Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended | |
Mar. 29, 2014 | Apr. 30, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 171,332,159 |
Document Period End Date | 29-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'TQNT | ' |
Entity Registrant Name | 'TRIQUINT SEMICONDUCTOR INC | ' |
Entity Central Index Key | '0000913885 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Income Statement [Abstract] | ' | ' |
Revenue | $177,606 | $184,209 |
Cost of goods sold | 118,556 | 145,437 |
Gross profit | 59,050 | 38,772 |
Operating expenses: | ' | ' |
Research, development and engineering | 49,870 | 46,071 |
Selling, general and administrative | 29,163 | 27,241 |
Total operating expenses | 79,033 | 73,312 |
Loss from operations | -19,983 | -34,540 |
Other (expense) income : | ' | ' |
Interest income | 27 | 38 |
Interest expense | -855 | -1,139 |
Other, net | 45 | -309 |
Total other expense, net | -783 | -1,410 |
Loss before income tax | -20,766 | -35,950 |
Income tax benefit | -1,697 | -8,001 |
Net loss | -19,069 | -27,949 |
Net loss per common share: | ' | ' |
Basic | ($0.12) | ($0.17) |
Diluted | ($0.12) | ($0.17) |
Common equivalent shares: | ' | ' |
Basic | 164,386 | 160,758 |
Diluted | 164,386 | 160,758 |
Other comprehensive (loss) income: | ' | ' |
Net unrealized gain on available for sale investments | 0 | 2 |
Comprehensive loss | ($19,069) | ($27,947) |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 29, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $163,522 | $79,026 |
Accounts receivable, net | 124,038 | 177,114 |
Inventories | 162,969 | 159,488 |
Prepaid expenses | 12,442 | 13,617 |
Deferred tax assets, net | 13,467 | 12,787 |
Other current assets | 38,430 | 39,960 |
Total current assets | 514,868 | 481,992 |
Property, plant and equipment, net | 419,829 | 420,363 |
Goodwill | 13,519 | 13,519 |
Intangible assets, net | 21,826 | 23,510 |
Deferred tax assets – noncurrent, net | 63,154 | 61,554 |
Other noncurrent assets, net | 33,915 | 32,319 |
Total assets | 1,067,111 | 1,033,257 |
Current liabilities: | ' | ' |
Accounts payable | 53,665 | 52,472 |
Accrued payroll | 37,024 | 39,743 |
Other accrued liabilities | 16,044 | 15,893 |
Total current liabilities | 106,733 | 108,108 |
Long-term liabilities: | ' | ' |
Long-term income tax liability | 2,152 | 2,062 |
Cross-licensing liability | 11,985 | 11,752 |
Other long-term liabilities | 16,819 | 16,782 |
Total liabilities | 137,689 | 138,704 |
Commitments and contingencies (Note 12) | ' | ' |
Stockholders’ equity: | ' | ' |
Preferred Stock, $0.001 par value, 5,000 shares authorized, no shares issued | 0 | 0 |
Common stock, $0.001 par value, 600,000 shares authorized, 168,568 and 161,774 shares issued and outstanding at March 29, 2014 and December 31, 2013, respectively | 169 | 162 |
Additional paid-in capital | 753,834 | 699,903 |
Accumulated other comprehensive income | 95 | 95 |
Retained earnings | 175,324 | 194,393 |
Total stockholders’ equity | 929,422 | 894,553 |
Total liabilities and stockholders’ equity | $1,067,111 | $1,033,257 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) (USD $) | Mar. 29, 2014 | Dec. 31, 2013 |
Preferred stock, par value (dollars per share) | $1 | $1 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (dollars per share) | $1 | $1 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 168,568,000 | 161,774,000 |
Common stock, shares outstanding | 168,568,000 | 161,774,000 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net loss | ($19,069) | ($27,949) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 25,856 | 25,628 |
Stock-based compensation charges | 6,590 | 7,023 |
Deferred income taxes | -2,280 | -8,878 |
Earnout and milestone liability | 396 | 396 |
Other | 260 | -22 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable, net | 53,076 | 26,653 |
Inventories | -3,125 | 1,966 |
Other assets | 3,073 | 4,628 |
Accounts payable and accrued expenses | -9,943 | -3,032 |
Net cash provided by operating activities | 54,834 | 26,413 |
Cash flows from investing activities: | ' | ' |
Purchase of available-for-sale investments | 0 | -6,323 |
Maturity/sale of available-for-sale investments | 0 | 8,169 |
Other | 161 | 29 |
Capital expenditures | -21,650 | -29,359 |
Net cash used in investing activities | -21,489 | -27,484 |
Cash flows from financing activities: | ' | ' |
Subscription/issuance of common stock, net | 42,345 | 5,097 |
Excess tax benefit from stock-based compensation arrangements | 8,806 | 0 |
Net cash provided by financing activities | 51,151 | 5,097 |
Net increase in cash and cash equivalents | 84,496 | 4,026 |
Cash and cash equivalents at beginning of period | 79,026 | 116,653 |
Cash and cash equivalents at end of period | 163,522 | 120,679 |
Supplemental disclosures: | ' | ' |
Change in timing of payments related to capital expenditures | 2,409 | 9,515 |
Cash paid for income taxes, net of cash refunds | $699 | $727 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 29, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed, or omitted, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In addition, the preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the amounts reported in the financial statements and accompanying notes. For TriQuint Semiconductor, Inc. (the “Company”), the accounting estimates requiring management’s most difficult and subjective judgments include revenue recognition, the valuation of inventory, the accounting for income taxes, precious metals reclaim and stock-based compensation. Certain reclassifications have been made to prior year balances in order to conform to the current year presentation. In the opinion of management, the condensed consolidated financial statements include all material adjustments, consisting only of normal, recurring adjustments, necessary for the fair presentation of the results of the interim periods presented. These condensed consolidated financial statements should be read in conjunction with the audited financial statements of the Company as of and for the fiscal year ended December 31, 2013, included in the Company’s 2013 Annual Report on Form 10-K filed with the SEC on February 21, 2014. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | ||||||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||
The Company accounts for its assets utilizing a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs have created the following fair-value hierarchy: | |||||||||||||||||||||
• | Level 1—Quoted prices for identical instruments in active markets; | ||||||||||||||||||||
• | Level 2—Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and | ||||||||||||||||||||
• | Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. | ||||||||||||||||||||
Assets and liabilities measured and recorded at fair value on a recurring basis at March 29, 2014 are as follows: | |||||||||||||||||||||
Carrying | Total | ||||||||||||||||||||
Amount | Fair Value | Cash | Level 1 | Level 3 | |||||||||||||||||
Measured on a recurring basis: | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash | $ | 72,610 | $ | 72,610 | $ | 72,610 | $ | — | $ | — | |||||||||||
Cash equivalents | 90,912 | 90,912 | — | 90,912 | — | ||||||||||||||||
Non-qualified deferred compensation plan | 6,523 | 6,523 | — | 6,523 | — | ||||||||||||||||
Total | $ | 170,045 | $ | 170,045 | $ | 72,610 | $ | 97,435 | $ | — | |||||||||||
Liabilities: | |||||||||||||||||||||
Earnout and milestone payment liability | 2,822 | 2,822 | — | — | 2,822 | ||||||||||||||||
Non-qualified deferred compensation plan | 6,523 | 6,523 | — | 6,523 | — | ||||||||||||||||
Total | $ | 9,345 | $ | 9,345 | $ | — | $ | 6,523 | $ | 2,822 | |||||||||||
Assets and liabilities measured and recorded at fair value on a recurring basis at December 31, 2013 are as follows: | |||||||||||||||||||||
Carrying | Total | ||||||||||||||||||||
Amount | Fair Value | Cash | Level 1 | Level 3 | |||||||||||||||||
Measured on a recurring basis: | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash | $ | 53,122 | $ | 53,122 | $ | 53,122 | $ | — | $ | — | |||||||||||
Cash equivalents | 25,904 | 25,904 | — | 25,904 | — | ||||||||||||||||
Non-qualified deferred compensation plan | 6,571 | 6,571 | — | 6,571 | — | ||||||||||||||||
Total | $ | 85,597 | $ | 85,597 | $ | 53,122 | $ | 32,475 | $ | — | |||||||||||
Liabilities: | |||||||||||||||||||||
Earnout and milestone payment liability | $ | 2,426 | $ | 2,426 | $ | — | $ | — | $ | 2,426 | |||||||||||
Non-qualified deferred compensation plan | 6,571 | 6,571 | — | 6,571 | — | ||||||||||||||||
Total | $ | 8,997 | $ | 8,997 | $ | — | $ | 6,571 | $ | 2,426 | |||||||||||
There were no transfers between Level 1 and Level 3 fair value measurements during the three months ended March 29, 2014 or March 30, 2013. The Company did not have any financial assets or liabilities measured at fair value on a recurring basis within Level 2 fair value measurements as of March 29, 2014 or December 31, 2013. | |||||||||||||||||||||
