarizes the components of non-operating income, net (in thousands): | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
March 30, 2014 | March 31, 2013 | March 30, 2014 | March 31, 2013 | ||||||||||||||||
Foreign currency (loss) gain, net | ($368 | ) | $296 | $109 | $424 | ||||||||||||||
Gain on sale of investments, net | 15 | 48 | 25 | 84 | |||||||||||||||
Interest income, net | 3,415 | 2,018 | 8,562 | 5,756 | |||||||||||||||
Other, net | 90 | 150 | 677 | 2,114 | |||||||||||||||
Total non-operating income, net | $3,152 | $2,512 | $9,373 | $8,378 | |||||||||||||||
Reclassifications out of accumulated other comprehensive income | |||||||||||||||||||
The following table summarizes the amounts reclassified out of accumulated other comprehensive income (in thousands): | |||||||||||||||||||
Accumulated Other Comprehensive Income Component | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Statement of Income | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
March 30, 2014 | March 31, 2013 | March 30, 2014 | March 31, 2013 | ||||||||||||||||
Net unrealized gain on available-for-sale securities, net of tax expense | $15 | $43 | $25 | $80 | Non-operating income, net | ||||||||||||||
15 | 43 | 25 | 80 | Income before income taxes | |||||||||||||||
2 | 6 | 4 | 17 | Income tax expense | |||||||||||||||
$13 | $37 | $21 | $63 | Net income | |||||||||||||||
Investments
Investments | 9 Months Ended | ||||||||||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Investments | ' | ||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||
Short-term investments consist of municipal bonds, corporate bonds, U.S. agency securities, non-U.S. certificates of deposit and non-U.S. government securities. All marketable investments are classified as available-for-sale. | |||||||||||||||||||||||||
The following tables summarize marketable investments (in thousands): | |||||||||||||||||||||||||
March 30, 2014 | |||||||||||||||||||||||||
Amortized | Gross Unrealized | Gross | Estimated Fair | ||||||||||||||||||||||
Cost | Gains | Unrealized | Value | ||||||||||||||||||||||
Losses | |||||||||||||||||||||||||
Municipal bonds | $306,484 | $1,598 | ($289 | ) | $307,793 | ||||||||||||||||||||
Corporate bonds | 227,500 | 1,742 | (574 | ) | 228,668 | ||||||||||||||||||||
U.S. agency securities | 27,095 | 189 | — | 27,284 | |||||||||||||||||||||
Non-U.S. certificates of deposit | 383,758 | — | — | 383,758 | |||||||||||||||||||||
Non-U.S. government securities | 7,045 | 25 | — | 7,070 | |||||||||||||||||||||
Total | $951,882 | $3,554 | ($863 | ) | $954,573 | ||||||||||||||||||||
June 30, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Municipal bonds | $250,206 | $817 | ($1,314 | ) | $249,709 | ||||||||||||||||||||
Corporate bonds | 192,147 | 1,678 | (1,765 | ) | 192,060 | ||||||||||||||||||||
U.S. agency securities | 39,288 | 186 | — | 39,474 | |||||||||||||||||||||
Non-U.S. certificates of deposit | 345,000 | — | — | 345,000 | |||||||||||||||||||||
Non-U.S. government securities | 7,608 | 14 | (19 | ) | 7,603 | ||||||||||||||||||||
Total | $834,249 | $2,695 | ($3,098 | ) | $833,846 | ||||||||||||||||||||
The following tables present the gross unrealized losses and estimated fair value of the Company's investment securities, aggregated by investment type and the length of time that individual investment securities have been in a continuous unrealized loss position (in thousands, except numbers of securities): | |||||||||||||||||||||||||
March 30, 2014 | |||||||||||||||||||||||||
Less than 12 Months | Greater than 12 Months | Total | |||||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||
Municipal bonds | $61,656 | ($289 | ) | $— | $— | $61,656 | ($289 | ) | |||||||||||||||||
Corporate bonds | 82,888 | (536 | ) | 1,979 | (38 | ) | 84,867 | (574 | ) | ||||||||||||||||
Non-U.S. government securities | — | — | — | — | — | — | |||||||||||||||||||
Total | $144,544 | ($825 | ) | $1,979 | ($38 | ) | $146,523 | ($863 | ) | ||||||||||||||||
Number of securities with an unrealized loss | 71 | 1 | 72 | ||||||||||||||||||||||
June 30, 2013 | |||||||||||||||||||||||||
Less than 12 Months | Greater than 12 Months | Total | |||||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||
Municipal bonds | $126,926 | ($1,314 | ) | $— | $— | $126,926 | ($1,314 | ) | |||||||||||||||||
Corporate bonds | 102,010 | (1,765 | ) | — | — | 102,010 | (1,765 | ) | |||||||||||||||||
Non-U.S. government securities | 5,534 | (19 | ) | — | — | 5,534 | (19 | ) | |||||||||||||||||
Total | $234,470 | ($3,098 | ) | $— | $— | $234,470 | ($3,098 | ) | |||||||||||||||||
Number of securities with an unrealized loss | 123 | — | 123 | ||||||||||||||||||||||
The Company utilizes specific identification in computing realized gains and losses on the sale of investments. Realized gains from the sale of investments for the nine months ended March 30, 2014 of $25 thousand were included in "Non-operating income, net" and unrealized gains and losses are included as a separate component of equity, net of tax, unless the loss is determined to be other-than-temporary. | |||||||||||||||||||||||||
The Company evaluates its investments for possible impairment or a decline in fair value below cost basis that is deemed to be other-than-temporary on a periodic basis. It considers such factors as the length of time and extent to which the fair value has been below the cost basis, the financial condition of the investee, and its ability and intent to hold the investment for a period of time that may be sufficient for an anticipated full recovery in market value. Accordingly, the Company considers declines in its securities to be temporary in nature, and does not consider its securities to be impaired as of March 30, 2014 and June 30, 2013. | |||||||||||||||||||||||||
The contractual maturities of marketable investments as of March 30, 2014 were as follows (in thousands): | |||||||||||||||||||||||||
Within One | After One, | After Five, | After Ten | Total | |||||||||||||||||||||
Year | Within Five | Within Ten | Years | ||||||||||||||||||||||
Years | Years | ||||||||||||||||||||||||
Municipal bonds | $70,398 | $213,400 | $23,995 | $— | $307,793 | ||||||||||||||||||||
Corporate bonds | 33,506 | 176,288 | 18,874 | — | 228,668 | ||||||||||||||||||||
U.S. agency securities | 8,083 | 19,201 | — | — | 27,284 | ||||||||||||||||||||
Non-U.S. certificates of deposit | 383,758 | — | — | — | 383,758 | ||||||||||||||||||||
Non-U.S. government securities | 4,054 | 3,016 | — | — | 7,070 | ||||||||||||||||||||
Total | $499,799 | $411,905 | $42,869 | $— | $954,573 | ||||||||||||||||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | |||||||||||||||||||||||||||||||
Mar. 30, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||||||||||||||
Under U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the exit price) in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various valuation approaches, including quoted market prices. U.S. GAAP also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are obtained from independent sources and can be validated by a third party, whereas unobservable inputs reflect assumptions regarding what a third party would use in pricing an asset or liability. The fair value hierarchy is categorized into three levels based on the reliability of inputs as follows: | ||||||||||||||||||||||||||||||||
• | Level 1 - Valuations based on quoted prices in active markets for identical instruments that the Company is able to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. | |||||||||||||||||||||||||||||||
• | Level 2 - Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. | |||||||||||||||||||||||||||||||
• | Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. | |||||||||||||||||||||||||||||||
The financial assets for which the Company performs recurring fair value remeasurements are cash equivalents and short-term investments. As of March 30, 2014, financial assets utilizing Level 1 inputs included money market funds. Financial assets utilizing Level 2 inputs included municipal bonds, corporate bonds, U.S. agency securities, non-U.S. certificates of deposit and non-U.S. government securities. Level 2 assets are valued using a third-party pricing services consensus price, which is a weighted average price based on multiple sources. These sources determine prices utilizing market income models which factor in, where applicable, transactions of similar assets in active markets, transactions of identical assets in infrequent markets, interest rates, bond or credit default swap spreads and volatility. The Company does not have any financial assets requiring the use of Level 3 inputs. There were no transfers between Level 1 and Level 2 during the nine months ended March 30, 2014. | ||||||||||||||||||||||||||||||||
The following table sets forth financial instruments carried at fair value within the U.S. GAAP hierarchy (in thousands): | ||||||||||||||||||||||||||||||||
March 30, 2014 | June 30, 2013 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||||||||
Non-U.S. certificates of deposit | $ | — | $ | 12,163 | $ | — | $ | 12,163 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Municipal bonds | — | — | — | — | — | 2,009 | — | 2,009 | ||||||||||||||||||||||||
Money market funds | 67,553 | — | — | 67,553 | 12,589 | — | — | 12,589 | ||||||||||||||||||||||||
Total cash equivalents | 67,553 | 12,163 | — | 79,716 | 12,589 | 2,009 | — | 14,598 | ||||||||||||||||||||||||
Short-term investments: | ||||||||||||||||||||||||||||||||
Municipal bonds | — | 307,793 | — | 307,793 | — | 249,709 | — | 249,709 | ||||||||||||||||||||||||
Corporate bonds | — | 228,668 | — | 228,668 | — | 192,060 | — | 192,060 | ||||||||||||||||||||||||
U.S. agency securities | — | 27,284 | — | 27,284 | — | 39,474 | — | 39,474 | ||||||||||||||||||||||||
Non-U.S. certificates of deposit | — | 383,758 | — | 383,758 | — | 345,000 | — | 345,000 | ||||||||||||||||||||||||
Non-U.S. government securities | — | 7,070 | — | 7,070 | — | 7,603 | — | 7,603 | ||||||||||||||||||||||||
Total short-term investments | — | 954,573 | — | 954,573 | — | 833,846 | — | 833,846 | ||||||||||||||||||||||||
Total assets | $67,553 | $966,736 | $— | $1,034,289 | $12,589 | $835,855 | $— | $848,444 | ||||||||||||||||||||||||
Intangible_Assets
Intangible Assets | 9 Months Ended | |||||||||||||||||||||||
Mar. 30, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Intangible Assets | ' | |||||||||||||||||||||||
Intangible Assets | ||||||||||||||||||||||||
The following table presents the components of intangible assets, net (in thousands): | ||||||||||||||||||||||||
March 30, 2014 | June 30, 2013 | |||||||||||||||||||||||
Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||||
Intangible assets with finite lives: | ||||||||||||||||||||||||
Customer relationships | $137,440 | ($65,131 | ) | $72,309 | $137,440 | ($59,611 | ) | $77,829 | ||||||||||||||||
Developed technology | 162,760 | (68,260 | ) | 94,500 | 162,760 | (53,476 | ) | 109,284 | ||||||||||||||||
Non-compete agreements | 10,244 | (5,507 | ) | 4,737 | 10,244 | (4,037 | ) | 6,207 | ||||||||||||||||
Trade names, finite-lived | 520 | (510 | ) | 10 | 520 | (493 | ) | 27 | ||||||||||||||||
Patent and licensing rights | 129,599 | (40,388 | ) | 89,211 | 116,147 | (34,849 | ) | 81,298 | ||||||||||||||||
Total intangible assets with finite lives | 440,563 | (179,796 | ) | 260,767 | 427,111 | (152,466 | ) | 274,645 | ||||||||||||||||
