QLogic (QLGC) 10-Q 6 Aug 15 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 28, 2015	Aug. 03, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 28, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	QLGC
Entity Registrant Name	QLOGIC CORP
Entity Central Index Key	918,386
Current Fiscal Year End Date	--04-03
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		87,643,000

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 28, 2015	Mar. 29, 2015
Current assets:
Cash and cash equivalents	$ 92,199	$ 115,241
Marketable securities	216,676	201,174
Accounts receivable, less allowance for doubtful accounts of $1,198 and $1,297 as of June 28, 2015 and March 29, 2015, respectively	84,951	87,436
Inventories	38,649	29,978
Deferred tax assets	12,146	12,545
Other current assets	23,020	21,802
Total current assets	467,641	468,176
Property and equipment, net	79,013	78,501
Goodwill	167,232	167,232
Purchased intangible assets, net	73,974	77,659
Deferred tax assets	33,412	36,335
Other assets	20,757	20,752
Total assets	842,029	848,655
Current liabilities:
Accounts payable	39,263	40,497
Accrued compensation	17,563	22,476
Accrued taxes	1,753	2,711
Other current liabilities	11,629	11,718
Total current liabilities	70,208	77,402
Accrued taxes	14,753	14,516
Other liabilities	7,792	9,721
Total liabilities	$ 92,753	$ 101,639
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; 217,354,000 and 215,549,000 shares issued as of June 28, 2015 and March 29, 2015, respectively	$ 217	$ 215
Additional paid-in capital	1,000,999	983,579
Retained earnings	1,725,220	1,722,664
Accumulated other comprehensive loss	(412)	(99)
Treasury stock, at cost: 129,486,000 and 128,329,000 shares as of June 28, 2015 and March 29, 2015, respectively	(1,976,748)	(1,959,343)
Total stockholders' equity	749,276	747,016
Total liabilities and stockholders' equity	$ 842,029	$ 848,655

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 28, 2015	Mar. 29, 2015
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 1,198	$ 1,297
Preferred stock, par value	$ 0.001	$ 0.001
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	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	217,354,000	215,549,000
Treasury stock, shares	129,486,000	128,329,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 28, 2015	Jun. 29, 2014
Income Statement [Abstract]
Net revenues	$ 113,405	$ 119,449
Cost of revenues	47,067	48,754
Gross profit	66,338	70,695
Operating expenses:
Engineering and development	35,606	37,821
Sales and marketing	15,486	16,034
General and administrative	7,076	8,900
Special charges	1,079	2,544
Total operating expenses	59,247	65,299
Operating income	7,091	5,396
Interest and other income, net	359	142
Income before income taxes	7,450	5,538
Income tax expense (benefit)	4,894	(462)
Net income	$ 2,556	$ 6,000
Net income per share:
Basic	$ 0.03	$ 0.07
Diluted	$ 0.03	$ 0.07
Number of shares used in per share calculations:
Basic	87,334	87,395
Diluted	88,914	88,253

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 28, 2015	Jun. 29, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 2,556	$ 6,000
Changes in fair value of marketable securities:
Changes in unrealized gains	(455)	199
Net realized losses reclassified into earnings	26	63
Total changes in fair value of marketable securities	(429)	262
Foreign currency translation adjustments	116	58
Total other comprehensive income (loss)	(313)	320
Comprehensive income	$ 2,243	$ 6,320

