Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Apr. 03, 2016 | May. 18, 2016 | Sep. 25, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Apr. 3, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | QLGC | ||
Entity Registrant Name | QLOGIC CORP | ||
Entity Central Index Key | 918,386 | ||
Current Fiscal Year End Date | --04-03 | ||
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 | 83,186,000 | ||
Entity Public Float | $ 831,623,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 03, 2016 | Mar. 29, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 125,408 | $ 115,241 |
Marketable securities | 229,439 | 201,174 |
Accounts receivable, less allowance for doubtful accounts of $849 and $1,297 as of April 3, 2016 and March 29, 2015, respectively | 55,546 | 87,436 |
Inventories | 39,745 | 29,978 |
Other current assets | 13,268 | 21,802 |
Total current assets | 463,406 | 455,631 |
Property and equipment, net | 71,738 | 78,501 |
Goodwill | 167,232 | 167,232 |
Purchased intangible assets, net | 62,998 | 77,659 |
Deferred tax assets | 41,003 | 48,880 |
Other assets | 17,491 | 20,752 |
Total assets | 823,868 | 848,655 |
Current liabilities: | ||
Accounts payable | 29,576 | 40,497 |
Accrued compensation | 19,389 | 22,476 |
Accrued taxes | 955 | 2,711 |
Other current liabilities | 11,156 | 11,718 |
Total current liabilities | 61,076 | 77,402 |
Accrued taxes | 9,510 | 14,516 |
Other liabilities | 5,904 | 9,721 |
Total liabilities | $ 76,490 | $ 101,639 |
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; 218,210,000 and 215,549,000 shares issued as of April 3, 2016 and March 29, 2015, respectively | $ 218 | $ 215 |
Additional paid-in capital | 1,015,666 | 983,579 |
Retained earnings | 1,769,130 | 1,722,664 |
Accumulated other comprehensive loss | (334) | (99) |
Treasury stock, at cost: 135,118,000 and 128,329,000 shares as of April 3, 2016 and March 29, 2015, respectively | (2,037,302) | (1,959,343) |
Total stockholders’ equity | 747,378 | 747,016 |
Total liabilities and stockholders' equity | $ 823,868 | $ 848,655 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Apr. 03, 2016 | Mar. 29, 2015 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 849 | $ 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 | 218,210,000 | 215,549,000 |
Treasury stock, shares | 135,118,000 | 128,329,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Mar. 30, 2014 | |
Income Statement [Abstract] | |||
Net revenues | $ 458,913 | $ 520,198 | $ 460,907 |
Cost of revenues | 187,464 | 214,146 | 150,800 |
Gross profit | 271,449 | 306,052 | 310,107 |
Operating expenses: | |||
Engineering and development | 128,774 | 144,260 | 147,010 |
Sales and marketing | 56,618 | 64,330 | 68,367 |
General and administrative | 25,454 | 32,512 | 32,097 |
Special charges | 11,806 | 10,520 | 74,853 |
Total operating expenses | 222,652 | 251,622 | 322,327 |
Operating income (loss) | 48,797 | 54,430 | (12,220) |
Interest and other income, net | 1,929 | 763 | 3,260 |
Income (loss) before income taxes | 50,726 | 55,193 | (8,960) |
Income taxes | 4,260 | 4,600 | 9,306 |
Net income (loss) | $ 46,466 | $ 50,593 | $ (18,266) |
Net income (loss) per share: | |||
Basic | $ 0.55 | $ 0.58 | $ (0.21) |
Diluted | $ 0.54 | $ 0.57 | $ (0.21) |
Number of shares used in per share calculations: | |||
Basic | 85,122 | 87,584 | 87,612 |
Diluted | 86,110 | 88,463 | 87,612 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Mar. 30, 2014 | |
Statements Of Income And Comprehensive Income [Abstract] | |||
Net income (loss) | $ 46,466 | $ 50,593 | $ (18,266) |
Changes in fair value of marketable securities: | |||
Changes in unrealized gains | 71 | 167 | (1,112) |
Net realized losses (gains) reclassified into earnings | 6 | 132 | (587) |
Total changes in fair value of marketable securities | 77 | 299 | (1,699) |
Foreign currency translation adjustments | (312) | (833) | 247 |
Total other comprehensive income (loss) | (235) | (534) | (1,452) |
Comprehensive income (loss) | $ 46,231 | $ 50,059 | $ (19,718) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] |
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 | |||||
Net income (loss) | 46,466 | 46,466 | ||||
Issuance of common stock under stock-based awards | 15,462 | $ 3 | 15,459 | |||
Issuance of common stock under stock-based awards, Shares | 2,661 | |||||
Stock-based compensation | 16,628 | 16,628 | ||||
Other comprehensive income (loss) | (235) | (235) | ||||
Purchases of treasury stock | (77,959) | (77,959) | ||||
Purchases of treasury stock, Shares | (6,789) | |||||
Balance at Apr. 03, 2016 | $ 747,378 | $ 218 | $ 1,015,666 | $ 1,769,130 | $ (334) | $ (2,037,302) |
Balance, Shares at Apr. 03, 2016 | 83,092 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Mar. 30, 2014 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 46,466 | $ 50,593 | $ (18,266) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 39,463 | 47,119 | 32,523 |
Stock-based compensation | 16,628 | 20,545 | 22,638 |
Deferred income taxes | 7,887 | (1,457) | (3,637) |
Asset impairments | 1,954 | 3,697 | 8,022 |
Other non-cash items, net | 930 | 1,136 | 2,729 |
Changes in operating assets and liabilities, net of acquisitions: | |||
Accounts receivable | 32,230 | (22,337) | 899 |
Inventories | (9,767) | (11,942) | 6,660 |
Other assets | 7,820 | 3,924 | (19,013) |
Accounts payable | (3,573) | 3,487 | 4,376 |
Accrued compensation | (3,087) | (4,480) | (1,511) |
Accrued taxes, net | (11,951) | 821 | 9,855 |
Other liabilities | (3,479) | (8,610) | 11,516 |
