Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Mar. 29, 2015 | 15-May-15 | Sep. 26, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 29-Mar-15 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | QLGC | ||
Entity Registrant Name | QLOGIC CORP | ||
Entity Central Index Key | 918386 | ||
Current Fiscal Year End Date | -26 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 87,259,000 | ||
Entity Public Float | $813,479,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $115,241 | $91,258 |
Marketable securities | 201,174 | 186,783 |
Accounts receivable, less allowance for doubtful accounts of $1,297 and $1,186 as of March 29, 2015 and March 30, 2014, respectively | 87,436 | 65,213 |
Inventories | 29,978 | 18,036 |
Deferred tax assets | 12,545 | 15,080 |
Other current assets | 21,802 | 16,590 |
Total current assets | 468,176 | 392,960 |
Property and equipment, net | 78,501 | 86,527 |
Goodwill | 167,232 | 167,232 |
Purchased intangible assets, net | 77,659 | 95,163 |
Deferred tax assets | 36,335 | 32,827 |
Other assets | 20,752 | 23,554 |
Total assets | 848,655 | 798,263 |
Current liabilities: | ||
Accounts payable | 40,497 | 30,657 |
Accrued compensation | 22,476 | 26,956 |
Accrued taxes | 2,711 | 981 |
Deferred revenue | 3,359 | 3,954 |
Other current liabilities | 8,359 | 16,123 |
Total current liabilities | 77,402 | 78,671 |
Accrued taxes | 14,516 | 17,095 |
Other liabilities | 9,721 | 9,071 |
Total liabilities | 101,639 | 104,837 |
Commitments and contingencies | ||
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; 215,549,000 and 213,786,000 shares issued as of March 29, 2015 and March 30, 2014, respectively | 215 | 214 |
Additional paid-in capital | 983,579 | 958,008 |
Retained earnings | 1,722,664 | 1,672,071 |
Accumulated other comprehensive income (loss) | -99 | 435 |
Treasury stock, at cost: 128,329,000 and 126,616,000 shares as of March 29, 2015 and March 30, 2014, respectively | -1,959,343 | -1,937,302 |
Total stockholders' equity | 747,016 | 693,426 |
Total liabilities and stockholders' equity | $848,655 | $798,263 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $1,297 | $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 | 215,549,000 | 213,786,000 |
Treasury stock, shares | 128,329,000 | 126,616,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | |||
Net revenues | $520,198 | $460,907 | $484,538 |
Cost of revenues | 214,146 | 150,800 | 159,180 |
Gross profit | 306,052 | 310,107 | 325,358 |
Operating expenses: | |||
Engineering and development | 144,260 | 147,010 | 156,097 |
Sales and marketing | 64,330 | 68,367 | 78,512 |
General and administrative | 32,512 | 32,097 | 32,899 |
Special charges | 10,520 | 74,853 | |
Total operating expenses | 251,622 | 322,327 | 267,508 |
Operating income (loss) | 54,430 | -12,220 | 57,850 |
Interest and other income, net | 763 | 3,260 | 4,007 |
Income (loss) from continuing operations before income taxes | 55,193 | -8,960 | 61,857 |
Income tax expense (benefit) | 4,600 | 9,306 | -11,704 |
Income (loss) from continuing operations | 50,593 | -18,266 | 73,561 |
Loss from discontinued operations, net of income taxes | -425 | ||
Net income (loss) | $50,593 | ($18,266) | $73,136 |
Income (loss) from continuing operations per share: | |||
Basic | $0.58 | ($0.21) | $0.79 |
Diluted | $0.57 | ($0.21) | $0.78 |
Loss from discontinued operations per share: | |||
Basic | ($0.01) | ||
Diluted | $0 | $0 | $0 |
Net income (loss) per share: | |||
Basic | $0.58 | ($0.21) | $0.78 |
Diluted | $0.57 | ($0.21) | $0.78 |
Number of shares used in per share calculations: | |||
Basic | 87,584 | 87,612 | 93,560 |
Diluted | 88,463 | 87,612 | 93,998 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $50,593 | ($18,266) | $73,136 |
Changes in fair value of marketable securities: | |||
Changes in unrealized gains | 167 | -1,112 | 1,600 |
Net realized losses (gains) reclassified into earnings | 132 | -587 | -626 |
Total changes in fair value of marketable securities | 299 | -1,699 | 974 |
Foreign currency translation adjustments | -833 | 247 | -120 |
Total other comprehensive income (loss) | -534 | -1,452 | 854 |
Comprehensive income (loss) | $50,059 | ($19,718) | $73,990 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Treasury Stock [Member] |
In Thousands | ||||||
Balance at Apr. 01, 2012 | $759,843 | $211 | $901,734 | $1,617,201 | $1,033 | ($1,760,336) |
Balance, Shares at Apr. 01, 2012 | 98,777 | |||||
Net income (loss) | 73,136 | 73,136 | ||||
Issuance of common stock under stock-based awards | 2,615 | 1 | 2,614 | |||
Issuance of common stock under stock-based awards, Shares | 1,457 | |||||
Decrease in excess tax benefits from stock-based awards | -2,154 | -2,154 | ||||
Stock-based compensation | 30,363 | 30,363 | ||||
Other comprehensive income (loss) | 854 | 854 | ||||
Purchases of treasury stock | -130,380 | -130,380 | ||||
Purchases of treasury stock, Shares | -10,274 | |||||
Balance at Mar. 31, 2013 | 734,277 | 212 | 932,557 | 1,690,337 | 1,887 | -1,890,716 |
Balance, Shares at Mar. 31, 2013 | 89,960 | |||||
Net income (loss) | -18,266 | -18,266 | ||||
Issuance of common stock under stock-based awards | 3,972 | 2 | 3,970 | |||
Issuance of common stock under stock-based awards, Shares | 1,641 | |||||
Decrease in excess tax benefits from stock-based awards | -1,157 | -1,157 | ||||
Stock-based compensation | 22,638 | 22,638 | ||||
Other comprehensive income (loss) | -1,452 | -1,452 | ||||
Purchases of treasury stock | -46,586 | -46,586 | ||||
Purchases of treasury stock, Shares | -4,431 | |||||
Balance at Mar. 30, 2014 | 693,426 | 214 | 958,008 | 1,672,071 | 435 | -1,937,302 |
Balance, Shares at Mar. 30, 2014 | 87,170 | |||||
Net income (loss) | 50,593 | 50,593 | ||||
Issuance of common stock under stock-based awards | 5,027 | 1 | 5,026 | |||
Issuance of common stock under stock-based awards, Shares | 1,763 | |||||
Stock-based compensation | 20,545 | 20,545 | ||||
Other comprehensive income (loss) | -534 | -534 | ||||
Purchases of treasury stock | -22,041 | -22,041 | ||||
Purchases of treasury stock, Shares | -1,713 | |||||
Balance at Mar. 29, 2015 | $747,016 | $215 | $983,579 | $1,722,664 | ($99) | ($1,959,343) |
Balance, Shares at Mar. 29, 2015 | 87,220 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | |||
Net income (loss) | $50,593 | ($18,266) | $73,136 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 47,119 | 32,523 | 28,630 |
Stock-based compensation | 20,545 | 22,638 | 30,363 |
Deferred income taxes | -1,457 | -3,637 | -110 |
Asset impairments | 3,697 | 8,022 | |
Other non-cash items | 1,136 | 2,729 | 3,954 |
Changes in operating assets and liabilities, net of acquisitions: | |||
Accounts receivable | -22,337 | 899 | 10,635 |
Inventories | -11,942 | 6,660 | -436 |
Other assets | 3,924 | -19,013 | -3,346 |
Accounts payable | 3,487 | 4,376 | -3,555 |
Accrued compensation | -4,480 | -1,511 | -873 |
Accrued taxes, net | 821 | 9,855 | -37,314 |
Other liabilities | -8,610 | 11,516 | -3,919 |
Net cash provided by operating activities | 82,496 | 56,791 | 97,165 |
Cash flows from investing activities: | |||
Purchases of available-for-sale securities | -189,707 | -342,921 | -298,621 |
Proceeds from sales and maturities of available-for-sale securities | 173,403 | 510,816 | 308,947 |
Purchases of property and equipment | -26,118 | -27,550 | -46,765 |
Acquisition of businesses | -157,352 | ||
Net cash used in investing activities | -42,422 | -17,007 | -36,439 |
Cash flows from financing activities: | |||
Proceeds from issuance of common stock under stock-based awards | 9,717 | 8,711 | 8,250 |
Minimum tax withholding paid on behalf of employees for restricted stock units | -4,690 | -4,739 | -5,635 |
Purchases of treasury stock | -21,140 | -47,785 | -131,426 |
Other financing activities | 22 | -245 | -899 |
Net cash used in financing activities | -16,091 | -44,058 | -129,710 |
Net increase (decrease) in cash and cash equivalents | 23,983 | -4,274 | -68,984 |
Cash and cash equivalents at beginning of year | 91,258 | 95,532 | 164,516 |
Cash and cash equivalents at end of year | 115,241 | 91,258 | 95,532 |
Supplemental disclosure of cash flow information: | |||
Cash paid during the year for income taxes, net of refunds received | $5,138 | $2,508 | $23,434 |
Description_of_Business_and_Su
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended | |||
Mar. 29, 2015 | ||||
Accounting Policies [Abstract] | ||||
Description of Business and Summary of Significant Accounting Policies | Note 1. Description of Business and Summary of Significant Accounting Policies | |||
General Business Information | ||||
QLogic Corporation (QLogic or the Company) designs and supplies high performance server and storage networking connectivity products that provide, enhance and manage computer data communication. The Company’s products are used in enterprise, managed service provider, consumer web, and cloud service provider data centers, along with other environments dependent on high performance, reliable data networking. The Company’s products are based primarily on Fibre Channel and Ethernet technologies and are used in connection with storage networks, local area networks, and converged networks. The Company’s products consist primarily of connectivity products such as adapters and application-specific integrated circuits (ASICs) and are sold worldwide, primarily to original equipment manufacturers (OEMs) and distributors. | ||||
The Company classifies its products into two categories – Advanced Connectivity Platforms and Legacy Connectivity Products. Advanced Connectivity Platforms are comprised primarily of adapters and ASICs for server and storage connectivity applications. Legacy Connectivity Products are comprised primarily of Fibre Channel switch products. | ||||
Principles of Consolidation | ||||
The consolidated financial statements include the financial statements of QLogic Corporation and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. | ||||
Financial Reporting Period | ||||
The Company uses a fifty-two/fifty-three week fiscal year ending on the Sunday nearest March 31. Fiscal years 2015, 2014 and 2013 each comprised fifty-two weeks and ended on March 29, 2015, March 30, 2014 and March 31, 2013, respectively. | ||||
Basis of Presentation | ||||
In February 2012, the Company completed the sale of the product lines and certain assets associated with its InfiniBand business (the IB Business). The IB Business meets the criteria to be presented as discontinued operations. As a result of this divestiture, the Company’s consolidated statements of operations present the operations of the IB Business as discontinued operations. | ||||
Use of Estimates | ||||
The preparation of financial statements in accordance with U.S. generally accepted accounting principles requires management to make estimates and judgments that affect the amounts reported in the Company’s consolidated financial statements and accompanying notes. Significant estimates and judgments affecting the consolidated financial statements are those related to revenue recognition, income taxes, inventories, goodwill and long-lived assets. | ||||
The Company evaluates its estimates on an ongoing basis using historical experience and other factors, including the current economic environment. Significant judgment is required in determining (i) the fair value of assets acquired and liabilities assumed in a business combination, including the fair value of identifiable intangible assets, (ii) the fair value of a patent license and the portion of the fair value attributable to past and future periods, (iii) the Company’s tax filing positions and the related assessment of recognition and measurement of uncertain tax positions, (iv) whether a valuation allowance related to a deferred tax asset should be recorded and (v) whether a potential indicator of impairment of the Company’s long-lived assets exists and in estimating future cash flows for the purpose of any necessary impairment tests. If management’s estimates differ materially from actual results, the Company’s future results of operations will be affected. | ||||
Revenue Recognition | ||||
The Company recognizes revenue from product sales when all of the following fundamental criteria are met: (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred, (iii) the price to the customer is fixed or determinable and (iv) collection of the resulting accounts receivable is reasonably assured. | ||||
For all sales, the Company uses a binding purchase order or a signed agreement as evidence of an arrangement. Delivery occurs when goods are shipped and title and risk of loss transfer to the customer, in accordance with the terms specified in the arrangement with the customer. The customer’s obligation to pay and the payment terms are set at the time of delivery and are not dependent on the subsequent resale of the product. However, certain of the Company’s sales are made to distributors under agreements that contain a limited right to return unsold product and price protection provisions. These return rights and price protection provisions limit the Company’s ability to reasonably estimate product returns and the final price of the inventory sold to distributors. As a result, the price to the customer is not fixed or determinable at the time products are delivered to distributors. Accordingly, the Company recognizes revenue from these distributors based on the sell-through method using inventory information provided by the distributor. At times, the Company provides standard incentive programs to its customers. The Company accounts for its competitive pricing incentives and rebates as a reduction of revenue in the period the related revenue is recorded based on the specific program criteria and historical experience. In addition, the Company records provisions against revenue and cost of revenue for estimated product returns in the same period that revenue is recognized. These provisions are based on historical experience as well as specifically identified product returns. Service and other revenue is recognized when earned and receipt is reasonably assured. | ||||
For those sales that include multiple deliverables, the Company allocates revenue based on the relative selling price of the individual components. When more than one element, such as hardware and services, are contained in a single arrangement, the Company allocates revenue between the elements based on each element’s relative selling price, provided that each element meets the criteria for treatment as a separate unit of accounting. When applying the relative selling price method, the Company determines the selling price for each deliverable using vendor-specific objective evidence (VSOE) of the selling price, if it exists. In order to establish VSOE of the selling price, the Company must regularly sell the product and/or service on a standalone basis with a substantial majority of the sales priced within a relatively narrow range. If VSOE of the selling price cannot be determined, the Company then considers third party evidence (TPE) of the selling price. Generally, the Company is not able to determine TPE due to the lack of similar products and services sold by other companies within the industry. If neither VSOE nor TPE exists, the Company determines the estimated selling price based on multiple factors including, but not limited to, cost, gross margin, market conditions and pricing practices. Revenue allocated to each element is then recognized when the basic revenue recognition criteria is met for each deliverable. | ||||
The Company sells certain software products and related post-contract customer support. The Company recognizes revenue from software products when all of the following fundamental criteria are met: (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred, (iii) the price to the customer is fixed or determinable and (iv) collection of the resulting accounts receivable is probable. Revenue is allocated to undelivered elements based upon VSOE of the fair value of the element. VSOE of the fair value is based upon the price charged when the element is sold separately. Revenue allocated to each element is then recognized when the basic revenue recognition criteria are met for each element. If the Company is unable to determine VSOE of fair value for an undelivered element, the entire amount of revenue from the arrangement is deferred and recognized over the service period or when all elements have been delivered. | ||||
Stock-Based Compensation | ||||
The Company recognizes compensation expense for all stock-based awards made to employees and non-employee directors, including stock options, restricted stock units and stock purchases under its Employee Stock Purchase Plan (the ESPP), based on estimated fair values on the measurement date, which is generally the date of grant. Stock-based compensation is recognized for the portion of the award that is ultimately expected to vest. Forfeitures are estimated at the time of grant based on historical trends and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company recognizes stock-based compensation expense for awards that are subject to only a service condition on a straight-line basis over the requisite service period for the entire award, which is the vesting period for stock options and restricted stock units, and the offering period for the ESPP. For all other stock-based awards, stock-based compensation is recognized on a straight-line basis over the requisite service period for each separately vesting portion of the award. The determination of fair value of stock-based awards on the date of grant using an option-pricing or other valuation model is affected by the Company’s stock price, as well as assumptions regarding a number of highly complex and subjective variables. These variables may include, but are not limited to, the Company’s expected stock price volatility over the term of the awards and actual and projected employee stock option exercise behaviors. In estimating expected stock price volatility, the Company uses a combination of (i) historical volatility, calculated based on the daily closing prices of its common stock over a period equal to the expected term of the option, and (ii) implied volatility, utilizing market data of actively traded options on its common stock. | ||||
Research and Development | ||||
Research and development costs, including costs related to the development of new products and process technology, are expensed as incurred. | ||||
Advertising Costs | ||||
The Company expenses all advertising costs as incurred and such costs were not material to the consolidated statements of operations. | ||||
Income Taxes | ||||
The Company utilizes the asset and liability method of accounting for income taxes. Income tax positions taken or expected to be taken in a tax return are recognized in the first reporting period that it is more likely than not the tax position will be sustained upon examination. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. Previously recognized income tax positions that fail to meet the recognition threshold in a subsequent period are derecognized in that period. Differences between actual results and the Company’s assumptions, or changes in its assumptions in future periods, are recorded in the period they become known. The Company records potential accrued interest and penalties related to unrecognized tax benefits in income tax expense. | ||||
Deferred income taxes are recognized for the future tax consequences of temporary differences using enacted statutory tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Temporary differences include the difference between the financial statement carrying amounts and the tax bases of existing assets and liabilities and operating loss and tax credit carryforwards. The effect on deferred taxes of a change in tax rates is recognized in earnings in the period that includes the enactment date. | ||||
A valuation allowance is recorded when it is more likely than not that some or all of a deferred tax asset will not be realized. In assessing the need for a valuation allowance, the Company considers all available evidence, including past operating results, estimates of future taxable income, and the feasibility of tax planning strategies. The Company’s estimates and projections require significant judgment and are subject to uncertainty due to various factors, including the economic environment, industry and market conditions, and the length of time of the projections included in the analyses. | ||||
Income from Continuing Operations per Share | ||||
The Company computes basic income (loss) from continuing operations per share based on the weighted-average number of common shares outstanding during the periods presented. Diluted income (loss) from continuing operations per share is computed based on the weighted-average number of common and any dilutive potential common shares outstanding using the treasury stock method. Restricted stock units, stock options and other stock-based awards granted by the Company have been treated as dilutive potential common shares in computing diluted income from continuing operations per share. | ||||
Concentration of Credit Risk | ||||
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash equivalents, marketable securities and trade accounts receivable. Cash and cash equivalents are maintained with several financial institutions. Deposits held with banks may exceed the amount of insurance provided on such deposits. | ||||
The Company invests primarily in debt securities, the majority of which are high investment grade. In accordance with the Company’s investment policy, exposure to credit risk is limited by the diversification and investment in highly-rated securities. | ||||
The Company’s products are sold worldwide, primarily to OEMs and distributors. As of March 29, 2015 and March 30, 2014, the Company had four customers that each individually accounted for 10% or more of the Company’s accounts receivable. These customers, all of which were OEMs or manufacturing subcontractors of servers and workstations, accounted for an aggregate of 63% and 71% of the Company’s total accounts receivable as of March 29, 2015, and March 30, 2014, respectively. The Company performs ongoing credit evaluations of its customers’ financial condition and, generally, requires no collateral from its customers. Sales to customers are denominated in U.S. dollars. As a result, the Company believes its foreign currency risk related to trade accounts receivable is minimal. | ||||
Fair Value Measurements | ||||
Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is based on three levels of inputs that may be used to measure fair value. The first two levels of inputs are considered observable and the last unobservable. A description of the three levels of inputs is as follows: | ||||
• | Level 1 — Quoted prices in active markets for identical assets or liabilities. | |||
• | Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||
• | Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |||
Cash and Cash Equivalents | ||||
The Company considers all highly liquid investments purchased with original maturities of three months or less on their acquisition date to be cash equivalents. The carrying amounts of cash and cash equivalents approximate their fair values. | ||||
Marketable Securities | ||||
Marketable securities consist of available-for-sale securities and are classified in the consolidated balance sheets based on the nature of the security and the availability for use in current operations. Available-for-sale securities are recorded at fair value based on quoted market prices or other observable inputs. Unrealized gains and losses, net of related income taxes, on available-for-sale securities are excluded from earnings and reported as a separate component of accumulated other comprehensive income until realized. | ||||
