Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Sep. 28, 2014 | Oct. 22, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 28-Sep-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Trading Symbol | 'QLGC | ' |
Entity Registrant Name | 'QLOGIC CORP | ' |
Entity Central Index Key | '0000918386 | ' |
Current Fiscal Year End Date | '--03-29 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 88,144,000 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 28, 2014 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $86,930 | $91,258 |
Marketable securities | 189,839 | 186,783 |
Accounts receivable, less allowance for doubtful accounts of $1,216 and $1,186 as of September 28, 2014 and March 30, 2014, respectively | 85,469 | 65,213 |
Inventories | 30,142 | 18,036 |
Deferred tax assets | 13,997 | 15,080 |
Other current assets | 18,841 | 16,590 |
Total current assets | 425,218 | 392,960 |
Property and equipment, net | 82,972 | 84,912 |
Goodwill | 192,492 | 194,107 |
Purchased intangible assets, net | 61,231 | 69,903 |
Deferred tax assets | 29,818 | 32,827 |
Other assets | 21,847 | 23,554 |
Total assets | 813,578 | 798,263 |
Current liabilities: | ' | ' |
Accounts payable | 37,178 | 30,657 |
Accrued compensation | 19,700 | 26,956 |
Accrued taxes | 2,312 | 981 |
Deferred revenue | 3,695 | 3,954 |
Other current liabilities | 8,824 | 16,123 |
Total current liabilities | 71,709 | 78,671 |
Accrued taxes | 12,605 | 17,095 |
Other liabilities | 8,699 | 9,071 |
Total liabilities | 93,013 | 104,837 |
Stockholders' equity: | ' | ' |
Preferred stock, $0.001 par value; 1,000,000 shares authorized; no shares issued and outstanding | ' | ' |
Common stock, $0.001 par value; 500,000,000 shares authorized; 214,758,000 and 213,786,000 shares issued as of September 28, 2014 and March 30, 2014, respectively | 215 | 214 |
Additional paid-in capital | 968,368 | 958,008 |
Retained earnings | 1,689,081 | 1,672,071 |
Accumulated other comprehensive income | 203 | 435 |
Treasury stock, at cost: 126,616,000 shares as of September 28, 2014 and March 30, 2014 | -1,937,302 | -1,937,302 |
Total stockholders' equity | 720,565 | 693,426 |
Total liabilities and stockholders' equity | $813,578 | $798,263 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Sep. 28, 2014 | Mar. 30, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts | $1,216 | $1,186 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 214,758,000 | 213,786,000 |
Treasury stock, shares | 126,616,000 | 126,616,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net revenues | $127,503 | $112,622 | $246,952 | $225,738 |
Cost of revenues | 52,093 | 36,313 | 100,847 | 72,932 |
Gross profit | 75,410 | 76,309 | 146,105 | 152,806 |
Operating expenses: | ' | ' | ' | ' |
Engineering and development | 35,480 | 34,790 | 73,301 | 75,177 |
Sales and marketing | 15,453 | 16,431 | 31,487 | 35,844 |
General and administrative | 8,697 | 7,553 | 17,597 | 15,292 |
Special charges | 2,259 | 4,349 | 4,803 | 16,382 |
Total operating expenses | 61,889 | 63,123 | 127,188 | 142,695 |
Operating income | 13,521 | 13,186 | 18,917 | 10,111 |
Interest and other income, net | 296 | 25 | 438 | 798 |
Income before income taxes | 13,817 | 13,211 | 19,355 | 10,909 |
Income taxes | 2,807 | 2,234 | 2,345 | 2,982 |
Net income | $11,010 | $10,977 | $17,010 | $7,927 |
Net income per share: | ' | ' | ' | ' |
Basic | $0.13 | $0.13 | $0.19 | $0.09 |
Diluted | $0.12 | $0.13 | $0.19 | $0.09 |
Number of shares used in per share calculations: | ' | ' | ' | ' |
Basic | 87,914 | 87,430 | 87,654 | 88,288 |
Diluted | 88,102 | 87,669 | 88,177 | 88,720 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $11,010 | $10,977 | $17,010 | $7,927 |
Changes in fair value of marketable securities: | ' | ' | ' | ' |
Changes in unrealized gains | -347 | 602 | -148 | -1,319 |
Net realized losses (gains) reclassified into earnings | 64 | 135 | 127 | -259 |
Total changes in fair value of marketable securities | -283 | 737 | -21 | -1,578 |
Foreign currency translation adjustments | -269 | 252 | -211 | -42 |
Total other comprehensive income (loss) | -552 | 989 | -232 | -1,620 |
Comprehensive income | $10,458 | $11,966 | $16,778 | $6,307 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $17,010 | $7,927 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 23,855 | 15,730 |
Stock-based compensation | 10,275 | 12,989 |
Deferred income taxes | 4,077 | 3,632 |
Asset impairments | 1,011 | 2,429 |
Other non-cash items | 810 | 1,698 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -20,287 | -1,818 |
Inventories | -12,106 | 2,797 |
Other assets | -840 | 180 |
Accounts payable | 6,162 | -102 |
Accrued compensation | -7,256 | -7,141 |
Accrued taxes, net | -3,012 | -905 |
Other liabilities | -7,930 | 3,249 |
Net cash provided by operating activities | 11,769 | 40,665 |
Cash flows from investing activities: | ' | ' |
Purchases of available-for-sale securities | -84,318 | -162,673 |
Proceeds from sales and maturities of available-for-sale securities | 80,376 | 172,629 |
Purchases of property and equipment | -12,068 | -15,389 |
Net cash used in investing activities | -16,010 | -5,433 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance of common stock under stock-based awards | 3,536 | 4,565 |
Minimum tax withholding paid on behalf of employees for restricted stock units | -3,450 | -4,514 |
Purchases of treasury stock | ' | -44,212 |
Other financing activities | -173 | -96 |
Net cash used in financing activities | -87 | -44,257 |
Net decrease in cash and cash equivalents | -4,328 | -9,025 |
Cash and cash equivalents at beginning of period | 91,258 | 95,532 |
Cash and cash equivalents at end of period | $86,930 | $86,507 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Sep. 28, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Note 1. Basis of Presentation | |
In the opinion of management of QLogic Corporation (QLogic or the Company), the accompanying unaudited condensed consolidated financial statements contain all normal recurring accruals and adjustments necessary to present fairly the Company’s consolidated financial position, results of operations and cash flows. The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 30, 2014. The results of operations for the three and six months ended September 28, 2014 are not necessarily indicative of the results that may be expected for the entire fiscal year. The preparation of financial statements in accordance with U.S. generally accepted accounting principles requires management to make estimates that affect the amounts reported in the Company’s consolidated financial statements and accompanying notes. The Company evaluates its estimates on an ongoing basis using historical experience and other factors, including the current economic environment. Among the significant estimates affecting the consolidated financial statements are those related to revenue recognition, stock-based compensation, income taxes, marketable securities, inventories, goodwill and long-lived assets. The actual results experienced by the Company could differ materially from management’s estimates. | |
