QLogic (QLGC) 10-Q 29 Oct 15 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Sep. 27, 2015	Oct. 23, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 27, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
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		83,836,000

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 27, 2015	Mar. 29, 2015
Current assets:
Cash and cash equivalents	$ 101,870	$ 115,241
Marketable securities	205,819	201,174
Accounts receivable, less allowance for doubtful accounts of $868 and $1,297 as of September 27, 2015 and March 29, 2015, respectively	59,217	87,436
Inventories	50,111	29,978
Deferred tax assets	12,023	12,545
Other current assets	17,197	21,802
Total current assets	446,237	468,176
Property and equipment, net	75,279	78,501
Goodwill	167,232	167,232
Purchased intangible assets, net	70,176	77,659
Deferred tax assets	32,853	36,335
Other assets	20,045	20,752
Total assets	811,822	848,655
Current liabilities:
Accounts payable	33,063	40,497
Accrued compensation	13,878	22,476
Accrued taxes	1,694	2,711
Other current liabilities	16,174	11,718
Total current liabilities	64,809	77,402
Accrued taxes	15,008	14,516
Other liabilities	7,796	9,721
Total liabilities	$ 87,613	$ 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; 217,782,000 and 215,549,000 shares issued as of September 27, 2015 and March 29, 2015, respectively	$ 218	$ 215
Additional paid-in capital	1,004,659	983,579
Retained earnings	1,727,458	1,722,664
Accumulated other comprehensive loss	(661)	(99)
Treasury stock, at cost: 132,557,000 and 128,329,000 shares as of September 27, 2015 and March 29, 2015, respectively	(2,007,465)	(1,959,343)
Total stockholders’ equity	724,209	747,016
Total liabilities and stockholders' equity	$ 811,822	$ 848,655

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 27, 2015	Mar. 29, 2015
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts	$ 868	$ 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	217,782,000	215,549,000
Treasury stock, shares	132,557,000	128,329,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 27, 2015	Sep. 28, 2014	Sep. 27, 2015	Sep. 28, 2014
Income Statement [Abstract]
Net revenues	$ 103,354	$ 127,503	$ 216,759	$ 246,952
Cost of revenues	42,175	52,093	89,242	100,847
Gross profit	61,179	75,410	127,517	146,105
Operating expenses:
Engineering and development	32,255	35,480	67,861	73,301
Sales and marketing	13,624	15,453	29,110	31,487
General and administrative	4,925	8,697	12,001	17,597
Special charges	8,154	2,259	9,233	4,803
Total operating expenses	58,958	61,889	118,205	127,188
Operating income	2,221	13,521	9,312	18,917
Interest and other income, net	153	296	512	438
Income before income taxes	2,374	13,817	9,824	19,355
Income taxes	136	2,807	5,030	2,345
Net income	$ 2,238	$ 11,010	$ 4,794	$ 17,010
Net income per share:
Basic	$ 0.03	$ 0.13	$ 0.06	$ 0.19
Diluted	$ 0.03	$ 0.12	$ 0.05	$ 0.19
Number of shares used in per share calculations:
Basic	86,911	87,914	87,122	87,654
Diluted	87,407	88,102	88,160	88,177

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 27, 2015	Sep. 28, 2014	Sep. 27, 2015	Sep. 28, 2014
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 2,238	$ 11,010	$ 4,794	$ 17,010
Changes in fair value of marketable securities:
Changes in unrealized gains	214	(347)	(241)	(148)
Net realized losses (gains) reclassified into earnings	(27)	64	(1)	127
Total changes in fair value of marketable securities	187	(283)	(242)	(21)
Foreign currency translation adjustments	(436)	(269)	(320)	(211)
Total other comprehensive loss	(249)	(552)	(562)	(232)
Comprehensive income	$ 1,989	$ 10,458	$ 4,232	$ 16,778