The Company recognizes an impairment charge on available-for-sale securities when the decline in the fair value of an investment below its cost basis is judged to be other-than-temporary. If the Company intends to sell the security or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss, the Company would recognize the entire impairment in earnings. If the Company does not intend to sell the security and it is not more likely than not that it will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss, the other-than-temporary impairment is separated into (a) the amount representing the credit loss and (b) the amount related to all other factors. The amount of the other-than-temporary impairment related to the credit loss is recognized in earnings. The amount of the other-than-temporary impairment related to other factors is recognized in other comprehensive income, net of applicable taxes. The Company considers various factors in determining whether to recognize an impairment charge, 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 has 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. | ||||
Realized gains or losses are determined on a specific identification basis and reported in interest and other income, net, as incurred. Realized gains and losses reclassified from accumulated other comprehensive income are included in interest and other income, net, in the consolidated statements of operations. | ||||
Allowance for Doubtful Accounts | ||||
An allowance for doubtful accounts is maintained for estimated losses resulting from the inability of the Company’s customers to make required payments. This reserve is determined by analyzing specific customer accounts, applying estimated loss rates to the aging of remaining accounts receivable balances, and considering the impact of the current economic environment where appropriate. | ||||
Inventories | ||||
Inventories are stated at the lower of cost (first-in, first-out) or market. The Company writes down the carrying value of inventory to estimated net realizable value for estimated excess and obsolete inventory based upon assumptions about future demand and market conditions. These assumptions are based on economic conditions and trends (both current and projected), anticipated customer demand and acceptance of the Company’s current products, expected future products and other assumptions. Once the Company writes down the carrying value of inventory, a new cost basis is established. Subsequent changes in facts and circumstances do not result in an increase in the newly-established cost basis. | ||||
Inventories acquired through business combinations are recorded at their acquisition date fair value, which is generally estimated selling price less the costs of disposal and a normal profit allowance. | ||||
Property and Equipment | ||||
Property and equipment are stated at cost. Property and equipment acquired through business combinations are recorded at their acquisition date fair value. Depreciation is calculated using the straight-line method over estimated useful lives of 39.5 years for buildings, five to fifteen years for building and land improvements, and two to five years for other property and equipment. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or the estimated useful life of the related asset. | ||||
Goodwill and Indefinite-Lived Intangible Assets | ||||
Goodwill is recorded as the difference, if any, between the aggregate consideration paid for an acquisition and the fair value of the net tangible and intangible assets acquired. The amount assigned to in-process research and development (IPR&D) is capitalized and accounted for as an indefinite-lived intangible asset until the underlying projects are completed or abandoned. | ||||
Goodwill is not amortized but instead is tested annually for impairment, or more frequently when events or changes in circumstances indicate that the asset might be impaired, by comparing the carrying value to the fair value of the reporting unit to which the goodwill is assigned. A two-step test is used to identify the potential impairment and to measure the amount of impairment, if any. The first step is to compare the fair value of the reporting unit with its carrying amount, including goodwill. If the fair value of the reporting unit is less than its carrying amount, goodwill is considered impaired and the loss is measured by performing step two. Under step two, the impairment loss is measured by comparing the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. Management determined that the Company has a single reporting unit for the purpose of testing goodwill for impairment. The Company performs the annual test for impairment as of the first day of its fourth fiscal quarter. During the annual goodwill impairment test, the Company completed step one and determined that there was no impairment of goodwill since the fair value (based on quoted market price in an active market) of the reporting unit exceeded its carrying value. | ||||
IPR&D is not amortized but instead is tested annually for impairment, or more frequently when events or changes in circumstances indicate that the asset might be impaired. The Company initially assesses qualitative factors to determine whether it is more likely than not that the fair value of IPR&D is less than its carrying amount, and if so, the Company conducts a quantitative impairment test. The quantitative impairment test consists of a comparison of the fair value of IPR&D to its carrying amount. If the carrying value exceeds its fair value, an impairment loss is recognized in an amount equal to the difference. When an IPR&D project is complete, the related intangible asset becomes subject to amortization and impairment analysis as a long-lived asset. The Company performed a qualitative impairment test as of the first day of its fourth fiscal quarter and determined that there was no impairment of IPR&D. | ||||
Long-Lived Assets | ||||
Long-lived assets, including property and equipment and purchased intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability of assets to be held and used is measured by the comparison of the carrying amount of an asset or asset group to future undiscounted net cash flows expected to be generated by the asset or asset group. If such an asset or asset group is considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the asset or asset group exceeds the fair value of the asset or asset group. Assets to be disposed of are reported at the lower of their carrying amount or fair value less costs to sell. | ||||
Purchased intangible assets consist primarily of technology and customer relationships acquired in business acquisitions. Purchased intangible assets that have definite lives are amortized using a method that reflects the pattern in which the economic benefits of the intangible assets are realized or, if that pattern cannot be reliably determined, using a straight-line method over the estimated useful lives of the related assets, generally ranging from three to eight years. | ||||
Warranty | ||||
The Company’s products typically carry a warranty for periods of up to five years. The Company records a liability for product warranty obligations in the period the related revenue is recorded based on historical warranty experience. Warranty expense and the corresponding liability were not material to the consolidated financial statements. | ||||
Comprehensive Income | ||||
Comprehensive income (loss) includes all changes in equity other than transactions with stockholders. The Company’s accumulated other comprehensive income consists of unrealized gains and losses on available-for-sale securities, net of income taxes, and foreign currency translation adjustments. | ||||
Foreign Currency Translation | ||||
Certain of the Company’s foreign subsidiaries utilize a functional currency other than U.S. dollars. Assets and liabilities of these subsidiaries are translated to U.S. dollars at exchange rates in effect at the balance sheet date, and income and expenses are translated at average exchange rates during the period. The resulting translation adjustments are recorded as a component of accumulated other comprehensive income. Gains and losses resulting from transactions denominated in currencies other than the functional currency are included in interest and other income, net, and were not material to the consolidated statements of operations. | ||||
Recently Adopted Accounting Standards | ||||
In July 2013, the Financial Accounting Standards Board issued an accounting standard update that requires certain unrecognized tax benefits 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 its consolidated balance sheet. |
Business_Acquisitions_and_Lice
Business Acquisitions and License Agreement | 12 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Business Combinations [Abstract] | |||||||||
Business Acquisitions and License Agreement | Note 2. Business Acquisitions and License Agreement | ||||||||
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. This business acquisition expanded the Company’s product portfolio and is expected to accelerate its time to market for next generation products in the server Ethernet connectivity market. In connection with this acquisition, the Company entered into a development and supply agreement under which the Company will purchase services and ASICs from Broadcom related to this business. | |||||||||
During fiscal 2014, 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 fiscal 2015, the Company completed the final assessment of the fair value of the tangible and identifiable intangible assets acquired and liabilities assumed, including the developed technology, IPR&D and customer relationship intangible assets, resulting in an increase in identifiable intangible assets acquired of $25.3 million with a corresponding decrease in goodwill. Also during fiscal 2015, the Company completed the identification and valuation of certain acquired property and equipment and 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 Company’s consolidated balance sheet as of March 30, 2014 has been revised to retroactively reflect the final allocation of the purchase price. 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 final 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 | 56,256 | ||||||||
Identifiable intangible assets | 85,360 | ||||||||
Accrued compensation | (987 | ) | |||||||
Other current liabilities | (129 | ) | |||||||
$ | 147,757 | ||||||||
A summary of the identifiable intangible assets acquired as part of the acquisition and their respective estimated useful lives is as follows: | |||||||||
Weighted | Amount | ||||||||
Average | |||||||||
Useful Lives | |||||||||
(Years) | (In thousands) | ||||||||
Identifiable Intangible Assets: | |||||||||
Developed technology | 5 | $ | 58,760 | ||||||
In-process research and development | N/A | 21,200 | |||||||
Customer relationships | 8 | 5,400 | |||||||
$ | 85,360 | ||||||||
The Company believes the amounts recorded as developed technology, IPR&D and customer relationships represent the fair value of these identifiable intangible assets as of the acquisition date. These assets are measured at fair value on a nonrecurring basis and are categorized as Level 3 due to the use of significant unobservable inputs in the valuation. | |||||||||
The fair values of the identifiable intangible assets related to this acquisition were determined using the income approach. Under the income approach, expected future cash flows are estimated and discounted to their net present value at an appropriate risk-adjusted rate of return. Significant factors considered in the calculation of the rate of return are the weighted average cost of capital and the return on assets. For technology-related intangible assets, such as developed technology and IPR&D, additional factors considered include the risks inherent in the development process, the likelihood of achieving technological success and market acceptance. For IPR&D, the project is further analyzed to determine the unique technological innovations, the reliance on developed technology, if any, the existence of any alternative future use or current technological feasibility, and the complexity, cost and time to complete the remaining development. Future cash flows related to these identifiable intangible assets were estimated based on forecasted revenue and costs, taking into consideration expected product life cycles, market penetration and growth rates. The Company used risk adjusted discount rates of between 14.5% and 17.0% to discount the expected future cash flows under the income approach. | |||||||||
The IPR&D project is related to next generation 40/100Gb Ethernet products. As of the acquisition date, the Company estimated that the project was 40% complete, had an estimated remaining cost to complete of $6 million and an estimated remaining time to complete of two years. The progress to date on this IPR&D project has been consistent with the Company’s expectations at the time of the acquisition. | |||||||||
Supplemental Pro Forma Data (Unaudited) | |||||||||
The unaudited supplemental pro forma financial data presented below gives effect to this acquisition as if it had occurred at the beginning of fiscal 2013. The supplemental data includes amortization expense related to the acquired intangible assets of $12.0 million in each of the periods presented. In addition, the supplemental data reflects adjustments related to stock-based compensation, the amortization of acquired inventory valuation step-up and transaction costs, such as legal fees, directly associated with the acquisition. These additional adjustments are not material to the periods presented. | |||||||||
This unaudited supplemental pro forma financial data is presented for informational purposes only and does not purport to be indicative of the results of future operations or the results that would have occurred had the Company completed the acquisition at the beginning of fiscal 2013. | |||||||||
2014 | 2013 | ||||||||
(Unaudited, in thousands, except | |||||||||
per share amounts) | |||||||||
Pro forma net revenues: | |||||||||
Advanced Connectivity Platforms | $ | 423,446 | $ | 433,357 | |||||
Legacy Connectivity Products | 85,888 | 124,424 | |||||||
$ | 509,334 | $ | 557,781 | ||||||
Pro forma income (loss) from continuing operations | $ | (38,676 | ) | $ | 59,198 | ||||
Pro forma income (loss) from continuing operations per share (basic) | $ | (0.44 | ) | $ | 0.63 | ||||
Pro forma income (loss) from continuing operations per share (diluted) | $ | (0.44 | ) | $ | 0.63 | ||||
The results of operations for this acquisition have been included in the consolidated financial statements from the date of acquisition and are immaterial to the consolidated financial results of the Company in fiscal 2014. | |||||||||
Patent License Agreement | |||||||||
In March 2014, the Company entered into a non-exclusive patent license agreement with Broadcom and paid a one-time fee of $62.0 million as specified in the agreement. The license covers all of the Company’s Fibre Channel products. The Company determined that the $62.0 million fee represented the estimated fair value of the license utilizing a market approach, as well as a relief-from-royalty income approach based on the applicable historical revenues and projected future revenues over the ten-year term of the license. Based on the relief-from-royalty income approach, the Company attributed $41.0 million of the license fee to the use of the related technology in periods prior to the date of the license agreement and recorded this amount in special charges in fiscal 2014. The portion of the fee attributed to the future use of the technology was $21.0 million and was recorded as a prepaid license in other assets. The prepaid license is being amortized using a method that reflects the pattern in which the economic benefits of the prepaid license are consumed or otherwise used over the ten-year license term. | |||||||||
Multiple Element Arrangement | |||||||||
The Company accounted for the acquisition of the Ethernet controller-related assets (which included a development and supply agreement and a transition services agreement) and the patent license agreement as a multiple element arrangement, since these agreements were entered into between the parties within a short period of time. In a multiple element arrangement, the fair value of the individual components is determined and the total consideration is allocated to the components on a relative fair value basis. The Company determined that the fair value of each of the acquisition and the patent license were consistent with the consideration specified in the respective agreements. | |||||||||
Brocade Communications Systems, Inc. | |||||||||
In January 2014, the Company acquired certain assets related to the Fibre Channel and converged network adapter business from Brocade Communications Systems, Inc. for cash consideration of $9.6 million and the assumption of certain liabilities. The Company completed this acquisition to expand its product portfolio and market position in the Fibre Channel and converged network adapter market. The Company estimated the fair value of the assets acquired and liabilities assumed and allocated 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. The primary components of the purchase price allocation are an intangible asset of $8.0 million, consisting of developed technology, and inventory of $1.7 million. The intangible asset is being amortized over an estimated useful life of approximately four years using a method that reflects the pattern in which the economic benefits of the intangible asset are realized. | |||||||||
The results of operations for this acquisition have been included in the consolidated financial statements from the date of acquisition and are immaterial to the consolidated financial results of the Company. Pro forma results of operations have not been presented for this acquisition as the results of operations of the acquired business are not material to the consolidated financial statements of the Company. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended |
Mar. 29, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Note 3. Discontinued Operations |
In February 2012, the Company completed the sale of the product lines and certain assets associated with its InfiniBand business. Loss from discontinued operations consists of direct revenues and direct expenses of the IB Business, including cost of revenues, as well as other fixed and allocated costs to the extent that such costs were eliminated as a result of the transaction. General corporate overhead costs have not been allocated to discontinued operations. The operating results of the IB Business were not material to the Company’s consolidated statements of operations. |
Marketable_Securities
Marketable Securities | 12 Months Ended | ||||||||||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||
Marketable Securities | Note 4. 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) | |||||||||||||||||||||||||
March 29, 2015 | |||||||||||||||||||||||||
U.S. government and agency securities | $ | 54,279 | $ | 173 | $ | (12 | ) | $ | 54,440 | ||||||||||||||||
Corporate debt obligations | 99,117 | 257 | (51 | ) | 99,323 | ||||||||||||||||||||
Mortgage-backed securities | 26,676 | 182 | (36 | ) | 26,822 | ||||||||||||||||||||
Municipal bonds | 16,647 | 76 | (2 | ) | 16,721 | ||||||||||||||||||||
Other debt securities | 3,860 | 8 | — | 3,868 | |||||||||||||||||||||
$ | 200,579 | $ | 696 | $ | (101 | ) | $ | 201,174 | |||||||||||||||||
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 March 29, 2015, 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 | $ | 36,104 | $ | 36,118 | |||||||||||||||||||||
Due after one year through three years | 126,172 | 126,485 | |||||||||||||||||||||||
Due after three years through five years | 21,459 | 21,588 | |||||||||||||||||||||||
Due after five years | 16,844 | 16,983 | |||||||||||||||||||||||
$ | 200,579 | $ | 201,174 | ||||||||||||||||||||||
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 March 29, 2015 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) | |||||||||||||||||||||||||
March 29, 2015 | |||||||||||||||||||||||||
U.S. government and agency securities | $ | 16,607 | $ | (12 | ) | $ | — | $ | — | $ | 16,607 | $ | (12 | ) | |||||||||||
Corporate debt obligations | 28,421 | (51 | ) | — | — | 28,421 | (51 | ) | |||||||||||||||||
Mortgage-backed securities | 4,174 | (8 | ) | 4,581 | (28 | ) | 8,755 | (36 | ) | ||||||||||||||||
Municipal bonds | 921 | (2 | ) | — | — | 921 | (2 | ) | |||||||||||||||||
$ | 50,123 | $ | (73 | ) | $ | 4,581 | $ | (28 | ) | $ | 54,704 | $ | (101 | ) | |||||||||||
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 March 29, 2015 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 March 29, 2015 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 | 12 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||
Fair Value of Financial Instruments | Note 5. 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 cash equivalents, accounts receivable and accounts payable approximates fair value because of the nature and short-term maturity of these financial instruments. | |||||||||||||
A summary of the assets measured at fair value on a recurring basis as of March 29, 2015 and March 30, 2014 is as follows: | |||||||||||||
Fair Value Measurements Using | |||||||||||||
Level 1 | Level 2 | Total | |||||||||||
(In thousands) | |||||||||||||
March 29, 2015 | |||||||||||||
Cash and cash equivalents | $ | 115,241 | $ | — | $ | 115,241 | |||||||
Marketable securities: | |||||||||||||
U.S. government and agency securities | 54,440 | — | 54,440 | ||||||||||
Corporate debt obligations | — | 99,323 | 99,323 | ||||||||||
Mortgage-backed securities | — | 26,822 | 26,822 | ||||||||||
Municipal bonds | — | 16,721 | 16,721 | ||||||||||
Other debt securities | — | 3,868 | 3,868 | ||||||||||
54,440 | 146,734 | 201,174 | |||||||||||
$ | 169,681 | $ | 146,734 | $ | 316,415 | ||||||||
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 | 12 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | Note 6. Inventories | ||||||||
Components of inventories are as follows: | |||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Raw materials | $ | 4,311 | $ | 2,041 | |||||
Finished goods | 25,667 | 15,995 | |||||||
$ | 29,978 | $ | 18,036 | ||||||
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property and Equipment | Note 7. Property and Equipment | ||||||||
Components of property and equipment are as follows: | |||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Land | $ | 11,663 | $ | 14,656 | |||||
Buildings and improvements | 38,996 | 47,629 | |||||||
Production and test equipment | 229,268 | 221,031 | |||||||
Furniture and fixtures | 8,630 | 8,338 | |||||||
288,557 | 291,654 | ||||||||
Less accumulated depreciation and amortization | 210,056 | 205,127 | |||||||
$ | 78,501 | $ | 86,527 | ||||||
During fiscal 2015, the Company consolidated its facilities and decided to sell one of its buildings. The related land and building have been classified as held for sale and the Company ceased depreciation on the building upon this determination. As of March 29, 2015, the carrying value of the land and building totaling $7.5 million has been excluded from property and equipment and has been included in other current assets in the consolidated balance sheet. | |||||||||
The Company excluded purchases of property and equipment totaling $9.6 million, $2.8 million and $5.3 million from its consolidated statements of cash flows for fiscal 2015, 2014 and 2013, respectively, which amounts were unpaid as of the end of the respective fiscal year. |
Goodwill_and_Purchased_Intangi
Goodwill and Purchased Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Goodwill and Purchased Intangible Assets | Note 8. Goodwill and Purchased Intangible Assets | ||||||||||||||||||||||||
A summary of goodwill activity is as follows: | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Balance at beginning of year | $ | 167,232 | $ | 110,976 | |||||||||||||||||||||
Goodwill resulting from acquisition | — | 56,256 | |||||||||||||||||||||||
Balance at end of year | $ | 167,232 | $ | 167,232 | |||||||||||||||||||||
Purchased intangible assets consist of the following: | |||||||||||||||||||||||||