Trade names, indefinite-lived | 82,880 | 82,880 | 82,880 | 82,880 | ||||||||||||||||||||
Total intangible assets | $523,443 | ($179,796 | ) | $343,647 | $509,991 | ($152,466 | ) | $357,525 | ||||||||||||||||
Total amortization of intangible assets recognized during the three and nine months ended March 30, 2014 was $9.5 million and $28.3 million, respectively. For the three and nine months ended March 31, 2013, total amortization of intangible assets recognized was $9.4 million and $28.2 million, respectively. | ||||||||||||||||||||||||
Total future amortization expense of finite-lived intangible assets is estimated to be as follows (in thousands): | ||||||||||||||||||||||||
Fiscal Year Ending | ||||||||||||||||||||||||
June 29, 2014 (remainder of fiscal 2014) | $9,035 | |||||||||||||||||||||||
June 28, 2015 | 33,973 | |||||||||||||||||||||||
June 26, 2016 | 33,686 | |||||||||||||||||||||||
June 25, 2017 | 31,702 | |||||||||||||||||||||||
June 24, 2018 | 30,534 | |||||||||||||||||||||||
Thereafter | 121,837 | |||||||||||||||||||||||
Total | $260,767 | |||||||||||||||||||||||
Shareholders_Equity
Shareholders' Equity | 9 Months Ended |
Mar. 30, 2014 | |
Stockholders' Equity Note [Abstract] | ' |
Shareholders' Equity | ' |
Shareholders’ Equity | |
As of March 30, 2014, pursuant to an extension of the stock repurchase program authorized by the Board of Directors, the Company is authorized to repurchase shares of its common stock having an aggregate purchase price not exceeding $200 million for all purchases from June 20, 2013 through the expiration of the program on June 29, 2014. During the nine months ended March 30, 2014, there were no repurchases of common stock by the Company under the share repurchase program. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Mar. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
Earnings Per Share | ||||||||||||||||
The following table presents the computation of basic earnings per share (in thousands, except per share amounts): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 30, | March 31, | March 30, | March 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income | $28,164 | $22,157 | $94,342 | $58,683 | ||||||||||||
Weighted average common shares | 121,535 | 116,682 | 120,677 | 116,059 | ||||||||||||
Basic earnings per share | $0.23 | $0.19 | $0.78 | $0.51 | ||||||||||||
The following computation reconciles the differences between the basic and diluted earnings per share presentations (in thousands, except per share amounts): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 30, | March 31, | March 30, | March 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income | $28,164 | $22,157 | $94,342 | $58,683 | ||||||||||||
Weighted average common shares - basic | 121,535 | 116,682 | 120,677 | 116,059 | ||||||||||||
Dilutive effect of stock options, nonvested shares and ESPP purchase rights | 2,160 | 1,926 | 2,463 | 709 | ||||||||||||
Weighted average common shares - diluted | 123,695 | 118,608 | 123,140 | 116,768 | ||||||||||||
Diluted earnings per share | $0.23 | $0.19 | $0.77 | $0.50 | ||||||||||||
Potential common shares that would have the effect of increasing diluted earnings per share are considered to be anti-dilutive and as such, these shares are not included in calculating diluted earnings per share. For the three and nine months ended March 30, 2014, there were 3.1 million and 2.4 million, respectively, of potential common shares not included in the calculation of diluted earnings per share because their effect was anti-dilutive. For the three and nine months March 31, 2013, there were 2.2 million and 8.7 million, respectively, of potential common shares not included in the calculation of diluted earnings per share because their effect was anti-dilutive. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |||||||||||||||
Mar. 30, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Stock-Based Compensation | ' | |||||||||||||||
Stock-Based Compensation | ||||||||||||||||
Prior to the second quarter of fiscal 2014, the Company had one equity-based compensation plan, the 2004 Long-Term Incentive Compensation Plan (2004 LTIP), from which stock-based compensation awards could be granted to employees and directors. The Company’s 2013 Long-Term Incentive Compensation Plan (2013 LTIP) became effective in the second quarter of fiscal 2014, and replaced the 2004 LTIP as the sole plan for providing stock-based compensation awards to employees and directors on January 1, 2014. The 2004 LTIP has been terminated as to future grants although outstanding awards under the 2004 LTIP will continue to be governed by that plan. In addition, the Company has other equity-based compensation plans that have been terminated so that no future grants can be made under those plans, but under which options are currently outstanding. | ||||||||||||||||
Prior to fiscal 2013, the Company’s stock-based awards had been service-based only. Beginning in fiscal 2013, the Company issued grants of awards that also contain performance-based conditions. Performance-based conditions are generally tied to future financial and/or operating performance of the Company. The compensation expense with respect to performance-based grants is recognized if the Company believes it is probable that the performance condition will be achieved. The Company reassesses the probability of the achievement of the performance condition at each reporting period, and adjusts the compensation expense for subsequent changes in the estimate or actual outcome. | ||||||||||||||||
The Company also has an Employee Stock Purchase Plan (ESPP) that provides employees with the opportunity to purchase common stock at a discount. The ESPP limits employee contributions to 15% of each employee’s compensation (as defined in the plan). The ESPP allows employees to purchase shares at a 15% discount to the fair market value of common stock on the purchase date during the twelve-month participation period, divided into two equal six-month purchase periods, and provides a look-back feature. At the end of each six-month period in April and October, employees participating in the plan purchase the Company's common stock through the ESPP at a 15% discount to the fair market value of the common stock on the first day of the twelve-month participation period or the purchase date, whichever is lower. The plan also provides for an automatic reset feature to start participants on a new twelve-month participation period if the stock price declines during the first six-month purchase period. | ||||||||||||||||
Stock Option Awards | ||||||||||||||||
The following table summarizes option activity during the nine months ended March 30, 2014 (in thousands, except per share data): | ||||||||||||||||
Number of Shares | Weighted Average Exercise Price | |||||||||||||||
Outstanding at June 30, 2013 | 8,657 | $35.67 | ||||||||||||||
Granted | 2,969 | 55.21 | ||||||||||||||
Exercised | (2,260 | ) | 36.28 | |||||||||||||
Forfeited or expired | (300 | ) | 40.2 | |||||||||||||
Outstanding at March 30, 2014 | 9,066 | $41.77 | ||||||||||||||
Restricted Stock Awards and Units | ||||||||||||||||
A summary of nonvested restricted stock awards (RSAs) and restricted stock unit awards (RSUs) outstanding as of March 30, 2014, and changes during the nine months then ended, are as follows (in thousands, except per share data): | ||||||||||||||||
Number of | Weighted Average | |||||||||||||||
RSAs/RSUs | Grant-Date Fair Value | |||||||||||||||
Nonvested at June 30, 2013 | 647 | $33.80 | ||||||||||||||
Granted | 527 | 54.76 | ||||||||||||||
Vested | (252 | ) | 33.09 | |||||||||||||
Forfeited | (22 | ) | 40.37 | |||||||||||||
Nonvested at March 30, 2014 | 900 | $46.11 | ||||||||||||||
Stock-Based Compensation Valuation and Expense | ||||||||||||||||
The Company accounts for its employee stock-based compensation plans using the fair value method. The fair value method requires the Company to estimate the grant-date fair value of its stock-based awards and amortize this fair value to compensation expense over the requisite service period or vesting term. | ||||||||||||||||
The Company currently uses the Black-Scholes option-pricing model to estimate the fair value of the Company's stock option and ESPP awards. The determination of the fair value of stock-based payment awards on the date of grant using an option-pricing model is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables. These variables include the expected stock price volatility over the term of the awards, actual and projected employee stock option exercise behaviors, the risk-free interest rate and expected dividends. Due to the inherent limitations of option-valuation models, future events that are unpredictable and the estimation process utilized in determining the valuation of the stock-based awards, the ultimate value realized by award holders may vary significantly from the amounts expensed in the Company’s financial statements. | ||||||||||||||||
For RSAs and RSUs, the grant-date fair value is based upon the market price of the Company’s common stock on the date of the grant. This fair value is then amortized to compensation expense over the requisite service period or vesting term. | ||||||||||||||||
Stock-based compensation expense is recognized net of estimated forfeitures such that expense is recognized only for those stock-based awards that are expected to vest. A forfeiture rate is estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. | ||||||||||||||||
Total stock-based compensation expense was as follows (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 30, | March 31, | March 30, | March 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Income Statement Classification: | ||||||||||||||||
Cost of goods sold | $3,129 | $2,334 | $8,357 | $6,875 | ||||||||||||
Research and development | 3,912 | 3,441 | 11,453 | 10,445 | ||||||||||||
Sales, general and administrative | 8,970 | 8,140 | 26,451 | 23,625 | ||||||||||||
Total | $16,011 | $13,915 | $46,261 | $40,945 | ||||||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Mar. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The variation between the Company's effective income tax rate and the U.S. statutory rate of 35% is due to a percentage of the Company's projected income for the full year being derived from international locations with lower tax rates than the U.S. and the impact of tax credits available in the current year. A change in the mix of pretax income of the Company's various tax jurisdictions can have a material impact on the Company's periodic effective tax rate. | |
During the second quarter of fiscal 2014, the Company was notified by the Internal Revenue Service that it had been allocated up to $30 million of federal tax credits as part of the American Recovery and Reinvestment Act of 2009 - Phase II (Internal Revenue Code Section 48C). This $30 million allocation is in addition to the $39 million previously allocated to the Company in the third quarter of fiscal 2010. The $30 million allocation was based upon the Company's plan to place into service approximately $100 million of qualified equipment at its U.S. manufacturing locations from fiscal 2013 through fiscal 2017. Property placed into service during fiscal 2013 generated $15 million of the potential $30 million Internal Revenue Code Section 48C credit. The remaining $15 million of Internal Revenue Code Section 48C credit was generated during the first three quarters of fiscal 2014. The tax benefit (net of related basis adjustments) will be amortized into income over the useful life (five years) of the underlying equipment that was placed in service to generate these credits. In fiscal 2014, the Company anticipates it will recognize an income tax benefit of approximately $5.2 million related to this award; of this amount, $0.7 million and $4.4 million have been recorded as tax benefits in the three and nine months ended March 30, 2014, respectively. | |