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Sep. 27, 2015	Sep. 28, 2014
Cash flows from operating activities:
Net income	$ 4,794	$ 17,010
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	21,037	23,855
Stock-based compensation	7,921	10,275
Deferred income taxes	4,045	4,077
Asset impairments	1,237	1,011
Other non-cash items, net	98	810
Changes in operating assets and liabilities:
Accounts receivable	28,579	(20,287)
Inventories	(20,133)	(12,106)
Other assets	649	(840)
Accounts payable	92	6,162
Accrued compensation	(8,598)	(7,256)
Accrued taxes, net	(4,785)	(3,012)
Other liabilities	1,179	(7,930)
Net cash provided by operating activities	36,115	11,769
Cash flows from investing activities:
Purchases of available-for-sale securities	(93,765)	(84,318)
Proceeds from sales and maturities of available-for-sale securities	87,997	80,376
Purchases of property and equipment	(18,778)	(12,068)
Proceeds from disposition of assets held for sale	7,553
Net cash used in investing activities	(16,993)	(16,010)
Cash flows from financing activities:
Proceeds from issuance of common stock under stock-based awards	18,728	3,536
Minimum tax withholding paid on behalf of employees for restricted stock units	(5,566)	(3,450)
Purchases of treasury stock	(46,770)
Other financing activities	1,115	(173)
Net cash used in financing activities	(32,493)	(87)
Net decrease in cash and cash equivalents	(13,371)	(4,328)
Cash and cash equivalents at beginning of period	115,241	91,258
Cash and cash equivalents at end of period	$ 101,870	$ 86,930

Basis of Presentation

Basis of Presentation	6 Months Ended
	Sep. 27, 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 and six months ended September 27, 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	6 Months Ended
	Sep. 27, 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) September 27, 2015 U.S. government and agency securities $ 75,175 $ 222 $ (8 ) $ 75,389 Corporate debt obligations 89,321 89 (143 ) 89,267 Mortgage-backed securities 22,683 151 (42 ) 22,792 Municipal bonds 14,238 52 (3 ) 14,287 Other debt securities 4,078 6 — 4,084 $ 205,495 $ 520 $ (196 ) $ 205,819 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 September 27, 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 $ 47,304 $ 47,329 Due after one year through three years 125,140 125,208 Due after three years through five years 19,496 19,631 Due after five years 13,555 13,651 $ 205,495 $ 205,819 The following table presents the Company’s marketable securities with unrealized losses by investment category and length of time that individual securities have been in a continuous unrealized loss position as of September 27, 2015 and March 29, 2015. Less Than 12 Months 12 Months or Greater Total Description of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) September 27, 2015 U.S. government and agency securities $ 17,998 $ (8 ) $ — $ — $ 17,998 $ (8 ) Corporate debt obligations 48,435 (143 ) — — 48,435 (143 ) Mortgage-backed securities 6,944 (32 ) 1,730 (10 ) 8,674 (42 ) Municipal bonds 1,408 (3 ) — — 1,408 (3 ) $ 74,785 $ (186 ) $ 1,730 $ (10 ) $ 76,515 $ (196 ) 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 September 27, 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 September 27, 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	6 Months Ended
	Sep. 27, 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 September 27, 2015 and March 29, 2015 are as follows: Fair Value Measurements Using Level 1 Level 2 Total (In thousands) September 27, 2015 Cash and cash equivalents $ 101,870 $ — $ 101,870 Marketable securities: U.S. government and agency securities 75,389 — 75,389 Corporate debt obligations — 89,267 89,267 Mortgage-backed securities — 22,792 22,792 Municipal bonds — 14,287 14,287 Other debt securities — 4,084 4,084 75,389 130,430 205,819 $ 177,259 $ 130,430 $ 307,689 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	6 Months Ended
	Sep. 27, 2015
Inventory Disclosure [Abstract]
Inventories	Note 4. Inventories Components of inventories are as follows: September 27, 2015 March 29, 2015 (In thousands) Raw materials $ 9,099 $ 4,311 Finished goods 41,012 25,667 $ 50,111 $ 29,978