Net cash provided by operating activities | 121,521 | 82,496 | 56,791 |
Cash flows from investing activities: | |||
Purchases of available-for-sale securities | (241,789) | (189,707) | (342,921) |
Proceeds from sales and maturities of available-for-sale securities | 212,072 | 173,403 | 510,816 |
Purchases of property and equipment | (26,761) | (26,118) | (27,550) |
Proceeds from disposition of assets held for sale | 7,553 | ||
Acquisition of businesses | (157,352) | ||
Net cash used in investing activities | (48,925) | (42,422) | (17,007) |
Cash flows from financing activities: | |||
Proceeds from issuance of common stock under stock-based awards | 21,612 | 9,717 | 8,711 |
Minimum tax withholding paid on behalf of employees for restricted stock units | (6,150) | (4,690) | (4,739) |
Purchases of treasury stock | (78,859) | (21,140) | (47,785) |
Other financing activities | 968 | 22 | (245) |
Net cash used in financing activities | (62,429) | (16,091) | (44,058) |
Net increase (decrease) in cash and cash equivalents | 10,167 | 23,983 | (4,274) |
Cash and cash equivalents at beginning of year | 115,241 | 91,258 | 95,532 |
Cash and cash equivalents at end of year | 125,408 | 115,241 | 91,258 |
Supplemental disclosure of cash flow information: | |||
Cash paid during the year for income taxes, net of refunds received | $ 6,506 | $ 5,138 | $ 2,508 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 03, 2016 | |
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 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, data 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 year 2016 comprised fifty-three weeks and ended on April 3, 2016. Fiscal years 2015 and 2014 each comprised fifty-two weeks and ended on March 29, 2015 and March 30, 2014, respectively. 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 restricted stock units, stock options 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 restricted stock units and stock options, 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 technologies, 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. Net Income per Share The Company computes basic net income per share based on the weighted-average number of common shares outstanding during the periods presented. Diluted net income 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 net income 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 April 3, 2016 and March 29, 2015, 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 their manufacturing subcontractors, accounted for an aggregate of 75% and 63% of the Company’s total accounts receivable as of April 3, 2016 and March 29, 2015, 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. 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 generally carry a warranty for periods of up to three 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 includes all changes in equity other than transactions with stockholders. The Company’s accumulated other comprehensive loss 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 November 2015, the Financial Accounting Standards Board (FASB) issued an accounting standard update to simplify the presentation of deferred income taxes. Under this new standard, deferred tax assets and liabilities are required to be classified as noncurrent in a classified balance sheet. The Company adopted this standard during fiscal 2016 on a retrospective basis resulting in the reclassification of $12.5 million of current deferred tax assets to noncurrent in the Company’s consolidated balance sheet as of March 29, 2015. Recently Issued Accounting Standards Not Yet Effective In May 2014, the FASB issued an accounting standard update that requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This standard will replace most existing revenue recognition guidance when it becomes effective. In July 2015, the FASB amended this standard to defer the effective date by one year and permit early adoption as of the original effective date. This amended standard is effective for the Company in the first quarter of fiscal 2019. This standard permits the use of either the retrospective or cumulative effect transition method. The Company is currently evaluating the effect this new guidance will have on its consolidated financial statements and has not yet selected a transition method. |
Business Acquisitions and Licen
Business Acquisitions and License Agreement | 12 Months Ended |
Apr. 03, 2016 | |
Business Combinations [Abstract] | |
Business Acquisitions and License Agreement | Note 2. Business Acquisitions and License Agreement Broadcom Corporation In March 2014, the Company acquired certain 10/25/40/50/100Gb Ethernet controller-related assets from Broadcom Corporation 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 accelerated 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 Corporation related to this business. In connection with this transaction, the Company acquired one IPR&D project which was related to next generation Ethernet products and determined to have an estimated fair value of $21.2 million at the acquisition date. During the first quarter of fiscal 2017, the Company completed this IPR&D project and reclassified the $21.2 million to a developed technology intangible asset. This intangible asset will be amortized to cost of revenues over its estimated useful life of six years. 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 year prior to the acquisition date. The supplemental data includes amortization expense related to the acquired intangible assets of $12.0 million in fiscal 2014. 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 period 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 (Unaudited, in thousands, except per share amounts) Pro forma net revenues: Advanced Connectivity Platforms $ 423,446 Legacy Connectivity Products 85,888 $ 509,334 Pro forma net loss $ (38,676 ) Pro forma net loss per share (basic) $ (0.44 ) Pro forma net loss per share (diluted) $ (0.44 ) 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 Corporation 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. 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 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. |