Recently Adopted Accounting Standards | |
In July 2013, the Financial Accounting Standards Board issued an accounting standard update that requires certain unrecognized tax benefits to be presented as a reduction to deferred tax assets rather than as liabilities when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The Company adopted this standard in the first quarter of fiscal 2015 on a prospective basis and the adoption did not have a material effect on the Company’s condensed consolidated balance sheet. |
Business_Acquisition
Business Acquisition | 6 Months Ended | ||||
Sep. 28, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Business Acquisition | ' | ||||
Note 2. Business Acquisition | |||||
Broadcom Corporation | |||||
In March 2014, the Company acquired certain 10/40/100Gb Ethernet controller-related assets from Broadcom Corporation (Broadcom) primarily relating to the NetXtreme® II Ethernet controller family and licensed certain related intellectual property under non-exclusive licenses for total cash consideration of $147.8 million and the assumption of certain liabilities. | |||||
The Company preliminarily estimated the fair value of the assets acquired and liabilities assumed and allocated a portion of the total purchase consideration to tangible and identifiable intangible assets acquired and liabilities assumed based on their respective estimated fair values at the acquisition date. During the six months ended September 28, 2014, the Company completed the identification and valuation of certain acquired property and equipment and also completed the transfer of property and equipment in a foreign jurisdiction that was subject to local compliance requirements, resulting in a total increase in property and equipment of $1.6 million with a corresponding decrease in goodwill. The excess of the total purchase consideration over the aggregate estimated fair value of the net assets acquired was recorded as goodwill. The goodwill associated with this acquisition is expected to be tax deductible. The following table summarizes the preliminary allocation of the purchase price to the fair value of the assets acquired and liabilities assumed: | |||||
(In thousands) | |||||
Inventories | $ | 2,880 | |||
Other current assets | 307 | ||||
Property and equipment | 4,070 | ||||
Goodwill | 81,516 | ||||
Purchased intangible asset | 60,100 | ||||
Accrued compensation | (987 | ) | |||
Other current liabilities | (129 | ) | |||
$ | 147,757 | ||||
Included in the preliminary purchase price allocation is a provisional amount related to a purchased intangible asset consisting of developed technology, which has an estimated useful life of five years. The preliminary fair value of this purchased intangible asset was based on estimates and assumptions made by management at the time of the acquisition. The Company is in the process of completing the identification and valuation of the intangible assets, which may result in adjustments to goodwill and the provisional amounts recorded for the purchased intangible asset, as well as recording the fair value of additional identifiable intangible assets. These adjustments may also result in changes to related amortization expense. The Company expects to finalize the purchase price allocation during fiscal 2015. |
Marketable_Securities
Marketable Securities | 6 Months Ended | ||||||||||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Marketable Securities | ' | ||||||||||||||||||||||||
Note 3. Marketable Securities | |||||||||||||||||||||||||
The Company’s portfolio of available-for-sale marketable securities consists of the following: | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
September 28, 2014 | |||||||||||||||||||||||||
U.S. government and agency securities | $ | 49,859 | $ | 20 | $ | (43 | ) | $ | 49,836 | ||||||||||||||||
Corporate debt obligations | 72,863 | 133 | (70 | ) | 72,926 | ||||||||||||||||||||
Mortgage-backed securities | 33,503 | 176 | (109 | ) | 33,570 | ||||||||||||||||||||
Municipal bonds | 20,234 | 106 | (9 | ) | 20,331 | ||||||||||||||||||||
Other debt securities | 13,187 | 9 | (20 | ) | 13,176 | ||||||||||||||||||||
$ | 189,646 | $ | 444 | $ | (251 | ) | $ | 189,839 | |||||||||||||||||
March 30, 2014 | |||||||||||||||||||||||||
U.S. government and agency securities | $ | 49,237 | $ | 16 | $ | (55 | ) | $ | 49,198 | ||||||||||||||||
Corporate debt obligations | 74,386 | 200 | (72 | ) | 74,514 | ||||||||||||||||||||
Mortgage-backed securities | 32,778 | 191 | (187 | ) | 32,782 | ||||||||||||||||||||
Municipal bonds | 24,989 | 133 | (9 | ) | 25,113 | ||||||||||||||||||||
Other debt securities | 5,178 | 3 | (5 | ) | 5,176 | ||||||||||||||||||||
$ | 186,568 | $ | 543 | $ | (328 | ) | $ | 186,783 | |||||||||||||||||
The amortized cost and estimated fair value of debt securities as of September 28, 2014, by contractual maturity, are presented below. Expected maturities will differ from contractual maturities because the issuers of securities may have the right to repay obligations without prepayment penalties. Certain debt instruments, although possessing a contractual maturity greater than one year, are classified as short-term marketable securities based on their ability to be traded on active markets and availability for current operations. | |||||||||||||||||||||||||
Amortized | Estimated | ||||||||||||||||||||||||
Cost | Fair Value | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Due in one year or less | $ | 16,734 | $ | 16,756 | |||||||||||||||||||||
Due after one year through three years | 131,683 | 131,778 | |||||||||||||||||||||||
Due after three years through five years | 19,417 | 19,400 | |||||||||||||||||||||||
Due after five years | 21,812 | 21,905 | |||||||||||||||||||||||
$ | 189,646 | $ | 189,839 | ||||||||||||||||||||||
The following table presents the Company’s marketable securities with unrealized losses by investment category and length of time that individual securities have been in a continuous unrealized loss position as of September 28, 2014 and March 30, 2014. | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||
Description of Securities | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
September 28, 2014 | |||||||||||||||||||||||||
U.S. government and agency securities | $ | 26,232 | $ | (40 | ) | $ | 677 | $ | (3 | ) | $ | 26,909 | $ | (43 | ) | ||||||||||
Corporate debt obligations | 28,999 | (70 | ) | — | — | 28,999 | (70 | ) | |||||||||||||||||
Mortgage-backed securities | 8,552 | (34 | ) | 6,705 | (75 | ) | 15,257 | (109 | ) | ||||||||||||||||