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 28, 2015	Jun. 29, 2014
Cash flows from operating activities:
Net income	$ 2,556	$ 6,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	10,616	12,180
Stock-based compensation	5,987	5,540
Deferred income taxes	3,400	4,076
Asset impairments		1,011
Other non-cash items	539	581
Changes in operating assets and liabilities:
Accounts receivable	2,517	(18,880)
Inventories	(8,671)	(7,679)
Other assets	(134)	77
Accounts payable	2,218	416
Accrued compensation	(4,913)	(7,235)
Accrued taxes, net	(3,081)	(5,418)
Other liabilities	(1,567)	(7,291)
Net cash provided by (used in) operating activities	9,467	(16,622)
Cash flows from investing activities:
Purchases of available-for-sale securities	(50,639)	(51,759)
Proceeds from sales and maturities of available-for-sale securities	34,209	48,932
Purchases of property and equipment	(10,782)	(8,989)
Net cash used in investing activities	(27,212)	(11,816)
Cash flows from financing activities:
Proceeds from issuance of common stock under stock-based awards	16,497	1,440
Minimum tax withholding paid on behalf of employees for restricted stock units	(5,062)	(3,298)
Purchases of treasury stock	(17,856)
Other financing activities	1,124	(80)
Net cash used in financing activities	(5,297)	(1,938)
Net decrease in cash and cash equivalents	(23,042)	(30,376)
Cash and cash equivalents at beginning of period	115,241	91,258
Cash and cash equivalents at end of period	$ 92,199	$ 60,882

Basis of Presentation

Basis of Presentation	3 Months Ended
	Jun. 28, 2015
Accounting Policies [Abstract]
Basis of Presentation	Note 1. Basis of Presentation In the opinion of management of QLogic Corporation (QLogic or the Company), the accompanying unaudited condensed consolidated financial statements contain all normal recurring accruals and adjustments necessary to present fairly the Company’s consolidated financial position, results of operations and cash flows. The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 29, 2015. The results of operations for the three months ended June 28, 2015 are not necessarily indicative of the results that may be expected for the entire fiscal year. The preparation of financial statements in accordance with U.S. generally accepted accounting principles requires management to make estimates that affect the amounts reported in the Company’s consolidated financial statements and accompanying notes. The Company evaluates its estimates on an ongoing basis using historical experience and other factors, including the current economic environment. Among the significant estimates affecting the consolidated financial statements are those related to revenue recognition, income taxes, inventories, goodwill and long-lived assets. The actual results experienced by the Company could differ materially from management’s estimates.

Marketable Securities

Marketable Securities	3 Months Ended
	Jun. 28, 2015
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	Note 2. Marketable Securities The Company’s portfolio of available-for-sale marketable securities consists of the following: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) June 28, 2015 U.S. government and agency securities $ 60,174 $ 79 $ (68 ) $ 60,185 Corporate debt obligations 111,558 96 (164 ) 111,490 Mortgage-backed securities 25,029 147 (42 ) 25,134 Municipal bonds 15,746 44 (5 ) 15,785 Other debt securities 4,082 2 (2 ) 4,082 $ 216,589 $ 368 $ (281 ) $ 216,676 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 The amortized cost and estimated fair value of debt securities as of June 28, 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 Cost Estimated Fair Value (In thousands) Due in one year or less $ 50,355 $ 50,367 Due after one year through three years 134,349 134,332 Due after three years through five years 17,512 17,506 Due after five years 14,373 14,471 $ 216,589 $ 216,676 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 June 28, 2015 and March 29, 2015. Less Than 12 Months 12 Months or Greater Total Description of Securities Fair Value Unrealized Fair Unrealized Fair Value Unrealized (In thousands) June 28, 2015 U.S. government and agency securities $ 24,887 $ (68 ) $ — $ — $ 24,887 $ (68 ) Corporate debt obligations 66,275 (164 ) — — 66,275 (164 ) Mortgage-backed securities 6,817 (20 ) 3,127 (22 ) 9,944 (42 ) Municipal bonds 2,142 (5 ) — — 2,142 (5 ) Other debt securities 2,622 (2 ) — — 2,622 (2 ) $ 102,743 $ (259 ) $ 3,127 $ (22 ) $ 105,870 $ (281 ) 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 ) As of June 28, 2015 and March 29, 2015, 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 June 28, 2015 and March 29, 2015, 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 Instrum