Marketable Securities
Marketable Securities | 12 Months Ended |
Apr. 03, 2016 | |
Investments Debt And Equity Securities [Abstract] | |
Marketable Securities | Note 3. Marketable Securities The Company’s portfolio of available-for-sale marketable securities consists of the following: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) April 3, 2016 U.S. government and agency securities $ 97,895 $ 433 $ (15 ) $ 98,313 Corporate debt obligations 98,164 216 (69 ) 98,311 Mortgage-backed securities 17,944 86 (53 ) 17,977 Municipal bonds 10,355 65 (1 ) 10,419 Other debt securities 4,412 8 (1 ) 4,419 $ 228,770 $ 808 $ (139 ) $ 229,439 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 April 3, 2016, 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 $ 55,154 $ 55,192 Due after one year through three years 147,223 147,593 Due after three years through five years 15,851 16,063 Due after five years 10,542 10,591 $ 228,770 $ 229,439 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 April 3, 2016 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) April 3, 2016 U.S. government and agency securities $ 23,221 $ (15 ) $ — $ — $ 23,221 $ (15 ) Corporate debt obligations 31,438 (61 ) 741 (8 ) 32,179 (69 ) Mortgage-backed securities 8,171 (39 ) 1,864 (14 ) 10,035 (53 ) Municipal bonds 379 (1 ) — — 379 (1 ) Other debt securities 1,628 (1 ) — — 1,628 (1 ) $ 64,837 $ (117 ) $ 2,605 $ (22 ) $ 67,442 $ (139 ) 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 April 3, 2016 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 April 3, 2016 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 | 12 Months Ended |
Apr. 03, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 4. Fair Value of Financial Instruments The Company’s financial instruments consist principally of cash and cash equivalents, marketable securities, accounts receivable and accounts payable. The carrying value of 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 April 3, 2016 and March 29, 2015 is as follows: Fair Value Measurements Using Level 1 Level 2 Total (In thousands) April 3, 2016 Cash and cash equivalents $ 125,408 $ — $ 125,408 Marketable securities: U.S. government and agency securities 98,313 — 98,313 Corporate debt obligations — 98,311 98,311 Mortgage-backed securities — 17,977 17,977 Municipal bonds — 10,419 10,419 Other debt securities — 4,419 4,419 98,313 131,126 229,439 $ 223,721 $ 131,126 $ 354,847 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 | 12 Months Ended |
Apr. 03, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 5. Inventories Components of inventories are as follows: 2016 2015 (In thousands) Raw materials $ 13,056 $ 4,311 Finished goods 26,689 25,667 $ 39,745 $ 29,978 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Apr. 03, 2016 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Note 6. Property and Equipment Components of property and equipment are as follows: 2016 2015 (In thousands) Land $ 11,663 $ 11,663 Buildings and improvements 39,811 38,996 Production and test equipment 217,952 229,268 Furniture and fixtures 8,846 8,630 278,272 288,557 Less accumulated depreciation and amortization 206,534 210,056 $ 71,738 $ 78,501 During fiscal 2015, the Company consolidated its facilities and decided to sell one of its buildings. The related land and building were 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 were excluded from property and equipment and were included in other current assets in the consolidated balance sheet. During fiscal 2016, the Company sold this building and received net proceeds of $7.6 million. Depreciation and amortization expense related to property and equipment totaled $24.8 million, $29.6 million and $30.1 million for fiscal 2016, 2015 and 2014, respectively. The Company excluded purchases of property and equipment totaling $2.7 million, $9.6 million and $2.8 million from its consolidated statements of cash flows for fiscal 2016, 2015 and 2014, respectively, which amounts were unpaid as of the end of the respective fiscal year. |
Purchased Intangible Assets
Purchased Intangible Assets | 12 Months Ended |
Apr. 03, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Purchased Intangible Assets | Note 7. Purchased Intangible Assets Purchased intangible assets consist of the following: April 3, 2016 March 29, 2015 Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value (In thousands) Definite-lived intangible assets: Developed technology $ 72,121 $ 35,128 $ 36,993 $ 72,121 $ 21,536 $ 50,585 Customer relationships 5,400 1,378 4,022 5,400 703 4,697 Other 3,329 2,546 783 3,329 2,152 1,177 80,850 39,052 41,798 80,850 24,391 56,459 Indefinite-lived intangible assets: In-process research and development 21,200 — 21,200 21,200 — 21,200 $ 102,050 $ 39,052 $ 62,998 $ 102,050 $ 24,391 $ 77,659 A summary of the amortization expense, by classification, included in the consolidated statements of operations is as follows: 2016 2015 2014 (In thousands) Cost of revenues $ 13,986 $ 16,801 $ 2,387 Sales and marketing 675 703 — $ 14,661 $ 17,504 $ 2,387 The following table presents the estimated future amortization expense of purchased intangible assets as of April 3, 2016: Fiscal (In thousands) 2017 $ 17,923 2018 16,944 2019 15,535 2020 4,208 2021 4,208 Thereafter 4,180 $ 62,998 |