The Company's non-qualified deferred compensation plan provides eligible employees and members of the Board of Directors with the opportunity to defer a specified percentage of their cash compensation. The Company includes the asset deferred by the participants in Other noncurrent assets, net on its consolidated balance sheets and the Company’s obligation to deliver the deferred compensation in Other long-term liabilities on its consolidated balance sheets. | |||||||||||||||||||||
The Company's earnout and milestone payment liability as of March 29, 2014 resulted from two acquisitions during 2012 and represents the fair value of the estimated payout to the former businesses contingent upon meeting certain requirements. For the first acquisition, as of March 29, 2014, the Company estimated the fair value of the obligation as $1,298 using a cash flow based approach discounted with a market discount rate. For the second acquisition, as of March 29, 2014, the Company estimated the fair value of the obligation as $1,524 using a Monte Carlo simulation model discounted using the risk free rate adjusted for an applicable credit spread. During the three months ended March 29, 2014, the Company remeasured the fair value of its obligations based on a change in forecast related to the achievement of earnout targets. The change in estimate resulted in an increase to the liability of $170 in aggregate and was recorded to selling general and administrative expenses in the statement of operations. For both of the acquisitions, total accretion of $226 was recognized during the three months ended March 29, 2014. | |||||||||||||||||||||
Ending earnout and milestone payment liability at December 31, 2013 | $ | 2,426 | |||||||||||||||||||
Accretion | 226 | ||||||||||||||||||||
Change in estimate | 170 | ||||||||||||||||||||
Ending earnout and milestone payment liability at March 29, 2014 | $ | 2,822 | |||||||||||||||||||
Financial Instruments Not Recorded at Fair Value on a Recurring Basis | |||||||||||||||||||||
The Company entered into two separate cross-licensing agreements, one in 2012 and another in the first quarter of 2014. The fair value of the first cross-licensing agreement was estimated using a discounted cash flow model which discounted the future cash flows using an incremental borrowing rate of 9%. The fair value of the second cross-licensing agreement was estimated using a discounted cash flow model which discounted the future cash flows using an incremental borrowing rate of 5%. These cross-licensing liabilities are categorized as Level 3 in the fair-value hierarchy and the ending fair value at March 29, 2014 was $15,125, of which $3,140 was current and is included in other accrued liabilities on the consolidated balance sheets. |
Investments_in_Cash_Equivalent
Investments in Cash Equivalents and Marketable Securities | 3 Months Ended | ||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||
Investments in Cash Equivalents and Marketable Securities | ' | ||||||||||||||||
Investments in Cash Equivalents and Marketable Securities | |||||||||||||||||
As of March 29, 2014 and December 31, 2013, cash equivalents were classified as available-for-sale and had maturity dates of less than 90 days from the date of purchase. All unrealized gains and losses on available-for-sale investments are included in Other comprehensive (loss) income. The cost, net unrealized holding gains, net unrealized holding losses and fair value of available-for-sale investments by types and classes of security at March 29, 2014 consisted of the following: | |||||||||||||||||
29-Mar-14 | Cost | Net | Net | Fair | |||||||||||||
unrealized | unrealized | Value | |||||||||||||||
holding gains | holding losses | ||||||||||||||||
Available-for-sale-included in cash equivalents: | |||||||||||||||||
Money market funds | $ | 90,912 | $ | — | $ | — | $ | 90,912 | |||||||||
$ | 90,912 | $ | — | $ | — | $ | 90,912 | ||||||||||
The cost, net unrealized holding gains, net unrealized holding losses and fair value of available-for-sale investments by types and classes of security at December 31, 2013 consisted of the following: | |||||||||||||||||
At December 31, 2013 | Cost | Net | Net | Fair | |||||||||||||
unrealized | unrealized | Value | |||||||||||||||
holding gains | holding losses | ||||||||||||||||
Available-for-sale-included in cash equivalents: | |||||||||||||||||
Money market funds and other | $ | 25,904 | $ | — | $ | — | $ | 25,904 | |||||||||
$ | 25,904 | $ | — | $ | — | $ | 25,904 | ||||||||||
Investments are considered to be impaired when a decline in fair value is judged to be other-than-temporary. The Company employs a methodology that reviews specific securities in evaluating potential impairment of its investments. In the event that the cost of an investment exceeds its fair value, the Company evaluates, among other factors, the Company’s intent and ability to hold the investment and extent to which the fair value is less than cost; the financial health of and business outlook for the issuer; and operating and financing cash flow factors. During the three months ended March 29, 2014, the Company did not record any other-than-temporary impairments on its investments in cash equivalents. |
Net_Loss_Per_Share
Net Loss Per Share | 3 Months Ended |
Mar. 29, 2014 | |
Earnings Per Share [Abstract] | ' |
Net Loss Per Share | ' |
Net Loss Per Share | |
Basic net loss per common share and diluted net loss per common share are calculated by dividing the net loss for the period by the weighted-average number of common shares outstanding during the period. Dilutive securities include options granted pursuant to the Company's stock option plans, potential shares related to Restricted Stock Units ("RSUs") and Market-Based Restricted Stock Units ("MSUs"), and potential shares related to the Company's Employee Stock Purchase Plan ("ESPP"). | |
For the three months ended March 29, 2014, all outstanding options and potential shares related to RSUs and MSUs, included in Note 9, were excluded from the calculation as their effect would have been antidilutive. For the three months ended March 30, 2013, all outstanding options, totaling 33,234, were excluded from the calculation as their effect would have been antidilutive. |
Selected_Financial_Statement_I
Selected Financial Statement Information | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Selected Financial Statement Information [Abstract] | ' | ||||||||
Selected Financial Statement Information [Text Block] | ' | ||||||||
Selected Financial Statement Information | |||||||||
March 29, | December 31, | ||||||||
2014 | 2013 | ||||||||
Accounts receivable, net: | |||||||||
Trade accounts receivable | $ | 124,069 | $ | 177,134 | |||||
Allowance for doubtful accounts | (31 | ) | (20 | ) | |||||
$ | 124,038 | $ | 177,114 | ||||||
Inventories: | |||||||||
Raw materials | $ | 30,542 | $ | 28,502 | |||||
Work-in-process | 83,939 | 82,141 | |||||||
Finished goods | 48,488 | 48,845 | |||||||
$ | 162,969 | $ | 159,488 | ||||||
Other current assets: | |||||||||
Precious metals reclaim | $ | 21,686 | $ | 25,742 | |||||
Other | 16,744 | 14,218 | |||||||
$ | 38,430 | $ | 39,960 | ||||||
Accrued payroll: | |||||||||
Accrued payroll and taxes | $ | 16,146 | $ | 16,746 | |||||
Accrued paid time off and sabbatical | 16,387 | 16,593 | |||||||
Accrued management incentive program | 2,399 | 4,303 | |||||||
Self-insurance liability | 2,092 | 2,101 | |||||||
$ | 37,024 | $ | 39,743 | ||||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 3 Months Ended | |||||||||
Mar. 29, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
Property, Plant and Equipment | ' | |||||||||
Property, Plant and Equipment | ||||||||||
Property, plant and equipment consisted of the following: | ||||||||||
March 29, 2014 | December 31, 2013 | |||||||||
Land | $ | 19,699 | $ | 19,699 | ||||||
Buildings | 95,197 | 95,090 | ||||||||
Building and leasehold improvements | 36,072 | 33,341 | ||||||||
Machinery and equipment | 749,615 | 734,912 | ||||||||
Furniture and fixtures | 7,100 | 7,042 | ||||||||
Computer equipment and software | 51,574 | 50,226 | ||||||||
Assets in process | 35,015 | 32,091 | ||||||||
Total property, plant and equipment, gross | 994,272 | 972,401 | ||||||||
Accumulated depreciation | (574,443 | ) | (552,038 | ) | ||||||
Total property, plant and equipment, net | $ | 419,829 | $ | 420,363 | ||||||
The Company reported depreciation expense as follows: | ||||||||||
Three Months Ended | ||||||||||
March 29, 2014 | March 30, 2013 | |||||||||
Depreciation expense | $ | 24,385 | $ | 23,862 | ||||||
Goodwill_and_Other_Acquisition
Goodwill and Other Acquisition-Related Intangible Assets | 3 Months Ended | ||||||||||||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Goodwill and Other Acquisition-Related Intangible Assets | ' | ||||||||||||||||||||||||||
