Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Jun. 29, 2014 | Aug. 21, 2014 | Dec. 27, 2013 | |
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-K | ' | ' |
Document Period End Date | 29-Jun-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 120,040,796 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $7,379,080,394 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 29, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $286,824 | $190,069 |
Short-term investments | 875,642 | 833,846 |
Total cash, cash equivalents and short-term investments | 1,162,466 | 1,023,915 |
Accounts receivable, net | 225,160 | 192,507 |
Inventories | 284,780 | 197,001 |
Deferred income taxes | 29,414 | 26,125 |
Prepaid expenses and other current assets | 72,071 | 76,218 |
Total current assets | 1,773,891 | 1,515,766 |
Property and equipment, net | 605,713 | 542,833 |
Goodwill | 616,345 | 616,345 |
Intangible assets, net | 336,423 | 357,525 |
Other assets | 11,997 | 19,941 |
Total assets | 3,344,369 | 3,052,410 |
Current liabilities: | ' | ' |
Accounts payable, trade | 202,294 | 121,441 |
Accrued salaries and wages | 50,527 | 41,407 |
Income taxes payable | 14,848 | 1,315 |
Other current liabilities | 38,986 | 43,248 |
Total current liabilities | 306,655 | 207,411 |
Long-term liabilities: | ' | ' |
Deferred income taxes | 12,173 | 25,504 |
Other long-term liabilities | 35,395 | 12,843 |
Total long-term liabilities | 47,568 | 38,347 |
Commitments and contingencies (Note 12) | ' | ' |
Shareholders’ equity: | ' | ' |
Preferred stock, par value $0.01; 3,000 shares authorized at June 29, 2014 and June 30, 2013; none issued and outstanding | 0 | 0 |
Common stock, par value $0.00125; 200,000 shares authorized at June 29, 2014 and June 30, 2013; 120,114 and 119,623 shares issued and outstanding at June 29, 2014 and June 30, 2013, respectively | 149 | 148 |
Additional paid-in-capital | 2,190,011 | 2,025,764 |
Accumulated other comprehensive income, net of taxes | 11,405 | 8,244 |
Retained earnings | 788,581 | 772,496 |
Total shareholders’ equity | 2,990,146 | 2,806,652 |
Total liabilities and shareholders’ equity | $3,344,369 | $3,052,410 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 29, 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 | 120,114 | 119,623 |
Common stock, shares outstanding | 120,114 | 119,623 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 24, 2012 |
Income Statement [Abstract] | ' | ' | ' |
Revenue, net | $1,647,641 | $1,385,982 | $1,164,658 |
Cost of revenue, net | 1,028,846 | 862,722 | 755,196 |
Gross profit | 618,795 | 523,260 | 409,462 |
Operating expenses: | ' | ' | ' |
Research and development | 181,382 | 155,889 | 143,357 |
Sales, general and administrative | 268,460 | 236,581 | 197,092 |
Amortization or impairment of acquisition-related intangibles | 31,988 | 30,823 | 26,274 |
Loss on disposal or impairment of long-lived assets | 2,690 | 3,473 | 3,481 |
Total operating expenses | 484,520 | 426,766 | 370,204 |
Operating income | 134,275 | 96,494 | 39,258 |
Non-operating income, net | 13,295 | 11,063 | 8,389 |
Income before income taxes | 147,570 | 107,557 | 47,647 |
Income tax expense | 23,379 | 20,632 | 3,235 |
Net income | $124,191 | $86,925 | $44,412 |
Earnings per share: | ' | ' | ' |
Basic | $1.03 | $0.75 | $0.39 |
Diluted | $1.01 | $0.74 | $0.39 |
Weighted average shares used in per share calculation: | ' | ' | ' |
Basic | 120,623 | 116,621 | 114,693 |
Diluted | 122,914 | 117,979 | 115,225 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 24, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $124,191 | $86,925 | $44,412 |
Currency translation gain (loss), net of tax benefit of $0, $36 and $126, respectively | 57 | -53 | -209 |
Net unrealized gain (loss) on available-for-sale securities, net of tax (expense) benefit of ($1,946), $1,724 and $1,059, respectively | 3,104 | -2,836 | -1,749 |
Other comprehensive income (loss) | 3,161 | -2,889 | -1,958 |
Comprehensive income | $127,352 | $84,036 | $42,454 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 24, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Tax benefit on currency translation gain (loss) | $0 | $36 | $126 |
Tax (expense) benefit on net unrealized gain (loss) on available-for-sale securities | ($1,946) | $1,724 | $1,059 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 24, 2012 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $124,191 | $86,925 | $44,412 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 162,971 | 153,301 | 142,709 |
Stock-based compensation | 61,686 | 53,899 | 46,393 |
Excess tax benefit from share-based payment arrangements | -19,235 | -11,390 | -277 |
Impairment of acquisition-related intangibles | 3,200 | 0 | 0 |
Loss on disposal or impairment of long-lived assets | 2,690 | 3,473 | 3,481 |
Amortization of premium/discount on investments | 10,158 | 9,503 | 8,330 |
Changes in operating assets and liabilities, net of effect of acquisition: | ' | ' | ' |
Accounts receivable, net | -32,651 | -40,430 | -9,365 |
Inventories | -87,012 | -8,406 | 26,904 |
Prepaid expenses and other assets | 10,635 | -25,350 | -7,356 |
Accounts payable, trade | 66,297 | 41,800 | -10,105 |
Accrued salaries and wages and other liabilities | 16,378 | 21,909 | -2,846 |
Net cash provided by operating activities | 319,308 | 285,234 | 242,280 |
Cash flows from investing activities: | ' | ' | ' |
Purchases of property and equipment | -178,557 | -77,468 | -95,015 |
Purchases of short-term investments | -625,820 | -724,467 | -345,457 |
Proceeds from maturities of short-term investments | 493,288 | 392,878 | 186,425 |
Proceeds from sale of property and equipment | 117 | 301 | 252 |
Proceeds from sale of short-term investments | 88,890 | 49,307 | 277,463 |
Purchase of acquired business, net of cash acquired | 0 | 0 | -454,605 |
Purchases of patent and licensing rights | -20,183 | -20,858 | -17,204 |
Net cash used in investing activities | -242,265 | -380,307 | -448,141 |
Cash flows from financing activities: | ' | ' | ' |
Net proceeds from issuance of common stock | 100,006 | 96,229 | 5,012 |
Excess tax benefit from share-based payment arrangements | 19,235 | 11,390 | 277 |
Repurchases of common stock | -99,699 | -1,667 | -11,981 |
Net cash provided by (used in) financing activities | 19,542 | 105,952 | -6,692 |
Effects of foreign exchange changes on cash and cash equivalents | 170 | 305 | 840 |
Net increase (decrease) in cash and cash equivalents | 96,755 | 11,184 | -211,713 |
Cash and cash equivalents: | ' | ' | ' |
Beginning of period | 190,069 | 178,885 | 390,598 |
End of period | 286,824 | 190,069 | 178,885 |
Supplemental disclosure of cash flow information: | ' | ' | ' |
Cash paid for income taxes | 10,292 | 24,747 | 17,984 |
Significant non-cash transactions: | ' | ' | ' |
Accrued property and equipment | $15,700 | $3,945 | $3,343 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] |
In Thousands, unless otherwise specified | |||||
Balance at Jun. 26, 2011 | $2,261,564 | $136 | $1,593,530 | $654,807 | $13,091 |
Balance (in shares) at Jun. 26, 2011 | ' | 109,607 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 44,412 | ' | ' | ' | ' |
Currency translation (loss) gain, net of tax benefit | -209 | ' | ' | ' | -209 |
Unrealized (loss) gain on available-for-sale securities, net of tax benefit (expense) | -1,749 | ' | ' | ' | -1,749 |
Comprehensive income | 42,454 | ' | ' | ' | ' |
Income tax benefits from stock option exercises | -354 | ' | -354 | ' | ' |
Repurchased shares | -12,837 | ' | -856 | -11,981 | ' |
Repurchased shares (in shares) | ' | -521 | ' | ' | ' |
Stock-based compensation | 45,784 | ' | 45,784 | ' | ' |
Exercise of stock options and issuance of shares | 223,406 | 8 | 223,398 | ' | ' |
Exercise of stock options and issuance of shares (in shares) | ' | 6,820 | ' | ' | ' |
Balance at Jun. 24, 2012 | 2,560,017 | 144 | 1,861,502 | 687,238 | 11,133 |
Balance (in shares) at Jun. 24, 2012 | ' | 115,906 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 86,925 | ' | ' | ' | ' |
Currency translation (loss) gain, net of tax benefit | -53 | ' | ' | ' | -53 |
Unrealized (loss) gain on available-for-sale securities, net of tax benefit (expense) | -2,836 | ' | ' | ' | -2,836 |
Comprehensive income | 84,036 | ' | ' | ' | ' |
Income tax benefits from stock option exercises | 4,028 | ' | 4,028 | ' | ' |
Repurchased shares | -1,667 | ' | 0 | -1,667 | ' |
Repurchased shares (in shares) | ' | -41 | ' | ' | ' |
Stock-based compensation | 55,074 | ' | 55,074 | ' | ' |
Exercise of stock options and issuance of shares | 105,164 | 4 | 105,160 | ' | ' |
Exercise of stock options and issuance of shares (in shares) | ' | 3,758 | ' | ' | ' |
Balance at Jun. 30, 2013 | 2,806,652 | 148 | 2,025,764 | 772,496 | 8,244 |
Balance (in shares) at Jun. 30, 2013 | 119,623 | 119,623 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 124,191 | ' | ' | ' | ' |
Currency translation (loss) gain, net of tax benefit | 57 | ' | ' | ' | 57 |
Unrealized (loss) gain on available-for-sale securities, net of tax benefit (expense) | 3,104 | ' | ' | ' | 3,104 |
Comprehensive income | 127,352 | ' | ' | ' | ' |
Income tax benefits from stock option exercises | 8,198 | ' | 8,198 | ' | ' |
Repurchased shares | -108,109 | -3 | 0 | -108,106 | ' |
Repurchased shares (in shares) | ' | -2,259 | ' | ' | ' |
Stock-based compensation | 62,415 | ' | 62,415 | ' | ' |
Exercise of stock options and issuance of shares | 93,638 | 4 | 93,634 | ' | ' |
Exercise of stock options and issuance of shares (in shares) | ' | 2,750 | ' | ' | ' |
Balance at Jun. 29, 2014 | $2,990,146 | $149 | $2,190,011 | $788,581 | $11,405 |
Balance (in shares) at Jun. 29, 2014 | 120,114 | 120,114 | ' | ' | ' |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 24, 2012 |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Tax benefit on currency translation gain (loss) | $0 | $36 | $126 |
Tax (expense) benefit on net unrealized gain (loss) on available-for-sale securities | ($1,946) | $1,724 | $1,059 |
Business
Business | 12 Months Ended | |
Jun. 29, 2014 | ||
Business | ' | |
Business | ' | |
Business | ||
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’s LED products consist of LED components, LED chips, and silicon carbide (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 and bulbs. 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 gallium nitride (GaN) and provide improved efficiency, bandwidth and frequency of operation as compared to silicon or gallium arsenide (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. | ||
The Company's three reportable segments are: | ||
• | LED Products | |
• | Lighting Products | |
• | Power and RF Products | |
For financial results by reportable segment, please refer to Note 13, “Reportable Segments.” |
Basis_of_Presentation_and_Summ
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended | ||
Jun. 29, 2014 | |||
Basis of Presentation and Changes in Significant Accounting Policies [Abstract] | ' | ||
Basis of Presentation and Summary of Significant Accounting Policies | ' | ||
Basis of Presentation and Summary of Significant Accounting Policies | |||
Principles of Consolidation | |||
The consolidated financial statements include the accounts of the Company, and its wholly owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. | |||
Fiscal Year | |||
The Company’s fiscal year is a 52 or 53-week period ending on the last Sunday in the month of June. The Company’s 2014 and 2012 fiscal years were 52-week fiscal years and the 2013 fiscal year was a 53-week fiscal year. The Company’s 2015 fiscal year will be a 52-week fiscal year. | |||
Reclassifications | |||
Certain prior period amounts in the accompanying consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on previously reported net income or shareholders’ equity. | |||
Use of Estimates | |||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and the disclosure of contingent assets and liabilities. The Company evaluates its estimates on an ongoing basis, including those related to revenue recognition, product warranty obligations, valuation of inventories, tax related contingencies, valuation of stock-based compensation, valuation of long-lived and intangible assets, other contingencies and litigation, among others. The Company generally bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from those estimates. | |||
Segment Information | |||
U.S. GAAP requires segmentation based on an entity’s internal organization and reporting of revenue and operating income based upon internal accounting methods commonly referred to as the “management approach.” Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (CODM), or decision making group, in deciding how to allocate resources and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined that it currently has three operating and reportable segments. | |||
Cash and Cash Equivalents | |||
Cash and cash equivalents consist of unrestricted cash accounts and highly liquid investments with an original maturity of three months or less when purchased. Cash and cash equivalents are stated at cost, which approximates fair value. The Company holds cash and cash equivalents at several major financial institutions, which often exceed insurance limits set by the Federal Deposit Insurance Corporation (FDIC). The Company has not historically experienced any losses due to such concentration of credit risk. | |||
Investments | |||
Investments in certain securities may be classified into three categories: | |||
• | Held-to-Maturity – Debt securities that the entity has the positive intent and ability to hold to maturity, which are reported at amortized cost. | ||
• | Trading – Debt and equity securities that are bought and held principally for the purpose of selling in the near term, which are reported at fair value, with unrealized gains and losses included in earnings. | ||
• | Available-for-Sale – Debt and equity securities not classified as either held-to-maturity or trading securities, which are reported at fair value with unrealized gains or losses excluded from earnings and reported as a separate component of shareholders’ equity. | ||
The Company reassesses the appropriateness of the classification (i.e. held-to-maturity, trading or available-for-sale) of its investments at the end of each reporting period. | |||
When the fair value of an investment declines below its original cost, the Company considers all available evidence to evaluate whether the decline is other-than-temporary. Among other things, the Company considers the duration and extent of the decline and economic factors influencing the capital markets. For the fiscal years ended June 29, 2014, June 30, 2013, and June 24, 2012, the Company had no other-than-temporary declines below the cost basis of its investments. The Company utilizes specific identification in computing realized gains and losses on the sale of investments. Realized gains and losses on the sale of investments are reported in other income and expense. | |||
Investments in marketable securities with maturities beyond one year may be classified as short-term based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. | |||
Inventories | |||
Inventories are stated at lower of cost or market, with cost determined on a first-in, first-out (FIFO) method or an average cost method; and with market not to exceed net realizable value. The Company writes down its inventory balances for estimates of excess and obsolete amounts. These write-downs are recognized as a component of cost of revenue. At the point of the write-down, a new lower-cost basis for that inventory is established, and any subsequent improvements in facts and circumstances do not result in the restoration or increase in that newly established lower-cost basis. The Company recognized charges for write-downs in inventories of $5.2 million, $12.5 million and $14.7 million, for fiscal 2014, 2013 and 2012, respectively. | |||
Property and Equipment | |||
Property and equipment are stated at cost and depreciated on a straight-line basis over the assets’ estimated useful lives. Leasehold improvements are amortized over the lesser of the asset life or the life of the related lease. In general, the Company’s policy for useful lives is as follows: | |||
Machinery and equipment | 3 to 15 years | ||
Buildings and building improvements | 5 to 40 years | ||
Furniture and fixtures | 3 to 5 years | ||
Aircraft and vehicles | 5 to 20 years | ||
Leasehold improvements | Shorter of estimated useful life or lease term | ||
Expenditures for repairs and maintenance are charged to expense as incurred. The costs for major renewals and improvements are capitalized and depreciated over their estimated useful lives. The cost and related accumulated depreciation of the assets are removed from the accounts upon disposition and any resulting gain or loss is reflected in operating income. | |||
Shipping and Handling Costs | |||
Shipping and handling costs are included in Cost of revenue, net in the Consolidated Statements of Income and are recognized as a period expense during the period in which they are incurred. | |||
Goodwill and Intangible Assets | |||
The Company recognizes the assets acquired and liabilities assumed in business combinations at their respective fair values at the date of acquisition, with any excess purchase price recognized as goodwill. Valuation of intangible assets entails significant estimates and assumptions including, but not limited to, estimating future cash flows from product revenue, developing appropriate discount rates, continuation of customer relationships and renewal of customer contracts, and approximating the useful lives of the intangible assets acquired. | |||
Goodwill | |||
The Company recognizes goodwill as an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The Company tests goodwill for impairment at least annually as of the first day of the fiscal fourth quarter, or when indications of potential impairment exist. The Company monitors for the existence of potential impairment indicators throughout the fiscal year. | |||
The Company conducts impairment testing for goodwill at the reporting unit level. Reporting units may be operating segments as a whole or an operation one level below an operating segment, referred to as a component. The Company has determined that its reporting units are its three operating and reportable segments. | |||
The Company may initiate goodwill impairment testing by considering qualitative factors to determine whether it is more likely than not that a reporting unit’s carrying value is greater than its fair value. Such factors may include the following, among others: a significant decline in the reporting unit’s expected future cash flows; a sustained, significant decline in the Company’s stock price and market capitalization; a significant adverse change in legal factors or in the business climate; unanticipated competition; and slower growth rates; as well as changes in management, key personnel, strategy and customers. If the Company’s qualitative assessment indicates that goodwill impairment is more likely than not, the Company performs the two-step goodwill impairment test. Alternatively, the Company may bypass the qualitative test and initiate goodwill impairment testing with the first step of the two-step goodwill impairment test. | |||
During the first step of the goodwill impairment test, the Company compares the fair value of the reporting unit to its carrying value, including goodwill. The Company derives a reporting unit’s fair value through a combination of the market approach (a guideline transaction method) and the income approach (a discounted cash flow analysis). The income approach utilizes a discount rate from the capital asset pricing model. If all reporting units are analyzed during the first step of the goodwill impairment test, their respective fair values are reconciled back to the Company’s consolidated market capitalization. | |||
If the fair value of a reporting unit exceeds its carrying value, then the Company concludes that no goodwill impairment has occurred. If the carrying value of the reporting unit exceeds its fair value, the Company performs the second step of the goodwill impairment test to measure possible goodwill impairment loss. During the second step, the Company hypothetically values the reporting unit’s tangible and intangible assets and liabilities as if the reporting unit had been acquired in a business combination. Then, the implied fair value of the reporting unit’s goodwill is compared to the carrying value of its goodwill. If the carrying value of the reporting unit’s goodwill exceeds the implied fair value of the goodwill, the Company recognizes an impairment loss in an amount equal to the excess, not to exceed the carrying value of the reporting unit’s goodwill. Once an impairment loss is recognized, the adjusted carrying value of the goodwill becomes the new accounting basis of the goodwill for the reporting unit. | |||
Indefinite-Lived Intangible Assets | |||
The Company’s indefinite-lived intangible assets are tested for impairment at least annually in the fiscal fourth quarter or when indications of potential impairment exist. The Company monitors for the existence of potential impairment indicators throughout the fiscal year. | |||
The Company’s impairment test may begin with a qualitative test to determine whether it is more likely than not that an indefinite-lived intangible asset’s carrying value is greater than its fair value. If the Company’s qualitative assessment indicates that asset impairment is more likely than not, the Company performs a quantitative impairment test by comparing the fair value of the indefinite-lived intangible asset to its carrying value. Alternatively, the Company may bypass the qualitative test and initiate impairment testing with the quantitative impairment test. Determining the fair value of indefinite-lived intangible assets entails significant estimates and assumptions including, but not limited to, determining the timing and expected costs to complete development projects, estimating future cash flows from product revenue, developing appropriate discount rates, estimating probability rates for the successful completion of development projects, continuation of customer relationships and renewal of customer contracts, and approximating the useful lives of the intangible assets acquired. | |||
If the fair value of the indefinite-lived intangible asset exceeds its carrying value, then the Company concludes that no impairment has occurred. If the carrying value of the indefinite-lived intangible asset exceeds its fair value, the Company recognizes an impairment loss in an amount equal to the excess, not to exceed the carrying value. Once an impairment loss is recognized, the adjusted carrying value becomes the new accounting basis of the indefinite-lived intangible asset. | |||
Finite-Lived Intangible Assets | |||
U.S. GAAP requires that intangible assets, other than goodwill and indefinite-lived intangibles, must be amortized over their useful lives. The Company is currently amortizing its acquired intangible assets with finite lives over periods ranging from one to 20 years. | |||
Patent rights reflect costs incurred by the Company in applying for and maintaining patents owned by the Company and costs incurred in purchasing patents and related rights from third parties. Licensing rights reflect costs incurred by the Company in acquiring licenses under patents owned by others. The Company amortizes both on a straight-line basis over the expected useful life of the associated patent rights, which is generally the lesser of 20 years from the date of the patent application or the license period. Royalties payable under licenses for patents owned by others are expensed as incurred. The Company reviews its capitalized patent portfolio and recognizes impairment charges when circumstances warrant, such as when patents have been abandoned or are no longer being pursued. | |||
Long-Lived Assets | |||
The Company reviews long-lived assets such as property and equipment for impairment based on changes in circumstances that indicate their carrying amounts may not be recoverable. In making these determinations, the Company uses certain assumptions, including but not limited to: (1) estimations of the fair market value of the assets and (2) estimations of future cash flows expected to be generated by these assets, which are based on additional assumptions such as asset utilization, length of service the asset will be used in the Company’s operations and estimated salvage values. | |||
Contingent Liabilities | |||
The Company recognizes contingent liabilities when it is probable that an asset has been impaired or a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. Disclosure in the notes to the financial statements is required for loss contingencies that do not meet both these conditions if there is a reasonable possibility that a loss may have been incurred. See Note 12, “Commitments and Contingencies,” for a discussion of loss contingencies in connection with pending and threatened litigation. The Company expenses as incurred the costs of defending legal claims against the Company. | |||
Revenue Recognition | |||
The Company recognizes product revenue when the earnings process is complete, as evidenced by persuasive evidence of an arrangement (typically in the form of a purchase order), when the sales price is fixed or determinable, collection of revenue is reasonably assured, and title and risk of loss have passed to the customer. | |||
The Company provides its customers with limited rights of return for non-conforming shipments and product warranty claims. The Company estimates an allowance for anticipated sales returns based upon an analysis of historical sales returns and other relevant data. The Company recognizes an allowance for non-conforming returns at the time of sale as a reduction of product revenue and as a reduction to the related accounts receivable balance. The Company recognizes a liability for product warranty claims at the time of sale as an increase to cost of revenue. | |||
A substantial portion of the Company’s products are sold through distributors. Distributors stock inventory and sell the Company’s products to their own customer base, which may include: value added resellers; manufacturers who incorporate the Company’s products into their own manufactured goods; or ultimate end users of the Company’s products. The Company recognizes revenue upon shipment of its products to its distributors. This arrangement is often referred to as a “sell-in” or “point-of-purchase” model as opposed to a “sell-through” or “point-of-sale” model, where revenue is deferred and not recognized until the distributor sells the product through to their customer. | |||
Certain of the Company’s distributors are provided limited rights that allow them to return a portion of inventory (product exchange rights or stock rotation rights) and receive credits for changes in selling prices (price protection rights) or customer pricing arrangements under the Company’s “ship and debit” program or other targeted sales incentives. These estimates are calculated based upon historical experience, product shipment analysis, current economic conditions, on-hand inventory at the distributor, and customer contractual arrangements. The Company believes that it can reasonably and reliably estimate the allowance for distributor credits at the time of sale. Accordingly, estimates for these rights are recognized at the time of sale as a reduction of product revenue and as a reduction to the related accounts receivable balance. | |||
From time to time, the Company will issue a new price book for its products, and provide a credit to certain distributors for inventory quantities on hand if required by the Company’s agreement with the distributor. This practice is known as price protection. These credits are applied against the reserve that the Company establishes upon initial shipment of product to the distributor. | |||