Revolving Credit Facility
Revolving Credit Facility | 12 Months Ended |
Apr. 03, 2016 | |
Debt Disclosure [Abstract] | |
Revolving Credit Facility | Note 8. 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 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 April 3, 2016. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Apr. 03, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | Note 9. 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 April 3, 2016 and March 29, 2015, the Company had 218.2 million and 215.5 million shares of common stock issued, respectively. As of April 3, 2016, 19.6 million shares of common stock were reserved for the exercise of issued and unissued stock-based awards and 4.9 million shares were reserved for issuance in connection with the Company’s Employee Stock Purchase Plan. Treasury Stock Since fiscal 2003, the Company has had various programs that authorized the purchase by the Company of its outstanding common stock, including a program approved in October 2014 of which the total authorized amount of $100 million had been fully utilized as of April 3, 2016. Shares purchased under these programs have been recorded as treasury shares and will be held as such until the Company’s Board of Directors designates that these shares be retired or used for other purposes. In November 2015, the Company’s Board of Directors approved a new program authorizing the purchase by the Company of up to $125 million of its outstanding common stock over a period of up to two years from the date of the initial purchase under the program. No shares have been purchased under this program as of April 3, 2016. The Company excluded purchases of common stock totaling $0.9 million from its consolidated statement of cash flows for fiscal 2015, which amount was unpaid as of the end of the fiscal year. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Apr. 03, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | Note 10. 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 816,000, 845,000 and 836,000 during fiscal 2016, 2015 and 2014, 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). 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 restricted stock units, incentive and non-qualified stock options, 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. Restricted stock units represent a right to receive a share of stock at a future vesting date with no cash payment from the holder. Restricted stock units granted to employees subject to only a service condition generally vest over four years from the date of grant. Restricted stock units granted to employees subject to a service and either a performance or market condition generally vest over three years. Stock options granted to employees have ten-year terms and vest over four years from the date of grant. 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. Restricted stock unit awards granted to non-employee directors vest from one to three years from the date of grant. Stock options granted to non-employee directors have ten-year terms and vest over three years from the date of grant. As of April 3, 2016, shares available for future grant were 10.2 million under the 2005 Plan. Shares for market-based restricted stock units reduce the shares available for future grant assuming the maximum number of shares subject to the award. The 2014 New-Hire Performance Incentive Plan (the 2014 Plan) was adopted in November 2014 and provided 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 were an inducement material to the employee’s entering into employment with the Company or one of its subsidiaries. The Company’s authority to grant new awards under the 2014 Plan was terminated by the Board of Directors in November 2015. As of April 3, 2016, there were no outstanding awards remaining under the 2014 Plan. A summary of activity of restricted stock units subject to only a service condition is as follows: Number of RSUs Weighted- Average Grant Date Fair Value Aggregate Fair Value (In thousands) (In thousands) Outstanding and unvested at March 31, 2013 3,251 $ 14.71 Granted 2,207 11.11 Vested (1,150 ) 14.90 $ 11,136 Forfeited (697 ) 13.80 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 Granted 1,578 14.40 Vested (1,213 ) 11.88 17,206 Forfeited (1,086 ) 12.45 Outstanding and unvested at April 3, 2016 2,938 $ 12.44 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 RSUs Weighted- Average Grant Date Fair Value Aggregate Fair Value (In thousands) (In thousands) 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 Granted 641 15.45 Vested (21 ) 10.14 322 Forfeited (1,094 ) 13.60 Outstanding and unvested at April 3, 2016 505 $ 13.52 During fiscal 2016, 2015 and 2014, the Company issued 811,000, 688,000 and 717,000 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. A summary of stock option activity is as follows: Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (In thousands) (In thousands) Outstanding