Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended | |
Sep. 27, 2014 | Oct. 24, 2014 | |
DEI [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 27-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
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 | ' |
Entity Common Stock, Shares Outstanding | ' | 177,295,718 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenue | $272,147 | $250,836 | $680,524 | $625,148 |
Cost of goods sold | 148,427 | 158,619 | 405,040 | 437,440 |
Gross profit | 123,720 | 92,217 | 275,484 | 187,708 |
Operating expenses: | ' | ' | ' | ' |
Research, development and engineering | 49,810 | 47,023 | 147,681 | 140,201 |
Selling, general and administrative | 38,035 | 26,420 | 104,514 | 79,650 |
Total operating expenses | 87,845 | 73,443 | 252,195 | 219,851 |
Income (loss) from operations | 35,875 | 18,774 | 23,289 | -32,143 |
Other (expense) income : | ' | ' | ' | ' |
Interest income | 92 | 7 | 161 | 83 |
Interest expense | -892 | -1,153 | -2,591 | -3,429 |
Other, net | 297 | 70 | -282 | 97 |
Total other expense, net | -503 | -1,076 | -2,712 | -3,249 |
Income (loss) before income tax | 35,372 | 17,698 | 20,577 | -35,392 |
Income tax expense (benefit) | 9,188 | 4,137 | 8,252 | -6,119 |
Net income (loss) | 26,184 | 13,561 | 12,325 | -29,273 |
Net earnings (loss) per common share: | ' | ' | ' | ' |
Basic | $0.15 | $0.09 | $0.07 | ($0.18) |
Diluted | $0.14 | $0.08 | $0.07 | ($0.18) |
Common equivalent shares: | ' | ' | ' | ' |
Basic | 175,764 | 157,105 | 170,709 | 159,057 |
Diluted | 185,701 | 163,917 | 180,302 | 159,057 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Net unrealized (loss) income on available for sale investments | -20 | 5 | -22 | 3 |
Comprehensive income (loss) | $26,164 | $13,566 | $12,303 | ($29,270) |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 27, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $223,612 | $79,026 |
Investments in marketable securities | 24,330 | 0 |
Accounts receivable, net | 164,397 | 177,114 |
Inventories | 158,130 | 159,488 |
Prepaid expenses | 8,791 | 13,617 |
Deferred tax assets, net | 17,956 | 12,787 |
Other current assets | 38,366 | 39,960 |
Total current assets | 635,582 | 481,992 |
Property, plant and equipment, net | 428,459 | 420,363 |
Goodwill | 13,519 | 13,519 |
Intangible assets, net | 19,199 | 23,510 |
Deferred tax assets – noncurrent, net | 51,019 | 61,554 |
Other noncurrent assets, net | 59,257 | 32,319 |
Total assets | 1,207,035 | 1,033,257 |
Current liabilities: | ' | ' |
Accounts payable | 77,702 | 52,472 |
Accrued payroll | 45,766 | 39,743 |
Other accrued liabilities | 14,834 | 15,893 |
Total current liabilities | 138,302 | 108,108 |
Long-term liabilities: | ' | ' |
Long-term income tax liability | 2,311 | 2,062 |
Cross-licensing liability | 11,309 | 11,752 |
Other long-term liabilities | 16,312 | 16,782 |
Total liabilities | 168,234 | 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, 177,240 and 161,774 shares issued and outstanding at September 27, 2014 and December 31, 2013, respectively | 177 | 162 |
Additional paid-in capital | 831,833 | 699,903 |
Accumulated other comprehensive income | 73 | 95 |
Retained earnings | 206,718 | 194,393 |
Total stockholders’ equity | 1,038,801 | 894,553 |
Total liabilities and stockholders’ equity | $1,207,035 | $1,033,257 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) (USD $) | Sep. 27, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
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 | 177,240,000 | 161,774,000 |
Common stock, shares outstanding | 177,240,000 | 161,774,000 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Cash flows from operating activities: | ' | ' |
Net income (loss) | $12,325 | ($29,273) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 78,568 | 80,254 |
Stock-based compensation charges | 20,453 | 21,129 |
Deferred income taxes | 5,366 | -7,170 |
Gain/recovery of investment | 0 | 421 |
Earnout and milestone liability fair value adjustments | 276 | -2,009 |
Impairment of in-process research and development | 425 | 0 |
Loss on equity investment | 515 | 0 |
Other | 169 | -201 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable, net | 12,717 | -40,378 |
Inventories | 1,903 | -35,605 |
Other assets | 7,059 | -6,013 |
Accounts payable and accrued expenses | 10,262 | 18,501 |
Net cash provided by (used in) operating activities | 150,038 | -1,186 |
Cash flows from investing activities: | ' | ' |
Purchase of available-for-sale investments | -30,430 | -20,940 |
Maturity/sale of available-for-sale investments | 6,078 | 42,695 |
Proceeds from gain/recovery of investment in other companies | 0 | 421 |
Acquisition of business, net of cash acquired | 0 | 5,940 |
Other | 1,301 | 885 |
Capital expenditures | -97,126 | -78,032 |
Net cash used in investing activities | -120,177 | -60,911 |
Cash flows from financing activities: | ' | ' |
Subscription/issuance of common stock, net | 104,802 | 23,238 |
Tax withholding paid on behalf of employees for restricted stock units | -81 | 0 |
Repurchase of common stock | 0 | 51,125 |
Earnout payments | -863 | 0 |
Excess tax benefit from stock-based compensation arrangements | 10,867 | -342 |
Net cash provided by (used in) financing activities | 114,725 | -28,229 |
Net increase (decrease) in cash and cash equivalents | 144,586 | -90,326 |
Cash and cash equivalents at beginning of period | 79,026 | 116,653 |
Cash and cash equivalents at end of period | 223,612 | 26,327 |
Supplemental disclosures: | ' | ' |
Change in timing of payments related to capital expenditures | -12,259 | 2,751 |
Cash paid for income taxes, net of cash refunds | $1,468 | $1,384 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 27, 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. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 27, 2014 | |
Recent Accounting Pronouncements [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | ||||||||||||||||||||||||
Sep. 27, 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 September 27, 2014 are as follows: | |||||||||||||||||||||||||
Carrying | Total | ||||||||||||||||||||||||
Amount | Fair Value | Cash | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Measured on a recurring basis: | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Cash | $ | 97,133 | $ | 97,133 | $ | 97,133 | $ | — | $ | — | $ | — | |||||||||||||
Cash equivalents | 126,479 | 126,479 | — | 117,481 | 8,998 | — | |||||||||||||||||||
Short-term—marketable securities | 24,330 | 24,330 | — | — | 24,330 | — | |||||||||||||||||||
Non-qualified deferred compensation plan | 7,149 | 7,149 | — | 7,149 | — | — | |||||||||||||||||||
Total | $ | 255,091 | $ | 255,091 | $ | 97,133 | $ | 124,630 | $ | 33,328 | $ | — | |||||||||||||
Liabilities: | |||||||||||||||||||||||||
Earnout and milestone payment liability | 1,839 | 1,839 | — | — | — | 1,839 | |||||||||||||||||||
Non-qualified deferred compensation plan | 7,149 | 7,149 | — | 7,149 | — | — | |||||||||||||||||||