. Goodwill and Other Acquisition-Related Intangible Assets | |||||||||||||||||||||||||||
The Company is required to perform an impairment analysis on its goodwill at least annually, or when events and circumstances warrant. Conditions that would trigger an impairment assessment, include, but are not limited to, a significant adverse change in legal factors or in the business climate that could affect the value of an asset or an adverse action or assessment by a regulator. The Company is considered one reporting unit. When the Company performed this test in 2013, the Company elected to use the two-step goodwill impairment test. Therefore, to determine whether goodwill may be impaired, the Company compares its book value to its market capitalization. If the trading price of the Company’s common stock, as adjusted for factors such as a control premium, is below the book value per share at the date of the annual impairment test or if the average trading price of the Company’s common stock is below book value per share for a sustained period, a goodwill impairment test will be performed by comparing book value to estimated market value. If the comparison of book value to estimated market value indicates impairment, then the Company compares the estimated market value of goodwill to its carrying amount in a manner similar to a purchase price allocation for a business combination. If the carrying amount of goodwill exceeds its estimated market value, an impairment loss is recognized equal to that excess. | |||||||||||||||||||||||||||
Unless indicators warrant testing at an earlier date, the Company performs its annual goodwill impairment test in the fourth quarter of each year. During the three months ended March 29, 2014, there were no impairments recorded. | |||||||||||||||||||||||||||
Information regarding the Company’s acquisition-related intangible assets is as follows: | |||||||||||||||||||||||||||
March 29, 2014 | December 31, 2013 | ||||||||||||||||||||||||||
Weighted Average Remaining Useful Life (years) | Gross | Accumulated | Net Book | Weighted Average Remaining Useful Life (years) | Gross | Accumulated | Net Book | ||||||||||||||||||||
Amortization | Value | Amortization | Value | ||||||||||||||||||||||||
Goodwill | $ | 13,519 | $ | — | $ | 13,519 | $ | 13,519 | $ | — | $ | 13,519 | |||||||||||||||
Amortizing intangible assets: | |||||||||||||||||||||||||||
Developed Technology and other | 8.1 | 47,020 | (32,810 | ) | 14,210 | 8 | 47,020 | (31,679 | ) | 15,341 | |||||||||||||||||
Patents and Trademarks | 9.9 | 3,623 | (1,852 | ) | 1,771 | 10.1 | 3,623 | (1,805 | ) | 1,818 | |||||||||||||||||
Customer Relationships | 5.4 | 13,979 | (8,771 | ) | 5,208 | 5.6 | 13,979 | (8,478 | ) | 5,501 | |||||||||||||||||
64,622 | (43,433 | ) | 21,189 | 64,622 | (41,962 | ) | 22,660 | ||||||||||||||||||||
Non-amortizing intangible assets: | |||||||||||||||||||||||||||
In-process research and development | 637 | — | 637 | 850 | — | 850 | |||||||||||||||||||||
Total intangible assets | 65,259 | (43,433 | ) | 21,826 | 65,472 | (41,962 | ) | 23,510 | |||||||||||||||||||
Total goodwill and intangible assets | $ | 78,778 | $ | (43,433 | ) | $ | 35,345 | $ | 78,991 | $ | (41,962 | ) | $ | 37,029 | |||||||||||||
Amortization expense related to intangible assets is as follows: | |||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||
March 29, | March 30, | ||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||
Amortization expense | $ | 1,471 | $ | 1,766 | |||||||||||||||||||||||
The Company abandoned and wrote off one product line that was included in in-process research and development of $213 during the three months ended March 29, 2014. The charge was recorded to research, development and engineering expense in the statement of operations. There were no similar charges during the three months ended March 30, 2013. |
Credit_Facility
Credit Facility | 3 Months Ended |
Mar. 29, 2014 | |
Line of Credit Facility [Abstract] | ' |
Credit Facility | ' |
Credit Facility | |
On September 30, 2010, the Company, the domestic subsidiaries of the Company (the “Guarantors”), Bank of America, N.A., as administrative agent and lender, and Union Bank, N.A., Wells Fargo Bank, N.A., Bank of the West, BBVA Compass Bank and US Bank, as lenders (together with the administrative agent, the “Lenders”), entered into a Credit Agreement (the “Agreement”). The Agreement provided the Company with a three-year unsecured revolving syndicated credit facility of $200,000 maturing on September 30, 2013. On August 24, 2011, the Company extended, with the Lenders' consent, the maturity date to September 30, 2014. The Company’s obligations under the Agreement are jointly and severally guaranteed by the Guarantors. Upon the occurrence of events of default specified in the Agreement, amounts due under the Agreement may be declared immediately due and payable. | |
The Company may elect to borrow at either a Eurodollar Rate or a Base Rate (each as defined in the Agreement). Eurodollar Rate loans bear interest at an amount equal to the sum of a rate per annum calculated from the British Bankers Association London Interbank Offered Rate ("LIBOR") plus a designated percentage per annum (the “Applicable Rate”). The Applicable Rate for Eurodollar Rate loans is based on the Company’s consolidated total leverage ratio (as defined in the Agreement) and is subject to a floor of 2.50% per annum and a cap of 3.00% per annum. Base Rate loans bear interest at a rate equal to the higher of the federal funds rate plus 0.50%, the prime rate of Bank of America, N.A. plus the Applicable Rate or the Eurodollar Base Rate plus 1.0%. The Applicable Rate for Base Rate loans is subject to a floor of 1.50% per annum and a cap of 2.00% per annum. The interest payment date (as defined in the Agreement) will vary based on the type of loan but generally will be quarterly. The Company paid commitment fees, an arrangement fee, upfront fees and a renewal fee pursuant to the terms of the Agreement. The Company will also pay a quarterly fee for any letters of credit issued under the Agreement. The initial fees associated with the Agreement were capitalized and are being amortized to interest expense using the straight-line method over the remaining term to maturity. | |
The Agreement contains non-financial covenants of the Company and the Guarantors, including restrictions on the ability to create, incur or assume liens and other debt, make certain investments, dispositions and restricted payments, change the nature of the business, and merge with other entities subject to certain caps as defined in the agreement. The Agreement requires the Company to maintain ratios defined in the Agreement, which include a consolidated total leverage ratio as of the end of any fiscal quarter not in excess of 2.50 to 1.00, a consolidated liquidity ratio of at least 1.25 to 1.00 and a consolidated interest coverage ratio at a minimum of 3.00 to 1.00. The Company was in compliance with these covenants as of March 29, 2014. | |
At March 29, 2014 and December 31, 2013, there were no amounts outstanding under the Agreement. Because there were no borrowings during the respective periods, no interest cost was incurred on borrowings during the three months ended March 29, 2014 or March 30, 2013. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Stock-based Compensation | ' | ||||||||
Stock-Based Compensation | |||||||||
Stock-based compensation expense consists of compensation costs related to grants of stock options, RSUs and MSUs, and to the ESPP. The table below summarizes the stock-based compensation expense for the three months ended March 29, 2014 and March 30, 2013: | |||||||||
Three Months Ended | |||||||||
March 29, | March 30, | ||||||||
2014 | 2013 | ||||||||
Stock-based compensation expense: | |||||||||
Cost of goods sold | $ | 1,785 | $ | 2,036 | |||||
Research, development and engineering | 2,473 | 2,474 | |||||||
Selling, general and administrative | 2,332 | 2,513 | |||||||
Total stock-based compensation expense included in net loss from operations | $ | 6,590 | $ | 7,023 | |||||
Stock Options | |||||||||
The following table summarizes the Company’s stock option transactions for the three months ended March 29, 2014: | |||||||||
Three Months Ended | |||||||||
March 29, 2014 | |||||||||
Shares | Weighted-average exercise price per share | ||||||||
Outstanding at beginning of the period | 34,724 | $ | 6.59 | ||||||
Granted | 51 | 9.26 | |||||||
Exercised | (6,794 | ) | 5.62 | ||||||
Forfeited | (705 | ) | 6.7 | ||||||
Outstanding at March 29, 2014 | 27,276 | $ | 6.84 | ||||||
Restricted Stock Units and Market Based Restricted Stock Units | |||||||||