Special Charges

Special Charges	6 Months Ended
	Sep. 27, 2015
Restructuring And Related Activities [Abstract]
Special Charges	Note 5. Special Charges A summary of the special charges recorded during the three and six months ended September 27, 2015 and September 28, 2014, respectively, including the costs associated with all of the restructuring plans discussed below, is as follows: Three Months Ended Six Months Ended September 27, 2015 September 28, 2014 September 27, 2015 September 28, 2014 (In thousands) Exit costs $ 6,917 $ 2,259 $ 7,996 $ 3,292 Asset impairments 1,237 — 1,237 1,011 Other charges — — — 500 $ 8,154 $ 2,259 $ 9,233 $ 4,803 September 2015 Initiative In September 2015, the Company commenced a restructuring plan (September 2015 Initiative) designed to align its future operating expenses with its revenue expectations. The restructuring plan includes a workforce reduction and the consolidation and elimination of certain engineering activities. During the three and six months ended September 27, 2015, the Company recorded special charges of $8.1 million related to the September 2015 Initiative, consisting of $6.9 million of exit costs and $1.2 million of asset impairment charges related to property and equipment. The exit costs consisted entirely of severance and related costs associated with involuntarily terminated employees. The Company expects to record between $1 million and $2 million of additional charges related to the September 2015 Initiative during fiscal 2016 and expects to substantially complete the related restructuring actions during fiscal 2016. Activity and liability balances related to the September 2015 Initiative are as follows: Workforce Reduction (In thousands) Charged to costs and expenses $ 6,869 Payments (2,042 ) Balance as of September 27, 2015 $ 4,827 The unpaid exit costs related to the September 2015 Initiative are expected to be paid during fiscal 2016. May 2015 Initiative In May 2015, the Company commenced a restructuring plan (May 2015 Initiative) designed to streamline business operations and recorded special charges of $0.7 million during the three months ended June 28, 2015. The special charges consisted entirely of exit costs associated with severance benefits for the involuntarily terminated employees. The Company completed these restructuring activities and all amounts were paid as of September 27, 2015. 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 certain Ethernet controller-related assets. This restructuring plan primarily consisted of 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 and six months ended September 28, 2014, the Company recorded special charges of $2.0 million and $3.7 million, respectively, in connection with the March 2014 Initiative. Special charges for the three months ended September 28, 2014 consisted entirely of exit costs. Special charges for the six months ended September 28, 2014 consisted of $2.7 million of exit costs and $1.0 million of asset impairment charges related to abandoned property and equipment. The exit costs 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 $0.1 million and $0.5 million during the three and six months ended September 27, 2015, respectively, and $0.3 million and $0.6 million for the three and six months ended September 28, 2014, respectively. Special charges for all 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 $25.5 million and consisted of $15.1 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 479 — 479 Payments (984 ) (1,040 ) (2,024 ) Balance as of September 27, 2015 $ 1,971 $ 6,536 $ 8,507 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: September 27, 2015 March 29, 2015 (In thousands) Other current liabilities $ 7,590 $ 3,664 Other liabilities 5,744 7,553 $ 13,334 $ 11,217

Income Taxes

Income Taxes	6 Months Ended
	Sep. 27, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Note 6. Income Taxes The Company’s provision for income taxes was $0.1 million and $5.0 million for the three and six months ended September 27, 2015, respectively, and $2.8 million and $2.3 million for the three and six months ended September 28, 2014, respectively. The provision for income taxes for the six months ended September 27, 2015 and September 28, 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 provision for income taxes for the six months ended September 28, 2014 includes a benefit associated with adjustments to previously recognized uncertain tax position liabilities as a result of additional information received during the fiscal period 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	6 Months Ended
	Sep. 27, 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 Six Months Ended September 27, 2015 September 28, 2014 September 27, 2015 September 28, 2014 (In thousands, except per share amounts) Net income $ 2,238 $ 11,010 $ 4,794 $ 17,010 Shares: Weighted-average shares outstanding — basic 86,911 87,914 87,122 87,654 Dilutive potential common shares, using treasury stock method 496 188 1,038 523 Weighted-average shares outstanding — diluted 87,407 88,102 88,160 88,177 Net income per share: Basic $ 0.03 $ 0.13 $ 0.06 $ 0.19 Diluted $ 0.03 $ 0.12 $ 0.05 $ 0.19 Stock-based awards, including stock options and restricted stock units, representing 7.3 million and 6.7 million shares of common stock have been excluded from the diluted per share calculations for the three and six months ended September 27, 2015, respectively, and 11.0 million and 11.5 million shares of common stock have been excluded from diluted per share calculations for the three and six months ended September 28, 2014, respectively. These stock-based awards have been excluded from the diluted per share calculations because their effect would have been antidilutive.