at March 31, 2013 16,829 $ 17.14 Granted 75 10.90 Exercised (88 ) 12.00 $ 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 Granted 22 14.91 Exercised (1,034 ) 14.50 793 Forfeited (cancelled pre-vesting) (12 ) 13.29 Expired (cancelled post-vesting) (2,083 ) 17.18 Outstanding at April 3, 2016 5,388 $ 15.88 3.0 $ 487 Vested and expected to vest at April 3, 2016 5,388 $ 15.88 3.0 $ 487 Exercisable at April 3, 2016 5,307 $ 15.92 3.0 $ 402 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 2016, 2015 and 2014, the grant date fair value of options vested totaled $1.0 million, $2.6 million and $7.7 million, respectively. Stock-Based Compensation Expense A summary of stock-based compensation expense, by functional line item in the consolidated statements of operations, is as follows: 2016 2015 2014 (In thousands) Cost of revenues $ 825 $ 1,049 $ 1,349 Engineering and development 9,140 10,024 10,918 Sales and marketing 3,780 4,631 5,337 General and administrative 2,883 4,841 5,034 $ 16,628 $ 20,545 $ 22,638 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: 2016 2015 2014 Stock Options Employee Stock Purchase Plan Stock Options Employee Stock Purchase Plan Stock Options Employee Stock Purchase Plan Fair value $ 5.44 $ 2.60 $ 3.74 $ 2.20 $ 4.12 $ 2.41 Expected volatility 33 % 39 % 33 % 30 % 36 % 32 % Risk-free interest rate 1.9 % 0.2 % 2.1 % 0.1 % 1.6 % 0.1 % Expected life (years) 6.5 0.6 6.6 0.5 6.2 0.3 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 2016, 2015 and 2014 of $4.9 million, $7.2 million and $6.2 million, respectively. Stock-based compensation costs capitalized as part of the cost of assets were not material to the consolidated financial statements. As of April 3, 2016, there was $33.0 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 2.2 years. The Company currently issues new shares to deliver common stock under its stock-based award plans. |
Employee Retirement Savings Pla
Employee Retirement Savings Plan | 12 Months Ended |
Apr. 03, 2016 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Retirement Savings Plan | Note 11. 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. The Company’s matching contributions on behalf of its employees totaled $ 1.5 The Company maintains retirement plans in certain non-U.S. locations. The total expense and total obligation for these plans were not material to the consolidated financial statements. The Company previously had a nonqualified deferred compensation plan available to certain members of the Company’s management. This plan was terminated in fiscal 2016. 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 |
Apr. 03, 2016 | |
Restructuring And Related Activities [Abstract] | |
Special Charges | Note 12. Special Charges A summary of the special charges recorded during fiscal 2016, 2015 and 2014 is as follows: 2016 2015 2014 (In thousands) Exit costs $ 9,852 $ 6,946 $ 26,491 Asset impairments 1,954 3,074 7,322 Other charges — 500 — Patent license (Note 2) — — 41,040 $ 11,806 $ 10,520 $ 74,853 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 fiscal 2016, the Company recorded special charges of $10.6 million related to the September 2015 Initiative. Special charges for fiscal 2016 consisted of $8.6 million of exit costs and $2.0 million of asset impairment charges related to property and equipment. Exit costs included severance and related costs associated with involuntarily terminated employees, as well as costs related to a leased facility that the Company ceased using during fiscal 2016. The exit costs related to the leased facility include a non-cash adjustment of $0.5 million related to the reversal of a deferred rent liability associated with this facility. As of April 3, 2016, the Company had substantially completed the restructuring activities related to the September 2015 Initiative. Activity and liability balances for exit costs related to this initiative are as follows: Workforce Reduction Facilities and Other Total (In thousands) Charged to costs and expenses $ 7,780 $ 858 $ 8,638 Payments (7,780 ) (286 ) (8,066 ) Non-cash adjustment — 461 461 Balance as of April 3, 2016 $ — $ 1,033 $ 1,033 The unpaid exit costs related to the September 2015 Initiative are expected to be paid over the term of the related agreement through fiscal 2019. May 2015 Initiative In May 2015, the Company commenced a restructuring plan designed to streamline business operations and recorded special charges of $0.7 million during fiscal 2016. 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 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. The Company completed these restructuring activities and all amounts were paid as of June 28, 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 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 Reduction Contract Cancellation and Other Total (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 $0.6 million, $5.2 million and $19.8 million during fiscal 2016, 2015 and 2014, respectively. Special charges during fiscal 2016 consisted entirely of exit costs. Special charges during fiscal 2015 consisted of $3.1 million of 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 less than $1 million of additional severance costs for these employees over the remaining 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 Reduction Facilities and Other Total (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 Charged to costs and expenses 566 — 566 Payments (1,122 ) (2,433 ) (3,555 ) Balance as of April 3, 2016 $ 1,920 $ 5,143 $ 7,063 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: 2016 2015 (In thousands) Other current liabilities $ 3,642 $ 3,664 Other liabilities 4,454 7,553 $ 8,096 $ 11,217 |