Total | $ | 8,988 | $ | 8,988 | $ | — | $ | 7,149 | $ | — | $ | 1,839 | |||||||||||||
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 2 | 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, Level 2 or Level 3 fair value measurements during the three or nine months ended September 27, 2014. | |||||||||||||||||||||||||
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 September 27, 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 September 27, 2014, the Company estimated the fair value of the obligation as $641 using a cash flow based approach discounted with a market discount rate. For the second acquisition, as of September 27, 2014, the Company estimated the fair value of the obligation as $1,198 using a Monte Carlo simulation model discounted using the risk free rate adjusted for an applicable credit spread. During the nine months ended September 27, 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 a decrease to the liability of $337 in aggregate and was recorded to selling, general and administrative expenses in the statement of operations. For both of the acquisitions, total accretion of $613 was recognized during the nine months ended September 27, 2014. | |||||||||||||||||||||||||
Ending earnout and milestone payment liability at December 31, 2013 | $ | 2,426 | |||||||||||||||||||||||
Accretion | 613 | ||||||||||||||||||||||||
Change in estimate | (337 | ) | |||||||||||||||||||||||
Payments | (863 | ) | |||||||||||||||||||||||
Ending earnout and milestone payment liability at September 27, 2014 | $ | 1,839 | |||||||||||||||||||||||
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 carrying value at September 27, 2014 was $14,449, 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 | 9 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||
Investments in Cash Equivalents and Marketable Securities | ' | ||||||||||||||||
Investments in Cash Equivalents and Marketable Securities | |||||||||||||||||
As of September 27, 2014 and December 31, 2013, cash equivalents and short-term investments were classified as available-for-sale. Cash equivalents had maturity dates of less than 90 days at the date acquired, and short-term investments had maturity dates of less than one year, from the date of purchase. All unrealized gains and losses on available-for-sale investments are included in Other comprehensive income (loss). 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 September 27, 2014 consisted of the following: | |||||||||||||||||
At September 27, 2014 | Cost | Net | Net | Fair | |||||||||||||
unrealized | unrealized | Value | |||||||||||||||
holding gains | holding losses | ||||||||||||||||
Available-for-sale-included in cash equivalents: | |||||||||||||||||
Money market funds | $ | 117,481 | $ | — | $ | — | $ | 117,481 | |||||||||
Corporate debt securities | 8,998 | — | — | 8,998 | |||||||||||||
Available-for-sale-included in short-term marketable securities: | |||||||||||||||||
Corporate debt securities | 24,352 | — | (22 | ) | 24,330 | ||||||||||||
$ | 150,831 | $ | — | $ | (22 | ) | $ | 150,809 | |||||||||
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 and nine months ended September 27, 2014, the Company did not record any other-than-temporary impairments on its investments in cash equivalents or short-term marketable securities. |
Net_Earnings_Loss_Per_Share
Net Earnings (Loss) Per Share | 9 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Net Earnings (Loss) Per Share | ' | ||||||||||||||||
Net Earnings (Loss) Per Share | |||||||||||||||||
Net earnings (loss) per share is presented as basic and diluted net earnings (loss) per share. Basic net earnings (loss) per share is net earnings (loss) available to common stockholders divided by the weighted-average number of common shares outstanding. Diluted net earnings per share is similar to basic net earnings (loss) per share, except that the denominator includes potential common shares that, had they been issued, would have had a dilutive effect. Dilutive securities include options granted pursuant to the Company’s stock option plans, and potential shares related to Restricted Stock Units ("RSUs"), Market-Based Restricted Stock Units ("MSUs") and the Company’s Employee Stock Purchase Plan ("ESPP"). | |||||||||||||||||
The following is a reconciliation of the basic and diluted shares: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 27, | September 28, | September 27, | September 28, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income (loss): | $ | 26,184 | $ | 13,561 | $ | 12,325 | $ | (29,273 | ) | ||||||||
Shares for net earnings (loss) per share: | |||||||||||||||||
Weighted-average shares outstanding—Basic | 175,764 | 157,105 | 170,709 | 159,057 | |||||||||||||
Dilutive securities | 9,937 | 6,812 | 9,593 | — | |||||||||||||
Weighted-average shares outstanding—Diluted | 185,701 | 163,917 | 180,302 | 159,057 | |||||||||||||
For the three and nine months ended September 27, 2014, no potential shares were excluded from the calculation. For the three months and nine ended September 28, 2013, potential shares of 8,851 and 25,513, respectively, related to RSUs, MSUs and the ESPP were excluded from the calculation as their effect would have been antidilutive. |
Selected_Financial_Statement_I
Selected Financial Statement Information | 9 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Selected Financial Statement Information [Abstract] | ' | ||||||||
Selected Financial Statement Information | ' | ||||||||
Selected Financial Statement Information | |||||||||
September 27, | December 31, | ||||||||
2014 | 2013 | ||||||||
Accounts receivable, net: | |||||||||
Trade accounts receivable | $ | 164,397 | $ | 177,134 | |||||
Allowance for doubtful accounts | — | (20 | ) | ||||||
$ | 164,397 | $ | 177,114 | ||||||
Inventories: | |||||||||
Raw materials | $ | 28,498 | $ | 28,502 | |||||
Work-in-process | 88,854 | 82,141 | |||||||
Finished goods | 40,778 | 48,845 | |||||||
$ | 158,130 | $ | 159,488 | ||||||
Other current assets: | |||||||||
Precious metals reclaim | $ | 24,706 | $ | 25,742 | |||||
Other | 13,660 | 14,218 | |||||||
$ | 38,366 | $ | 39,960 | ||||||
Accrued payroll: | |||||||||
Accrued payroll and taxes | $ | 10,169 | $ | 13,975 | |||||
Accrued paid time off and sabbatical | 18,065 | 16,593 | |||||||
Accrued management incentive program | 7,986 | 4,303 | |||||||
ESPP withholding | 7,412 | 2,771 | |||||||
Self-insurance liability | 2,134 | 2,101 | |||||||
$ | 45,766 | $ | 39,743 | ||||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 9 Months Ended | ||||||||||||||
Sep. 27, 2014 | |||||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||||
Property, Plant and Equipment | ' | ||||||||||||||
Property, Plant and Equipment | |||||||||||||||
Property, plant and equipment consisted of the following: | |||||||||||||||
September 27, 2014 | December 31, 2013 | ||||||||||||||