Under the ship and debit program, products are sold to distributors at negotiated prices and the distributors are required to pay for the products purchased within the Company’s standard commercial terms. Subsequent to the initial product purchase, a distributor may request a price allowance for a particular part number(s) for certain target customers, prior to the distributor reselling the particular part to that customer. If the Company approves an allowance and the distributor resells the product to the target customer, the Company credits the distributor according to the allowance the Company approved. These credits are applied against the reserve that the Company establishes upon initial shipment of product to the distributor. | |||
In addition, the Company runs sales incentive programs with certain distributors and retailers, such as product rebates and cooperative advertising campaigns. The Company recognizes these incentives at the time they are offered to customers and records a credit to their account with an offsetting expense as either a reduction to revenue, increase to cost of revenue, or marketing expense depending on the type of sales incentive. | |||
From time to time, the Company may enter into licensing arrangements related to its intellectual property. Revenue from licensing arrangements is recognized when earned and estimable. The timing of revenue recognition is dependent on the terms of each license agreement. Generally, the Company will recognize non-refundable upfront licensing fees related to patent licenses immediately upon receipt of the funds if the Company has no significant future obligations to perform under the arrangement. However, the Company will defer recognition for licensing fees where the Company has significant future performance requirements, the fee is not fixed (such as royalties earned as a percentage of future revenue), or the fees are otherwise contingent. | |||
Accounts Receivable | |||
For product revenue, the Company typically invoices its customers at the time of shipment for the sales order value of products shipped. Accounts receivable are recognized at the invoiced amount and are not subject to any interest or finance charges. The Company does not have any off-balance sheet credit exposure related to any of its customers. | |||
Allowance for Doubtful Accounts | |||
The Company evaluates the collectability of accounts receivable based on a combination of factors. In cases where the Company becomes aware of circumstances that may impair a specific customer’s ability to meet its financial obligations subsequent to the original sale, the Company will recognize an allowance against amounts due, and thereby reduce the net recognized receivable to the amount the Company reasonably believes will be collected. For all other customers, the Company recognizes an allowance for doubtful accounts based on the length of time the receivables are past due and consideration of other factors such as industry conditions, the current business environment and the Company’s historical experience. | |||
Advertising | |||
The Company expenses the costs of producing advertisements at the time production occurs and expenses the cost of communicating the advertising in the period in which the advertising is used. Advertising costs are included in Sales, general and administrative expenses in the Consolidated Statements of Income and amounted to approximately $26.6 million, $18.2 million, and $9.7 million for the years ended June 29, 2014, June 30, 2013 and June 24, 2012, respectively. | |||
Research and Development | |||
Research and development activities are expensed when incurred. For contracts under which the Company anticipates that direct costs will exceed amounts to be funded over the life of the contract, costs are reported as Research and development expenses in the Consolidated Statements of Income when incurred, and related funding as an offset of those expenses when funds are received. | |||
Earnings Per Share | |||
Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding for the applicable period. Diluted earnings per share is determined in the same manner as basic earnings per share except that the number of shares is increased to assume exercise of potentially dilutive stock options, nonvested restricted stock and contingently issuable shares using the treasury stock method, unless the effect of such increases would be anti-dilutive. Under the treasury stock method, the amount the employee must pay for exercising stock options, the amount of compensation cost for future service that the Company has not yet recognized, and the amount of tax benefits that would be recognized in additional paid-in capital when the award becomes deductible are assumed to be used to repurchase shares. | |||
Stock-Based Compensation | |||
The Company recognizes compensation expense for all share-based payments granted based on the fair value of the shares on the date of grant. Compensation expense is then recognized over the award’s vesting period. | |||
Fair Value of Financial Instruments | |||
Cash and cash equivalents, short-term investments, accounts and interest receivable, accounts payable and other liabilities approximate their fair values at June 29, 2014 and June 30, 2013 due to the short-term nature of these instruments. | |||
Taxes | |||
Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets are recognized for deductible temporary differences, along with net operating loss carryforwards and credit carryforwards, if it is more likely than not that the tax benefits will be realized. To the extent a deferred tax asset cannot be recognized under the preceding criteria, allowances are established. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. | |||
Taxes payable which are not based on income are accrued ratably over the period to which they apply. For example, payroll taxes are accrued each period end based upon the amount of payroll taxes that are owed as of that date; whereas taxes such as property taxes and franchise taxes are accrued over the fiscal year to which they apply if paid at the end of a period, or they are amortized ratably over the fiscal year if they are paid in advance. | |||
Excise Taxes | |||
The Company presents sales taxes collected from customers and remitted to governmental authorities on a net basis (i.e. excluded from revenue and expenses). | |||
Foreign Currency Translation | |||
Foreign currency translation adjustments are recognized in Other comprehensive income (loss) in the Consolidated Statements of Comprehensive Income for changes between the foreign subsidiaries’ functional currency and the United States (U.S.) dollar. Foreign currency translation gains and losses are included in the Company’s equity account balance of Accumulated other comprehensive income, net of taxes in the Consolidated Balance Sheets until such time that the subsidiaries are either sold or substantially liquidated. | |||
Because the Company and its subsidiaries transact business in currencies other than the U.S. Dollar, the Company will continue to experience varying amounts of foreign currency exchange gains and losses for subsidiaries with U.S. dollar functional currency. | |||
Recently Adopted Accounting Pronouncements | |||
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, a Similar Tax Loss, 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 carryforward 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 retrospectively 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. | |||
Recently Issued Accounting Pronouncements | |||
Revenue from Contracts with Customers | |||
In May 2014, the FASB issued ASU No. 2014-09: Revenue from Contracts with Customers (Topic 606). The ASU establishes a principles-based approach for accounting for revenue arising from contracts with customers and supersedes existing revenue recognition guidance. The ASU provides that an entity should apply a five-step approach for recognizing revenue, including (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, the entity satisfies a performance obligation. Also, the entity must provide various disclosures concerning the nature, amount and timing of revenue and cash flows arising from contracts with customers. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016 and early application is not permitted. The Company is currently analyzing the impact of this new accounting guidance. |
Acquisitions
Acquisitions | 12 Months Ended | |||
Jun. 29, 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. 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 amounts of revenue, operating loss and net loss of Ruud Lighting in the Consolidated Statements of Income from and including August 17, 2011 to June 24, 2012 were as follows (in thousands, except per share data): | ||||
Since acquisition date to | ||||
June 24, | ||||
2012 | ||||
Revenue | $204,353 | |||
Operating loss | (1,985 | ) | ||
Net loss | (2,334 | ) | ||
Basic net loss per share | ($0.02 | ) | ||
Diluted net loss per share | ($0.02 | ) | ||
The following unaudited pro forma information presents a summary of the Company’s consolidated results of operations as if the Ruud Lighting acquisition occurred at the beginning of the fiscal year ended June 24, 2012 (in thousands, except per share data). | ||||
Fiscal Year Ended | ||||
June 24, | ||||
2012 | ||||
Revenue | $1,194,990 | |||
Operating income | 37,551 | |||
Net income | 42,399 | |||
Earnings per share, basic | $0.37 | |||
Earnings per share, diluted | $0.37 | |||
The total revenue for Ruud Lighting included in the pro forma table above was $235.8 million for the year ended June 24, 2012. This amount has been calculated after applying the Company’s accounting policies and adjusting the results of Ruud Lighting to give effect to events that are directly attributable to the Ruud Lighting acquisition, including the elimination of revenue from Ruud Lighting prior to acquisition, additional depreciation and amortization that would have been charged assuming the fair value adjustments (primarily to property and equipment and intangible assets) had been applied at the beginning of the 2012 fiscal year, together with the consequential tax effects. Excluded from the pro forma net income and the earnings per share amounts for the year ended June 24, 2012 are one-time transaction costs attributable to the Ruud Lighting acquisition of $3.1 million. These transaction costs were included in Sales, general and administrative expense in the Consolidated Statements of Income. This supplemental pro forma information has been prepared for comparative purposes and does not purport to be indicative of what would have occurred had the acquisition been made at the beginning of the 2012 fiscal year, nor is it indicative of any future results. Ruud Lighting is included in the Lighting Products segment. |
Financial_Statement_Details
Financial Statement Details | 12 Months Ended | ||||||||||||||
Jun. 29, 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): | |||||||||||||||
June 29, | June 30, | ||||||||||||||
2014 | 2013 | ||||||||||||||
Billed trade receivables | $255,374 | $220,307 | |||||||||||||
Unbilled contract receivables | 1,557 | 1,171 | |||||||||||||
256,931 | 221,478 | ||||||||||||||
Allowance for sales returns, discounts and other incentives | (29,010 | ) | (26,500 | ) | |||||||||||
Allowance for bad debts | (2,761 | ) | (2,471 | ) | |||||||||||
Accounts receivable, net | $225,160 | $192,507 | |||||||||||||
The following table summarizes the changes in the Company’s allowance for sales returns, discounts and other incentives (in thousands): | |||||||||||||||
Fiscal Years Ended | |||||||||||||||
June 29, | June 30, | June 24, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Balance at beginning of period | $26,500 | $20,681 | $19,615 | ||||||||||||
Current period claims | (115,568 | ) | (84,983 | ) | (67,773 | ) | |||||||||
Provision for sales returns, discounts and other incentives | 118,078 | 90,802 | 68,839 | ||||||||||||
Balance at end of period | $29,010 | $26,500 | $20,681 | ||||||||||||
The following table summarizes the changes in the Company’s allowance for bad debts (in thousands): | |||||||||||||||
Fiscal Years Ended | |||||||||||||||
June 29, | June 30, | June 24, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Balance at beginning of period | $2,471 | $1,782 | $753 | ||||||||||||
Current period provision | 903 | 801 | 1,029 | ||||||||||||
Write-offs, net of recoveries | (613 | ) | (112 | ) | — | ||||||||||
Balance at end of period | $2,761 | $2,471 | $1,782 | ||||||||||||
Inventories | |||||||||||||||
The following table summarizes the components of inventories (in thousands): | |||||||||||||||
June 29, | June 30, | ||||||||||||||
2014 | 2013 | ||||||||||||||
Raw material | $95,594 | $62,253 | |||||||||||||
Work-in-progress | 92,889 | 68,146 | |||||||||||||
Finished goods | 96,297 | 66,602 | |||||||||||||
Inventories | $284,780 | $197,001 | |||||||||||||
Property and Equipment, net | |||||||||||||||
The following table summarizes the components of property and equipment, net (in thousands): | |||||||||||||||
June 29, | June 30, | ||||||||||||||
2014 | 2013 | ||||||||||||||
Furniture and fixtures | $12,822 | $11,268 | |||||||||||||
Land and buildings | 355,044 | 333,761 | |||||||||||||
Machinery and equipment | 1,046,878 | 924,076 | |||||||||||||
Aircraft and vehicles | 16,292 | 16,250 | |||||||||||||
Computer hardware/software | 35,446 | 32,405 | |||||||||||||
Leasehold improvements and other | 18,890 | 18,566 | |||||||||||||
Construction in progress | 85,068 | 54,447 | |||||||||||||
1,570,440 | 1,390,773 | ||||||||||||||
Accumulated depreciation | (964,727 | ) | (847,940 | ) | |||||||||||
Property and equipment, net | $605,713 | $542,833 | |||||||||||||
Depreciation of property and equipment totaled $125.3 million, $115.5 million and $110.6 million for the years ended June 29, 2014, June 30, 2013 and June 24, 2012, respectively. | |||||||||||||||
During the years ended June 29, 2014, June 30, 2013 and June 24, 2012, the Company recognized approximately $1.3 million, $1.9 million and $2.6 million, respectively, as losses on disposals or impairments of property and equipment. These charges are reflected in Loss on disposal or impairment of long-lived assets in the Consolidated Statements of Income. | |||||||||||||||
Other Current Liabilities | |||||||||||||||
The following table summarizes the components of other current liabilities (in thousands): | |||||||||||||||
June 29, | June 30, | ||||||||||||||
2014 | 2013 | ||||||||||||||
Accrued taxes | $19,835 | $21,436 | |||||||||||||
Accrued professional fees | 5,373 | 4,493 | |||||||||||||
Accrued warranty | 5,842 | 5,259 | |||||||||||||
Accrued other | 7,936 | 12,060 | |||||||||||||
Other current liabilities | $38,986 | $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): | |||||||||||||||
June 29, | June 30, | ||||||||||||||
2014 | 2013 | ||||||||||||||
Currency translation gain | $8,549 | $8,492 | |||||||||||||
Net unrealized gain (loss) on available-for-sale securities | 2,856 | (248 | ) | ||||||||||||
Accumulated other comprehensive income, net of taxes | $11,405 | $8,244 | |||||||||||||
Non-Operating Income, net | |||||||||||||||
The following table summarizes the components of non-operating income, net (in thousands): | |||||||||||||||
Fiscal Years Ended | |||||||||||||||
June 29, | June 30, | June 24, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Foreign currency gain, net | $45 | $735 | $171 | ||||||||||||
Gain on sale of investments, net | 68 | 111 | 994 | ||||||||||||
Interest income, net | 11,932 | 7,882 | 7,457 | ||||||||||||
Other, net | 1,250 | 2,335 | (233 | ) | |||||||||||
Non-operating income, net | $13,295 | $11,063 | $8,389 | ||||||||||||
Reclassifications Out of Accumulated Other Comprehensive Income, net of taxes | |||||||||||||||
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 Consolidated Statements of Income | |||||||||||||
Fiscal Years Ended | |||||||||||||||
June 29, | June 30, | June 24, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Net unrealized gain on available-for-sale securities, net of taxes | $68 | $107 | $994 | Non-operating income, net | |||||||||||
68 | 107 | 994 | Income before income taxes | ||||||||||||
11 | 21 | 68 | Income tax expense | ||||||||||||
$57 | $86 | $926 | Net income | ||||||||||||
Investments
Investments | 12 Months Ended | |||||||||||||||||||||||
Jun. 29, 2014 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Investments | ' | |||||||||||||||||||||||
Investments | ||||||||||||||||||||||||
Investments consist of municipal bonds, corporate bonds, U.S. agency securities, non-U.S. certificates of deposit and non-U.S. government securities. All investments are short-term and classified as available-for-sale. | ||||||||||||||||||||||||
The following table summarizes short-term investments (in thousands): | ||||||||||||||||||||||||
June 29, 2014 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
Municipal bonds | $291,869 | $2,323 | ($12 | ) | $294,180 | |||||||||||||||||||
Corporate bonds | 200,177 | 2,283 | (114 | ) | 202,346 | |||||||||||||||||||
U.S. agency securities | 18,994 | 141 | — | 19,135 | ||||||||||||||||||||
Non-U.S. certificates of deposit | 352,928 | — | — | 352,928 | ||||||||||||||||||||
Non-U.S. government securities | 7,025 | 28 | — | 7,053 | ||||||||||||||||||||
Total short-term investments | $870,993 | $4,775 | ($126 | ) | $875,642 | |||||||||||||||||||
The following table presents the gross unrealized losses and estimated fair value of the Company’s short-term investments, aggregated by investment type and the length of time that individual securities have been in a continuous unrealized loss position (in thousands, except numbers of securities): | ||||||||||||||||||||||||
June 29, 2014 | ||||||||||||||||||||||||
Less than 12 Months | Greater than 12 Months | Total | ||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
Loss | Loss | Loss | ||||||||||||||||||||||
Municipal bonds | $7,906 | ($8 | ) | $1,520 | ($4 | ) | $9,426 | ($12 | ) | |||||||||||||||
Corporate bonds | 15,696 | (31 | ) | 13,049 | (83 | ) | 28,745 | (114 | ) | |||||||||||||||
U.S. agency securities | — | — | — | — | — | — | ||||||||||||||||||
Non-U.S. certificates of deposit | — | — | — | — | — | — | ||||||||||||||||||
Non-U.S. government securities | — | — | — | — | — | — | ||||||||||||||||||
Total | $23,602 | ($39 | ) | $14,569 | ($87 | ) | $38,171 | ($126 | ) | |||||||||||||||
Number of securities with an unrealized loss | 13 | 7 | 20 | |||||||||||||||||||||
The following table summarizes short-term investments (in thousands): | ||||||||||||||||||||||||
June 30, 2013 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair 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 short-term investments | $834,249 | $2,695 | ($3,098 | ) | $833,846 | |||||||||||||||||||
The following table presents the gross unrealized losses and estimated fair value of the Company’s short-term investments, aggregated by investment type and the length of time that individual securities have been in a continuous unrealized loss position (in thousands, except numbers of securities): | ||||||||||||||||||||||||
June 30, 2013 | ||||||||||||||||||||||||
Less than 12 Months | Greater than 12 Months | Total | ||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
Loss | Loss | Loss | ||||||||||||||||||||||
Municipal bonds | $126,926 | ($1,314 | ) | $— | $— | $126,926 | ($1,314 | ) | ||||||||||||||||
Corporate bonds | 102,010 | (1,765 | ) | — | — | 102,010 | (1,765 | ) | ||||||||||||||||
U.S. agency securities | — | — | — | — | — | — | ||||||||||||||||||
Non-U.S. certificates of deposit | — | — | — | — | — | — | ||||||||||||||||||
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 fiscal year ended June 29, 2014 of $68 thousand were included in Non-operating income, net in the Consolidated Statements of Income 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 considered declines in its investments to be temporary in nature, and did not consider its investments to be impaired as of June 29, 2014 and June 30, 2013. | ||||||||||||||||||||||||
The contractual maturities of short-term investments at June 29, 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 | $54,105 | $213,308 | $26,767 | $— | $294,180 | |||||||||||||||||||
Corporate bonds | 18,992 | 154,351 | 29,003 | — | 202,346 | |||||||||||||||||||
U.S. agency securities | 3,008 | 16,127 | — | — | 19,135 | |||||||||||||||||||
Non-U.S. certificates of deposit | 352,928 | — | — | — | 352,928 | |||||||||||||||||||
Non-U.S. government securities | 4,032 | 3,021 | — | — | 7,053 | |||||||||||||||||||
Total short-term investments | $433,065 | $386,807 | $55,770 | $— | $875,642 | |||||||||||||||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | |||||||||||||||||||||||||||||||
Jun. 29, 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 and discounted cash flows. 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 June 29, 2014, financial assets utilizing Level 1 inputs included money market funds, and 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 service’s 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 did not have any financial assets requiring the use of Level 3 inputs as of June 29, 2014. There were no transfers between Level 1 and Level 2 during the year ended June 29, 2014. | ||||||||||||||||||||||||||||||||
The following table sets forth financial instruments carried at fair value within the U.S. GAAP hierarchy (in thousands): | ||||||||||||||||||||||||||||||||
June 29, 2014 | June 30, 2013 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Cash equivalents | ||||||||||||||||||||||||||||||||
Municipal bonds | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,009 | $ | — | $ | 2,009 | ||||||||||||||||
Money market funds | 40,031 | — | — | 40,031 | 12,589 | — | — | 12,589 | ||||||||||||||||||||||||
Total cash equivalents | 40,031 | — | — | 40,031 | 12,589 | 2,009 | — | 14,598 | ||||||||||||||||||||||||
Short-term investments | ||||||||||||||||||||||||||||||||
Municipal bonds | — | 294,180 | — | 294,180 | — | 249,709 | — | 249,709 | ||||||||||||||||||||||||
Corporate bonds | — | 202,346 | — | 202,346 | — | 192,060 | — | 192,060 | ||||||||||||||||||||||||
U.S. agency securities | — | 19,135 | — | 19,135 | — | 39,474 | — | 39,474 | ||||||||||||||||||||||||
Non-U.S. certificates of deposit | — | 352,928 | — | 352,928 | — | 345,000 | — | 345,000 | ||||||||||||||||||||||||
Non-U.S. government securities | — | 7,053 | — | 7,053 | — | 7,603 | — | 7,603 | ||||||||||||||||||||||||
Total short-term investments | — | 875,642 | — | 875,642 | — | 833,846 | — | 833,846 | ||||||||||||||||||||||||
Total assets | $40,031 | $875,642 | $— | $915,673 | $12,589 | $835,855 | $— | $848,444 | ||||||||||||||||||||||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | |||||||||||||||||||||||
Jun. 29, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||||||||||||
Goodwill and Intangible Assets | ||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
The Company’s reporting units for goodwill impairment testing are: | ||||||||||||||||||||||||
• | LED Products | |||||||||||||||||||||||
• | Lighting Products | |||||||||||||||||||||||
• | Power and RF Products | |||||||||||||||||||||||
As of the first day of the fourth quarter of fiscal 2014, the Company performed a qualitative goodwill impairment assessment on each reporting unit. The Company determined that the fair value of each reporting unit was more likely than not greater than its carrying value, and therefore a quantitative goodwill impairment assessment was not required. Goodwill by reporting unit as of June 29, 2014 and June 30, 2013 was as follows (in thousands): | ||||||||||||||||||||||||
LED Products | Lighting Products | Power and RF Products | Consolidated Total | |||||||||||||||||||||
$245,857 | $337,781 | $32,707 | $616,345 | |||||||||||||||||||||
Intangible Assets | ||||||||||||||||||||||||
The following table presents the components of intangible assets, net (in thousands): | ||||||||||||||||||||||||
June 29, 2014 | June 30, 2013 | |||||||||||||||||||||||
Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||||
Intangible assets with finite lives: | ||||||||||||||||||||||||
Customer relationships | $137,440 | ($66,970 | ) | $70,470 | $137,440 | ($59,611 | ) | $77,829 | ||||||||||||||||
Developed technology | 162,760 | (72,921 | ) | 89,839 | 162,760 | (53,476 | ) | 109,284 | ||||||||||||||||
Non-compete agreements | 10,244 | (5,997 | ) | 4,247 | 10,244 | (4,037 | ) | 6,207 | ||||||||||||||||
Trade names, finite-lived | 520 | (516 | ) | 4 | 520 | (493 | ) | 27 | ||||||||||||||||
Patent and licensing rights | 134,607 | (42,424 | ) | 92,183 | 116,147 | (34,849 | ) | 81,298 | ||||||||||||||||
Total intangible assets with finite lives | 445,571 | (188,828 | ) | 256,743 | 427,111 | (152,466 | ) | 274,645 | ||||||||||||||||
Trade names, indefinite-lived | 79,680 | 79,680 | 82,880 | 82,880 | ||||||||||||||||||||
Total intangible assets | $525,251 | ($188,828 | ) | $336,423 | $509,991 | ($152,466 | ) | $357,525 | ||||||||||||||||
Total amortization of finite-lived intangible assets was $37.7 million, $37.8 million and $32.1 million for the years ended June 29, 2014, June 30, 2013 and June 24, 2012, respectively. | ||||||||||||||||||||||||
As of the first day of the fourth quarter of fiscal 2014, the Company performed a qualitative impairment assessment on each of the Company’s indefinite-lived trade names. The Company determined that, with the exception of the Ruud Lighting trade name, the fair value of each indefinite-lived trade name was more likely than not greater than its carrying value and therefore a quantitative impairment assessment was not required. With respect to the Ruud Lighting trade name, the Company determined that this trade name has a finite useful life and therefore performed a quantitative impairment assessment. As a result of the quantitative impairment assessment, the Company recognized a $3.2 million impairment of the Ruud Lighting trade name. | ||||||||||||||||||||||||
The Company invested $20.2 million, $20.9 million and $17.2 million for the years ended June 29, 2014, June 30, 2013 and June 24, 2012, respectively, for patent and licensing rights. For the fiscal years ended June 29, 2014, June 30, 2013 and June 24, 2012, the Company recognized $1.4 million, $1.6 million and $0.8 million, respectively, in impairment charges related to its patent portfolio. | ||||||||||||||||||||||||
Total future amortization expense of finite-lived intangible assets is estimated to be as follows (in thousands): | ||||||||||||||||||||||||
Fiscal Year Ending | ||||||||||||||||||||||||
June 28, 2015 | $34,390 | |||||||||||||||||||||||
June 26, 2016 | 34,099 | |||||||||||||||||||||||
June 25, 2017 | 32,106 | |||||||||||||||||||||||
June 24, 2018 | 30,927 | |||||||||||||||||||||||
June 30, 2019 | 18,390 | |||||||||||||||||||||||
Thereafter | 106,831 | |||||||||||||||||||||||
Total future amortization expense | $256,743 | |||||||||||||||||||||||
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | ||
Jun. 29, 2014 | |||
Stockholders' Equity Note [Abstract] | ' | ||
Shareholders' Equity | ' | ||
Shareholders’ Equity | |||
In August 2011, in connection with the acquisition of Ruud Lighting, the Company issued 6.1 million shares of common stock valued at approximately $211.0 million. The shares issued in connection with the acquisition were subject to certain transfer restrictions under the Stock Purchase Agreement that lapsed with respect to 25% of the shares held at the completion of each of the following four successive six-month periods, such that all restrictions had lapsed by the second anniversary of the closing. | |||