Fair Value of Financial Instruments	3 Months Ended
	Jun. 28, 2015
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 3. 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 June 28, 2015 and March 29, 2015 are as follows: Fair Value Measurements Using Level 1 Level 2 Total (In thousands) June 28, 2015 Cash and cash equivalents $ 92,199 $ — $ 92,199 Marketable securities: U.S. government and agency securities 60,185 — 60,185 Corporate debt obligations — 111,490 111,490 Mortgage-backed securities — 25,134 25,134 Municipal bonds — 15,785 15,785 Other debt securities — 4,082 4,082 60,185 156,491 216,676 $ 152,384 $ 156,491 $ 308,875 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 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	3 Months Ended
	Jun. 28, 2015
Inventory Disclosure [Abstract]
Inventories	Note 4. Inventories Components of inventories are as follows: June 28, 2015 March 29, 2015 (In thousands) Raw materials $ 6,259 $ 4,311 Finished goods 32,390 25,667 $ 38,649 $ 29,978

Special Charges

Special Charges	3 Months Ended
	Jun. 28, 2015
Restructuring and Related Activities [Abstract]
Special Charges	Note 5. Special Charges A summary of the special charges recorded during the three months ended June 28, 2015 and June 29, 2014, respectively, is as follows: Three Months Ended June 28, 2015 June 29, 2014 (In thousands) Exit costs $ 1,079 $ 1,033 Asset impairments — 1,011 Other charges — 500 $ 1,079 $ 2,544 May 2015 Initiative In May 2015, the Company commenced a restructuring plan (May 2015 Initiative) designed to streamline business operations and recorded special charges totaling $0.7 million. The special charges consisted entirely of exit costs associated with severance benefits for the involuntarily terminated employees. Unpaid exit costs related to this initiative totaled $0.4 million and are expected to be paid during the second quarter of fiscal 2016. The Company expects the additional exit costs to be incurred in connection with the May 2015 Initiative to be immaterial. The Company expects to substantially complete the related restructuring actions during the second 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. During the three months ended June 29, 2014, the Company recorded special charges of $1.7 million in connection with the March 2014 Initiative, consisting of $0.7 million of exit costs and $1.0 million of asset impairment charges related to abandoned property and equipment. The exit costs include severance and related costs associated with involuntarily terminated employees. June 2013 Initiative In June 2013, the Company commenced a restructuring plan (June 2013 Initiative) designed to enhance product focus and streamline business operations. The restructuring plan includes a workforce reduction and the consolidation and elimination of certain engineering activities. In connection with this plan, the Company ceased development of future application-specific integrated circuits for switch products. In connection with the June 2013 Initiative, the Company recorded special charges of $0.4 million during both the three months ended June 28, 2015 and June 29, 2014. Special charges for both periods consisted entirely of exit costs associated with severance and related costs for involuntarily terminated employees. Certain employees that were notified of their termination are required to provide future services for varying periods 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. The aggregate amount of the special charges recorded in connection with the June 2013 Initiative is $25.4 million and consisted of $15.0 million of severance and related costs associated with involuntarily terminated employees, $5.9 million of facilities and other costs and $4.5 million of asset impairment charges primarily related to abandoned property and equipment. Activity and liability balances for exit costs related to the June 2013 Initiative are as follows: Workforce Reduction Facilities and Other Total (In thousands) Balance as of March 29, 2015 $ 2,476 $ 7,576 $ 10,052 Charged to costs and expenses 431 — 431 Payments — (533 ) (533 ) Balance as of June 28, 2015 $ 2,907 $ 7,043 $ 9,950 The total 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 condensed consolidated balance sheets is as follows: June 28, 2015 March 29, 2015 (In thousands) Other current liabilities $ 4,095 $ 3,664 Other liabilities 6,228 7,553 $ 10,323 $ 11,217