Interest and Other Income, net
Interest and Other Income, net | 12 Months Ended |
Apr. 03, 2016 | |
Other Income And Expenses [Abstract] | |
Interest and Other Income, net | Note 13. Interest and Other Income, net Components of interest and other income, net, are as follows: 2016 2015 2014 (In thousands) Interest income $ 2,584 $ 2,166 $ 3,378 Gain on sales of marketable securities 417 386 2,184 Loss on sales of marketable securities (353 ) (430 ) (938 ) Other (719 ) (1,359 ) (1,364 ) $ 1,929 $ 763 $ 3,260 |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 03, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 14. Income Taxes Income (loss) before income taxes consists of the following components: 2016 2015 2014 (In thousands) United States $ 7,018 $ 12,294 $ (19,056 ) International 43,708 42,899 10,096 $ 50,726 $ 55,193 $ (8,960 ) The components of income tax expense are as follows: 2016 2015 2014 (In thousands) Current: Federal $ (818 ) $ 1,859 $ 9,206 State (6,185 ) 913 1,532 Foreign 3,376 3,285 2,205 Total current (3,627 ) 6,057 12,943 Deferred: Federal 7,874 (1,700 ) (18,883 ) State (512 ) 603 15,006 Foreign 525 (360 ) 240 Total deferred 7,887 (1,457 ) (3,637 ) $ 4,260 $ 4,600 $ 9,306 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) before income taxes is as follows: 2016 2015 2014 (In thousands) Expected income tax expense (benefit) at the statutory rate $ 17,754 $ 19,318 $ (3,136 ) State income taxes, net of federal tax benefit 1,406 1,773 (330 ) Tax rate differential on foreign earnings and other international related tax items (10,943 ) (11,195 ) (324 ) Benefit from research and other credits (6,870 ) (7,360 ) (6,764 ) Stock-based compensation 4,090 2,649 4,759 Resolution of prior period tax matters (4,570 ) (3,577 ) (1,480 ) Valuation allowance 2,435 2,634 16,433 Other, net 958 358 148 $ 4,260 $ 4,600 $ 9,306 The components of the deferred tax assets and liabilities are as follows: 2016 2015 (In thousands) Deferred tax assets: Research credits $ 40,033 $ 31,487 Reserves and accruals not currently deductible 13,994 18,971 Net operating loss carryforwards 10,090 9,764 Stock-based compensation 8,112 14,415 Patent license 6,571 7,098 Property and equipment 4,382 2,587 Investment securities 904 913 Other 292 313 Total gross deferred tax assets 84,378 85,548 Valuation allowance (22,742 ) (20,307 ) Total deferred tax assets, net of valuation allowance 61,636 65,241 Deferred tax liabilities: State income taxes 13,398 10,547 Research and development expenditures 7,235 5,814 Total deferred tax liabilities 20,633 16,361 Net deferred tax assets $ 41,003 $ 48,880 The Company’s deferred tax assets related to research credits consist primarily of state and federal 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 $19.8 million and $17.5 million as of April 3, 2016 and March 29, 2015, 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 has recorded a valuation allowance against these deferred tax assets. The balance of this valuation allowance was $1.8 million and $1.7 million as of April 3, 2016 and March 29, 2015, respectively. 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 previously recorded a valuation allowance against these deferred tax assets. The balance of this valuation allowance was $1.1 million as of April 3, 2016 and March 29, 2015. 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 April 3, 2016, 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 April 3, 2016, 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 $67.5 million, which will expire between fiscal 2017 and 2036, 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 2031, if not utilized. As of April 3, 2016, the Company has federal research tax credit carryforwards of $9.8 million, which will expire between fiscal 2034 and 2036, if not utilized. The Company also has state research tax credit carryforwards of $31.9 million and state alternative minimum tax credits of $0.6 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 April 3, 2016, the cumulative amount of undistributed earnings of the Company’s foreign subsidiaries was $438.1 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 2016, the statute of limitations expired for certain tax years in various states. As a result, the Company reduced the related income tax liabilities for such periods and recorded income tax benefits totaling $4.3 million. During fiscal 2015, the Company settled all open matters relating to an Internal Revenue Service 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 paid federal and state income taxes totaling $2.1 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 2009. Management does not believe that the results of tax 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: 2016 2015 (In thousands) Balance at beginning of year $ 12,904 $ 13,577 Additions based on tax positions related to the current year 1,266 1,059 Additions for tax positions of prior years 993 2,966 Reductions for tax positions of prior years (690 ) (276 ) Decreases relating to settlements with taxing authorities (364 ) (3,629 ) Reductions due to lapses of statutes of limitations (4,931 ) (793 ) Balance at end of year $ 9,178 $ 12,904 If the unrecognized tax benefits as of April 3, 2016 were recognized, $8.1 million, net of $1.1 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 $2.6 million and $3.5 million of interest expense and penalties as of April 3, 2016 and March 29, 2015, respectively. The Company recognized interest expense, net of the related tax effect, and penalties aggregating $(0.6) million, $0.1 million and $2.1 million during fiscal 2016, 2015 and 2014, respectively. It is reasonably possible that the Company’s liability for uncertain tax positions may be reduced by as much as $1.0 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 2017. |