Land | $ | 19,699 | $ | 19,699 | |||||||||||
Buildings | 95,117 | 95,090 | |||||||||||||
Building and leasehold improvements | 38,463 | 33,341 | |||||||||||||
Machinery and equipment | 789,618 | 734,912 | |||||||||||||
Furniture and fixtures | 7,135 | 7,042 | |||||||||||||
Computer equipment and software | 52,778 | 50,226 | |||||||||||||
Assets in process | 35,760 | 32,091 | |||||||||||||
Total property, plant and equipment, gross | 1,038,570 | 972,401 | |||||||||||||
Accumulated depreciation | (610,111 | ) | (552,038 | ) | |||||||||||
Total property, plant and equipment, net | $ | 428,459 | $ | 420,363 | |||||||||||
The Company reported depreciation expense as follows: | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 27, 2014 | September 28, 2013 | September 27, 2014 | September 28, 2013 | ||||||||||||
Depreciation expense | $ | 25,310 | $ | 26,495 | $ | 74,157 | $ | 74,992 | |||||||
Goodwill_and_Other_Acquisition
Goodwill and Other Acquisition-Related Intangible Assets | 9 Months Ended | ||||||||||||||||||||||||||
Sep. 27, 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 nine months ended September 27, 2014, there were no impairments recorded. | |||||||||||||||||||||||||||
Information regarding the Company’s acquisition-related intangible assets is as follows: | |||||||||||||||||||||||||||
September 27, 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 | 8.5 | 47,607 | (35,066 | ) | 12,541 | 8 | 47,020 | (31,679 | ) | 15,341 | |||||||||||||||||
Patents and Trademarks | 10 | 3,773 | (1,949 | ) | 1,824 | 10.1 | 3,623 | (1,805 | ) | 1,818 | |||||||||||||||||
Customer Relationships | 5 | 13,979 | (9,358 | ) | 4,621 | 5.6 | 13,979 | (8,478 | ) | 5,501 | |||||||||||||||||
65,359 | (46,373 | ) | 18,986 | 64,622 | (41,962 | ) | 22,660 | ||||||||||||||||||||
Non-amortizing intangible assets: | |||||||||||||||||||||||||||
In-process research and development | 213 | — | 213 | 850 | — | 850 | |||||||||||||||||||||
Total intangible assets | 65,572 | (46,373 | ) | 19,199 | 65,472 | (41,962 | ) | 23,510 | |||||||||||||||||||
Total goodwill and intangible assets | $ | 79,091 | $ | (46,373 | ) | $ | 32,718 | $ | 78,991 | $ | (41,962 | ) | $ | 37,029 | |||||||||||||
Amortization expense related to intangible assets is as follows: | |||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
September 27, | September 28, | September 27, | September 28, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Amortization expense | $ | 1,481 | $ | 1,730 | $ | 4,411 | $ | 5,262 | |||||||||||||||||||
The Company abandoned and wrote off $425 relating to two product lines that were included in in-process research and development during the nine months ended September 27, 2014. These charges were recorded to research, development and engineering expense in the statement of operations. There were no similar charges during the nine months ended September 28, 2013. | |||||||||||||||||||||||||||
During nine months ended September 27, 2014, one product line that was included in in-process research and development reached technological feasibility. As a result, the Company transferred $212 to developed technology, and began amortizing this amount over a period of eight years. | |||||||||||||||||||||||||||
The Company acquired developed technology of $375 and patents of $150 during the nine months ended September 27, 2014, that will be amortized over a period of eight years and seventeen years, respectively. | |||||||||||||||||||||||||||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||||
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 nine months ended September 27, 2014, there were no impairments recorded. |
Credit_Facility
Credit Facility | 9 Months Ended |
Sep. 27, 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 September 27, 2014. | |
At September 27, 2014 and December 31, 2013, there were no amounts outstanding under the Agreement. Because there were no borrowings during the three and nine months ended September 27, 2014, no interest cost was incurred on borrowings during this time. During the three and nine months ended September 28, 2013, interest cost of $118 and $121 was incurred on borrowings. | |
In conjunction with its maturity on September 30, 2014, the Company terminated the Agreement and the commitments of its lenders, and all outstanding balances and fees were paid in full. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |||||||||||||||
Sep. 27, 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 and nine months ended September 27, 2014 and September 28, 2013: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 27, | September 28, | September 27, | September 28, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Stock-based compensation expense: | ||||||||||||||||
Cost of goods sold | $ | 1,610 | $ | 1,720 | $ | 5,613 | $ | 5,327 | ||||||||
Research, development and engineering | 2,405 | 2,802 | 7,188 | 7,897 | ||||||||||||
Selling, general and administrative | 2,343 | 2,391 | 7,652 | 7,905 | ||||||||||||
Total stock-based compensation expense included in income (loss) from operations | $ | 6,358 | $ | 6,913 | $ | 20,453 | $ | 21,129 | ||||||||
Stock Options | ||||||||||||||||
The following table summarizes the Company’s stock option transactions for the nine months ended September 27, 2014: | ||||||||||||||||
Nine Months Ended | ||||||||||||||||
September 27, 2014 | ||||||||||||||||
Shares | Weighted-average exercise price per share | |||||||||||||||
Outstanding at beginning of the period | 34,724 | $ | 6.59 | |||||||||||||
Granted | 1,803 | 14.67 | ||||||||||||||
Exercised | (14,215 | ) | 6.47 | |||||||||||||
Forfeited | (1,105 | ) | 6.93 | |||||||||||||
Outstanding at September 27, 2014 | 21,207 | $ | 7.35 | |||||||||||||
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. | ||||||||||||||||
The Company grants 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 September 27, 2014, the maximum number of shares of common stock that could be awarded is 606 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 nine months ended September 27, 2014: | ||||||||||||||||
Nine Months Ended | ||||||||||||||||
September 27, 2014 | ||||||||||||||||
Stock Units | Weighted-average | |||||||||||||||
grant date fair value | ||||||||||||||||
Outstanding at beginning of the period | 389 | $ | 7.67 | |||||||||||||
Granted | 951 | 14.69 | ||||||||||||||
Vested | (11 | ) | 7.67 | |||||||||||||
Forfeitures | (30 | ) | 10.21 | |||||||||||||
Outstanding at September 27, 2014 | 1,299 | $ | 12.75 | |||||||||||||
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. | ||||||||||||||||
The table below summarizes the ESPP common stock purchases for the three and nine months ended September 27, 2014 and September 28, 2013. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 27, | September 28, 2013 | September 27, | September 28, | |||||||||||||
2014 | 2014 | 2013 | ||||||||||||||
Shares purchased | — | — | 1,245 | 1,872 | ||||||||||||
Income_Taxes