March 29, 2015 | March 30, 2014 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | ||||||||||||||||||||
Value | Value | Value | Value | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Definite-lived intangible assets: | |||||||||||||||||||||||||
Developed technology | $ | 72,121 | $ | 21,536 | $ | 50,585 | $ | 72,121 | $ | 4,957 | $ | 67,164 | |||||||||||||
Customer relationships | 5,400 | 703 | 4,697 | 5,400 | — | 5,400 | |||||||||||||||||||
Other | 3,329 | 2,152 | 1,177 | 3,829 | 2,430 | 1,399 | |||||||||||||||||||
80,850 | 24,391 | 56,459 | 81,350 | 7,387 | 73,963 | ||||||||||||||||||||
Indefinite-lived intangible assets: | |||||||||||||||||||||||||
In-process research and development | 21,200 | — | 21,200 | 21,200 | — | 21,200 | |||||||||||||||||||
$ | 102,050 | $ | 24,391 | $ | 77,659 | $ | 102,550 | $ | 7,387 | $ | 95,163 | ||||||||||||||
A summary of the amortization expense, by classification, included in the consolidated statements of operations is as follows: | |||||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Cost of revenues | $ | 16,801 | $ | 2,387 | $ | 1,223 | |||||||||||||||||||
Sales and marketing | 703 | — | — | ||||||||||||||||||||||
$ | 17,504 | $ | 2,387 | $ | 1,223 | ||||||||||||||||||||
The following table presents the estimated future amortization expense of definite-lived intangible assets as of March 29, 2015: | |||||||||||||||||||||||||
Fiscal | (In thousands) | ||||||||||||||||||||||||
2016 | $ | 14,794 | |||||||||||||||||||||||
2017 | 14,155 | ||||||||||||||||||||||||
2018 | 13,511 | ||||||||||||||||||||||||
2019 | 12,002 | ||||||||||||||||||||||||
2020 | 675 | ||||||||||||||||||||||||
Thereafter | 1,322 | ||||||||||||||||||||||||
$ | 56,459 | ||||||||||||||||||||||||
Revolving_Credit_Facility
Revolving Credit Facility | 12 Months Ended |
Mar. 29, 2015 | |
Debt Disclosure [Abstract] | |
Revolving Credit Facility | Note 9. Revolving Credit Facility |
In March 2013, the Company entered into a credit agreement (the Credit Agreement) which provides the Company with a $125 million unsecured revolving credit facility that matures in March 2018. Borrowings under the Credit Agreement may be used for general corporate purposes, including permitted share repurchases and acquisitions. Under the Credit Agreement, the Company may increase the revolving commitments or obtain incremental term loans in an aggregate amount up to $100 million, subject to certain conditions. | |
Borrowings under the credit facility bear interest, at the Company’s option, at either a rate equal to (i) a base rate described in the Credit Agreement plus an applicable margin based on the Company’s leverage ratio (varying from 0.25% to 1.00%) or (ii) an adjusted LIBO rate described in the Credit Agreement plus an applicable margin based on the Company’s leverage ratio (varying from 1.25% to 2.00%). The credit facility also carries a commitment fee equal to the available but unused borrowing multiplied by an applicable margin based on the Company’s leverage ratio and the average daily used amount of the commitments (varying from 0.20% to 0.35%). | |
The Credit Agreement includes financial covenants requiring a maximum leverage ratio, a minimum fixed charge coverage ratio and a minimum liquidity. The Credit Agreement also contains other customary affirmative and negative covenants and events of default. | |
There were no borrowings outstanding under the Credit Agreement as March 29, 2015. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Mar. 29, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | Note 10. Stockholders’ Equity |
Capital Stock | |
The Company’s authorized capital consists of 1 million shares of preferred stock, par value $0.001 per share, and 500 million shares of common stock, par value $0.001 per share. As of March 29, 2015 and March 30, 2014, the Company had 215.5 million and 213.8 million shares of common stock issued, respectively. As of March 29, 2015, 22.8 million shares of common stock were reserved for the exercise of issued and unissued stock-based awards and 1.7 million shares were reserved for issuance in connection with the Company’s Employee Stock Purchase Plan. | |
Treasury Stock | |
Since fiscal 2003, the Company’s Board of Directors has authorized various programs for the purchase of the Company’s outstanding common stock, including a program approved in October 2014 that authorized the purchase of up to $100 million of the Company’s outstanding common stock over a period of up to 18 months. Pursuant to the October 2014 stock repurchase program, the Company is authorized to purchase shares with an aggregate cost of up to $78.0 million as of March 29, 2015. | |
As of March 29, 2015, the Company had purchased a total of 128.3 million shares of common stock under these repurchase programs for an aggregate purchase price of $1.96 billion. Repurchased shares have been recorded as treasury shares and will be held unless and until the Company’s Board of Directors designates that these shares be retired or used for other purposes. | |
The Company excluded purchases of common stock totaling $0.9 million and $1.2 million from its consolidated statements of cash flows for fiscal 2015 and 2013, respectively, which amounts were unpaid as of the end of the respective fiscal year. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||
Stock-Based Compensation | Note 11. Stock-Based Compensation | ||||||||||||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||||||||||||
The Company has an Employee Stock Purchase Plan (the ESPP) that operates in accordance with Section 423 of the Internal Revenue Code. The ESPP is administered by the Compensation Committee of the Board of Directors. Under the ESPP, employees of the Company who elect to participate are granted options to purchase common stock at 85% of the lower of the market value of the common stock on either the first day of that offering period or on the applicable purchase date, whichever is less. Each offering period is generally 12 months and includes up to four purchase periods of three months each. If the fair market value of the Company’s common stock on the first day of any purchase period is less than on the date of grant, employee participation in that offering period ends and participants are automatically re-enrolled in a new 12-month offering period. The ESPP permits an enrolled employee to make contributions to purchase shares of common stock, in an amount between 1% and 10% of compensation, subject to limits specified in the Internal Revenue Code. The total number of shares issued under the ESPP was 845,000, 836,000 and 740,000 during fiscal 2015, 2014 and 2013, respectively. | |||||||||||||||||||||||||
Stock Incentive Compensation Plans | |||||||||||||||||||||||||
The Company may grant stock-based awards to employees and directors under the QLogic 2005 Performance Incentive Plan (the 2005 Plan) and to employees under the 2014 New-Hire Performance Incentive Plan (the 2014 Plan). As of March 29, 2015, shares available for future grant were 7.4 million and 2.3 million under the 2005 Plan and the 2014 Plan, respectively. Prior to the adoption of the 2005 Plan in August 2005, the Company granted options to purchase shares of the Company’s common stock to employees and directors under a predecessor stock plan. No further awards can be granted under this predecessor plan. | |||||||||||||||||||||||||
The 2005 Plan provides for the issuance of incentive and non-qualified stock options, restricted stock units and other stock-based incentive awards for employees. The 2005 Plan permits the Compensation Committee of the Board of Directors to select eligible employees to receive awards and to determine the terms and conditions of awards. In general, stock options granted to employees have ten-year terms and vest over four years from the date of grant. Restricted stock units represent a right to receive a share of stock at a future vesting date with no cash payment from the holder. In general, restricted stock units granted to employees subject to only a service condition vest over four years from the date of grant. Restricted stock units granted to certain senior executives subject to a service and either a performance or market condition vest over three or four years. | |||||||||||||||||||||||||
Under the terms of the 2005 Plan, as amended, non-employee directors receive grants of stock-based awards upon initial election or appointment to the Board of Directors and upon annual reelection to the Board. The target fair value of such grants is determined by reference to the equity compensation for non-employee directors of the Company’s peer group of companies. The target value is then allocated 50% to a restricted stock unit award and 50% to a non-qualified stock option grant in the case of the initial grant and allocated 100% to a restricted stock unit award in the case of the annual grant. All stock-based awards granted to non-employee directors have ten-year terms and vest from one to three years from the date of grant. | |||||||||||||||||||||||||
The 2014 Plan was adopted in November 2014 and provides for the issuance of non-qualified stock options, restricted stock units and other stock-based incentive awards for newly-hired officers or employees, where the awards granted are an inducement material to the employee’s entering into employment with the Company or one of its subsidiaries. The 2014 Plan permits the Compensation Committee of the Board of Directors to select eligible employees to receive awards and to determine the terms and conditions of awards. The types of awards and terms and conditions of the awards granted under the plan are generally consistent with the awards that may be granted under the 2005 Plan. | |||||||||||||||||||||||||
A summary of stock option activity is as follows: | |||||||||||||||||||||||||
Number of | Weighted- | Weighted- | Aggregate | ||||||||||||||||||||||
Options | Average | Average | Intrinsic | ||||||||||||||||||||||
Exercise | Remaining | Value | |||||||||||||||||||||||
Price | Contractual | ||||||||||||||||||||||||
Term (Years) | |||||||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||||
Outstanding at April 1, 2012 | 19,011 | $ | 17.91 | ||||||||||||||||||||||
Granted | 1,387 | 13.67 | |||||||||||||||||||||||
Exercised | (79 | ) | 14.31 | $ | 204 | ||||||||||||||||||||
Forfeited (cancelled pre-vesting) | (177 | ) | 15.82 | ||||||||||||||||||||||
Expired (cancelled post-vesting) | (3,313 | ) | 20.23 | ||||||||||||||||||||||
Outstanding at March 31, 2013 | 16,829 | 17.14 | |||||||||||||||||||||||
Granted | 75 | 10.9 | |||||||||||||||||||||||
Exercised | (88 | ) | 12 | 36 | |||||||||||||||||||||
Forfeited (cancelled pre-vesting) | (732 | ) | 15.02 | ||||||||||||||||||||||
Expired (cancelled post-vesting) | (4,881 | ) | 20.45 | ||||||||||||||||||||||
Outstanding at March 30, 2014 | 11,203 | 15.84 | |||||||||||||||||||||||
Granted | 32 | 9.99 | |||||||||||||||||||||||
Exercised | (229 | ) | 13.43 | 264 | |||||||||||||||||||||
Forfeited (cancelled pre-vesting) | (273 | ) | 14.88 | ||||||||||||||||||||||
Expired (cancelled post-vesting) | (2,238 | ) | 15.42 | ||||||||||||||||||||||
Outstanding at March 29, 2015 | 8,495 | $ | 16.03 | 3.6 | $ | 1,556 | |||||||||||||||||||
Vested and expected to vest at March 29, 2015 | 8,482 | $ | 16.03 | 3.6 | $ | 1,545 | |||||||||||||||||||
Exercisable at March 29, 2015 | 8,225 | $ | 16.11 | 3.5 | $ | 1,213 | |||||||||||||||||||
The intrinsic value of options exercised in the table above is calculated as the difference between the market price on the date of exercise and the exercise price multiplied by the number of options exercised. During fiscal 2015, 2014 and 2013, the grant date fair value of options vested totaled $2.6 million, $7.7 million and $12.1 million, respectively. | |||||||||||||||||||||||||
A summary of activity of restricted stock units subject to only a service condition is as follows: | |||||||||||||||||||||||||
Number of | Weighted- | Aggregate | |||||||||||||||||||||||
RSUs | Average | Fair Value | |||||||||||||||||||||||
Grant | |||||||||||||||||||||||||
Date | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||||
Outstanding and unvested at April 1, 2012 | 2,686 | $ | 15.77 | ||||||||||||||||||||||
Granted | 1,753 | 13.52 | |||||||||||||||||||||||
Vested | (1,002 | ) | 15.43 | $ | 14,057 | ||||||||||||||||||||
Forfeited | (186 | ) | 14.94 | ||||||||||||||||||||||
Outstanding and unvested at March 31, 2013 | 3,251 | 14.71 | |||||||||||||||||||||||
Granted | 2,207 | 11.11 | |||||||||||||||||||||||
Vested | (1,150 | ) | 14.9 | 11,136 | |||||||||||||||||||||
Forfeited | (697 | ) | 13.8 | ||||||||||||||||||||||
Outstanding and unvested at March 30, 2014 | 3,611 | 12.62 | |||||||||||||||||||||||
Granted | 2,061 | 10.61 | |||||||||||||||||||||||
Vested | (1,102 | ) | 13.42 | 11,839 | |||||||||||||||||||||
Forfeited | (911 | ) | 11.94 | ||||||||||||||||||||||
Outstanding and unvested at March 29, 2015 | 3,659 | $ | 11.42 | ||||||||||||||||||||||
The table above includes 408,000 and 477,000 restricted stock units granted during fiscal 2015 and 2014, respectively, to employees that joined the Company in connection with acquisitions. | |||||||||||||||||||||||||
A summary of activity of restricted stock units subject to a service condition and either a performance or market condition is as follows: | |||||||||||||||||||||||||
Number of | Weighted- | Aggregate | |||||||||||||||||||||||
RSUs | Average | Fair Value | |||||||||||||||||||||||
Grant | |||||||||||||||||||||||||
Date | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||||
Outstanding and unvested at April 1, 2012 | 155 | $ | 13.85 | ||||||||||||||||||||||
Granted | 179 | 14.1 | |||||||||||||||||||||||
Vested | (36 | ) | 13.85 | $ | 508 | ||||||||||||||||||||
Forfeited | (9 | ) | 13.85 | ||||||||||||||||||||||
Outstanding and unvested at March 31, 2013 | 289 | 14.01 | |||||||||||||||||||||||
Granted | 374 | 11.67 | |||||||||||||||||||||||
Vested | (60 | ) | 13.97 | 558 | |||||||||||||||||||||
Forfeited | (180 | ) | 13.86 | ||||||||||||||||||||||
Outstanding and unvested at March 30, 2014 | 423 | 12.02 | |||||||||||||||||||||||
Granted | 721 | 12.04 | |||||||||||||||||||||||
Vested | (24 | ) | 13.98 | 242 | |||||||||||||||||||||
Forfeited | (141 | ) | 10.03 | ||||||||||||||||||||||
Outstanding and unvested at March 29, 2015 | 979 | $ | 12.27 | ||||||||||||||||||||||
During fiscal 2015, 2014 and 2013, the Company issued 688,000, 717,000 and 638,000 shares of common stock, respectively, in connection with the vesting of restricted stock units. The difference between the number of restricted stock units vested and the shares of common stock issued is the result of restricted stock units withheld in satisfaction of minimum tax withholding obligations associated with the vesting. | |||||||||||||||||||||||||
Stock-Based Compensation Expense | |||||||||||||||||||||||||
A summary of stock-based compensation expense, by functional line item in the consolidated statements of operations, is as follows: | |||||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Cost of revenues | $ | 1,049 | $ | 1,349 | $ | 2,372 | |||||||||||||||||||
Engineering and development | 10,024 | 10,918 | 13,584 | ||||||||||||||||||||||
Sales and marketing | 4,631 | 5,337 | 6,853 | ||||||||||||||||||||||
General and administrative | 4,841 | 5,034 | 7,554 | ||||||||||||||||||||||
$ | 20,545 | $ | 22,638 | $ | 30,363 | ||||||||||||||||||||
The fair value of stock options granted and shares to be purchased under the ESPP have been estimated at the date of grant using a Black-Scholes option-pricing model. The weighted-average fair values and underlying assumptions are as follows: | |||||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||
Stock | Employee Stock | Stock | Employee Stock | Stock | Employee Stock | ||||||||||||||||||||
Options | Purchase Plan | Options | Purchase Plan | Options | Purchase Plan | ||||||||||||||||||||
Fair value | $ | 3.74 | $ | 2.2 | $ | 4.12 | $ | 2.41 | $ | 4.97 | $ | 2.66 | |||||||||||||
Expected volatility | 33 | % | 30 | % | 36 | % | 32 | % | 38 | % | 36 | % | |||||||||||||
Risk-free interest rate | 2.1 | % | 0.1 | % | 1.6 | % | 0.1 | % | 0.9 | % | 0.1 | % | |||||||||||||
Expected life (years) | 6.6 | 0.5 | 6.2 | 0.3 | 5.5 | 0.25 | |||||||||||||||||||
Dividend yield | — | — | — | — | — | — | |||||||||||||||||||
Restricted stock units granted subject to either (i) a service condition only, or (ii) service and performance conditions, are valued based on the closing market price on the date of grant. Restricted stock units granted with service and market conditions are valued based on a Monte Carlo simulation model on the date of grant. | |||||||||||||||||||||||||
The Company recognized tax benefits related to stock-based compensation expense for fiscal 2015, 2014 and 2013 of $7.2 million, $6.2 million and $7.9 million, respectively. Stock-based compensation costs capitalized as part of the cost of assets were not material to the consolidated financial statements. | |||||||||||||||||||||||||
As of March 29, 2015, there was $43.3 million of total unrecognized compensation costs related to outstanding stock-based awards. These costs are expected to be recognized over a weighted-average period of 2.6 years. | |||||||||||||||||||||||||
The Company currently issues new shares to deliver common stock under its stock-based award plans. |
Employee_Retirement_Savings_Pl
Employee Retirement Savings Plan | 12 Months Ended |
Mar. 29, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Retirement Savings Plan | Note 12. Employee Retirement Savings Plan |
The Company has established a pretax savings plan under Section 401(k) of the Internal Revenue Code for substantially all U.S. employees. Under the plan, eligible employees are able to contribute up to 50% of their compensation, subject to limits specified in the Internal Revenue Code. The Company matches contributions up to 2% of a participant’s compensation. Additionally, the Company periodically authorizes discretionary contributions to the plan. The Company’s matching and discretionary contributions on behalf of its employees totaled $1.6 million, $1.8 million and $1.2 million in fiscal 2015, 2014 and 2013, respectively. | |
The Company maintains retirement plans in certain non-U.S. locations. The total expense and total obligation of the Company for these plans were not material to the consolidated financial statements. | |
The Company has a nonqualified deferred compensation plan available to certain members of the Company’s management. The total expense and total obligation of the Company for this plan was not material to the consolidated financial statements. |
Special_Charges
Special Charges | 12 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||
Special Charges | Note 13. Special Charges | ||||||||||||
A summary of the special charges recorded during fiscal 2015 and 2014 is as follows: | |||||||||||||
2015 | 2014 | ||||||||||||
(In thousands) | |||||||||||||
Exit costs | $ | 6,946 | $ | 26,491 | |||||||||
Asset impairments | 3,074 | 7,322 | |||||||||||
Other charges | 500 | — | |||||||||||
Patent license (Note 2) | — | 41,040 | |||||||||||
$ | 10,520 | $ | 74,853 | ||||||||||
March 2015 Initiative | |||||||||||||
In March 2015, the Company implemented a restructuring plan consisting of a workforce reduction primarily designed to further streamline its business operations. In connection with this action, the Company recorded special charges of $1.2 million consisting of exit costs associated with severance benefits for involuntarily terminated employees. Unpaid exit costs related to this initiative totaled $1.1 million and are expected to be paid during the first quarter of fiscal 2016. | |||||||||||||
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. This restructuring plan primarily included a workforce reduction and the consolidation and elimination of certain engineering activities. The Company completed these restructuring activities and all amounts were paid as of March 29, 2015. | |||||||||||||
In connection with the March 2014 Initiative, the Company recorded special charges of $3.6 million and $14.0 million during fiscal 2015 and fiscal 2014, respectively. Special charges during fiscal 2015 included $2.6 million of exit costs and $1.0 million of asset impairment charges primarily related to abandoned property and equipment. Special charges during fiscal 2014 included $9.1 million of exit costs and $4.9 million of asset impairment charges primarily related to abandoned property and equipment. The exit costs included severance and related costs associated with involuntarily terminated employees. Exit costs for fiscal 2014 also included the costs associated with the cancellation of certain contracts. | |||||||||||||
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) | |||||||||||||
Charged to costs and expenses | $ | 4,789 | $ | 4,325 | $ | 9,114 | |||||||
Payments | (1,612 | ) | (14 | ) | (1,626 | ) | |||||||
Balance as of March 30, 2014 | 3,177 | 4,311 | 7,488 | ||||||||||
Charged to costs and expenses | 2,693 | (73 | ) | 2,620 | |||||||||
Payments | (5,870 | ) | (4,238 | ) | (10,108 | ) | |||||||
Balance as of March 29, 2015 | $ | — | $ | — | $ | — | |||||||
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 ASICs for switch products. | |||||||||||||
In connection with the June 2013 Initiative, the Company recorded special charges of $5.2 million and $19.8 million during fiscal 2015 and fiscal 2014, respectively. Special charges during fiscal 2015 consisted of $3.1 million in exit costs and $2.1 million of asset impairment charges primarily related to abandoned property. During the fourth quarter of fiscal 2015, the Company vacated the remaining space in a facility that it had ceased using and recorded exit costs of $2.4 million. In addition, the Company recorded a non-cash adjustment of $1.7 million primarily related to the reversal of a deferred rent liability associated with this facility. Special charges for fiscal 2014 consisted of $17.4 million of exit costs and $2.4 million of asset impairment charges primarily related to abandoned property and equipment. The exit costs included severance and related costs associated with involuntarily terminated employees. Certain employees that were notified of their termination are required to provide future services for varying periods in excess of statutory notice 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. Exit costs also included the estimated costs associated with a facility under a non-cancelable lease that the Company ceased using. | |||||||||||||
Activity and liability balances for exit costs related to the June 2013 Initiative, including a liability associated with exit costs related to a portion of the facility the Company ceased using prior to fiscal 2013, are as follows: | |||||||||||||
Workforce | Facilities | Total | |||||||||||
Reduction | and Other | ||||||||||||
(In thousands) | |||||||||||||
Balance as of March 31, 2013 | $ | — | $ | 1,771 | $ | 1,771 | |||||||
Charged to costs and expenses | 13,831 | 3,546 | 17,377 | ||||||||||
Payments | (10,303 | ) | (696 | ) | (10,999 | ) | |||||||
Balance as of March 30, 2014 | 3,528 | 4,621 | 8,149 | ||||||||||
Charged to costs and expenses | 749 | 2,353 | 3,102 | ||||||||||
Payments | (1,801 | ) | (1,064 | ) | (2,865 | ) | |||||||
Non-cash adjustments | — | 1,666 | 1,666 | ||||||||||
Balance as of March 29, 2015 | $ | 2,476 | $ | 7,576 | $ | 10,052 | |||||||
The unpaid exit costs related to the June 2013 Initiative are expected to be paid over the terms of the related agreements through fiscal 2018. | |||||||||||||
A summary of the total unpaid exit costs for all restructuring plans, by classification, included in the consolidated balance sheets is as follows: | |||||||||||||
2015 | 2014 | ||||||||||||
(In thousands) | |||||||||||||
Other current liabilities | $ | 3,664 | $ | 10,042 | |||||||||
Other liabilities | 7,553 | 5,595 | |||||||||||
$ | 11,217 | $ | 15,637 | ||||||||||
Interest_and_Other_Income_net
Interest and Other Income, net | 12 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||