On May 6, 2014, the Board of Directors (the Board) approved an increase in the amount of the Company’s stock repurchase program. Pursuant to the program, the Company is now authorized to repurchase shares of its common stock having an aggregate purchase price not exceeding $300 million for all purchases from June 20, 2013 through the new expiration of the program on June 28, 2015. | |||
During the fourth quarter of fiscal 2014, the Company repurchased 2.1 million shares of its common stock under the program at an average price of $47.11 per share with an aggregate value of $99.6 million. After the repurchase, $200.4 million in aggregate purchase price value remained available under the Company’s stock repurchase program. The repurchase program can be implemented through open market or privately negotiated transactions at the discretion of the Company’s management. The Company will continue to determine the time and extent of any repurchases based on its evaluation of market conditions and other factors. Since the inception of the predecessor stock repurchase program in January 2001, the Company has repurchased 12.4 million shares of its common stock at an average price of $24.57 per share with an aggregate value of $305.1 million. | |||
On May 29, 2002, the Board adopted a shareholder rights plan, pursuant to which stock purchase rights were distributed to shareholders at a rate of one right with respect to each share of common stock held of record as of June 10, 2002. Subsequently issued shares of common stock also carry stock purchase rights under the plan. The rights plan is designed to enhance the Board’s ability to prevent an acquirer from depriving shareholders of the long-term value of their investment and to protect shareholders against attempts to acquire the Company by means of unfair or abusive takeover tactics. Unless terminated by the Board, the rights become exercisable based upon certain limited conditions related to acquisitions of stock, tender offers and certain business combinations involving the Company. The shareholder rights plan includes a review mechanism requiring the independent members of the Board to review and evaluate the plan at least every three years to consider whether the maintenance of the plan continues to be in the best interests of the Company and its shareholders and to communicate their conclusion to the Board. The Board has delegated this responsibility to the Governance and Nominations Committee, which is composed of all independent directors of the Board. On April 24, 2012, the shareholder rights plan was amended and restated to, among other things, extend the expiration date from June 10, 2012 to September 30, 2018, and to remove provisions in the rights plan stipulating that certain actions can be taken only with the concurrence of a majority of the members of the Board who are not affiliated with an acquiring person (more specifically, those who are “Continuing Directors,” as defined in the original rights plan adopted in 2002). On January 29, 2013, the shareholder rights plan was amended solely to change the expiration date from September 30, 2018 to April 24, 2017. | |||
At June 29, 2014, the Company had reserved a total of approximately 19.0 million shares of its common stock and 0.2 million shares of its Series A preferred stock for future issuance as follows (in thousands): | |||
Number of | |||
Shares | |||
For exercise of outstanding common stock options | 8,922 | ||
For vesting of outstanding stock units | 549 | ||
For future equity awards under 2013 Long-Term Incentive Compensation Plan | 7,182 | ||
For future issuance under the Non-Employee Director Stock Compensation and Deferral Program | 100 | ||
For future issuance to employees under the 2005 Employee Stock Purchase Plan | 2,200 | ||
Total common shares reserved | 18,953 | ||
Series A preferred stock reserved for exercise of rights issued under shareholder rights plan | 200 | ||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Jun. 29, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share | ' | |||||||||||
Earnings Per Share | ||||||||||||
The following presents the computation of basic earnings per share (in thousands, except per share amounts): | ||||||||||||
Fiscal Years Ended | ||||||||||||
June 29, | June 30, | June 24, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Basic: | ||||||||||||
Net income | $124,191 | $86,925 | $44,412 | |||||||||
Weighted average common shares | 120,623 | 116,621 | 114,693 | |||||||||
Basic earnings per share | $1.03 | $0.75 | $0.39 | |||||||||
The following computation reconciles the differences between the basic and diluted earnings per share presentations (in thousands, except per share amounts): | ||||||||||||
Fiscal Years Ended | ||||||||||||
June 29, | June 30, | June 24, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Diluted: | ||||||||||||
Net income | $124,191 | $86,925 | $44,412 | |||||||||
Weighted average common shares - basic | 120,623 | 116,621 | 114,693 | |||||||||
Dilutive effect of stock options, nonvested shares and Employee Stock Purchase Plan purchase rights | 2,291 | 1,358 | 532 | |||||||||
Weighted average common shares - diluted | 122,914 | 117,979 | 115,225 | |||||||||
Diluted earnings per share | $1.01 | $0.74 | $0.39 | |||||||||
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 fiscal years ended June 29, 2014, June 30, 2013 and June 24, 2012, there were 2.6 million, 2.4 million and 7.0 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 | 12 Months Ended | ||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
Stock-Based Compensation | |||||||||||||||||
Overview of Employee Stock-Based Compensation Plans | |||||||||||||||||
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. As with non-performance based awards, compensation expense is recognized over the vesting period. The vesting period runs from the date of grant to the expected date that the performance objective is likely to be achieved. | |||||||||||||||||
The 2013 Long-Term Incentive Compensation Plan provides for awards in the form of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units and other awards. As of June 29, 2014, there were 7.3 million shares authorized for issuance under the plan and 7.2 million shares remaining for future grants. Awards issued under the plan to date include non-qualified stock options, restricted stock, restricted stock units, performance shares and performance units. | |||||||||||||||||
The Company also has an Employee Stock Purchase Plan (ESPP) that provides employees with the opportunity to purchase common stock at a discount. As of June 29, 2014, there were 4.5 million shares authorized for issuance under the ESPP, as amended, with 2.2 million shares remaining for future issuance. The ESPP limits employee contributions to 15% of each employee’s compensation (as defined in the plan) and originally allowed employees to purchase shares at a 15% discount to the fair market value of common stock on the purchase date two times per year. The ESPP was amended in the second quarter of fiscal 2012 to increase the six-month participation period to a twelve-month participation period, divided into two equal six-month purchase periods, and to provide for 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 amendment also provides for an automatic reset feature to start participants on a new twelve-month participation period if the fair market value of common stock declines during the first six-month purchase period. | |||||||||||||||||
Stock Option Awards | |||||||||||||||||
The following table summarizes option activity as of June 29, 2014 and changes during the fiscal year then ended (total and shares in thousands): | |||||||||||||||||
Number of | Weighted Average | Weighted Average | Total | ||||||||||||||
Shares | Exercise price | Remaining | Intrinsic Value | ||||||||||||||
Contractual Term | |||||||||||||||||
Outstanding at June 30, 2013 | 8,657 | $35.67 | |||||||||||||||
Granted | 3,012 | 55.14 | |||||||||||||||
Exercised | (2,339 | ) | 36.08 | ||||||||||||||
Forfeited or expired | (408 | ) | 42 | ||||||||||||||
Outstanding at June 29, 2014 | 8,922 | $41.85 | 4.74 | $89,311 | |||||||||||||
Vested and expected to vest at June 29, 2014 | 8,709 | $41.65 | 4.71 | $88,445 | |||||||||||||
Exercisable at June 29, 2014 | 3,311 | $40.56 | 3.36 | $36,759 | |||||||||||||
The total intrinsic value in the table above represents the total pretax intrinsic value, which is the total difference between the closing price of the Company’s common stock on June 27, 2014 (the last trading day of fiscal 2014) of $48.48 and the exercise price for in-the-money options that would have been received by the holders if all instruments had been exercised on June 29, 2014. As of June 29, 2014, there was $54.0 million of unrecognized compensation cost related to nonvested stock options, which is expected to be recognized over a weighted average period of 1.56 years. | |||||||||||||||||
The following table summarizes information about stock options outstanding and exercisable at June 29, 2014 (shares in thousands): | |||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||
Range of Exercise Price | Number | Weighted Average | Weighted Average Exercise Price | Number | Weighted Average Exercise Price | ||||||||||||
Remaining Contractual | |||||||||||||||||
Life (Years) | |||||||||||||||||
$0.01 to $27.47 | 428 | 2.38 | $23.53 | 325 | $23.11 | ||||||||||||
$27.48 to $27.77 | 2,188 | 5.16 | 27.77 | 497 | 27.77 | ||||||||||||
$27.78 to $35.89 | 2,031 | 3.69 | 32.31 | 1,174 | 33.17 | ||||||||||||
$35.90 to $54.26 | 232 | 4.8 | 48.1 | 131 | 48.42 | ||||||||||||
$54.27 to $75.55 | 4,043 | 5.3 | 55.85 | 1,184 | 57.19 | ||||||||||||
Total | 8,922 | 4.74 | $41.85 | 3,311 | $40.56 | ||||||||||||
Other information pertaining to the Company’s stock option awards is as follows (in thousands, except per share data): | |||||||||||||||||
Fiscal Years Ended | |||||||||||||||||
June 29, | June 30, | June 24, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Weighted average grant date fair value per share of options | $19.31 | $12.05 | $11.67 | ||||||||||||||
Total intrinsic value of options exercised | $67,044 | $62,145 | $1,605 | ||||||||||||||
Restricted Stock Awards and Units | |||||||||||||||||
A summary of nonvested restricted stock awards (RSAs) and restricted stock unit awards (RSUs) outstanding as of June 29, 2014 and changes during the year then ended is 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 | (287 | ) | 32.44 | ||||||||||||||
Forfeited | (27 | ) | 42.83 | ||||||||||||||
Nonvested at June 29, 2014 | 860 | $46.81 | |||||||||||||||
As of June 29, 2014, there was $25.7 million of unrecognized compensation cost related to nonvested awards, which is expected to be recognized over a weighted average period of 3.48 years. | |||||||||||||||||
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): | |||||||||||||||||
Fiscal Years Ended | |||||||||||||||||
Income Statement Classification: | June 29, | June 30, | June 24, | ||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Cost of revenue, net | $11,353 | $9,389 | $7,713 | ||||||||||||||
Research and development | 15,392 | 13,429 | 10,378 | ||||||||||||||
Sales, general and administrative | 34,941 | 31,081 | 28,302 | ||||||||||||||
Total stock-based compensation expense | $61,686 | $53,899 | $46,393 | ||||||||||||||
The weighted average assumptions used to value stock option grants were as follows: | |||||||||||||||||
Fiscal Years Ended | |||||||||||||||||
Stock Option Grants: | June 29, | June 30, | June 24, | ||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Risk-free interest rate | 1.16 | % | 0.42 | % | 0.47 | % | |||||||||||
Expected life, in years | 3.8 | 3.64 | 3.63 | ||||||||||||||
Expected volatility | 44.5 | % | 56.8 | % | 51.7 | % | |||||||||||
Dividend yield | — | — | — | ||||||||||||||
The following describes each of these assumptions and the Company’s methodology for determining each assumption: | |||||||||||||||||
Risk-Free Interest Rate | |||||||||||||||||
The Company estimates the risk-free interest rate using the U.S. Treasury bill rate with a remaining term equal to the expected life of the award. | |||||||||||||||||
Expected Life | |||||||||||||||||
The expected life represents the period that the stock option awards are expected to be outstanding. In determining the appropriate expected life of its stock options, the Company segregates its grantees into categories based upon employee levels that are expected to be indicative of similar option-related behavior. The expected useful lives for each of these categories are then estimated giving consideration to (1) the weighted average vesting periods, (2) the contractual lives of the stock options, (3) the relationship between the exercise price and the fair market value of the Company’s common stock, (4) expected employee turnover, (5) the expected future volatility of the Company’s common stock, and (6) past and expected exercise behavior, among other factors. | |||||||||||||||||
Expected Volatility | |||||||||||||||||
The Company estimates expected volatility giving consideration to the expected life of the respective award, the Company’s current expected growth rate, implied volatility in traded options for its common stock, and the historical volatility of its common stock. | |||||||||||||||||
Expected Dividend Yield | |||||||||||||||||
The Company estimates the expected dividend yield by giving consideration to its current dividend policies as well as those anticipated in the future considering the Company’s current plans and projections. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||||
Jun. 29, 2014 | ||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||||
Income Taxes | ' | |||||||||||||||||
Income Taxes | ||||||||||||||||||
The following were the components of income before income taxes (in thousands): | ||||||||||||||||||
Fiscal Years Ended | ||||||||||||||||||
June 29, | June 30, | June 24, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
Domestic | $58,859 | $31,046 | ($5,360 | ) | ||||||||||||||
Foreign | 88,711 | 76,511 | 53,007 | |||||||||||||||
Total income before income taxes | $147,570 | $107,557 | $47,647 | |||||||||||||||
The following were the components of income tax expense (in thousands): | ||||||||||||||||||
Fiscal Years Ended | ||||||||||||||||||
June 29, | June 30, | June 24, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
Current: | ||||||||||||||||||
Federal | $3,423 | $483 | ($4,031 | ) | ||||||||||||||
Foreign | 15,371 | 18,127 | 13,125 | |||||||||||||||
State | 1,876 | 1,777 | 566 | |||||||||||||||
Total current | 20,670 | 20,387 | 9,660 | |||||||||||||||
Deferred: | ||||||||||||||||||
Federal | 229 | 2,226 | (4,786 | ) | ||||||||||||||
Foreign | 3,003 | (177 | ) | (450 | ) | |||||||||||||
State | (523 | ) | (1,804 | ) | (1,189 | ) | ||||||||||||
Total deferred | 2,709 | 245 | (6,425 | ) | ||||||||||||||
Income tax expense | $23,379 | $20,632 | $3,235 | |||||||||||||||
Actual income tax expense differed from the amount computed by applying the U.S. federal tax rate of 35% to pre-tax earnings as a result of the following (in thousands, except percentages): | ||||||||||||||||||
Fiscal Years Ended | ||||||||||||||||||
June 29, | % of Income | June 30, | % of Income | June 24, | % of Income | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
Federal income tax provision at statutory rate | $51,645 | 35% | $37,645 | 35% | $16,676 | 35% | ||||||||||||
Increase (decrease) in income tax expense resulting from: | ||||||||||||||||||
State tax provision, net of federal benefit | 2,550 | 2% | 1,146 | 1% | 68 | 0% | ||||||||||||
State tax credits | (1,004 | ) | -1% | (1,407 | ) | -1% | (1,028 | ) | -2% | |||||||||
Tax exempt interest | (815 | ) | 0% | (853 | ) | -1% | (1,064 | ) | -2% | |||||||||
48C investment tax credit | (11,310 | ) | -8% | (5,252 | ) | -5% | (4,105 | ) | -9% | |||||||||
Increase (decrease) in tax reserve | 15,411 | 10% | (361 | ) | 0% | (2,677 | ) | -6% | ||||||||||
Change in tax depreciation methodology | (18,475 | ) | -12% | — | 0% | — | 0% | |||||||||||
Research and development credits | (1,574 | ) | -1% | (2,426 | ) | -2% | (694 | ) | -1% | |||||||||
Decrease in valuation allowance | (20 | ) | 0% | (6 | ) | 0% | (13 | ) | 0% | |||||||||
Qualified production activities deduction | (2,362 | ) | -1% | (866 | ) | -1% | (177 | ) | -1% | |||||||||
Stock-based compensation | 2,024 | 1% | 1,206 | 1% | 336 | 1% | ||||||||||||
Statutory rate differences | (14,285 | ) | -10% | (10,184 | ) | -10% | (5,830 | ) | -12% | |||||||||
Other | 1,594 | 1% | 1,990 | 2% | 1,743 | 4% | ||||||||||||
Income tax expense | $23,379 | 16% | $20,632 | 19% | $3,235 | 7% | ||||||||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities were as follows (in thousands): | ||||||||||||||||||
June 29, | June 30, | |||||||||||||||||
2014 | 2013 | |||||||||||||||||
Deferred tax assets: | ||||||||||||||||||
Compensation | $4,843 | $3,868 | ||||||||||||||||
Inventories | 18,672 | 16,050 | ||||||||||||||||
Sales return reserve and allowance for bad debts | 4,801 | 4,483 | ||||||||||||||||
Warranty reserve | 1,416 | 947 | ||||||||||||||||
Federal and state net operating loss carryforwards | 704 | 617 | ||||||||||||||||
Federal credits | 4,971 | 3,174 | ||||||||||||||||
State credits | 3,016 | 4,215 | ||||||||||||||||
48C investment tax credits | 22,731 | 7,216 | ||||||||||||||||
Investments | 958 | 976 | ||||||||||||||||
Stock-based compensation | 31,102 | 27,142 | ||||||||||||||||
Deferred revenue | 5,719 | — | ||||||||||||||||
Other | 876 | 1,209 | ||||||||||||||||
Total gross deferred assets | 99,809 | 69,897 | ||||||||||||||||
Less valuation allowance | (1,571 | ) | (1,604 | ) | ||||||||||||||
Deferred tax assets, net | 98,238 | 68,293 | ||||||||||||||||
Deferred tax liabilities: | ||||||||||||||||||
Property and equipment | (25,660 | ) | (27,484 | ) | ||||||||||||||
Intangible assets | (52,462 | ) | (37,921 | ) | ||||||||||||||
Investments | (1,792 | ) | 154 | |||||||||||||||
Prepaid taxes and other | (1,083 | ) | (997 | ) | ||||||||||||||
Total gross deferred liability | (80,997 | ) | (66,248 | ) | ||||||||||||||
Deferred tax asset, net | $17,241 | $2,045 | ||||||||||||||||
The components giving rise to the net deferred tax assets (liabilities) have been included in the Consolidated Balance Sheets as follows (in thousands): | ||||||||||||||||||
Balance at June 29, 2014 | ||||||||||||||||||
Assets | Liabilities | |||||||||||||||||
Current | Noncurrent | Current | Noncurrent | |||||||||||||||
U.S. federal income taxes | $17,324 | $— | $— | ($10,948 | ) | |||||||||||||
Hong Kong and other income taxes | 12,090 | — | — | (1,225 | ) | |||||||||||||
Total net deferred tax assets/(liabilities) | $29,414 | $— | $— | ($12,173 | ) | |||||||||||||
Balance at June 30, 2013 | ||||||||||||||||||
Assets | Liabilities | |||||||||||||||||
Current | Noncurrent | Current | Noncurrent | |||||||||||||||
U.S. federal income taxes | $15,707 | $— | $— | ($25,504 | ) | |||||||||||||
Hong Kong and other income taxes | 10,418 | 1,424 | * | — | — | |||||||||||||
Total net deferred tax assets/(liabilities) | $26,125 | $1,424 | $— | ($25,504 | ) | |||||||||||||
* | This amount is included in Other assets in the Consolidated Balance Sheets. | |||||||||||||||||
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 (5 years ) of the underlying equipment that was placed into service to generate these credits. Since fiscal 2010, the Company has recognized an income tax benefit of $26.1 million related to the credits generated to date, with $11.3 million of this amount recognized as a tax benefit for the year ended June 29, 2014. | ||||||||||||||||||
As of June 29, 2014 the Company had approximately $15.5 million of state net operating loss carryovers for which a full valuation allowance has been recognized. Additionally, the Company had $4.6 million of state income tax credit carryforwards. Both the state net operating loss carryovers and the state income tax credit carryforwards will begin to expire in fiscal 2017. Furthermore, the Company had approximately $0.8 million of alternative minimum tax credit carryforwards, $9.6 million of 48C credit carryforwards, $2.1 million of research and development credit carryforwards and $1.8 million of state income tax credit carryforwards that relate to excess stock option benefits which, if and when realized, will be recognized in Additional paid-in-capital in the Consolidated Balance Sheets. | ||||||||||||||||||
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 a $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 June 29, 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 following is a tabular reconciliation of the Company’s change in uncertain tax positions (in thousands): | ||||||||||||||||||
Fiscal Years Ended | ||||||||||||||||||
June 29, | June 30, | June 24, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
Balance at beginning of period | $2,732 | $4,421 | $6,987 | |||||||||||||||
Increases related to prior year tax positions | 18,040 | 546 | — | |||||||||||||||
Decreases related to prior year tax positions | (741 | ) | — | (1,966 | ) | |||||||||||||
Expiration of statute of limitations for assessment of taxes | (1,642 | ) | (2,235 | ) | (600 | ) | ||||||||||||
Balance at end of period | $18,389 | $2,732 | $4,421 | |||||||||||||||
The Company’s policy is to include interest and penalties related to unrecognized tax benefits within the Income tax expense line item in the Consolidated Statements of Income. Total interest and penalties accrued were as follows (in thousands): | ||||||||||||||||||
June 29, | June 30, | |||||||||||||||||
2014 | 2013 | |||||||||||||||||
Accrued interest and penalties | $104 | $154 | ||||||||||||||||
Total interest and penalties recognized were as follows (in thousands): | ||||||||||||||||||
Fiscal Years Ended | ||||||||||||||||||
June 29, | June 30, | June 24, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
Recognized interest and penalties (benefit) | ($51 | ) | ($130 | ) | ($292 | ) | ||||||||||||
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 2004 and prior. Certain carryforward tax attributes generated in prior years remain subject to examination and adjustment. During the first quarter of fiscal 2014, the Company received a final assessment of $0.3 million from the Hong Kong Inland Revenue Department, representing closure of the audit for fiscal 2008 through fiscal 2010. The assessment was fully offset by a decrease to the amount of unrecognized tax benefits. During the third quarter of fiscal 2014, the Company settled its examination with the German Federal Central Tax Office for fiscal 2008 through fiscal 2010, resulting in an immaterial amount of additional tax expense. | ||||||||||||||||||
The Company provides for U.S. income taxes on the earnings of foreign subsidiaries unless the subsidiaries’ earnings are considered indefinitely reinvested outside the United States. As of June 29, 2014, U.S. income taxes were not provided for on a cumulative total of approximately $320.8 million of undistributed earnings for certain non-U.S. subsidiaries, as the Company currently intends to reinvest these earnings in these foreign operations indefinitely. If, at a later date, these earnings were repatriated to the U.S., the Company would be required to pay taxes on these amounts. Determination of the amount of any deferred tax liability on these undistributed earnings is not practicable. | ||||||||||||||||||
During the fiscal year ended June 26, 2011, the Company was awarded a tax holiday in Malaysia with respect to its manufacturing and distribution operations. This arrangement allows for 0% tax for 10 years starting in the fiscal year ended June 26, 2011. For the fiscal years ended June 30, 2013 and June 29, 2014, the Company did not meet the requirements for the tax holiday, and as such, no benefit has been recognized. In the fiscal year ended June 24, 2012 the Company’s net income increased by $2.1 million ($0.02 per basic share and $0.02 per diluted share), as a result of this arrangement. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||
Jun. 29, 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): | ||||||||||||
Fiscal Years Ended | ||||||||||||
June 29, | June 30, | June 24, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance at beginning of period | $6,171 | $5,513 | $2,235 | |||||||||
Acquisition-related warranties | — | — | 5,623 | |||||||||
Warranties accrued in current period | 4,256 | 1,533 | 1,055 | |||||||||
Changes in estimates for pre-existing warranties | 907 | 71 | (878 | ) | ||||||||
Expenditures | (4,512 | ) | (946 | ) | (2,522 | ) | ||||||
Balance at end of period | $6,822 | $6,171 | $5,513 | |||||||||
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 June 29, 2014, $1.0 million of the Company’s product warranty liabilities were classified as long-term. | ||||||||||||
Lease Commitments | ||||||||||||
The Company primarily leases manufacturing, office, housing and warehousing space under the terms of non-cancelable operating leases. These leases expire at various times through May 2022. The Company recognizes net rent expense on a straight-line basis over the life of the lease. Rent expense associated with these operating leases totaled approximately $5.8 million, $4.8 million and $4.6 million for each of the fiscal years ended June 29, 2014, June 30, 2013 and June 24, 2012, respectively. Certain agreements require that the Company pay property taxes and general property maintenance in addition to the minimum rental payments. | ||||||||||||
Future minimum rental payments as of June 29, 2014 (under leases currently in effect) are as follows (in thousands): | ||||||||||||
Fiscal Years Ending | Minimum Rental | |||||||||||
Amount | ||||||||||||
June 28, 2015 | $5,840 | |||||||||||
June 26, 2016 | 3,711 | |||||||||||
June 25, 2017 | 2,731 | |||||||||||
June 24, 2018 | 1,344 | |||||||||||
June 30, 2019 | 422 | |||||||||||
Thereafter | 102 | |||||||||||
Total future minimum rental payments | $14,150 | |||||||||||
Litigation | ||||||||||||
The Company is currently a party to various legal proceedings. While management presently believes that the ultimate outcome of such proceedings, individually and in the aggregate, will not materially harm the Company’s financial position, cash flows, or overall trends in results of operations, legal proceedings are subject to inherent uncertainties, and unfavorable rulings could occur. An unfavorable ruling could include money damages or, in matters for which injunctive relief or other conduct remedies may be sought, an injunction prohibiting the Company from selling one or more products at all or in particular ways. Were unfavorable final outcomes to occur, there exists the possibility of a material adverse impact on the Company’s business, results of operation, financial position and overall trends. Unless otherwise indicated, the outcomes in these matters are not reasonably estimable. |
Reportable_Segments
Reportable Segments | 12 Months Ended | |||||||||||||||||||||||
Jun. 29, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Reportable Segments | ' | |||||||||||||||||||||||
Reportable Segments | ||||||||||||||||||||||||
The Company’s operating and reportable segments are: | ||||||||||||||||||||||||
• | LED Products | |||||||||||||||||||||||
• | Lighting Products | |||||||||||||||||||||||
• | Power and RF Products | |||||||||||||||||||||||
The Company’s CODM reviews segment performance and allocates resources based upon segment revenue and segment gross profit. | ||||||||||||||||||||||||
Reportable Segments Description | ||||||||||||||||||||||||
LED Products Segment | ||||||||||||||||||||||||
The Company’s LED Products segment includes LED chips, LED components, and SiC materials. | ||||||||||||||||||||||||
LED Chips | ||||||||||||||||||||||||