U.S. GAAP requires a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is cumulatively more than 50% likely to be realized upon ultimate settlement. | |
As of June 30, 2013, the Company's liability for unrecognized tax benefits was $2.7 million. The Company recognized an $18.0 million increase to the liability for unrecognized tax benefits due to uncertainty regarding a change in tax depreciation methodology adopted in the first quarter of fiscal 2014. In addition, there was a $2.3 million decrease to the amount of unrecognized tax benefits following the settlement of prior year tax audits and statute expirations. As a result, the total liability for unrecognized tax benefits as of March 30, 2014 was $18.4 million. If any portion of this $18.4 million is recognized, the Company will then include that portion in the computation of its effective tax rate. Although the ultimate timing of the resolution and/or closure of audits is highly uncertain, the Company believes it is reasonably possible that approximately $0.2 million of gross unrecognized tax benefits will change in the next 12 months as a result of pending audit settlements or statute requirements. | |
The Company files U.S. federal, U.S. state and foreign tax returns. For U.S. federal purposes, the Company is generally no longer subject to tax examinations for fiscal years prior to 2011. For U.S. state tax returns, the Company is generally no longer subject to tax examinations for fiscal years prior to 2010. For foreign purposes, the Company is generally no longer subject to examination for tax periods 2003 and prior. Certain carryforward tax attributes generated in prior years remain subject to examination and adjustment. During the third quarter of fiscal 2014, the Company settled its examination with the German Federal Central Tax Office for the fiscal year ended June 29, 2008 through the fiscal year ended June 27, 2010, resulting in an immaterial amount of additional tax expense. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |||
Mar. 30, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
Commitments and Contingencies | ||||
Warranties | ||||
The following table summarizes the changes in the Company's product warranty liabilities (in thousands): | ||||
Nine Months Ended | ||||
March 30, 2014 | ||||
Balance at beginning of period | $6,171 | |||
Warranties accrued in current period | 3,019 | |||
Changes in estimates for pre-existing warranties | 907 | |||
Expenditures | (3,449 | ) | ||
Balance at end of period | $6,648 | |||
Product warranties are estimated and recognized at the time the Company recognizes revenue. The warranty periods range from 90 days to 10 years. The Company accrues warranty liabilities at the time of sale, based on historical and projected incident rates and expected future warranty costs. The warranty reserves, which are primarily related to Lighting Products, are evaluated on a quarterly basis based on various factors including historical warranty claims, assumptions about the frequency of warranty claims, and assumptions about the frequency of product failures derived from quality testing, field monitoring and the Company's reliability estimates. As of March 30, 2014, $1.0 million of the Company's product warranty liabilities were classified as long-term. | ||||
Litigation | ||||
The Company is currently a party to various legal proceedings, including those described in the Company's Annual Report on Form 10-K for fiscal 2013. The following is provided as an update to the Company's legal proceedings as contained in that report. Unless otherwise indicated, the potential losses for claims against the Company in these matters are not reasonably estimable. | ||||
Cooper Lighting Litigation | ||||
Ruud Lighting, Inc. filed a complaint for patent infringement against Cooper Lighting, LLC in the U.S. District Court for the Eastern District of Wisconsin on April 2, 2010. The complaint as amended seeks injunctive relief and damages for infringement of two U.S. patents owned by Ruud Lighting: No. 7,686,469, entitled "LED Lighting Fixture"; and No. 7,891,835, entitled “Light-Directed Apparatus with Protected Reflector-Shield and Lighting Fixture Utilizing Same.” On May 23, 2012, Ruud Lighting filed a second complaint for patent infringement against Cooper Lighting, LLC in the U.S. District Court for the Eastern District of Wisconsin. The complaint seeks injunctive relief and damages for infringement of a third U.S. patent owned by Ruud Lighting, No. 7,952,262, entitled “Modular LED Unit Incorporating Interconnected Heat Sinks Configured To Mount and Hold Adjacent LED Modules." In each of these actions Cooper Lighting has filed an answer and counterclaims in which it denies any infringement and seeks a declaratory judgment that the asserted claims of the patents are invalid. On February 19, 2013, the Company, as successor-in-interest to Ruud Lighting, Inc., filed a third complaint for patent infringement against Cooper Lighting in the U.S. District Court for the Eastern District of Wisconsin. The complaint seeks injunctive relief and damages for infringement of two U.S. patents owned by the Company, No. 8,282,239, entitled “Light-Directing Apparatus with Protected Reflector-Shield and Lighting Fixture Utilizing Same” and No. 8,070,306, entitled “LED Lighting Fixture.” | ||||
Cooper Lighting, LLC filed a complaint for patent infringement against the Company and Ruud Lighting, Inc. in the U.S. District Court for the Northern District of Georgia on September 7, 2012. The complaint seeks injunctive relief and damages for infringement of one U.S. patent owned by Cooper Lighting, LLC: No. 8,210,722, entitled "LED Device for Wide Beam Generation." The Company has filed an answer in which it denies any infringement and asserts that the patent is invalid as well as other defenses. | ||||
Illumination Management Solutions, Inc., a subsidiary of Cooper Lighting, LLC, filed a complaint for patent infringement against Ruud Lighting in the U.S. District Court for the Eastern District of Texas on June 7, 2010. The action was later transferred to the U.S. District Court for the Eastern District of Wisconsin. As amended in January 2012, the complaint alleged that Ruud Lighting is infringing two U.S. patents owned by Illumination Management Solutions, No. 7,674,018 and No. 7,993,036, each entitled "LED Device for Wide Beam Generation." It also alleged that Ruud Lighting and its then president, Alan Ruud, who served on the plaintiff's board of directors in 2006 and 2007 when Ruud Lighting was a shareholder of the plaintiff, conspired to misuse confidential information obtained from the plaintiff to file patent applications and to obtain patents assigned to Ruud Lighting. The complaint sought injunctive relief, damages and ownership of the patent applications and patents alleged to have been wrongfully filed and obtained. The court in October 2012 granted partial summary judgment in favor of Ruud Lighting, finding that most of the accused products did not infringe either of the asserted patents. The court in February 2013 entered final judgment in which the court 1) dismissed the claims relating to most of the accused products, finding that they did not infringe either of the asserted patents; 2) dismissed with prejudice and with the consent of the parties the claims with respect to the remaining accused products; 3) severed the conspiracy claim, which was subsequently voluntarily dismissed; and 4) dismissed the remaining claims and counterclaims without prejudice. In March 2013, the plaintiffs filed a notice of appeal from this judgment to the U.S. Court of Appeals for the Federal Circuit. | ||||
Ruud Lighting is a defendant in an action commenced by Illumination Management Solutions in the U.S. District Court for the Central District of California on June 8, 2010 and later transferred to the U.S. District Court for the Eastern District of Wisconsin. As amended in January 2013, the complaint names as defendants Ruud Lighting and two of its employees, Alan Ruud and Christopher Ruud, and asserts that the defendants engaged in wrongful acts arising out of the relationship between the plaintiff and Ruud Lighting in 2006 and 2007 when Ruud Lighting was a shareholder of the plaintiff and Alan Ruud served on the plaintiff's board of directors. The complaint alleges that the defendants breached fiduciary duties and otherwise acted improperly by pursuing a plan to compete with the plaintiff and that the defendants misused information obtained from the plaintiff as fiduciaries and subject to a non-disclosure agreement. These allegedly wrongful acts included filing patent applications and obtaining patents assigned to Ruud Lighting on inventions claimed by the plaintiff. The complaint also alleges that Ruud Lighting: 1) marketed its LED products without reference to certain optical technology claimed by the plaintiff, thereby breaching a marketing agreement with the plaintiff and engaging in unfair competition and false advertising; and 2) breached the marketing agreement by failing to give the plaintiff a right of first refusal to integrate the plaintiff's optical technology into Ruud Lighting LED products. The complaint further alleges that the plaintiff is entitled to a correction of the inventors named in one or more patents to add a founder of the plaintiff as an inventor. The complaint seeks to recover damages, all profits and other gains realized by defendants as a result of the acts complained of, attorneys' fees, ownership of any interest in the patent applications and patents alleged to have been wrongfully filed and obtained, and correction of the named inventors on one or more patents. | ||||
In September 2013, the Company and the Cooper Lighting and Illumination Management Solutions parties reached a binding term sheet agreement to settle all six cases. This non-cash settlement agreement provided for a royalty-free cross license of all of the patents-in-suit in the six cases for the life of the patents; a royalty-free cross license of each of the Company’s and Cooper Lighting’s LED luminaire patent portfolios for seven years (with carve-outs of the Company’s LED chip, LED component and LED replacement lamp patents from the cross license, as well as carve-outs for certain LED luminaires of Cooper Lighting that are not for general illumination); and a supply agreement, with no minimum purchase commitment and with a seven year term, whereby the Company may sell Cooper Lighting LED components and modules. The Company recorded a $17.4 million non-cash litigation settlement charge and related obligation in the first quarter of fiscal 2014, representing the current estimated fair value of the patent licenses to be provided to the Cooper Lighting and Illumination Management Solutions parties in excess of the fair value patent license rights to be received by the Company under the terms of the cross license agreement. This $17.4 million obligation will be amortized into income over the remainder of the seven year license period. The parties executed the definitive agreements to effect this binding agreement in February 2014, and the six cases have been dismissed with prejudice by the parties. | ||||