Municipal bonds | 2,899 | (9 | ) | — | — | 2,899 | (9 | ) | |||||||||||||||||
Other debt securities | 6,594 | (20 | ) | — | — | 6,594 | (20 | ) | |||||||||||||||||
$ | 73,276 | $ | (173 | ) | $ | 7,382 | $ | (78 | ) | $ | 80,658 | $ | (251 | ) | |||||||||||
March 30, 2014 | |||||||||||||||||||||||||
U.S. government and agency securities | $ | 26,879 | $ | (55 | ) | $ | — | $ | — | $ | 26,879 | $ | (55 | ) | |||||||||||
Corporate debt obligations | 19,906 | (72 | ) | — | — | 19,906 | (72 | ) | |||||||||||||||||
Mortgage-backed securities | 11,261 | (145 | ) | 2,838 | (42 | ) | 14,099 | (187 | ) | ||||||||||||||||
Municipal bonds | 3,322 | (9 | ) | — | — | 3,322 | (9 | ) | |||||||||||||||||
Other debt securities | 2,955 | (5 | ) | — | — | 2,955 | (5 | ) | |||||||||||||||||
$ | 64,323 | $ | (286 | ) | $ | 2,838 | $ | (42 | ) | $ | 67,161 | $ | (328 | ) | |||||||||||
As of September 28, 2014 and March 30, 2014, the fair value of certain of the Company’s available-for-sale securities was less than their cost basis. Management reviewed various factors in determining whether to recognize an impairment charge related to these unrealized losses, including the current financial and credit market environment, the financial condition and near-term prospects of the issuer of the security, the magnitude of the unrealized loss compared to the cost of the investment, the length of time the investment had been in a loss position and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery of market value. As of September 28, 2014 and March 30, 2014, the Company determined that the unrealized losses were temporary in nature and recorded them as a component of accumulated other comprehensive income. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 6 Months Ended | ||||||||||||
Sep. 28, 2014 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||
Note 4. Fair Value of Financial Instruments | |||||||||||||
The Company’s financial instruments consist principally of cash and cash equivalents, marketable securities, accounts receivable and accounts payable. The carrying value of accounts receivable and accounts payable approximates fair value. | |||||||||||||
A summary of the assets measured at fair value on a recurring basis as of September 28, 2014 and March 30, 2014 are as follows: | |||||||||||||
Fair Value Measurements Using | |||||||||||||
Level 1 | Level 2 | Total | |||||||||||
(In thousands) | |||||||||||||
September 28, 2014 | |||||||||||||
Cash and cash equivalents | $ | 86,930 | $ | — | $ | 86,930 | |||||||
Marketable securities: | |||||||||||||
U.S. government and agency securities | 49,836 | — | 49,836 | ||||||||||
Corporate debt obligations | — | 72,926 | 72,926 | ||||||||||
Mortgage-backed securities | — | 33,570 | 33,570 | ||||||||||
Municipal bonds | — | 20,331 | 20,331 | ||||||||||
Other debt securities | — | 13,176 | 13,176 | ||||||||||
49,836 | 140,003 | 189,839 | |||||||||||
$ | 136,766 | $ | 140,003 | $ | 276,769 | ||||||||
March 30, 2014 | |||||||||||||
Cash and cash equivalents | $ | 91,258 | $ | — | $ | 91,258 | |||||||
Marketable securities: | |||||||||||||
U.S. government and agency securities | 49,198 | — | 49,198 | ||||||||||
Corporate debt obligations | — | 74,514 | 74,514 | ||||||||||
Mortgage-backed securities | — | 32,782 | 32,782 | ||||||||||
Municipal bonds | — | 25,113 | 25,113 | ||||||||||
Other debt securities | — | 5,176 | 5,176 | ||||||||||
49,198 | 137,585 | 186,783 | |||||||||||
$ | 140,456 | $ | 137,585 | $ | 278,041 | ||||||||
The Company’s investments classified within Level 2 were primarily valued based on valuations obtained from a third-party pricing service. To estimate fair value, the pricing service utilizes industry-standard valuation models, including both income and market-based approaches for which all significant inputs are observable either directly or indirectly. The Company obtained documentation from the pricing service as to the methodology and summary of inputs used for the various types of securities. The pricing service maximizes the use of relevant observable inputs and minimizes the use of unobservable inputs. These observable inputs include reported trades and broker/dealer quotes of the same or similar securities, issuer credit spreads, benchmark securities and other observable inputs. The Company compares valuation information from the pricing service with other pricing sources to validate the reasonableness of the valuations. |
Inventories
Inventories | 6 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Note 5. Inventories | |||||||||
Components of inventories are as follows: | |||||||||
September 28, | March 30, | ||||||||
2014 | 2014 | ||||||||
(In thousands) | |||||||||
Raw materials | $ | 2,932 | $ | 2,041 | |||||
Finished goods | 27,210 | 15,995 | |||||||
$ | 30,142 | $ | 18,036 | ||||||
StockBased_Compensation
Stock-Based Compensation | 6 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
Note 6. Stock-Based Compensation | |||||||||||||||||
During the six months ended September 28, 2014, the Company granted 2.0 million restricted stock units with a weighted average grant date fair value of $10.16 per share. | |||||||||||||||||
A summary of stock-based compensation expense, by functional line item in the condensed consolidated statements of income, is as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In thousands) | |||||||||||||||||
Cost of revenues | $ | 258 | $ | 239 | $ | 613 | $ | 823 | |||||||||
Engineering and development | 2,309 | 2,257 | 5,280 | 6,608 | |||||||||||||
Sales and marketing | 1,073 | 1,230 | 2,083 | 3,023 | |||||||||||||
General and administrative | 1,095 | 1,092 | 2,299 | 2,535 | |||||||||||||
$ | 4,735 | $ | 4,818 | $ | 10,275 | $ | 12,989 | ||||||||||
Special_Charges
Special Charges | 6 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||
Special Charges | ' | ||||||||||||||||
Note 7. Special Charges | |||||||||||||||||
A summary of the special charges recorded during the three and six months ended September 28, 2014 and September 29, 2013, respectively, is as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In thousands) | |||||||||||||||||
Exit costs | $ | 2,259 | $ | 4,349 | $ | 3,292 | $ | 13,953 | |||||||||
Asset impairments | — | — | 1,011 | 2,429 | |||||||||||||
Other charges | — | — | 500 | — | |||||||||||||
$ | 2,259 | $ | 4,349 | $ | 4,803 | $ | 16,382 | ||||||||||
March 2014 Initiative | |||||||||||||||||
In March 2014, the Company commenced a restructuring plan (March 2014 Initiative) primarily designed to consolidate its Ethernet product roadmap following the acquisition of the Ethernet controller-related assets from Broadcom. This restructuring plan primarily includes a workforce reduction and the consolidation and elimination of certain engineering activities. The Company substantially completed these restructuring activities during the second quarter of fiscal 2015. | |||||||||||||||||