Subsequent Events

Subsequent Events	6 Months Ended
	Sep. 27, 2015
Subsequent Events [Abstract]
Subsequent Events	Note 8. Subsequent Events On September 28, 2015, a purported class action was commenced in the U.S. District Court for the Central District of California asserting claims arising under federal securities laws against the Company and certain individual defendants. The plaintiff purports to represent a class of persons who purchased the Company’s common stock between April 30, 2015 and July 30, 2015. The plaintiff alleges that the defendants engaged in a scheme to inflate the Company’s stock price by making false and misleading statements regarding the Company’s operations, financial results and future business prospects in violation of federal securities laws. The plaintiff seeks compensatory damages, interest and an award of reasonable attorneys’ fees and costs. The Company has not yet been served with the complaint. On October 23, 2015, Stephen Kramer filed a shareholder derivative complaint in the Orange County, California, Superior Court purportedly on behalf of the Company against certain current and former officers and directors of the Company. The plaintiff alleges breaches of fiduciary duty, unjust enrichment, corporate waste, aiding and abetting breaches of fiduciary duty, and improper insider sales of stock in violation of California law based on the allegation that, since October 17, 2014, the individual defendants engaged in a scheme to inflate the Company’s stock price by making false and misleading statements regarding the Company’s operations, financial results, internal controls and future business prospects. The plaintiff seeks an award of damages and restitution to the Company from the individual defendants, disgorgement of the defendants’ profits and compensation, an order requiring the Company to reform and improve its corporate governance, and an award of costs and attorneys’ fees to the plaintiff and its counsel. The Company has not yet been served with the complaint. The Company currently believes that the disposition of these matters is not likely to have a material adverse effect on the Company’s financial condition or results of operations.

Marketable Securities (Tables)

Marketable Securities (Tables)	6 Months Ended
	Sep. 27, 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) September 27, 2015 U.S. government and agency securities $ 75,175 $ 222 $ (8 ) $ 75,389 Corporate debt obligations 89,321 89 (143 ) 89,267 Mortgage-backed securities 22,683 151 (42 ) 22,792 Municipal bonds 14,238 52 (3 ) 14,287 Other debt securities 4,078 6 — 4,084 $ 205,495 $ 520 $ (196 ) $ 205,819 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 September 27, 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 $ 47,304 $ 47,329 Due after one year through three years 125,140 125,208 Due after three years through five years 19,496 19,631 Due after five years 13,555 13,651 $ 205,495 $ 205,819
Schedule of Unrealized Losses by Investment Category	The following table presents the Company’s marketable securities with unrealized losses by investment category and length of time that individual securities have been in a continuous unrealized loss position as of September 27, 2015 and March 29, 2015. Less Than 12 Months 12 Months or Greater Total Description of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) September 27, 2015 U.S. government and agency securities $ 17,998 $ (8 ) $ — $ — $ 17,998 $ (8 ) Corporate debt obligations 48,435 (143 ) — — 48,435 (143 ) Mortgage-backed securities 6,944 (32 ) 1,730 (10 ) 8,674 (42 ) Municipal bonds 1,408 (3 ) — — 1,408 (3 ) $ 74,785 $ (186 ) $ 1,730 $ (10 ) $ 76,515 $ (196 ) 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 Instr16

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Sep. 27, 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 September 27, 2015 and March 29, 2015 are as follows: Fair Value Measurements Using Level 1 Level 2 Total (In thousands) September 27, 2015 Cash and cash equivalents $ 101,870 $ — $ 101,870 Marketable securities: U.S. government and agency securities 75,389 — 75,389 Corporate debt obligations — 89,267 89,267 Mortgage-backed securities — 22,792 22,792 Municipal bonds — 14,287 14,287 Other debt securities — 4,084 4,084 75,389 130,430 205,819 $ 177,259 $ 130,430 $ 307,689 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)	6 Months Ended
	Sep. 27, 2015
Inventory Disclosure [Abstract]
Components of Inventories	Components of inventories are as follows: September 27, 2015 March 29, 2015 (In thousands) Raw materials $ 9,099 $ 4,311 Finished goods 41,012 25,667 $ 50,111 $ 29,978

Special Charges (Tables)