In conjunction with the September 2013 settlement with the Cooper Lighting and Illumination Management Solutions parties, the Company also recorded a $17.4 million offset to the non-cash litigation charge to reflect the amount receivable by the Company from the Stock Purchase Agreement escrow funds, including cash and common stock consideration, pursuant to a letter agreement approved by the Audit Committee, which the Company entered into during September 2013 with Christopher Ruud, acting as the Seller Representative for the former Ruud Lighting shareholders. The escrow consideration was provided to the Company during the third quarter of fiscal 2014 upon the execution of the final settlement agreement with the Cooper Lighting and Illumination Management Solutions parties. | ||||
Lighting Science Group Litigation | ||||
Lighting Science Group Corporation (“LSG”) filed a complaint for patent infringement against the Company in the U.S. District Court for the Middle District of Florida on April 10, 2013. The complaint sought injunctive relief and damages for alleged infringement of U.S. patent No. 8.201,968, entitled “Low Profile Light." In March 2014, the Company and LSG executed a settlement agreement, which settlement permitted LSG to return certain LED component parts that LSG had purchased from the Company for partial credit, and provided the Company with a worldwide, non-exclusive, non-transferable, fully paid-up license under the patent-in-suit, and any and all parents, continuations, continuations-in-part, divisions, substitutions, extensions, reissues, and reexaminations thereof, and any and all foreign counterparts of the patent-in-suit. This settlement agreement ended the litigation between the parties. |
Reportable_Segments
Reportable Segments | 9 Months Ended | |||||||||||||||
Mar. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Reportable Segments | ' | |||||||||||||||
Reportable Segments | ||||||||||||||||
The Company's operating and reportable segments are: | ||||||||||||||||
• | LED Products | |||||||||||||||
• | Lighting Products | |||||||||||||||
• | Power and RF Products | |||||||||||||||
Reportable Segments Description | ||||||||||||||||
The Company's LED Products segment includes LED chips, LED components and SiC materials. The Company's Lighting Products segment primarily consists of LED lighting systems. The Company's Power and RF Products segment includes power devices and RF devices. | ||||||||||||||||
Financial Results by Reportable Segment | ||||||||||||||||
The table below reflects the results of the Company's reportable segments as reviewed by the Chief Operating Decision Maker (CODM) for the three and nine months ended March 30, 2014 and March 31, 2013. The Company's CODM is the Chief Executive Officer. The Company uses substantially the same accounting policies to derive the segment results reported below as those used in the Company's consolidated financial statements. | ||||||||||||||||
The Company's CODM does not review inter-segment revenue when evaluating segment performance and allocating resources to each segment. Thus, inter-segment revenue is not included in the segment revenues presented in the table below. As such, total segment revenue in the table below is equal to the Company's consolidated revenue. | ||||||||||||||||
The Company's CODM reviews gross profit as the lowest and only level of segment profit. As such, all items below gross profit in the consolidated statements of income must be included to reconcile the consolidated gross profit presented in the table below to the Company's consolidated income before income taxes. | ||||||||||||||||
In order to determine gross profit for each reportable segment, the Company allocates direct costs and indirect costs to each segment's cost of revenue. The Company allocates indirect costs, such as employee benefits for manufacturing employees, shared facilities services, information technology, purchasing, and customer service, when the costs are identifiable and beneficial to the reportable segment. The Company allocates these indirect costs based on a reasonable measure of utilization that considers the specific facts and circumstances of the costs being allocated. | ||||||||||||||||
Unallocated costs in the table below consist primarily of manufacturing employees' stock-based compensation, expenses for profit sharing and quarterly or annual incentive plans, matching contributions under the Company's 401(k) plan and acquisition related costs. These costs are not allocated to the reportable segments’ gross profit because the Company’s CODM does not review them regularly when evaluating segment performance and allocating resources. | ||||||||||||||||
Revenues, gross profit and gross margin for each of the Company's segments were as follows (in thousands, except percentages): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 30, | March 31, | March 30, | March 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues: | ||||||||||||||||
LED Products | $201,119 | $195,561 | $634,164 | $584,070 | ||||||||||||
Lighting Products | 176,691 | 130,659 | 498,265 | 361,446 | ||||||||||||
Power and RF Products | 27,449 | 22,714 | 78,922 | 65,457 | ||||||||||||
Total revenue | $405,259 | $348,934 | $1,211,351 | $1,010,973 | ||||||||||||
Gross Profit and Gross Margin: | ||||||||||||||||
LED Products gross profit | $91,634 | $85,728 | $290,931 | $245,381 | ||||||||||||
LED Products gross margin | 45.6 | % | 43.8 | % | 45.9 | % | 42 | % | ||||||||
Lighting Products gross profit | 48,487 | 39,966 | 136,731 | 115,449 | ||||||||||||
Lighting Products gross margin | 27.4 | % | 30.6 | % | 27.4 | % | 31.9 | % | ||||||||
Power and RF Products gross profit | 15,675 | 12,033 | 44,452 | 35,253 | ||||||||||||
Power and RF Products gross margin | 57.1 | % | 53 | % | 56.3 | % | 53.9 | % | ||||||||
Total segment gross profit | 155,796 | 137,727 | 472,114 | 396,083 | ||||||||||||
Unallocated costs | (5,802 | ) | (4,717 | ) | (15,585 | ) | (13,548 | ) | ||||||||
Consolidated gross profit | $149,994 | $133,010 | $456,529 | $382,535 | ||||||||||||
Consolidated gross margin | 37 | % | 38.1 | % | 37.7 | % | 37.8 | % | ||||||||
Assets by Reportable Segment | ||||||||||||||||
Inventories are the only assets reviewed by the Company's CODM when evaluating segment performance and allocating resources to the segments. The following table sets forth the Company's inventories by reportable segment at March 30, 2014 and June 30, 2013. | ||||||||||||||||
Unallocated inventories in the table below consist primarily of manufacturing employees' stock-based compensation, expenses for profit sharing and quarterly or annual incentive plans and matching contributions under the Company's 401(k) plan. These costs are not allocated to the reportable segments’ inventories because the Company’s CODM does not review them regularly when evaluating segment performance and allocating resources. | ||||||||||||||||
The Company does not allocate assets other than inventories to the reportable segments because the Company's CODM does not review them when assessing segment performance and allocating resources. The CODM reviews all of the Company's assets other than inventories on a consolidated basis. | ||||||||||||||||
Inventories for each of the Company's segments are as follows (in thousands): | ||||||||||||||||
March 30, | June 30, | |||||||||||||||
2014 | 2013 | |||||||||||||||
LED Products | $ | 107,392 | $ | 99,835 | ||||||||||||
Lighting Products | 133,067 | 87,546 | ||||||||||||||
Power and RF Products | 6,997 | 6,593 | ||||||||||||||
Total segment inventories | 247,456 | 193,974 | ||||||||||||||
Unallocated inventories | 3,778 | 3,027 | ||||||||||||||
Consolidated inventories | $ | 251,234 | $ | 197,001 | ||||||||||||
Basis_of_Presentation_and_Chan1
Basis of Presentation and Changes in Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The consolidated balance sheet at March 30, 2014, the consolidated statements of income for the three and nine months ended March 30, 2014 and March 31, 2013, the consolidated statements of comprehensive income for the three and nine months ended March 30, 2014 and March 31, 2013, and the consolidated statements of cash flows for the nine months ended March 30, 2014 and March 31, 2013 (collectively, the consolidated financial statements) have been prepared by the Company and have not been audited. In the opinion of management, all normal and recurring adjustments necessary to present fairly the consolidated financial position, results of operations and cash flows at March 30, 2014, and for all periods presented, have been made. All intercompany accounts and transactions have been eliminated. The consolidated balance sheet at June 30, 2013 has been derived from the audited financial statements as of that date. The nine month period ended March 30, 2014 includes one less week as compared to the nine month period ended March 31, 2013. | |
Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2013 (fiscal 2013). The results of operations for the three and nine months ended March 30, 2014 are not necessarily indicative of the operating results that may be attained for the entire fiscal year ending June 29, 2014 (fiscal 2014). | |
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual amounts could differ materially from those estimates. | |
Certain fiscal 2013 amounts in the accompanying consolidated financial statements have been reclassified to conform to the fiscal 2014 presentation. These reclassifications had no effect on previously reported consolidated net income or shareholders’ equity. | |
New Accounting Standards | ' |
New Accounting Standards | |
Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward or Tax Credit Carryforward Exists | |
In July 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward or Tax Credit Carryforward Exists. The ASU provides guidance regarding the presentation in the statement of financial position of an unrecognized tax benefit when a net operating loss carryforward or a tax credit carryfoward exists. The ASU generally provides that an entity's unrecognized tax benefit, or a portion of its unrecognized tax benefit, should be presented in its financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The ASU applies prospectively to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date, and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company early adopted this guidance beginning with the first quarter of fiscal 2014. The Company's adoption of this guidance did not have a significant impact on its consolidated financial statements. | |
Stock-Based Compensation Valuation and Expense | ' |
Stock-Based Compensation Valuation and Expense | |
The Company accounts for its employee stock-based compensation plans using the fair value method. The fair value method requires the Company to estimate the grant-date fair value of its stock-based awards and amortize this fair value to compensation expense over the requisite service period or vesting term. | |