Interest and Other Income, net | Note 14. Interest and Other Income, net | ||||||||||||
Components of interest and other income, net, are as follows: | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
(In thousands) | |||||||||||||
Interest income | $ | 2,166 | $ | 3,378 | $ | 3,825 | |||||||
Gain on sales of marketable securities | 386 | 2,184 | 1,151 | ||||||||||
Loss on sales of marketable securities | (430 | ) | (938 | ) | (716 | ) | |||||||
Other | (1,359 | ) | (1,364 | ) | (253 | ) | |||||||
$ | 763 | $ | 3,260 | $ | 4,007 | ||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | Note 15. Income Taxes | ||||||||||||
Income (loss) from continuing operations before income taxes consists of the following components: | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
(In thousands) | |||||||||||||
United States | $ | 12,294 | $ | (19,056 | ) | $ | 13,084 | ||||||
International | 42,899 | 10,096 | 48,773 | ||||||||||
$ | 55,193 | $ | (8,960 | ) | $ | 61,857 | |||||||
The components of income tax expense (benefit) from continuing operations are as follows: | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
(In thousands) | |||||||||||||
Current: | |||||||||||||
Federal | $ | 1,859 | $ | 9,206 | $ | (13,374 | ) | ||||||
State | 913 | 1,532 | 260 | ||||||||||
Foreign | 3,285 | 2,205 | 1,520 | ||||||||||
Total current | 6,057 | 12,943 | (11,594 | ) | |||||||||
Deferred: | |||||||||||||
Federal | (1,700 | ) | (18,883 | ) | 3,445 | ||||||||
State | 603 | 15,006 | (3,684 | ) | |||||||||
Foreign | (360 | ) | 240 | 129 | |||||||||
Total deferred | (1,457 | ) | (3,637 | ) | (110 | ) | |||||||
$ | 4,600 | $ | 9,306 | $ | (11,704 | ) | |||||||
Income tax expense from continuing operations for fiscal 2014 includes the impact of valuation allowances recorded against deferred tax assets related to certain state tax credits and net operating loss carryforwards. Income tax benefit from continuing operations for fiscal 2013 was primarily the result of adjustments to certain tax positions subject to an Internal Revenue Service (IRS) examination. These adjustments primarily consist of the settlement of a significant matter in the IRS examination of the Company’s income tax returns for fiscal years 2008 and 2009. | |||||||||||||
The effect of deferred taxes associated with the change in unrealized gains and losses on the Company’s available-for-sale securities was immaterial and was recorded in accumulated other comprehensive income. | |||||||||||||
A reconciliation of the income tax expense (benefit) with the amount computed by applying the federal statutory tax rate to income (loss) from continuing operations before income taxes is as follows: | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
(In thousands) | |||||||||||||
Expected income tax expense (benefit) at the statutory rate | $ | 19,318 | $ | (3,136 | ) | $ | 21,650 | ||||||
State income taxes, net of federal tax benefit | 1,773 | (330 | ) | 1,581 | |||||||||
Tax rate differential on foreign earnings and other international related tax items | (11,195 | ) | (324 | ) | (14,025 | ) | |||||||
Benefit from research and other credits | (7,360 | ) | (6,764 | ) | (9,210 | ) | |||||||
Stock-based compensation | 2,649 | 4,759 | 2,414 | ||||||||||
Resolution of prior period tax matters | (3,577 | ) | (1,480 | ) | (14,701 | ) | |||||||
Valuation allowance | 2,634 | 16,433 | (301 | ) | |||||||||
Other, net | 358 | 148 | 888 | ||||||||||
$ | 4,600 | $ | 9,306 | $ | (11,704 | ) | |||||||
The components of the deferred tax assets and liabilities are as follows: | |||||||||||||
2015 | 2014 | ||||||||||||
(In thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Research credits | $ | 31,487 | $ | 24,296 | |||||||||
Reserves and accruals not currently deductible | 18,971 | 20,454 | |||||||||||
Stock-based compensation | 14,415 | 15,583 | |||||||||||
Net operating loss carryforwards | 9,764 | 11,048 | |||||||||||
Patent license | 7,098 | 7,430 | |||||||||||
Property and equipment | 2,587 | — | |||||||||||
Investment securities | 913 | 1,046 | |||||||||||
Other | 313 | 419 | |||||||||||
Total gross deferred tax assets | 85,548 | 80,276 | |||||||||||
Valuation allowance | (20,307 | ) | (17,672 | ) | |||||||||
Total deferred tax assets, net of valuation allowance | 65,241 | 62,604 | |||||||||||
Deferred tax liabilities: | |||||||||||||
State income taxes | 10,547 | 10,026 | |||||||||||
Research and development expenditures | 5,814 | 2,220 | |||||||||||
Property and equipment | — | 1,911 | |||||||||||
Other | — | 540 | |||||||||||
Total deferred tax liabilities | 16,361 | 14,697 | |||||||||||
Net deferred tax assets | $ | 48,880 | $ | 47,907 | |||||||||
The Company’s deferred tax assets related to research credits consist primarily of state research credit carryforwards. These state tax credits have no expiration date and may be carried forward indefinitely. However, these credits may be utilized only to the extent that the Company realizes taxable income in the related state. Based upon the Company’s current projections of future taxable income in the respective states, the Company is unable to assert that it is more likely than not that it will realize the full benefit of these deferred tax assets. Accordingly, the Company has recorded valuation allowances against these deferred tax assets. The balance of this valuation allowance was $17.5 million and $14.8 million as of March 29, 2015 and March 30, 2014, respectively. | |||||||||||||
The Company’s deferred tax assets related to net operating loss carryforwards include both federal and state net operating loss carryforwards. The state net operating loss carryforwards are specific to the states in which the net operating losses were generated and certain of these carryforwards relate to previous acquisitions, which are subject to limitations on the timing of utilization. Based upon the Company’s current projections of future taxable income in the respective states, the Company is unable to assert that it is more likely than not that it will realize the full benefit of these deferred tax assets. Accordingly, the Company recorded a valuation allowance against these deferred tax assets during fiscal 2014. The balance of this valuation allowance was $1.7 million as of March 29, 2015 and March 30, 2014. | |||||||||||||
The Company’s deferred tax assets related to investment securities and capital loss carryovers consist primarily of temporary differences related to other-than-temporary impairments on the Company’s investment securities and realized losses on dispositions of investment securities that are subject to limitations on deductibility. As a result of limitations on the deductibility of capital losses and other factors, management is unable to assert that it is more likely than not that the Company will realize the full benefit of these deferred tax assets. Accordingly, the Company had previously recorded a valuation allowance against these deferred tax assets. The balance of this valuation allowance was $1.1 million and $1.2 million as of March 29, 2015 and March 30, 2014, respectively. | |||||||||||||
Based upon the Company’s current and historical pre-tax earnings, management believes it is more likely than not that the Company will realize the full benefit of the existing deferred tax assets as of March 29, 2015, except for the deferred tax assets discussed above. Management believes the existing net deductible temporary differences will reverse during periods in which the Company generates net taxable income or that there would be sufficient tax carrybacks available; however, there can be no assurance that the Company will generate any earnings or any specific level of continuing earnings in future years. | |||||||||||||
As of March 29, 2015, the Company has federal net operating loss carryforwards of $13.0 million, which will expire between fiscal 2027 and 2029, if not utilized, and state net operating loss carryforwards of $63.2 million, which will expire between fiscal 2017 and 2032, if not utilized. The net operating loss carryforwards relating to acquired companies are subject to limitations on the timing of utilization. The Company also has state capital loss carryovers of $54.5 million, which will expire between fiscal 2017 and 2030, if not utilized. | |||||||||||||
As of March 29, 2015, the Company has federal research tax credit carryforwards of $4.5 million, which will expire between fiscal 2034 and 2035, if not utilized. The Company also has state research tax credit carryforwards of $28.2 million and state alternative minimum tax credits of $0.5 million, both of which have no expiration date. | |||||||||||||
The Company has made no provision for U.S. income taxes or foreign withholding taxes on the earnings of its foreign subsidiaries, as these amounts are intended to be indefinitely reinvested in operations outside the United States. As of March 29, 2015, the cumulative amount of undistributed earnings of the Company’s foreign subsidiaries was $392.9 million. Because of the availability of U.S. foreign tax credits, it is not practicable to determine the U.S. federal income tax liability that would be payable if such earnings were not reinvested indefinitely. | |||||||||||||
During fiscal 2013, the Company effectively settled a matter with the IRS related to the examination of the Company’s income tax returns for fiscal years 2008 and 2009. This settlement was for an amount less than the Company had previously accrued for this tax position. As a result, the Company recorded an income tax benefit of $9.5 million. In connection with this settlement, the Company paid federal and state income tax payments totaling $32.8 million in fiscal 2013. | |||||||||||||
Also during fiscal 2013, the Company obtained additional information related to other matters under examination by the IRS. Based on this new information, the Company reassessed the largest amount of tax benefit that is greater than 50% likely of being realized related to these tax positions. As a result, the Company reduced the related liability for unrecognized tax benefits and recorded a corresponding income tax benefit of $4.8 million. | |||||||||||||
During fiscal 2014, the Company settled all open matters relating to the IRS examination of the Company’s income tax returns for fiscal years 2008 and 2009 without material adjustment. | |||||||||||||
During fiscal 2015, the Company settled all open matters relating to the IRS examination of the Company’s income tax returns for fiscal years 2010 through 2013. This settlement was for an amount less than the Company had previously accrued for this tax position. As a result, the Company recorded an income tax benefit of $2.5 million. In connection with this settlement, the Company will pay federal and state income tax payments totaling $1.9 million in fiscal 2016. | |||||||||||||
The Company is no longer subject to federal income tax examinations for years prior to fiscal 2014. With limited exceptions, the Company is no longer subject to state and foreign income tax examinations by taxing authorities for years prior to fiscal 2008. Management does not believe that the results of these examinations will have a material impact on the Company’s financial condition or results of operations. | |||||||||||||
A rollforward of the activity in the gross unrecognized tax benefits is as follows: | |||||||||||||
2015 | 2014 | ||||||||||||
(In thousands) | |||||||||||||
Balance at beginning of year | $ | 13,577 | $ | 9,584 | |||||||||
Additions based on tax positions related to the current year | 1,059 | 1,140 | |||||||||||
Additions for tax positions of prior years | 2,966 | 4,494 | |||||||||||
Reductions for tax positions of prior years | (276 | ) | (1,641 | ) | |||||||||
Decreases relating to settlements with taxing authorities | (3,629 | ) | — | ||||||||||
Reductions due to lapses of statutes of limitations | (793 | ) | — | ||||||||||
Balance at end of year | $ | 12,904 | $ | 13,577 | |||||||||
If the unrecognized tax benefits as of March 29, 2015 were recognized, $10.0 million, net of $2.9 million of tax benefits from state income taxes, would favorably affect the Company’s effective income tax rate. | |||||||||||||
In addition to the unrecognized tax benefits noted above, the Company had accrued $3.5 million of interest expense and penalties as of March 29, 2015 and March 30, 2014. The Company recognized interest expense, net of the related tax effect, and penalties aggregating $0.1 million, $2.1 million and $1.0 million during fiscal 2015, 2014 and 2013, respectively. | |||||||||||||
It is reasonably possible that the Company’s liability for uncertain tax positions may be reduced by as much as $2.4 million as a result of either the settlement of tax positions with various tax authorities or by virtue of the statute of limitations expiring through the end of fiscal 2016. |
Income_per_Share
Income per Share | 12 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Income per Share | Note 16. Income per Share | ||||||||||||
The following table sets forth the computation of basic and diluted income (loss) from continuing operations per share: | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
(In thousands, except per share amounts) | |||||||||||||
Income (loss) from continuing operations | $ | 50,593 | $ | (18,266 | ) | $ | 73,561 | ||||||
Shares: | |||||||||||||
Weighted-average shares outstanding — basic | 87,584 | 87,612 | 93,560 | ||||||||||
Dilutive potential common shares, using treasury stock method | 879 | — | 438 | ||||||||||
Weighted-average shares outstanding — diluted | 88,463 | 87,612 | 93,998 | ||||||||||
Income (loss) from continuing operations per share: | |||||||||||||
Basic | $ | 0.58 | $ | (0.21 | ) | $ | 0.79 | ||||||
Diluted | $ | 0.57 | $ | (0.21 | ) | $ | 0.78 | ||||||
Stock-based awards, including stock options and restricted stock units, representing 9.7 million, 15.2 million and 18.4 million shares of common stock have been excluded from the diluted per share calculations for fiscal 2015, 2014 and 2013, respectively. These stock-based awards have been excluded from the diluted per share calculations because their effect would have been antidilutive. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Mar. 29, 2015 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies | Note 17. Commitments and Contingencies | ||||
Leases | |||||
The Company leases certain facilities, software and equipment under operating lease agreements. A summary of the future minimum lease commitments under non-cancelable operating leases as of March 29, 2015 is as follows: | |||||
Fiscal Year | (In thousands) | ||||
2016 | $ | 9,276 | |||
2017 | 5,476 | ||||
2018 | 2,957 | ||||
2019 | 883 | ||||
2020 | 607 | ||||
Thereafter | 51 | ||||
Total future minimum lease payments | $ | 19,250 | |||
Rent expense for fiscal 2015, 2014 and 2013 was $12.0 million, $10.4 million and $10.6 million, respectively. | |||||
Contingencies | |||||
Various lawsuits, claims and proceedings have been or may be instituted against the Company. The outcome of litigation cannot be predicted with certainty and some lawsuits, claims and proceedings may be disposed of unfavorably to the Company. | |||||
The Company indemnifies certain of its customers and others against claims that the Company’s products infringe upon a patent, copyright, trademark or trade secret of a third party. In the event of such a claim, the Company agrees to pay all litigation costs, including attorney fees, and any settlement payments or damages awarded directly related to the infringement. | |||||
Management believes that any monetary liability or financial impact to the Company from these matters, individually and in the aggregate, would not be material to the Company’s financial condition or results of operations. However, there can be no assurance with respect to such result, and the monetary liability or financial impact to the Company from these matters could differ materially from those projected. |
Revenue_Components_Geographic_
Revenue Components, Geographic Revenues and Significant Customers | 12 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Revenue Components, Geographic Revenues and Significant Customers | Note 18. Revenue Components, Geographic Revenues and Significant Customers | ||||||||||||
Operating segments are components of an enterprise for which separate financial information is available and is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company operates in one operating segment. | |||||||||||||
Revenue Components | |||||||||||||
A summary of net revenues by product category is as follows: | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
(In thousands) | |||||||||||||
Advanced Connectivity Platforms | $ | 465,000 | $ | 386,738 | $ | 399,416 | |||||||
Legacy Connectivity Products | 55,198 | 74,169 | 85,122 | ||||||||||
$ | 520,198 | $ | 460,907 | $ | 484,538 | ||||||||
Geographic Revenues | |||||||||||||
Revenues by geographic area are presented based upon the ship-to location of the customer. Net revenues by geographic area are as follows: | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
(In thousands) | |||||||||||||
United States | $ | 193,853 | $ | 191,481 | $ | 209,590 | |||||||
Asia-Pacific and Japan | 226,213 | 166,568 | 158,075 | ||||||||||
Europe, Middle East and Africa | 83,045 | 85,572 | 92,695 | ||||||||||
Rest of world | 17,087 | 17,286 | 24,178 | ||||||||||
$ | 520,198 | $ | 460,907 | $ | 484,538 | ||||||||
The United States and China are the only countries that represented 10% or more of net revenues for the years presented. Net revenues from customers in China were $90.4 million, $56.0 million and $65.0 million for fiscal 2015, 2014 and 2013, respectively. | |||||||||||||
Significant Customers | |||||||||||||
A summary of the Company’s customers, including their manufacturing subcontractors, that represent 10% or more of the Company’s net revenues is as follows: | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Hewlett-Packard | 27 | % | 24 | % | 24 | % | |||||||
Dell | 17 | % | 15 | % | 12 | % | |||||||
IBM | 11 | % | 17 | % | 20 | % |
Condensed_Quarterly_Results_Un
Condensed Quarterly Results (Unaudited) | 12 Months Ended | ||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Condensed Quarterly Results (Unaudited) | Note 19. Condensed Quarterly Results (Unaudited) | ||||||||||||||||
The following table summarizes certain unaudited quarterly financial information for fiscal 2015 and 2014: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
June (1) | September | December (2) | March (3) (4) | ||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
Fiscal 2015: | |||||||||||||||||
Net revenues | $ | 119,449 | $ | 127,503 | $ | 140,203 | $ | 133,043 | |||||||||
Gross profit | 70,695 | 75,410 | 82,401 | 77,546 | |||||||||||||
Operating income | 5,396 | 13,521 | 23,700 | 11,813 | |||||||||||||
Net income | 6,000 | 11,010 | 22,435 | 11,148 | |||||||||||||
Net income per share: | |||||||||||||||||
Basic | $ | 0.07 | $ | 0.13 | $ | 0.26 | $ | 0.13 | |||||||||
Diluted | $ | 0.07 | $ | 0.12 | $ | 0.25 | $ | 0.13 | |||||||||
Fiscal 2014: | |||||||||||||||||
Net revenues | $ | 113,116 | $ | 112,622 | $ | 119,449 | $ | 115,720 | |||||||||
Gross profit | 76,497 | 76,309 | 81,003 | 76,298 | |||||||||||||
Operating income (loss) | (3,075 | ) | 13,186 | 20,302 | (42,633 | ) | |||||||||||
Net income (loss) | (3,050 | ) | 10,977 | 20,586 | (46,779 | ) | |||||||||||
Net income (loss) per share: | |||||||||||||||||
Basic | $ | (0.03 | ) | $ | 0.13 | $ | 0.24 | $ | (0.54 | ) | |||||||
Diluted | $ | (0.03 | ) | $ | 0.13 | $ | 0.24 | $ | (0.54 | ) | |||||||
-1 | During the three months ended June 30, 2013, the Company recorded special charges of $12.0 million, consisting of $9.6 million of exit costs and $2.4 million of asset impairment charges primarily related to property and equipment. | ||||||||||||||||
-2 | During the three months ended December 28, 2014, the Company recorded a $3.7 million income tax benefit related to the retroactive reinstatement of the federal research tax credit. | ||||||||||||||||
-3 | During the three months ended March 29, 2015, the Company recorded special charges of $5.6 million, consisting of $3.5 million of exit costs and $2.1 million of asset impairment charges related to property and equipment. | ||||||||||||||||
-4 | During the three months ended March 30, 2014, the Company recorded special charges of $56.5 million, consisting of $41.0 million for the portion of a license payment attributed by the Company to the use of the related technology in periods prior to the date of the related license agreement, $10.6 million of exit costs and $4.9 million of asset impairment charges primarily related to property and equipment. The Company also recorded incremental tax charges of $14.7 million consisting of valuation allowances related to deferred tax assets for certain state tax credits and net operating loss carryforwards. |
Schedule_II_Valuation_and_Qual
Schedule II Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||
Schedule II Valuation and Qualifying Accounts | SCHEDULE II | ||||||||||||||||
QLOGIC CORPORATION | |||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||
Balance at | Additions: | Deductions: | Balance at | ||||||||||||||
Beginning of | Charged to | Amounts | End of | ||||||||||||||
Year | Costs and | Written Off, Net | Year | ||||||||||||||
Expenses | of Recoveries | ||||||||||||||||
or Revenues | |||||||||||||||||
(In thousands) | |||||||||||||||||
Year ended March 29, 2015: | |||||||||||||||||
Allowance for doubtful accounts | $ | 1,186 | $ | 114 | $ | 3 | $ | 1,297 | |||||||||
Sales returns and allowances | $ | 3,873 | $ | 23,597 | $ | 21,216 | $ | 6,254 | |||||||||
Year ended March 30, 2014: | |||||||||||||||||
Allowance for doubtful accounts | $ | 1,196 | $ | 23 | $ | 33 | $ | 1,186 | |||||||||
Sales returns and allowances | $ | 4,747 | $ | 17,225 | $ | 18,099 | $ | 3,873 | |||||||||
Year ended March 31, 2013: | |||||||||||||||||
Allowance for doubtful accounts | $ | 1,446 | $ | (182 | ) | $ | 68 | $ | 1,196 | ||||||||
Sales returns and allowances | $ | 4,861 | $ | 31,653 | $ | 31,767 | $ | 4,747 |
Description_of_Business_and_Su1
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||
Mar. 29, 2015 | ||||
Accounting Policies [Abstract] | ||||
Principles of Consolidation | Principles of Consolidation | |||
The consolidated financial statements include the financial statements of QLogic Corporation and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. | ||||
Financial Reporting Period | Financial Reporting Period | |||
The Company uses a fifty-two/fifty-three week fiscal year ending on the Sunday nearest March 31. Fiscal years 2015, 2014 and 2013 each comprised fifty-two weeks and ended on March 29, 2015, March 30, 2014 and March 31, 2013, respectively. | ||||
Basis of Presentation | Basis of Presentation | |||
In February 2012, the Company completed the sale of the product lines and certain assets associated with its InfiniBand business (the IB Business). The IB Business meets the criteria to be presented as discontinued operations. As a result of this divestiture, the Company’s consolidated statements of operations present the operations of the IB Business as discontinued operations. | ||||
Use of Estimates | Use of Estimates | |||
The preparation of financial statements in accordance with U.S. generally accepted accounting principles requires management to make estimates and judgments that affect the amounts reported in the Company’s consolidated financial statements and accompanying notes. Significant estimates and judgments affecting the consolidated financial statements are those related to revenue recognition, income taxes, inventories, goodwill and long-lived assets. | ||||