LED chip products include blue and green LED chips based on GaN and related materials. LED chips or die are solid-state electronic components used in a number of applications and are currently available in a variety of brightness levels, wavelengths (color) and sizes. The Company uses LED chips internally in the manufacturing of its LED components. Customers use the blue and green LED chips in a variety of applications including video screens, gaming displays, function indicator lights, and automotive backlights, headlamps and directional indicators. Customers may also combine blue LED chips with phosphors to create white LEDs, which are used in various applications for indoor and outdoor illumination and backlighting, full-color display screens, liquid crystal displays (LCD) backlighting, white keypads and the camera flash function. | ||||||||||||||||||||||||
LED Components | ||||||||||||||||||||||||
LED component products include a range of packaged LED products from the Company’s XLamp® LED components and LED modules for lighting applications to the Company’s high-brightness LED components. | ||||||||||||||||||||||||
The Company’s XLamp LED components and LED modules are lighting class packaged LED products designed to meet a broad range of market needs for lighting applications including general illumination (both indoor and outdoor applications), portable, architectural, signal and transportation lighting. The Company uses XLamp LED components in its own lighting products. The Company also sells XLamp LED components externally to customers and distributors for use in a variety of products, primarily for lighting applications. | ||||||||||||||||||||||||
The Company’s high-brightness LED components consist of surface mount (SMD) and through-hole packaged LED products. The SMD LED component products are available in a full range of colors designed to meet a broad range of market needs, including video, signage, general illumination, transportation, gaming and specialty lighting markets. The Company's through-hole packaged LED component products are available in a full range of colors, primarily designed for the signage market, and provide users with color and brightness consistency across a wide viewing area. | ||||||||||||||||||||||||
SiC Materials | ||||||||||||||||||||||||
The Company’s SiC materials are targeted for customers who use them to manufacture products for RF, power switching, gemstones and other applications. Corporate, government and university customers also buy SiC materials for research and development directed at RF and high power devices. The Company sells its SiC materials in bulk form, as a bare wafer or with SiC and GaN epitaxial films. | ||||||||||||||||||||||||
Lighting Products Segment | ||||||||||||||||||||||||
The Company’s Lighting Products segment primarily consists of LED lighting systems and bulbs. The Company designs, manufactures and sells lighting systems for indoor and outdoor applications, with its primary focus on LED lighting systems for the commercial, industrial and consumer markets. Lighting products are sold to distributors, retailers and direct to customers. Our portfolio of lighting products is designed for use in settings such as office and retail space, restaurants and hospitality, schools and universities, manufacturing, healthcare, airports, municipal, residential, street lighting and parking structures, among other applications. | ||||||||||||||||||||||||
Power and RF Products Segment | ||||||||||||||||||||||||
The Company’s Power and RF Products segment includes power devices and RF devices. | ||||||||||||||||||||||||
Power Devices | ||||||||||||||||||||||||
The Company’s SiC-based power products include Schottky diodes, SiC metal semiconductor field-effect transistors (MOSFETs), and SiC power modules at various voltages. The Company's power products provide increased efficiency, faster switching speeds and reduced system size and weight over comparable silicon-based power devices. Power products are sold primarily to customers and distributors for use in power supplies used in computer servers, solar inverters, uninterruptible power supplies, industrial power supplies and other applications. | ||||||||||||||||||||||||
RF Devices | ||||||||||||||||||||||||
The Company’s RF devices include a variety of GaN high electron mobility transistors (HEMTs) and monolithic microwave integrated circuits (MMICs), which are optimized for military, telecom and other commercial applications. The Company's RF devices are made from SiC and GaN and provide improved efficiency, bandwidths and frequency of operation as compared to silicon or GaAs. The Company also provides foundry services for GaN HEMTs and MMICs. The Company's foundry service allows a customer to design its own custom RF circuits to be fabricated in the Company's foundry, or have the Company design and fabricate custom products that meet the customer's specific requirements. | ||||||||||||||||||||||||
Financial Results by Reportable Segment | ||||||||||||||||||||||||
The table below reflects the results of the Company’s reportable segments as reviewed by the Company’s CODM for fiscal 2014, 2013 and 2012. The Company used 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 transactions when evaluating segment performance and allocating resources to each segment, and inter-segment transactions are not included in the segment revenue 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 consisted 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 were 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. | ||||||||||||||||||||||||
Revenue, gross profit and gross margin for each of the Company's segments were as follows (in thousands, except percentages): | ||||||||||||||||||||||||
Revenue | Gross Profit and Gross Margin | |||||||||||||||||||||||
Year Ended | Year Ended | |||||||||||||||||||||||
June 29, | June 30, 2013 | June 24, 2012 | June 29, 2014 | June 30, 2013 | June 24, 2012 | |||||||||||||||||||
2014 | ||||||||||||||||||||||||
LED Products | $833,684 | $801,483 | $756,924 | $381,003 | $344,649 | $290,642 | ||||||||||||||||||
LED Products gross margin | 46 | % | 43 | % | 38 | % | ||||||||||||||||||
Lighting Products | 706,425 | 495,089 | 334,704 | 197,304 | 148,947 | 103,396 | ||||||||||||||||||
Lighting Products gross margin | 28 | % | 30 | % | 31 | % | ||||||||||||||||||
Power and RF Products | 107,532 | 89,410 | 73,030 | 60,723 | 48,127 | 32,051 | ||||||||||||||||||
Power and RF Products gross margin | 56 | % | 54 | % | 44 | % | ||||||||||||||||||
Total segment reporting | $1,647,641 | $1,385,982 | $1,164,658 | 639,030 | 541,723 | 426,089 | ||||||||||||||||||
Unallocated costs | (20,235 | ) | (18,463 | ) | (16,627 | ) | ||||||||||||||||||
Consolidated gross profit | $618,795 | $523,260 | $409,462 | |||||||||||||||||||||
Consolidated gross margin | 38 | % | 38 | % | 35 | % | ||||||||||||||||||
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 for the fiscal years ended June 29, 2014 and June 30, 2013. | ||||||||||||||||||||||||
Unallocated inventories in the table below were not allocated to the reportable segments because the Company’s CODM does not review them when evaluating performance and allocating resources to each segment. Unallocated inventories consisted primarily of manufacturing employees’ stock-based compensation, profit sharing and quarterly or annual incentive compensation and matching contributions under the Company’s 401(k) plan. | ||||||||||||||||||||||||
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 were as follows (in thousands): | ||||||||||||||||||||||||
June 29, 2014 | June 30, 2013 | |||||||||||||||||||||||
LED Products | $123,249 | $99,835 | ||||||||||||||||||||||
Lighting Products | 148,757 | 87,546 | ||||||||||||||||||||||
Power and RF Products | 8,019 | 6,593 | ||||||||||||||||||||||
Total segment inventories | 280,025 | 193,974 | ||||||||||||||||||||||
Unallocated inventories | 4,755 | 3,027 | ||||||||||||||||||||||
Consolidated inventories | $284,780 | $197,001 | ||||||||||||||||||||||
Geographic Information | ||||||||||||||||||||||||
The Company conducts business in several geographic areas. Revenue is attributed to a particular geographic region based on the shipping address for the products. The following table sets forth the percentage of revenue from external customers by geographic area: | ||||||||||||||||||||||||
For the Years Ended | ||||||||||||||||||||||||
June 29, 2014 | 30-Jun-13 | 24-Jun-12 | ||||||||||||||||||||||
United States | 49 | % | 44 | % | 38 | % | ||||||||||||||||||
China | 27 | % | 28 | % | 32 | % | ||||||||||||||||||
Europe | 9 | % | 12 | % | 14 | % | ||||||||||||||||||
South Korea | 2 | % | 2 | % | 2 | % | ||||||||||||||||||
Japan | 6 | % | 7 | % | 8 | % | ||||||||||||||||||
Malaysia | 1 | % | 1 | % | 2 | % | ||||||||||||||||||
Taiwan | 1 | % | 2 | % | 1 | % | ||||||||||||||||||
Other | 5 | % | 4 | % | 3 | % | ||||||||||||||||||
Total percentage of revenue | 100 | % | 100 | % | 100 | % | ||||||||||||||||||
The following table sets forth the Company’s tangible long-lived assets by country (in thousands): | ||||||||||||||||||||||||
June 29, | June 30, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
United States | $449,359 | $419,267 | ||||||||||||||||||||||
China | 154,881 | 122,477 | ||||||||||||||||||||||
Other | 1,473 | 1,089 | ||||||||||||||||||||||
Total tangible long-lived assets | $605,713 | $542,833 | ||||||||||||||||||||||
Concentrations_of_Risk
Concentrations of Risk | 12 Months Ended |
Jun. 29, 2014 | |
Risks and Uncertainties [Abstract] | ' |
Concentrations of Risk | ' |
Concentrations of Risk | |
Financial instruments, which may subject the Company to a concentration of risk, consist principally of short-term investments, cash equivalents, and accounts receivable. Short-term investments consist primarily of municipal bonds, corporate bonds, U.S. agency securities, non-U.S. certificates of deposit and non-U.S. government securities at interest rates that vary by security. The Company’s cash equivalents consist primarily of money market funds. Certain bank deposits may at times be in excess of the FDIC insurance limits. | |
The Company sells its products on account to manufacturers, distributors, retailers and others worldwide and generally requires no collateral. | |
Revenue from certain customers represented more than 10% of consolidated revenue. Revenue from Arrow Electronics, Inc. represented 13%, 16% and 18% of revenue for fiscal 2014, 2013, and 2012, respectively. Revenue from World Peace Industrial Co., Ltd. represented 10% of revenue in fiscal 2012. Revenue from The Home Depot, Inc. represented 11% of revenue in fiscal 2014. | |
No customers individually accounted for more than 10% of the consolidated accounts receivable balance at June 29, 2014. Arrow Electronics, Inc. and World Peace Industrial Co., Ltd. represented 14% and 13% of consolidated accounts receivable, respectively, at June 30, 2013. | |
Arrow Electronics, Inc. is a customer of the LED Products and Power and RF Products segments. World Peace Industrial Co., Ltd. is a customer of the LED Products segment. The Home Depot, Inc. is a customer of the Lighting Products segment. |
Retirement_Savings_Plan
Retirement Savings Plan | 12 Months Ended |
Jun. 29, 2014 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' |
Retirement Savings Plan | ' |
Retirement Savings Plan | |
The Company sponsors one employee benefit plan (the 401(k) Plan) pursuant to Section 401(k) of the Internal Revenue Code of 1986, as amended. All U.S. employees are eligible to participate under the 401(k) Plan on the first day of a new fiscal month after the date of hire. Under the 401(k) Plan, there is no fixed dollar amount of retirement benefits; rather, the Company matches a defined percentage of employee deferrals, and employees vest in these matching funds over time. Employees choose their investment elections from a list of available investment options. During the fiscal years ended June 29, 2014, June 30, 2013 and June 24, 2012, the Company contributed approximately $6.3 million, $6.2 million and $4.7 million to the 401(k) Plan, respectively. The Pension Benefit Guaranty Corporation does not insure the 401(k) Plan. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Jun. 29, 2014 | |
Related Party Transaction, Due from (to) Related Party [Abstract] | ' |
Related Party Transactions | ' |
Related Party Transactions | |
On August 17, 2011, in connection with the Company’s acquisition of Ruud Lighting, two of the prior shareholders of Ruud Lighting, Alan Ruud and Christopher Ruud, executed offer letters for continued employment with Ruud Lighting. Also on August 17, 2011, subsequent to the Company’s acquisition of Ruud Lighting and pursuant to an Aircraft Purchase and Sale Agreement and a Joint Ownership Agreement with Ruud Lighting, each of Alan Ruud (through LSA, LLC, a limited liability company of which Alan Ruud is the sole member (LSA)) and Christopher Ruud (through Light Speed Aviation, LLC, a limited liability company of which Christopher Ruud is the sole member (Light Speed)) acquired a 10% interest in an aircraft previously purchased by Ruud Lighting, resulting in the Company owning an 80% interest in the aircraft. Each of LSA and Light Speed acquired its ownership in the aircraft for a purchase price of approximately $0.9 million for a combined interest of 20% or $1.9 million which is included in Purchase of acquired business, net of cash acquired in the Consolidated Statements of Cash Flows as cash provided by investing activities. On June 25, 2014, the Company acquired the combined 20% interest in the aircraft from LSA and Light Speed for $1.5 million, resulting in the Company having 100% ownership of the aircraft. | |
Pursuant to the Joint Ownership Agreement, each of LSA and Light Speed was responsible for its share of flight crew, direct, fixed and other expenses attributable to the aircraft. During fiscal 2014, the Company billed LSA and Light Speed $234 thousand and $697 thousand, respectively. Of these billed amounts, the Company has been reimbursed by LSA and Light Speed for $225 thousand and $630 thousand, respectively, as of June 29, 2014. The Company had $9 thousand outstanding receivables from LSA and $86 thousand in outstanding receivables from Light Speed as of June 29, 2014. The Company also had unbilled receivables of $6 thousand and $46 thousand for LSA and Light Speed, respectively, as of June 29, 2014. During fiscal 2013, the Company billed LSA and Light Speed $311 thousand and $318 thousand, respectively. Of these billed amounts, the Company had been reimbursed by LSA and Light Speed for $311 thousand and $299 thousand, respectively, as of June 30, 2013. The Company had no outstanding receivables from LSA and $18 thousand in outstanding receivables from Light Speed as of June 30, 2013. The Company also had unbilled receivables of $186 thousand and $209 thousand for LSA and Light Speed, respectively, as of June 30, 2013. | |
In July 2010, Mark Swoboda was appointed Chief Executive Officer of Intematix Corporation (Intematix). Mark Swoboda is the brother of the Company’s Chairman, Chief Executive Officer and President, Charles M. Swoboda. For a number of years the Company has purchased raw materials from Intematix pursuant to standard purchase orders in the ordinary course of business. | |
During fiscal 2014, the Company purchased $8.8 million of raw materials from Intematix, and the Company had $0.3 million outstanding payable to Intematix as of June 29, 2014. During fiscal 2013, the Company purchased $3.2 million of raw materials from Intematix, and the Company had $0.2 million outstanding payable to Intematix as of June 30, 2013. |
Quarterly_Results_of_Operation
Quarterly Results of Operations | 12 Months Ended | |||||||||||||||||||
Jun. 29, 2014 | ||||||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||||||
Quarterly Results of Operations - Unaudited | ' | |||||||||||||||||||
Quarterly Results of Operations - Unaudited | ||||||||||||||||||||
The following is a summary of the Company’s consolidated quarterly results of operations for each of the fiscal years ended June 29, 2014 and June 30, 2013 (in thousands, except per share data): | ||||||||||||||||||||
September 29, | December 29, | March 30, | June 29, | Fiscal Year 2014 | ||||||||||||||||
2013 | 2013 | 2014 | 2014 | |||||||||||||||||
Revenue, net | $391,006 | $415,086 | $405,259 | $436,290 | $1,647,641 | |||||||||||||||
Cost of revenue, net | 240,249 | 259,308 | 255,265 | 274,024 | 1,028,846 | |||||||||||||||
Gross profit | 150,757 | 155,778 | 149,994 | 162,266 | 618,795 | |||||||||||||||
Net income | 30,497 | 35,681 | 28,164 | 29,849 | 124,191 | |||||||||||||||
Earnings per share: | ||||||||||||||||||||
Basic | $0.26 | $0.30 | $0.23 | $0.24 | $1.03 | |||||||||||||||
Diluted | $0.25 | $0.29 | $0.23 | $0.24 | $1.01 | |||||||||||||||
September 23, | December 30, | March 31, | June 30, | Fiscal Year 2013 | ||||||||||||||||
2012 | 2012 | 2013 | 2013 | |||||||||||||||||
Revenue, net | $315,753 | $346,286 | $348,934 | $375,009 | $1,385,982 | |||||||||||||||
Cost of revenue, net | 199,704 | 212,810 | 215,924 | 234,284 | 862,722 | |||||||||||||||
Gross profit | 116,049 | 133,476 | 133,010 | 140,725 | 523,260 | |||||||||||||||
Net income | 16,123 | 20,403 | 22,157 | 28,242 | 86,925 | |||||||||||||||
Earnings per share: | ||||||||||||||||||||
Basic | $0.14 | $0.18 | $0.19 | $0.24 | $0.75 | |||||||||||||||
Diluted | $0.14 | $0.18 | $0.19 | $0.23 | $0.74 | |||||||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Jun. 29, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
Credit Agreement with Wells Fargo Bank, National Association | |
On August 12, 2014, the Company entered into a credit agreement and a line of credit note (collectively, Credit Agreement) with Wells Fargo Bank, National Association, as lender. | |
The Credit Agreement provides for a $150 million unsecured revolving line of credit, under which the Company may borrow, repay and reborrow loans from time to time prior to its scheduled maturity date of August 12, 2017 (Maturity Date). Proceeds of loans made under the Credit Agreement may be used for working capital, capital expenditures, acquisitions and other general corporate purposes. The Company may prepay the loans under the Credit Agreement in whole or in part at any time without premium or penalty, subject to customary breakage costs. The Company’s existing and future material domestic subsidiaries are required to guarantee its obligations under the Credit Agreement. | |
The loans bear interest, at the Company’s option, at either a daily one month London Interbank Offered Rate (LIBOR) rate or a LIBOR rate, each as determined in accordance with the Credit Agreement, and in each case plus a spread of 0.70% to 1.45% (depending on a ratio of funded debt to Earnings Before Interest Taxes Depreciation and Amortization (EBITDA) as determined in accordance with the Credit Agreement). Principal, together with all accrued and unpaid interest, is due and payable on the Maturity Date. The default rate under the Credit Agreement is an additional 4% per annum over the otherwise applicable rate. | |
The Company is also obligated to pay a quarterly fee, payable in arrears, based on the daily unused amount of the line of credit at a rate of 0.08% to 0.18%, with such rate determined based on the ratio described above. | |
The Credit Agreement contains customary affirmative and negative covenants, including the required compliance with financial covenants described below, as well as customary events of default. The Credit Agreement requires the Company to maintain a ratio of consolidated funded indebtedness to EBITDA equal to or less than 3.00 to 1.00, and a ratio of consolidated EBITDA to interest expense greater than or equal to 3.00 to 1.00, in each case determined in accordance with the Credit Agreement. | |
Agreements with Lextar Electronics Corporation | |
On August 26, 2014, the Company and Lextar Electronics Corporation (Lextar) entered into an agreement whereby the Company will make an investment in Lextar and the companies will enter into a supply agreement for sapphire-based LED chips. As part of the agreement, the Company will invest approximately $83 million to purchase 83 million Lextar shares at a price of NT$30 per share. Lextar and the Company will also enter into a long-term LED chip supply agreement, as well as a royalty-bearing license agreement for certain Cree LED chip and component intellectual property. Upon closing of the investment, the Company will own approximately 13% of Lextar. | |
The agreement has been approved by the boards of directors of both companies, and is targeted to close in the second quarter of fiscal 2015, subject to the approval of Lextar’s shareholders and the Taiwan Investment Committee, and other customary closing conditions. |
Basis_of_Presentation_and_Summ1
Basis of Presentation and Summary of Significant Accounting Policies (Policy) | 12 Months Ended | ||
Jun. 29, 2014 | |||
Basis of Presentation and Changes in Significant Accounting Policies [Abstract] | ' | ||
Principles of Consolidation | ' | ||
Principles of Consolidation | |||
The consolidated financial statements include the accounts of the Company, and its wholly owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. | |||
Fiscal Year | ' | ||
Fiscal Year | |||
The Company’s fiscal year is a 52 or 53-week period ending on the last Sunday in the month of June. The Company’s 2014 and 2012 fiscal years were 52-week fiscal years and the 2013 fiscal year was a 53-week fiscal year. The Company’s 2015 fiscal year will be a 52-week fiscal year. | |||
Reclassifications | ' | ||
Reclassifications | |||
Certain prior period amounts in the accompanying consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on previously reported net income or shareholders’ equity. | |||
Use of Estimates | ' | ||
Use of Estimates | |||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and the disclosure of contingent assets and liabilities. The Company evaluates its estimates on an ongoing basis, including those related to revenue recognition, product warranty obligations, valuation of inventories, tax related contingencies, valuation of stock-based compensation, valuation of long-lived and intangible assets, other contingencies and litigation, among others. The Company generally bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from those estimates. | |||
Segment Information | ' | ||
Segment Information | |||
U.S. GAAP requires segmentation based on an entity’s internal organization and reporting of revenue and operating income based upon internal accounting methods commonly referred to as the “management approach.” Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (CODM), or decision making group, in deciding how to allocate resources and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined that it currently has three operating and reportable segments. | |||
The table below reflects the results of the Company’s reportable segments as reviewed by the Company’s CODM for fiscal 2014, 2013 and 2012. The Company used 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 transactions when evaluating segment performance and allocating resources to each segment, and inter-segment transactions are not included in the segment revenue 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 consisted 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 were 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. | |||
Cash and Cash Equivalents | ' | ||
Cash and Cash Equivalents | |||
Cash and cash equivalents consist of unrestricted cash accounts and highly liquid investments with an original maturity of three months or less when purchased. Cash and cash equivalents are stated at cost, which approximates fair value. The Company holds cash and cash equivalents at several major financial institutions, which often exceed insurance limits set by the Federal Deposit Insurance Corporation (FDIC). The Company has not historically experienced any losses due to such concentration of credit risk. | |||
Investments | ' | ||
Investments | |||
Investments in certain securities may be classified into three categories: | |||
• | Held-to-Maturity – Debt securities that the entity has the positive intent and ability to hold to maturity, which are reported at amortized cost. | ||
• | Trading – Debt and equity securities that are bought and held principally for the purpose of selling in the near term, which are reported at fair value, with unrealized gains and losses included in earnings. | ||
• | Available-for-Sale – Debt and equity securities not classified as either held-to-maturity or trading securities, which are reported at fair value with unrealized gains or losses excluded from earnings and reported as a separate component of shareholders’ equity. | ||
The Company reassesses the appropriateness of the classification (i.e. held-to-maturity, trading or available-for-sale) of its investments at the end of each reporting period. | |||
When the fair value of an investment declines below its original cost, the Company considers all available evidence to evaluate whether the decline is other-than-temporary. Among other things, the Company considers the duration and extent of the decline and economic factors influencing the capital markets. For the fiscal years ended June 29, 2014, June 30, 2013, and June 24, 2012, the Company had no other-than-temporary declines below the cost basis of its investments. The Company utilizes specific identification in computing realized gains and losses on the sale of investments. Realized gains and losses on the sale of investments are reported in other income and expense. | |||
Investments in marketable securities with maturities beyond one year may be classified as short-term based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. | |||
Inventories | ' | ||
Inventories | |||
Inventories are stated at lower of cost or market, with cost determined on a first-in, first-out (FIFO) method or an average cost method; and with market not to exceed net realizable value. The Company writes down its inventory balances for estimates of excess and obsolete amounts. These write-downs are recognized as a component of cost of revenue. At the point of the write-down, a new lower-cost basis for that inventory is established, and any subsequent improvements in facts and circumstances do not result in the restoration or increase in that newly established lower-cost basis. The Company recognized charges for write-downs in inventories of $5.2 million, $12.5 million and $14.7 million, for fiscal 2014, 2013 and 2012, respectively. | |||
Property and Equipment | ' | ||
Property and Equipment | |||
Property and equipment are stated at cost and depreciated on a straight-line basis over the assets’ estimated useful lives. Leasehold improvements are amortized over the lesser of the asset life or the life of the related lease. In general, the Company’s policy for useful lives is as follows: | |||
Machinery and equipment | 3 to 15 years | ||
Buildings and building improvements | 5 to 40 years | ||
Furniture and fixtures | 3 to 5 years | ||
Aircraft and vehicles | 5 to 20 years | ||
Leasehold improvements | Shorter of estimated useful life or lease term | ||
Expenditures for repairs and maintenance are charged to expense as incurred. The costs for major renewals and improvements are capitalized and depreciated over their estimated useful lives. The cost and related accumulated depreciation of the assets are removed from the accounts upon disposition and any resulting gain or loss is reflected in operating income. | |||
Shipping and Handling Costs | ' | ||
Shipping and Handling Costs | |||
Shipping and handling costs are included in Cost of revenue, net in the Consolidated Statements of Income and are recognized as a period expense during the period in which they are incurred. | |||