The Company currently uses the Black-Scholes option-pricing model to estimate the fair value of the Company's stock option and ESPP awards. The determination of the fair value of stock-based payment awards on the date of grant using an option-pricing model is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables. These variables include the expected stock price volatility over the term of the awards, actual and projected employee stock option exercise behaviors, the risk-free interest rate and expected dividends. Due to the inherent limitations of option-valuation models, future events that are unpredictable and the estimation process utilized in determining the valuation of the stock-based awards, the ultimate value realized by award holders may vary significantly from the amounts expensed in the Company’s financial statements. | |
For RSAs and RSUs, the grant-date fair value is based upon the market price of the Company’s common stock on the date of the grant. This fair value is then amortized to compensation expense over the requisite service period or vesting term. | |
Stock-based compensation expense is recognized net of estimated forfeitures such that expense is recognized only for those stock-based awards that are expected to vest. A forfeiture rate is estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. |
Financial_Statement_Details_Ta
Financial Statement Details (Tables) | 9 Months Ended | ||||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||||
Financial Statement Details [Abstract] | ' | ||||||||||||||||||
Summary of the Components of Accounts Receivable, Net | ' | ||||||||||||||||||
The following table summarizes the components of accounts receivable, net (in thousands): | |||||||||||||||||||
March 30, 2014 | June 30, 2013 | ||||||||||||||||||
Billed trade receivables | $254,274 | $220,307 | |||||||||||||||||
Unbilled contract receivables | 1,427 | 1,171 | |||||||||||||||||
255,701 | 221,478 | ||||||||||||||||||
Allowance for sales returns, discounts and other incentives | (31,111 | ) | (26,500 | ) | |||||||||||||||
Allowance for bad debts | (2,257 | ) | (2,471 | ) | |||||||||||||||
Total accounts receivable, net | $222,333 | $192,507 | |||||||||||||||||
Summary of the Components of Inventories | ' | ||||||||||||||||||
The following table summarizes the components of inventories (in thousands): | |||||||||||||||||||
March 30, 2014 | June 30, 2013 | ||||||||||||||||||
Raw material | $84,302 | $62,253 | |||||||||||||||||
Work-in-progress | 81,846 | 68,146 | |||||||||||||||||
Finished goods | 85,086 | 66,602 | |||||||||||||||||
Total inventories | $251,234 | $197,001 | |||||||||||||||||
Summary of the Components of Other Current Liabilities | ' | ||||||||||||||||||
The following table summarizes the components of other current liabilities (in thousands): | |||||||||||||||||||
March 30, 2014 | June 30, 2013 | ||||||||||||||||||
Accrued taxes | $17,812 | $21,436 | |||||||||||||||||
Accrued professional fees | 7,390 | 4,493 | |||||||||||||||||
Accrued warranty | 5,602 | 5,259 | |||||||||||||||||
Accrued other | 13,596 | 12,060 | |||||||||||||||||
Total other current liabilities | $44,400 | $43,248 | |||||||||||||||||
Summary of the Components of Accumulated Other Comprehensive Income, Net of Taxes | ' | ||||||||||||||||||
The following table summarizes the components of accumulated other comprehensive income, net of taxes (in thousands): | |||||||||||||||||||
March 30, 2014 | June 30, 2013 | ||||||||||||||||||
Currency translation gain | $8,464 | $8,492 | |||||||||||||||||
Net unrealized gain (loss) on available-for-sale securities | 1,653 | (248 | ) | ||||||||||||||||
Total accumulated other comprehensive income, net of taxes | $10,117 | $8,244 | |||||||||||||||||
Summary of the Components of Non-operating Income, Net | ' | ||||||||||||||||||
The following table summarizes the components of non-operating income, net (in thousands): | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
March 30, 2014 | March 31, 2013 | March 30, 2014 | March 31, 2013 | ||||||||||||||||
Foreign currency (loss) gain, net | ($368 | ) | $296 | $109 | $424 | ||||||||||||||
Gain on sale of investments, net | 15 | 48 | 25 | 84 | |||||||||||||||
Interest income, net | 3,415 | 2,018 | 8,562 | 5,756 | |||||||||||||||
Other, net | 90 | 150 | 677 | 2,114 | |||||||||||||||
Total non-operating income, net | $3,152 | $2,512 | $9,373 | $8,378 | |||||||||||||||
Summary of the Amounts Reclassified Out of Accumulated Other Comprehensive Income | ' | ||||||||||||||||||
The following table summarizes the amounts reclassified out of accumulated other comprehensive income (in thousands): | |||||||||||||||||||
Accumulated Other Comprehensive Income Component | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Statement of Income | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
March 30, 2014 | March 31, 2013 | March 30, 2014 | March 31, 2013 | ||||||||||||||||
Net unrealized gain on available-for-sale securities, net of tax expense | $15 | $43 | $25 | $80 | Non-operating income, net | ||||||||||||||
15 | 43 | 25 | 80 | Income before income taxes | |||||||||||||||
2 | 6 | 4 | 17 | Income tax expense | |||||||||||||||
$13 | $37 | $21 | $63 | Net income | |||||||||||||||
Investments_Tables
Investments (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Summary of Marketable Investments by Type | ' | ||||||||||||||||||||||||
The following tables summarize marketable investments (in thousands): | |||||||||||||||||||||||||
March 30, 2014 | |||||||||||||||||||||||||
Amortized | Gross Unrealized | Gross | Estimated Fair | ||||||||||||||||||||||
Cost | Gains | Unrealized | Value | ||||||||||||||||||||||
Losses | |||||||||||||||||||||||||
Municipal bonds | $306,484 | $1,598 | ($289 | ) | $307,793 | ||||||||||||||||||||
Corporate bonds | 227,500 | 1,742 | (574 | ) | 228,668 | ||||||||||||||||||||
U.S. agency securities | 27,095 | 189 | — | 27,284 | |||||||||||||||||||||
Non-U.S. certificates of deposit | 383,758 | — | — | 383,758 | |||||||||||||||||||||
Non-U.S. government securities | 7,045 | 25 | — | 7,070 | |||||||||||||||||||||
Total | $951,882 | $3,554 | ($863 | ) | $954,573 | ||||||||||||||||||||
June 30, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Municipal bonds | $250,206 | $817 | ($1,314 | ) | $249,709 | ||||||||||||||||||||
Corporate bonds | 192,147 | 1,678 | (1,765 | ) | 192,060 | ||||||||||||||||||||
U.S. agency securities | 39,288 | 186 | — | 39,474 | |||||||||||||||||||||
Non-U.S. certificates of deposit | 345,000 | — | — | 345,000 | |||||||||||||||||||||
Non-U.S. government securities | 7,608 | 14 | (19 | ) | 7,603 | ||||||||||||||||||||
Total | $834,249 | $2,695 | ($3,098 | ) | $833,846 | ||||||||||||||||||||
Summary of Gross Unrealized Losses and Estimated Fair Value of Investment Securities, Aggregated by Investment Type and Length of Time | ' | ||||||||||||||||||||||||
The following tables present the gross unrealized losses and estimated fair value of the Company's investment securities, aggregated by investment type and the length of time that individual investment securities have been in a continuous unrealized loss position (in thousands, except numbers of securities): | |||||||||||||||||||||||||
March 30, 2014 | |||||||||||||||||||||||||
Less than 12 Months | Greater than 12 Months | Total | |||||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||
Municipal bonds | $61,656 | ($289 | ) | $— | $— | $61,656 | ($289 | ) | |||||||||||||||||
Corporate bonds | 82,888 | (536 | ) | 1,979 | (38 | ) | 84,867 | (574 | ) | ||||||||||||||||
Non-U.S. government securities | — | — | — | — | — | — | |||||||||||||||||||
Total | $144,544 | ($825 | ) | $1,979 | ($38 | ) | $146,523 | ($863 | ) | ||||||||||||||||
Number of securities with an unrealized loss | 71 | 1 | 72 | ||||||||||||||||||||||
June 30, 2013 | |||||||||||||||||||||||||
Less than 12 Months | Greater than 12 Months | Total | |||||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||
Municipal bonds | $126,926 | ($1,314 | ) | $— | $— | $126,926 | ($1,314 | ) | |||||||||||||||||
Corporate bonds | 102,010 | (1,765 | ) | — | — | 102,010 | (1,765 | ) | |||||||||||||||||
Non-U.S. government securities | 5,534 | (19 | ) | — | — | 5,534 | (19 | ) | |||||||||||||||||
Total | $234,470 | ($3,098 | ) | $— | $— | $234,470 | ($3,098 | ) | |||||||||||||||||
Number of securities with an unrealized loss | 123 | — | 123 | ||||||||||||||||||||||
Contractual Maturities of Marketable Investments by Type | ' | ||||||||||||||||||||||||
The contractual maturities of marketable investments as of March 30, 2014 were as follows (in thousands): | |||||||||||||||||||||||||
Within One | After One, | After Five, | After Ten | Total | |||||||||||||||||||||
Year | Within Five | Within Ten | Years | ||||||||||||||||||||||
Years | Years | ||||||||||||||||||||||||
Municipal bonds | $70,398 | $213,400 | $23,995 | $— | $307,793 | ||||||||||||||||||||
Corporate bonds | 33,506 | 176,288 | 18,874 | — | 228,668 | ||||||||||||||||||||
U.S. agency securities | 8,083 | 19,201 | — | — | 27,284 | ||||||||||||||||||||
Non-U.S. certificates of deposit | 383,758 | — | — | — | 383,758 | ||||||||||||||||||||
Non-U.S. government securities | 4,054 | 3,016 | — | — | 7,070 | ||||||||||||||||||||
Total | $499,799 | $411,905 | $42,869 | $— | $954,573 | ||||||||||||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Mar. 30, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Financial Instruments Carried at Fair Value | ' | |||||||||||||||||||||||||||||||
The following table sets forth financial instruments carried at fair value within the U.S. GAAP hierarchy (in thousands): | ||||||||||||||||||||||||||||||||
March 30, 2014 | June 30, 2013 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||||||||
Non-U.S. certificates of deposit | $ | — | $ | 12,163 | $ | — | $ | 12,163 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Municipal bonds | — | — | — | — | — | 2,009 | — | 2,009 | ||||||||||||||||||||||||
Money market funds | 67,553 | — | — | 67,553 | 12,589 | — | — | 12,589 | ||||||||||||||||||||||||
Total cash equivalents | 67,553 | 12,163 | — | 79,716 | 12,589 | 2,009 | — | 14,598 | ||||||||||||||||||||||||
Short-term investments: | ||||||||||||||||||||||||||||||||
Municipal bonds | — | 307,793 | — | 307,793 | — | 249,709 | — | 249,709 | ||||||||||||||||||||||||
Corporate bonds | — | 228,668 | — | 228,668 | — | 192,060 | — | 192,060 | ||||||||||||||||||||||||
U.S. agency securities | — | 27,284 | — | 27,284 | — | 39,474 | — | 39,474 | ||||||||||||||||||||||||
Non-U.S. certificates of deposit | — | 383,758 | — | 383,758 | — | 345,000 | — | 345,000 | ||||||||||||||||||||||||
Non-U.S. government securities | — | 7,070 | — | 7,070 | — | 7,603 | — | 7,603 | ||||||||||||||||||||||||
Total short-term investments | — | 954,573 | — | 954,573 | — | 833,846 | — | 833,846 | ||||||||||||||||||||||||
Total assets | $67,553 | $966,736 | $— | $1,034,289 | $12,589 | $835,855 | $— | $848,444 | ||||||||||||||||||||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||||||||
Mar. 30, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Components of intangible assets, net | ' | |||||||||||||||||||||||
The following table presents the components of intangible assets, net (in thousands): | ||||||||||||||||||||||||
March 30, 2014 | June 30, 2013 | |||||||||||||||||||||||
Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||||
Intangible assets with finite lives: | ||||||||||||||||||||||||