RSUs are converted into shares of Company common stock upon vesting on a one-for-one basis. The awards typically vest over four years and vesting is subject to the grantee’s continued service with the Company. The compensation expense related to the service-based RSU awards is determined using the fair market value of Company common stock on the date of the grant, and the compensation expense, reduced by estimated forfeitures, is recognized over the vesting period. | |||||||||
During 2013, the Company granted MSUs to certain members of executive management. The number of shares that are ultimately awarded is contingent upon the achievement of pre-determined market and service conditions. Market conditions must be met for shares to be awarded, even if the service conditions are met. Fair value of the awards is determined at the grant date based on the target number of awards ultimately expected to be awarded. Compensation expense associated with the awards is calculated based on the target number of shares ultimately expected to be awarded and is recognized on a straight line basis over the requisite service period and will not be reversed even if the market conditions are not met. The number of shares of common stock to be awarded will range from zero to 150 percent of the target number of stock units based on the Company's total stockholder return (“TSR”) relative to the performance of companies in the SPDR S&P Semiconductor Index ("SPDR") for the applicable measurement period. TSR is calculated based on market performance between the beginning and end of the award period, generally over three years. Based on the number of awards outstanding as of March 29, 2014, the maximum number of shares of common stock that could be awarded is 299 shares. | |||||||||
The fair value of the MSUs was determined using a Monte Carlo simulation model. The Monte Carlo simulation model is affected by assumptions regarding subjective and complex variables. Generally, the Company's assumptions are based on historical information and judgment is required to determine if historical trends may be indicators of future outcomes. | |||||||||
The following table summarizes RSU and MSU activity for the three months ended March 29, 2014: | |||||||||
Three Months Ended | |||||||||
March 29, 2014 | |||||||||
Stock Units | Weighted-average | ||||||||
grant date fair value | |||||||||
Outstanding at beginning of the period | 389 | $ | 7.67 | ||||||
Granted | 69 | $ | 8.97 | ||||||
Vested | — | $ | — | ||||||
Forfeitures | (12 | ) | $ | 7.82 | |||||
Outstanding at March 29, 2014 | 446 | $ | 7.87 | ||||||
ESPP | |||||||||
Employees participating in the ESPP authorize the Company to withhold compensation and to use the withheld amounts to purchase shares of the Company's common stock at a discount. ESPP stock purchases typically occur during the second and fourth quarters. Due to this timing, there were no purchases during the three months ended March 29, 2014. |
Income_Taxes
Income Taxes | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Taxes | ' | ||||||||
Income Taxes | |||||||||
The Company recorded income tax benefit of $1,697 and $8,001 for the three months ended March 29, 2014 and March 30, 2013, respectively. The income tax benefit for the three months ended March 29, 2014 was primarily the result of the Company's pre-tax loss, and the recognition of stock-based compensation tax deductions related to disqualifying dispositions on exercises in the quarter. The income tax benefit for the three months ended March 30, 2013 was primarily the result of the Company's pre-tax loss, and the recognition of U.S. federal tax credits. | |||||||||
As of March 29, 2014, the U.S. Congress had not extended the general business credit for research and experimentation. The Company has not estimated the effect of the expiration of this credit, nor does the income tax expense for the three months ended March 29, 2014 reflect a benefit for the credit. | |||||||||
No provision has been made for the U.S., state or additional foreign income taxes related to approximately $70,500 of undistributed earnings of foreign subsidiaries which have been permanently reinvested outside the U.S. except for existing earnings that have been previously taxed. In the event of repatriation, which would generally require board approval, the earnings may be subject to an estimated $25,000 of U.S. federal and state income taxes and foreign withholding taxes. | |||||||||
The major jurisdictions in which the Company files tax returns are the United States, Singapore and Costa Rica. In 2012, the Company expanded its presence into Asia by increasing operations in Singapore. Due to agreements with the Costa Rican and Singaporean governments, the Company was granted income tax holidays of varying rates through March 2017 and December 2019, respectively. Incentives from these countries are subject to the Company meeting certain employment and investment requirements. The Company was in compliance with these requirements as of March 29, 2014. | |||||||||
Deferred Income Taxes | |||||||||
As of March 29, 2014, deferred tax assets of $76,621, net of a $16,514 valuation allowance, were recorded on the balance sheet. As of December 31, 2013, the Company had deferred tax assets of $74,341, net of a $16,639 valuation allowance. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more-likely-than-not to be realized. The Company maintains a valuation allowance against the tax effect of all capital loss carryforwards, certain state and foreign net operating loss carryforwards, and certain state credit carryforwards, as management does not believe it is more likely than not that these benefits will be realized in future periods. | |||||||||
Unrecognized Tax Benefits | |||||||||
In the three months ended March 29, 2014, net unrecognized tax benefits increased $90 primarily as a result of an additional liability recorded to address existing potential exposures from positions that could be challenged by taxing authorities. Within the next 12 months, the Company believes it is reasonably possible that $1,400 of net unrecognized tax benefits may be reduced as a result of the expiration of a statute of limitations. Interest and penalties associated with unrecognized tax benefits are accrued and classified as a component of tax expense in the statement of operations and comprehensive loss. | |||||||||
Net unrecognized tax benefits at March 29, 2014 and December 31, 2013 were as follows: | |||||||||
March 29, | December 31, | ||||||||
2014 | 2013 | ||||||||
Net unrecognized tax benefits | $ | 2,152 | $ | 2,062 | |||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 29, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Legal Matters | |
The Company is from time to time involved in litigation, certain other claims and arbitration matters arising in the ordinary course of its business. In addition, since the public announcement of the proposed business combination with RF Micro Devices, Inc. (“RFMD”) on February 24, 2014, five putative stockholder class action lawsuits have been filed against the Company, its directors, RFMD, and others in connection with the proposed mergers. Two of the five actions were filed in the Multnomah County Circuit Court in the State of Oregon: (1) Roberts vs. TriQuint Semiconductor, Inc. et al., Case No. 1402-02441, filed on February 28, 2014; and (2) Lam v. Steven J. Sharp et al., Case No. 1403-02757, filed on March 6, 2014. The other three actions were filed in the Court of Chancery of the State of Delaware: (1) Philemon v. TriQuint Semiconductor, Inc. et al., Case No. 9415-VCN, filed on March 5, 2014; (2) Schmitz v. TriQuint Semiconductor, Inc. et al., Case No. 9427-VCN, filed on March 7, 2014; and (3) Wallace v. TriQuint Semiconductor, Inc. et al., Case No. 9429-VCN, filed on March 10, 2014. Each of these lawsuits was filed on behalf of a putative class of the Company’s stockholders against the Company, the individual members of the Company’s board of directors, RFMD, Rocky Holding, Inc., and/or the to-be-formed subsidiaries of Rocky Holding, Inc. that will be used to effect the mergers. The plaintiffs in each of these lawsuits generally seek, among other things, declaratory and injunctive relief concerning alleged breaches of fiduciary duties, injunctive relief prohibiting completion of the mergers, rescission of the mergers if they are completed, an accounting by defendants, rescissionary damages, attorney’s fees and costs, and other relief. The Company believes the lawsuits to be without merit and intends to defend the lawsuits vigorously. The Company does not believe the ultimate resolution of any such pending proceedings will have a material adverse effect on the Company’s financial position, results of operations or cash flows. |
Restructuring_Notes
Restructuring (Notes) | 3 Months Ended | |||||||||||
Mar. 29, 2014 | ||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||
Restructuring | ' | |||||||||||
Restructuring | ||||||||||||