Special Charges (Tables)	6 Months Ended
	Sep. 27, 2015
Restructuring Cost and Reserve [Line Items]
Summary of Special Charges	A summary of the special charges recorded during the three and six months ended September 27, 2015 and September 28, 2014, respectively, including the costs associated with all of the restructuring plans discussed below, is as follows: Three Months Ended Six Months Ended September 27, 2015 September 28, 2014 September 27, 2015 September 28, 2014 (In thousands) Exit costs $ 6,917 $ 2,259 $ 7,996 $ 3,292 Asset impairments 1,237 — 1,237 1,011 Other charges — — — 500 $ 8,154 $ 2,259 $ 9,233 $ 4,803
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: September 27, 2015 March 29, 2015 (In thousands) Other current liabilities $ 7,590 $ 3,664 Other liabilities 5,744 7,553 $ 13,334 $ 11,217
September 2015 Initiative [Member]
Restructuring Cost and Reserve [Line Items]
Activity and Liability Balances for Exit Costs	Activity and liability balances related to the September 2015 Initiative are as follows: Workforce Reduction (In thousands) Charged to costs and expenses $ 6,869 Payments (2,042 ) Balance as of September 27, 2015 $ 4,827
June 2013 Initiative [Member]
Restructuring Cost and Reserve [Line Items]
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 479 — 479 Payments (984 ) (1,040 ) (2,024 ) Balance as of September 27, 2015 $ 1,971 $ 6,536 $ 8,507

Net Income Per Share (Tables)

Net Income Per Share (Tables)	6 Months Ended
	Sep. 27, 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 Six Months Ended September 27, 2015 September 28, 2014 September 27, 2015 September 28, 2014 (In thousands, except per share amounts) Net income $ 2,238 $ 11,010 $ 4,794 $ 17,010 Shares: Weighted-average shares outstanding — basic 86,911 87,914 87,122 87,654 Dilutive potential common shares, using treasury stock method 496 188 1,038 523 Weighted-average shares outstanding — diluted 87,407 88,102 88,160 88,177 Net income per share: Basic $ 0.03 $ 0.13 $ 0.06 $ 0.19 Diluted $ 0.03 $ 0.12 $ 0.05 $ 0.19

Marketable Securities - Schedul

Marketable Securities - Schedule of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands	Sep. 27, 2015	Mar. 29, 2015
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	$ 205,495	$ 200,579
Available-for-sale securities, Gross Unrealized Gains	520	696
Available-for-sale securities, Gross Unrealized Losses	(196)	(101)
Available-for-sale securities, Estimated Fair Value	205,819	201,174
U.S. Government and Agency Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	75,175	54,279
Available-for-sale securities, Gross Unrealized Gains	222	173
Available-for-sale securities, Gross Unrealized Losses	(8)	(12)
Available-for-sale securities, Estimated Fair Value	75,389	54,440
Corporate Debt Obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	89,321	99,117
Available-for-sale securities, Gross Unrealized Gains	89	257
Available-for-sale securities, Gross Unrealized Losses	(143)	(51)
Available-for-sale securities, Estimated Fair Value	89,267	99,323
Mortgage-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	22,683	26,676
Available-for-sale securities, Gross Unrealized Gains	151	182
Available-for-sale securities, Gross Unrealized Losses	(42)	(36)
Available-for-sale securities, Estimated Fair Value	22,792	26,822
Municipal Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	14,238	16,647
Available-for-sale securities, Gross Unrealized Gains	52	76
Available-for-sale securities, Gross Unrealized Losses	(3)	(2)
Available-for-sale securities, Estimated Fair Value	14,287	16,721
Other Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	4,078	3,860
Available-for-sale securities, Gross Unrealized Gains	6	8
Available-for-sale securities, Estimated Fair Value	$ 4,084	$ 3,868

Marketable Securities - Sched21

Marketable Securities - Schedule of Amortized Cost and Estimated Fair Value of Debt Securities (Detail) - USD ($) $ in Thousands	Sep. 27, 2015	Mar. 29, 2015
Available For Sale Securities Debt Maturities Fair Value [Abstract]
Due in one year or less, Amortized Cost	$ 47,304
Due after one year through three years, Amortized Cost	125,140
Due after three years through five years, Amortized Cost	19,496
Due after five years, Amortized Cost	13,555
Available-for-sale securities, Amortized Cost	205,495	$ 200,579
Due in one year or less, Estimated Fair Value	47,329
Due after one year through three years, Estimated Fair Value	125,208
Due after three years through five years, Estimated Fair Value	19,631
Due after five years, Estimated Fair Value	13,651
Total estimated fair value of debt securities	$ 205,819	$ 201,174