Income Taxes | 9 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Taxes | ' | ||||||||
Income Taxes | |||||||||
The Company recorded income tax expense of $9,188 and $4,137 for the three months ended September 27, 2014 and September 28, 2013, respectively. The Company recorded income tax expense (benefit) of $8,252 and ($6,119) for the nine months ended September 27, 2014 and September 28, 2013, respectively. The income tax expense for the three and nine months ended September 27, 2014 was primarily the result of application of the Company’s estimated annual effective tax rate to the Company's pre-tax income, and the recognition of the tax impact of discrete events occurring during the quarter. The mix of profits and losses between jurisdictions and the beneficial tax rates in certain foreign jurisdictions impacts the estimate of the annual effective tax rate and the amount of tax expense or benefit recorded in the interim period. The income tax expense for the three months ended September 28, 2013 was primarily associated with U.S. federal and state income taxes due to the mix of profits and losses between jurisdictions. The income tax benefit for the nine months ended September 28, 2013 was primarily the result of the company's pre-tax loss and the recognition of U.S. federal tax credits. | |||||||||
As of September 27, 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 and nine months ended September 27, 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 $72,400 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 $26,000 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 September 27, 2014. | |||||||||
Deferred Income Taxes | |||||||||
As of September 27, 2014, deferred tax assets of $68,975, net of a $14,477 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 nine months ended September 27, 2014, net unrecognized tax benefits increased $249 primarily as a result of an additional liability recorded to address existing potential exposures from positions that could be challenged by taxing authorities. The Company does not anticipate the release of any unrecognized tax benefits due to the expiration of statutes of limitations within the next twelve months. 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 September 27, 2014 and December 31, 2013 were as follows: | |||||||||
September 27, | December 31, | ||||||||
2014 | 2013 | ||||||||
Net unrecognized tax benefits | $ | 2,311 | $ | 2,062 | |||||
Commitments_and_Contingencies_
Commitments and Contingencies (Notes) | 9 Months Ended |
Sep. 27, 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, Qorvo, Inc. (formerly Rocky Holding, Inc.), and/or the subsidiaries of Qorvo, 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. | |
On April 29, 2014, the Oregon trial court orally granted the plaintiff's motions to consolidate the Roberts and Lam actions. TriQuint moved to dismiss the Oregon actions, which the trial court denied on August 14, 2014. The Company filed a petition for writ of mandamus with the Oregon Supreme Court on October 3, 2014, asking that court to take immediate review of the trial court’s decision and is waiting for the Oregon Supreme Court’s ruling about whether it will immediately review the trial court decision. As of August 18, 2014, the plaintiffs in the Oregon actions informed the trial court that they would not pursue their request for a preliminary injunction. | |
On April 29, 2014, the Delaware Court of Chancery consolidated the actions filed in Delaware under the caption In re TriQuint Semiconductor, Inc. Stockholders Litigation, C.A. No. 9415-VCN. On May 1, 2014, the plaintiffs filed a consolidated amended class action complaint in the consolidated action and on May 12, 2014, the plaintiffs filed a motion for expedited proceedings and a motion for preliminary injunction seeking to enjoin defendants from taking any action to complete the proposed mergers. The Company opposed the motion for expedited proceedings, and the court denied the motion for expedited proceedings on June 13, 2014. There has been no further activity in the Delaware lawsuits since the court denied plaintiffs’ motion for expedited proceedings. | |
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) | 9 Months Ended | |||||||||||
Sep. 27, 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, California. 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 nine months ended September 27, 2014 as follows: | ||||||||||||
Cost of goods sold | $ | 736 | ||||||||||
Research, development and engineering | 962 | |||||||||||
Selling, general and administrative | 181 | |||||||||||
Total restructuring charges | $ | 1,879 | ||||||||||
Changes in the Company's restructuring liability during the nine months end September 27, 2014 were as follows: | ||||||||||||
Severance | Lease abandonment costs | Total | ||||||||||
Balance at December 31, 2013 | $ | 2,421 | $ | 495 | $ | 2,916 | ||||||
2014 restructuring charges | 1,798 | 81 | 1,879 | |||||||||
Payments | (3,961 | ) | (246 | ) | (4,207 | ) | ||||||
Balance at September 27, 2014 | $ | 258 | $ | 330 | $ | 588 | ||||||
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 9 Months Ended | |
Sep. 27, 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. | ||
Disclosure of reclassifications made to prior year balances [Table Text Block] | ' | |
Certain reclassifications have been made to prior year balances in order to conform to the current year presentation. | ||
Fair Value Policy | ' | |
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 income (loss). | ||
Earnings Per Share Policy | ' | |
Net Earnings (Loss) Per Share | ||
Net earnings (loss) per share is presented as basic and diluted net earnings (loss) per share. Basic net earnings (loss) per share is net earnings (loss) available to common stockholders divided by the weighted-average number of common shares outstanding. Diluted net earnings per share is similar to basic net earnings (loss) per share, except that the denominator includes potential common shares that, had they been issued, would have had a dilutive effect. Dilutive securities include options granted pursuant to the Company’s stock option plans, and potential shares related to Restricted Stock Units ("RSUs"), Market-Based Restricted Stock Units ("MSUs") and 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 nine months ended September 27, 2014, there were no impairments recorded. | ||
Restricted Stock Units and Market Based Restricted Stock Units | ' | |
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. | ||
The Company grants 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 September 27, 2014, the maximum number of shares of common stock that could be awarded is 606 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. | ||
Deferred Income Taxes | ' | |
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. |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 27, 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 September 27, 2014 are as follows: | |||||||||||||||||||||||||