Customer relationships | $137,440 | ($65,131 | ) | $72,309 | $137,440 | ($59,611 | ) | $77,829 | ||||||||||||||||
Developed technology | 162,760 | (68,260 | ) | 94,500 | 162,760 | (53,476 | ) | 109,284 | ||||||||||||||||
Non-compete agreements | 10,244 | (5,507 | ) | 4,737 | 10,244 | (4,037 | ) | 6,207 | ||||||||||||||||
Trade names, finite-lived | 520 | (510 | ) | 10 | 520 | (493 | ) | 27 | ||||||||||||||||
Patent and licensing rights | 129,599 | (40,388 | ) | 89,211 | 116,147 | (34,849 | ) | 81,298 | ||||||||||||||||
Total intangible assets with finite lives | 440,563 | (179,796 | ) | 260,767 | 427,111 | (152,466 | ) | 274,645 | ||||||||||||||||
Trade names, indefinite-lived | 82,880 | 82,880 | 82,880 | 82,880 | ||||||||||||||||||||
Total intangible assets | $523,443 | ($179,796 | ) | $343,647 | $509,991 | ($152,466 | ) | $357,525 | ||||||||||||||||
Future amortization expense of finite-lived intangible assets | ' | |||||||||||||||||||||||
Total future amortization expense of finite-lived intangible assets is estimated to be as follows (in thousands): | ||||||||||||||||||||||||
Fiscal Year Ending | ||||||||||||||||||||||||
June 29, 2014 (remainder of fiscal 2014) | $9,035 | |||||||||||||||||||||||
June 28, 2015 | 33,973 | |||||||||||||||||||||||
June 26, 2016 | 33,686 | |||||||||||||||||||||||
June 25, 2017 | 31,702 | |||||||||||||||||||||||
June 24, 2018 | 30,534 | |||||||||||||||||||||||
Thereafter | 121,837 | |||||||||||||||||||||||
Total | $260,767 | |||||||||||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Mar. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Basic Earnings Per Share Computation | ' | |||||||||||||||
The following table presents the computation of basic earnings per share (in thousands, except per share amounts): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 30, | March 31, | March 30, | March 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income | $28,164 | $22,157 | $94,342 | $58,683 | ||||||||||||
Weighted average common shares | 121,535 | 116,682 | 120,677 | 116,059 | ||||||||||||
Basic earnings per share | $0.23 | $0.19 | $0.78 | $0.51 | ||||||||||||
Diluted Earnings Per Share Computation | ' | |||||||||||||||
The following computation reconciles the differences between the basic and diluted earnings per share presentations (in thousands, except per share amounts): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 30, | March 31, | March 30, | March 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income | $28,164 | $22,157 | $94,342 | $58,683 | ||||||||||||
Weighted average common shares - basic | 121,535 | 116,682 | 120,677 | 116,059 | ||||||||||||
Dilutive effect of stock options, nonvested shares and ESPP purchase rights | 2,160 | 1,926 | 2,463 | 709 | ||||||||||||
Weighted average common shares - diluted | 123,695 | 118,608 | 123,140 | 116,768 | ||||||||||||
Diluted earnings per share | $0.23 | $0.19 | $0.77 | $0.50 | ||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | |||||||||||||||
Mar. 30, 2014 | ||||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||||
Summary of Outstanding Option Awards | ' | |||||||||||||||
The following table summarizes option activity during the nine months ended March 30, 2014 (in thousands, except per share data): | ||||||||||||||||
Number of Shares | Weighted Average Exercise Price | |||||||||||||||
Outstanding at June 30, 2013 | 8,657 | $35.67 | ||||||||||||||
Granted | 2,969 | 55.21 | ||||||||||||||
Exercised | (2,260 | ) | 36.28 | |||||||||||||
Forfeited or expired | (300 | ) | 40.2 | |||||||||||||
Outstanding at March 30, 2014 | 9,066 | $41.77 | ||||||||||||||
Summary of Nonvested Shares of Restricted Stock and Stock Unit Awards Outstanding | ' | |||||||||||||||
A summary of nonvested restricted stock awards (RSAs) and restricted stock unit awards (RSUs) outstanding as of March 30, 2014, and changes during the nine months then ended, are as follows (in thousands, except per share data): | ||||||||||||||||
Number of | Weighted Average | |||||||||||||||
RSAs/RSUs | Grant-Date Fair Value | |||||||||||||||
Nonvested at June 30, 2013 | 647 | $33.80 | ||||||||||||||
Granted | 527 | 54.76 | ||||||||||||||
Vested | (252 | ) | 33.09 | |||||||||||||
Forfeited | (22 | ) | 40.37 | |||||||||||||
Nonvested at March 30, 2014 | 900 | $46.11 | ||||||||||||||
Total Stock-Based Compensation Expense | ' | |||||||||||||||
Total stock-based compensation expense was as follows (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 30, | March 31, | March 30, | March 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Income Statement Classification: | ||||||||||||||||
Cost of goods sold | $3,129 | $2,334 | $8,357 | $6,875 | ||||||||||||
Research and development | 3,912 | 3,441 | 11,453 | 10,445 | ||||||||||||
Sales, general and administrative | 8,970 | 8,140 | 26,451 | 23,625 | ||||||||||||
Total | $16,011 | $13,915 | $46,261 | $40,945 | ||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | |||
Mar. 30, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Summary of changes in product warranty liabilities | ' | |||
The following table summarizes the changes in the Company's product warranty liabilities (in thousands): | ||||
Nine Months Ended | ||||
March 30, 2014 | ||||
Balance at beginning of period | $6,171 | |||
Warranties accrued in current period | 3,019 | |||
Changes in estimates for pre-existing warranties | 907 | |||
Expenditures | (3,449 | ) | ||
Balance at end of period | $6,648 | |||
Reportable_Segments_Tables
Reportable Segments (Tables) | 9 Months Ended | |||||||||||||||
Mar. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Revenues, Gross Profit and Gross Margin, by Segment | ' | |||||||||||||||
Revenues, gross profit and gross margin for each of the Company's segments were as follows (in thousands, except percentages): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 30, | March 31, | March 30, | March 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues: | ||||||||||||||||
LED Products | $201,119 | $195,561 | $634,164 | $584,070 | ||||||||||||
Lighting Products | 176,691 | 130,659 | 498,265 | 361,446 | ||||||||||||
Power and RF Products | 27,449 | 22,714 | 78,922 | 65,457 | ||||||||||||
Total revenue | $405,259 | $348,934 | $1,211,351 | $1,010,973 | ||||||||||||
Gross Profit and Gross Margin: | ||||||||||||||||
LED Products gross profit | $91,634 | $85,728 | $290,931 | $245,381 | ||||||||||||
LED Products gross margin | 45.6 | % | 43.8 | % | 45.9 | % | 42 | % | ||||||||
Lighting Products gross profit | 48,487 | 39,966 | 136,731 | 115,449 | ||||||||||||
Lighting Products gross margin | 27.4 | % | 30.6 | % | 27.4 | % | 31.9 | % | ||||||||
Power and RF Products gross profit | 15,675 | 12,033 | 44,452 | 35,253 | ||||||||||||
Power and RF Products gross margin | 57.1 | % | 53 | % | 56.3 | % | 53.9 | % | ||||||||
Total segment gross profit | 155,796 | 137,727 | 472,114 | 396,083 | ||||||||||||
Unallocated costs | (5,802 | ) | (4,717 | ) | (15,585 | ) | (13,548 | ) | ||||||||
Consolidated gross profit | $149,994 | $133,010 | $456,529 | $382,535 | ||||||||||||
Consolidated gross margin | 37 | % | 38.1 | % | 37.7 | % | 37.8 | % | ||||||||
Schedule of inventory, net, by segment | ' | |||||||||||||||
Inventories for each of the Company's segments are as follows (in thousands): | ||||||||||||||||
March 30, | June 30, | |||||||||||||||
2014 | 2013 | |||||||||||||||
LED Products | $ | 107,392 | $ | 99,835 | ||||||||||||
Lighting Products | 133,067 | 87,546 | ||||||||||||||
Power and RF Products | 6,997 | 6,593 | ||||||||||||||
Total segment inventories | 247,456 | 193,974 | ||||||||||||||
Unallocated inventories | 3,778 | 3,027 | ||||||||||||||
Consolidated inventories | $ | 251,234 | $ | 197,001 | ||||||||||||
Basis_of_Presentation_and_Chan2
Basis of Presentation and Changes in Significant Accounting Policies Narrative (Details) | 3 Months Ended |
Mar. 30, 2014 | |
reportable_segments | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Number of Reportable Segments | 3 |
Acquisitions_Cost_of_Acquired_
Acquisitions (Cost of Acquired Entity) (Details) (Ruud Lighting, Inc. [Member], USD $) | 1 Months Ended | 3 Months Ended |
In Millions, unless otherwise specified | Aug. 17, 2011 | Jun. 24, 2012 |
Business Acquisition [Line Items] | ' | ' |
Cash consideration paid by the Company | $372.20 | ' |
Post-closing purchase price adjustments | ' | 2.3 |
Total Purchase Price | 666 | ' |
Outstanding debt paid on behalf of acquired company's stockholders | 85 | ' |
Common Stock [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Shares issued by the Company for acquisition | 6.1 | ' |
Fair value of common stock issued by the Company | $211 | ' |
Financial_Statement_Details_Su
Financial Statement Details (Summary of the Components of Accounts Receivable, Net) (Details) (USD $) | Mar. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Receivable, Net, Current [Abstract] | ' | ' |
Accounts receivable, gross | $255,701 | $221,478 |
Allowance for bad debts | -2,257 | -2,471 |
Total accounts receivable, net | 222,333 | 192,507 |
Billed trade receivables [Member] | ' | ' |
Accounts Receivable, Net, Current [Abstract] | ' | ' |
Accounts receivable, gross | 254,274 | 220,307 |
Unbilled contract receivables [Member] | ' | ' |
Accounts Receivable, Net, Current [Abstract] | ' | ' |
Accounts receivable, gross | 1,427 | 1,171 |
Sales Returns and Allowances [Member] | ' | ' |
Accounts Receivable, Net, Current [Abstract] | ' | ' |
Allowance for sales returns, discounts and other incentives | ($31,111) | ($26,500) |
Financial_Statement_Details_Su1
Financial Statement Details (Summary of the Components of Inventories) (Details) (USD $) | Mar. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventory, Net [Abstract] | ' | ' |
Raw material | $84,302 | $62,253 |
Work-in-progress | 81,846 | 68,146 |
Finished goods | 85,086 | 66,602 |
Total inventories | $251,234 | $197,001 |
Financial_Statement_Details_Su2
Financial Statement Details (Summary of the Components of Other Current Liabilities) (Details) (USD $) | Mar. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities, Current [Abstract] | ' | ' |
Accrued taxes | $17,812 | $21,436 |
Accrued professional fees | 7,390 | 4,493 |
Accrued warranty | 5,602 | 5,259 |
Accrued other | 13,596 | 12,060 |
Total other current liabilities | $44,400 | $43,248 |
Financial_Statement_Details_Su3
Financial Statement Details (Summary of the Components of Accumulated Other Comprehensive Income, Net of Taxes) (Details) (USD $) | Mar. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accumulated other comprehensive income, net of taxes [Abstract] | ' | ' |
Currency translation gain | $8,464 | $8,492 |
Net unrealized gain (loss) on available-for-sale securities | 1,653 | -248 |
Total accumulated other comprehensive income, net of taxes | $10,117 | $8,244 |
Financial_Statement_Details_Su4
Financial Statement Details (Summary of the Components of Non-operating Income, Net) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2013 |
Other Income and Expenses [Abstract] | ' | ' | ' | ' |
Foreign currency (loss) gain, net | ($368) | $296 | $109 | $424 |
Gain on sale of investments, net | 15 | 48 | 25 | 84 |
Interest income, net | 3,415 | 2,018 | 8,562 | 5,756 |
Other, net | 90 | 150 | 677 | 2,114 |
Total non-operating income, net | $3,152 | $2,512 | $9,373 | $8,378 |
Financial_Statement_Details_Su5
Financial Statement Details (Summary of the Amounts Reclassified Out of Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2013 |