Net Income Per Share
Net Income Per Share | 12 Months Ended |
Apr. 03, 2016 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | Note 15. Net Income Per Share The following table sets forth the computation of basic and diluted net income (loss) per share: 2016 2015 2014 (In thousands, except per share amounts) Net income (loss) $ 46,466 $ 50,593 $ (18,266 ) Shares: Weighted-average shares outstanding — basic 85,122 87,584 87,612 Dilutive potential common shares, using treasury stock method 988 879 — Weighted-average shares outstanding — diluted 86,110 88,463 87,612 Net income (loss) per share: Basic $ 0.55 $ 0.58 $ (0.21 ) Diluted $ 0.54 $ 0.57 $ (0.21 ) Stock-based awards, including stock options and restricted stock units, representing 6.3 million, 9.7 million and 15.2 million shares of common stock have been excluded from the diluted per share calculations for fiscal 2016, 2015 and 2014, 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 |
Apr. 03, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 16. 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 April 3, 2016 is as follows: Fiscal Year (In thousands) 2017 $ 7,470 2018 4,616 2019 2,264 2020 1,773 2021 1,310 Thereafter 263 $ 17,696 Rent expense for fiscal 2016, 2015 and 2014 was $11.7 million, $12.0 million and $10.4 million, respectively. Contingencies 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. Legal Proceedings 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, Phyllis Hull, purported to represent a class of persons who purchased the Company’s common stock between April 30, 2015 and July 30, 2015. The plaintiff alleged that the defendants, including a former officer and a current officer, 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 sought compensatory damages, interest and an award of reasonable attorneys’ fees and costs. On March 4, 2016, the parties filed a Joint Stipulation with the Court to voluntarily dismiss the case. On March 7, 2016, the Court dismissed the case with prejudice as to Phyllis Hull and her individual claims and without prejudice as to the unnamed class members. On October 23, 2015, Stephen Kramer filed a shareholder derivative complaint in the California Superior Court in and for the County of Orange County 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 individual 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. On March 14, 2016, a second shareholder derivative complaint was filed in the same Court. The plaintiff in the second suit, Indiana Laborers Pension and Welfare Funds, makes similar allegations against certain current and former officers and directors of the Company, and seeks similar demands. The defendants have not yet responded to the complaints in either of the shareholder derivative cases. The Company currently believes the disposition of these matters will not have a material adverse effect on the Company’s financial condition or results of operations. Various other 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. Many intellectual property disputes have a risk of injunctive relief and there can be no assurance that a license will be granted. Injunctive relief could have a material adverse effect on the Company’s financial condition or results of operations. Based on an evaluation of such other matters that are pending or asserted, management believes the disposition of such matters will not have a material adverse effect on the Company’s financial condition or results of operations. |
Revenue Components, Geographic
Revenue Components, Geographic Revenues and Significant Customers | 12 Months Ended |
Apr. 03, 2016 | |
Segment Reporting [Abstract] | |
Revenue Components, Geographic Revenues and Significant Customers | Note 17. 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: 2016 2015 2014 (In thousands) Advanced Connectivity Platforms $ 417,923 $ 465,000 $ 386,738 Legacy Connectivity Products 40,990 55,198 74,169 $ 458,913 $ 520,198 $ 460,907 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: 2016 2015 2014 (In thousands) United States $ 153,189 $ 193,853 $ 191,481 Asia-Pacific and Japan 219,600 226,213 166,568 Europe, Middle East and Africa 75,529 83,045 85,572 Rest of world 10,595 17,087 17,286 $ 458,913 $ 520,198 $ 460,907 The United States, China and Hong Kong are the only countries that represented 10% or more of net revenues for fiscal 2016. Net revenues from customers in China and Hong Kong were $ 75.5 60.1 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: 2016 2015 2014 HPE 26 % 27 % 24 % Dell 17 % 17 % 15 % IBM * 11 % 17 % * Less than 10% of net revenues |
Condensed Quarterly Results (Un
Condensed Quarterly Results (Unaudited) | 12 Months Ended |