Goodwill and Intangible Assets | ' | ||
Goodwill and Intangible Assets | |||
The Company recognizes the assets acquired and liabilities assumed in business combinations at their respective fair values at the date of acquisition, with any excess purchase price recognized as goodwill. Valuation of intangible assets entails significant estimates and assumptions including, but not limited to, estimating future cash flows from product revenue, developing appropriate discount rates, continuation of customer relationships and renewal of customer contracts, and approximating the useful lives of the intangible assets acquired. | |||
Goodwill | |||
The Company recognizes goodwill as an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The Company tests goodwill for impairment at least annually as of the first day of the fiscal fourth quarter, or when indications of potential impairment exist. The Company monitors for the existence of potential impairment indicators throughout the fiscal year. | |||
The Company conducts impairment testing for goodwill at the reporting unit level. Reporting units may be operating segments as a whole or an operation one level below an operating segment, referred to as a component. The Company has determined that its reporting units are its three operating and reportable segments. | |||
The Company may initiate goodwill impairment testing by considering qualitative factors to determine whether it is more likely than not that a reporting unit’s carrying value is greater than its fair value. Such factors may include the following, among others: a significant decline in the reporting unit’s expected future cash flows; a sustained, significant decline in the Company’s stock price and market capitalization; a significant adverse change in legal factors or in the business climate; unanticipated competition; and slower growth rates; as well as changes in management, key personnel, strategy and customers. If the Company’s qualitative assessment indicates that goodwill impairment is more likely than not, the Company performs the two-step goodwill impairment test. Alternatively, the Company may bypass the qualitative test and initiate goodwill impairment testing with the first step of the two-step goodwill impairment test. | |||
During the first step of the goodwill impairment test, the Company compares the fair value of the reporting unit to its carrying value, including goodwill. The Company derives a reporting unit’s fair value through a combination of the market approach (a guideline transaction method) and the income approach (a discounted cash flow analysis). The income approach utilizes a discount rate from the capital asset pricing model. If all reporting units are analyzed during the first step of the goodwill impairment test, their respective fair values are reconciled back to the Company’s consolidated market capitalization. | |||
If the fair value of a reporting unit exceeds its carrying value, then the Company concludes that no goodwill impairment has occurred. If the carrying value of the reporting unit exceeds its fair value, the Company performs the second step of the goodwill impairment test to measure possible goodwill impairment loss. During the second step, the Company hypothetically values the reporting unit’s tangible and intangible assets and liabilities as if the reporting unit had been acquired in a business combination. Then, the implied fair value of the reporting unit’s goodwill is compared to the carrying value of its goodwill. If the carrying value of the reporting unit’s goodwill exceeds the implied fair value of the goodwill, the Company recognizes an impairment loss in an amount equal to the excess, not to exceed the carrying value of the reporting unit’s goodwill. Once an impairment loss is recognized, the adjusted carrying value of the goodwill becomes the new accounting basis of the goodwill for the reporting unit. | |||
Indefinite-Lived Intangible Assets | |||
The Company’s indefinite-lived intangible assets are tested for impairment at least annually in the fiscal fourth quarter or when indications of potential impairment exist. The Company monitors for the existence of potential impairment indicators throughout the fiscal year. | |||
The Company’s impairment test may begin with a qualitative test to determine whether it is more likely than not that an indefinite-lived intangible asset’s carrying value is greater than its fair value. If the Company’s qualitative assessment indicates that asset impairment is more likely than not, the Company performs a quantitative impairment test by comparing the fair value of the indefinite-lived intangible asset to its carrying value. Alternatively, the Company may bypass the qualitative test and initiate impairment testing with the quantitative impairment test. Determining the fair value of indefinite-lived intangible assets entails significant estimates and assumptions including, but not limited to, determining the timing and expected costs to complete development projects, estimating future cash flows from product revenue, developing appropriate discount rates, estimating probability rates for the successful completion of development projects, continuation of customer relationships and renewal of customer contracts, and approximating the useful lives of the intangible assets acquired. | |||
If the fair value of the indefinite-lived intangible asset exceeds its carrying value, then the Company concludes that no impairment has occurred. If the carrying value of the indefinite-lived intangible asset exceeds its fair value, the Company recognizes an impairment loss in an amount equal to the excess, not to exceed the carrying value. Once an impairment loss is recognized, the adjusted carrying value becomes the new accounting basis of the indefinite-lived intangible asset. | |||
Finite-Lived Intangible Assets | |||
U.S. GAAP requires that intangible assets, other than goodwill and indefinite-lived intangibles, must be amortized over their useful lives. The Company is currently amortizing its acquired intangible assets with finite lives over periods ranging from one to 20 years. | |||
Patent rights reflect costs incurred by the Company in applying for and maintaining patents owned by the Company and costs incurred in purchasing patents and related rights from third parties. Licensing rights reflect costs incurred by the Company in acquiring licenses under patents owned by others. The Company amortizes both on a straight-line basis over the expected useful life of the associated patent rights, which is generally the lesser of 20 years from the date of the patent application or the license period. Royalties payable under licenses for patents owned by others are expensed as incurred. The Company reviews its capitalized patent portfolio and recognizes impairment charges when circumstances warrant, such as when patents have been abandoned or are no longer being pursued. | |||
Long-Lived Assets | ' | ||
Long-Lived Assets | |||
The Company reviews long-lived assets such as property and equipment for impairment based on changes in circumstances that indicate their carrying amounts may not be recoverable. In making these determinations, the Company uses certain assumptions, including but not limited to: (1) estimations of the fair market value of the assets and (2) estimations of future cash flows expected to be generated by these assets, which are based on additional assumptions such as asset utilization, length of service the asset will be used in the Company’s operations and estimated salvage values. | |||
Contingent Liabilities | ' | ||
Contingent Liabilities | |||
The Company recognizes contingent liabilities when it is probable that an asset has been impaired or a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. Disclosure in the notes to the financial statements is required for loss contingencies that do not meet both these conditions if there is a reasonable possibility that a loss may have been incurred. See Note 12, “Commitments and Contingencies,” for a discussion of loss contingencies in connection with pending and threatened litigation. The Company expenses as incurred the costs of defending legal claims against the Company. | |||
Revenue Recognition | ' | ||
Revenue Recognition | |||
The Company recognizes product revenue when the earnings process is complete, as evidenced by persuasive evidence of an arrangement (typically in the form of a purchase order), when the sales price is fixed or determinable, collection of revenue is reasonably assured, and title and risk of loss have passed to the customer. | |||
The Company provides its customers with limited rights of return for non-conforming shipments and product warranty claims. The Company estimates an allowance for anticipated sales returns based upon an analysis of historical sales returns and other relevant data. The Company recognizes an allowance for non-conforming returns at the time of sale as a reduction of product revenue and as a reduction to the related accounts receivable balance. The Company recognizes a liability for product warranty claims at the time of sale as an increase to cost of revenue. | |||
A substantial portion of the Company’s products are sold through distributors. Distributors stock inventory and sell the Company’s products to their own customer base, which may include: value added resellers; manufacturers who incorporate the Company’s products into their own manufactured goods; or ultimate end users of the Company’s products. The Company recognizes revenue upon shipment of its products to its distributors. This arrangement is often referred to as a “sell-in” or “point-of-purchase” model as opposed to a “sell-through” or “point-of-sale” model, where revenue is deferred and not recognized until the distributor sells the product through to their customer. | |||
Certain of the Company’s distributors are provided limited rights that allow them to return a portion of inventory (product exchange rights or stock rotation rights) and receive credits for changes in selling prices (price protection rights) or customer pricing arrangements under the Company’s “ship and debit” program or other targeted sales incentives. These estimates are calculated based upon historical experience, product shipment analysis, current economic conditions, on-hand inventory at the distributor, and customer contractual arrangements. The Company believes that it can reasonably and reliably estimate the allowance for distributor credits at the time of sale. Accordingly, estimates for these rights are recognized at the time of sale as a reduction of product revenue and as a reduction to the related accounts receivable balance. | |||
From time to time, the Company will issue a new price book for its products, and provide a credit to certain distributors for inventory quantities on hand if required by the Company’s agreement with the distributor. This practice is known as price protection. These credits are applied against the reserve that the Company establishes upon initial shipment of product to the distributor. | |||
Under the ship and debit program, products are sold to distributors at negotiated prices and the distributors are required to pay for the products purchased within the Company’s standard commercial terms. Subsequent to the initial product purchase, a distributor may request a price allowance for a particular part number(s) for certain target customers, prior to the distributor reselling the particular part to that customer. If the Company approves an allowance and the distributor resells the product to the target customer, the Company credits the distributor according to the allowance the Company approved. These credits are applied against the reserve that the Company establishes upon initial shipment of product to the distributor. | |||
In addition, the Company runs sales incentive programs with certain distributors and retailers, such as product rebates and cooperative advertising campaigns. The Company recognizes these incentives at the time they are offered to customers and records a credit to their account with an offsetting expense as either a reduction to revenue, increase to cost of revenue, or marketing expense depending on the type of sales incentive. | |||
From time to time, the Company may enter into licensing arrangements related to its intellectual property. Revenue from licensing arrangements is recognized when earned and estimable. The timing of revenue recognition is dependent on the terms of each license agreement. Generally, the Company will recognize non-refundable upfront licensing fees related to patent licenses immediately upon receipt of the funds if the Company has no significant future obligations to perform under the arrangement. However, the Company will defer recognition for licensing fees where the Company has significant future performance requirements, the fee is not fixed (such as royalties earned as a percentage of future revenue), or the fees are otherwise contingent. | |||
Accounts Receivable | ' | ||
Accounts Receivable | |||
For product revenue, the Company typically invoices its customers at the time of shipment for the sales order value of products shipped. Accounts receivable are recognized at the invoiced amount and are not subject to any interest or finance charges. The Company does not have any off-balance sheet credit exposure related to any of its customers. | |||
Allowance for Doubtful Accounts | ' | ||
Allowance for Doubtful Accounts | |||
The Company evaluates the collectability of accounts receivable based on a combination of factors. In cases where the Company becomes aware of circumstances that may impair a specific customer’s ability to meet its financial obligations subsequent to the original sale, the Company will recognize an allowance against amounts due, and thereby reduce the net recognized receivable to the amount the Company reasonably believes will be collected. For all other customers, the Company recognizes an allowance for doubtful accounts based on the length of time the receivables are past due and consideration of other factors such as industry conditions, the current business environment and the Company’s historical experience. | |||
Advertising | ' | ||
Advertising | |||
The Company expenses the costs of producing advertisements at the time production occurs and expenses the cost of communicating the advertising in the period in which the advertising is used. Advertising costs are included in Sales, general and administrative expenses in the Consolidated Statements of Income and amounted to approximately $26.6 million, $18.2 million, and $9.7 million for the years ended June 29, 2014, June 30, 2013 and June 24, 2012, respectively. | |||
Research and Development | ' | ||
Research and Development | |||
Research and development activities are expensed when incurred. For contracts under which the Company anticipates that direct costs will exceed amounts to be funded over the life of the contract, costs are reported as Research and development expenses in the Consolidated Statements of Income when incurred, and related funding as an offset of those expenses when funds are received. | |||
Earnings Per Share | ' | ||
Earnings Per Share | |||
Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding for the applicable period. Diluted earnings per share is determined in the same manner as basic earnings per share except that the number of shares is increased to assume exercise of potentially dilutive stock options, nonvested restricted stock and contingently issuable shares using the treasury stock method, unless the effect of such increases would be anti-dilutive. Under the treasury stock method, the amount the employee must pay for exercising stock options, the amount of compensation cost for future service that the Company has not yet recognized, and the amount of tax benefits that would be recognized in additional paid-in capital when the award becomes deductible are assumed to be used to repurchase shares. | |||
Stock-Based Compensation | ' | ||
Stock-Based Compensation | |||
The Company recognizes compensation expense for all share-based payments granted based on the fair value of the shares on the date of grant. Compensation expense is then recognized over the award’s vesting period. | |||
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. | |||
Fair Value of Financial Instruments | ' | ||
Fair Value of Financial Instruments | |||
Cash and cash equivalents, short-term investments, accounts and interest receivable, accounts payable and other liabilities approximate their fair values at June 29, 2014 and June 30, 2013 due to the short-term nature of these instruments. | |||
Taxes | ' | ||
Taxes | |||
Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets are recognized for deductible temporary differences, along with net operating loss carryforwards and credit carryforwards, if it is more likely than not that the tax benefits will be realized. To the extent a deferred tax asset cannot be recognized under the preceding criteria, allowances are established. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. | |||
Taxes payable which are not based on income are accrued ratably over the period to which they apply. For example, payroll taxes are accrued each period end based upon the amount of payroll taxes that are owed as of that date; whereas taxes such as property taxes and franchise taxes are accrued over the fiscal year to which they apply if paid at the end of a period, or they are amortized ratably over the fiscal year if they are paid in advance. | |||
Excise Taxes | ' | ||
Excise Taxes | |||
The Company presents sales taxes collected from customers and remitted to governmental authorities on a net basis (i.e. excluded from revenue and expenses). | |||
Foreign Currency Translation | ' | ||
Foreign Currency Translation | |||
Foreign currency translation adjustments are recognized in Other comprehensive income (loss) in the Consolidated Statements of Comprehensive Income for changes between the foreign subsidiaries’ functional currency and the United States (U.S.) dollar. Foreign currency translation gains and losses are included in the Company’s equity account balance of Accumulated other comprehensive income, net of taxes in the Consolidated Balance Sheets until such time that the subsidiaries are either sold or substantially liquidated. | |||
Because the Company and its subsidiaries transact business in currencies other than the U.S. Dollar, the Company will continue to experience varying amounts of foreign currency exchange gains and losses for subsidiaries with U.S. dollar functional currency. | |||
Recently Adopted and Issued Accounting Pronouncements | ' | ||
Recently Adopted Accounting Pronouncements | |||
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, a Similar Tax Loss, 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 carryforward 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 retrospectively 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. | |||
Recently Issued Accounting Pronouncements | |||
Revenue from Contracts with Customers | |||
In May 2014, the FASB issued ASU No. 2014-09: Revenue from Contracts with Customers (Topic 606). The ASU establishes a principles-based approach for accounting for revenue arising from contracts with customers and supersedes existing revenue recognition guidance. The ASU provides that an entity should apply a five-step approach for recognizing revenue, including (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, the entity satisfies a performance obligation. Also, the entity must provide various disclosures concerning the nature, amount and timing of revenue and cash flows arising from contracts with customers. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016 and early application is not permitted. The Company is currently analyzing the impact of this new accounting guidance. |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||
Jun. 29, 2014 | ||||
Business Combinations [Abstract] | ' | |||
Ruud Lighting Financial Information Summary | ' | |||
The amounts of revenue, operating loss and net loss of Ruud Lighting in the Consolidated Statements of Income from and including August 17, 2011 to June 24, 2012 were as follows (in thousands, except per share data): | ||||
Since acquisition date to | ||||
June 24, | ||||
2012 | ||||
Revenue | $204,353 | |||
Operating loss | (1,985 | ) | ||
Net loss | (2,334 | ) | ||
Basic net loss per share | ($0.02 | ) | ||
Diluted net loss per share | ($0.02 | ) | ||
The following unaudited pro forma information presents a summary of the Company’s consolidated results of operations as if the Ruud Lighting acquisition occurred at the beginning of the fiscal year ended June 24, 2012 (in thousands, except per share data). | ||||
Fiscal Year Ended | ||||
June 24, | ||||
2012 | ||||
Revenue | $1,194,990 | |||
Operating income | 37,551 | |||
Net income | 42,399 | |||
Earnings per share, basic | $0.37 | |||
Earnings per share, diluted | $0.37 | |||
Financial_Statement_Details_Ta
Financial Statement Details (Tables) | 12 Months Ended | ||||||||||||||
Jun. 29, 2014 | |||||||||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ||||||||||||||
Summary of the components of inventories | ' | ||||||||||||||
The following table summarizes the components of inventories (in thousands): | |||||||||||||||
June 29, | June 30, | ||||||||||||||
2014 | 2013 | ||||||||||||||
Raw material | $95,594 | $62,253 | |||||||||||||
Work-in-progress | 92,889 | 68,146 | |||||||||||||
Finished goods | 96,297 | 66,602 | |||||||||||||
Inventories | $284,780 | $197,001 | |||||||||||||
Summary of the components of property and equipment, net | ' | ||||||||||||||
The following table summarizes the components of property and equipment, net (in thousands): | |||||||||||||||
June 29, | June 30, | ||||||||||||||
2014 | 2013 | ||||||||||||||
Furniture and fixtures | $12,822 | $11,268 | |||||||||||||
Land and buildings | 355,044 | 333,761 | |||||||||||||
Machinery and equipment | 1,046,878 | 924,076 | |||||||||||||
Aircraft and vehicles | 16,292 | 16,250 | |||||||||||||
Computer hardware/software | 35,446 | 32,405 | |||||||||||||
Leasehold improvements and other | 18,890 | 18,566 | |||||||||||||
Construction in progress | 85,068 | 54,447 | |||||||||||||
1,570,440 | 1,390,773 | ||||||||||||||
Accumulated depreciation | (964,727 | ) | (847,940 | ) | |||||||||||
Property and equipment, net | $605,713 | $542,833 | |||||||||||||
Summary of the components of other current liabilities | ' | ||||||||||||||
The following table summarizes the components of other current liabilities (in thousands): | |||||||||||||||
June 29, | June 30, | ||||||||||||||
2014 | 2013 | ||||||||||||||
Accrued taxes | $19,835 | $21,436 | |||||||||||||
Accrued professional fees | 5,373 | 4,493 | |||||||||||||
Accrued warranty | 5,842 | 5,259 | |||||||||||||
Accrued other | 7,936 | 12,060 | |||||||||||||
Other current liabilities | $38,986 | $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): | |||||||||||||||
June 29, | June 30, | ||||||||||||||
2014 | 2013 | ||||||||||||||
Currency translation gain | $8,549 | $8,492 | |||||||||||||
Net unrealized gain (loss) on available-for-sale securities | 2,856 | (248 | ) | ||||||||||||
Accumulated other comprehensive income, net of taxes | $11,405 | $8,244 | |||||||||||||
Summary of the components of non-operating income, net | ' | ||||||||||||||
The following table summarizes the components of non-operating income, net (in thousands): | |||||||||||||||
Fiscal Years Ended | |||||||||||||||
June 29, | June 30, | June 24, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Foreign currency gain, net | $45 | $735 | $171 | ||||||||||||
Gain on sale of investments, net | 68 | 111 | 994 | ||||||||||||
Interest income, net | 11,932 | 7,882 | 7,457 | ||||||||||||
Other, net | 1,250 | 2,335 | (233 | ) | |||||||||||
Non-operating income, net | $13,295 | $11,063 | $8,389 | ||||||||||||
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 Consolidated Statements of Income | |||||||||||||
Fiscal Years Ended | |||||||||||||||
June 29, | June 30, | June 24, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Net unrealized gain on available-for-sale securities, net of taxes | $68 | $107 | $994 | Non-operating income, net | |||||||||||
68 | 107 | 994 | Income before income taxes | ||||||||||||
11 | 21 | 68 | Income tax expense | ||||||||||||
$57 | $86 | $926 | Net income | ||||||||||||
Summary of the changes in allowance for sales returns, discounts and other incentives [Member] | ' | ||||||||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ||||||||||||||
Summary of the components of accounts receivable and allowances | ' | ||||||||||||||
The following table summarizes the changes in the Company’s allowance for sales returns, discounts and other incentives (in thousands): | |||||||||||||||
Fiscal Years Ended | |||||||||||||||
June 29, | June 30, | June 24, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Balance at beginning of period | $26,500 | $20,681 | $19,615 | ||||||||||||
Current period claims | (115,568 | ) | (84,983 | ) | (67,773 | ) | |||||||||
Provision for sales returns, discounts and other incentives | 118,078 | 90,802 | 68,839 | ||||||||||||
Balance at end of period | $29,010 | $26,500 | $20,681 | ||||||||||||
Summary of the changes in the allowance for bad debts [Member] | ' | ||||||||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ||||||||||||||
Summary of the components of accounts receivable and allowances | ' | ||||||||||||||
The following table summarizes the changes in the Company’s allowance for bad debts (in thousands): | |||||||||||||||
Fiscal Years Ended | |||||||||||||||
June 29, | June 30, | June 24, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Balance at beginning of period | $2,471 | $1,782 | $753 | ||||||||||||
Current period provision | 903 | 801 | 1,029 | ||||||||||||
Write-offs, net of recoveries | (613 | ) | (112 | ) | — | ||||||||||
Balance at end of period | $2,761 | $2,471 | $1,782 | ||||||||||||
Components of accounts receivable, net [Member] | ' | ||||||||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ||||||||||||||
Summary of the components of accounts receivable and allowances | ' | ||||||||||||||
The following table summarizes the components of accounts receivable, net (in thousands): | |||||||||||||||
June 29, | June 30, | ||||||||||||||
2014 | 2013 | ||||||||||||||
Billed trade receivables | $255,374 | $220,307 | |||||||||||||
Unbilled contract receivables | 1,557 | 1,171 | |||||||||||||
256,931 | 221,478 | ||||||||||||||
Allowance for sales returns, discounts and other incentives | (29,010 | ) | (26,500 | ) | |||||||||||
Allowance for bad debts | (2,761 | ) | (2,471 | ) | |||||||||||
Accounts receivable, net | $225,160 | $192,507 | |||||||||||||
Investments_Tables
Investments (Tables) | 12 Months Ended | |||||||||||||||||||||||
Jun. 29, 2014 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Summary of Short-term Investments by Type | ' | |||||||||||||||||||||||
The following table summarizes short-term investments (in thousands): | ||||||||||||||||||||||||
June 30, 2013 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair 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 short-term investments | $834,249 | $2,695 | ($3,098 | ) | $833,846 | |||||||||||||||||||
The following table summarizes short-term investments (in thousands): | ||||||||||||||||||||||||
June 29, 2014 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
Municipal bonds | $291,869 | $2,323 | ($12 | ) | $294,180 | |||||||||||||||||||
Corporate bonds | 200,177 | 2,283 | (114 | ) | 202,346 | |||||||||||||||||||
U.S. agency securities | 18,994 | 141 | — | 19,135 | ||||||||||||||||||||
Non-U.S. certificates of deposit | 352,928 | — | — | 352,928 | ||||||||||||||||||||