The Company evaluates its estimates on an ongoing basis using historical experience and other factors, including the current economic environment. Significant judgment is required in determining (i) the fair value of assets acquired and liabilities assumed in a business combination, including the fair value of identifiable intangible assets, (ii) the fair value of a patent license and the portion of the fair value attributable to past and future periods, (iii) the Company’s tax filing positions and the related assessment of recognition and measurement of uncertain tax positions, (iv) whether a valuation allowance related to a deferred tax asset should be recorded and (v) whether a potential indicator of impairment of the Company’s long-lived assets exists and in estimating future cash flows for the purpose of any necessary impairment tests. If management’s estimates differ materially from actual results, the Company’s future results of operations will be affected. | ||||
Revenue Recognition | Revenue Recognition | |||
The Company recognizes revenue from product sales when all of the following fundamental criteria are met: (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred, (iii) the price to the customer is fixed or determinable and (iv) collection of the resulting accounts receivable is reasonably assured. | ||||
For all sales, the Company uses a binding purchase order or a signed agreement as evidence of an arrangement. Delivery occurs when goods are shipped and title and risk of loss transfer to the customer, in accordance with the terms specified in the arrangement with the customer. The customer’s obligation to pay and the payment terms are set at the time of delivery and are not dependent on the subsequent resale of the product. However, certain of the Company’s sales are made to distributors under agreements that contain a limited right to return unsold product and price protection provisions. These return rights and price protection provisions limit the Company’s ability to reasonably estimate product returns and the final price of the inventory sold to distributors. As a result, the price to the customer is not fixed or determinable at the time products are delivered to distributors. Accordingly, the Company recognizes revenue from these distributors based on the sell-through method using inventory information provided by the distributor. At times, the Company provides standard incentive programs to its customers. The Company accounts for its competitive pricing incentives and rebates as a reduction of revenue in the period the related revenue is recorded based on the specific program criteria and historical experience. In addition, the Company records provisions against revenue and cost of revenue for estimated product returns in the same period that revenue is recognized. These provisions are based on historical experience as well as specifically identified product returns. Service and other revenue is recognized when earned and receipt is reasonably assured. | ||||
For those sales that include multiple deliverables, the Company allocates revenue based on the relative selling price of the individual components. When more than one element, such as hardware and services, are contained in a single arrangement, the Company allocates revenue between the elements based on each element’s relative selling price, provided that each element meets the criteria for treatment as a separate unit of accounting. When applying the relative selling price method, the Company determines the selling price for each deliverable using vendor-specific objective evidence (VSOE) of the selling price, if it exists. In order to establish VSOE of the selling price, the Company must regularly sell the product and/or service on a standalone basis with a substantial majority of the sales priced within a relatively narrow range. If VSOE of the selling price cannot be determined, the Company then considers third party evidence (TPE) of the selling price. Generally, the Company is not able to determine TPE due to the lack of similar products and services sold by other companies within the industry. If neither VSOE nor TPE exists, the Company determines the estimated selling price based on multiple factors including, but not limited to, cost, gross margin, market conditions and pricing practices. Revenue allocated to each element is then recognized when the basic revenue recognition criteria is met for each deliverable. | ||||
The Company sells certain software products and related post-contract customer support. The Company recognizes revenue from software products when all of the following fundamental criteria are met: (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred, (iii) the price to the customer is fixed or determinable and (iv) collection of the resulting accounts receivable is probable. Revenue is allocated to undelivered elements based upon VSOE of the fair value of the element. VSOE of the fair value is based upon the price charged when the element is sold separately. Revenue allocated to each element is then recognized when the basic revenue recognition criteria are met for each element. If the Company is unable to determine VSOE of fair value for an undelivered element, the entire amount of revenue from the arrangement is deferred and recognized over the service period or when all elements have been delivered. | ||||
Stock-Based Compensation | Stock-Based Compensation | |||
The Company recognizes compensation expense for all stock-based awards made to employees and non-employee directors, including stock options, restricted stock units and stock purchases under its Employee Stock Purchase Plan (the ESPP), based on estimated fair values on the measurement date, which is generally the date of grant. Stock-based compensation is recognized for the portion of the award that is ultimately expected to vest. Forfeitures are estimated at the time of grant based on historical trends and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company recognizes stock-based compensation expense for awards that are subject to only a service condition on a straight-line basis over the requisite service period for the entire award, which is the vesting period for stock options and restricted stock units, and the offering period for the ESPP. For all other stock-based awards, stock-based compensation is recognized on a straight-line basis over the requisite service period for each separately vesting portion of the award. The determination of fair value of stock-based awards on the date of grant using an option-pricing or other valuation model is affected by the Company’s stock price, as well as assumptions regarding a number of highly complex and subjective variables. These variables may include, but are not limited to, the Company’s expected stock price volatility over the term of the awards and actual and projected employee stock option exercise behaviors. In estimating expected stock price volatility, the Company uses a combination of (i) historical volatility, calculated based on the daily closing prices of its common stock over a period equal to the expected term of the option, and (ii) implied volatility, utilizing market data of actively traded options on its common stock. | ||||
Research and Development | Research and Development | |||
Research and development costs, including costs related to the development of new products and process technology, are expensed as incurred. | ||||
Advertising Costs | Advertising Costs | |||
The Company expenses all advertising costs as incurred and such costs were not material to the consolidated statements of operations. | ||||
Income Taxes | Income Taxes | |||
The Company utilizes the asset and liability method of accounting for income taxes. Income tax positions taken or expected to be taken in a tax return are recognized in the first reporting period that it is more likely than not the tax position will be sustained upon examination. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. Previously recognized income tax positions that fail to meet the recognition threshold in a subsequent period are derecognized in that period. Differences between actual results and the Company’s assumptions, or changes in its assumptions in future periods, are recorded in the period they become known. The Company records potential accrued interest and penalties related to unrecognized tax benefits in income tax expense. | ||||
Deferred income taxes are recognized for the future tax consequences of temporary differences using enacted statutory tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Temporary differences include the difference between the financial statement carrying amounts and the tax bases of existing assets and liabilities and operating loss and tax credit carryforwards. The effect on deferred taxes of a change in tax rates is recognized in earnings in the period that includes the enactment date. | ||||
A valuation allowance is recorded when it is more likely than not that some or all of a deferred tax asset will not be realized. In assessing the need for a valuation allowance, the Company considers all available evidence, including past operating results, estimates of future taxable income, and the feasibility of tax planning strategies. The Company’s estimates and projections require significant judgment and are subject to uncertainty due to various factors, including the economic environment, industry and market conditions, and the length of time of the projections included in the analyses. | ||||
Income from Continuing Operations per Share | Income from Continuing Operations per Share | |||
The Company computes basic income (loss) from continuing operations per share based on the weighted-average number of common shares outstanding during the periods presented. Diluted income (loss) from continuing operations per share is computed based on the weighted-average number of common and any dilutive potential common shares outstanding using the treasury stock method. Restricted stock units, stock options and other stock-based awards granted by the Company have been treated as dilutive potential common shares in computing diluted income from continuing operations per share. | ||||
Concentration of Credit Risk | Concentration of Credit Risk | |||
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash equivalents, marketable securities and trade accounts receivable. Cash and cash equivalents are maintained with several financial institutions. Deposits held with banks may exceed the amount of insurance provided on such deposits. | ||||
The Company invests primarily in debt securities, the majority of which are high investment grade. In accordance with the Company’s investment policy, exposure to credit risk is limited by the diversification and investment in highly-rated securities. | ||||
The Company’s products are sold worldwide, primarily to OEMs and distributors. As of March 29, 2015 and March 30, 2014, the Company had four customers that each individually accounted for 10% or more of the Company’s accounts receivable. These customers, all of which were OEMs or manufacturing subcontractors of servers and workstations, accounted for an aggregate of 63% and 71% of the Company’s total accounts receivable as of March 29, 2015, and March 30, 2014, respectively. The Company performs ongoing credit evaluations of its customers’ financial condition and, generally, requires no collateral from its customers. Sales to customers are denominated in U.S. dollars. As a result, the Company believes its foreign currency risk related to trade accounts receivable is minimal. | ||||
Fair Value Measurements | Fair Value Measurements | |||
Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is based on three levels of inputs that may be used to measure fair value. The first two levels of inputs are considered observable and the last unobservable. A description of the three levels of inputs is as follows: | ||||
• | Level 1 — Quoted prices in active markets for identical assets or liabilities. | |||
• | Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||
• | Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |||
Cash and Cash Equivalents | Cash and Cash Equivalents | |||
The Company considers all highly liquid investments purchased with original maturities of three months or less on their acquisition date to be cash equivalents. The carrying amounts of cash and cash equivalents approximate their fair values. | ||||
Marketable Securities | Marketable Securities | |||
Marketable securities consist of available-for-sale securities and are classified in the consolidated balance sheets based on the nature of the security and the availability for use in current operations. Available-for-sale securities are recorded at fair value based on quoted market prices or other observable inputs. Unrealized gains and losses, net of related income taxes, on available-for-sale securities are excluded from earnings and reported as a separate component of accumulated other comprehensive income until realized. | ||||
The Company recognizes an impairment charge on available-for-sale securities when the decline in the fair value of an investment below its cost basis is judged to be other-than-temporary. If the Company intends to sell the security or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss, the Company would recognize the entire impairment in earnings. If the Company does not intend to sell the security and it is not more likely than not that it will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss, the other-than-temporary impairment is separated into (a) the amount representing the credit loss and (b) the amount related to all other factors. The amount of the other-than-temporary impairment related to the credit loss is recognized in earnings. The amount of the other-than-temporary impairment related to other factors is recognized in other comprehensive income, net of applicable taxes. The Company considers various factors in determining whether to recognize an impairment charge, 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 has 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. | ||||
Realized gains or losses are determined on a specific identification basis and reported in interest and other income, net, as incurred. Realized gains and losses reclassified from accumulated other comprehensive income are included in interest and other income, net, in the consolidated statements of operations. | ||||
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts | |||
An allowance for doubtful accounts is maintained for estimated losses resulting from the inability of the Company’s customers to make required payments. This reserve is determined by analyzing specific customer accounts, applying estimated loss rates to the aging of remaining accounts receivable balances, and considering the impact of the current economic environment where appropriate. | ||||
Inventories | Inventories | |||
Inventories are stated at the lower of cost (first-in, first-out) or market. The Company writes down the carrying value of inventory to estimated net realizable value for estimated excess and obsolete inventory based upon assumptions about future demand and market conditions. These assumptions are based on economic conditions and trends (both current and projected), anticipated customer demand and acceptance of the Company’s current products, expected future products and other assumptions. Once the Company writes down the carrying value of inventory, a new cost basis is established. Subsequent changes in facts and circumstances do not result in an increase in the newly-established cost basis. | ||||
Inventories acquired through business combinations are recorded at their acquisition date fair value, which is generally estimated selling price less the costs of disposal and a normal profit allowance. | ||||
Property and Equipment | Property and Equipment | |||
Property and equipment are stated at cost. Property and equipment acquired through business combinations are recorded at their acquisition date fair value. Depreciation is calculated using the straight-line method over estimated useful lives of 39.5 years for buildings, five to fifteen years for building and land improvements, and two to five years for other property and equipment. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or the estimated useful life of the related asset. | ||||
Goodwill and Indefinite-Lived Intangible Assets | Goodwill and Indefinite-Lived Intangible Assets | |||
Goodwill is recorded as the difference, if any, between the aggregate consideration paid for an acquisition and the fair value of the net tangible and intangible assets acquired. The amount assigned to in-process research and development (IPR&D) is capitalized and accounted for as an indefinite-lived intangible asset until the underlying projects are completed or abandoned. | ||||
Goodwill is not amortized but instead is tested annually for impairment, or more frequently when events or changes in circumstances indicate that the asset might be impaired, by comparing the carrying value to the fair value of the reporting unit to which the goodwill is assigned. A two-step test is used to identify the potential impairment and to measure the amount of impairment, if any. The first step is to compare the fair value of the reporting unit with its carrying amount, including goodwill. If the fair value of the reporting unit is less than its carrying amount, goodwill is considered impaired and the loss is measured by performing step two. Under step two, the impairment loss is measured by comparing the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. Management determined that the Company has a single reporting unit for the purpose of testing goodwill for impairment. The Company performs the annual test for impairment as of the first day of its fourth fiscal quarter. During the annual goodwill impairment test, the Company completed step one and determined that there was no impairment of goodwill since the fair value (based on quoted market price in an active market) of the reporting unit exceeded its carrying value. | ||||
IPR&D is not amortized but instead is tested annually for impairment, or more frequently when events or changes in circumstances indicate that the asset might be impaired. The Company initially assesses qualitative factors to determine whether it is more likely than not that the fair value of IPR&D is less than its carrying amount, and if so, the Company conducts a quantitative impairment test. The quantitative impairment test consists of a comparison of the fair value of IPR&D to its carrying amount. If the carrying value exceeds its fair value, an impairment loss is recognized in an amount equal to the difference. When an IPR&D project is complete, the related intangible asset becomes subject to amortization and impairment analysis as a long-lived asset. The Company performed a qualitative impairment test as of the first day of its fourth fiscal quarter and determined that there was no impairment of IPR&D. | ||||
Long-Lived Assets | Long-Lived Assets | |||
Long-lived assets, including property and equipment and purchased intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability of assets to be held and used is measured by the comparison of the carrying amount of an asset or asset group to future undiscounted net cash flows expected to be generated by the asset or asset group. If such an asset or asset group is considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the asset or asset group exceeds the fair value of the asset or asset group. Assets to be disposed of are reported at the lower of their carrying amount or fair value less costs to sell. | ||||
Purchased intangible assets consist primarily of technology and customer relationships acquired in business acquisitions. Purchased intangible assets that have definite lives are amortized using a method that reflects the pattern in which the economic benefits of the intangible assets are realized or, if that pattern cannot be reliably determined, using a straight-line method over the estimated useful lives of the related assets, generally ranging from three to eight years. | ||||
Warranty | Warranty | |||
The Company’s products typically carry a warranty for periods of up to five years. The Company records a liability for product warranty obligations in the period the related revenue is recorded based on historical warranty experience. Warranty expense and the corresponding liability were not material to the consolidated financial statements. | ||||
Comprehensive Income | Comprehensive Income | |||
Comprehensive income (loss) includes all changes in equity other than transactions with stockholders. The Company’s accumulated other comprehensive income consists of unrealized gains and losses on available-for-sale securities, net of income taxes, and foreign currency translation adjustments. | ||||
Foreign Currency Translation | Foreign Currency Translation | |||
Certain of the Company’s foreign subsidiaries utilize a functional currency other than U.S. dollars. Assets and liabilities of these subsidiaries are translated to U.S. dollars at exchange rates in effect at the balance sheet date, and income and expenses are translated at average exchange rates during the period. The resulting translation adjustments are recorded as a component of accumulated other comprehensive income. Gains and losses resulting from transactions denominated in currencies other than the functional currency are included in interest and other income, net, and were not material to the consolidated statements of operations. | ||||
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 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 its consolidated balance sheet. |
Business_Acquisitions_and_Lice1
Business Acquisitions and License Agreement (Tables) | 12 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Business Combinations [Abstract] | |||||||||
Summary of Final Purchase Price Allocation | The following table summarizes the final 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 | 56,256 | ||||||||
Identifiable intangible assets | 85,360 | ||||||||
Accrued compensation | (987 | ) | |||||||
Other current liabilities | (129 | ) | |||||||
$ | 147,757 | ||||||||
Summary of Identifiable Intangible Assets Acquired and Estimated Useful Lives | A summary of the identifiable intangible assets acquired as part of the acquisition and their respective estimated useful lives is as follows: | ||||||||
Weighted | Amount | ||||||||
Average | |||||||||
Useful Lives | |||||||||
(Years) | (In thousands) | ||||||||
Identifiable Intangible Assets: | |||||||||
Developed technology | 5 | $ | 58,760 | ||||||
In-process research and development | N/A | 21,200 | |||||||
Customer relationships | 8 | 5,400 | |||||||
$ | 85,360 | ||||||||
Schedule of Supplemental Pro Forma Financial Data (Unaudited) | This unaudited supplemental pro forma financial data is presented for informational purposes only and does not purport to be indicative of the results of future operations or the results that would have occurred had the Company completed the acquisition at the beginning of fiscal 2013. | ||||||||
2014 | 2013 | ||||||||
(Unaudited, in thousands, except | |||||||||
per share amounts) | |||||||||
Pro forma net revenues: | |||||||||
Advanced Connectivity Platforms | $ | 423,446 | $ | 433,357 | |||||
Legacy Connectivity Products | 85,888 | 124,424 | |||||||
$ | 509,334 | $ | 557,781 | ||||||
Pro forma income (loss) from continuing operations | $ | (38,676 | ) | $ | 59,198 | ||||
Pro forma income (loss) from continuing operations per share (basic) | $ | (0.44 | ) | $ | 0.63 | ||||
Pro forma income (loss) from continuing operations per share (diluted) | $ | (0.44 | ) | $ | 0.63 |
Marketable_Securities_Tables
Marketable Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||||||||||
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) | |||||||||||||||||||||||||
March 29, 2015 | |||||||||||||||||||||||||
U.S. government and agency securities | $ | 54,279 | $ | 173 | $ | (12 | ) | $ | 54,440 | ||||||||||||||||
Corporate debt obligations | 99,117 | 257 | (51 | ) | 99,323 | ||||||||||||||||||||
Mortgage-backed securities | 26,676 | 182 | (36 | ) | 26,822 | ||||||||||||||||||||
Municipal bonds | 16,647 | 76 | (2 | ) | 16,721 | ||||||||||||||||||||
Other debt securities | 3,860 | 8 | — | 3,868 | |||||||||||||||||||||
$ | 200,579 | $ | 696 | $ | (101 | ) | $ | 201,174 | |||||||||||||||||