During the three and six months ended September 28, 2014, the Company recorded special charges of $2.0 million and $3.7 million, respectively, in connection with the March 2014 Initiative. Special charges for the three months ended September 28, 2014 consisted entirely of exit costs. Special charges for the six months ended September 28, 2014 consisted of $2.7 million of exit costs and $1.0 million of asset impairment charges related to abandoned property and equipment. The exit costs consist of severance and related costs associated with involuntarily terminated employees. | |||||||||||||||||
The aggregate amount of the exit costs recorded in connection with the March 2014 Initiative is $11.8 million and consisted of $7.5 million of workforce reduction costs and $4.3 million of contract cancellation and other costs. | |||||||||||||||||
Activity and liability balances for exit costs related to the March 2014 Initiative are as follows: | |||||||||||||||||
Workforce | Contract | Total | |||||||||||||||
Reduction | Cancellation | ||||||||||||||||
and Other | |||||||||||||||||
(In thousands) | |||||||||||||||||
Balance as of March 30, 2014 | $ | 3,177 | $ | 4,311 | $ | 7,488 | |||||||||||
Charged to costs and expenses | 2,724 | (73 | ) | 2,651 | |||||||||||||
Payments | (5,567 | ) | (4,238 | ) | (9,805 | ) | |||||||||||
Balance as of September 28, 2014 | $ | 334 | $ | — | $ | 334 | |||||||||||
June 2013 Initiative | |||||||||||||||||
In June 2013, the Company commenced a restructuring plan (June 2013 Initiative) designed to enhance product focus and streamline business operations. The restructuring plan includes a workforce reduction and the consolidation and elimination of certain engineering activities. In connection with this plan, the Company ceased development of future application-specific integrated circuits (ASICs) for switch products. | |||||||||||||||||
During the three and six months ended September 28, 2014, the Company recorded special charges of $0.3 million and $0.6 million in connection with the June 2013 Initiative, consisting of exit costs associated with severance and related costs for involuntarily terminated employees. Certain employees that were notified of their termination are required to provide future services for varying periods. Severance costs related to these services are recognized ratably over the estimated requisite service period. The Company expects to incur approximately $1 million of additional severance costs in connection with these employees over the requisite service period. | |||||||||||||||||
The aggregate amount of the exit costs recorded in connection with the June 2013 Initiative is $18.0 million and consisted of $14.5 million of workforce reduction costs and $3.5 million of facilities and other costs. | |||||||||||||||||
Activity and liability balances for exit costs related to the June 2013 Initiative are as follows: | |||||||||||||||||
Workforce | Facilities | Total | |||||||||||||||
Reduction | and Other | ||||||||||||||||
(In thousands) | |||||||||||||||||
Balance as of March 30, 2014 | $ | 3,528 | $ | 4,621 | $ | 8,149 | |||||||||||
Charged to costs and expenses | 641 | — | 641 | ||||||||||||||
Payments | (1,404 | ) | (611 | ) | (2,015 | ) | |||||||||||
Balance as of September 28, 2014 | $ | 2,765 | $ | 4,010 | $ | 6,775 | |||||||||||
The total unpaid exit costs related to both initiatives are expected to be paid over the terms of the related agreements through fiscal 2018. As of September 28, 2014, unpaid exit costs totaling $2.1 million and $5.0 million are included in other current liabilities and other liabilities, respectively. |
Income_Taxes
Income Taxes | 6 Months Ended |
Sep. 28, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Note 8. Income Taxes | |
The Company’s provision for income taxes was $2.8 million and $2.3 million for the three and six months ended September 28, 2014, respectively, and $2.2 million and $3.0 million for the three and six months ended September 29, 2013, respectively. Income tax expense for the six months ended September 28, 2014 benefited from adjustments to previously recognized uncertain tax position liabilities as a result of additional information received during fiscal 2015 related to these tax positions and certain other discrete items. Income tax expense for the six months ended September 28, 2014 and September 29, 2013 was also impacted by the effect of a discrete tax related item associated with the difference between stock-based compensation expense and the deduction related to stock-based awards on income tax returns. The Company’s provision for income taxes is based on the estimated income for the year, the composition of the estimated income in different tax jurisdictions, and the tax effect, if any, in the applicable quarterly periods of newly enacted tax legislation, resolution of tax audits, changes in uncertain tax positions, and other discrete tax-related items. The allocation of taxable income to domestic and foreign tax jurisdictions impacts the effective tax rate, as the Company’s income tax rate in foreign jurisdictions is generally lower than its income tax rate in the United States. | |
The Company’s federal consolidated income tax returns for fiscal years 2010, 2011 and 2012 are currently under examination by the Internal Revenue Service. Management does not believe that the results of this examination will have a material impact on the Company’s financial condition or results of operations. |
Net_Income_Per_Share
Net Income Per Share | 6 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Net Income Per Share | ' | ||||||||||||||||
Note 9. Net Income Per Share | |||||||||||||||||
The following table sets forth the computation of basic and diluted net income per share: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In thousands, except | |||||||||||||||||
per share amounts) | |||||||||||||||||
Net income | $ | 11,010 | $ | 10,977 | $ | 17,010 | $ | 7,927 | |||||||||
Shares: | |||||||||||||||||
Weighted-average shares outstanding — basic | 87,914 | 87,430 | 87,654 | 88,288 | |||||||||||||
Dilutive potential common shares, using treasury stock method | 188 | 239 | 523 | 432 | |||||||||||||
Weighted-average shares outstanding — diluted | 88,102 | 87,669 | 88,177 | 88,720 | |||||||||||||
Net income per share: | |||||||||||||||||
Basic | $ | 0.13 | $ | 0.13 | $ | 0.19 | $ | 0.09 | |||||||||
Diluted | $ | 0.12 | $ | 0.13 | $ | 0.19 | $ | 0.09 | |||||||||