In an effort to align company resources with the overall market shift towards discrete filters, during the fourth quarter of 2013, management approved a voluntary severance plan at its Hillsboro, Oregon facility, other targeted reductions in force at various locations, and the closure of its engineering and test facility in Santa Rosa, CA. These activities were substantially completed by the end of the fourth quarter of 2013. During the first quarter of 2014, management approved, and substantially completed, additional targeted reductions in force. Expenses incurred as a result of these activities primarily consisted of severance related costs, which were reflected in the Company's statement of operations for the three months ended March 29, 2014 as follows (in thousands): | ||||||||||||
Cost of goods sold | $ | 715 | ||||||||||
Research, development and engineering | 1,009 | |||||||||||
Selling, general and administrative | 71 | |||||||||||
Total restructuring charges | $ | 1,795 | ||||||||||
The following table summarizes the charges taken as a result of the restructuring plans: | ||||||||||||
Severance | Lease abandonment costs | Total | ||||||||||
Balance at December 31, 2013 | $ | 2,421 | $ | 495 | $ | 2,916 | ||||||
2014 restructuring charges | 1,795 | — | 1,795 | |||||||||
Payments | (2,771 | ) | (77 | ) | (2,848 | ) | ||||||
Balance at March 29, 2014 | $ | 1,445 | $ | 418 | $ | 1,863 | ||||||
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 3 Months Ended | |
Mar. 29, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Use of Estimates | ' | |
In addition, the preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the amounts reported in the financial statements and accompanying notes. For TriQuint Semiconductor, Inc. (the “Company”), the accounting estimates requiring management’s most difficult and subjective judgments include revenue recognition, the valuation of inventory, the accounting for income taxes, precious metals reclaim and stock-based compensation. | ||
Fair Value Policy | ' | |
The Company's non-qualified deferred compensation plan provides eligible employees and members of the Board of Directors with the opportunity to defer a specified percentage of their cash compensation. The Company includes the asset deferred by the participants in Other noncurrent assets, net on its consolidated balance sheets and the Company’s obligation to deliver the deferred compensation in Other long-term liabilities on its consolidated balance sheets. | ||
The Company accounts for its assets utilizing a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs have created the following fair-value hierarchy: | ||
• | Level 1—Quoted prices for identical instruments in active markets; | |
• | Level 2—Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and | |
• | Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. | |
Marketable Securities Policy | ' | |
All unrealized gains and losses on available-for-sale investments are included in Other comprehensive (loss) income. | ||
Earnings Per Share Policy | ' | |
et loss per common share and diluted net loss per common share are calculated by dividing the net loss for the period by the weighted-average number of common shares outstanding during the period. Dilutive securities include options granted pursuant to the Company's stock option plans, potential shares related to Restricted Stock Units ("RSUs") and Market-Based Restricted Stock Units ("MSUs"), and potential shares related to the Company's Employee Stock Purchase Plan ("ESPP"). | ||
Amortization of Loan Fees | ' | |
The initial fees associated with the Agreement were capitalized and are being amortized to interest expense using the straight-line method over the remaining term to maturity. | ||
Goodwill and Intangible Assets, Policy | ' | |
The Company is required to perform an impairment analysis on its goodwill at least annually, or when events and circumstances warrant. Conditions that would trigger an impairment assessment, include, but are not limited to, a significant adverse change in legal factors or in the business climate that could affect the value of an asset or an adverse action or assessment by a regulator. The Company is considered one reporting unit. When the Company performed this test in 2013, the Company elected to use the two-step goodwill impairment test. Therefore, to determine whether goodwill may be impaired, the Company compares its book value to its market capitalization. If the trading price of the Company’s common stock, as adjusted for factors such as a control premium, is below the book value per share at the date of the annual impairment test or if the average trading price of the Company’s common stock is below book value per share for a sustained period, a goodwill impairment test will be performed by comparing book value to estimated market value. If the comparison of book value to estimated market value indicates impairment, then the Company compares the estimated market value of goodwill to its carrying amount in a manner similar to a purchase price allocation for a business combination. If the carrying amount of goodwill exceeds its estimated market value, an impairment loss is recognized equal to that excess. | ||
Unless indicators warrant testing at an earlier date, the Company performs its annual goodwill impairment test in the fourth quarter of each year. During the three months ended March 29, 2014, there were no impairments recorded. | ||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | |
Restricted Stock Units and Market Based Restricted Stock Units | ||
RSUs are converted into shares of Company common stock upon vesting on a one-for-one basis. The awards typically vest over four years and vesting is subject to the grantee’s continued service with the Company. The compensation expense related to the service-based RSU awards is determined using the fair market value of Company common stock on the date of the grant, and the compensation expense, reduced by estimated forfeitures, is recognized over the vesting period. | ||
During 2013, the Company granted MSUs to certain members of executive management. The number of shares that are ultimately awarded is contingent upon the achievement of pre-determined market and service conditions. Market conditions must be met for shares to be awarded, even if the service conditions are met. Fair value of the awards is determined at the grant date based on the target number of awards ultimately expected to be awarded. Compensation expense associated with the awards is calculated based on the target number of shares ultimately expected to be awarded and is recognized on a straight line basis over the requisite service period and will not be reversed even if the market conditions are not met. The number of shares of common stock to be awarded will range from zero to 150 percent of the target number of stock units based on the Company's total stockholder return (“TSR”) relative to the performance of companies in the SPDR S&P Semiconductor Index ("SPDR") for the applicable measurement period. TSR is calculated based on market performance between the beginning and end of the award period, generally over three years. Based on the number of awards outstanding as of March 29, 2014, the maximum number of shares of common stock that could be awarded is 299 shares. | ||
The fair value of the MSUs was determined using a Monte Carlo simulation model. The Monte Carlo simulation model is affected by assumptions regarding subjective and complex variables. Generally, the Company's assumptions are based on historical information and judgment is required to determine if historical trends may be indicators of future outcomes | ||
ESPP | ||
Employees participating in the ESPP authorize the Company to withhold compensation and to use the withheld amounts to purchase shares of the Company's common stock at a discount. ESPP stock purchases typically occur during the second and fourth quarters. |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Schedule Of Fair Value Assets And Liabilities Measured On Recurring Basis Table | ' | ||||||||||||||||||||
Assets and liabilities measured and recorded at fair value on a recurring basis at March 29, 2014 are as follows: | |||||||||||||||||||||
Carrying | Total | ||||||||||||||||||||
Amount | Fair Value | Cash | Level 1 | Level 3 | |||||||||||||||||
Measured on a recurring basis: | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash | $ | 72,610 | $ | 72,610 | $ | 72,610 | $ | — | $ | — | |||||||||||
Cash equivalents | 90,912 | 90,912 | — | 90,912 | — | ||||||||||||||||
Non-qualified deferred compensation plan | 6,523 | 6,523 | — | 6,523 | — | ||||||||||||||||
Total | $ | 170,045 | $ | 170,045 | $ | 72,610 | $ | 97,435 | $ | — | |||||||||||
Liabilities: | |||||||||||||||||||||
Earnout and milestone payment liability | 2,822 | 2,822 | — | — | 2,822 | ||||||||||||||||
Non-qualified deferred compensation plan | 6,523 | 6,523 | — | 6,523 | — | ||||||||||||||||