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 March 29, 2015, 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 | $ | 36,104 | $ | 36,118 | |||||||||||||||||||||
Due after one year through three years | 126,172 | 126,485 | |||||||||||||||||||||||
Due after three years through five years | 21,459 | 21,588 | |||||||||||||||||||||||
Due after five years | 16,844 | 16,983 | |||||||||||||||||||||||
$ | 200,579 | $ | 201,174 | ||||||||||||||||||||||
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 March 29, 2015 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) | |||||||||||||||||||||||||
March 29, 2015 | |||||||||||||||||||||||||
U.S. government and agency securities | $ | 16,607 | $ | (12 | ) | $ | — | $ | — | $ | 16,607 | $ | (12 | ) | |||||||||||
Corporate debt obligations | 28,421 | (51 | ) | — | — | 28,421 | (51 | ) | |||||||||||||||||
Mortgage-backed securities | 4,174 | (8 | ) | 4,581 | (28 | ) | 8,755 | (36 | ) | ||||||||||||||||
Municipal bonds | 921 | (2 | ) | — | — | 921 | (2 | ) | |||||||||||||||||
$ | 50,123 | $ | (73 | ) | $ | 4,581 | $ | (28 | ) | $ | 54,704 | $ | (101 | ) | |||||||||||
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) | 12 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
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 March 29, 2015 and March 30, 2014 is as follows: | ||||||||||||
Fair Value Measurements Using | |||||||||||||
Level 1 | Level 2 | Total | |||||||||||
(In thousands) | |||||||||||||
March 29, 2015 | |||||||||||||
Cash and cash equivalents | $ | 115,241 | $ | — | $ | 115,241 | |||||||
Marketable securities: | |||||||||||||
U.S. government and agency securities | 54,440 | — | 54,440 | ||||||||||
Corporate debt obligations | — | 99,323 | 99,323 | ||||||||||
Mortgage-backed securities | — | 26,822 | 26,822 | ||||||||||
Municipal bonds | — | 16,721 | 16,721 | ||||||||||
Other debt securities | — | 3,868 | 3,868 | ||||||||||
54,440 | 146,734 | 201,174 | |||||||||||
$ | 169,681 | $ | 146,734 | $ | 316,415 | ||||||||
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) | 12 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Components of Inventories | Components of inventories are as follows: | ||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Raw materials | $ | 4,311 | $ | 2,041 | |||||
Finished goods | 25,667 | 15,995 | |||||||
$ | 29,978 | $ | 18,036 | ||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Components of Property and Equipment | Components of property and equipment are as follows: | ||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Land | $ | 11,663 | $ | 14,656 | |||||
Buildings and improvements | 38,996 | 47,629 | |||||||
Production and test equipment | 229,268 | 221,031 | |||||||
Furniture and fixtures | 8,630 | 8,338 | |||||||
288,557 | 291,654 | ||||||||
Less accumulated depreciation and amortization | 210,056 | 205,127 | |||||||
$ | 78,501 | $ | 86,527 | ||||||
Goodwill_and_Purchased_Intangi1
Goodwill and Purchased Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Summary of Goodwill Activity | A summary of goodwill activity is as follows: | ||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Balance at beginning of year | $ | 167,232 | $ | 110,976 | |||||||||||||||||||||
Goodwill resulting from acquisition | — | 56,256 | |||||||||||||||||||||||
Balance at end of year | $ | 167,232 | $ | 167,232 | |||||||||||||||||||||
Components of Purchased Intangible Assets | Purchased intangible assets consist of the following: | ||||||||||||||||||||||||
March 29, 2015 | March 30, 2014 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | ||||||||||||||||||||
Value | Value | Value | Value | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Definite-lived intangible assets: | |||||||||||||||||||||||||
Developed technology | $ | 72,121 | $ | 21,536 | $ | 50,585 | $ | 72,121 | $ | 4,957 | $ | 67,164 | |||||||||||||
Customer relationships | 5,400 | 703 | 4,697 | 5,400 | — | 5,400 | |||||||||||||||||||
Other | 3,329 | 2,152 | 1,177 | 3,829 | 2,430 | 1,399 | |||||||||||||||||||
80,850 | 24,391 | 56,459 | 81,350 | 7,387 | 73,963 | ||||||||||||||||||||
Indefinite-lived intangible assets: | |||||||||||||||||||||||||
In-process research and development | 21,200 | — | 21,200 | 21,200 | — | 21,200 | |||||||||||||||||||
$ | 102,050 | $ | 24,391 | $ | 77,659 | $ | 102,550 | $ | 7,387 | $ | 95,163 | ||||||||||||||
Amortization Expense by Classification Included in Consolidated Statements of Operations | A summary of the amortization expense, by classification, included in the consolidated statements of operations is as follows: | ||||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Cost of revenues | $ | 16,801 | $ | 2,387 | $ | 1,223 | |||||||||||||||||||
Sales and marketing | 703 | — | — | ||||||||||||||||||||||
$ | 17,504 | $ | 2,387 | $ | 1,223 | ||||||||||||||||||||
Estimated Future Amortization Expense of Definite-Lived Intangible Assets | The following table presents the estimated future amortization expense of definite-lived intangible assets as of March 29, 2015: | ||||||||||||||||||||||||
Fiscal | (In thousands) | ||||||||||||||||||||||||
2016 | $ | 14,794 | |||||||||||||||||||||||
2017 | 14,155 | ||||||||||||||||||||||||
2018 | 13,511 | ||||||||||||||||||||||||
2019 | 12,002 | ||||||||||||||||||||||||
2020 | 675 | ||||||||||||||||||||||||
Thereafter | 1,322 | ||||||||||||||||||||||||
$ | 56,459 | ||||||||||||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||||||||||
Summary of Stock Option Activity | A summary of stock option activity is as follows: | ||||||||||||||||||||||||
Number of | Weighted- | Weighted- | Aggregate | ||||||||||||||||||||||
Options | Average | Average | Intrinsic | ||||||||||||||||||||||
Exercise | Remaining | Value | |||||||||||||||||||||||
Price | Contractual | ||||||||||||||||||||||||
Term (Years) | |||||||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||||
Outstanding at April 1, 2012 | 19,011 | $ | 17.91 | ||||||||||||||||||||||
Granted | 1,387 | 13.67 | |||||||||||||||||||||||
Exercised | (79 | ) | 14.31 | $ | 204 | ||||||||||||||||||||
Forfeited (cancelled pre-vesting) | (177 | ) | 15.82 | ||||||||||||||||||||||
Expired (cancelled post-vesting) | (3,313 | ) | 20.23 | ||||||||||||||||||||||
Outstanding at March 31, 2013 | 16,829 | 17.14 | |||||||||||||||||||||||
Granted | 75 | 10.9 | |||||||||||||||||||||||
Exercised | (88 | ) | 12 | 36 | |||||||||||||||||||||
Forfeited (cancelled pre-vesting) | (732 | ) | 15.02 | ||||||||||||||||||||||
Expired (cancelled post-vesting) | (4,881 | ) | 20.45 | ||||||||||||||||||||||
Outstanding at March 30, 2014 | 11,203 | 15.84 | |||||||||||||||||||||||
Granted | 32 | 9.99 | |||||||||||||||||||||||
Exercised | (229 | ) | 13.43 | 264 | |||||||||||||||||||||
Forfeited (cancelled pre-vesting) | (273 | ) | 14.88 | ||||||||||||||||||||||
Expired (cancelled post-vesting) | (2,238 | ) | 15.42 | ||||||||||||||||||||||
Outstanding at March 29, 2015 | 8,495 | $ | 16.03 | 3.6 | $ | 1,556 | |||||||||||||||||||
Vested and expected to vest at March 29, 2015 | 8,482 | $ | 16.03 | 3.6 | $ | 1,545 | |||||||||||||||||||
Exercisable at March 29, 2015 | 8,225 | $ | 16.11 | 3.5 | $ | 1,213 | |||||||||||||||||||
Summary of Stock-Based Compensation Expense | A summary of stock-based compensation expense, by functional line item in the consolidated statements of operations, is as follows: | ||||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Cost of revenues | $ | 1,049 | $ | 1,349 | $ | 2,372 | |||||||||||||||||||
Engineering and development | 10,024 | 10,918 | 13,584 | ||||||||||||||||||||||
Sales and marketing | 4,631 | 5,337 | 6,853 | ||||||||||||||||||||||
General and administrative | 4,841 | 5,034 | 7,554 | ||||||||||||||||||||||
$ | 20,545 | $ | 22,638 | $ | 30,363 | ||||||||||||||||||||
Weighted-Average Fair Values and Underlying Assumptions | The fair value of stock options granted and shares to be purchased under the ESPP have been estimated at the date of grant using a Black-Scholes option-pricing model. The weighted-average fair values and underlying assumptions are as follows: | ||||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||
Stock | Employee Stock | Stock | Employee Stock | Stock | Employee Stock | ||||||||||||||||||||
Options | Purchase Plan | Options | Purchase Plan | Options | Purchase Plan | ||||||||||||||||||||
Fair value | $ | 3.74 | $ | 2.2 | $ | 4.12 | $ | 2.41 | $ | 4.97 | $ | 2.66 | |||||||||||||
Expected volatility | 33 | % | 30 | % | 36 | % | 32 | % | 38 | % | 36 | % | |||||||||||||
Risk-free interest rate | 2.1 | % | 0.1 | % | 1.6 | % | 0.1 | % | 0.9 | % | 0.1 | % | |||||||||||||
Expected life (years) | 6.6 | 0.5 | 6.2 | 0.3 | 5.5 | 0.25 | |||||||||||||||||||
Dividend yield | — | — | — | — | — | — | |||||||||||||||||||
Vesting Feature Service Conditions And Either Performance Or Market Condition [Member] | |||||||||||||||||||||||||
Summary of Activity of Restricted Stock Units | A summary of activity of restricted stock units subject to a service condition and either a performance or market condition is as follows: | ||||||||||||||||||||||||
Number of | Weighted- | Aggregate | |||||||||||||||||||||||
RSUs | Average | Fair Value | |||||||||||||||||||||||
Grant | |||||||||||||||||||||||||
Date | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||||
Outstanding and unvested at April 1, 2012 | 155 | $ | 13.85 | ||||||||||||||||||||||
Granted | 179 | 14.1 | |||||||||||||||||||||||
Vested | (36 | ) | 13.85 | $ | 508 | ||||||||||||||||||||
Forfeited | (9 | ) | 13.85 | ||||||||||||||||||||||
Outstanding and unvested at March 31, 2013 | 289 | 14.01 | |||||||||||||||||||||||
Granted | 374 | 11.67 | |||||||||||||||||||||||
Vested | (60 | ) | 13.97 | 558 | |||||||||||||||||||||
Forfeited | (180 | ) | 13.86 | ||||||||||||||||||||||
Outstanding and unvested at March 30, 2014 | 423 | 12.02 | |||||||||||||||||||||||
Granted | 721 | 12.04 | |||||||||||||||||||||||
Vested | (24 | ) | 13.98 | 242 | |||||||||||||||||||||
Forfeited | (141 | ) | 10.03 | ||||||||||||||||||||||
Outstanding and unvested at March 29, 2015 | 979 | $ | 12.27 | ||||||||||||||||||||||
Vesting Feature Service Conditions [Member] | |||||||||||||||||||||||||
Summary of Activity of Restricted Stock Units | A summary of activity of restricted stock units subject to only a service condition is as follows: | ||||||||||||||||||||||||
Number of | Weighted- | Aggregate | |||||||||||||||||||||||
RSUs | Average | Fair Value | |||||||||||||||||||||||
Grant | |||||||||||||||||||||||||
Date | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||||
Outstanding and unvested at April 1, 2012 | 2,686 | $ | 15.77 | ||||||||||||||||||||||
Granted | 1,753 | 13.52 | |||||||||||||||||||||||
Vested | (1,002 | ) | 15.43 | $ | 14,057 | ||||||||||||||||||||
Forfeited | (186 | ) | 14.94 | ||||||||||||||||||||||
Outstanding and unvested at March 31, 2013 | 3,251 | 14.71 | |||||||||||||||||||||||
Granted | 2,207 | 11.11 | |||||||||||||||||||||||
Vested | (1,150 | ) | 14.9 | 11,136 | |||||||||||||||||||||
Forfeited | (697 | ) | 13.8 | ||||||||||||||||||||||
Outstanding and unvested at March 30, 2014 | 3,611 | 12.62 | |||||||||||||||||||||||
Granted | 2,061 | 10.61 | |||||||||||||||||||||||
Vested | (1,102 | ) | 13.42 | 11,839 | |||||||||||||||||||||
Forfeited | (911 | ) | 11.94 | ||||||||||||||||||||||
Outstanding and unvested at March 29, 2015 | 3,659 | $ | 11.42 | ||||||||||||||||||||||
Special_Charges_Tables
Special Charges (Tables) | 12 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Summary of Special Charges | A summary of the special charges recorded during fiscal 2015 and 2014 is as follows: | ||||||||||||
2015 | 2014 | ||||||||||||
(In thousands) | |||||||||||||
Exit costs | $ | 6,946 | $ | 26,491 | |||||||||
Asset impairments | 3,074 | 7,322 | |||||||||||
Other charges | 500 | — | |||||||||||
Patent license (Note 2) | — | 41,040 | |||||||||||
$ | 10,520 | $ | 74,853 | ||||||||||
Summary of Unpaid Exit Costs for Restructuring Plans by Classification | A summary of the total unpaid exit costs for all restructuring plans, by classification, included in the consolidated balance sheets is as follows: | ||||||||||||
2015 | 2014 | ||||||||||||
(In thousands) | |||||||||||||
Other current liabilities | $ | 3,664 | $ | 10,042 | |||||||||
Other liabilities | 7,553 | 5,595 | |||||||||||
$ | 11,217 | $ | 15,637 | ||||||||||
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) | |||||||||||||
Charged to costs and expenses | $ | 4,789 | $ | 4,325 | $ | 9,114 | |||||||
Payments | (1,612 | ) | (14 | ) | (1,626 | ) | |||||||
Balance as of March 30, 2014 | 3,177 | 4,311 | 7,488 | ||||||||||
Charged to costs and expenses | 2,693 | (73 | ) | 2,620 | |||||||||
Payments | (5,870 | ) | (4,238 | ) | (10,108 | ) | |||||||
Balance as of March 29, 2015 | $ | — | $ | — | $ | — | |||||||
June 2013 Initiative [Member] | |||||||||||||
Activity and Liability Balances for Exit Costs | Activity and liability balances for exit costs related to the June 2013 Initiative, including a liability associated with exit costs related to a portion of the facility the Company ceased using prior to fiscal 2013, are as follows: | ||||||||||||
Workforce | Facilities | Total | |||||||||||
Reduction | and Other | ||||||||||||
(In thousands) | |||||||||||||
Balance as of March 31, 2013 | $ | — | $ | 1,771 | $ | 1,771 | |||||||
Charged to costs and expenses | 13,831 | 3,546 | 17,377 | ||||||||||
Payments | (10,303 | ) | (696 | ) | (10,999 | ) | |||||||
Balance as of March 30, 2014 | 3,528 | 4,621 | 8,149 | ||||||||||
Charged to costs and expenses | 749 | 2,353 | 3,102 | ||||||||||
Payments | (1,801 | ) | (1,064 | ) | (2,865 | ) | |||||||
Non-cash adjustments | — | 1,666 | 1,666 | ||||||||||
Balance as of March 29, 2015 | $ | 2,476 | $ | 7,576 | $ | 10,052 | |||||||
Interest_and_Other_Income_net_
Interest and Other Income, net (Tables) | 12 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||
Components of Interest and Other Income, Net | Components of interest and other income, net, are as follows: | ||||||||||||
2015 | 2014 | 2013 | |||||||||||
(In thousands) | |||||||||||||
Interest income | $ | 2,166 | $ | 3,378 | $ | 3,825 | |||||||
Gain on sales of marketable securities | 386 | 2,184 | 1,151 | ||||||||||
Loss on sales of marketable securities | (430 | ) | (938 | ) | (716 | ) | |||||||
Other | (1,359 | ) | (1,364 | ) | (253 | ) | |||||||
$ | 763 | $ | 3,260 | $ | 4,007 | ||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Income (Loss) from Continuing Operations before Income Taxes, Domestic and Foreign | Income (loss) from continuing operations before income taxes consists of the following components: | ||||||||||||
2015 | 2014 | 2013 | |||||||||||
(In thousands) | |||||||||||||
United States | $ | 12,294 | $ | (19,056 | ) | $ | 13,084 | ||||||
International | 42,899 | 10,096 | 48,773 | ||||||||||
$ | 55,193 | $ | (8,960 | ) | $ | 61,857 | |||||||
Components of Income Tax Expense (Benefit) from Continuing Operations | The components of income tax expense (benefit) from continuing operations are as follows: | ||||||||||||
2015 | 2014 | 2013 | |||||||||||
(In thousands) | |||||||||||||
Current: | |||||||||||||
Federal | $ | 1,859 | $ | 9,206 | $ | (13,374 | ) | ||||||
State | 913 | 1,532 | 260 | ||||||||||
Foreign | 3,285 | 2,205 | 1,520 | ||||||||||
Total current | 6,057 | 12,943 | (11,594 | ) | |||||||||
Deferred: | |||||||||||||
Federal | (1,700 | ) | (18,883 | ) | 3,445 | ||||||||
State | 603 | 15,006 | (3,684 | ) | |||||||||
Foreign | (360 | ) | 240 | 129 | |||||||||
Total deferred | (1,457 | ) | (3,637 | ) | (110 | ) | |||||||
$ | 4,600 | $ | 9,306 | $ | (11,704 | ) | |||||||
Reconciliation of Income Tax Expense (Benefit) | A reconciliation of the income tax expense (benefit) with the amount computed by applying the federal statutory tax rate to income (loss) from continuing operations before income taxes is as follows: | ||||||||||||
2015 | 2014 | 2013 | |||||||||||
(In thousands) | |||||||||||||
Expected income tax expense (benefit) at the statutory rate | $ | 19,318 | $ | (3,136 | ) | $ | 21,650 | ||||||
State income taxes, net of federal tax benefit | 1,773 | (330 | ) | 1,581 | |||||||||
Tax rate differential on foreign earnings and other international related tax items | (11,195 | ) | (324 | ) | (14,025 | ) | |||||||
Benefit from research and other credits | (7,360 | ) | (6,764 | ) | (9,210 | ) | |||||||
Stock-based compensation | 2,649 | 4,759 | 2,414 | ||||||||||
Resolution of prior period tax matters | (3,577 | ) | (1,480 | ) | (14,701 | ) | |||||||
Valuation allowance | 2,634 | 16,433 | (301 | ) | |||||||||
Other, net | 358 | 148 | 888 | ||||||||||
$ | 4,600 | $ | 9,306 | $ | (11,704 | ) | |||||||
Components of Deferred Tax Assets and Liabilities | The components of the deferred tax assets and liabilities are as follows: | ||||||||||||
2015 | 2014 | ||||||||||||
(In thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Research credits | $ | 31,487 | $ | 24,296 | |||||||||
Reserves and accruals not currently deductible | 18,971 | 20,454 | |||||||||||
Stock-based compensation | 14,415 | 15,583 | |||||||||||
Net operating loss carryforwards | 9,764 | 11,048 | |||||||||||
Patent license | 7,098 | 7,430 | |||||||||||
Property and equipment | 2,587 | — | |||||||||||
Investment securities | 913 | 1,046 | |||||||||||
Other | 313 | 419 | |||||||||||
Total gross deferred tax assets | 85,548 | 80,276 | |||||||||||
Valuation allowance | (20,307 | ) | (17,672 | ) | |||||||||
Total deferred tax assets, net of valuation allowance | 65,241 | 62,604 | |||||||||||
Deferred tax liabilities: | |||||||||||||
State income taxes | 10,547 | 10,026 | |||||||||||
Research and development expenditures | 5,814 | 2,220 | |||||||||||
Property and equipment | — | 1,911 | |||||||||||
Other | — | 540 | |||||||||||
Total deferred tax liabilities | 16,361 | 14,697 | |||||||||||
Net deferred tax assets | $ | 48,880 | $ | 47,907 | |||||||||
Schedule of Gross Unrecognized Tax Benefits Rollforward | A rollforward of the activity in the gross unrecognized tax benefits is as follows: | ||||||||||||
2015 | 2014 | ||||||||||||
(In thousands) | |||||||||||||
Balance at beginning of year | $ | 13,577 | $ | 9,584 | |||||||||
Additions based on tax positions related to the current year | 1,059 | 1,140 | |||||||||||
Additions for tax positions of prior years | 2,966 | 4,494 | |||||||||||
Reductions for tax positions of prior years | (276 | ) | (1,641 | ) | |||||||||
Decreases relating to settlements with taxing authorities | (3,629 | ) | — | ||||||||||
Reductions due to lapses of statutes of limitations | (793 | ) | — | ||||||||||
Balance at end of year | $ | 12,904 | $ | 13,577 | |||||||||
Income_per_Share_Tables
Income per Share (Tables) | 12 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Computation of Basic and Diluted Income (Loss) from Continuing Operations Per Share | The following table sets forth the computation of basic and diluted income (loss) from continuing operations per share: | ||||||||||||
2015 | 2014 | 2013 | |||||||||||
(In thousands, except per share amounts) | |||||||||||||
Income (loss) from continuing operations | $ | 50,593 | $ | (18,266 | ) | $ | 73,561 | ||||||
Shares: | |||||||||||||
Weighted-average shares outstanding — basic | 87,584 | 87,612 | 93,560 | ||||||||||
Dilutive potential common shares, using treasury stock method | 879 | — | 438 | ||||||||||
Weighted-average shares outstanding — diluted | 88,463 | 87,612 | 93,998 | ||||||||||
Income (loss) from continuing operations per share: | |||||||||||||
Basic | $ | 0.58 | $ | (0.21 | ) | $ | 0.79 | ||||||
Diluted | $ | 0.57 | $ | (0.21 | ) | $ | 0.78 | ||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Mar. 29, 2015 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Future Minimum Lease Commitments under Non-Cancelable Operating Leases | A summary of the future minimum lease commitments under non-cancelable operating leases as of March 29, 2015 is as follows: | ||||
Fiscal Year | (In thousands) | ||||
2016 | $ | 9,276 | |||
2017 | 5,476 | ||||
2018 | 2,957 | ||||
2019 | 883 | ||||
2020 | 607 | ||||
Thereafter | 51 | ||||
Total future minimum lease payments | $ | 19,250 | |||
Revenue_Components_Geographic_1
Revenue Components, Geographic Revenues and Significant Customers (Tables) | 12 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Schedule of Net Revenues by Product Category | A summary of net revenues by product category is as follows: | ||||||||||||
2015 | 2014 | 2013 | |||||||||||
(In thousands) | |||||||||||||
Advanced Connectivity Platforms | $ | 465,000 | $ | 386,738 | $ | 399,416 | |||||||
Legacy Connectivity Products | 55,198 | 74,169 | 85,122 | ||||||||||
$ | 520,198 | $ | 460,907 | $ | 484,538 | ||||||||
Schedule of Net Revenues by Geographic Area | Net revenues by geographic area are as follows: | ||||||||||||
2015 | 2014 | 2013 | |||||||||||
(In thousands) | |||||||||||||
United States | $ | 193,853 | $ | 191,481 | $ | 209,590 | |||||||
Asia-Pacific and Japan | 226,213 | 166,568 | 158,075 | ||||||||||
Europe, Middle East and Africa | 83,045 | 85,572 | 92,695 | ||||||||||
Rest of world | 17,087 | 17,286 | 24,178 | ||||||||||
$ | 520,198 | $ | 460,907 | $ | 484,538 | ||||||||
Schedule of Customers That Represent 10% or More of Net Revenues | A summary of the Company’s customers, including their manufacturing subcontractors, that represent 10% or more of the Company’s net revenues is as follows: | ||||||||||||
2015 | 2014 | 2013 | |||||||||||
Hewlett-Packard | 27 | % | 24 | % | 24 | % | |||||||
Dell | 17 | % | 15 | % | 12 | % | |||||||
IBM | 11 | % | 17 | % | 20 | % |
Condensed_Quarterly_Results_Un1
Condensed Quarterly Results (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information | The following table summarizes certain unaudited quarterly financial information for fiscal 2015 and 2014: | ||||||||||||||||
Three Months Ended | |||||||||||||||||
June (1) | September | December (2) | March (3) (4) | ||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
Fiscal 2015: | |||||||||||||||||
Net revenues | $ | 119,449 | $ | 127,503 | $ | 140,203 | $ | 133,043 | |||||||||
Gross profit | 70,695 | 75,410 | 82,401 | 77,546 | |||||||||||||
Operating income | 5,396 | 13,521 | 23,700 | 11,813 | |||||||||||||
Net income | 6,000 | 11,010 | 22,435 | 11,148 | |||||||||||||
Net income per share: | |||||||||||||||||
Basic | $ | 0.07 | $ | 0.13 | $ | 0.26 | $ | 0.13 | |||||||||
Diluted | $ | 0.07 | $ | 0.12 | $ | 0.25 | $ | 0.13 | |||||||||
Fiscal 2014: | |||||||||||||||||
Net revenues | $ | 113,116 | $ | 112,622 | $ | 119,449 | $ | 115,720 | |||||||||
Gross profit | 76,497 | 76,309 | 81,003 | 76,298 | |||||||||||||
Operating income (loss) | (3,075 | ) | 13,186 | 20,302 | (42,633 | ) | |||||||||||
Net income (loss) | (3,050 | ) | 10,977 | 20,586 | (46,779 | ) | |||||||||||
Net income (loss) per share: | |||||||||||||||||
Basic | $ | (0.03 | ) | $ | 0.13 | $ | 0.24 | $ | (0.54 | ) | |||||||
Diluted | $ | (0.03 | ) | $ | 0.13 | $ | 0.24 | $ | (0.54 | ) | |||||||
-1 | During the three months ended June 30, 2013, the Company recorded special charges of $12.0 million, consisting of $9.6 million of exit costs and $2.4 million of asset impairment charges primarily related to property and equipment. | ||||||||||||||||
-2 | During the three months ended December 28, 2014, the Company recorded a $3.7 million income tax benefit related to the retroactive reinstatement of the federal research tax credit. | ||||||||||||||||
-3 | During the three months ended March 29, 2015, the Company recorded special charges of $5.6 million, consisting of $3.5 million of exit costs and $2.1 million of asset impairment charges related to property and equipment. | ||||||||||||||||
-4 | During the three months ended March 30, 2014, the Company recorded special charges of $56.5 million, consisting of $41.0 million for the portion of a license payment attributed by the Company to the use of the related technology in periods prior to the date of the related license agreement, $10.6 million of exit costs and $4.9 million of asset impairment charges primarily related to property and equipment. The Company also recorded incremental tax charges of $14.7 million consisting of valuation allowances related to deferred tax assets for certain state tax credits and net operating loss carryforwards. |