Carrying | Total | ||||||||||||||||||||||||
Amount | Fair Value | Cash | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Measured on a recurring basis: | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Cash | $ | 97,133 | $ | 97,133 | $ | 97,133 | $ | — | $ | — | $ | — | |||||||||||||
Cash equivalents | 126,479 | 126,479 | — | 117,481 | 8,998 | — | |||||||||||||||||||
Short-term—marketable securities | 24,330 | 24,330 | — | — | 24,330 | — | |||||||||||||||||||
Non-qualified deferred compensation plan | 7,149 | 7,149 | — | 7,149 | — | — | |||||||||||||||||||
Total | $ | 255,091 | $ | 255,091 | $ | 97,133 | $ | 124,630 | $ | 33,328 | $ | — | |||||||||||||
Liabilities: | |||||||||||||||||||||||||
Earnout and milestone payment liability | 1,839 | 1,839 | — | — | — | 1,839 | |||||||||||||||||||
Non-qualified deferred compensation plan | 7,149 | 7,149 | — | 7,149 | — | — | |||||||||||||||||||
Total | $ | 8,988 | $ | 8,988 | $ | — | $ | 7,149 | $ | — | $ | 1,839 | |||||||||||||
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 2 | 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 | 613 | ||||||||||||||||||||||||
Change in estimate | (337 | ) | |||||||||||||||||||||||
Payments | (863 | ) | |||||||||||||||||||||||
Ending earnout and milestone payment liability at September 27, 2014 | $ | 1,839 | |||||||||||||||||||||||
Investments_in_Cash_Equivalent1
Investments in Cash Equivalents and Marketable Securities (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 27, 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 September 27, 2014 consisted of the following: | |||||||||||||||||
At September 27, 2014 | Cost | Net | Net | Fair | |||||||||||||
unrealized | unrealized | Value | |||||||||||||||
holding gains | holding losses | ||||||||||||||||
Available-for-sale-included in cash equivalents: | |||||||||||||||||
Money market funds | $ | 117,481 | $ | — | $ | — | $ | 117,481 | |||||||||
Corporate debt securities | 8,998 | — | — | 8,998 | |||||||||||||
Available-for-sale-included in short-term marketable securities: | |||||||||||||||||
Corporate debt securities | 24,352 | — | (22 | ) | 24,330 | ||||||||||||
$ | 150,831 | $ | — | $ | (22 | ) | $ | 150,809 | |||||||||
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 | ||||||||||
Net_Earnings_Loss_Per_Share_Ta
Net Earnings (Loss) Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | ||||||||||||||||
The following is a reconciliation of the basic and diluted shares: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 27, | September 28, | September 27, | September 28, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income (loss): | $ | 26,184 | $ | 13,561 | $ | 12,325 | $ | (29,273 | ) | ||||||||
Shares for net earnings (loss) per share: | |||||||||||||||||
Weighted-average shares outstanding—Basic | 175,764 | 157,105 | 170,709 | 159,057 | |||||||||||||
Dilutive securities | 9,937 | 6,812 | 9,593 | — | |||||||||||||
Weighted-average shares outstanding—Diluted | 185,701 | 163,917 | 180,302 | 159,057 | |||||||||||||
Selected_Financial_Statement_I1
Selected Financial Statement Information (Tables) | 9 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Selected Financial Statement Information [Abstract] | ' | ||||||||
Selected Financial Statement Information | ' | ||||||||
September 27, | December 31, | ||||||||
2014 | 2013 | ||||||||
Accounts receivable, net: | |||||||||
Trade accounts receivable | $ | 164,397 | $ | 177,134 | |||||
Allowance for doubtful accounts | — | (20 | ) | ||||||
$ | 164,397 | $ | 177,114 | ||||||
Inventories: | |||||||||
Raw materials | $ | 28,498 | $ | 28,502 | |||||
Work-in-process | 88,854 | 82,141 | |||||||
Finished goods | 40,778 | 48,845 | |||||||
$ | 158,130 | $ | 159,488 | ||||||
Other current assets: | |||||||||
Precious metals reclaim | $ | 24,706 | $ | 25,742 | |||||
Other | 13,660 | 14,218 | |||||||
$ | 38,366 | $ | 39,960 | ||||||
Accrued payroll: | |||||||||
Accrued payroll and taxes | $ | 10,169 | $ | 13,975 | |||||
Accrued paid time off and sabbatical | 18,065 | 16,593 | |||||||
Accrued management incentive program | 7,986 | 4,303 | |||||||
ESPP withholding | 7,412 | 2,771 | |||||||
Self-insurance liability | 2,134 | 2,101 | |||||||
$ | 45,766 | $ | 39,743 | ||||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 9 Months Ended | ||||||||||||||
Sep. 27, 2014 | |||||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||||
Property, Plant and Equipment | ' | ||||||||||||||
Property, plant and equipment consisted of the following: | |||||||||||||||
September 27, 2014 | December 31, 2013 | ||||||||||||||
Land | $ | 19,699 | $ | 19,699 | |||||||||||
Buildings | 95,117 | 95,090 | |||||||||||||
Building and leasehold improvements | 38,463 | 33,341 | |||||||||||||
Machinery and equipment | 789,618 | 734,912 | |||||||||||||
Furniture and fixtures | 7,135 | 7,042 | |||||||||||||
Computer equipment and software | 52,778 | 50,226 | |||||||||||||
Assets in process | 35,760 | 32,091 | |||||||||||||
Total property, plant and equipment, gross | 1,038,570 | 972,401 | |||||||||||||
Accumulated depreciation | (610,111 | ) | (552,038 | ) | |||||||||||
Total property, plant and equipment, net | $ | 428,459 | $ | 420,363 | |||||||||||
Schedule of Depreciation Expense | ' | ||||||||||||||
The Company reported depreciation expense as follows: | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 27, 2014 | September 28, 2013 | September 27, 2014 | September 28, 2013 | ||||||||||||
Depreciation expense | $ | 25,310 | $ | 26,495 | $ | 74,157 | $ | 74,992 | |||||||
Goodwill_and_Other_Acquisition1
Goodwill and Other Acquisition-Related Intangible Assets (Tables) | 9 Months Ended | ||||||||||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Schedule of Company's Acquisition-related Intangible Assets | ' | ||||||||||||||||||||||||||
Information regarding the Company’s acquisition-related intangible assets is as follows: | |||||||||||||||||||||||||||
September 27, 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 | 8.5 | 47,607 | (35,066 | ) | 12,541 | 8 | 47,020 | (31,679 | ) | 15,341 | |||||||||||||||||
Patents and Trademarks | 10 | 3,773 | (1,949 | ) | 1,824 | 10.1 | 3,623 | (1,805 | ) | 1,818 | |||||||||||||||||
Customer Relationships | 5 | 13,979 | (9,358 | ) | 4,621 | 5.6 | 13,979 | (8,478 | ) | 5,501 | |||||||||||||||||
65,359 | (46,373 | ) | 18,986 | 64,622 | (41,962 | ) | 22,660 | ||||||||||||||||||||
Non-amortizing intangible assets: | |||||||||||||||||||||||||||
In-process research and development | 213 | — | 213 | 850 | — | 850 | |||||||||||||||||||||
Total intangible assets | 65,572 | (46,373 | ) | 19,199 | 65,472 | (41,962 | ) | 23,510 | |||||||||||||||||||
Total goodwill and intangible assets | $ | 79,091 | $ | (46,373 | ) | $ | 32,718 | $ | 78,991 | $ | (41,962 | ) | $ | 37,029 | |||||||||||||
Schedule of Intangible Asset Amortization Expense | ' | ||||||||||||||||||||||||||