Stock-based awards, including stock options and restricted stock units, representing 11.0 million and 11.5 million shares of common stock have been excluded from the diluted per share calculations for the three and six months ended September 28, 2014, respectively, and 15.0 million and 16.1 million shares of common stock have been excluded from the diluted per share calculations for the three and six months ended September 29, 2013, respectively. These stock-based awards have been excluded from the diluted per share calculations because their effect would have been antidilutive. |
Subsequent_Event
Subsequent Event | 6 Months Ended |
Sep. 28, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
Note 10. Subsequent Event | |
In October 2014, the Company’s board of directors authorized a program to repurchase up to $100 million of its outstanding common stock over a period of up to 18 months. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 6 Months Ended |
Sep. 28, 2014 | |
Accounting Policies [Abstract] | ' |
Recently Adopted Accounting Standards | ' |
Recently Adopted Accounting Standards | |
In July 2013, the Financial Accounting Standards Board issued an accounting standard update that requires certain unrecognized tax benefits to be presented as a reduction to deferred tax assets rather than as liabilities when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The Company adopted this standard in the first quarter of fiscal 2015 on a prospective basis and the adoption did not have a material effect on the Company’s condensed consolidated balance sheet. |
Business_Acquisition_Tables
Business Acquisition (Tables) | 6 Months Ended | ||||
Sep. 28, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Summary of Purchase Price Allocation | ' | ||||
The following table summarizes the preliminary allocation of the purchase price to the fair value of the assets acquired and liabilities assumed: | |||||
(In thousands) | |||||
Inventories | $ | 2,880 | |||
Other current assets | 307 | ||||
Property and equipment | 4,070 | ||||
Goodwill | 81,516 | ||||
Purchased intangible asset | 60,100 | ||||
Accrued compensation | (987 | ) | |||
Other current liabilities | (129 | ) | |||
$ | 147,757 | ||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Available-for-Sale Securities | ' | ||||||||||||||||||||||||
The Company’s portfolio of available-for-sale marketable securities consists of the following: | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
September 28, 2014 | |||||||||||||||||||||||||
U.S. government and agency securities | $ | 49,859 | $ | 20 | $ | (43 | ) | $ | 49,836 | ||||||||||||||||
Corporate debt obligations | 72,863 | 133 | (70 | ) | 72,926 | ||||||||||||||||||||
Mortgage-backed securities | 33,503 | 176 | (109 | ) | 33,570 | ||||||||||||||||||||
Municipal bonds | 20,234 | 106 | (9 | ) | 20,331 | ||||||||||||||||||||
Other debt securities | 13,187 | 9 | (20 | ) | 13,176 | ||||||||||||||||||||
$ | 189,646 | $ | 444 | $ | (251 | ) | $ | 189,839 | |||||||||||||||||
March 30, 2014 | |||||||||||||||||||||||||
U.S. government and agency securities | $ | 49,237 | $ | 16 | $ | (55 | ) | $ | 49,198 | ||||||||||||||||
Corporate debt obligations | 74,386 | 200 | (72 | ) | 74,514 | ||||||||||||||||||||
Mortgage-backed securities | 32,778 | 191 | (187 | ) | 32,782 | ||||||||||||||||||||
Municipal bonds | 24,989 | 133 | (9 | ) | 25,113 | ||||||||||||||||||||
Other debt securities | 5,178 | 3 | (5 | ) | 5,176 | ||||||||||||||||||||
$ | 186,568 | $ | 543 | $ | (328 | ) | $ | 186,783 | |||||||||||||||||
Schedule of Amortized Cost and Estimated Fair Value of Debt Securities | ' | ||||||||||||||||||||||||
The amortized cost and estimated fair value of debt securities as of September 28, 2014, by contractual maturity, are presented below. Expected maturities will differ from contractual maturities because the issuers of securities may have the right to repay obligations without prepayment penalties. Certain debt instruments, although possessing a contractual maturity greater than one year, are classified as short-term marketable securities based on their ability to be traded on active markets and availability for current operations. | |||||||||||||||||||||||||
Amortized | Estimated | ||||||||||||||||||||||||
Cost | Fair Value | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Due in one year or less | $ | 16,734 | $ | 16,756 | |||||||||||||||||||||
Due after one year through three years | 131,683 | 131,778 | |||||||||||||||||||||||
Due after three years through five years | 19,417 | 19,400 | |||||||||||||||||||||||
Due after five years | 21,812 | 21,905 | |||||||||||||||||||||||
$ | 189,646 | $ | 189,839 | ||||||||||||||||||||||
Schedule of Unrealized Losses by Investment Category | ' | ||||||||||||||||||||||||
The following table presents the Company’s marketable securities with unrealized losses by investment category and length of time that individual securities have been in a continuous unrealized loss position as of September 28, 2014 and March 30, 2014. | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||
Description of Securities | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
September 28, 2014 | |||||||||||||||||||||||||
U.S. government and agency securities | $ | 26,232 | $ | (40 | ) | $ | 677 | $ | (3 | ) | $ | 26,909 | $ | (43 | ) | ||||||||||
Corporate debt obligations | 28,999 | (70 | ) | — | — | 28,999 | (70 | ) | |||||||||||||||||
Mortgage-backed securities | 8,552 | (34 | ) | 6,705 | (75 | ) | 15,257 | (109 | ) | ||||||||||||||||
Municipal bonds | 2,899 | (9 | ) | — | — | 2,899 | (9 | ) | |||||||||||||||||
Other debt securities | 6,594 | (20 | ) | — | — | 6,594 | (20 | ) | |||||||||||||||||
$ | 73,276 | $ | (173 | ) | $ | 7,382 | $ | (78 | ) | $ | 80,658 | $ | (251 | ) | |||||||||||
March 30, 2014 | |||||||||||||||||||||||||
U.S. government and agency securities | $ | 26,879 | $ | (55 | ) | $ | — | $ | — | $ | 26,879 | $ | (55 | ) | |||||||||||
Corporate debt obligations | 19,906 | (72 | ) | — | — | 19,906 | (72 | ) | |||||||||||||||||
Mortgage-backed securities | 11,261 | (145 | ) | 2,838 | (42 | ) | 14,099 | (187 | ) | ||||||||||||||||
Municipal bonds | 3,322 | (9 | ) | — | — | 3,322 | (9 | ) | |||||||||||||||||
Other debt securities | 2,955 | (5 | ) | — | — | 2,955 | (5 | ) | |||||||||||||||||
$ | 64,323 | $ | (286 | ) | $ | 2,838 | $ | (42 | ) | $ | 67,161 | $ | (328 | ) | |||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 6 Months Ended | ||||||||||||
Sep. 28, 2014 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Schedule of Assets Measured at Fair Value on a Recurring Basis | ' | ||||||||||||
A summary of the assets measured at fair value on a recurring basis as of September 28, 2014 and March 30, 2014 are as follows: | |||||||||||||
Fair Value Measurements Using | |||||||||||||
Level 1 | Level 2 | Total | |||||||||||
(In thousands) | |||||||||||||
September 28, 2014 | |||||||||||||
Cash and cash equivalents | $ | 86,930 | $ | — | $ | 86,930 | |||||||
Marketable securities: | |||||||||||||