Description_of_Business_and_Su2
Description of Business and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | |
Mar. 29, 2015 | Mar. 30, 2014 | |
Accounting Policies [Abstract] | ||
Number of customers that accounted for 10% or more of accounts receivable | 4 | 4 |
Goodwill impairment | $0 | |
IPR&D impairment | $0 | |
Maximum period for company product warranty | 5 years |
Description_of_Business_and_Su3
Description of Business and Summary of Significant Accounting Policies - Additional Information - Concentration Risk (Detail) (Accounts Receivable [Member], Credit Concentration Risk [Member]) | 12 Months Ended | |
Mar. 29, 2015 | Mar. 30, 2014 | |
Accounts Receivable [Member] | Credit Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Accounts receivable concentration risk percentage | 63.00% | 71.00% |
Description_of_Business_and_Su4
Description of Business and Summary of Significant Accounting Policies - Additional Information - Property and Equipment (Detail) | 12 Months Ended |
Mar. 29, 2015 | |
Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful lives | 39 years 6 months |
Minimum [Member] | Buildings and Land Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful lives | 5 years |
Minimum [Member] | Other Property and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful lives | 2 years |
Maximum [Member] | Buildings and Land Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful lives | 15 years |
Maximum [Member] | Other Property and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful lives | 5 years |
Description_of_Business_and_Su5
Description of Business and Summary of Significant Accounting Policies - Additional Information - Long Lived Assets (Detail) | 12 Months Ended |
Mar. 29, 2015 | |
Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Purchased intangible assets, estimated useful lives | 3 years |
Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Purchased intangible assets, estimated useful lives | 8 years |
Business_Acquisitions_and_Lice2
Business Acquisitions and License Agreement - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | ||
Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 29, 2015 | Jan. 31, 2014 | |
Business Acquisition [Line Items] | ||||||
Business acquisition, cash consideration | $157,352,000 | |||||
Amortization expense related to acquired intangible assets | 12,000,000 | 12,000,000 | ||||
Patent license agreement | 62,000,000 | 62,000,000 | 62,000,000 | |||
Patent license agreement, prior periods | 41,000,000 | 41,000,000 | 41,040,000 | |||
Patent license agreement, future periods | 21,000,000 | |||||
Patent license agreement term | 10 years | |||||
Broadcom 10/40/100Gb Ethernet Business [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition, cash consideration | 147,800,000 | |||||
Business combination adjustment to identifiable intangible assets | 25,300,000 | 25,300,000 | ||||
Business combination adjustment to property and equipment | 1,600,000 | 1,600,000 | ||||
Estimated percentage of project complete | 40.00% | 40.00% | 40.00% | |||
Estimated remaining cost to complete project | 6,000,000 | 6,000,000 | 6,000,000 | |||
Estimated remaining time to complete project | 2 years | |||||
Business acquisition, purchase price allocation to inventory | 2,880,000 | 2,880,000 | 2,880,000 | |||
Broadcom 10/40/100Gb Ethernet Business [Member] | Property and Equipment [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination adjustment to goodwill | -1,600,000 | -1,600,000 | ||||
Broadcom 10/40/100Gb Ethernet Business [Member] | Identifiable Intangible Assets [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination adjustment to goodwill | -25,300,000 | -25,300,000 | ||||
Broadcom 10/40/100Gb Ethernet Business [Member] | Minimum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Risk adjusted discount rates | 14.50% | |||||
Broadcom 10/40/100Gb Ethernet Business [Member] | Maximum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Risk adjusted discount rates | 17.00% | |||||
Brocade Communications Systems, Inc. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition, cash consideration | 9,600,000 | |||||
Business acquisition, purchase price allocation to inventory | 1,700,000 | |||||
Business acquisition, purchase price allocation to identifiable intangible assets | $8,000,000 | |||||
Brocade Communications Systems, Inc. [Member] | Developed Technology [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Estimated useful life of purchased intangible assets | 4 years |
Business_Acquisitions_and_Lice3
Business Acquisitions and License Agreement - Summary of Final Purchase Price Allocation (Detail) (USD $) | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Business Acquisition [Line Items] | |||
Goodwill | $167,232 | $167,232 | $110,976 |
Broadcom 10/40/100Gb Ethernet Business [Member] | |||
Business Acquisition [Line Items] | |||
Inventories | 2,880 | ||
Other current assets | 307 | ||
Property and equipment | 4,070 | ||
Goodwill | 56,256 | ||
Identifiable intangible assets | 85,360 | ||
Accrued compensation | -987 | ||
Other current liabilities | -129 | ||
Total purchase price | $147,757 |
Business_Acquisitions_and_Lice4
Business Acquisitions and License Agreement - Summary of Identifiable Intangible Assets Acquired and Estimated Useful Lives (Detail) (Broadcom 10/40/100Gb Ethernet Business [Member], USD $) | 1 Months Ended |
In Thousands, unless otherwise specified | Mar. 30, 2014 |
Business Acquisition [Line Items] | |
Total | $85,360 |
Nonrecurring [Member] | Level 3 [Member] | |
Business Acquisition [Line Items] | |
In-process research and development | 21,200 |
Total | 85,360 |
Developed Technology [Member] | Nonrecurring [Member] | Level 3 [Member] | |
Business Acquisition [Line Items] | |
Identifiable intangible Assets, Weighted Average Useful Lives (Years) | 5 years |
Intangible Assets | 58,760 |
Customer Relationships [Member] | Nonrecurring [Member] | Level 3 [Member] | |
Business Acquisition [Line Items] | |
Identifiable intangible Assets, Weighted Average Useful Lives (Years) | 8 years |
Intangible Assets | $5,400 |
Business_Acquisitions_and_Lice5
Business Acquisitions and License Agreement - Schedule of Supplemental Pro Forma Financial Data (Unaudited) (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Pro forma net revenues: | ||
Pro forma net revenues | $509,334 | $557,781 |
Pro forma income (loss) from continuing operations | -38,676 | 59,198 |
Pro forma income (loss) from continuing operations per share (basic) | ($0.44) | $0.63 |
Pro forma income (loss) from continuing operations per share (diluted) | ($0.44) | $0.63 |
Advanced Connectivity Platforms [Member] | ||
Pro forma net revenues: | ||
Pro forma net revenues | 423,446 | 433,357 |
Legacy Connectivity Products [Member] | ||
Pro forma net revenues: | ||
Pro forma net revenues | $85,888 | $124,424 |
Marketable_Securities_Schedule
Marketable Securities - Schedule of Available-for-Sale Securities (Detail) (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | $200,579 | $186,568 |
Available-for-sale securities, Gross Unrealized Gains | 696 | 543 |
Available-for-sale securities, Gross Unrealized Losses | -101 | -328 |
Available-for-sale securities, Estimated Fair Value | 201,174 | 186,783 |
U.S. Government and Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | 54,279 | 49,237 |
Available-for-sale securities, Gross Unrealized Gains | 173 | 16 |
Available-for-sale securities, Gross Unrealized Losses | -12 | -55 |
Available-for-sale securities, Estimated Fair Value | 54,440 | 49,198 |
Corporate Debt Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | 99,117 | 74,386 |
Available-for-sale securities, Gross Unrealized Gains | 257 | 200 |
Available-for-sale securities, Gross Unrealized Losses | -51 | -72 |
Available-for-sale securities, Estimated Fair Value | 99,323 | 74,514 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | 26,676 | 32,778 |
Available-for-sale securities, Gross Unrealized Gains | 182 | 191 |
Available-for-sale securities, Gross Unrealized Losses | -36 | -187 |
Available-for-sale securities, Estimated Fair Value | 26,822 | 32,782 |
Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | 16,647 | 24,989 |
Available-for-sale securities, Gross Unrealized Gains | 76 | 133 |
Available-for-sale securities, Gross Unrealized Losses | -2 | -9 |
Available-for-sale securities, Estimated Fair Value | 16,721 | 25,113 |
Other Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | 3,860 | 5,178 |
Available-for-sale securities, Gross Unrealized Gains | 8 | 3 |
Available-for-sale securities, Gross Unrealized Losses | -5 | |
Available-for-sale securities, Estimated Fair Value | $3,868 | $5,176 |
Marketable_Securities_Schedule1
Marketable Securities - Schedule of Amortized Cost and Estimated Fair Value of Debt Securities (Detail) (USD $) | Mar. 29, 2015 | 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 | $36,104 | |
Due after one year through three years, Amortized Cost | 126,172 | |
Due after three years through five years, Amortized Cost | 21,459 | |
Due after five years, Amortized Cost | 16,844 | |
Available-for-sale securities, Amortized Cost | 200,579 | 186,568 |
Due in one year or less, Estimated Fair Value | 36,118 | |
Due after one year through three years, Estimated Fair Value | 126,485 | |
Due after three years through five years, Estimated Fair Value | 21,588 | |
Due after five years, Estimated Fair Value | 16,983 | |
Total estimated fair value of debt securities | $201,174 | $186,783 |
Marketable_Securities_Schedule2
Marketable Securities - Schedule of Unrealized Losses by Investment Category (Detail) (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value of Less Than 12 Months | $50,123 | $64,323 |
Unrealized Losses of Less Than 12 Months | -73 | -286 |
Fair Value of 12 Months or Greater | 4,581 | 2,838 |
Unrealized Losses of 12 Months or Greater | -28 | -42 |
Fair Value, Total | 54,704 | 67,161 |
Unrealized Losses, Total | -101 | -328 |
U.S. Government and Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value of Less Than 12 Months | 16,607 | 26,879 |
Unrealized Losses of Less Than 12 Months | -12 | -55 |
Fair Value, Total | 16,607 | 26,879 |
Unrealized Losses, Total | -12 | -55 |
Corporate Debt Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value of Less Than 12 Months | 28,421 | 19,906 |
Unrealized Losses of Less Than 12 Months | -51 | -72 |
Fair Value, Total | 28,421 | 19,906 |
Unrealized Losses, Total | -51 | -72 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value of Less Than 12 Months | 4,174 | 11,261 |
Unrealized Losses of Less Than 12 Months | -8 | -145 |
Fair Value of 12 Months or Greater | 4,581 | 2,838 |
Unrealized Losses of 12 Months or Greater | -28 | -42 |
Fair Value, Total | 8,755 | 14,099 |
Unrealized Losses, Total | -36 | -187 |
Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value of Less Than 12 Months | 921 | 3,322 |
Unrealized Losses of Less Than 12 Months | -2 | -9 |
Fair Value, Total | 921 | 3,322 |
Unrealized Losses, Total | -2 | -9 |
Other Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value of Less Than 12 Months | 2,955 | |
Unrealized Losses of Less Than 12 Months | -5 | |
Fair Value, Total | 2,955 | |
Unrealized Losses, Total | ($5) |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Schedule of Assets Measured at Fair Value on a Recurring Basis (Detail) (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $115,241 | $91,258 |
Marketable securities | 201,174 | 186,783 |
Total assets at fair value disclosure | 316,415 | 278,041 |
U.S. Government and Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 54,440 | 49,198 |
Corporate Debt Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 99,323 | 74,514 |
Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 26,822 | 32,782 |
Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 16,721 | 25,113 |
Other Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 3,868 | 5,176 |
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 | 115,241 | 91,258 |
Marketable securities | 54,440 | 49,198 |
Total assets at fair value disclosure | 169,681 | 140,456 |
Fair Value Measurements Using, Level 1 [Member] | 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 | 54,440 | 49,198 |
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 | 146,734 | 137,585 |
Total assets at fair value disclosure | 146,734 | 137,585 |
Fair Value Measurements Using, Level 2 [Member] | Corporate Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 99,323 | 74,514 |
Fair Value Measurements Using, Level 2 [Member] | Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 26,822 | 32,782 |
Fair Value Measurements Using, Level 2 [Member] | Municipal Bonds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 16,721 | 25,113 |
Fair Value Measurements Using, Level 2 [Member] | Other Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $3,868 | $5,176 |
Inventories_Components_of_Inve
Inventories - Components of Inventories (Detail) (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $4,311 | $2,041 |
Finished goods | 25,667 | 15,995 |
Total Inventory | $29,978 | $18,036 |
Property_and_Equipment_Compone
Property and Equipment - Components of Property and Equipment (Detail) (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | $288,557 | $291,654 |
Less accumulated depreciation and amortization | 210,056 | 205,127 |
Property and Equipment, net | 78,501 | 86,527 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | 11,663 | 14,656 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | 38,996 | 47,629 |
Production and Test Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | 229,268 | 221,031 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | $8,630 | $8,338 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Property, Plant and Equipment [Line Items] | |||
Purchases of property and equipment unpaid | $9.60 | $2.80 | $5.30 |
Land and Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Carrying value of property held for sale included in other current assets | $7.50 |
Goodwill_and_Purchased_Intangi2
Goodwill and Purchased Intangible Assets - Summary of Goodwill Activity (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 29, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Balance at beginning of year | $110,976 | $167,232 |
Goodwill resulting from acquisition | 56,256 | |
Balance at end of year | $167,232 | $167,232 |
Goodwill_and_Purchased_Intangi3
Goodwill and Purchased Intangible Assets - Components of Purchased Intangible Assets (Detail) (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Acquired Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Purchased definite-lived intangible assets, gross carrying value | $80,850 | $81,350 |
In-process research and development, gross carrying value and net carrying value | 21,200 | 21,200 |
Purchased intangible assets, gross carrying value | 102,050 | 102,550 |
Purchased definite-lived intangible assets, accumulated amortization | 24,391 | 7,387 |
Purchased definite-lived intangible assets, net carrying value | 56,459 | 73,963 |
Purchased intangible assets, net carrying value | 77,659 | 95,163 |
Developed Technology [Member] | ||
Schedule of Acquired Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Purchased definite-lived intangible assets, gross carrying value | 72,121 | 72,121 |
Purchased definite-lived intangible assets, accumulated amortization | 21,536 | 4,957 |
Purchased definite-lived intangible assets, net carrying value | 50,585 | 67,164 |
Customer Relationships [Member] | ||
Schedule of Acquired Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Purchased definite-lived intangible assets, gross carrying value | 5,400 | 5,400 |
Purchased definite-lived intangible assets, accumulated amortization | 703 | |
Purchased definite-lived intangible assets, net carrying value | 4,697 | 5,400 |
Other [Member] | ||
Schedule of Acquired Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Purchased definite-lived intangible assets, gross carrying value | 3,329 | 3,829 |
Purchased definite-lived intangible assets, accumulated amortization | 2,152 | 2,430 |
Purchased definite-lived intangible assets, net carrying value | $1,177 | $1,399 |
Goodwill_and_Purchased_Intangi4
Goodwill and Purchased Intangible Assets - Amortization Expense by Classification Included in Consolidated Statements of Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | $17,504 | $2,387 | $1,223 |
Cost of Revenues [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | 16,801 | 2,387 | 1,223 |
Sales and Marketing [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | $703 |
Goodwill_and_Purchased_Intangi5
Goodwill and Purchased Intangible Assets - Estimated Future Amortization Expense of Definite-Lived Intangible Assets (Detail) (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2016 | $14,794 | |
2017 | 14,155 | |
2018 | 13,511 | |
2019 | 12,002 | |
2020 | 675 | |
Thereafter | 1,322 | |
Purchased definite-lived intangible assets, net carrying value | $56,459 | $73,963 |
Revolving_Credit_Facility_Addi
Revolving Credit Facility - Additional Information (Detail) (Unsecured Debt [Member], Revolving Credit Facility [Member], USD $) | 12 Months Ended | |
Mar. 29, 2015 | Mar. 31, 2013 | |
Line of Credit Facility [Line Items] | ||
Unsecured revolving credit facility | $125,000,000 | |
Credit facility maturities date | 31-Mar-18 | |
Available increase in revolving commitments | 100,000,000 | |
Borrowings outstanding | $0 | |
Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Unused commitment fee percentage | 0.20% | |
Minimum [Member] | Base Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 0.25% | |
Minimum [Member] | LIBO Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 1.25% | |
Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Unused commitment fee percentage | 0.35% | |
Maximum [Member] | Base Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 1.00% | |
Maximum [Member] | LIBO Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 2.00% |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |||
Oct. 27, 2014 | Mar. 29, 2015 | Mar. 31, 2013 | Oct. 27, 2014 | Mar. 30, 2014 | |
Class of Stock [Line Items] | |||||
Preferred stock, par value | $0.00 | $0.00 | |||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | |||
Common stock, par value | $0.00 | $0.00 | |||
Common stock, shares authorized | 500,000,000 | 500,000,000 | |||
Common stock, shares issued | 215,549,000 | 213,786,000 | |||
Common stock shares reserved for stock-based awards | 22,800,000 | ||||
Maximum value of outstanding common stock authorized for repurchase | $100,000,000 | $100,000,000 | |||
Remaining common stock authorized for repurchase | 78,000,000 | ||||
Outstanding common stock repurchase, maximum period | 18 months | ||||
Purchase of common stock under repurchase programs, shares | 128,329,000 | 126,616,000 | |||
Treasury stock, at cost | 1,959,343,000 | 1,937,302,000 | |||
Purchases of common stock, amounts unpaid | $900,000 | $1,200,000 | |||
Employee Stock Purchase Plan [Member] | |||||
Class of Stock [Line Items] | |||||
Common stock shares reserved for Employee Stock Purchase Plan | 1,700,000 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Tax benefits, stock-based compensation expense | $7.20 | $6.20 | $7.90 |
Unrecognized compensation costs related to outstanding stock-based awards | 43.3 | ||
Expected weighted-average period of recognition | 2 years 7 months 6 days | ||
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of common stock purchase price under ESPP | 85.00% | ||
Number of shares issued under the ESPP | 845,000 | 836,000 | 740,000 |
ESPP offering period duration | 12 months | ||
ESPP purchase period duration | 3 months | ||
2005 Performance Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for future grant | 7,400,000 | ||
2014 New-Hire Performance Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for future grant | 2,300,000 | ||
Predecessor Stock Plans [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for future grant | 0 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant date fair value of options vested | $2.60 | $7.70 | $12.10 |
Stock Options [Member] | 2005 Performance Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Term | 10 years | ||
Vesting period | 4 years | ||
Restricted stock units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock issued with the vesting of restricted stock units | 688,000 | 717,000 | 638,000 |
Vesting Feature Service Conditions [Member] | Restricted stock units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock unit granted, Number of RSUs | 2,061,000 | 2,207,000 | 1,753,000 |
Vesting Feature Service Conditions [Member] | Restricted stock units (RSUs) [Member] | 2005 Performance Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Vesting Feature Service Conditions And Either Performance Or Market Condition [Member] | Restricted stock units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock unit granted, Number of RSUs | 721,000 | 374,000 | 179,000 |
Minimum [Member] | Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Contributions of compensation to purchase shares of common stock | 1.00% | ||
Minimum [Member] | Vesting Feature Service Conditions And Either Performance Or Market Condition [Member] | Restricted stock units (RSUs) [Member] | 2005 Performance Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Maximum [Member] | Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Contributions of compensation to purchase shares of common stock | 10.00% | ||
Maximum [Member] | Vesting Feature Service Conditions And Either Performance Or Market Condition [Member] | Restricted stock units (RSUs) [Member] | 2005 Performance Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Director [Member] | 2005 Performance Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Term | 10 years | ||
Director [Member] | Stock Options [Member] | 2005 Performance Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of the target fair value in the initial grant allocated to restricted stock units | 50.00% | ||
Director [Member] | Restricted stock units (RSUs) [Member] | 2005 Performance Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of the target fair value in the initial grant allocated to non-qualified stock options | 50.00% | ||
Percentage of the target fair value in the annual grant allocated to restricted stock units | 100.00% | ||
Director [Member] | Minimum [Member] | 2005 Performance Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 1 year | ||
Director [Member] | Maximum [Member] | 2005 Performance Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Acquisitions [Member] | Vesting Feature Service Conditions [Member] | Restricted stock units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock unit granted, Number of RSUs | 408,000 | 477,000 |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Stock Option Activity (Detail) (Stock Options [Member], USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option outstanding beginning balance, Number of Options | 11,203 | 16,829 | 19,011 |
Stock options granted, Number of Options | 32 | 75 | 1,387 |
Stock options exercised, Number of Options | -229 | -88 | -79 |
Stock options forfeited (cancelled pre-vesting), Number of Options | -273 | -732 | -177 |
Stock options expired (cancelled post-vesting), Number of Options | -2,238 | -4,881 | -3,313 |
Stock option outstanding ending balance, Number of Options | 8,495 | 11,203 | 16,829 |
Stock option vested and expected to vest ending balance, Number of Options | 8,482 | ||
Stock option exercisable ending balance, Number of Options | 8,225 | ||
Stock option outstanding beginning balance, Weighted-Average Exercise Price | $15.84 | $17.14 | $17.91 |
Stock options granted, Weighted-Average Exercise Price | $9.99 | $10.90 | $13.67 |
Stock options exercised, Weighted-Average Exercise Price | $13.43 | $12 | $14.31 |
Stock options forfeited (cancelled pre-vesting), Weighted-Average Exercise Price | $14.88 | $15.02 | $15.82 |
Stock options expired (cancelled post-vesting), Weighted-Average Exercise Price | $15.42 | $20.45 | $20.23 |