Marketable Securities - Sched22

Marketable Securities - Schedule of Unrealized Losses by Investment Category (Detail) - USD ($) $ in Thousands	Sep. 27, 2015	Mar. 29, 2015
Schedule of Available-for-sale Securities [Line Items]
Fair Value of Less Than 12 Months	$ 74,785	$ 50,123
Unrealized Losses of Less Than 12 Months	(186)	(73)
Fair Value of 12 Months or Greater	1,730	4,581
Unrealized Losses of 12 Months or Greater	(10)	(28)
Fair Value, Total	76,515	54,704
Unrealized Losses, Total	(196)	(101)
U.S. Government and Agency Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value of Less Than 12 Months	17,998	16,607
Unrealized Losses of Less Than 12 Months	(8)	(12)
Fair Value, Total	17,998	16,607
Unrealized Losses, Total	(8)	(12)
Corporate Debt Obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value of Less Than 12 Months	48,435	28,421
Unrealized Losses of Less Than 12 Months	(143)	(51)
Fair Value, Total	48,435	28,421
Unrealized Losses, Total	(143)	(51)
Mortgage-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value of Less Than 12 Months	6,944	4,174
Unrealized Losses of Less Than 12 Months	(32)	(8)
Fair Value of 12 Months or Greater	1,730	4,581
Unrealized Losses of 12 Months or Greater	(10)	(28)
Fair Value, Total	8,674	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	1,408	921
Unrealized Losses of Less Than 12 Months	(3)	(2)
Fair Value, Total	1,408	921
Unrealized Losses, Total	$ (3)	$ (2)

Fair Value of Financial Instr23

Fair Value of Financial Instruments - Schedule of Assets Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 27, 2015	Mar. 29, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 101,870	$ 115,241
Marketable securities	205,819	201,174
Total assets at fair value disclosure	307,689	316,415
U.S. Government and Agency Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	75,389	54,440
Corporate Debt Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	89,267	99,323
Mortgage-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	22,792	26,822
Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	14,287	16,721
Other Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	4,084	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	101,870	115,241
Marketable securities	75,389	54,440
Total assets at fair value disclosure	177,259	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	75,389	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	130,430	146,734
Total assets at fair value disclosure	130,430	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	89,267	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	22,792	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	14,287	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	$ 4,084	$ 3,868

Inventories - Components of Inv

Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands	Sep. 27, 2015	Mar. 29, 2015
Inventory Disclosure [Abstract]
Raw materials	$ 9,099	$ 4,311
Finished goods	41,012	25,667
Total Inventory	$ 50,111	$ 29,978

Special Charges - Summary of Sp

Special Charges - Summary of Special Charges (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 27, 2015	Sep. 28, 2014	Sep. 27, 2015	Sep. 28, 2014
Restructuring And Related Activities [Abstract]
Exit costs	$ 6,917	$ 2,259	$ 7,996	$ 3,292
Asset impairments	1,237		1,237	1,011
Other charges				500
Special charges	$ 8,154	$ 2,259	$ 9,233	$ 4,803

Special Charges - Additional In

Special Charges - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Sep. 27, 2015	Jun. 28, 2015	Sep. 28, 2014	Sep. 27, 2015	Sep. 28, 2014
Restructuring Cost and Reserve [Line Items]
Special charges	$ 8,154		$ 2,259	$ 9,233	$ 4,803
Exit costs	6,917		2,259	7,996	3,292
Asset impairments	1,237			$ 1,237	1,011
September 2015 Initiative [Member]
Restructuring Cost and Reserve [Line Items]
Date the company commenced the restructuring plan				Sep. 2, 2015
Special charges	8,100			$ 8,100
Exit costs	6,900			6,900
Asset impairments	1,200			$ 1,200
Date the company expects to substantially complete the restructuring actions				Apr. 3, 2016
September 2015 Initiative [Member] | Workforce Reductions [Member]
Restructuring Cost and Reserve [Line Items]
Exit costs				$ 6,869
September 2015 Initiative [Member] | Minimum
Restructuring Cost and Reserve [Line Items]
Additional costs expected	1,000			1,000
September 2015 Initiative [Member] | Maximum
Restructuring Cost and Reserve [Line Items]
Additional costs expected	2,000			$ 2,000
May 2015 Initiative [Member]
Restructuring Cost and Reserve [Line Items]
Date the company commenced the restructuring plan				May 1, 2015
Special charges		$ 700
Exit costs		$ 700
Date the company expects to substantially complete the restructuring actions				Sep. 27, 2015
March 2014 Initiative [Member]
Restructuring Cost and Reserve [Line Items]
Date the company commenced the restructuring plan				Mar. 17, 2014
Special charges			2,000		3,700
Exit costs			2,000		2,700
Asset impairments					1,000
June 2013 Initiative [Member]
Restructuring Cost and Reserve [Line Items]
Date the company commenced the restructuring plan				Jun. 3, 2013
Special charges	100		300	$ 500	600
Exit costs	100		$ 300	479	$ 600
Additional costs expected	1,000			$ 1,000
Date the company expects to substantially complete the restructuring actions				Apr. 1, 2018
Aggregate amount of special charges	25,500			$ 25,500
June 2013 Initiative [Member] | Workforce Reductions [Member]
Restructuring Cost and Reserve [Line Items]
Exit costs				479
Aggregate amount of special charges	15,100			15,100
June 2013 Initiative [Member] | Facilities and Other [Member]
Restructuring Cost and Reserve [Line Items]
Aggregate amount of special charges	5,900			5,900
June 2013 Initiative [Member] | Abandoned Property and Equipment [Member]
Restructuring Cost and Reserve [Line Items]
Aggregate amount of special charges	$ 4,500			$ 4,500