U.S. government and agency securities | 49,836 | — | 49,836 | ||||||||||
Corporate debt obligations | — | 72,926 | 72,926 | ||||||||||
Mortgage-backed securities | — | 33,570 | 33,570 | ||||||||||
Municipal bonds | — | 20,331 | 20,331 | ||||||||||
Other debt securities | — | 13,176 | 13,176 | ||||||||||
49,836 | 140,003 | 189,839 | |||||||||||
$ | 136,766 | $ | 140,003 | $ | 276,769 | ||||||||
March 30, 2014 | |||||||||||||
Cash and cash equivalents | $ | 91,258 | $ | — | $ | 91,258 | |||||||
Marketable securities: | |||||||||||||
U.S. government and agency securities | 49,198 | — | 49,198 | ||||||||||
Corporate debt obligations | — | 74,514 | 74,514 | ||||||||||
Mortgage-backed securities | — | 32,782 | 32,782 | ||||||||||
Municipal bonds | — | 25,113 | 25,113 | ||||||||||
Other debt securities | — | 5,176 | 5,176 | ||||||||||
49,198 | 137,585 | 186,783 | |||||||||||
$ | 140,456 | $ | 137,585 | $ | 278,041 | ||||||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Components of Inventories | ' | ||||||||
Components of inventories are as follows: | |||||||||
September 28, | March 30, | ||||||||
2014 | 2014 | ||||||||
(In thousands) | |||||||||
Raw materials | $ | 2,932 | $ | 2,041 | |||||
Finished goods | 27,210 | 15,995 | |||||||
$ | 30,142 | $ | 18,036 | ||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Summary of Stock-Based Compensation Expense | ' | ||||||||||||||||
A summary of stock-based compensation expense, by functional line item in the condensed consolidated statements of income, is as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In thousands) | |||||||||||||||||
Cost of revenues | $ | 258 | $ | 239 | $ | 613 | $ | 823 | |||||||||
Engineering and development | 2,309 | 2,257 | 5,280 | 6,608 | |||||||||||||
Sales and marketing | 1,073 | 1,230 | 2,083 | 3,023 | |||||||||||||
General and administrative | 1,095 | 1,092 | 2,299 | 2,535 | |||||||||||||
$ | 4,735 | $ | 4,818 | $ | 10,275 | $ | 12,989 | ||||||||||
Special_Charges_Tables
Special Charges (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Summary of Special Charges | ' | ||||||||||||||||
A summary of the special charges recorded during the three and six months ended September 28, 2014 and September 29, 2013, respectively, is as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In thousands) | |||||||||||||||||
Exit costs | $ | 2,259 | $ | 4,349 | $ | 3,292 | $ | 13,953 | |||||||||
Asset impairments | — | — | 1,011 | 2,429 | |||||||||||||
Other charges | — | — | 500 | — | |||||||||||||
$ | 2,259 | $ | 4,349 | $ | 4,803 | $ | 16,382 | ||||||||||
March 2014 Initiative [Member] | ' | ||||||||||||||||
Activity and Liability Balances for Exit Costs | ' | ||||||||||||||||
Activity and liability balances for exit costs related to the March 2014 Initiative are as follows: | |||||||||||||||||
Workforce | Contract | Total | |||||||||||||||
Reduction | Cancellation | ||||||||||||||||
and Other | |||||||||||||||||
(In thousands) | |||||||||||||||||
Balance as of March 30, 2014 | $ | 3,177 | $ | 4,311 | $ | 7,488 | |||||||||||
Charged to costs and expenses | 2,724 | (73 | ) | 2,651 | |||||||||||||
Payments | (5,567 | ) | (4,238 | ) | (9,805 | ) | |||||||||||
Balance as of September 28, 2014 | $ | 334 | $ | — | $ | 334 | |||||||||||
June 2013 Initiative [Member] | ' | ||||||||||||||||
Activity and Liability Balances for Exit Costs | ' | ||||||||||||||||
Activity and liability balances for exit costs related to the June 2013 Initiative are as follows: | |||||||||||||||||
Workforce | Facilities | Total | |||||||||||||||
Reduction | and Other | ||||||||||||||||
(In thousands) | |||||||||||||||||
Balance as of March 30, 2014 | $ | 3,528 | $ | 4,621 | $ | 8,149 | |||||||||||
Charged to costs and expenses | 641 | — | 641 | ||||||||||||||
Payments | (1,404 | ) | (611 | ) | (2,015 | ) | |||||||||||
Balance as of September 28, 2014 | $ | 2,765 | $ | 4,010 | $ | 6,775 | |||||||||||
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Computation of Basic and Diluted Net Income Per Share | ' | ||||||||||||||||
The following table sets forth the computation of basic and diluted net income per share: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In thousands, except | |||||||||||||||||
per share amounts) | |||||||||||||||||
Net income | $ | 11,010 | $ | 10,977 | $ | 17,010 | $ | 7,927 | |||||||||
Shares: | |||||||||||||||||
Weighted-average shares outstanding — basic | 87,914 | 87,430 | 87,654 | 88,288 | |||||||||||||
Dilutive potential common shares, using treasury stock method | 188 | 239 | 523 | 432 | |||||||||||||
Weighted-average shares outstanding — diluted | 88,102 | 87,669 | 88,177 | 88,720 | |||||||||||||
Net income per share: | |||||||||||||||||
Basic | $ | 0.13 | $ | 0.13 | $ | 0.19 | $ | 0.09 | |||||||||
Diluted | $ | 0.12 | $ | 0.13 | $ | 0.19 | $ | 0.09 | |||||||||
Business_Acquisition_Additiona
Business Acquisition - Additional Information (Detail) (Broadcom 10/40/100Gb Ethernet Business [Member], USD $) | 1 Months Ended | 6 Months Ended |
In Millions, unless otherwise specified | Mar. 30, 2014 | Sep. 28, 2014 |
Business Acquisition [Line Items] | ' | ' |
Business acquisition, cash consideration | $147.80 | ' |
Business combination adjustment to property and equipment | ' | 1.6 |
Business combination adjustment to goodwill | ' | ($1.60) |
Developed Technology [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Estimated useful life of purchased intangible assets | '5 years | ' |
Business_Acquisition_Summary_o
Business Acquisition - Summary of Purchase Price Allocation (Detail) (USD $) | Sep. 28, 2014 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Business Acquisition [Line Items] | ' | ' |
Goodwill | $192,492 | $194,107 |
Broadcom 10/40/100Gb Ethernet Business [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Inventories | ' | 2,880 |
Other current assets | ' | 307 |
Property and equipment | ' | 4,070 |
Goodwill | ' | 81,516 |
Purchased intangible asset | ' | 60,100 |
Accrued compensation | ' | -987 |
Other current liabilities | ' | -129 |
Total purchase price | ' | $147,757 |
Marketable_Securities_Schedule
Marketable Securities - Schedule of Available-for-Sale Securities (Detail) (USD $) | Sep. 28, 2014 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, Amortized Cost | $189,646 | $186,568 |
Available-for-sale securities, Gross Unrealized Gains | 444 | 543 |
Available-for-sale securities, Gross Unrealized Losses | -251 | -328 |
Available-for-sale securities, Estimated Fair Value | 189,839 | 186,783 |
U.S. Government and Agency Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, Amortized Cost | 49,859 | 49,237 |
Available-for-sale securities, Gross Unrealized Gains | 20 | 16 |
Available-for-sale securities, Gross Unrealized Losses | -43 | -55 |
Available-for-sale securities, Estimated Fair Value | 49,836 | 49,198 |