Stock option outstanding ending balance, Weighted-Average Exercise Price | $16.03 | $15.84 | $17.14 |
Stock option vested and expected to vest ending balance, Weighted-Average Exercise Price | $16.03 | ||
Stock option outstanding, Weighted-Average Remaining Contractual Term | 3 years 7 months 6 days | ||
Stock option exercisable, Weighted-Average Exercise Price | $16.11 | ||
Stock option vested and expected to vest, Weighted-Average Remaining Contractual Term | 3 years 7 months 6 days | ||
Stock option exercisable, Weighted-Average Remaining Contractual Term | 3 years 6 months | ||
Stock options Exercised, Aggregate Intrinsic Value | $264 | $36 | $204 |
Stock option outstanding, Aggregate Intrinsic Value | 1,556 | ||
Stock option vested and expected to vest, Aggregate Intrinsic Value | 1,545 | ||
Stock option exercisable, Aggregate Intrinsic Value | $1,213 |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Detail) (Restricted stock units (RSUs) [Member], Vesting Feature Service Conditions [Member], USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Restricted stock units (RSUs) [Member] | Vesting Feature Service Conditions [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock unit outstanding and unvested, beginning balance, Number of RSUs | 3,611 | 3,251 | 2,686 |
Restricted stock unit granted, Number of RSUs | 2,061 | 2,207 | 1,753 |
Restricted stock unit vested, Number of RSUs | -1,102 | -1,150 | -1,002 |
Restricted stock unit forfeited, Number of RSUs | -911 | -697 | -186 |
Restricted stock unit outstanding and unvested, ending balance, Number of RSUs | 3,659 | 3,611 | 3,251 |
Restricted stock unit outstanding and unvested, beginning balance, Weighted-Average Grant Date Fair Value | $12.62 | $14.71 | $15.77 |
Restricted stock unit granted, Weighted-Average Grant Date Fair Value | $10.61 | $11.11 | $13.52 |
Restricted stock unit vested, Weighted-Average Grant Date Fair Value | $13.42 | $14.90 | $15.43 |
Restricted stock unit forfeited, Weighted-Average Grant Date Fair Value | $11.94 | $13.80 | $14.94 |
Restricted stock unit outstanding and unvested, ending balance, Weighted-Average Grant Date Fair Value | $11.42 | $12.62 | $14.71 |
Restricted stock unit vested, Aggregate Fair Value | $11,839 | $11,136 | $14,057 |
StockBased_Compensation_Summar2
Stock-Based Compensation - Summary of Activity of Restricted Stock Units (Detail) (Restricted stock units (RSUs) [Member], Vesting Feature Service Conditions And Either Performance Or Market Condition [Member], USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Restricted stock units (RSUs) [Member] | Vesting Feature Service Conditions And Either Performance Or Market Condition [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock unit outstanding and unvested, beginning balance, Number of RSUs | 423 | 289 | 155 |
Restricted stock unit granted, Number of RSUs | 721 | 374 | 179 |
Restricted stock unit vested, Number of RSUs | -24 | -60 | -36 |
Restricted stock unit forfeited, Number of RSUs | -141 | -180 | -9 |
Restricted stock unit outstanding and unvested, ending balance, Number of RSUs | 979 | 423 | 289 |
Restricted stock unit outstanding and unvested, beginning balance, Weighted-Average Grant Date Fair Value | $12.02 | $14.01 | $13.85 |
Restricted stock unit granted, Weighted-Average Grant Date Fair Value | $12.04 | $11.67 | $14.10 |
Restricted stock unit vested, Weighted-Average Grant Date Fair Value | $13.98 | $13.97 | $13.85 |
Restricted stock unit forfeited, Weighted-Average Grant Date Fair Value | $10.03 | $13.86 | $13.85 |
Restricted stock unit outstanding and unvested, ending balance, Weighted-Average Grant Date Fair Value | $12.27 | $12.02 | $14.01 |
Restricted stock unit vested, Aggregate Fair Value | $242 | $558 | $508 |
StockBased_Compensation_Summar3
Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $20,545 | $22,638 | $30,363 |
Cost of Revenues [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 1,049 | 1,349 | 2,372 |
Engineering and Development [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 10,024 | 10,918 | 13,584 |
Sales and Marketing [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 4,631 | 5,337 | 6,853 |
General and Administrative [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $4,841 | $5,034 | $7,554 |
StockBased_Compensation_Weight
Stock-Based Compensation - Weighted-Average Fair Values and Underlying Assumptions (Detail) (USD $) | 12 Months Ended | ||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value | $3.74 | $4.12 | $4.97 |
Expected volatility | 33.00% | 36.00% | 38.00% |
Risk-free interest rate | 2.10% | 1.60% | 0.90% |
Expected life (years) | 6 years 7 months 6 days | 6 years 2 months 12 days | 5 years 6 months |
Dividend yield | 0.00% | 0.00% | 0.00% |
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value | $2.20 | $2.41 | $2.66 |
Expected volatility | 30.00% | 32.00% | 36.00% |
Risk-free interest rate | 0.10% | 0.10% | 0.10% |
Expected life (years) | 6 months | 3 months 18 days | 3 months |
Dividend yield | 0.00% | 0.00% | 0.00% |
Employee_Retirement_Savings_Pl1
Employee Retirement Savings Plan - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Defined Contribution Plan Disclosure [Line Items] | |||
Employees contribution percentage | 50.00% | ||
Company's matching and discretionary 401(k) contributions | $1.60 | $1.80 | $1.20 |
Maximum [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Percentage of matching contributions of participant's compensation | 2.00% |
Special_Charges_Summary_of_Spe
Special Charges - Summary of Special Charges (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 29, 2015 | Mar. 30, 2014 | Jun. 30, 2013 | Mar. 29, 2015 | Mar. 30, 2014 |
Restructuring and Related Activities [Abstract] | ||||||
Exit costs | $3,500 | $10,600 | $9,600 | $6,946 | $26,491 | |
Asset impairments | 2,100 | 4,900 | 2,400 | 3,074 | 7,322 | |
Other charges | 500 | |||||
Patent license (Note 2) | 41,000 | 41,000 | 41,040 | |||
Special charges | $5,600 | $56,500 | $12,000 | $10,520 | $74,853 |
Special_Charges_Additional_Inf
Special Charges - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
Mar. 29, 2015 | Mar. 30, 2014 | Jun. 30, 2013 | Mar. 29, 2015 | Mar. 30, 2014 | |
Restructuring Cost and Reserve [Line Items] | |||||
Exit costs | $3,500,000 | $10,600,000 | $9,600,000 | $6,946,000 | $26,491,000 |
Unpaid exit costs | 3,664,000 | 10,042,000 | 3,664,000 | 10,042,000 | |
Special charges | 5,600,000 | 56,500,000 | 12,000,000 | 10,520,000 | 74,853,000 |
Asset impairment charges | 2,100,000 | 4,900,000 | 2,400,000 | 3,074,000 | 7,322,000 |
March 2015 Initiative [Member] | Workforce Reductions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Exit costs | 1,200,000 | ||||
Unpaid exit costs | 1,100,000 | 1,100,000 | |||
March 2014 Initiative [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Exit costs | 2,620,000 | 9,114,000 | |||
Date the company commenced the restructuring plan | 17-Mar-14 | ||||
Special charges | 3,600,000 | 14,000,000 | |||
Asset impairment charges | 1,000,000 | 4,900,000 | |||
March 2014 Initiative [Member] | Workforce Reductions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Exit costs | 2,693,000 | 4,789,000 | |||
June 2013 Initiative [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Exit costs | 2,400,000 | 3,102,000 | 17,377,000 | ||
Date the company commenced the restructuring plan | 3-Jun-13 | ||||
Special charges | 5,200,000 | 19,800,000 | |||
Asset impairment charges | 2,100,000 | 2,400,000 | |||
Non-cash adjustment | 1,666,000 | 1,666,000 | |||
Additional severance costs | 1,000,000 | 1,000,000 | |||
Expected date of completion, restructuring activities | 1-Apr-18 | ||||
June 2013 Initiative [Member] | Workforce Reductions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Exit costs | $749,000 | $13,831,000 |
Special_Charges_Activity_and_L
Special Charges - Activity and Liability Balances for Exit Costs (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Jun. 30, 2013 | Mar. 29, 2015 | Mar. 30, 2014 |
Restructuring Cost and Reserve [Line Items] | |||||
Beginning Balance | $15,637 | ||||
Charged to costs and expenses | 3,500 | 10,600 | 9,600 | 6,946 | 26,491 |
Ending Balance | 11,217 | 15,637 | 11,217 | 15,637 | |
March 2014 Initiative [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Beginning Balance | 7,488 | ||||
Charged to costs and expenses | 2,620 | 9,114 | |||
Payments | -10,108 | -1,626 | |||
Ending Balance | 7,488 | 7,488 | |||
March 2014 Initiative [Member] | Workforce Reductions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Beginning Balance | 3,177 | ||||
Charged to costs and expenses | 2,693 | 4,789 | |||
Payments | -5,870 | -1,612 | |||
Ending Balance | 3,177 | 3,177 | |||
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 | 4,325 | |||
Payments | -4,238 | -14 | |||
Ending Balance | 4,311 | 4,311 | |||
June 2013 Initiative [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Beginning Balance | 1,771 | 8,149 | 1,771 | ||
Charged to costs and expenses | 2,400 | 3,102 | 17,377 | ||
Payments | -2,865 | -10,999 | |||
Non-cash adjustments | 1,666 | 1,666 | |||
Ending Balance | 10,052 | 8,149 | 10,052 | 8,149 | |
June 2013 Initiative [Member] | Workforce Reductions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Beginning Balance | 3,528 | ||||
Charged to costs and expenses | 749 | 13,831 | |||
Payments | -1,801 | -10,303 | |||
Ending Balance | 2,476 | 3,528 | 2,476 | 3,528 | |
June 2013 Initiative [Member] | Facilities and Other [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Beginning Balance | 1,771 | 4,621 | 1,771 | ||
Charged to costs and expenses | 2,353 | 3,546 | |||
Payments | -1,064 | -696 | |||
Non-cash adjustments | 1,666 | ||||
Ending Balance | $7,576 | $4,621 | $7,576 | $4,621 |
Special_Charges_Summary_of_Unp
Special Charges - Summary of Unpaid Exit Costs for Restructuring Plans by Classification (Detail) (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Restructuring Reserve [Abstract] | ||
Other current liabilities | $3,664 | $10,042 |
Other liabilities | 7,553 | 5,595 |
Total unpaid exit costs | $11,217 | $15,637 |
Recovered_Sheet1
Interest and Other Income, Net - Components of Interest and Other Income, Net (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Other Income, Nonoperating [Abstract] | |||
Interest income | $2,166 | $3,378 | $3,825 |
Gain on sales of marketable securities | 386 | 2,184 | 1,151 |
Loss on sales of marketable securities | -430 | -938 | -716 |
Other | -1,359 | -1,364 | -253 |
Interest and other income, net | $763 | $3,260 | $4,007 |
Income_Taxes_Schedule_of_Incom
Income Taxes - Schedule of Income (Loss) from Continuing Operations before Income Taxes, Domestic and Foreign (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Income Tax Disclosure [Abstract] | |||
United States | $12,294 | ($19,056) | $13,084 |
International | 42,899 | 10,096 | 48,773 |
Income (loss) from continuing operations before income taxes | $55,193 | ($8,960) | $61,857 |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income Tax Expense (Benefit) from Continuing Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Current: | |||
Federal | $1,859 | $9,206 | ($13,374) |
State | 913 | 1,532 | 260 |
Foreign | 3,285 | 2,205 | 1,520 |
Total current | 6,057 | 12,943 | -11,594 |
Deferred: | |||
Federal | -1,700 | -18,883 | 3,445 |
State | 603 | 15,006 | -3,684 |
Foreign | -360 | 240 | 129 |
Total deferred | -1,457 | -3,637 | -110 |
Income tax expense (benefit), net | $4,600 | $9,306 | ($11,704) |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Income Tax Expense (Benefit) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Income Tax Disclosure [Abstract] | |||
Expected income tax expense (benefit) at the statutory rate | $19,318 | ($3,136) | $21,650 |
State income taxes, net of federal tax benefit | 1,773 | -330 | 1,581 |
Tax rate differential on foreign earnings and other international related tax items | -11,195 | -324 | -14,025 |
Benefit from research and other credits | -7,360 | -6,764 | -9,210 |
Stock-based compensation | 2,649 | 4,759 | 2,414 |
Resolution of prior period tax matters | -3,577 | -1,480 | -14,701 |
Valuation allowance | 2,634 | 16,433 | -301 |
Other, net | 358 | 148 | 888 |
Income tax expense (benefit), net | $4,600 | $9,306 | ($11,704) |
Income_Taxes_Components_of_Def
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Research credits | $31,487 | $24,296 |
Reserves and accruals not currently deductible | 18,971 | 20,454 |
Stock-based compensation | 14,415 | 15,583 |
Net operating loss carryforwards | 9,764 | 11,048 |
Patent license | 7,098 | 7,430 |
Property and equipment | 2,587 | |
Investment securities | 913 | 1,046 |
Other | 313 | 419 |
Total gross deferred tax assets | 85,548 | 80,276 |
Valuation allowance | -20,307 | -17,672 |
Total deferred tax assets, net of valuation allowance | 65,241 | 62,604 |
Deferred tax liabilities: | ||
State income taxes | 10,547 | 10,026 |
Research and development expenditures | 5,814 | 2,220 |
Property and equipment | 1,911 | |
Other | 540 | |
Total deferred tax liabilities | 16,361 | 14,697 |
Net deferred tax assets | $48,880 | $47,907 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | Apr. 03, 2016 |
Income Taxes [Line Items] | ||||
Valuation allowance against deferred tax assets | $1.70 | $1.70 | ||
Undistributed earnings of foreign subsidiaries | 392.9 | |||
Income tax benefit related to a matter effectively settled with IRS | 2.5 | 9.5 | ||
Income tax benefit resulting from the remeasurement of an uncertain tax position | 4.8 | |||
Unrecognized tax benefits that, if recognized, would affect the effective tax rate | 10 | |||
Tax benefit from state income taxes | 2.9 | |||
Unrecognized tax benefits interest expense and penalties | 3.5 | 3.5 | ||
Recognized interest expense, net of the related tax effect, and penalties aggregate | 0.1 | 2.1 | 1 | |
Reduction in liability of uncertain tax position | 2.4 | |||
Research tax credit carryforwards [Member] | ||||
Income Taxes [Line Items] | ||||
Valuation allowance, amount | 17.5 | 14.8 | ||
Investment Securities Carryforward [Member] | ||||
Income Taxes [Line Items] | ||||
Valuation allowance, amount | 1.1 | 1.2 | ||
Settlement with Taxing Authority [Member] | ||||
Income Taxes [Line Items] | ||||
Federal and state income tax payments | 32.8 | |||
Settlement with Taxing Authority [Member] | Scenario, Forecast [Member] | ||||
Income Taxes [Line Items] | ||||
Federal and state income tax payments | 1.9 | |||
Federal tax authority [Member] | ||||
Income Taxes [Line Items] | ||||
Net operating loss carryforwards | 13 | |||
Federal tax authority [Member] | Minimum [Member] | ||||
Income Taxes [Line Items] | ||||
Operating loss carryforwards, expiration date | 28-Mar-27 | |||
Federal tax authority [Member] | Maximum [Member] | ||||
Income Taxes [Line Items] | ||||
Operating loss carryforwards, expiration date | 1-Apr-29 | |||
Federal tax authority [Member] | Earliest Identified Tax Year [Member] | Internal Revenue Service [Member] | ||||
Income Taxes [Line Items] | ||||
With limited exceptions, year which prior years tax returns are no longer subject to tax examinations | 2014 | |||
State tax authority [Member] | ||||
Income Taxes [Line Items] | ||||
Net operating loss carryforwards | 63.2 | |||
State tax authority [Member] | Minimum [Member] | ||||
Income Taxes [Line Items] | ||||
Operating loss carryforwards, expiration date | 2-Apr-17 | |||
Tax credit carryforwards, expiration date | 2-Apr-17 | |||
State tax authority [Member] | Maximum [Member] | ||||
Income Taxes [Line Items] | ||||
Operating loss carryforwards, expiration date | 28-Mar-32 | |||
Tax credit carryforwards, expiration date | 31-Mar-30 | |||
State tax authority [Member] | Earliest Identified Tax Year [Member] | ||||
Income Taxes [Line Items] | ||||
With limited exceptions, year which prior years tax returns are no longer subject to tax examinations | 2008 | |||
State tax authority [Member] | Research tax credit carryforwards [Member] | ||||
Income Taxes [Line Items] | ||||
Tax credit carryforwards | 28.2 | |||
State tax authority [Member] | Capital loss carryovers [Member] | ||||
Income Taxes [Line Items] | ||||
Tax credit carryforwards | 54.5 | |||
State tax authority [Member] | Alternative minimum tax credits [Member] | ||||
Income Taxes [Line Items] | ||||
Tax credit carryforwards | 0.5 | |||
Federal tax carryforwards [Member] | Research tax credit carryforwards [Member] | ||||
Income Taxes [Line Items] | ||||
Tax credit carryforwards | $4.50 | |||
Federal tax carryforwards [Member] | Research tax credit carryforwards [Member] | Minimum [Member] | ||||
Income Taxes [Line Items] | ||||
Tax credit carryforwards, expiration date | 2-Apr-34 | |||
Federal tax carryforwards [Member] | Research tax credit carryforwards [Member] | Maximum [Member] | ||||
Income Taxes [Line Items] | ||||
Tax credit carryforwards, expiration date | 1-Apr-35 | |||
Foreign tax authority [Member] | Earliest Identified Tax Year [Member] | ||||
Income Taxes [Line Items] | ||||
With limited exceptions, year which prior years tax returns are no longer subject to tax examinations | 2008 |
Income_Taxes_Schedule_of_Gross
Income Taxes - Schedule of Gross Unrecognized Tax Benefits Rollforward (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Income Tax Disclosure [Abstract] | ||
Balance at beginning of year | $13,577 | $9,584 |
Additions based on tax positions related to the current year | 1,059 | 1,140 |
Additions for tax positions of prior years | 2,966 | 4,494 |
Reductions for tax positions of prior years | -276 | -1,641 |
Decreases relating to settlements with taxing authorities | -3,629 | |
Reductions due to lapses of statutes of limitations | -793 | |
Balance at end of year | $12,904 | $13,577 |
Income_Per_Share_Computation_o
Income Per Share - Computation of Basic and Diluted Income (Loss) from Continuing Operations Per Share (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | |||
Income (loss) from continuing operations | $50,593 | ($18,266) | $73,561 |
Shares: | |||
Weighted-average shares outstanding - basic | 87,584 | 87,612 | 93,560 |
Dilutive potential common shares, using treasury stock method | 879 | 438 | |
Weighted-average shares outstanding - diluted | 88,463 | 87,612 | 93,998 |
Income (loss) from continuing operations per share: | |||
Basic | $0.58 | ($0.21) | $0.79 |
Diluted | $0.57 | ($0.21) | $0.78 |
Income_Per_Share_Additional_In
Income Per Share - Additional Information (Detail) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | |||
Stock-based awards excluded from the diluted per share calculations | 9.7 | 15.2 | 18.4 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Future Minimum Lease Commitments under Non-Cancelable Operating Leases (Detail) (USD $) | Mar. 29, 2015 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2016 | $9,276 |
2017 | 5,476 |
2018 | 2,957 |
2019 | 883 |
2020 | 607 |
Thereafter | 51 |
Total future minimum lease payments | $19,250 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Leases [Abstract] | |||
Rent expense | $12 | $10.40 | $10.60 |
Revenue_Components_Geographic_2
Revenue Components, Geographic Revenues and Significant Customers - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Segment | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Number of operating segments | 1 | ||||||||||
Net revenues | $133,043 | $140,203 | $127,503 | $119,449 | $115,720 | $119,449 | $112,622 | $113,116 | $520,198 | $460,907 | $484,538 |
China [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | $90,400 | $56,000 | $65,000 |
Revenue_Components_Geographic_3
Revenue Components, Geographic Revenues and Significant Customers - Schedule of Net Revenues by Product Category (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Revenue from External Customer [Line Items] | |||||||||||
Net revenues | $133,043 | $140,203 | $127,503 | $119,449 | $115,720 | $119,449 | $112,622 | $113,116 | $520,198 | $460,907 | $484,538 |
Advanced Connectivity Platforms [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net revenues | 465,000 | 386,738 | 399,416 | ||||||||
Legacy Connectivity Products [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net revenues | $55,198 | $74,169 | $85,122 |
Revenue_Components_Geographic_4
Revenue Components, Geographic Revenues and Significant Customers - Schedule of Net Revenues by Geographic Area (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | $133,043 | $140,203 | $127,503 | $119,449 | $115,720 | $119,449 | $112,622 | $113,116 | $520,198 | $460,907 | $484,538 |
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 193,853 | 191,481 | 209,590 | ||||||||
Asia-Pacific and Japan [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 226,213 | 166,568 | 158,075 | ||||||||
Europe, Middle East and Africa [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 83,045 | 85,572 | 92,695 | ||||||||
Rest of world [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | $17,087 | $17,286 | $24,178 |
Revenue_Components_Geographic_5
Revenue Components, Geographic Revenues and Significant Customers - Schedule of Customers That Represent 10% or More of Net Revenues (Detail) (Sales Revenue, Net [Member], Customer Concentration Risk [Member]) | 12 Months Ended | ||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | |
Hewlett-Packard [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of net revenues from major customers | 27.00% | 24.00% | 24.00% |
Dell [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of net revenues from major customers | 17.00% | 15.00% | 12.00% |
IBM [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of net revenues from major customers | 11.00% | 17.00% | 20.00% |
Condensed_Quarterly_Results_Un2
Condensed Quarterly Results (Unaudited) - Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net revenues | $133,043 | $140,203 | $127,503 | $119,449 | $115,720 | $119,449 | $112,622 | $113,116 | $520,198 | $460,907 | $484,538 |
Gross profit | 77,546 | 82,401 | 75,410 | 70,695 | 76,298 | 81,003 | 76,309 | 76,497 | 306,052 | 310,107 | 325,358 |
Operating income | 11,813 | 23,700 | 13,521 | 5,396 | -42,633 | 20,302 | 13,186 | -3,075 | 54,430 | -12,220 | 57,850 |
Net income | $11,148 | $22,435 | $11,010 | $6,000 | ($46,779) | $20,586 | $10,977 | ($3,050) | $50,593 | ($18,266) | $73,136 |
Net income (loss) per share: | |||||||||||
Basic | $0.13 | $0.26 | $0.13 | $0.07 | ($0.54) | $0.24 | $0.13 | ($0.03) | $0.58 | ($0.21) | $0.78 |
Diluted | $0.13 | $0.25 | $0.12 | $0.07 | ($0.54) | $0.24 | $0.13 | ($0.03) | $0.57 | ($0.21) | $0.78 |
Condensed_Quarterly_Results_Un3
Condensed Quarterly Results (Unaudited) - Quarterly Financial Information (Parenthetical) (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Mar. 30, 2014 | Mar. 29, 2015 | Dec. 28, 2014 | Mar. 30, 2014 | Jun. 30, 2013 | Mar. 29, 2015 | Mar. 30, 2014 | |
Schedule Of Quarterly Financial Information [Line Items] | |||||||
Special charges | $5,600,000 | $56,500,000 | $12,000,000 | $10,520,000 | $74,853,000 | ||
Exit costs | 3,500,000 | 10,600,000 | 9,600,000 | 6,946,000 | 26,491,000 | ||
Asset impairment charges | 2,100,000 | 4,900,000 | 2,400,000 | 3,074,000 | 7,322,000 | ||
Retroactive reinstatement of the federal research tax credit | 3,700,000 | ||||||
Patent license agreement, prior periods | 41,000,000 | 41,000,000 | 41,040,000 | ||||
Valuation Allowance, State Tax Credits and Net Operating Loss Carryforwards [Member] | |||||||
Schedule Of Quarterly Financial Information [Line Items] | |||||||
Incremental tax charges | $14,700,000 |
Schedule_II_Valuation_and_Qual1
Schedule II Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Allowance for doubtful accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $1,186 | $1,196 | $1,446 |
Additions: Charged to Costs and Expenses or Revenues | 114 | 23 | -182 |
Deductions: Amounts Written Off, Net of Recoveries | 3 | 33 | 68 |
Balance at End of Year | 1,297 | 1,186 | 1,196 |
Sales returns and allowances [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 3,873 | 4,747 | 4,861 |
Additions: Charged to Costs and Expenses or Revenues | 23,597 | 17,225 | 31,653 |
Deductions: Amounts Written Off, Net of Recoveries | 21,216 | 18,099 | 31,767 |
Balance at End of Year | $6,254 | $3,873 | $4,747 |