Amortization expense related to intangible assets is as follows: | |||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
September 27, | September 28, | September 27, | September 28, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Amortization expense | $ | 1,481 | $ | 1,730 | $ | 4,411 | $ | 5,262 | |||||||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | |||||||||||||||
Sep. 27, 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 and nine months ended September 27, 2014 and September 28, 2013: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 27, | September 28, | September 27, | September 28, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Stock-based compensation expense: | ||||||||||||||||
Cost of goods sold | $ | 1,610 | $ | 1,720 | $ | 5,613 | $ | 5,327 | ||||||||
Research, development and engineering | 2,405 | 2,802 | 7,188 | 7,897 | ||||||||||||
Selling, general and administrative | 2,343 | 2,391 | 7,652 | 7,905 | ||||||||||||
Total stock-based compensation expense included in income (loss) from operations | $ | 6,358 | $ | 6,913 | $ | 20,453 | $ | 21,129 | ||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | |||||||||||||||
The following table summarizes the Company’s stock option transactions for the nine months ended September 27, 2014: | ||||||||||||||||
Nine Months Ended | ||||||||||||||||
September 27, 2014 | ||||||||||||||||
Shares | Weighted-average exercise price per share | |||||||||||||||
Outstanding at beginning of the period | 34,724 | $ | 6.59 | |||||||||||||
Granted | 1,803 | 14.67 | ||||||||||||||
Exercised | (14,215 | ) | 6.47 | |||||||||||||
Forfeited | (1,105 | ) | 6.93 | |||||||||||||
Outstanding at September 27, 2014 | 21,207 | $ | 7.35 | |||||||||||||
Schedule of Share-based Compensation, Market-based Restricted Stock Units, Activity | ' | |||||||||||||||
The following table summarizes RSU and MSU activity for the nine months ended September 27, 2014: | ||||||||||||||||
Nine Months Ended | ||||||||||||||||
September 27, 2014 | ||||||||||||||||
Stock Units | Weighted-average | |||||||||||||||
grant date fair value | ||||||||||||||||
Outstanding at beginning of the period | 389 | $ | 7.67 | |||||||||||||
Granted | 951 | 14.69 | ||||||||||||||
Vested | (11 | ) | 7.67 | |||||||||||||
Forfeitures | (30 | ) | 10.21 | |||||||||||||
Outstanding at September 27, 2014 | 1,299 | $ | 12.75 | |||||||||||||
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity | ' | |||||||||||||||
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. | ||||||||||||||||
The table below summarizes the ESPP common stock purchases for the three and nine months ended September 27, 2014 and September 28, 2013. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 27, | September 28, 2013 | September 27, | September 28, | |||||||||||||
2014 | 2014 | 2013 | ||||||||||||||
Shares purchased | — | — | 1,245 | 1,872 | ||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Schedule of Unrecognized Tax Benefits | ' | ||||||||
Net unrecognized tax benefits at September 27, 2014 and December 31, 2013 were as follows: | |||||||||
September 27, | December 31, | ||||||||
2014 | 2013 | ||||||||
Net unrecognized tax benefits | $ | 2,311 | $ | 2,062 | |||||
Restructuring_Tables
Restructuring (Tables) | 9 Months Ended | |||||||||||
Sep. 27, 2014 | ||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||
Schedule of Restructuring Reserve by Type of Cost | ' | |||||||||||
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 nine months ended September 27, 2014 as follows: | ||||||||||||
Cost of goods sold | $ | 736 | ||||||||||
Research, development and engineering | 962 | |||||||||||
Selling, general and administrative | 181 | |||||||||||
Total restructuring charges | $ | 1,879 | ||||||||||
Changes in the Company's restructuring liability during the nine months end September 27, 2014 were as follows: | ||||||||||||
Severance | Lease abandonment costs | Total | ||||||||||
Balance at December 31, 2013 | $ | 2,421 | $ | 495 | $ | 2,916 | ||||||
2014 restructuring charges | 1,798 | 81 | 1,879 | |||||||||
Payments | (3,961 | ) | (246 | ) | (4,207 | ) | ||||||
Balance at September 27, 2014 | $ | 258 | $ | 330 | $ | 588 | ||||||
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Sep. 27, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Cash | $97,133 | $53,122 |
Cash equivalents | 126,479 | 25,904 |
Investments in marketable securities | 24,330 | 0 |
Non-qualified deferred compensation plan | 7,149 | 6,571 |
Total | 255,091 | 85,597 |
Short-term—marketable securities | 150,809 | 25,904 |
Liabilities: | ' | ' |
Earnout and milestone payment liability | 1,839 | 2,426 |
Non-qualified deferred compensation plan | 7,149 | 6,571 |
Total | 8,988 | 8,997 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets: | ' | ' |
Cash | 97,133 | 53,122 |
Total | 97,133 | 53,122 |
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets: | ' | ' |
Cash | 97,133 | 53,122 |
Cash equivalents | 126,479 | 25,904 |
Short-term—marketable securities | 24,330 | ' |
Non-qualified deferred compensation plan | 7,149 | 6,571 |
Total | 255,091 | 85,597 |
Liabilities: | ' | ' |
Earnout payment liability | 1,839 | 2,426 |
Non-qualified deferred compensation plan | 7,149 | 6,571 |
Total | 8,988 | 8,997 |
Level 1 | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets: | ' | ' |
Cash | 0 | 0 |
Cash equivalents | 117,481 | 25,904 |
Short-term—marketable securities | 0 | ' |
Non-qualified deferred compensation plan | 7,149 | 6,571 |
Total | 124,630 | 32,475 |
Liabilities: | ' | ' |
Earnout payment liability | 0 | 0 |
Non-qualified deferred compensation plan | 7,149 | 6,571 |
Total | 7,149 | 6,571 |
Level 2 | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets: | ' | ' |
Cash | 0 | 0 |
Cash equivalents | 8,998 | 0 |
Short-term—marketable securities | 24,330 | ' |
Non-qualified deferred compensation plan | 0 | 0 |
Total | 33,328 | 0 |
Liabilities: | ' | ' |
Earnout payment liability | 0 | 0 |
Non-qualified deferred compensation plan | 0 | 0 |
Total | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets: | ' | ' |
Cash | ' | 0 |
Cash equivalents | 0 | 0 |
Short-term—marketable securities | 0 | ' |
Non-qualified deferred compensation plan | 0 | 0 |
Total | 0 | 0 |
Liabilities: | ' | ' |
Earnout payment liability | 1,839 | 2,426 |
Non-qualified deferred compensation plan | 0 | 0 |
Total | $1,839 | $2,426 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Earnout Payment Liability (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Details of Level 3 fair value measurements | ' | ' |
Earnout payments | ($863) | $0 |
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 | 613 | ' |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | -337 | ' |
Earnout payments | -863 | ' |
Ending earnout and milestone payment liability at September 27, 2014 | 1,839 | ' |
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 | 641 | ' |