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Non-operating income, net | $3,152 | $2,512 | $9,373 | $8,378 |
Income before income taxes | 33,531 | 25,764 | 111,927 | 74,011 |
Income tax expense | 5,367 | 3,607 | 17,585 | 15,328 |
Net income | 28,164 | 22,157 | 94,342 | 58,683 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' | ' |
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Non-operating income, net | 15 | 43 | 25 | 80 |
Income before income taxes | 15 | 43 | 25 | 80 |
Income tax expense | 2 | 6 | 4 | 17 |
Net income | $13 | $37 | $21 | $63 |
Investments_Summary_of_Marketa
Investments (Summary of Marketable Investments by Type) (Details) (USD $) | Mar. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $951,882 | $834,249 |
Gross Unrealized Gains | 3,554 | 2,695 |
Gross Unrealized Losses | -863 | -3,098 |
Estimated Fair Value | 954,573 | 833,846 |
Municipal Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 306,484 | 250,206 |
Gross Unrealized Gains | 1,598 | 817 |
Gross Unrealized Losses | -289 | -1,314 |
Estimated Fair Value | 307,793 | 249,709 |
Corporate Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 227,500 | 192,147 |
Gross Unrealized Gains | 1,742 | 1,678 |
Gross Unrealized Losses | -574 | -1,765 |
Estimated Fair Value | 228,668 | 192,060 |
U.S. Agency Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 27,095 | 39,288 |
Gross Unrealized Gains | 189 | 186 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 27,284 | 39,474 |
Non-U.S. Certificates of Deposit [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 383,758 | 345,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 383,758 | 345,000 |
Non-U.S. Government Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 7,045 | 7,608 |
Gross Unrealized Gains | 25 | 14 |
Gross Unrealized Losses | 0 | -19 |
Estimated Fair Value | $7,070 | $7,603 |
Investments_Investments_Summar
Investments Investments (Summary of Investment Securities, Aggregated by Investment Type and Length of Time) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2013 | Jun. 30, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' |
Fair Value, Less than 12 Months | $144,544 | ' | $144,544 | ' | $234,470 |
Unrealized Loss, Less than 12 Months | -825 | ' | -825 | ' | -3,098 |
Fair Value, Greater than 12 Months | 1,979 | ' | 1,979 | ' | 0 |
Unrealized Loss, Greater than 12 Months | -38 | ' | -38 | ' | 0 |
Fair Value, Total | 146,523 | ' | 146,523 | ' | 234,470 |
Unrealized Loss, Total | -863 | ' | -863 | ' | -3,098 |
Number of Securities with an Unrealized Loss, Less than 12 Months | 71 | ' | 71 | ' | 123 |
Number of Securities with an Unrealized Loss, Greater than 12 Months | 1 | ' | 1 | ' | 0 |
Number of Securities with an Unrealized Loss, Total | 72 | ' | 72 | ' | 123 |
Gain on sale of investments, net | 15 | 48 | 25 | 84 | ' |
Municipal Bonds [Member] | ' | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' |
Fair Value, Less than 12 Months | 61,656 | ' | 61,656 | ' | 126,926 |
Unrealized Loss, Less than 12 Months | -289 | ' | -289 | ' | -1,314 |
Fair Value, Greater than 12 Months | 0 | ' | 0 | ' | 0 |
Unrealized Loss, Greater than 12 Months | 0 | ' | 0 | ' | 0 |
Fair Value, Total | 61,656 | ' | 61,656 | ' | 126,926 |
Unrealized Loss, Total | -289 | ' | -289 | ' | -1,314 |
Corporate Bonds [Member] | ' | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' |
Fair Value, Less than 12 Months | 82,888 | ' | 82,888 | ' | 102,010 |
Unrealized Loss, Less than 12 Months | -536 | ' | -536 | ' | -1,765 |
Fair Value, Greater than 12 Months | 1,979 | ' | 1,979 | ' | 0 |
Unrealized Loss, Greater than 12 Months | -38 | ' | -38 | ' | 0 |
Fair Value, Total | 84,867 | ' | 84,867 | ' | 102,010 |
Unrealized Loss, Total | -574 | ' | -574 | ' | -1,765 |
Non-U.S. Government Securities [Member] | ' | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' |
Fair Value, Less than 12 Months | 0 | ' | 0 | ' | 5,534 |
Unrealized Loss, Less than 12 Months | 0 | ' | 0 | ' | -19 |
Fair Value, Greater than 12 Months | 0 | ' | 0 | ' | 0 |
Unrealized Loss, Greater than 12 Months | 0 | ' | 0 | ' | 0 |
Fair Value, Total | 0 | ' | 0 | ' | 5,534 |
Unrealized Loss, Total | $0 | ' | $0 | ' | ($19) |
Investments_Contractual_Maturi
Investments (Contractual Maturities of Marketable Investments by Type) (Details) (USD $) | Mar. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Within One Year | $499,799 | ' |
After One, Within Five Years | 411,905 | ' |
After Five, Within Ten Years | 42,869 | ' |
After Ten Years | 0 | ' |
Total | 954,573 | 833,846 |
Municipal Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Within One Year | 70,398 | ' |
After One, Within Five Years | 213,400 | ' |
After Five, Within Ten Years | 23,995 | ' |
After Ten Years | 0 | ' |
Total | 307,793 | ' |
Corporate Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Within One Year | 33,506 | ' |
After One, Within Five Years | 176,288 | ' |
After Five, Within Ten Years | 18,874 | ' |
After Ten Years | 0 | ' |
Total | 228,668 | ' |
U.S. Agency Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Within One Year | 8,083 | ' |
After One, Within Five Years | 19,201 | ' |
After Five, Within Ten Years | 0 | ' |
After Ten Years | 0 | ' |
Total | 27,284 | ' |
Non-U.S. Certificates of Deposit [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Within One Year | 383,758 | ' |
After One, Within Five Years | 0 | ' |
After Five, Within Ten Years | 0 | ' |
After Ten Years | 0 | ' |
Total | 383,758 | ' |
Non-U.S. Government Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Within One Year | 4,054 | ' |
After One, Within Five Years | 3,016 | ' |
After Five, Within Ten Years | 0 | ' |
After Ten Years | 0 | ' |
Total | $7,070 | ' |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Financial Instruments Carried at Fair Value) (Details) (USD $) | Mar. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value transfers level 1 to level 2 | $0 | ' |
Fair value transfers, level 2 to level 1 | 0 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 954,573 | 833,846 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash equivalents | 79,716 | 14,598 |
Short-term investments | 954,573 | 833,846 |
Total assets | 1,034,289 | 848,444 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash equivalents | 67,553 | 12,589 |
Short-term investments | 0 | 0 |
Total assets | 67,553 | 12,589 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash equivalents | 12,163 | 2,009 |
Short-term investments | 954,573 | 833,846 |
Total assets | 966,736 | 835,855 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash equivalents | 0 | 0 |
Short-term investments | 0 | 0 |
Total assets | 0 | 0 |
Municipal Bonds [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 307,793 | 249,709 |
Municipal Bonds [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 307,793 | 249,709 |
Municipal Bonds [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 0 | 0 |
Municipal Bonds [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 307,793 | 249,709 |
Municipal Bonds [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 0 | 0 |
Corporate Bonds [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 228,668 | 192,060 |
Corporate Bonds [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 228,668 | 192,060 |
Corporate Bonds [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 0 | 0 |
Corporate Bonds [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 228,668 | 192,060 |
Corporate Bonds [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 0 | 0 |
U.S. Agency Securities [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 27,284 | 39,474 |
U.S. Agency Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 27,284 | 39,474 |
U.S. Agency Securities [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 0 | 0 |
U.S. Agency Securities [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 27,284 | 39,474 |
U.S. Agency Securities [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 0 | 0 |
Non-U.S. Certificates of Deposit [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 383,758 | 345,000 |
Non-U.S. Certificates of Deposit [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 383,758 | 345,000 |
Non-U.S. Certificates of Deposit [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 0 | 0 |
Non-U.S. Certificates of Deposit [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 383,758 | 345,000 |
Non-U.S. Certificates of Deposit [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 0 | 0 |
Non-U.S. Government Securities [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 7,070 | 7,603 |
Non-U.S. Government Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 7,070 | 7,603 |
Non-U.S. Government Securities [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 0 | 0 |
Non-U.S. Government Securities [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 7,070 | 7,603 |
Non-U.S. Government Securities [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 0 | 0 |
Non-U.S. Certificates of Deposit [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash equivalents | 12,163 | 0 |
Non-U.S. Certificates of Deposit [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash equivalents | 0 | 0 |
Non-U.S. Certificates of Deposit [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash equivalents | 12,163 | 0 |
Non-U.S. Certificates of Deposit [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash equivalents | 0 | 0 |
Municipal Bonds [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash equivalents | 0 | 2,009 |
Municipal Bonds [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash equivalents | 0 | 0 |
Municipal Bonds [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash equivalents | 0 | 2,009 |
Municipal Bonds [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash equivalents | 0 | 0 |
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash equivalents | 67,553 | 12,589 |
Money Market Funds [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash equivalents | 67,553 | 12,589 |
Money Market Funds [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash equivalents | 0 | 0 |
Money Market Funds [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash equivalents | $0 | $0 |
Intangible_Assets_Components_o
Intangible Assets (Components of intangible assets, net) (Details) (USD $) | Mar. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, gross | $440,563 | $427,111 |
Finite-lived intangible assets, accumulated amortization | -179,796 | -152,466 |
Finite-lived intangible assets, net | 260,767 | 274,645 |
Trade names, indefinite-lived | 82,880 | 82,880 |
Finite and indefinite intangible assets, gross | 523,443 | 509,991 |
Intangible assets, net | 343,647 | 357,525 |
Customer Relationships [Member] | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, gross | 137,440 | 137,440 |
Finite-lived intangible assets, accumulated amortization | -65,131 | -59,611 |
Finite-lived intangible assets, net | 72,309 | 77,829 |
Developed Technology [Member] | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, gross | 162,760 | 162,760 |
Finite-lived intangible assets, accumulated amortization | -68,260 | -53,476 |
Finite-lived intangible assets, net | 94,500 | 109,284 |
Non-compete Agreements [Member] | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, gross | 10,244 | 10,244 |
Finite-lived intangible assets, accumulated amortization | -5,507 | -4,037 |
Finite-lived intangible assets, net | 4,737 | 6,207 |