Non-U.S. government securities | 7,025 | 28 | — | 7,053 | ||||||||||||||||||||
Total short-term investments | $870,993 | $4,775 | ($126 | ) | $875,642 | |||||||||||||||||||
Summary of Gross Unrealized Losses and Fair Value of Short-term Investments by Type and Length of Time | ' | |||||||||||||||||||||||
The following table presents the gross unrealized losses and estimated fair value of the Company’s short-term investments, aggregated by investment type and the length of time that individual securities have been in a continuous unrealized loss position (in thousands, except numbers of securities): | ||||||||||||||||||||||||
June 30, 2013 | ||||||||||||||||||||||||
Less than 12 Months | Greater than 12 Months | Total | ||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
Loss | Loss | Loss | ||||||||||||||||||||||
Municipal bonds | $126,926 | ($1,314 | ) | $— | $— | $126,926 | ($1,314 | ) | ||||||||||||||||
Corporate bonds | 102,010 | (1,765 | ) | — | — | 102,010 | (1,765 | ) | ||||||||||||||||
U.S. agency securities | — | — | — | — | — | — | ||||||||||||||||||
Non-U.S. certificates of deposit | — | — | — | — | — | — | ||||||||||||||||||
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 following table presents the gross unrealized losses and estimated fair value of the Company’s short-term investments, aggregated by investment type and the length of time that individual securities have been in a continuous unrealized loss position (in thousands, except numbers of securities): | ||||||||||||||||||||||||
June 29, 2014 | ||||||||||||||||||||||||
Less than 12 Months | Greater than 12 Months | Total | ||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
Loss | Loss | Loss | ||||||||||||||||||||||
Municipal bonds | $7,906 | ($8 | ) | $1,520 | ($4 | ) | $9,426 | ($12 | ) | |||||||||||||||
Corporate bonds | 15,696 | (31 | ) | 13,049 | (83 | ) | 28,745 | (114 | ) | |||||||||||||||
U.S. agency securities | — | — | — | — | — | — | ||||||||||||||||||
Non-U.S. certificates of deposit | — | — | — | — | — | — | ||||||||||||||||||
Non-U.S. government securities | — | — | — | — | — | — | ||||||||||||||||||
Total | $23,602 | ($39 | ) | $14,569 | ($87 | ) | $38,171 | ($126 | ) | |||||||||||||||
Number of securities with an unrealized loss | 13 | 7 | 20 | |||||||||||||||||||||
Contractual Maturities of Short-term Investments by Type | ' | |||||||||||||||||||||||
The contractual maturities of short-term investments at June 29, 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 | $54,105 | $213,308 | $26,767 | $— | $294,180 | |||||||||||||||||||
Corporate bonds | 18,992 | 154,351 | 29,003 | — | 202,346 | |||||||||||||||||||
U.S. agency securities | 3,008 | 16,127 | — | — | 19,135 | |||||||||||||||||||
Non-U.S. certificates of deposit | 352,928 | — | — | — | 352,928 | |||||||||||||||||||
Non-U.S. government securities | 4,032 | 3,021 | — | — | 7,053 | |||||||||||||||||||
Total short-term investments | $433,065 | $386,807 | $55,770 | $— | $875,642 | |||||||||||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Jun. 29, 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): | ||||||||||||||||||||||||||||||||
June 29, 2014 | June 30, 2013 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Cash equivalents | ||||||||||||||||||||||||||||||||
Municipal bonds | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,009 | $ | — | $ | 2,009 | ||||||||||||||||
Money market funds | 40,031 | — | — | 40,031 | 12,589 | — | — | 12,589 | ||||||||||||||||||||||||
Total cash equivalents | 40,031 | — | — | 40,031 | 12,589 | 2,009 | — | 14,598 | ||||||||||||||||||||||||
Short-term investments | ||||||||||||||||||||||||||||||||
Municipal bonds | — | 294,180 | — | 294,180 | — | 249,709 | — | 249,709 | ||||||||||||||||||||||||
Corporate bonds | — | 202,346 | — | 202,346 | — | 192,060 | — | 192,060 | ||||||||||||||||||||||||
U.S. agency securities | — | 19,135 | — | 19,135 | — | 39,474 | — | 39,474 | ||||||||||||||||||||||||
Non-U.S. certificates of deposit | — | 352,928 | — | 352,928 | — | 345,000 | — | 345,000 | ||||||||||||||||||||||||
Non-U.S. government securities | — | 7,053 | — | 7,053 | — | 7,603 | — | 7,603 | ||||||||||||||||||||||||
Total short-term investments | — | 875,642 | — | 875,642 | — | 833,846 | — | 833,846 | ||||||||||||||||||||||||
Total assets | $40,031 | $875,642 | $— | $915,673 | $12,589 | $835,855 | $— | $848,444 | ||||||||||||||||||||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||
Jun. 29, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of Goodwill by Reporting Unit | ' | |||||||||||||||||||||||
Goodwill by reporting unit as of June 29, 2014 and June 30, 2013 was as follows (in thousands): | ||||||||||||||||||||||||
LED Products | Lighting Products | Power and RF Products | Consolidated Total | |||||||||||||||||||||
$245,857 | $337,781 | $32,707 | $616,345 | |||||||||||||||||||||
Components of Intangible Assets | ' | |||||||||||||||||||||||
The following table presents the components of intangible assets, net (in thousands): | ||||||||||||||||||||||||
June 29, 2014 | June 30, 2013 | |||||||||||||||||||||||
Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||||
Intangible assets with finite lives: | ||||||||||||||||||||||||
Customer relationships | $137,440 | ($66,970 | ) | $70,470 | $137,440 | ($59,611 | ) | $77,829 | ||||||||||||||||
Developed technology | 162,760 | (72,921 | ) | 89,839 | 162,760 | (53,476 | ) | 109,284 | ||||||||||||||||
Non-compete agreements | 10,244 | (5,997 | ) | 4,247 | 10,244 | (4,037 | ) | 6,207 | ||||||||||||||||
Trade names, finite-lived | 520 | (516 | ) | 4 | 520 | (493 | ) | 27 | ||||||||||||||||
Patent and licensing rights | 134,607 | (42,424 | ) | 92,183 | 116,147 | (34,849 | ) | 81,298 | ||||||||||||||||
Total intangible assets with finite lives | 445,571 | (188,828 | ) | 256,743 | 427,111 | (152,466 | ) | 274,645 | ||||||||||||||||
Trade names, indefinite-lived | 79,680 | 79,680 | 82,880 | 82,880 | ||||||||||||||||||||
Total intangible assets | $525,251 | ($188,828 | ) | $336,423 | $509,991 | ($152,466 | ) | $357,525 | ||||||||||||||||
Schedule of 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 28, 2015 | $34,390 | |||||||||||||||||||||||
June 26, 2016 | 34,099 | |||||||||||||||||||||||
June 25, 2017 | 32,106 | |||||||||||||||||||||||
June 24, 2018 | 30,927 | |||||||||||||||||||||||
June 30, 2019 | 18,390 | |||||||||||||||||||||||
Thereafter | 106,831 | |||||||||||||||||||||||
Total future amortization expense | $256,743 | |||||||||||||||||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | ||
Jun. 29, 2014 | |||
Stockholders' Equity Note [Abstract] | ' | ||
Shares Reserved for Future Issuance | ' | ||
At June 29, 2014, the Company had reserved a total of approximately 19.0 million shares of its common stock and 0.2 million shares of its Series A preferred stock for future issuance as follows (in thousands): | |||
Number of | |||
Shares | |||
For exercise of outstanding common stock options | 8,922 | ||
For vesting of outstanding stock units | 549 | ||
For future equity awards under 2013 Long-Term Incentive Compensation Plan | 7,182 | ||
For future issuance under the Non-Employee Director Stock Compensation and Deferral Program | 100 | ||
For future issuance to employees under the 2005 Employee Stock Purchase Plan | 2,200 | ||
Total common shares reserved | 18,953 | ||
Series A preferred stock reserved for exercise of rights issued under shareholder rights plan | 200 | ||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Jun. 29, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Basic Earnings Per Share Computation | ' | |||||||||||
The following presents the computation of basic earnings per share (in thousands, except per share amounts): | ||||||||||||
Fiscal Years Ended | ||||||||||||
June 29, | June 30, | June 24, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Basic: | ||||||||||||
Net income | $124,191 | $86,925 | $44,412 | |||||||||
Weighted average common shares | 120,623 | 116,621 | 114,693 | |||||||||
Basic earnings per share | $1.03 | $0.75 | $0.39 | |||||||||
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): | ||||||||||||
Fiscal Years Ended | ||||||||||||
June 29, | June 30, | June 24, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Diluted: | ||||||||||||
Net income | $124,191 | $86,925 | $44,412 | |||||||||
Weighted average common shares - basic | 120,623 | 116,621 | 114,693 | |||||||||
Dilutive effect of stock options, nonvested shares and Employee Stock Purchase Plan purchase rights | 2,291 | 1,358 | 532 | |||||||||
Weighted average common shares - diluted | 122,914 | 117,979 | 115,225 | |||||||||
Diluted earnings per share | $1.01 | $0.74 | $0.39 | |||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||||||||
Summary of Option Activity | ' | ||||||||||||||||
The following table summarizes option activity as of June 29, 2014 and changes during the fiscal year then ended (total and shares in thousands): | |||||||||||||||||
Number of | Weighted Average | Weighted Average | Total | ||||||||||||||
Shares | Exercise price | Remaining | Intrinsic Value | ||||||||||||||
Contractual Term | |||||||||||||||||
Outstanding at June 30, 2013 | 8,657 | $35.67 | |||||||||||||||
Granted | 3,012 | 55.14 | |||||||||||||||
Exercised | (2,339 | ) | 36.08 | ||||||||||||||
Forfeited or expired | (408 | ) | 42 | ||||||||||||||
Outstanding at June 29, 2014 | 8,922 | $41.85 | 4.74 | $89,311 | |||||||||||||
Vested and expected to vest at June 29, 2014 | 8,709 | $41.65 | 4.71 | $88,445 | |||||||||||||
Exercisable at June 29, 2014 | 3,311 | $40.56 | 3.36 | $36,759 | |||||||||||||
Summary of Stock Options Outstanding and Exercisable | ' | ||||||||||||||||
The following table summarizes information about stock options outstanding and exercisable at June 29, 2014 (shares in thousands): | |||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||
Range of Exercise Price | Number | Weighted Average | Weighted Average Exercise Price | Number | Weighted Average Exercise Price | ||||||||||||
Remaining Contractual | |||||||||||||||||
Life (Years) | |||||||||||||||||
$0.01 to $27.47 | 428 | 2.38 | $23.53 | 325 | $23.11 | ||||||||||||
$27.48 to $27.77 | 2,188 | 5.16 | 27.77 | 497 | 27.77 | ||||||||||||
$27.78 to $35.89 | 2,031 | 3.69 | 32.31 | 1,174 | 33.17 | ||||||||||||
$35.90 to $54.26 | 232 | 4.8 | 48.1 | 131 | 48.42 | ||||||||||||
$54.27 to $75.55 | 4,043 | 5.3 | 55.85 | 1,184 | 57.19 | ||||||||||||
Total | 8,922 | 4.74 | $41.85 | 3,311 | $40.56 | ||||||||||||
Schedule of Other Information Pertaining to Stock Option Awards | ' | ||||||||||||||||
Other information pertaining to the Company’s stock option awards is as follows (in thousands, except per share data): | |||||||||||||||||
Fiscal Years Ended | |||||||||||||||||
June 29, | June 30, | June 24, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Weighted average grant date fair value per share of options | $19.31 | $12.05 | $11.67 | ||||||||||||||
Total intrinsic value of options exercised | $67,044 | $62,145 | $1,605 | ||||||||||||||
Summary of Nonvested Restricted Stock Awards and Restricted Stock Unit Awards Outstanding | ' | ||||||||||||||||
A summary of nonvested restricted stock awards (RSAs) and restricted stock unit awards (RSUs) outstanding as of June 29, 2014 and changes during the year then ended is 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 | (287 | ) | 32.44 | ||||||||||||||
Forfeited | (27 | ) | 42.83 | ||||||||||||||
Nonvested at June 29, 2014 | 860 | $46.81 | |||||||||||||||
Summary of Total Stock-Based Compensation Expense | ' | ||||||||||||||||
Total stock-based compensation expense was as follows (in thousands): | |||||||||||||||||
Fiscal Years Ended | |||||||||||||||||
Income Statement Classification: | June 29, | June 30, | June 24, | ||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Cost of revenue, net | $11,353 | $9,389 | $7,713 | ||||||||||||||
Research and development | 15,392 | 13,429 | 10,378 | ||||||||||||||
Sales, general and administrative | 34,941 | 31,081 | 28,302 | ||||||||||||||
Total stock-based compensation expense | $61,686 | $53,899 | $46,393 | ||||||||||||||
Schedule of Weighted Average Assumptions Utilized to Value Stock Option Grants | ' | ||||||||||||||||
The weighted average assumptions used to value stock option grants were as follows: | |||||||||||||||||
Fiscal Years Ended | |||||||||||||||||
Stock Option Grants: | June 29, | June 30, | June 24, | ||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Risk-free interest rate | 1.16 | % | 0.42 | % | 0.47 | % | |||||||||||
Expected life, in years | 3.8 | 3.64 | 3.63 | ||||||||||||||
Expected volatility | 44.5 | % | 56.8 | % | 51.7 | % | |||||||||||
Dividend yield | — | — | — | ||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||||
Jun. 29, 2014 | ||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||||
Components of Income Before Income Taxes | ' | |||||||||||||||||
The following were the components of income before income taxes (in thousands): | ||||||||||||||||||
Fiscal Years Ended | ||||||||||||||||||
June 29, | June 30, | June 24, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
Domestic | $58,859 | $31,046 | ($5,360 | ) | ||||||||||||||
Foreign | 88,711 | 76,511 | 53,007 | |||||||||||||||
Total income before income taxes | $147,570 | $107,557 | $47,647 | |||||||||||||||
Components of Income Tax Expense | ' | |||||||||||||||||
The following were the components of income tax expense (in thousands): | ||||||||||||||||||
Fiscal Years Ended | ||||||||||||||||||
June 29, | June 30, | June 24, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
Current: | ||||||||||||||||||
Federal | $3,423 | $483 | ($4,031 | ) | ||||||||||||||
Foreign | 15,371 | 18,127 | 13,125 | |||||||||||||||
State | 1,876 | 1,777 | 566 | |||||||||||||||
Total current | 20,670 | 20,387 | 9,660 | |||||||||||||||
Deferred: | ||||||||||||||||||
Federal | 229 | 2,226 | (4,786 | ) | ||||||||||||||
Foreign | 3,003 | (177 | ) | (450 | ) | |||||||||||||
State | (523 | ) | (1,804 | ) | (1,189 | ) | ||||||||||||
Total deferred | 2,709 | 245 | (6,425 | ) | ||||||||||||||
Income tax expense | $23,379 | $20,632 | $3,235 | |||||||||||||||
Schedule of Effective Income Tax Rate and Amount Reconciliation | ' | |||||||||||||||||
Actual income tax expense differed from the amount computed by applying the U.S. federal tax rate of 35% to pre-tax earnings as a result of the following (in thousands, except percentages): | ||||||||||||||||||
Fiscal Years Ended | ||||||||||||||||||
June 29, | % of Income | June 30, | % of Income | June 24, | % of Income | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
Federal income tax provision at statutory rate | $51,645 | 35% | $37,645 | 35% | $16,676 | 35% | ||||||||||||
Increase (decrease) in income tax expense resulting from: | ||||||||||||||||||
State tax provision, net of federal benefit | 2,550 | 2% | 1,146 | 1% | 68 | 0% | ||||||||||||
State tax credits | (1,004 | ) | -1% | (1,407 | ) | -1% | (1,028 | ) | -2% | |||||||||
Tax exempt interest | (815 | ) | 0% | (853 | ) | -1% | (1,064 | ) | -2% | |||||||||
48C investment tax credit | (11,310 | ) | -8% | (5,252 | ) | -5% | (4,105 | ) | -9% | |||||||||
Increase (decrease) in tax reserve | 15,411 | 10% | (361 | ) | 0% | (2,677 | ) | -6% | ||||||||||
Change in tax depreciation methodology | (18,475 | ) | -12% | — | 0% | — | 0% | |||||||||||
Research and development credits | (1,574 | ) | -1% | (2,426 | ) | -2% | (694 | ) | -1% | |||||||||
Decrease in valuation allowance | (20 | ) | 0% | (6 | ) | 0% | (13 | ) | 0% | |||||||||
Qualified production activities deduction | (2,362 | ) | -1% | (866 | ) | -1% | (177 | ) | -1% | |||||||||
Stock-based compensation | 2,024 | 1% | 1,206 | 1% | 336 | 1% | ||||||||||||
Statutory rate differences | (14,285 | ) | -10% | (10,184 | ) | -10% | (5,830 | ) | -12% | |||||||||
Other | 1,594 | 1% | 1,990 | 2% | 1,743 | 4% | ||||||||||||
Income tax expense | $23,379 | 16% | $20,632 | 19% | $3,235 | 7% | ||||||||||||
Schedule of Tax Effects of Temporary Differences that Give Rise to Significant Portions of Deferred Tax Assets and Liabilities | ' | |||||||||||||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities were as follows (in thousands): | ||||||||||||||||||
June 29, | June 30, | |||||||||||||||||
2014 | 2013 | |||||||||||||||||
Deferred tax assets: | ||||||||||||||||||
Compensation | $4,843 | $3,868 | ||||||||||||||||
Inventories | 18,672 | 16,050 | ||||||||||||||||
Sales return reserve and allowance for bad debts | 4,801 | 4,483 | ||||||||||||||||
Warranty reserve | 1,416 | 947 | ||||||||||||||||
Federal and state net operating loss carryforwards | 704 | 617 | ||||||||||||||||
Federal credits | 4,971 | 3,174 | ||||||||||||||||
State credits | 3,016 | 4,215 | ||||||||||||||||
48C investment tax credits | 22,731 | 7,216 | ||||||||||||||||
Investments | 958 | 976 | ||||||||||||||||
Stock-based compensation | 31,102 | 27,142 | ||||||||||||||||
Deferred revenue | 5,719 | — | ||||||||||||||||
Other | 876 | 1,209 | ||||||||||||||||
Total gross deferred assets | 99,809 | 69,897 | ||||||||||||||||
Less valuation allowance | (1,571 | ) | (1,604 | ) | ||||||||||||||
Deferred tax assets, net | 98,238 | 68,293 | ||||||||||||||||
Deferred tax liabilities: | ||||||||||||||||||
Property and equipment | (25,660 | ) | (27,484 | ) | ||||||||||||||
Intangible assets | (52,462 | ) | (37,921 | ) | ||||||||||||||
Investments | (1,792 | ) | 154 | |||||||||||||||
Prepaid taxes and other | (1,083 | ) | (997 | ) | ||||||||||||||
Total gross deferred liability | (80,997 | ) | (66,248 | ) | ||||||||||||||
Deferred tax asset, net | $17,241 | $2,045 | ||||||||||||||||
Components Giving Rise to Net Deferred Tax Assets (Liabilities) Included in Accompanying Consolidated Balance Sheet | ' | |||||||||||||||||
The components giving rise to the net deferred tax assets (liabilities) have been included in the Consolidated Balance Sheets as follows (in thousands): | ||||||||||||||||||
Balance at June 29, 2014 | ||||||||||||||||||
Assets | Liabilities | |||||||||||||||||
Current | Noncurrent | Current | Noncurrent | |||||||||||||||
U.S. federal income taxes | $17,324 | $— | $— | ($10,948 | ) | |||||||||||||
Hong Kong and other income taxes | 12,090 | — | — | (1,225 | ) | |||||||||||||
Total net deferred tax assets/(liabilities) | $29,414 | $— | $— | ($12,173 | ) | |||||||||||||
Balance at June 30, 2013 | ||||||||||||||||||
Assets | Liabilities | |||||||||||||||||
Current | Noncurrent | Current | Noncurrent | |||||||||||||||
U.S. federal income taxes | $15,707 | $— | $— | ($25,504 | ) | |||||||||||||
Hong Kong and other income taxes | 10,418 | 1,424 | * | — | — | |||||||||||||
Total net deferred tax assets/(liabilities) | $26,125 | $1,424 | $— | ($25,504 | ) | |||||||||||||
* | This amount is included in Other assets in the Consolidated Balance Sheets. | |||||||||||||||||
Reconciliation of the Change in Uncertain Tax Positions | ' | |||||||||||||||||
The following is a tabular reconciliation of the Company’s change in uncertain tax positions (in thousands): | ||||||||||||||||||
Fiscal Years Ended | ||||||||||||||||||
June 29, | June 30, | June 24, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
Balance at beginning of period | $2,732 | $4,421 | $6,987 | |||||||||||||||
Increases related to prior year tax positions | 18,040 | 546 | — | |||||||||||||||
Decreases related to prior year tax positions | (741 | ) | — | (1,966 | ) | |||||||||||||
Expiration of statute of limitations for assessment of taxes | (1,642 | ) | (2,235 | ) | (600 | ) | ||||||||||||
Balance at end of period | $18,389 | $2,732 | $4,421 | |||||||||||||||
The Company’s policy is to include interest and penalties related to unrecognized tax benefits within the Income tax expense line item in the Consolidated Statements of Income. Total interest and penalties accrued were as follows (in thousands): | ||||||||||||||||||
June 29, | June 30, | |||||||||||||||||
2014 | 2013 | |||||||||||||||||
Accrued interest and penalties | $104 | $154 | ||||||||||||||||
Total interest and penalties recognized were as follows (in thousands): | ||||||||||||||||||
Fiscal Years Ended | ||||||||||||||||||
June 29, | June 30, | June 24, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
Recognized interest and penalties (benefit) | ($51 | ) | ($130 | ) | ($292 | ) | ||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||
Jun. 29, 2014 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||
Schedule of Product Warranty Liability | ' | |||||||||||
The following table summarizes the changes in the Company’s product warranty liabilities (in thousands): | ||||||||||||
Fiscal Years Ended | ||||||||||||
June 29, | June 30, | June 24, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance at beginning of period | $6,171 | $5,513 | $2,235 | |||||||||
Acquisition-related warranties | — | — | 5,623 | |||||||||
Warranties accrued in current period | 4,256 | 1,533 | 1,055 | |||||||||
Changes in estimates for pre-existing warranties | 907 | 71 | (878 | ) | ||||||||
Expenditures | (4,512 | ) | (946 | ) | (2,522 | ) | ||||||
Balance at end of period | $6,822 | $6,171 | $5,513 | |||||||||
Future Minimum Rental Payments | ' | |||||||||||
Future minimum rental payments as of June 29, 2014 (under leases currently in effect) are as follows (in thousands): | ||||||||||||
Fiscal Years Ending | Minimum Rental | |||||||||||
Amount | ||||||||||||
June 28, 2015 | $5,840 | |||||||||||
June 26, 2016 | 3,711 | |||||||||||
June 25, 2017 | 2,731 | |||||||||||
June 24, 2018 | 1,344 | |||||||||||
June 30, 2019 | 422 | |||||||||||
Thereafter | 102 | |||||||||||
Total future minimum rental payments | $14,150 | |||||||||||
Reportable_Segments_Tables
Reportable Segments (Tables) | 12 Months Ended | |||||||||||||||||||||||
Jun. 29, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Schedule of revenues, gross profit and gross margin, by segment | ' | |||||||||||||||||||||||
Revenue, gross profit and gross margin for each of the Company's segments were as follows (in thousands, except percentages): | ||||||||||||||||||||||||
Revenue | Gross Profit and Gross Margin | |||||||||||||||||||||||
Year Ended | Year Ended | |||||||||||||||||||||||
June 29, | June 30, 2013 | June 24, 2012 | June 29, 2014 | June 30, 2013 | June 24, 2012 | |||||||||||||||||||
2014 | ||||||||||||||||||||||||
LED Products | $833,684 | $801,483 | $756,924 | $381,003 | $344,649 | $290,642 | ||||||||||||||||||
LED Products gross margin | 46 | % | 43 | % | 38 | % | ||||||||||||||||||
Lighting Products | 706,425 | 495,089 | 334,704 | 197,304 | 148,947 | 103,396 | ||||||||||||||||||
Lighting Products gross margin | 28 | % | 30 | % | 31 | % | ||||||||||||||||||
Power and RF Products | 107,532 | 89,410 | 73,030 | 60,723 | 48,127 | 32,051 | ||||||||||||||||||
Power and RF Products gross margin | 56 | % | 54 | % | 44 | % | ||||||||||||||||||
Total segment reporting | $1,647,641 | $1,385,982 | $1,164,658 | 639,030 | 541,723 | 426,089 | ||||||||||||||||||
Unallocated costs | (20,235 | ) | (18,463 | ) | (16,627 | ) | ||||||||||||||||||
Consolidated gross profit | $618,795 | $523,260 | $409,462 | |||||||||||||||||||||
Consolidated gross margin | 38 | % | 38 | % | 35 | % | ||||||||||||||||||
Schedule of inventories, by segment | ' | |||||||||||||||||||||||
Inventories for each of the Company's segments were as follows (in thousands): | ||||||||||||||||||||||||
June 29, 2014 | June 30, 2013 | |||||||||||||||||||||||
LED Products | $123,249 | $99,835 | ||||||||||||||||||||||
Lighting Products | 148,757 | 87,546 | ||||||||||||||||||||||
Power and RF Products | 8,019 | 6,593 | ||||||||||||||||||||||
Total segment inventories | 280,025 | 193,974 | ||||||||||||||||||||||
Unallocated inventories | 4,755 | 3,027 | ||||||||||||||||||||||
Consolidated inventories | $284,780 | $197,001 | ||||||||||||||||||||||
Schedule of percentage of revenues from external customers by geographic area | ' | |||||||||||||||||||||||
The following table sets forth the percentage of revenue from external customers by geographic area: | ||||||||||||||||||||||||
For the Years Ended | ||||||||||||||||||||||||
June 29, 2014 | 30-Jun-13 | 24-Jun-12 | ||||||||||||||||||||||
United States | 49 | % | 44 | % | 38 | % | ||||||||||||||||||
China | 27 | % | 28 | % | 32 | % | ||||||||||||||||||
Europe | 9 | % | 12 | % | 14 | % | ||||||||||||||||||
South Korea | 2 | % | 2 | % | 2 | % | ||||||||||||||||||
Japan | 6 | % | 7 | % | 8 | % | ||||||||||||||||||
Malaysia | 1 | % | 1 | % | 2 | % | ||||||||||||||||||
Taiwan | 1 | % | 2 | % | 1 | % | ||||||||||||||||||
Other | 5 | % | 4 | % | 3 | % | ||||||||||||||||||
Total percentage of revenue | 100 | % | 100 | % | 100 | % | ||||||||||||||||||
Schedule of tangible long-lived assets by country | ' | |||||||||||||||||||||||
The following table sets forth the Company’s tangible long-lived assets by country (in thousands): | ||||||||||||||||||||||||
June 29, | June 30, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
United States | $449,359 | $419,267 | ||||||||||||||||||||||
China | 154,881 | 122,477 | ||||||||||||||||||||||
Other | 1,473 | 1,089 | ||||||||||||||||||||||
Total tangible long-lived assets | $605,713 | $542,833 | ||||||||||||||||||||||
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Tables) | 12 Months Ended | |||||||||||||||||||
Jun. 29, 2014 | ||||||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||||||
Quarterly Results of Operations | ' | |||||||||||||||||||
The following is a summary of the Company’s consolidated quarterly results of operations for each of the fiscal years ended June 29, 2014 and June 30, 2013 (in thousands, except per share data): | ||||||||||||||||||||
September 29, | December 29, | March 30, | June 29, | Fiscal Year 2014 | ||||||||||||||||
2013 | 2013 | 2014 | 2014 | |||||||||||||||||
Revenue, net | $391,006 | $415,086 | $405,259 | $436,290 | $1,647,641 | |||||||||||||||
Cost of revenue, net | 240,249 | 259,308 | 255,265 | 274,024 | 1,028,846 | |||||||||||||||
Gross profit | 150,757 | 155,778 | 149,994 | 162,266 | 618,795 | |||||||||||||||
Net income | 30,497 | 35,681 | 28,164 | 29,849 | 124,191 | |||||||||||||||
Earnings per share: | ||||||||||||||||||||
Basic | $0.26 | $0.30 | $0.23 | $0.24 | $1.03 | |||||||||||||||
Diluted | $0.25 | $0.29 | $0.23 | $0.24 | $1.01 | |||||||||||||||
September 23, | December 30, | March 31, | June 30, | Fiscal Year 2013 | ||||||||||||||||
2012 | 2012 | 2013 | 2013 | |||||||||||||||||
Revenue, net | $315,753 | $346,286 | $348,934 | $375,009 | $1,385,982 | |||||||||||||||
Cost of revenue, net | 199,704 | 212,810 | 215,924 | 234,284 | 862,722 | |||||||||||||||
Gross profit | 116,049 | 133,476 | 133,010 | 140,725 | 523,260 | |||||||||||||||
Net income | 16,123 | 20,403 | 22,157 | 28,242 | 86,925 | |||||||||||||||
Earnings per share: | ||||||||||||||||||||
Basic | $0.14 | $0.18 | $0.19 | $0.24 | $0.75 | |||||||||||||||
Diluted | $0.14 | $0.18 | $0.19 | $0.23 | $0.74 | |||||||||||||||
Business_Narrative_Details
Business Narrative (Details) | 12 Months Ended |
Jun. 29, 2014 | |
reportable_segments | |
Business [Abstract] | ' |
Number of Reportable Segments | 3 |
Basis_of_Presentation_and_Summ2
Basis of Presentation and Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||
In Millions, unless otherwise specified | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 24, 2012 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 28, 2015 |
operating_segments | reportable_segments | Leasehold improvements [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Patents [Member] | Scenario, Forecast [Member] | |||
Machinery and equipment [Member] | Buildings and building improvements [Member] | Furniture and fixtures [Member] | Aircraft and vehicles [Member] | Machinery and equipment [Member] | Buildings and building improvements [Member] | Furniture and fixtures [Member] | Aircraft and vehicles [Member] | Maximum [Member] | |||||||||