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 | $1,198 | ' |
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 $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 27, 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% |
Fair Value Inputs, Discount Rate, Second Cross-Licensing Agreement | 5.00% |
Cross-licensing liability | $14,449 |
Cross-licensing Liability, Fair Value Disclosure, Current Portion | $3,140 |
Investments_in_Cash_Equivalent2
Investments in Cash Equivalents and Marketable Securities (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | $150,831 | ' | $25,904 |
Available For Sale Securities Net Unrealized Gains | 0 | ' | 0 |
Available For Sale Securities Net Unrealized Losses | -22 | ' | 0 |
Available-for-sale Securities | 150,809 | ' | 25,904 |
Maximum Term Of Available For Sale Securities | '1 year | ' | '1 year |
Marketable Securities, Realized Loss, Other than Temporary Impairments, Amount | 0 | 0 | ' |
Cash Equivalents [Member] | Corporate Debt Securities [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 8,998 | ' | ' |
Available For Sale Securities Net Unrealized Gains | 0 | ' | ' |
Available For Sale Securities Net Unrealized Losses | 0 | ' | ' |
Available-for-sale Securities | 8,998 | ' | ' |
Cash Equivalents [Member] | Money Market Funds [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 117,481 | ' | 25,904 |
Available For Sale Securities Net Unrealized Gains | 0 | ' | 0 |
Available For Sale Securities Net Unrealized Losses | 0 | ' | 0 |
Available-for-sale Securities | 117,481 | ' | 25,904 |
Short-term Investments [Member] | Corporate Debt Securities [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 24,352 | ' | ' |
Available For Sale Securities Net Unrealized Gains | 0 | ' | ' |
Available For Sale Securities Net Unrealized Losses | -22 | ' | ' |
Available-for-sale Securities | $24,330 | ' | ' |
Net_Earnings_Loss_Per_Share_De
Net Earnings (Loss) Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Earnings Per Share Reconciliation [Abstract] | ' | ' | ' | ' |
Net income (loss): | $26,184 | $13,561 | $12,325 | ($29,273) |
Shares for net income (loss) per share: | ' | ' | ' | ' |
Weighted-average shares outstanding—Basic | 175,764 | 157,105 | 170,709 | 159,057 |
Dilutive securities | 9,937 | 6,812 | 9,593 | 0 |
Weighted-average shares outstanding—Diluted | 185,701 | 163,917 | 180,302 | 159,057 |
Net_Earnings_Loss_Per_Share_An
Net Earnings (Loss) Per Share - Antidilutive Securities (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Antidilutive securities | 0 | 8,851,000 | 0 | 25,513,000 |
Selected_Financial_Statement_I2
Selected Financial Statement Information (Details) (USD $) | Sep. 27, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Receivable, Net [Abstract] | ' | ' |
Trade accounts receivable | $164,397 | $177,134 |
Allowance for doubtful accounts | 0 | 20 |
Accounts Receivable, net | 164,397 | 177,114 |
Inventory, Net [Abstract] | ' | ' |
Raw materials | 28,498 | 28,502 |
Work-in-process | 88,854 | 82,141 |
Finished goods | 40,778 | 48,845 |
Inventories | 158,130 | 159,488 |
Other Assets, Current [Abstract] | ' | ' |
Precious metals reclaim | 24,706 | 25,742 |
Other | 13,660 | 14,218 |
Other current assets | 38,366 | 39,960 |
Employee-related Liabilities, Current [Abstract] | ' | ' |
Accrued payroll and taxes | 10,169 | 13,975 |
Accrued paid time off and sabbatical | 18,065 | 16,593 |
Accrued management incentive program | 7,986 | 4,303 |
ESPP withholding | 7,412 | 2,771 |
Self-insurance liability | 2,134 | 2,101 |
Accrued payroll | $45,766 | $39,743 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Total property, plant and equipment, gross | $1,038,570 | ' | $1,038,570 | ' | $972,401 |
Accumulated depreciation | -610,111 | ' | -610,111 | ' | -552,038 |
Total property, plant and equipment, net | 428,459 | ' | 428,459 | ' | 420,363 |
Depreciation, Depletion and Amortization [Abstract] | ' | ' | ' | ' | ' |
Depreciation expense | 25,310 | 26,495 | 74,157 | 74,992 | ' |
Land | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Total property, plant and equipment, gross | 19,699 | ' | 19,699 | ' | 19,699 |
Buildings | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Total property, plant and equipment, gross | 95,117 | ' | 95,117 | ' | 95,090 |
Building and leasehold improvements | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Total property, plant and equipment, gross | 38,463 | ' | 38,463 | ' | 33,341 |
Machinery and equipment | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Total property, plant and equipment, gross | 789,618 | ' | 789,618 | ' | 734,912 |
Furniture and fixtures | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Total property, plant and equipment, gross | 7,135 | ' | 7,135 | ' | 7,042 |
Computer equipment and software | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Total property, plant and equipment, gross | 52,778 | ' | 52,778 | ' | 50,226 |
Assets in process | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Total property, plant and equipment, gross | $35,760 | ' | $35,760 | ' | $32,091 |
Goodwill_and_Other_Acquisition2
Goodwill and Other Acquisition-Related Intangible Assets (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 |
Goodwill [Member] | Goodwill [Member] | In Process Research and Development [Member] | In Process Research and Development [Member] | Developed Technology and Other | Developed Technology and Other | Patents and Trademarks | Patents and Trademarks | Customer Relationships | Customer Relationships | ||||||
Goodwill And Finite And Indefinite Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Impairment Loss | $0 | ' | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Gross | ' | ' | ' | ' | ' | 13,519 | 13,519 | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 13,519 | ' | 13,519 | ' | 13,519 | 13,519 | 13,519 | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Remaining Amortization Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '8 years 6 months | '8 years 0 months | '10 years 0 months | '10 years 1 month | '5 years 0 months | '5 years 7 months |
Finite-Lived Intangible Assets, Gross | 65,359 | ' | 65,359 | ' | 64,622 | ' | ' | ' | ' | 47,607 | 47,020 | 3,773 | 3,623 | 13,979 | 13,979 |
Finite-Lived Intangible Assets, Accumulated Amortization | -46,373 | ' | -46,373 | ' | -41,962 | ' | ' | ' | ' | -35,066 | -31,679 | -1,949 | -1,805 | -9,358 | -8,478 |
Finite-Lived Intangible Assets, Net | 18,986 | ' | 18,986 | ' | 22,660 | ' | ' | ' | ' | 12,541 | 15,341 | 1,824 | 1,818 | 4,621 | 5,501 |
Indefinite-lived Intangible Assets | ' | ' | ' | ' | ' | ' | ' | 213 | 850 | ' | ' | ' | ' | ' | ' |