Income Taxes

Income Taxes	3 Months Ended
	Jun. 28, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Note 6. Income Taxes The Company’s income tax expense (benefit) was $4.9 million and $(0.5) million for the three months ended June 28, 2015 and June 29, 2014, respectively. Income tax expense (benefit) for both the three months ended June 28, 2015 and June 29, 2014 was impacted by the effect of a discrete tax-related item associated with the difference between stock-based compensation expense and the deduction related to stock-based awards on income tax returns. The income tax benefit for the three months ended June 29, 2014 was primarily due to adjustments to previously recognized uncertain tax position liabilities as a result of additional information received during the quarter related to these tax positions and certain other discrete items. The Company’s provision for income taxes is based on the estimated income for the year, the composition of the estimated income in different tax jurisdictions, and the tax effect, if any, in the applicable quarterly periods of newly enacted tax legislation, resolution of tax audits, changes in uncertain tax positions, and other discrete tax-related items. The allocation of taxable income to domestic and foreign tax jurisdictions impacts the effective tax rate, as the Company’s income tax rate in foreign jurisdictions is generally lower than its income tax rate in the United States.

Net Income Per Share

Net Income Per Share	3 Months Ended
	Jun. 28, 2015
Earnings Per Share [Abstract]
Net Income Per Share	Note 7. Net Income Per Share The following table sets forth the computation of basic and diluted net income per share: Three Months Ended June 28, 2015 June 29, 2014 (In thousands, except per share amounts) Net income $ 2,556 $ 6,000 Shares: Weighted-average shares outstanding — basic 87,334 87,395 Dilutive potential common shares, using treasury stock method 1,580 858 Weighted-average shares outstanding — diluted 88,914 88,253 Net income per share: Basic $ 0.03 $ 0.07 Diluted $ 0.03 $ 0.07 Stock-based awards, including stock options and restricted stock units, representing 6.1 million and 12.1 million shares of common stock have been excluded from the diluted per share calculations for the three months ended June 28, 2015 and June 29, 2014, respectively. These stock-based awards have been excluded from the diluted per share calculations because their effect would have been antidilutive.

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
	Jun. 28, 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 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) June 28, 2015 U.S. government and agency securities $ 60,174 $ 79 $ (68 ) $ 60,185 Corporate debt obligations 111,558 96 (164 ) 111,490 Mortgage-backed securities 25,029 147 (42 ) 25,134 Municipal bonds 15,746 44 (5 ) 15,785 Other debt securities 4,082 2 (2 ) 4,082 $ 216,589 $ 368 $ (281 ) $ 216,676 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
Schedule of Amortized Cost and Estimated Fair Value of Debt Securities	The amortized cost and estimated fair value of debt securities as of June 28, 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 Cost Estimated Fair Value (In thousands) Due in one year or less $ 50,355 $ 50,367 Due after one year through three years 134,349 134,332 Due after three years through five years 17,512 17,506 Due after five years 14,373 14,471 $ 216,589 $ 216,676
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 June 28, 2015 and March 29, 2015. Less Than 12 Months 12 Months or Greater Total Description of Securities Fair Value Unrealized Fair Unrealized Fair Value Unrealized (In thousands) June 28, 2015 U.S. government and agency securities $ 24,887 $ (68 ) $ — $ — $ 24,887 $ (68 ) Corporate debt obligations 66,275 (164 ) — — 66,275 (164 ) Mortgage-backed securities 6,817 (20 ) 3,127 (22 ) 9,944 (42 ) Municipal bonds 2,142 (5 ) — — 2,142 (5 ) Other debt securities 2,622 (2 ) — — 2,622 (2 ) $ 102,743 $ (259 ) $ 3,127 $ (22 ) $ 105,870 $ (281 ) 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 )