Corporate Debt Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, Amortized Cost | 72,863 | 74,386 |
Available-for-sale securities, Gross Unrealized Gains | 133 | 200 |
Available-for-sale securities, Gross Unrealized Losses | -70 | -72 |
Available-for-sale securities, Estimated Fair Value | 72,926 | 74,514 |
Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, Amortized Cost | 33,503 | 32,778 |
Available-for-sale securities, Gross Unrealized Gains | 176 | 191 |
Available-for-sale securities, Gross Unrealized Losses | -109 | -187 |
Available-for-sale securities, Estimated Fair Value | 33,570 | 32,782 |
Other Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, Amortized Cost | 13,187 | 5,178 |
Available-for-sale securities, Gross Unrealized Gains | 9 | 3 |
Available-for-sale securities, Gross Unrealized Losses | -20 | -5 |
Available-for-sale securities, Estimated Fair Value | 13,176 | 5,176 |
Municipal Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, Amortized Cost | 20,234 | 24,989 |
Available-for-sale securities, Gross Unrealized Gains | 106 | 133 |
Available-for-sale securities, Gross Unrealized Losses | -9 | -9 |
Available-for-sale securities, Estimated Fair Value | $20,331 | $25,113 |
Marketable_Securities_Schedule1
Marketable Securities - Schedule of Amortized Cost and Estimated Fair Value of Debt Securities (Detail) (USD $) | Sep. 28, 2014 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ' | ' |
Due in one year or less, Amortized Cost | $16,734 | ' |
Due after one year through three years, Amortized Cost | 131,683 | ' |
Due after three years through five years, Amortized Cost | 19,417 | ' |
Due after five years, Amortized Cost | 21,812 | ' |
Available-for-sale securities, Amortized Cost | 189,646 | 186,568 |
Due in one year or less, Estimated Fair Value | 16,756 | ' |
Due after one year through three years, Estimated Fair Value | 131,778 | ' |
Due after three years through five years, Estimated Fair Value | 19,400 | ' |
Due after five years, Estimated Fair Value | 21,905 | ' |
Total estimated fair value of debt securities | $189,839 | $186,783 |
Marketable_Securities_Schedule2
Marketable Securities - Schedule of Unrealized Losses by Investment Category (Detail) (USD $) | Sep. 28, 2014 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value of Less Than 12 Months | $73,276 | $64,323 |
Unrealized Losses of Less Than 12 Months | -173 | -286 |
Fair Value of 12 Months or Greater | 7,382 | 2,838 |
Unrealized Losses of 12 Months or Greater | -78 | -42 |
Fair Value, Total | 80,658 | 67,161 |
Unrealized Losses, Total | -251 | -328 |
U.S. Government and Agency Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value of Less Than 12 Months | 26,232 | 26,879 |
Unrealized Losses of Less Than 12 Months | -40 | -55 |
Fair Value of 12 Months or Greater | 677 | ' |
Unrealized Losses of 12 Months or Greater | -3 | ' |
Fair Value, Total | 26,909 | 26,879 |
Unrealized Losses, Total | -43 | -55 |
Corporate Debt Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value of Less Than 12 Months | 28,999 | 19,906 |
Unrealized Losses of Less Than 12 Months | -70 | -72 |
Fair Value, Total | 28,999 | 19,906 |
Unrealized Losses, Total | -70 | -72 |
Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value of Less Than 12 Months | 8,552 | 11,261 |
Unrealized Losses of Less Than 12 Months | -34 | -145 |
Fair Value of 12 Months or Greater | 6,705 | 2,838 |
Unrealized Losses of 12 Months or Greater | -75 | -42 |
Fair Value, Total | 15,257 | 14,099 |
Unrealized Losses, Total | -109 | -187 |
Other Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value of Less Than 12 Months | 6,594 | 2,955 |
Unrealized Losses of Less Than 12 Months | -20 | -5 |
Fair Value, Total | 6,594 | 2,955 |
Unrealized Losses, Total | -20 | -5 |
Municipal Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value of Less Than 12 Months | 2,899 | 3,322 |
Unrealized Losses of Less Than 12 Months | -9 | -9 |
Fair Value, Total | 2,899 | 3,322 |
Unrealized Losses, Total | ($9) | ($9) |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Schedule of Assets Measured at Fair Value on a Recurring Basis (Detail) (USD $) | Sep. 28, 2014 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | $189,839 | $186,783 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 86,930 | 91,258 |
Marketable securities | 189,839 | 186,783 |
Total assets at fair value disclosure | 276,769 | 278,041 |
Fair Value Measurements Using, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 86,930 | 91,258 |
Marketable securities | 49,836 | 49,198 |
Total assets at fair value disclosure | 136,766 | 140,456 |
Fair Value Measurements Using, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Marketable securities | 140,003 | 137,585 |
Total assets at fair value disclosure | 140,003 | 137,585 |
U.S. Government and Agency Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 49,836 | 49,198 |
U.S. Government and Agency Securities [Member] | Fair Value Measurements Using, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 49,836 | 49,198 |
U.S. Government and Agency Securities [Member] | Fair Value Measurements Using, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Corporate Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 72,926 | 74,514 |
Corporate Debt Obligations [Member] | Fair Value Measurements Using, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Corporate Debt Obligations [Member] | Fair Value Measurements Using, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 72,926 | 74,514 |
Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 33,570 | 32,782 |
Mortgage-Backed Securities [Member] | Fair Value Measurements Using, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Mortgage-Backed Securities [Member] | Fair Value Measurements Using, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 33,570 | 32,782 |
Other Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 13,176 | 5,176 |
Other Debt Securities [Member] | Fair Value Measurements Using, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Other Debt Securities [Member] | Fair Value Measurements Using, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 13,176 | 5,176 |
Municipal Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 20,331 | 25,113 |
Municipal Bonds [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 20,331 | 25,113 |
Municipal Bonds [Member] | Fair Value Measurements Using, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Municipal Bonds [Member] | Fair Value Measurements Using, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | $20,331 | $25,113 |
Inventories_Components_of_Inve
Inventories - Components of Inventories (Detail) (USD $) | Sep. 28, 2014 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $2,932 | $2,041 |
Finished goods | 27,210 | 15,995 |