Basis of Presentation and Changes in Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fiscal Year Weeks | ' | '364 days | '371 days | '364 days | ' | '364 days | ' | ' | ' | ' | '371 days | ' | ' | ' | ' | ' | '364 days |
Number of Reportable Segments | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charges for write-downs in inventories | ' | $5.20 | $12.50 | $14.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | ' | ' | ' | '3 years | '5 years | '3 years | '5 years | ' | '15 years | '40 years | '5 years | '20 years | ' | ' |
Property and equipment estimated useful lives | ' | ' | ' | ' | 'Shorter of estimated useful life or lease term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Operating Segments | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | '20 years | ' | ' | ' | ' | '20 years | ' |
Advertising costs | ' | $26.60 | $18.20 | $9.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (Ruud Lighting, Inc. [Member], USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Aug. 17, 2011 | Jun. 24, 2012 | Jun. 24, 2012 |
Business Acquisition [Line Items] | ' | ' | ' |
Cash paid for acquisition | $372.20 | ' | ' |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | ' | 2.3 | ' |
Business Combination, Consideration Transferred | 666 | ' | ' |
Business Acquisition, Cost of Acquired Entity, Liabilities Incurred | 85 | ' | ' |
Business Combination, Proforma Information, Revenue of Acquiree since beginning of period | ' | ' | 235.8 |
Business Combination, Acquisition Related Costs | ' | ' | 3.1 |
Common Stock [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Shares issued for acquisition | 6.1 | ' | ' |
Fair value of common stock issued by the Company | $211 | ' | ' |
Acquisitions_Acquisition_Pro_F
Acquisitions Acquisition (Pro Forma Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 24, 2012 |
Business Combinations Results Of Operations Of Acquired Company [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $436,290 | $405,259 | $415,086 | $391,006 | $375,009 | $348,934 | $346,286 | $315,753 | $1,647,641 | $1,385,982 | $1,164,658 |
Operating Loss | ' | ' | ' | ' | ' | ' | ' | ' | 134,275 | 96,494 | 39,258 |
Net Loss | 29,849 | 28,164 | 35,681 | 30,497 | 28,242 | 22,157 | 20,403 | 16,123 | 124,191 | 86,925 | 44,412 |
Basic | $0.24 | $0.23 | $0.30 | $0.26 | $0.24 | $0.19 | $0.18 | $0.14 | $1.03 | $0.75 | $0.39 |
Diluted | $0.24 | $0.23 | $0.29 | $0.25 | $0.23 | $0.19 | $0.18 | $0.14 | $1.01 | $0.74 | $0.39 |
Ruud Lighting, Inc. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combinations Results Of Operations Of Acquired Company [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 204,353 |
Operating Loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,985 |
Net Loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,334 |
Basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($0.02) |
Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($0.02) |
Business Combination, Pro Forma Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,194,990 |
Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,551 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $42,399 |
Earnings per share, basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.37 |
Earnings per share, diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.37 |
Financial_Statement_Details_Su
Financial Statement Details (Summary of the Components of Accounts Receivable, Net) (Details) (USD $) | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 24, 2012 | Jun. 26, 2011 |
In Thousands, unless otherwise specified | ||||
Accounts Receivable, Net [Abstract] | ' | ' | ' | ' |
Receivables, gross | $256,931 | $221,478 | ' | ' |
Allowance for bad debts | -2,761 | -2,471 | ' | ' |
Accounts receivable, net | 225,160 | 192,507 | ' | ' |
Billed trade receivables [Member] | ' | ' | ' | ' |
Accounts Receivable, Net [Abstract] | ' | ' | ' | ' |
Receivables, gross | 255,374 | 220,307 | ' | ' |
Unbilled contract receivables [Member] | ' | ' | ' | ' |
Accounts Receivable, Net [Abstract] | ' | ' | ' | ' |
Receivables, gross | 1,557 | 1,171 | ' | ' |
Sales Returns, Discounts and Other Incentives [Member] | ' | ' | ' | ' |
Accounts Receivable, Net [Abstract] | ' | ' | ' | ' |
Allowance for sales returns, discounts and other incentives | ($29,010) | ($26,500) | ($20,681) | ($19,615) |
Financial_Statement_Details_Su1
Financial Statement Details (Summary of Changes in Allowance for Sales Returns and Other Incentives) (Details) (Sales Returns, Discounts and Other Incentives [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 24, 2012 |
Sales Returns, Discounts and Other Incentives [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at beginning of period | $26,500 | $20,681 | $19,615 |
Current period claims | -115,568 | -84,983 | -67,773 |
Provision for sales returns, discounts and other incentives | 118,078 | 90,802 | 68,839 |
Balance at end of period | $29,010 | $26,500 | $20,681 |
Financial_Statement_Details_Ro
Financial Statement Details (Rollforward of Allowance for Bad Debts) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 24, 2012 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' |
Balance at end of period | $2,761 | $2,471 | ' |
Allowance for Bad Debts [Member] | ' | ' | ' |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 2,471 | 1,782 | 753 |
Current period provision | 903 | 801 | 1,029 |
Write-offs, net of recoveries | -613 | -112 | 0 |
Balance at end of period | $2,761 | $2,471 | $1,782 |
Financial_Statement_Details_Su2
Financial Statement Details (Summary of the Components of Inventories) (Details) (USD $) | Jun. 29, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventory, Net [Abstract] | ' | ' |
Raw material | $95,594 | $62,253 |
Work-in-progress | 92,889 | 68,146 |
Finished goods | 96,297 | 66,602 |
Inventories | $284,780 | $197,001 |
Financial_Statement_Details_Co
Financial Statement Details (Components of Property and Equipment) (Details) (USD $) | 12 Months Ended | ||
Jun. 29, 2014 | Jun. 30, 2013 | Jun. 24, 2012 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and Equipment, Gross | $1,570,440,000 | $1,390,773,000 | ' |
Accumulated depreciation | -964,727,000 | -847,940,000 | ' |
Property and equipment, net | 605,713,000 | 542,833,000 | ' |
Depreciation of property and equipment | 125,300,000 | 115,500,000 | 110,600,000 |
Losses on disposals or impairments of property and equipment | 1,300,000 | 1,900,000 | 2,600,000 |
Furniture and Fixtures [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and Equipment, Gross | 12,822,000 | 11,268,000 | ' |
Land and Buildings [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and Equipment, Gross | 355,044,000 | 333,761,000 | ' |
Machinery and Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and Equipment, Gross | 1,046,878,000 | 924,076,000 | ' |
Aircraft and Vehicles [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and Equipment, Gross | 16,292,000 | 16,250,000 | ' |
Computer Hardware/Software [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and Equipment, Gross | 35,446,000 | 32,405,000 | ' |
Leasehold Improvements and Other [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and Equipment, Gross | 18,890,000 | 18,566,000 | ' |
Construction in Progress [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and Equipment, Gross | $85,068,000 | $54,447,000 | ' |
Financial_Statement_Details_Fi
Financial Statement Details Financial Statement Details (Summary of the Components of Other Current Liabilities) (Details) (USD $) | Jun. 29, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Financial Statement Details [Abstract] | ' | ' |
Accrued taxes | $19,835 | $21,436 |
Accrued professional fees | 5,373 | 4,493 |
Accrued warranty | 5,842 | 5,259 |
Accrued other | 7,936 | 12,060 |
Other current liabilities | $38,986 | $43,248 |
Financial_Statement_Details_Fi1
Financial Statement Details Financial Statement Details (Components of Accumulated Other Comprehensive Income) (Details) (USD $) | Jun. 29, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Financial Statement Details [Abstract] | ' | ' |
Currency translation gain | $8,549 | $8,492 |
Net unrealized gain (loss) on available-for-sale securities | 2,856 | -248 |
Accumulated other comprehensive income, net of taxes | $11,405 | $8,244 |
Financial_Statement_Details_Fi2
Financial Statement Details Financial Statement Details (Components of Non-Operating Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 24, 2012 |
Financial Statement Details [Abstract] | ' | ' | ' |
Foreign currency gain, net | $45 | $735 | $171 |
Gain on sale of investments, net | 68 | 111 | 994 |
Interest income, net | 11,932 | 7,882 | 7,457 |
Other, net | 1,250 | 2,335 | -233 |
Non-operating income, net | $13,295 | $11,063 | $8,389 |
Financial_Statement_Details_Fi3
Financial Statement Details Financial Statement Details (Amount Reclassified Out of Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 24, 2012 |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-operating income, net | ' | ' | ' | ' | ' | ' | ' | ' | $13,295 | $11,063 | $8,389 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 147,570 | 107,557 | 47,647 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 23,379 | 20,632 | 3,235 |
Net income | 29,849 | 28,164 | 35,681 | 30,497 | 28,242 | 22,157 | 20,403 | 16,123 | 124,191 | 86,925 | 44,412 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-operating income, net | ' | ' | ' | ' | ' | ' | ' | ' | 68 | 107 | 994 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 68 | 107 | 994 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 11 | 21 | 68 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $57 | $86 | $926 |
Investments_Summary_of_Marketa
Investments (Summary of Marketable Investments by Type) (Details) (USD $) | Jun. 29, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $870,993 | $834,249 |
Gross Unrealized Gains | 4,775 | 2,695 |
Gross Unrealized Losses | -126 | -3,098 |
Estimated Fair Value | 875,642 | 833,846 |
Municipal Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 291,869 | 250,206 |
Gross Unrealized Gains | 2,323 | 817 |
Gross Unrealized Losses | -12 | -1,314 |
Estimated Fair Value | 294,180 | 249,709 |
Corporate Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 200,177 | 192,147 |
Gross Unrealized Gains | 2,283 | 1,678 |
Gross Unrealized Losses | -114 | -1,765 |
Estimated Fair Value | 202,346 | 192,060 |
U.S. Agency Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 18,994 | 39,288 |
Gross Unrealized Gains | 141 | 186 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 19,135 | 39,474 |
Non-U.S. certificates of deposit [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 352,928 | 345,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 352,928 | 345,000 |
Non-U.S. Government Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 7,025 | 7,608 |
Gross Unrealized Gains | 28 | 14 |
Gross Unrealized Losses | 0 | -19 |
Estimated Fair Value | $7,053 | $7,603 |
Investments_Schedule_of_Invest
Investments (Schedule of Investment Securities, Aggregated by Investment Type and Length of Time) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 24, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Fair Value, Less than 12 Months | $23,602 | $234,470 | ' |
Unrealized Loss, Less than 12 Months | -39 | -3,098 | ' |
Fair Value, Greater than 12 Months | 14,569 | 0 | ' |
Unrealized Loss, Greater than 12 Months | -87 | 0 | ' |
Fair Value, Total | 38,171 | 234,470 | ' |
Unrealized Loss, Total | -126 | -3,098 | ' |
Number of securities with an unrealized loss, Less than 12 Months | 13 | 123 | ' |
Number of securities with an unrealized loss, Greater than 12 Months | 7 | 0 | ' |
Number of securities with an unrealized loss, Total | 20 | 123 | ' |
Available-for-sale Securities, Gross Realized Gain (Loss) | 68 | 111 | 994 |
Municipal Bonds [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Fair Value, Less than 12 Months | 7,906 | 126,926 | ' |
Unrealized Loss, Less than 12 Months | -8 | -1,314 | ' |
Fair Value, Greater than 12 Months | 1,520 | 0 | ' |
Unrealized Loss, Greater than 12 Months | -4 | 0 | ' |
Fair Value, Total | 9,426 | 126,926 | ' |
Unrealized Loss, Total | -12 | -1,314 | ' |
Corporate Bonds [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Fair Value, Less than 12 Months | 15,696 | 102,010 | ' |
Unrealized Loss, Less than 12 Months | -31 | -1,765 | ' |
Fair Value, Greater than 12 Months | 13,049 | 0 | ' |
Unrealized Loss, Greater than 12 Months | -83 | 0 | ' |
Fair Value, Total | 28,745 | 102,010 | ' |
Unrealized Loss, Total | -114 | -1,765 | ' |
U.S. Agency Securities [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Fair Value, Less than 12 Months | 0 | 0 | ' |
Unrealized Loss, Less than 12 Months | 0 | 0 | ' |
Fair Value, Greater than 12 Months | 0 | 0 | ' |
Unrealized Loss, Greater than 12 Months | 0 | 0 | ' |
Fair Value, Total | 0 | 0 | ' |
Unrealized Loss, Total | 0 | 0 | ' |
Non-U.S. certificates of deposit [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Fair Value, Less than 12 Months | 0 | 0 | ' |
Unrealized Loss, Less than 12 Months | 0 | 0 | ' |
Fair Value, Greater than 12 Months | 0 | 0 | ' |
Unrealized Loss, Greater than 12 Months | 0 | 0 | ' |
Fair Value, Total | 0 | 0 | ' |
Unrealized Loss, Total | 0 | 0 | ' |
Non-U.S. Government Securities [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Fair Value, Less than 12 Months | 0 | 5,534 | ' |
Unrealized Loss, Less than 12 Months | 0 | -19 | ' |
Fair Value, Greater than 12 Months | 0 | 0 | ' |
Unrealized Loss, Greater than 12 Months | 0 | 0 | ' |
Fair Value, Total | 0 | 5,534 | ' |
Unrealized Loss, Total | $0 | ($19) | ' |
Investments_Contractual_Maturi
Investments (Contractual Maturities of Marketable Investments) (Details) (USD $) | Jun. 29, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Within One Year | $433,065 | ' |
After One, Within Five Years | 386,807 | ' |
After Five, Within Ten Years | 55,770 | ' |
After Ten Years | 0 | ' |
Total | 875,642 | 833,846 |
Municipal Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Within One Year | 54,105 | ' |
After One, Within Five Years | 213,308 | ' |
After Five, Within Ten Years | 26,767 | ' |
After Ten Years | 0 | ' |
Total | 294,180 | ' |
Corporate Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Within One Year | 18,992 | ' |
After One, Within Five Years | 154,351 | ' |
After Five, Within Ten Years | 29,003 | ' |
After Ten Years | 0 | ' |
Total | 202,346 | ' |
U.S. Agency Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Within One Year | 3,008 | ' |
After One, Within Five Years | 16,127 | ' |
After Five, Within Ten Years | 0 | ' |
After Ten Years | 0 | ' |
Total | 19,135 | ' |
Non-U.S. certificates of deposit [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Within One Year | 352,928 | ' |
After One, Within Five Years | 0 | ' |
After Five, Within Ten Years | 0 | ' |
After Ten Years | 0 | ' |
Total | 352,928 | ' |
Non-U.S. Government Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Within One Year | 4,032 | ' |
After One, Within Five Years | 3,021 | ' |
After Five, Within Ten Years | 0 | ' |
After Ten Years | 0 | ' |
Total | $7,053 | ' |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Jun. 29, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | $0 | ' |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 0 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 875,642 | 833,846 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash equivalents | 40,031 | 14,598 |
Short-term investments | 875,642 | 833,846 |
Total assets | 915,673 | 848,444 |
Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash equivalents | 40,031 | 12,589 |
Short-term investments | 0 | 0 |
Total assets | 40,031 | 12,589 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash equivalents | 0 | 2,009 |
Short-term investments | 875,642 | 833,846 |
Total assets | 875,642 | 835,855 |
Significant Unobservable Inputs (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 | 294,180 | 249,709 |
Municipal Bonds [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 294,180 | 249,709 |
Municipal Bonds [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 0 | 0 |
Municipal Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 294,180 | 249,709 |
Municipal Bonds [Member] | Significant Unobservable Inputs (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 | 202,346 | 192,060 |
Corporate Bonds [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 202,346 | 192,060 |
Corporate Bonds [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 0 | 0 |
Corporate Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 202,346 | 192,060 |
Corporate Bonds [Member] | Significant Unobservable Inputs (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 | 19,135 | 39,474 |
U.S. Agency Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 19,135 | 39,474 |
U.S. Agency Securities [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 0 | 0 |
U.S. Agency Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 19,135 | 39,474 |
U.S. Agency Securities [Member] | Significant Unobservable Inputs (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 | 352,928 | 345,000 |
Non-U.S. certificates of deposit [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 352,928 | 345,000 |
Non-U.S. certificates of deposit [Member] | Quoted Prices in Active Markets for Identical Items (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] | Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 352,928 | 345,000 |
Non-U.S. certificates of deposit [Member] | Significant Unobservable Inputs (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 | 7,053 | 7,603 |
Non-U.S. Government Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 7,053 | 7,603 |
Non-U.S. Government Securities [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 0 | 0 |
Non-U.S. Government Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 7,053 | 7,603 |
Non-U.S. Government Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Short-term investments | 0 | 0 |
Municipal Bonds [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash equivalents | 0 | 2,009 |
Municipal Bonds [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash equivalents | 0 | 0 |
Municipal Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash equivalents | 0 | 2,009 |
Municipal Bonds [Member] | Significant Unobservable Inputs (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 | 40,031 | 12,589 |
Money Market Funds [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash equivalents | 40,031 | 12,589 |
Money Market Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash equivalents | 0 | 0 |
Money Market Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash equivalents | $0 | $0 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets Goodwill and Intangible Assets (Schedule of Goodwill by Reportable Segment) (Details) (USD $) | Jun. 29, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill [Line Items] | ' | ' |
Goodwill, End of Period | $616,345 | $616,345 |
LED Products [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, End of Period | 245,857 | 245,857 |
Lighting Products [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, End of Period | 337,781 | 337,781 |
Power and RF Products [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, End of Period | $32,707 | $32,707 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets (Components of Intangible Assets) (Details) (USD $) | Jun. 29, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Intangible Assets [Line Items] | ' | ' |
Gross finite-lived intangible assets | $445,571 | $427,111 |
Accumulated amortization | -188,828 | -152,466 |
Finite-Lived Intangible Assets, Net | 256,743 | 274,645 |
Trade names, indefinite-lived | 79,680 | 82,880 |
Finite and Indefinite-lived Intangible Assets, Gross | 525,251 | 509,991 |
Total intangible assets | 336,423 | 357,525 |
Customer Relationships [Member] | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Gross finite-lived intangible assets | 137,440 | 137,440 |
Accumulated amortization | -66,970 | -59,611 |
Finite-Lived Intangible Assets, Net | 70,470 | 77,829 |
Developed Technology [Member] | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Gross finite-lived intangible assets | 162,760 | 162,760 |
Accumulated amortization | -72,921 | -53,476 |
Finite-Lived Intangible Assets, Net | 89,839 | 109,284 |
Non-compete Agreements [Member] | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Gross finite-lived intangible assets | 10,244 | 10,244 |
Accumulated amortization | -5,997 | -4,037 |
Finite-Lived Intangible Assets, Net | 4,247 | 6,207 |
Trade Names, Finite-lived [Member] | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Gross finite-lived intangible assets | 520 | 520 |
Accumulated amortization | -516 | -493 |
Finite-Lived Intangible Assets, Net | 4 | 27 |
Patent and Licensing Rights [Member] | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Gross finite-lived intangible assets | 134,607 | 116,147 |
Accumulated amortization | -42,424 | -34,849 |
Finite-Lived Intangible Assets, Net | $92,183 | $81,298 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets (Narrative) (Details) (USD $) | 12 Months Ended | ||
Jun. 29, 2014 | Jun. 30, 2013 | Jun. 24, 2012 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Amortization of intangible assets | $37,700,000 | $37,800,000 | $32,100,000 |
Impairment of acquisition-related intangibles | 3,200,000 | 0 | 0 |
Investments in intangible assets | 20,183,000 | 20,858,000 | 17,204,000 |
Impairment charges related to patent portfolio | $1,400,000 | $1,600,000 | $800,000 |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets (Schedule of Future Amortization Expense of Intangible Assets) (Details) (USD $) | Jun. 29, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
28-Jun-15 | $34,390 | ' |
26-Jun-16 | 34,099 | ' |
25-Jun-17 | 32,106 | ' |
24-Jun-18 | 30,927 | ' |
30-Jun-19 | 18,390 | ' |
Thereafter | 106,831 | ' |
Future amortization expense of intangible assets, total | $256,743 | $274,645 |
Shareholders_Equity_Narrative_
Shareholders' Equity (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 162 Months Ended | 0 Months Ended | 3 Months Ended | 1 Months Ended | ||||
29-May-02 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 24, 2012 | Jun. 29, 2014 | 6-May-14 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Aug. 17, 2011 | |
June 30, 2013 Plan [Member] | June 30, 2013 Plan [Member] | Common Stock [Member] | Series A Preferred Stock [Member] | Ruud Lighting, Inc. [Member] | |||||||
Common Stock [Member] | |||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,100,000 |
Business Acquisition, Equity Interest Issued or Issuable, Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $211,000,000 |
Business Acquisition, Transfer Restrictions, Subject to Expiration, Percentage of Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% |
Common stock approved for repurchase under repurchase program, value | ' | ' | ' | ' | ' | ' | 300,000,000 | 200,400,000 | ' | ' | ' |
Repurchased shares | ' | 2,100,000 | ' | ' | ' | 12,400,000 | ' | ' | ' | ' | ' |
Treasury stock acquired, average price per share | ' | $47.11 | ' | ' | ' | $24.57 | ' | ' | ' | ' | ' |
Aggregate value of repurchased shares | ' | $99,600,000 | $108,109,000 | $1,667,000 | $12,837,000 | $305,100,000 | ' | ' | ' | ' | ' |
Stock purchase right, rate to share of common stock | 'one | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock reserved for future issuance | ' | ' | ' | ' | ' | ' | ' | ' | 18,953,000 | ' | ' |
Shares of Series A preferred stock reserved for future issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' |
Shareholders_Equity_Shares_Res
Shareholders' Equity (Shares Reserved for Future Issuance) (Details) | Jun. 29, 2014 |
In Thousands, unless otherwise specified | |
2013 Long-Term Incentive Compensation Plan [Member] | ' |
Class of Stock [Line Items] | ' |
Reserved for future issuance of shares | 7,182 |
Non-Employee Director Stock Compensation And Deferral Program [Member] | ' |
Class of Stock [Line Items] | ' |
Reserved for future issuance of shares | 100 |
Employee Stock Purchase Plan [Member] | ' |
Class of Stock [Line Items] | ' |
Reserved for future issuance of shares | 2,200 |
Common Stock [Member] | ' |
Class of Stock [Line Items] | ' |
Reserved for exercise of outstanding common stock options | 8,922 |
Total common shares reserved | 18,953 |
Restricted Stock Units (RSUs) [Member] | ' |
Class of Stock [Line Items] | ' |
Reserved for vesting of outstanding stock units | 549 |
Series A Preferred Stock [Member] | ' |
Class of Stock [Line Items] | ' |
Series A preferred stock reserved for exercise of rights issued under shareholder rights plan | 200 |
Earnings_Per_Share_Basic_Earni
Earnings Per Share (Basic Earnings Per Share Computation) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 24, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $29,849 | $28,164 | $35,681 | $30,497 | $28,242 | $22,157 | $20,403 | $16,123 | $124,191 | $86,925 | $44,412 |
Weighted average common shares | ' | ' | ' | ' | ' | ' | ' | ' | 120,623 | 116,621 | 114,693 |
Basic earnings per share | $0.24 | $0.23 | $0.30 | $0.26 | $0.24 | $0.19 | $0.18 | $0.14 | $1.03 | $0.75 | $0.39 |
Earnings_Per_Share_Diluted_Ear
Earnings Per Share (Diluted Earnings Per Share Computation) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 24, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $29,849 | $28,164 | $35,681 | $30,497 | $28,242 | $22,157 | $20,403 | $16,123 | $124,191 | $86,925 | $44,412 |
Weighted average common shares - basic | ' | ' | ' | ' | ' | ' | ' | ' | 120,623 | 116,621 | 114,693 |
Dilutive effect of stock options, nonvested shares and Employee Stock Purchase Plan purchase rights | ' | ' | ' | ' | ' | ' | ' | ' | 2,291 | 1,358 | 532 |
Weighted average common shares - diluted | ' | ' | ' | ' | ' | ' | ' | ' | 122,914 | 117,979 | 115,225 |
Diluted earnings per share | $0.24 | $0.23 | $0.29 | $0.25 | $0.23 | $0.19 | $0.18 | $0.14 | $1.01 | $0.74 | $0.39 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) (Common Stock [Member]) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 24, 2012 |
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 | 2.6 | 2.4 | 7 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Jun. 29, 2014 | Jun. 27, 2014 |
plans | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of equity-based compensation plans | 1 | ' |
Closing price of common stock | ' | $48.48 |
Stock Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Unrecognized compensation cost | 54 | ' |
Unrecognized compensation cost expected to be recognized, weighted average period (in years) | '1 year 6 months 22 days | ' |
Restricted Stock Awards And Restricted Stock Units [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Unrecognized compensation cost | 25.7 | ' |
Unrecognized compensation cost expected to be recognized, weighted average period (in years) | '3 years 5 months 22 days | ' |
2013 Long-Term Incentive Compensation Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares authorized for issuance | 7,300,000 | ' |
Shares reserved for future issuance | 7,182,000 | ' |
Employee Stock Purchase Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares authorized for issuance | 4,500,000 | ' |
Shares reserved for future issuance | 2,200,000 | ' |
Maximum contribution of employee's compensation, percentage | 15.00% | ' |
Employee stock plan purchase price of fair value, percentage | 15.00% | ' |
Number of Times Employees Can Purchase Stock Per year | 2 | ' |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary of Outstanding Option Awards) (Details) (Stock Options [Member], USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jun. 29, 2014 |
Stock Options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Outstanding Number of Shares at June 30, 2013 | 8,657 |
Granted, Number of Shares | 3,012 |
Exercised, Number of Shares | -2,339 |
Forfeited or expired, Number of Shares | -408 |
Outstanding Number of Shares at June 29, 2014 | 8,922 |