Fair Value of Financial Instr15

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Jun. 28, 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 June 28, 2015 and March 29, 2015 are as follows: Fair Value Measurements Using Level 1 Level 2 Total (In thousands) June 28, 2015 Cash and cash equivalents $ 92,199 $ — $ 92,199 Marketable securities: U.S. government and agency securities 60,185 — 60,185 Corporate debt obligations — 111,490 111,490 Mortgage-backed securities — 25,134 25,134 Municipal bonds — 15,785 15,785 Other debt securities — 4,082 4,082 60,185 156,491 216,676 $ 152,384 $ 156,491 $ 308,875 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

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Jun. 28, 2015
Inventory Disclosure [Abstract]
Components of Inventories	Components of inventories are as follows: June 28, 2015 March 29, 2015 (In thousands) Raw materials $ 6,259 $ 4,311 Finished goods 32,390 25,667 $ 38,649 $ 29,978

Special Charges (Tables)

Special Charges (Tables)	3 Months Ended
	Jun. 28, 2015
Summary of Special Charges	A summary of the special charges recorded during the three months ended June 28, 2015 and June 29, 2014, respectively, is as follows: Three Months Ended June 28, 2015 June 29, 2014 (In thousands) Exit costs $ 1,079 $ 1,033 Asset impairments — 1,011 Other charges — 500 $ 1,079 $ 2,544
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 condensed consolidated balance sheets is as follows: June 28, 2015 March 29, 2015 (In thousands) Other current liabilities $ 4,095 $ 3,664 Other liabilities 6,228 7,553 $ 10,323 $ 11,217
June 2013 Initiative [Member]
Activity and Liability Balances for Exit Costs	Activity and liability balances for exit costs related to the June 2013 Initiative are as follows: Workforce Reduction Facilities and Other Total (In thousands) Balance as of March 29, 2015 $ 2,476 $ 7,576 $ 10,052 Charged to costs and expenses 431 — 431 Payments — (533 ) (533 ) Balance as of June 28, 2015 $ 2,907 $ 7,043 $ 9,950

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Jun. 28, 2015
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Income Per Share	The following table sets forth the computation of basic and diluted net income per share: Three Months Ended June 28, 2015 June 29, 2014 (In thousands, except per share amounts) Net income $ 2,556 $ 6,000 Shares: Weighted-average shares outstanding — basic 87,334 87,395 Dilutive potential common shares, using treasury stock method 1,580 858 Weighted-average shares outstanding — diluted 88,914 88,253 Net income per share: Basic $ 0.03 $ 0.07 Diluted $ 0.03 $ 0.07

Marketable Securities - Schedul

Marketable Securities - Schedule of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands	Jun. 28, 2015	Mar. 29, 2015
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	$ 216,589	$ 200,579
Available-for-sale securities, Gross Unrealized Gains	368	696
Available-for-sale securities, Gross Unrealized Losses	(281)	(101)
Available-for-sale securities, Estimated Fair Value	216,676	201,174
U.S. Government and Agency Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	60,174	54,279
Available-for-sale securities, Gross Unrealized Gains	79	173
Available-for-sale securities, Gross Unrealized Losses	(68)	(12)
Available-for-sale securities, Estimated Fair Value	60,185	54,440
Corporate Debt Obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	111,558	99,117
Available-for-sale securities, Gross Unrealized Gains	96	257
Available-for-sale securities, Gross Unrealized Losses	(164)	(51)
Available-for-sale securities, Estimated Fair Value	111,490	99,323
Mortgage-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	25,029	26,676
Available-for-sale securities, Gross Unrealized Gains	147	182
Available-for-sale securities, Gross Unrealized Losses	(42)	(36)
Available-for-sale securities, Estimated Fair Value	25,134	26,822
Municipal Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	15,746	16,647
Available-for-sale securities, Gross Unrealized Gains	44	76
Available-for-sale securities, Gross Unrealized Losses	(5)	(2)
Available-for-sale securities, Estimated Fair Value	15,785	16,721
Other Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	4,082	3,860
Available-for-sale securities, Gross Unrealized Gains	2	8
Available-for-sale securities, Gross Unrealized Losses	(2)
Available-for-sale securities, Estimated Fair Value	$ 4,082	$ 3,868