Total Inventory | $30,142 | $18,036 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 6 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Sep. 28, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Restricted stock units granted, shares | 2 |
Weighted average grant date fair value per share, restricted stock units granted | $10.16 |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $4,735 | $4,818 | $10,275 | $12,989 |
Cost of Revenues [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 258 | 239 | 613 | 823 |
Engineering and Development [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 2,309 | 2,257 | 5,280 | 6,608 |
Sales and Marketing [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 1,073 | 1,230 | 2,083 | 3,023 |
General and Administrative [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $1,095 | $1,092 | $2,299 | $2,535 |
Special_Charges_Summary_of_Spe
Special Charges - Summary of Special Charges (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Restructuring and Related Activities [Abstract] | ' | ' | ' | ' |
Exit costs | $2,259 | $4,349 | $3,292 | $13,953 |
Asset impairments | ' | ' | 1,011 | 2,429 |
Other charges | ' | ' | 500 | ' |
Special charges | $2,259 | $4,349 | $4,803 | $16,382 |
Special_Charges_Additional_Inf
Special Charges - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Special charges | $2,259,000 | $4,349,000 | $4,803,000 | $16,382,000 |
Exit costs | 2,259,000 | 4,349,000 | 3,292,000 | 13,953,000 |
Asset impairment charges | ' | ' | 1,011,000 | 2,429,000 |
Unpaid exit costs included in current liabilities | 2,100,000 | ' | 2,100,000 | ' |
Unpaid exit costs included in other liabilities | 5,000,000 | ' | 5,000,000 | ' |
March 2014 Initiative [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Date the company commenced the restructuring plan | ' | ' | 17-Mar-14 | ' |
Special charges | 2,000,000 | ' | 3,700,000 | ' |
Date the Company substantially completed the restructuring activities | ' | ' | 28-Sep-14 | ' |
Exit costs | 2,000,000 | ' | 2,651,000 | ' |
Asset impairment charges | ' | ' | 1,011,000 | ' |
Aggregate amount of exit costs | 11,800,000 | ' | 11,800,000 | ' |
March 2014 Initiative [Member] | Workforce Reductions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Exit costs | ' | ' | 2,724,000 | ' |
Aggregate amount of exit costs | 7,500,000 | ' | 7,500,000 | ' |
March 2014 Initiative [Member] | Contract Cancellation and Other [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Exit costs | ' | ' | -73,000 | ' |
Aggregate amount of exit costs | 4,300,000 | ' | 4,300,000 | ' |
June 2013 Initiative [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Date the company commenced the restructuring plan | ' | ' | 3-Jun-13 | ' |
Special charges | 300,000 | ' | 600,000 | ' |
Exit costs | 300,000 | ' | 641,000 | ' |
Aggregate amount of exit costs | 18,000,000 | ' | 18,000,000 | ' |
Additional severance costs | 1,000,000 | ' | 1,000,000 | ' |
June 2013 Initiative [Member] | Workforce Reductions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Exit costs | ' | ' | 641,000 | ' |
Aggregate amount of exit costs | 14,500,000 | ' | 14,500,000 | ' |
June 2013 Initiative [Member] | Facilities and Other [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Exit costs | ' | ' | ' | ' |
Aggregate amount of exit costs | $3,500,000 | ' | $3,500,000 | ' |
Special_Charges_Activity_and_L
Special Charges - Activity and Liability Balances for Exit Costs (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Charged to costs and expenses | $2,259 | $4,349 | $3,292 | $13,953 |
March 2014 Initiative [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | 7,488 | ' |
Charged to costs and expenses | 2,000 | ' | 2,651 | ' |
Payments | ' | ' | -9,805 | ' |
Ending Balance | 334 | ' | 334 | ' |
March 2014 Initiative [Member] | Workforce Reductions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | 3,177 | ' |
Charged to costs and expenses | ' | ' | 2,724 | ' |
Payments | ' | ' | -5,567 | ' |
Ending Balance | 334 | ' | 334 | ' |
March 2014 Initiative [Member] | Contract Cancellation and Other [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | 4,311 | ' |
Charged to costs and expenses | ' | ' | -73 | ' |
Payments | ' | ' | -4,238 | ' |
Ending Balance | ' | ' | ' | ' |
June 2013 Initiative [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | 8,149 | ' |
Charged to costs and expenses | 300 | ' | 641 | ' |
Payments | ' | ' | -2,015 | ' |
Ending Balance | 6,775 | ' | 6,775 | ' |
June 2013 Initiative [Member] | Workforce Reductions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | 3,528 | ' |
Charged to costs and expenses | ' | ' | 641 | ' |
Payments | ' | ' | -1,404 | ' |
Ending Balance | 2,765 | ' | 2,765 | ' |
June 2013 Initiative [Member] | Facilities and Other [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | 4,621 | ' |
Charged to costs and expenses | ' | ' | ' | ' |
Payments | ' | ' | -611 | ' |
Ending Balance | $4,010 | ' | $4,010 | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Income Taxes [Line Items] | ' | ' | ' | ' |
Provision for income taxes | $2,807 | $2,234 | $2,345 | $2,982 |
Internal Revenue Service [Member] | Tax Year 2010 [Member] | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Income tax examination, year under examination | ' | ' | '2010 | ' |
Internal Revenue Service [Member] | Tax Year 2011 [Member] | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Income tax examination, year under examination | ' | ' | '2011 | ' |
Internal Revenue Service [Member] | Tax Year 2012 [Member] | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Income tax examination, year under examination | ' | ' | '2012 | ' |
Net_Income_Per_Share_Computati
Net Income Per Share - Computation of Basic and Diluted Net Income Per Share (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income | $11,010 | $10,977 | $17,010 | $7,927 |
Shares: | ' | ' | ' | ' |
Weighted-average shares outstanding - basic | 87,914 | 87,430 | 87,654 | 88,288 |
Dilutive potential common shares, using treasury stock method | 188 | 239 | 523 | 432 |
Weighted-average shares outstanding - diluted | 88,102 | 87,669 | 88,177 | 88,720 |
Net income per share: | ' | ' | ' | ' |
Basic | $0.13 | $0.13 | $0.19 | $0.09 |
Diluted | $0.12 | $0.13 | $0.19 | $0.09 |
Net_Income_Per_Share_Additiona
Net Income Per Share - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Stock-based awards excluded from the diluted per share calculations | 11 | 15 | 11.5 | 16.1 |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (Subsequent Event [Member], USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Oct. 27, 2014 |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Maximum value of outstanding common stock for repurchase | $100 |
Outstanding common stock repurchase, maximum period | '18 months |