Intangible Assets Finite and Indefinite Lived, Gross (Excluding Goodwill) | 65,572 | ' | 65,572 | ' | 65,472 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets Excluding Goodwill, Accumulated Amortization | -46,373 | ' | -46,373 | ' | -41,962 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) | 19,199 | ' | 19,199 | ' | 23,510 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets Gross Including Goodwill | 79,091 | ' | 79,091 | ' | 78,991 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets Including Goodwill, Accumulated Amortization | -46,373 | ' | -46,373 | ' | -41,962 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets Net Including Goodwill | 32,718 | ' | 32,718 | ' | 37,029 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Intangible Assets | 1,481 | 1,730 | 4,411 | 5,262 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of Intangible Assets (Excluding Goodwill) | ' | ' | 425 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | '8 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | '8 years | ' | '17 years | ' | ' | ' |
Indefinite-lived Intangible Assets, Period Increase (Decrease) | ' | ' | 212 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Research and Development Asset Acquired Other than Through Business Combination, Fair Value Acquired | ' | ' | 375 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-lived Intangible Assets Acquired | ' | ' | $150 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit_Facility_Details
Credit Facility (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Dec. 31, 2013 | |
Lenders Credit Agreement [Member] | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Line of Credit Facility, Expiration Date | ' | ' | 28-Jun-14 | ' | ' |
Bank of America Credit Agreement [Member] | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $200,000,000 | ' | $200,000,000 | ' | ' |
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 | ' | 0 | ' | 0 |
Proceeds from Lines of Credit | 0 | ' | ' | 0 | ' |
Interest Cost | $0 | $118,000 | $0 | $121,000 | ' |
Eurodollar Rate Loan [Member] | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Line of Credit Interest Rate Floor | 2.50% | ' | 2.50% | ' | ' |
Line of Credit Interest Rate Cap | 3.00% | ' | 3.00% | ' | ' |
Base Rate Loan [Member] | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Line of Credit Interest Rate Floor | 1.50% | ' | 1.50% | ' | ' |
Line of Credit Interest Rate Cap | 2.00% | ' | 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 | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Stock-Based Compensation Expense Allocation [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $6,358 | $6,913 | $20,453 | $21,129 |
Cost of Goods Sold [Member] | ' | ' | ' | ' |
Stock-Based Compensation Expense Allocation [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 1,610 | 1,720 | 5,613 | 5,327 |
Research and Development Expense [Member] | ' | ' | ' | ' |
Stock-Based Compensation Expense Allocation [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 2,405 | 2,802 | 7,188 | 7,897 |
Selling, General And Administrative [Member] | ' | ' | ' | ' |
Stock-Based Compensation Expense Allocation [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $2,343 | $2,391 | $7,652 | $7,905 |
StockBased_Compensation_Option
Stock-Based Compensation - Option Transactions (Details) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 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) | 1,803 |
Options granted (weighted-average exercise price per share) | $14.67 |
Options exercised (shares) | -14,215 |
Options exercised (weighted-average exercise price per share) | $6.47 |
Options forfeited (shares) | -1,105 |
Options forfeited (weighted-average exercise price per share) | $6.93 |
Options outstanding at the end of the period (shares) | 21,207 |
Options outstanding at the end of the period (weighted-average exercise price per share) | $7.35 |
StockBased_Compensation_Market
Stock-Based Compensation - Market-Based Restricted Stock Units (Details) | Sep. 27, 2014 |
In Thousands, unless otherwise specified | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share-based compensation arrangement by share based payment award, maximum potential shares | 606 |
Performance Shares [Member] | Minimum [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% |
Performance Shares [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 | 150.00% |
StockBased_Compensation_Restri
Stock-Based Compensation - Restricted Stock Units and Market-Based Restricted Stock Units (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2014 |
Restricted Stock Units (RSUs) [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 during the period (shares) | 951 |
Units granted during the period (weighted average grant date fair value per share) | $14.69 |
Vested (shares) | -11 |
Vested (weighted averaged grant date fair value) | $7.67 |
Forfeitures (shares) | -30 |
Forfeitures (weighted average grant date fair value) | $10.21 |
Units outstanding at the end of the period (shares) | 1,299 |
Units outstanding at the end of the period (weighted average grant date fair value per share) | $12.75 |
StockBased_Compensation_Employ
Stock-Based Compensation - Employee Stock Purchase Program (Details) (Employee Stock [Member]) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Employee Stock [Member] | ' | ' | ' | ' |
Employee Stock Purchase Plan [Abstract] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | 0 | 0 | 1,245 | 1,872 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit) | $9,188 | $4,137 | $8,252 | ($6,119) | ' |
Deferred Tax Assets, Tax Credit Carryforwards, Research | 0 | 0 | 0 | 0 | ' |
Undistributed Earnings of Foreign Subsidiaries | 72,400 | ' | 72,400 | ' | ' |
Impact of Repatriation of Earnings from Foreign Entities | 26,000 | ' | 26,000 | ' | ' |
Deferred Tax Assets, Net | 68,975 | ' | 68,975 | ' | 74,341 |
Deferred Tax Assets, Valuation Allowance | 14,477 | ' | 14,477 | ' | 16,639 |
Increase in unrecognized tax benefits | ' | ' | 249 | ' | ' |
Net unrecognized tax benefits | $2,311 | ' | $2,311 | ' | $2,062 |
Restructuring_Details
Restructuring (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 27, 2014 |
Restructuring Reserve [Roll Forward] | ' |
Restructuring Reserve, Beginning Balance | $2,916 |
Restructuring Charges | 1,879 |
Payments for Restructuring | -4,207 |
Restructuring Reserve, Ending Balance | 588 |
Cost of Goods Sold [Member] | ' |
Restructuring Reserve [Roll Forward] | ' |
Restructuring Charges | 736 |
Research, development and engineering expense [Member] | ' |
Restructuring Reserve [Roll Forward] | ' |
Restructuring Charges | 962 |
Selling, General and Administrative Expenses [Member] | ' |
Restructuring Reserve [Roll Forward] | ' |
Restructuring Charges | 181 |
Employee Severance [Member] | ' |
Restructuring Reserve [Roll Forward] | ' |
Restructuring Reserve, Beginning Balance | 2,421 |
Severance Costs | 1,798 |
Payments for Restructuring | -3,961 |
Restructuring Reserve, Ending Balance | 258 |
Lease abandonment costs [Member] | ' |
Restructuring Reserve [Roll Forward] | ' |
Restructuring Reserve, Beginning Balance | 495 |
Lease abandonment costs | 81 |
Payments for Restructuring | -246 |
Restructuring Reserve, Ending Balance | $330 |