Marketable Securities - Sched20

Marketable Securities - Schedule of Amortized Cost and Estimated Fair Value of Debt Securities (Detail) - USD ($) $ in Thousands	Jun. 28, 2015	Mar. 29, 2015
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract]
Due in one year or less, Amortized Cost	$ 50,355
Due after one year through three years, Amortized Cost	134,349
Due after three years through five years, Amortized Cost	17,512
Due after five years, Amortized Cost	14,373
Available-for-sale securities, Amortized Cost	216,589	$ 200,579
Due in one year or less, Estimated Fair Value	50,367
Due after one year through three years, Estimated Fair Value	134,332
Due after three years through five years, Estimated Fair Value	17,506
Due after five years, Estimated Fair Value	14,471
Total estimated fair value of debt securities	$ 216,676	$ 201,174

Marketable Securities - Sched21

Marketable Securities - Schedule of Unrealized Losses by Investment Category (Detail) - USD ($) $ in Thousands	Jun. 28, 2015	Mar. 29, 2015
Schedule of Available-for-sale Securities [Line Items]
Fair Value of Less Than 12 Months	$ 102,743	$ 50,123
Unrealized Losses of Less Than 12 Months	(259)	(73)
Fair Value of 12 Months or Greater	3,127	4,581
Unrealized Losses of 12 Months or Greater	(22)	(28)
Fair Value, Total	105,870	54,704
Unrealized Losses, Total	(281)	(101)
U.S. Government and Agency Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value of Less Than 12 Months	24,887	16,607
Unrealized Losses of Less Than 12 Months	(68)	(12)
Fair Value, Total	24,887	16,607
Unrealized Losses, Total	(68)	(12)
Corporate Debt Obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value of Less Than 12 Months	66,275	28,421
Unrealized Losses of Less Than 12 Months	(164)	(51)
Fair Value, Total	66,275	28,421
Unrealized Losses, Total	(164)	(51)
Mortgage-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value of Less Than 12 Months	6,817	4,174
Unrealized Losses of Less Than 12 Months	(20)	(8)
Fair Value of 12 Months or Greater	3,127	4,581
Unrealized Losses of 12 Months or Greater	(22)	(28)
Fair Value, Total	9,944	8,755
Unrealized Losses, Total	(42)	(36)
Municipal Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value of Less Than 12 Months	2,142	921
Unrealized Losses of Less Than 12 Months	(5)	(2)
Fair Value, Total	2,142	921
Unrealized Losses, Total	(5)	$ (2)
Other Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value of Less Than 12 Months	2,622
Unrealized Losses of Less Than 12 Months	(2)
Fair Value, Total	2,622
Unrealized Losses, Total	$ (2)

Fair Value of Financial Instr22

Fair Value of Financial Instruments - Schedule of Assets Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 28, 2015	Mar. 29, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 92,199	$ 115,241
Marketable securities	216,676	201,174
Total assets at fair value disclosure	308,875	316,415
U.S. Government and Agency Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	60,185	54,440
Corporate Debt Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	111,490	99,323
Mortgage-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	25,134	26,822
Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	15,785	16,721
Other Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	4,082	3,868
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	92,199	115,241
Marketable securities	60,185	54,440
Total assets at fair value disclosure	152,384	169,681
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	60,185	54,440
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	156,491	146,734
Total assets at fair value disclosure	156,491	146,734
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	111,490	99,323
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	25,134	26,822
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	15,785	16,721
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	$ 4,082	$ 3,868

Inventories - Components of Inv

Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands	Jun. 28, 2015	Mar. 29, 2015
Inventory Disclosure [Abstract]
Raw materials	$ 6,259	$ 4,311
Finished goods	32,390	25,667
Total Inventory	$ 38,649	$ 29,978