Trade Names, finite-lived [Member] | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, gross | 520 | 520 |
Finite-lived intangible assets, accumulated amortization | -510 | -493 |
Finite-lived intangible assets, net | 10 | 27 |
Patent and Licensing Rights [Member] | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, gross | 129,599 | 116,147 |
Finite-lived intangible assets, accumulated amortization | -40,388 | -34,849 |
Finite-lived intangible assets, net | $89,211 | $81,298 |
Intangible_Assets_Intangible_A
Intangible Assets Intangible Assets (Future amortization expense of finite-lived intangible assets) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2013 | Jun. 30, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' | ' |
Amortization of Intangible Assets | $9,500,000 | $9,400,000 | $28,300,000 | $28,200,000 | ' |
June 29, 2014 (remainder of fiscal 2014) | 9,035,000 | ' | 9,035,000 | ' | ' |
28-Jun-15 | 33,973,000 | ' | 33,973,000 | ' | ' |
26-Jun-16 | 33,686,000 | ' | 33,686,000 | ' | ' |
25-Jun-17 | 31,702,000 | ' | 31,702,000 | ' | ' |
24-Jun-18 | 30,534,000 | ' | 30,534,000 | ' | ' |
Thereafter | 121,837,000 | ' | 121,837,000 | ' | ' |
Finite-lived intangible assets, net | $260,767,000 | ' | $260,767,000 | ' | $274,645,000 |
Shareholders_Equity_Narrative_
Shareholders' Equity (Narrative) (Details) (June 29, 2014 Expiration [Member], Common Stock [Member], USD $) | 9 Months Ended | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 30, 2014 | Jun. 29, 2014 |
June 29, 2014 Expiration [Member] | Common Stock [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Stock Repurchase Program, Authorized Amount | ' | $200 |
Repurchased shares | 0 | ' |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) (Common Stock [Member]) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2013 |
Common Stock [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive potential common shares excluded from diluted earnings per share calculation | 3.1 | 2.2 | 2.4 | 8.7 |
Earnings_Per_Share_Basic_Earni
Earnings Per Share (Basic Earnings Per Share Computation) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2013 |
Earnings Per Share, Basic [Abstract] | ' | ' | ' | ' |
Net income | $28,164 | $22,157 | $94,342 | $58,683 |
Weighted average common shares - basic | 121,535 | 116,682 | 120,677 | 116,059 |
Basic earnings per share | $0.23 | $0.19 | $0.78 | $0.51 |
Earnings_Per_Share_Diluted_Ear
Earnings Per Share (Diluted Earnings Per Share Computation) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2013 |
Earnings Per Share, Diluted [Abstract] | ' | ' | ' | ' |
Net income | $28,164 | $22,157 | $94,342 | $58,683 |
Weighted average common shares - basic | 121,535 | 116,682 | 120,677 | 116,059 |
Dilutive effect of stock options, nonvested shares and ESPP purchase rights | 2,160 | 1,926 | 2,463 | 709 |
Weighted average common shares - diluted | 123,695 | 118,608 | 123,140 | 116,768 |
Diluted earnings per share | $0.23 | $0.19 | $0.77 | $0.50 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) | 9 Months Ended |
Mar. 30, 2014 | |
plans | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of equity-based compensation plans | 1 |
Number of opportunities to purchase common stock at discount, per year | 2 |
Employee Stock Purchase Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Maximum contribution of employee's compensation, percentage | 15.00% |
Employee stock plan purchase discount | 15.00% |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary of Outstanding Option Awards) (Details) (Stock Option [Member], USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 30, 2014 |
Stock Option [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Outstanding number of shares at beginning of period | 8,657 |
Granted, number of shares | 2,969 |
Exercised, number of shares | -2,260 |
Forfeited or expired, number of shares | -300 |
Outstanding number of shares at end of period | 9,066 |
Outstanding weighted-average exercise price at beginning of period | $35.67 |
Granted, weighted-average exercise price | $55.21 |
Exercised, weighted-average exercise price | $36.28 |
Forfeited or expired, weighted-average exercise price | $40.20 |
Outstanding weighted-average exercised price at end of period | $41.77 |
StockBased_Compensation_Summar1
Stock-Based Compensation (Summary of Nonvested Shares of Restricted Stock and Stock Unit Awards Outstanding) (Details) (Restricted Stock Awards And Restricted Stock Units [Member], USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 30, 2014 |
Restricted Stock Awards And Restricted Stock Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Nonvested, Number of RSAs/RSUs at beginning of period | 647 |
Granted, Number of RSAs/RSUs | 527 |
Vested, number of RSAs/RSUs | -252 |
Forfeited, number of RSAs/RSUs | -22 |
Nonvested, Number of RSAs/RSUs at end of period | 900 |
Nonvested, weighted-average grant-date fair value at beginning of period | $33.80 |
Granted, weighted-average grant-date fair value | $54.76 |
Vested, weighted-average grant-date fair value | $33.09 |
Forfeited, weighted-average grant-date fair value | $40.37 |
Nonvested, weighted-average grant-date fair value at end of period | $46.11 |
StockBased_Compensation_Total_
Stock-Based Compensation (Total Stock-Based Compensation Expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | $16,011 | $13,915 | $46,261 | $40,945 |
Cost of goods sold [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | 3,129 | 2,334 | 8,357 | 6,875 |
Research and development [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | 3,912 | 3,441 | 11,453 | 10,445 |
Selling, general and administrative Expenses [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | $8,970 | $8,140 | $26,451 | $23,625 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 30, 2014 | Jun. 30, 2013 | Mar. 30, 2014 | Mar. 30, 2014 | Nov. 15, 2013 | Nov. 15, 2013 | Jun. 29, 2014 | Jan. 06, 2010 | Nov. 15, 2013 |
Second Quarter Fiscal 2014 Investment Tax Credit Award [Member] | Second Quarter Fiscal 2014 Investment Tax Credit Award [Member] | Second Quarter Fiscal 2014 Investment Tax Credit Award [Member] | Second Quarter Fiscal 2014 Investment Tax Credit Award [Member] | Second Quarter Fiscal 2014 Investment Tax Credit Award [Member] | Third Quarter Fiscal 2010 Investment Tax Credit Award [Member] | Maximum [Member] | |||
Prior Fiscal Year [Member] | Current Fiscal Year [Member] | Scenario, Forecast [Member] | Second Quarter Fiscal 2014 Investment Tax Credit Award [Member] | ||||||
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
U.S. statutory tax rate | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' |
48C Tax Credit Carryforward, Amount | ' | ' | ' | ' | $15 | $15 | ' | $39 | $30 |
Amount Of Qualified Equipment | ' | ' | ' | 100 | ' | ' | ' | ' | ' |
Investment Credit Period Recognized | ' | ' | ' | '5 years | ' | ' | ' | ' | ' |
Income tax benefit related to award | ' | ' | 0.7 | 4.4 | ' | ' | 5.2 | ' | ' |
Unrecognized tax benefits balance | 18.4 | 2.7 | ' | ' | ' | ' | ' | ' | ' |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 18 | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 2.3 | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 18.4 | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated change in unrecognized tax benefits in next 12 months | $0.20 | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Warranties) (Details) (USD $) | 9 Months Ended |
Mar. 30, 2014 | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ' |
Warranty accrual, beginning balance | $6,171,000 |
Warranties accrued in current period | 3,019,000 |
Changes in estimates for pre-existing warranties | 907,000 |
Expenditures | -3,449,000 |
Warranty accrual, ending balance | 6,648,000 |
Product Warranty Accrual, Long-Term | $1,000,000 |
Minimum [Member] | ' |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ' |
Product Warranty, Range Period | '90 days |
Maximum [Member] | ' |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ' |
Product Warranty, Range Period | '10 years |
Commitments_and_Contingencies_2
Commitments and Contingencies (Litigation) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 29, 2013 | Sep. 29, 2013 | Feb. 19, 2013 | Sep. 07, 2012 | Apr. 02, 2010 | Jun. 07, 2010 | Jan. 31, 2013 | Jan. 31, 2013 |
Cooper Lighting, LLC [Member] | Cooper Lighting, LLC [Member] | Cooper Lighting, LLC [Member] | Illumination Management Solutions, Inc. [Member] | Illumination Management Solutions, Inc. [Member] | Minimum [Member] | |||
Patents | Patents | Patents | Patents | Employees | Illumination Management Solutions, Inc. [Member] | |||
Patents | ||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Gain Contingency, Patents Allegedly Infringed upon, Number | ' | ' | 2 | ' | 2 | ' | ' | ' |
Loss Contingency, Patents Allegedly Infringed, Number | ' | ' | ' | 1 | ' | 2 | ' | 1 |
Loss Contingency, Number of Defendants | ' | ' | ' | ' | ' | ' | 2 | ' |
Gain and Loss Contingency, Claims Settled, Number | 6 | ' | ' | ' | ' | ' | ' | ' |
Gain and Loss Contingency, Claims Settled, Royalty-Free Cross License Period | '7 years | ' | ' | ' | ' | ' | ' | ' |
Gain and Loss Contingency, Claims Settled, Supply Agreement Term | '7 years | ' | ' | ' | ' | ' | ' | ' |
Non-Cash Litigation Settlement Charge | ' | $17.40 | ' | ' | ' | ' | ' | ' |
Indemnification Obligation Refund Related to Business Combination | ' | $17.40 | ' | ' | ' | ' | ' | ' |
Reportable_Segments_Revenues_G
Reportable Segments (Revenues, Gross Profit and Gross Margin, by Segment) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | $405,259 | $348,934 | $1,211,351 | $1,010,973 |
Gross profit | 149,994 | 133,010 | 456,529 | 382,535 |
Gross Profit, Percent | 37.00% | 38.10% | 37.70% | 37.80% |
LED Products [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 201,119 | 195,561 | 634,164 | 584,070 |
Gross profit | 91,634 | 85,728 | 290,931 | 245,381 |
Gross Profit, Percent | 45.60% | 43.80% | 45.90% | 42.00% |
Lighting Products [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 176,691 | 130,659 | 498,265 | 361,446 |
Gross profit | 48,487 | 39,966 | 136,731 | 115,449 |
Gross Profit, Percent | 27.40% | 30.60% | 27.40% | 31.90% |
Power and RF Products [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 27,449 | 22,714 | 78,922 | 65,457 |
Gross profit | 15,675 | 12,033 | 44,452 | 35,253 |
Gross Profit, Percent | 57.10% | 53.00% | 56.30% | 53.90% |
Total Segment Gross Profit [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Gross profit | 155,796 | 137,727 | 472,114 | 396,083 |
Unallocated Costs [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Gross profit | ($5,802) | ($4,717) | ($15,585) | ($13,548) |
Reportable_Segments_Schedule_o
Reportable Segments Schedule of Inventory by Reportable Segment (Details) (USD $) | Mar. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Inventories | $251,234 | $197,001 |
LED Products [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Inventories | 107,392 | 99,835 |
Product Lighting [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Inventories | 133,067 | 87,546 |
Power and RF Products [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Inventories | 6,997 | 6,593 |
Total segment inventories [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Inventories | 247,456 | 193,974 |
Unallocated inventories [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Inventories | $3,778 | $3,027 |