Special Charges - Activity and

Special Charges - Activity and Liability Balances for Exit Costs (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 27, 2015	Sep. 28, 2014	Sep. 27, 2015	Sep. 28, 2014
Restructuring Cost and Reserve [Line Items]
Beginning Balance			$ 11,217
Charged to costs and expenses	$ 6,917	$ 2,259	7,996	$ 3,292
Ending Balance	13,334		13,334
September 2015 Initiative [Member]
Restructuring Cost and Reserve [Line Items]
Charged to costs and expenses	6,900		6,900
September 2015 Initiative [Member] | Workforce Reductions [Member]
Restructuring Cost and Reserve [Line Items]
Charged to costs and expenses			6,869
Payments			(2,042)
Ending Balance	4,827		4,827
June 2013 Initiative [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance			10,052
Charged to costs and expenses	100	$ 300	479	$ 600
Payments			(2,024)
Ending Balance	8,507		8,507
June 2013 Initiative [Member] | Workforce Reductions [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance			2,476
Charged to costs and expenses			479
Payments			(984)
Ending Balance	1,971		1,971
June 2013 Initiative [Member] | Facilities and Other [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance			7,576
Payments			(1,040)
Ending Balance	$ 6,536		$ 6,536

Special Charges -Summary of Unp

Special Charges -Summary of Unpaid Exit Costs for Restructuring Plans by Classification (Detail) - USD ($) $ in Thousands	Sep. 27, 2015	Mar. 29, 2015
Restructuring Reserve [Abstract]
Other current liabilities	$ 7,590	$ 3,664
Other liabilities	5,744	7,553
Total unpaid exit costs	$ 13,334	$ 11,217

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 27, 2015	Sep. 28, 2014	Sep. 27, 2015	Sep. 28, 2014
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 136	$ 2,807	$ 5,030	$ 2,345

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		6 Months Ended
	Sep. 27, 2015	Sep. 28, 2014	Sep. 27, 2015	Sep. 28, 2014
Earnings Per Share [Abstract]
Net income	$ 2,238	$ 11,010	$ 4,794	$ 17,010
Shares:
Weighted-average shares outstanding — basic	86,911	87,914	87,122	87,654
Dilutive potential common shares, using treasury stock method	496	188	1,038	523
Weighted-average shares outstanding — diluted	87,407	88,102	88,160	88,177
Net income per share:
Basic	$ 0.03	$ 0.13	$ 0.06	$ 0.19
Diluted	$ 0.03	$ 0.12	$ 0.05	$ 0.19

Net Income Per Share - Addition

Net Income Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended		6 Months Ended
	Sep. 27, 2015	Sep. 28, 2014	Sep. 27, 2015	Sep. 28, 2014
Earnings Per Share [Abstract]
Stock-based awards excluded from the diluted per share calculations	7.3	11	6.7	11.5

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Subsequent Event	Oct. 23, 2015	Sep. 28, 2015
Class Action Lawsuit [Member]
Subsequent Event [Line Items]
Lawsuit Filing Date		September 28, 2015
Shareholder Derivative Lawsuit [Member]
Subsequent Event [Line Items]
Lawsuit Filing Date	October 23, 2015
Loss contingency, Name of plaintiff	Stephen Kramer