Special Charges - Summary of Sp

Special Charges - Summary of Special Charges (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 28, 2015	Jun. 29, 2014
Restructuring and Related Activities [Abstract]
Exit costs	$ 1,079	$ 1,033
Asset impairments		1,011
Other charges		500
Special charges	$ 1,079	$ 2,544

Special Charges - Additional In

Special Charges - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 28, 2015	Jun. 29, 2014	Mar. 29, 2015
Restructuring Cost and Reserve [Line Items]
Special charges	$ 1,079	$ 2,544
Exit costs	1,079	1,033
Unpaid exit costs	4,095		$ 3,664
Asset impairments		1,011
May 2015 Initiative [Member]
Restructuring Cost and Reserve [Line Items]
Special charges	700
Exit costs	700
Unpaid exit costs	$ 400
Date the company commenced the restructuring plan	May 1, 2015
Date the company expects to substantially complete the restructuring actions	Sep. 27, 2015
March 2014 Initiative [Member]
Restructuring Cost and Reserve [Line Items]
Special charges		1,700
Exit costs		700
Date the company commenced the restructuring plan	Mar. 17, 2014
Asset impairments		1,000
June 2013 Initiative [Member]
Restructuring Cost and Reserve [Line Items]
Special charges	$ 400	400
Exit costs	$ 431	$ 400
Date the company commenced the restructuring plan	Jun. 3, 2013
Date the company expects to substantially complete the restructuring actions	Apr. 1, 2018
Additional costs expected	$ 1,000
Aggregate amount of special charges	25,400
June 2013 Initiative [Member] | Workforce Reductions [Member]
Restructuring Cost and Reserve [Line Items]
Exit costs	431
Aggregate amount of special charges	15,000
June 2013 Initiative [Member] | Facilities and Other [Member]
Restructuring Cost and Reserve [Line Items]
Aggregate amount of special charges	5,900
June 2013 Initiative [Member] | Abandoned Property and Equipment [Member]
Restructuring Cost and Reserve [Line Items]
Aggregate amount of special charges	$ 4,500

Special Charges - Activity and

Special Charges - Activity and Liability Balances for Exit Costs (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 28, 2015	Jun. 29, 2014
Restructuring Cost and Reserve [Line Items]
Beginning Balance	$ 11,217
Charged to costs and expenses	1,079	$ 1,033
Ending Balance	10,323
June 2013 Initiative [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance	10,052
Charged to costs and expenses	431	$ 400
Payments	(533)
Ending Balance	9,950
June 2013 Initiative [Member] | Workforce Reductions [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance	2,476
Charged to costs and expenses	431
Ending Balance	2,907
June 2013 Initiative [Member] | Facilities and Other [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance	7,576
Payments	(533)
Ending Balance	$ 7,043

Special Charges -Summary of Unp

Special Charges -Summary of Unpaid Exit Costs for Restructuring Plans by Classification (Detail) - USD ($) $ in Thousands	Jun. 28, 2015	Mar. 29, 2015
Restructuring Reserve [Abstract]
Other current liabilities	$ 4,095	$ 3,664
Other liabilities	6,228	7,553
Total unpaid exit costs	$ 10,323	$ 11,217

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 28, 2015	Jun. 29, 2014
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 4,894	$ (462)

Net Income Per Share - Computat

Net Income Per Share - Computation of Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 28, 2015	Jun. 29, 2014
Earnings Per Share [Abstract]
Net income	$ 2,556	$ 6,000
Shares:
Weighted-average shares outstanding - basic	87,334	87,395
Dilutive potential common shares, using treasury stock method	1,580	858
Weighted-average shares outstanding - diluted	88,914	88,253
Net income per share:
Basic	$ 0.03	$ 0.07
Diluted	$ 0.03	$ 0.07

Net Income Per Share - Addition

Net Income Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended
	Jun. 28, 2015	Jun. 29, 2014
Earnings Per Share [Abstract]
Stock-based awards excluded from the diluted per share calculations	6.1	12.1