Total | $ | 9,345 | $ | 9,345 | $ | — | $ | 6,523 | $ | 2,822 | |||||||||||
Assets and liabilities measured and recorded at fair value on a recurring basis at December 31, 2013 are as follows: | |||||||||||||||||||||
Carrying | Total | ||||||||||||||||||||
Amount | Fair Value | Cash | Level 1 | Level 3 | |||||||||||||||||
Measured on a recurring basis: | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash | $ | 53,122 | $ | 53,122 | $ | 53,122 | $ | — | $ | — | |||||||||||
Cash equivalents | 25,904 | 25,904 | — | 25,904 | — | ||||||||||||||||
Non-qualified deferred compensation plan | 6,571 | 6,571 | — | 6,571 | — | ||||||||||||||||
Total | $ | 85,597 | $ | 85,597 | $ | 53,122 | $ | 32,475 | $ | — | |||||||||||
Liabilities: | |||||||||||||||||||||
Earnout and milestone payment liability | $ | 2,426 | $ | 2,426 | $ | — | $ | — | $ | 2,426 | |||||||||||
Non-qualified deferred compensation plan | 6,571 | 6,571 | — | 6,571 | — | ||||||||||||||||
Total | $ | 8,997 | $ | 8,997 | $ | — | $ | 6,571 | $ | 2,426 | |||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | ' | ||||||||||||||||||||
Ending earnout and milestone payment liability at December 31, 2013 | $ | 2,426 | |||||||||||||||||||
Accretion | 226 | ||||||||||||||||||||
Change in estimate | 170 | ||||||||||||||||||||
Ending earnout and milestone payment liability at March 29, 2014 | $ | 2,822 | |||||||||||||||||||
Investments_in_Cash_Equivalent1
Investments in Cash Equivalents and Marketable Securities (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||
Available-for-sale Securities | ' | ||||||||||||||||
The cost, net unrealized holding gains, net unrealized holding losses and fair value of available-for-sale investments by types and classes of security at March 29, 2014 consisted of the following: | |||||||||||||||||
29-Mar-14 | Cost | Net | Net | Fair | |||||||||||||
unrealized | unrealized | Value | |||||||||||||||
holding gains | holding losses | ||||||||||||||||
Available-for-sale-included in cash equivalents: | |||||||||||||||||
Money market funds | $ | 90,912 | $ | — | $ | — | $ | 90,912 | |||||||||
$ | 90,912 | $ | — | $ | — | $ | 90,912 | ||||||||||
The cost, net unrealized holding gains, net unrealized holding losses and fair value of available-for-sale investments by types and classes of security at December 31, 2013 consisted of the following: | |||||||||||||||||
At December 31, 2013 | Cost | Net | Net | Fair | |||||||||||||
unrealized | unrealized | Value | |||||||||||||||
holding gains | holding losses | ||||||||||||||||
Available-for-sale-included in cash equivalents: | |||||||||||||||||
Money market funds and other | $ | 25,904 | $ | — | $ | — | $ | 25,904 | |||||||||
$ | 25,904 | $ | — | $ | — | $ | 25,904 | ||||||||||
Selected_Financial_Statement_I1
Selected Financial Statement Information (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Selected Financial Statement Information [Abstract] | ' | ||||||||
Selected Financial Statement Information [Table Text Block] | ' | ||||||||
March 29, | December 31, | ||||||||
2014 | 2013 | ||||||||
Accounts receivable, net: | |||||||||
Trade accounts receivable | $ | 124,069 | $ | 177,134 | |||||
Allowance for doubtful accounts | (31 | ) | (20 | ) | |||||
$ | 124,038 | $ | 177,114 | ||||||
Inventories: | |||||||||
Raw materials | $ | 30,542 | $ | 28,502 | |||||
Work-in-process | 83,939 | 82,141 | |||||||
Finished goods | 48,488 | 48,845 | |||||||
$ | 162,969 | $ | 159,488 | ||||||
Other current assets: | |||||||||
Precious metals reclaim | $ | 21,686 | $ | 25,742 | |||||
Other | 16,744 | 14,218 | |||||||
$ | 38,430 | $ | 39,960 | ||||||
Accrued payroll: | |||||||||
Accrued payroll and taxes | $ | 16,146 | $ | 16,746 | |||||
Accrued paid time off and sabbatical | 16,387 | 16,593 | |||||||
Accrued management incentive program | 2,399 | 4,303 | |||||||
Self-insurance liability | 2,092 | 2,101 | |||||||
$ | 37,024 | $ | 39,743 | ||||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 3 Months Ended | |||||||||
Mar. 29, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
Property, Plant and Equipment | ' | |||||||||
Property, plant and equipment consisted of the following: | ||||||||||
March 29, 2014 | December 31, 2013 | |||||||||
Land | $ | 19,699 | $ | 19,699 | ||||||
Buildings | 95,197 | 95,090 | ||||||||
Building and leasehold improvements | 36,072 | 33,341 | ||||||||
Machinery and equipment | 749,615 | 734,912 | ||||||||
Furniture and fixtures | 7,100 | 7,042 | ||||||||
Computer equipment and software | 51,574 | 50,226 | ||||||||
Assets in process | 35,015 | 32,091 | ||||||||
Total property, plant and equipment, gross | 994,272 | 972,401 | ||||||||
Accumulated depreciation | (574,443 | ) | (552,038 | ) | ||||||
Total property, plant and equipment, net | $ | 419,829 | $ | 420,363 | ||||||
Schedule of Depreciation Expense | ' | |||||||||
The Company reported depreciation expense as follows: | ||||||||||
Three Months Ended | ||||||||||
March 29, 2014 | March 30, 2013 | |||||||||
Depreciation expense | $ | 24,385 | $ | 23,862 | ||||||
Goodwill_and_Other_Acquisition1
Goodwill and Other Acquisition-Related Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Schedule of Intangible Assets and Goodwill [Table Text Block] | ' | ||||||||||||||||||||||||||
Information regarding the Company’s acquisition-related intangible assets is as follows: | |||||||||||||||||||||||||||
March 29, 2014 | December 31, 2013 | ||||||||||||||||||||||||||
Weighted Average Remaining Useful Life (years) | Gross | Accumulated | Net Book | Weighted Average Remaining Useful Life (years) | Gross | Accumulated | Net Book | ||||||||||||||||||||
Amortization | Value | Amortization | Value | ||||||||||||||||||||||||
Goodwill | $ | 13,519 | $ | — | $ | 13,519 | $ | 13,519 | $ | — | $ | 13,519 | |||||||||||||||
Amortizing intangible assets: | |||||||||||||||||||||||||||
Developed Technology and other | 8.1 | 47,020 | (32,810 | ) | 14,210 | 8 | 47,020 | (31,679 | ) | 15,341 | |||||||||||||||||
Patents and Trademarks | 9.9 | 3,623 | (1,852 | ) | 1,771 | 10.1 | 3,623 | (1,805 | ) | 1,818 | |||||||||||||||||
Customer Relationships | 5.4 | 13,979 | (8,771 | ) | 5,208 | 5.6 | 13,979 | (8,478 | ) | 5,501 | |||||||||||||||||
64,622 | (43,433 | ) | 21,189 | 64,622 | (41,962 | ) | 22,660 | ||||||||||||||||||||
Non-amortizing intangible assets: | |||||||||||||||||||||||||||
In-process research and development | 637 | — | 637 | 850 | — | 850 | |||||||||||||||||||||
Total intangible assets | 65,259 | (43,433 | ) | 21,826 | 65,472 | (41,962 | ) | 23,510 | |||||||||||||||||||
Total goodwill and intangible assets | $ | 78,778 | $ | (43,433 | ) | $ | 35,345 | $ | 78,991 | $ | (41,962 | ) | $ | 37,029 | |||||||||||||
Amortization expense related to intangible assets is as follows: | |||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||
March 29, | March 30, | ||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||
Amortization expense | $ | 1,471 | $ | 1,766 | |||||||||||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Schedule of Stock-Based Compensation | ' | ||||||||
The table below summarizes the stock-based compensation expense for the three months ended March 29, 2014 and March 30, 2013: | |||||||||
Three Months Ended | |||||||||
March 29, | March 30, | ||||||||
2014 | 2013 | ||||||||
Stock-based compensation expense: | |||||||||
Cost of goods sold | $ | 1,785 | $ | 2,036 | |||||
Research, development and engineering | 2,473 | 2,474 | |||||||
Selling, general and administrative | 2,332 | 2,513 | |||||||
Total stock-based compensation expense included in net loss from operations | $ | 6,590 | $ | 7,023 | |||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||
The following table summarizes the Company’s stock option transactions for the three months ended March 29, 2014: | |||||||||
Three Months Ended | |||||||||
March 29, 2014 | |||||||||
Shares | Weighted-average exercise price per share | ||||||||
Outstanding at beginning of the period | 34,724 | $ | 6.59 | ||||||
Granted | 51 | 9.26 | |||||||
Exercised | (6,794 | ) | 5.62 | ||||||
Forfeited | (705 | ) | 6.7 | ||||||
Outstanding at March 29, 2014 | 27,276 | $ | 6.84 | ||||||
Schedule of Share-based Compensation, Market-based Restricted Stock Units, Activity [Table Text Block] | ' | ||||||||
The following table summarizes RSU and MSU activity for the three months ended March 29, 2014: | |||||||||
Three Months Ended | |||||||||
March 29, 2014 | |||||||||
Stock Units | Weighted-average | ||||||||
grant date fair value | |||||||||
Outstanding at beginning of the period | 389 | $ | 7.67 | ||||||
Granted | 69 | $ | 8.97 | ||||||
Vested | — | $ | — | ||||||
Forfeitures | (12 | ) | $ | 7.82 | |||||
Outstanding at March 29, 2014 | 446 | $ | 7.87 | ||||||
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity [Table Text Block] | ' | ||||||||