Vested or expected to vest, Number of Shares at June 29, 2014 | 8,709 |
Exercisable, Number of Shares at June 29, 2014 | 3,311 |
Outstanding, Weighted-Average Exercise Price at June 30, 2013 | $35.67 |
Granted, Weighted-Average Exercise Price | $55.14 |
Exercised, Weighted-Average Exercise Price | $36.08 |
Forfeited or expired, Weighted-Average Exercise Price | $42 |
Outstanding, Weighted-Average Exercised Price at June 29, 2014 | $41.85 |
Vested or expected to vest, Weighted-Average Exercise Price at June 29, 2014 | $41.65 |
Exercisable, Weighted-Average Exercise Price at June 29, 2014 | $40.56 |
Outstanding, Weighted-Average Remaining Contractual Term at June 29, 2014 | '4 years 8 months 26 days |
Vested or expected to vest, Weighted-Average Remaining Contractual Term at June 29, 2014 | '4 years 8 months 16 days |
Exercisable, Weighted-Average Remaining Contractual Term at June 29, 2014 | '3 years 4 months 10 days |
Outstanding, Total Intrinsic Value at June 29, 2014 | $89,311 |
Vested or expected to vest, Total Intrinsic Value at June 29, 2014 | 88,445 |
Exercisable, Total Intrinsic Value at June 29, 2014 | $36,759 |
StockBased_Compensation_Summar1
Stock-Based Compensation (Summary of Stock Options Outstanding and Exercisable) (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jun. 29, 2014 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Number | 8,922 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | '4 years 8 months 26 days |
Options Outstanding, Weighted Average Exercise Price | $41.85 |
Options Exercisable, Number | 3,311 |
Options Exercisable, Weighted Average Exercise Price | $40.56 |
$0.01 to $27.47 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Number | 428 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | '2 years 4 months 17 days |
Options Outstanding, Weighted Average Exercise Price | $23.53 |
Options Exercisable, Number | 325 |
Options Exercisable, Weighted Average Exercise Price | $23.11 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $0.01 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $27.47 |
$27.48 to $27.77 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Number | 2,188 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | '5 years 1 month 28 days |
Options Outstanding, Weighted Average Exercise Price | $27.77 |
Options Exercisable, Number | 497 |
Options Exercisable, Weighted Average Exercise Price | $27.77 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $27.48 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $27.77 |
$27.78 to $35.89 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Number | 2,031 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | '3 years 8 months 8 days |
Options Outstanding, Weighted Average Exercise Price | $32.31 |
Options Exercisable, Number | 1,174 |
Options Exercisable, Weighted Average Exercise Price | $33.17 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $27.78 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $35.89 |
$35.90 to $54.26 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Number | 232 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | '4 years 9 months 18 days |
Options Outstanding, Weighted Average Exercise Price | $48.10 |
Options Exercisable, Number | 131 |
Options Exercisable, Weighted Average Exercise Price | $48.42 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $35.90 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $54.26 |
$54.27 to $75.55 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Number | 4,043 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | '5 years 3 months 18 days |
Options Outstanding, Weighted Average Exercise Price | $55.85 |
Options Exercisable, Number | 1,184 |
Options Exercisable, Weighted Average Exercise Price | $57.19 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $54.27 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $75.55 |
StockBased_Compensation_Schedu
Stock-Based Compensation (Schedule of Other Information Pertaining to Stock-Based Awards of Options) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 24, 2012 |
Share-based Compensation [Abstract] | ' | ' | ' |
Weighted average grant date fair value per share of options | $19.31 | $12.05 | $11.67 |
Total intrinsic value of options exercised | $67,044 | $62,145 | $1,605 |
StockBased_Compensation_Summar2
Stock-Based Compensation (Summary of Nonvested Shares of Restricted Stock Awards and Restricted Stock Units Outstanding) (Details) (Restricted Stock Awards And Restricted Stock Units [Member], USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jun. 29, 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, Beginning of period | 647 |
Granted, Number of RSAs/RSUs | 527 |
Vested, Number of RSAs/RSUs | -287 |
Forfeited, Number of RSAs/RSUs | -27 |
Nonvested, Number of RSAs/RSUs, End of period | 860 |
Nonvested, Weighted-Average Grant-Date Fair Value, Beginning of period | $33.80 |
Granted, Weighted-Average Grant-Date Fair Value | $54.76 |
Vested, Weighted-Average Grant-Date Fair Value | $32.44 |
Forfeited, Weighted-Average Grant-Date Fair Value | $42.83 |
Nonvested, Weighted-Average Grant-Date Fair Value, End of period | $46.81 |
StockBased_Compensation_Total_
Stock-Based Compensation (Total Stock-Based Compensation Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 24, 2012 |
Employee Service share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total stock-based compensation expense | $61,686 | $53,899 | $46,393 |
Cost of Revenue, Net [Member] | ' | ' | ' |
Employee Service share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total stock-based compensation expense | 11,353 | 9,389 | 7,713 |
Research and Development [Member] | ' | ' | ' |
Employee Service share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total stock-based compensation expense | 15,392 | 13,429 | 10,378 |
Sales, General and Administrative [Member] | ' | ' | ' |
Employee Service share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total stock-based compensation expense | $34,941 | $31,081 | $28,302 |
StockBased_Compensation_Schedu1
Stock-Based Compensation (Schedule of Weighted Average Assumptions Utilized to Value Stock Option Grants) (Details) | 12 Months Ended | ||
Jun. 29, 2014 | Jun. 30, 2013 | Jun. 24, 2012 | |
Share-based Compensation [Abstract] | ' | ' | ' |
Risk-free interest rate | 1.16% | 0.42% | 0.47% |
Expected life, in years | '3 years 9 months 18 days | '3 years 7 months 21 days | '3 years 7 months 17 days |
Expected volatility | 44.50% | 56.80% | 51.70% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Income_Taxes_Components_of_Inc
Income Taxes (Components of Income from Continuing Operations) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 24, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Domestic | $58,859 | $31,046 | ($5,360) |
Foreign | 88,711 | 76,511 | 53,007 |
Income before income taxes | $147,570 | $107,557 | $47,647 |
Income_Taxes_Components_of_Inc1
Income Taxes (Components of Income Tax Expense from Continuing Operations) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 24, 2012 |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' |
Current, Federal | $3,423 | $483 | ($4,031) |
Current, Foreign | 15,371 | 18,127 | 13,125 |
Current, State | 1,876 | 1,777 | 566 |
Total current | 20,670 | 20,387 | 9,660 |
Deferred, Federal | 229 | 2,226 | -4,786 |
Deferred, Foreign | 3,003 | -177 | -450 |
Deferred, State | -523 | -1,804 | -1,189 |
Total deferred | 2,709 | 245 | -6,425 |
Income tax expense | $23,379 | $20,632 | $3,235 |
Income_Taxes_Schedule_of_Effec
Income Taxes (Schedule of Effective Income Tax Rate and Amount Reconciliation) (Details) (USD $) | 12 Months Ended | 54 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 24, 2012 | Jun. 29, 2014 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ' | ' | ' | ' |
Federal income tax provision at statutory rate, amount | $51,645 | $37,645 | $16,676 | ' |
Federal income tax provision at statutory rate, rate | 35.00% | 35.00% | 35.00% | ' |
State tax provision, net of federal benefit, amount | 2,550 | 1,146 | 68 | ' |
State tax provision, net of federal benefit, rate | 2.00% | 1.00% | 0.00% | ' |
State tax credits, amount | -1,004 | -1,407 | -1,028 | ' |
State tax credits, rate | -1.00% | -1.00% | -2.00% | ' |
Tax exempt interest, amount | -815 | -853 | -1,064 | ' |
Tax exempt interest, rate | 0.00% | -1.00% | -2.00% | ' |
48C Investment Tax Credit, amount | -11,310 | -5,252 | -4,105 | -26,100 |
48C Investment Tax Credit, rate | -8.00% | -5.00% | -9.00% | ' |
Increase (decrease) in tax reserve, amount | 15,411 | -361 | -2,677 | ' |
Increase (decrease) in tax reserve, rate | 10.00% | 0.00% | -6.00% | ' |
Change in tax depreciation methodology, amount | -18,475 | 0 | 0 | ' |
Change in tax depreciation methodology, rate | -12.00% | 0.00% | 0.00% | ' |
Research and development credits, amount | -1,574 | -2,426 | -694 | ' |
Research and development credits, rate | -1.00% | -2.00% | -1.00% | ' |
Decrease in valuation allowance, amount | -20 | -6 | -13 | ' |
Decrease in valuation allowance, rate | 0.00% | 0.00% | 0.00% | ' |
Qualified production activities deduction, amount | -2,362 | -866 | -177 | ' |
Qualified production activities deduction, rate | -1.00% | -1.00% | -1.00% | ' |
Stock-based compensation, amount | 2,024 | 1,206 | 336 | ' |
Stock-based compensation, rate | 1.00% | 1.00% | 1.00% | ' |
Statutory rate differences, amount | -14,285 | -10,184 | -5,830 | ' |
Statutory rate differences, rate | -10.00% | -10.00% | -12.00% | ' |
Other, amount | 1,594 | 1,990 | 1,743 | ' |
Other, rate | 1.00% | 2.00% | 4.00% | ' |
Income tax expense | $23,379 | $20,632 | $3,235 | ' |
Income tax expense, rate | 16.00% | 19.00% | 7.00% | ' |
Income_Taxes_Schedule_of_Tax_E
Income Taxes (Schedule of Tax Effects of Temporary Differences that Give Rise to Significant Portions of Deferred Tax Assets and Liabilities) (Details) (USD $) | Jun. 29, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Components of Deferred Tax Assets and Liabilities [Abstract] | ' | ' |
Compensation | $4,843 | $3,868 |
Inventories | 18,672 | 16,050 |
Sales return reserve and allowance for bad debts | 4,801 | 4,483 |
Warranty reserve | 1,416 | 947 |
Federal and state net operating loss carryforwards | 704 | 617 |
Federal credits | 4,971 | 3,174 |
State credits | 3,016 | 4,215 |
48C investment tax credits | 22,731 | 7,216 |
Investments | 958 | 976 |
Stock-based compensation | 31,102 | 27,142 |
Deferred revenue | 5,719 | 0 |
Other | 876 | 1,209 |
Total gross deferred assets | 99,809 | 69,897 |
Less valuation allowance | -1,571 | -1,604 |
Deferred tax assets, net | 98,238 | 68,293 |
Property and equipment | -25,660 | -27,484 |
Intangible assets | -52,462 | -37,921 |
Investments | -1,792 | 154 |
Prepaid taxes and other | -1,083 | -997 |
Total gross deferred liability | -80,997 | -66,248 |
Deferred tax asset, net | $17,241 | $2,045 |
Income_Taxes_Components_Giving
Income Taxes (Components Giving Rise to Net Deferred Tax Assets (Liabilities) Included in Accompanying Consolidated Balance Sheet) (Details) (USD $) | Jun. 29, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Operating Loss Carryforwards [Line Items] | ' | ' |
Deferred Tax Assets, Net, Current | $29,414 | $26,125 |
Deferred Tax Assets, Net, Noncurrent | 0 | 1,424 |
Deferred Tax Liabilities, Net, Current | 0 | 0 |
Deferred Tax Liabilities, Net, Noncurrent | -12,173 | -25,504 |
U.S. Federal Income Taxes [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Deferred Tax Assets, Net, Current | 17,324 | 15,707 |
Deferred Tax Assets, Net, Noncurrent | 0 | 0 |
Deferred Tax Liabilities, Net, Current | 0 | 0 |
Deferred Tax Liabilities, Net, Noncurrent | -10,948 | -25,504 |
Hong Kong and Other Income Taxes [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Deferred Tax Assets, Net, Current | 12,090 | 10,418 |
Deferred Tax Assets, Net, Noncurrent | 0 | 1,424 |
Deferred Tax Liabilities, Net, Current | 0 | 0 |
Deferred Tax Liabilities, Net, Noncurrent | ($1,225) | $0 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | 54 Months Ended | 3 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Jun. 29, 2014 | Jun. 30, 2013 | Jun. 24, 2012 | Jun. 29, 2014 | Jun. 26, 2011 | Sep. 29, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 24, 2012 | Jun. 29, 2014 | Jan. 06, 2010 | Mar. 30, 2014 | Jun. 29, 2014 | Nov. 15, 2013 | Nov. 15, 2013 | Nov. 15, 2013 | |
HONG KONG | Malaysia | Malaysia | Malaysia | State [Member] | Investment Tax Credit Carryforward [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] | Maximum [Member] | ||||||
Y | Prior Fiscal Year [Member] | Current Fiscal Year [Member] | Second Quarter Fiscal 2014 Investment Tax Credit Award [Member] | |||||||||||||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
U.S. federal tax rate | 35.00% | 35.00% | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal tax credits, 48C | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $39,000,000 | ' | ' | $15,000,000 | $15,000,000 | $30,000,000 |
Qualified equipment, amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' |
Amortized income over useful life, in years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' |
Income tax benefit related to credits | 11,310,000 | 5,252,000 | 4,105,000 | 26,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
State net operating loss carryovers | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,500,000 | ' | ' | ' | ' | ' | ' |
State income tax credit carryforwards | 3,016,000 | 4,215,000 | ' | 3,016,000 | ' | ' | ' | ' | ' | 4,600,000 | ' | ' | ' | ' | ' | ' |
Alternative minimum tax carryforward | 800,000 | ' | ' | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carryforward related to excess stock option benefits | 9,600,000 | ' | ' | 9,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Assets, Tax Credit Carryforwards, Research and Development, Realized to Additional Paid In Capital | 2,100,000 | ' | ' | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Assets, Tax Credit Carryforwards, State Income Tax, Realized to Additional Paid In Capital | 1,800,000 | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized Tax Benefits | 18,389,000 | 2,732,000 | 4,421,000 | 18,389,000 | 6,987,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 18,040,000 | 546,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefits that would impact effective tax rate | 18,400,000 | ' | ' | 18,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated change in gross unrecognized tax benefits in next 12 months | 200,000 | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective Income Tax Rate Reconciliation, Tax Settlement, Foreign, Amount | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Undistributed earnings for non-U.S. subsidiaries | 320,800,000 | ' | ' | 320,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign reduced income tax rate | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax holiday period, years | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax holiday | ' | ' | ' | ' | ' | ' | $0 | $0 | $2,100,000 | ' | ' | ' | ' | ' | ' | ' |
Income Tax Holiday, Income Tax Benefits Per Share, Basic | ' | ' | ' | ' | ' | ' | ' | ' | $0.02 | ' | ' | ' | ' | ' | ' | ' |
Income Tax Holiday, Income Tax Benefits Per Share, Diluted | ' | ' | ' | ' | ' | ' | ' | ' | $0.02 | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Reconciliation_of
Income Taxes (Reconciliation of Company's Change in Uncertain Tax Positions) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 24, 2012 |
Reconciliation of Changes in Uncertain Tax Positions [Roll Forward] | ' | ' | ' |
Balance at beginning of period | $2,732 | $4,421 | $6,987 |
Increases related to prior year tax positions | 18,040 | 546 | 0 |
Decreases related to prior year tax positions | -741 | 0 | -1,966 |
Expiration of statute of limitations for assessment of taxes | -1,642 | -2,235 | -600 |
Balance at end of period | 18,389 | 2,732 | 4,421 |
Accrued interest and penalties | 104 | 154 | ' |
Recognized interest and penalties (benefit) | ($51) | ($130) | ($292) |
Commitments_and_Contingencies_1
Commitments and Contingencies (Schedule of Product Warranty Liability) (Details) (USD $) | 12 Months Ended | ||
Jun. 29, 2014 | Jun. 30, 2013 | Jun. 24, 2012 | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ' | ' | ' |
Balance at beginning of period | $6,171,000 | $5,513,000 | $2,235,000 |
Acquisition-related warranties | 0 | 0 | 5,623,000 |
Warranties accrued in current period | 4,256,000 | 1,533,000 | 1,055,000 |
Changes in estimates for pre-existing warranties | 907,000 | 71,000 | -878,000 |
Expenditures | -4,512,000 | -946,000 | -2,522,000 |
Balance at end of period | 6,822,000 | 6,171,000 | 5,513,000 |
Product Warranty Liability, 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 (Future Minimum Rental Payments) (Details) (USD $) | 12 Months Ended | ||
Jun. 29, 2014 | Jun. 30, 2013 | Jun. 24, 2012 | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Rent expense associated with operating leases | $5,800,000 | $4,800,000 | $4,600,000 |
Minimum Rental Amount, June 28, 2015 | 5,840,000 | ' | ' |
Minimum Rental Amount, June 26, 2016 | 3,711,000 | ' | ' |
Minimum Rental Amount, June 25, 2017 | 2,731,000 | ' | ' |
Minimum Rental Amount, June 24, 2018 | 1,344,000 | ' | ' |
Minimum Rental Amount, June 30, 2019 | 422,000 | ' | ' |
Minimum Rental Amount, Thereafter | 102,000 | ' | ' |
Total future minimum rental payments | $14,150,000 | ' | ' |
Reportable_Segments_Schedule_o
Reportable Segments Schedule of Financial Results, by Segment (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 24, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $436,290 | $405,259 | $415,086 | $391,006 | $375,009 | $348,934 | $346,286 | $315,753 | $1,647,641 | $1,385,982 | $1,164,658 |
Gross profit | 162,266 | 149,994 | 155,778 | 150,757 | 140,725 | 133,010 | 133,476 | 116,049 | 618,795 | 523,260 | 409,462 |
Gross margin | ' | ' | ' | ' | ' | ' | ' | ' | 38.00% | 38.00% | 35.00% |
LED Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 833,684 | 801,483 | 756,924 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 381,003 | 344,649 | 290,642 |
Gross margin | ' | ' | ' | ' | ' | ' | ' | ' | 46.00% | 43.00% | 38.00% |
Lighting Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 706,425 | 495,089 | 334,704 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 197,304 | 148,947 | 103,396 |
Gross margin | ' | ' | ' | ' | ' | ' | ' | ' | 28.00% | 30.00% | 31.00% |
Power and RF Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 107,532 | 89,410 | 73,030 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 60,723 | 48,127 | 32,051 |
Gross margin | ' | ' | ' | ' | ' | ' | ' | ' | 56.00% | 54.00% | 44.00% |
SegmentsTotal [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 639,030 | 541,723 | 426,089 |
Unallocated costs [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | ($20,235) | ($18,463) | ($16,627) |
Reportable_Segments_Schedule_o1
Reportable Segments Schedule of Inventory by Reportable Segment (Details) (USD $) | Jun. 29, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Inventories | $284,780 | $197,001 |
LED Products [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Inventories | 123,249 | 99,835 |
Lighting Products [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Inventories | 148,757 | 87,546 |
Power and RF Products [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Inventories | 8,019 | 6,593 |
Total segment inventories [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Inventories | 280,025 | 193,974 |
Unallocated inventories [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Inventories | $4,755 | $3,027 |
Reportable_Segments_Schedule_o2
Reportable Segments (Schedule of Percentage of Revenues from Customers by Country) (Details) (Sales Revenue, Net [Member]) | 12 Months Ended | ||
Jun. 29, 2014 | Jun. 30, 2013 | Jun. 24, 2012 | |
Revenue from External Customer [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 100.00% | 100.00% | 100.00% |
United States | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 49.00% | 44.00% | 38.00% |
China | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 27.00% | 28.00% | 32.00% |
Europe | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 9.00% | 12.00% | 14.00% |
South Korea | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 2.00% | 2.00% | 2.00% |
Japan | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 6.00% | 7.00% | 8.00% |
Malaysia | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 1.00% | 1.00% | 2.00% |
Taiwan | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 1.00% | 2.00% | 1.00% |
Other | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 5.00% | 4.00% | 3.00% |
Reportable_Segments_Schedule_o3
Reportable Segments (Schedule of Long-Lived Assets Including Net Property and Equipment by Country) (Details) (USD $) | Jun. 29, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Tangible long-lived assets | $605,713 | $542,833 |
United States | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Tangible long-lived assets | 449,359 | 419,267 |
China | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Tangible long-lived assets | 154,881 | 122,477 |
Other | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Tangible long-lived assets | $1,473 | $1,089 |
Concentrations_of_Risk_Schedul
Concentrations of Risk (Schedule of Revenue by Major Customer in Percent) (Details) (Sales Revenue, Net [Member]) | 12 Months Ended | ||
Jun. 29, 2014 | Jun. 30, 2013 | Jun. 24, 2012 | |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 100.00% | 100.00% | 100.00% |
Customer Concentration Risk [Member] | Arrow Electronics, Inc. [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 13.00% | 16.00% | 18.00% |
Customer Concentration Risk [Member] | World Peace Industrial Co., Ltd. [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | 10.00% |
Customer Concentration Risk [Member] | The Home Depot, Inc. [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 11.00% | ' | ' |
Concentrations_of_Risk_Schedul1
Concentrations of Risk (Schedule of Accounts Receivable from Customers in Percent) (Details) (Credit Concentration Risk [Member], Accounts Receivable [Member]) | 12 Months Ended | ||
Jun. 29, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | |
Arrow Electronics, Inc. [Member] | World Peace Industrial Co., Ltd. [Member] | ||
Concentration Risk [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | ' | 14.00% | 13.00% |
Customers meeting concentration risk criteria | 0 | ' | ' |
Retirement_Savings_Plan_Detail
Retirement Savings Plan (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 24, 2012 |
plans | |||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' | ' | ' |
Employee Benefit Plans, Number Of Plans | 1 | ' | ' |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $6.30 | $6.20 | $4.70 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | Jun. 25, 2014 | Aug. 17, 2011 | Jun. 25, 2014 | Aug. 17, 2011 | Aug. 17, 2011 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Aug. 17, 2011 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Aug. 17, 2011 |
Limited Liability Company [Member] | Limited Liability Company [Member] | LSA, LLC [Member] | LSA, LLC [Member] | LSA, LLC [Member] | LSA, LLC [Member] | LSA, LLC [Member] | LSA, LLC [Member] | LSA, LLC [Member] | Light Speed Aviation, LLC [Member] | Light Speed Aviation, LLC [Member] | Light Speed Aviation, LLC [Member] | Light Speed Aviation, LLC [Member] | Light Speed Aviation, LLC [Member] | Light Speed Aviation, LLC [Member] | Light Speed Aviation, LLC [Member] | Intematix Corporation [Member] | Intematix Corporation [Member] | Ruud Lighting, Inc. [Member] | |||
Other Receivables Billed [Member] | Other Receivables Billed [Member] | Other Receivables Unbilled [Member] | Other Receivables Unbilled [Member] | Other Receivables Billed [Member] | Other Receivables Billed [Member] | Other Receivables Unbilled [Member] | Other Receivables Unbilled [Member] | shareholders | |||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Shareholders, Executed Offer Letters for Continuing Employment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 |
Related Party Transactions, Property Acquisition, Interest Acquired | ' | ' | ' | 20.00% | 10.00% | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transactions, Property Acquisition, Total Ownership Interest | 100.00% | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | ' | ' | ' | $1,900,000 | $900,000 | $234,000 | $311,000 | ' | ' | ' | ' | $900,000 | $697,000 | $318,000 | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Purchases from Related Party | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,800,000 | 3,200,000 | ' |
Related Party Transaction, Reimbursements from Related Party | ' | ' | ' | ' | ' | 225,000 | 311,000 | ' | ' | ' | ' | ' | 630,000 | 299,000 | ' | ' | ' | ' | ' | ' | ' |
Due from Related Parties, Current | ' | ' | ' | ' | ' | ' | ' | 9,000 | 0 | 6,000 | 186,000 | ' | ' | ' | 86,000 | 18,000 | 46,000 | 209,000 | ' | ' | ' |
Outstanding Payable to Related Party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000 | $200,000 | ' |
Quarterly_Results_of_Operation2
Quarterly Results of Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 24, 2012 |
Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, net | $436,290 | $405,259 | $415,086 | $391,006 | $375,009 | $348,934 | $346,286 | $315,753 | $1,647,641 | $1,385,982 | $1,164,658 |
Cost of revenue, net | 274,024 | 255,265 | 259,308 | 240,249 | 234,284 | 215,924 | 212,810 | 199,704 | 1,028,846 | 862,722 | 755,196 |
Gross profit | 162,266 | 149,994 | 155,778 | 150,757 | 140,725 | 133,010 | 133,476 | 116,049 | 618,795 | 523,260 | 409,462 |
Net income | $29,849 | $28,164 | $35,681 | $30,497 | $28,242 | $22,157 | $20,403 | $16,123 | $124,191 | $86,925 | $44,412 |
Earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $0.24 | $0.23 | $0.30 | $0.26 | $0.24 | $0.19 | $0.18 | $0.14 | $1.03 | $0.75 | $0.39 |
Diluted | $0.24 | $0.23 | $0.29 | $0.25 | $0.23 | $0.19 | $0.18 | $0.14 | $1.01 | $0.74 | $0.39 |
Subsequent_Events_Subsequent_E
Subsequent Events Subsequent Events (Details) | Jun. 29, 2014 | Jun. 30, 2013 | Aug. 12, 2014 | Aug. 12, 2014 | Aug. 12, 2014 | Aug. 26, 2014 | Aug. 26, 2014 |
Share data in Millions, except Per Share data, unless otherwise specified | USD ($) | USD ($) | Credit Agreement with Wells Fargo Bank, National Association [Member] | Credit Agreement with Wells Fargo Bank, National Association [Member] | Credit Agreement with Wells Fargo Bank, National Association [Member] | Stock Purchase Agreement with Lextar Electronics Corporation [Member] | Stock Purchase Agreement with Lextar Electronics Corporation [Member] |
USD ($) | Minimum [Member] | Maximum [Member] | USD ($) | TWD | |||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | $150,000,000 | ' | ' | ' | ' |
Interest Rate Spread | ' | ' | ' | 0.70% | 1.45% | ' | ' |
Default Interest Rate Spread | ' | ' | 4.00% | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | 0.08% | 0.18% | ' | ' |
Numerator of ratio of consolidated funded indebtedness to EBITDA | ' | ' | 3 | ' | ' | ' | ' |
Denominator of ratio of consolidated funded indebtedness to EBITDA | ' | ' | 1 | ' | ' | ' | ' |
Numerator of ratio of consolidated EBITDA to interest expense | ' | ' | 3 | ' | ' | ' | ' |
Denominator of ratio of consolidated EBITDA to interest expense | ' | ' | 1 | ' | ' | ' | ' |
Stock Purchase Agreement with Lextar Electronics Corporation, Purchase Price | $875,642,000 | $833,846,000 | ' | ' | ' | $83,000,000 | ' |
Stock Purchase Agreement with Lextar Electronics Corporation, Number of Shares Purchased | ' | ' | ' | ' | ' | 83 | 83 |
Stock Purchase Agreement with Lextar Electronics Corporation, Cost per Share Purchased | ' | ' | ' | ' | ' | ' | 30 |
Stock Purchase Agreement with Lextar Electronics Corporation, Percent of Shares Purchased | ' | ' | ' | ' | ' | 13.00% | 13.00% |