Employees participating in the ESPP authorize the Company to withhold compensation and to use the withheld amounts to purchase shares of the Company's common stock at a discount. ESPP stock purchases typically occur during the second and fourth quarters. Due to this timing, there were no purchases during the three months ended March 29, 2014. |
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Schedule of Unrecognized Tax Benefits | ' | ||||||||
Net unrecognized tax benefits at March 29, 2014 and December 31, 2013 were as follows: | |||||||||
March 29, | December 31, | ||||||||
2014 | 2013 | ||||||||
Net unrecognized tax benefits | $ | 2,152 | $ | 2,062 | |||||
Restructuring_Restructuring_Ch
Restructuring Restructuring Charges (Tables) | 3 Months Ended | |||||||||||
Mar. 29, 2014 | ||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | ' | |||||||||||
Cost of goods sold | $ | 715 | ||||||||||
Research, development and engineering | 1,009 | |||||||||||
Selling, general and administrative | 71 | |||||||||||
Total restructuring charges | $ | 1,795 | ||||||||||
The following table summarizes the charges taken as a result of the restructuring plans: | ||||||||||||
Severance | Lease abandonment costs | Total | ||||||||||
Balance at December 31, 2013 | $ | 2,421 | $ | 495 | $ | 2,916 | ||||||
2014 restructuring charges | 1,795 | — | 1,795 | |||||||||
Payments | (2,771 | ) | (77 | ) | (2,848 | ) | ||||||
Balance at March 29, 2014 | $ | 1,445 | $ | 418 | $ | 1,863 | ||||||
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Mar. 29, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Cash | $72,610 | $53,122 |
Cash equivalents | 90,912 | 25,904 |
Non-qualified deferred compensation plan | 6,523 | 6,571 |
Total | 170,045 | 85,597 |
Short-term—marketable securities | 90,912 | 25,904 |
Liabilities: | ' | ' |
Earnout and milestone payment liability | 2,822 | 2,426 |
Non-qualified deferred compensation plan | 6,523 | 6,571 |
Total | 9,345 | 8,997 |
Level 1 | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets: | ' | ' |
Cash | 0 | 0 |
Cash equivalents | 90,912 | 25,904 |
Non-qualified deferred compensation plan | 6,523 | 6,571 |
Total | 97,435 | 32,475 |
Liabilities: | ' | ' |
Earnout payment liability | 0 | 0 |
Non-qualified deferred compensation plan | 6,523 | 6,571 |
Total | 6,523 | 6,571 |
Level 3 | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets: | ' | ' |
Cash | ' | 0 |
Cash equivalents | 0 | 0 |
Non-qualified deferred compensation plan | 0 | 0 |
Total | 0 | 0 |
Liabilities: | ' | ' |
Earnout payment liability | 2,822 | 2,426 |
Non-qualified deferred compensation plan | 0 | 0 |
Total | 2,822 | 2,426 |
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets: | ' | ' |
Cash | 72,610 | 53,122 |
Cash equivalents | 90,912 | 25,904 |
Non-qualified deferred compensation plan | 6,523 | 6,571 |
Total | 170,045 | 85,597 |
Liabilities: | ' | ' |
Earnout payment liability | 2,822 | 2,426 |
Non-qualified deferred compensation plan | 6,523 | 6,571 |
Total | $9,345 | $8,997 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Earnout Payment Liability (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 29, 2014 |
Earnout and Milestone Payment Liability [Member] | ' |
Details of Level 3 fair value measurements | ' |
Ending earnout and milestone payment liability at December 31, 2013 | $2,426 |
Accretion | 226 |
Change in estimate | 170 |
Ending earnout and milestone payment liability at March 29, 2014 | 2,822 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 | First 2012 Acquisition [Member] | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' |
Business Combination, Contingent Consideration, Liability | 1,298 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 | Second 2012 Acquisition [Member] | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' |
Business Combination, Contingent Consideration, Liability | $1,524 |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments - Cross Licensing Liability (Details) (Level 3, Fair Value, Measurements, Nonrecurring [Member], Estimate of Fair Value, Fair Value Disclosure [Member], USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 29, 2014 |
Level 3 | Fair Value, Measurements, Nonrecurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Incremental borrowing rate | 9.00% |
Cross-licensing liability | $15,125 |
Cross-licensing Liability, Fair Value Disclosure, Current Portion | $3,140 |
Investments_in_Cash_Equivalent2
Investments in Cash Equivalents and Marketable Securities (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | $90,912 | $25,904 |
Available For Sale Securities Net Unrealized Gains | 0 | 0 |
Available For Sale Securities Net Unrealized Losses | 0 | 0 |
Available-for-sale Securities | 90,912 | 25,904 |
Maximum Term Of Available For Sale Securities | '1 year | '1 year |
Marketable Securities, Realized Loss, Other than Temporary Impairments, Amount | 0 | ' |
Cash Equivalents [Member] | Money Market Funds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 90,912 | 25,904 |
Available For Sale Securities Net Unrealized Gains | 0 | 0 |
Available For Sale Securities Net Unrealized Losses | 0 | 0 |
Available-for-sale Securities | $90,912 | $25,904 |
Net_Loss_Per_Share_Antidilutiv
Net Loss Per Share - Antidilutive Securities (Details) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Dec. 31, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 27,276 | ' | 34,724 |
Antidilutive securities | 27,722 | 33,234 | ' |
Selected_Financial_Statement_I2
Selected Financial Statement Information (Details) (USD $) | Mar. 29, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Receivable, Net [Abstract] | ' | ' |
Trade accounts receivable | $124,069 | $177,134 |
Allowance for doubtful accounts | 31 | 20 |
Accounts Receivable, net | 124,038 | 177,114 |
Inventory, Net [Abstract] | ' | ' |
Raw materials | 30,542 | 28,502 |
Work-in-process | 83,939 | 82,141 |
Finished goods | 48,488 | 48,845 |
Inventories | 162,969 | 159,488 |
Other Assets, Current [Abstract] | ' | ' |
Precious metals reclaim | 21,686 | 25,742 |
Other | 16,744 | 14,218 |
Other current assets | 38,430 | 39,960 |
Employee-related Liabilities, Current [Abstract] | ' | ' |
Accrued payroll and taxes | 16,146 | 16,746 |
Accrued paid time off and sabbatical | 16,387 | 16,593 |
Accrued management incentive program | 2,399 | 4,303 |
Self-insurance liability | 2,092 | 2,101 |
Accrued payroll | $37,024 | $39,743 |
Property_Plant_and_Equipment_P
Property, Plant and Equipment Property, Plant and Equipment (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total property, plant and equipment, gross | $994,272 | ' | $972,401 |
Accumulated depreciation | -574,443 | ' | -552,038 |
Total property, plant and equipment, net | 419,829 | ' | 420,363 |
Depreciation, Depletion and Amortization [Abstract] | ' | ' | ' |
Depreciation expense | 24,385 | 23,862 | ' |
Land | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total property, plant and equipment, gross | 19,699 | ' | 19,699 |
Buildings | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total property, plant and equipment, gross | 95,197 | ' | 95,090 |
Building and leasehold improvements | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total property, plant and equipment, gross | 36,072 | ' | 33,341 |
Machinery and equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total property, plant and equipment, gross | 749,615 | ' | 734,912 |
Furniture and fixtures | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total property, plant and equipment, gross | 7,100 | ' | 7,042 |
Computer equipment and software | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total property, plant and equipment, gross | 51,574 | ' | 50,226 |
Assets in process | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total property, plant and equipment, gross | $35,015 | ' | $32,091 |
Goodwill_and_Other_Acquisition2
Goodwill and Other Acquisition-Related Intangible Assets (Details) (USD $) | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Mar. 29, 2014 | Mar. 30, 2013 | Dec. 31, 2013 | Mar. 29, 2014 | Dec. 31, 2013 | Mar. 29, 2014 | Dec. 31, 2013 | Mar. 29, 2014 | Dec. 31, 2013 | Mar. 29, 2014 | Dec. 31, 2013 | Mar. 29, 2014 | Dec. 31, 2013 | |
In Process Research And Development Non Amortizing [Member] | In Process Research And Development Non Amortizing [Member] | Goodwill [Member] | Goodwill [Member] | Developed Technology and Other | Developed Technology and Other | Patents and Trademarks | Patents and Trademarks | Customer-Related Intangible Assets [Member] | Customer-Related Intangible Assets [Member] | ||||
Goodwill And Finite And Indefinite Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Impairment Loss | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Gross | ' | ' | ' | ' | ' | 13,519,000 | 13,519,000 | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Remaining Amortization Period | ' | ' | ' | ' | ' | ' | ' | '8 years 1 month | '8 years 0 months | '9 years 11 months | '10 years 1 month | '5 years 5 months | '5 years 7 months |
Goodwill | 13,519,000 | ' | 13,519,000 | ' | ' | 13,519,000 | 13,519,000 | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Gross | 64,622,000 | ' | 64,622,000 | ' | ' | ' | ' | 47,020,000 | 47,020,000 | 3,623,000 | 3,623,000 | 13,979,000 | 13,979,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | -43,433,000 | ' | -41,962,000 | ' | ' | ' | ' | -32,810,000 | -31,679,000 | -1,852,000 | -1,805,000 | -8,771,000 | -8,478,000 |
Finite-Lived Intangible Assets, Net | 21,189,000 | ' | 22,660,000 | ' | ' | ' | ' | 14,210,000 | 15,341,000 | 1,771,000 | 1,818,000 | 5,208,000 | 5,501,000 |
Indefinite-Lived Intangible Assets, Gross (Excluding Goodwill) | ' | ' | ' | 637,000 | 850,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Indefinite-lived Intangible Assets | ' | ' | ' | 637,000 | 850,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets Finite and Indefinite Lived, Gross (Excluding Goodwill) | 65,259,000 | ' | 65,472,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets Excluding Goodwill, Accumulated Amortization | -43,433,000 | ' | -41,962,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) | 21,826,000 | ' | 23,510,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets Gross Including Goodwill | 78,778,000 | ' | 78,991,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets Including Goodwill, Accumulated Amortization | -43,433,000 | ' | -41,962,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets Net Including Goodwill | 35,345,000 | ' | 37,029,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in Gross Goodwill and Intangible Assets | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Intangible Assets | 1,471,000 | 1,766,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of Intangible Assets (Excluding Goodwill) | $213 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit_Facility_Details
Credit Facility (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Dec. 31, 2013 |
Lenders Credit Agreement [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of Credit Facility, Expiration Date | 29-Mar-14 | ' | ' |
Bank of America Credit Agreement [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $200,000 | ' | ' |
Line of Credit Facility, Interest Rate Description | 'The Applicable Rate for Eurodollar Rate loans is based on the Company’s consolidated total leverage ratio (as defined in the Agreement) and is subject to a floor of 2.50% per annum and a cap of 3.00% per annum. Base Rate loans bear interest at a rate equal to the higher of the federal funds rate plus 0.50%, the prime rate of Bank of America, N.A. plus the Applicable Rate or the Eurodollar Base Rate plus 1.0%. The Applicable Rate for Base Rate loans is subject to a floor of 1.50% per annum and a cap of 2.00% per annum. | ' | ' |
Line of Credit Facility, Covenant Terms | 'The Agreement requires the Company to maintain ratios defined in the Agreement, which include a consolidated total leverage ratio as of the end of any fiscal quarter not in excess of 2.50 to 1.00, a consolidated liquidity ratio of at least 1.25 to 1.00 and a consolidated interest coverage ratio at a minimum of 3.00 to 1.00. | ' | ' |
Line of Credit Facility, Maximum Total Leverage Ratio Allowed | 2.5 | ' | ' |
Line of Credit Facility, Minimum Consolidated Liquidity Ratio Required | 1.25 | ' | ' |
Line of Credit Facility, Minimum Consolidated Interest Coverage Ratio Required | 3 | ' | ' |
Credit facility borrowing | ' | ' | 0 |
Borrowing on credit facility | 0 | ' | ' |
Interest Cost | $0 | $0 | ' |
Eurodollar Rate Loan [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of Credit Interest Rate Floor | 2.50% | ' | ' |
Line of Credit Interest Rate Cap | 3.00% | ' | ' |
Base Rate Loan [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of Credit Interest Rate Floor | 1.50% | ' | ' |
Line of Credit Interest Rate Cap | 2.00% | ' | ' |
Federal Funds Rate [Member] | Base Rate Loan [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ' | ' |
Eurodollar Rate [Member] | Base Rate Loan [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ' | ' |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Stock-Based Compensation Expense Allocation [Line Items] | ' | ' |
Stock-based Compensation Expense | $6,590 | $7,023 |
Cost of Goods Sold [Member] | ' | ' |
Stock-Based Compensation Expense Allocation [Line Items] | ' | ' |
Stock-based Compensation Expense | 1,785 | 2,036 |
Research and Development Expense [Member] | ' | ' |
Stock-Based Compensation Expense Allocation [Line Items] | ' | ' |
Stock-based Compensation Expense | 2,473 | 2,474 |
Selling, General And Administrative [Member] | ' | ' |
Stock-Based Compensation Expense Allocation [Line Items] | ' | ' |
Stock-based Compensation Expense | $2,332 | $2,513 |
StockBased_Compensation_Option
Stock-Based Compensation - Option Transactions (Details) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2014 |
Options Outstanding [Roll Forward] | ' |
Options outstanding at the beginning of the period (shares) | 34,724 |
Options outstanding at the beginning of the period (weighted-average exercise price per share) | $6.59 |
Options granted (shares) | 51 |
Options granted (weighted-average exercise price per share) | $9.26 |
Options exercised (shares) | -6,794 |
Options exercised (weighted-average exercise price per share) | $5.62 |
Options forfeited (shares) | -705 |
Options forfeited (weighted-average exercise price per share) | $6.70 |
Options outstanding at the end of the period (shares) | 27,276 |
Options outstanding at the end of the period (weighted-average exercise price per share) | $6.84 |
StockBased_Compensation_StockB
Stock-Based Compensation Stock-Based Compensation - Market-Based Restricted Stock Units (Details) | Dec. 31, 2013 | Sep. 28, 2013 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | Market-based restricted stock units | Market-based restricted stock units | |
Minimum [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based compensation arrangement by share based payment award, percentage of target shares awarded | ' | 0.00% | 150.00% |
Share-based compensation arrangement by share based payment award, maximum potential shares | 299 | ' | ' |
StockBased_Compensation_StockB1
Stock-Based Compensation Stock-Based Compensation - Restricted Stock Units and Market-Based Restricted Stock Units (Details) (Restricted Stock Units and Market-based Restricted Stock Units [Member], USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2014 |
Restricted Stock Units and Market-based Restricted Stock Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ' |
Units outstanding at the beginning of the period (shares) | 389 |
Units outstanding at the beginning of the period (weighted average grant date fair value per share) | $7.67 |
Units Granted in Period (shares) | 69 |
Units granted during the period (weighted average grant date fair value per share) | $8.97 |
Vested (shares) | 0 |
Vested (weighted averaged grant date fair value) | $0 |
Forfeitures (shares) | -12 |
Forfeitures (weighted average grant date fair value) | $7.82 |
Units outstanding at the end of the period (shares) | 446 |
Units outstanding at the end of the period (weighted average grant date fair value per share) | $7.87 |
StockBased_Compensation_Employ
Stock-Based Compensation - Employee Stock Purchase Program (Details) (Employee Stock [Member]) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Employee Stock [Member] | ' | ' |
Employee Stock Purchase Plan [Abstract] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | 0 | 0 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Undistributed Earnings of Foreign Subsidiaries | $70,500 | ' |
Impact of Repatriation of Earnings from Foreign Entities | 25,000 | ' |
Deferred Tax Assets, Net | 76,621 | 74,341 |
Deferred Tax Assets, Tax Credit Carryforwards, Research | 0 | 0 |
Deferred Tax Assets, Valuation Allowance | 16,514 | 16,639 |
Unrecognized Tax Benefits, Period Increase (Decrease) | 90 | ' |
Net unrecognized tax benefits | $2,152 | $2,062 |
Restructuring_Restructuring_Ch1
Restructuring Restructuring Charges (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Dec. 31, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Reserve | $1,863 | $2,916 |
Restructuring Charges | 1,795 | ' |
Payments for Restructuring | -2,848 | ' |
Cost of Goods Sold [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Charges | 715 | ' |
Research, development and engineering expense [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Charges | 1,009 | ' |
Selling, General and Administrative Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Charges | 71 | ' |
Employee Severance [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Reserve | 1,445 | 2,421 |
Severance Costs | 1,795 | ' |
Payments for Restructuring | -2,771 | ' |
Lease abandonment costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Reserve | 418 | 495 |
Lease abandonment costs | 0 | ' |
Payments for Restructuring | ($77) | ' |