Apr. 03, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Condensed Quarterly Results (Unaudited) | Note 18. Condensed Quarterly Results (Unaudited) The following table summarizes certain unaudited quarterly financial information for fiscal 2016 and 2015: Three Months Ended June September (1) December March (3) (In thousands, except per share amounts) Fiscal 2016: Net revenues $ 113,405 $ 103,354 $ 122,730 $ 119,424 Gross profit 66,338 61,179 72,567 71,365 Operating income 7,091 2,221 21,456 18,029 Net income 2,556 2,238 23,433 18,239 Net income per share: Basic $ 0.03 $ 0.03 $ 0.28 $ 0.22 Diluted $ 0.03 $ 0.03 $ 0.28 $ 0.22 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 (1) During the three months ended September 27, 2015, the Company recorded special charges of $8.2 million, consisting of $7.0 million of exit costs and $1.2 million of asset impairment charges related to property and equipment. (2) During the three months ended December 27, 2015 and December 28, 2014, the Company recorded an income tax benefit related to the retroactive reinstatement of the federal research tax credit of $3.0 million and $3.7 million, respectively. (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. |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts | 12 Months Ended |
Apr. 03, 2016 | |
Valuation And Qualifying Accounts [Abstract] | |
Schedule II Valuation and Qualifying Accounts | SCHEDULE II QLOGIC CORPORATION VALUATION AND QUALIFYING ACCOUNTS Balance at Beginning of Year Additions: Charged to Costs and Expenses or Revenues Deductions: Amounts Written Off, Net of Recoveries Balance at End of Year (In thousands) Year ended April 3, 2016: Allowance for doubtful accounts $ 1,297 $ (340 ) $ 108 $ 849 Sales returns and allowances $ 6,254 $ 15,210 $ 17,994 $ 3,470 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 |
Description of Business and S27
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 03, 2016 | |
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 year 2016 comprised fifty-three weeks and ended on April 3, 2016. Fiscal years 2015 and 2014 each comprised fifty-two weeks and ended on March 29, 2015 and March 30, 2014, respectively. |
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 restricted stock units, stock options 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 restricted stock units and stock options, 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 technologies, 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. |
Net Income per Share | Net Income per Share The Company computes basic net income per share based on the weighted-average number of common shares outstanding during the periods presented. Diluted net income 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 net income 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 April 3, 2016 and March 29, 2015, 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 their manufacturing subcontractors, accounted for an aggregate of 75% and 63% of the Company’s total accounts receivable as of April 3, 2016 and March 29, 2015, 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. 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 generally carry a warranty for periods of up to three 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 includes all changes in equity other than transactions with stockholders. The Company’s accumulated other comprehensive loss 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 November 2015, the Financial Accounting Standards Board (FASB) issued an accounting standard update to simplify the presentation of deferred income taxes. Under this new standard, deferred tax assets and liabilities are required to be classified as noncurrent in a classified balance sheet. The Company adopted this standard during fiscal 2016 on a retrospective basis resulting in the reclassification of $12.5 million of current deferred tax assets to noncurrent in the Company’s consolidated balance sheet as of March 29, 2015. Recently Issued Accounting Standards Not Yet Effective In May 2014, the FASB issued an accounting standard update that requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This standard will replace most existing revenue recognition guidance when it becomes effective. In July 2015, the FASB amended this standard to defer the effective date by one year and permit early adoption as of the original effective date. This amended standard is effective for the Company in the first quarter of fiscal 2019. This standard permits the use of either the retrospective or cumulative effect transition method. The Company is currently evaluating the effect this new guidance will have on its consolidated financial statements and has not yet selected a transition method. |
Business Acquisitions and Lic28
Business Acquisitions and License Agreement (Tables) | 12 Months Ended |
Apr. 03, 2016 | |
Business Combinations [Abstract] | |
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 (Unaudited, in thousands, except per share amounts) Pro forma net revenues: Advanced Connectivity Platforms $ 423,446 Legacy Connectivity Products 85,888 $ 509,334 Pro forma net loss $ (38,676 ) Pro forma net loss per share (basic) $ (0.44 ) Pro forma net loss per share (diluted) $ (0.44 ) |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Apr. 03, 2016 | |
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) April 3, 2016 U.S. government and agency securities $ 97,895 $ 433 $ (15 ) $ 98,313 Corporate debt obligations 98,164 216 (69 ) 98,311 Mortgage-backed securities 17,944 86 (53 ) 17,977 Municipal bonds 10,355 65 (1 ) 10,419 Other debt securities 4,412 8 (1 ) 4,419 $ 228,770 $ 808 $ (139 ) $ 229,439 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 April 3, 2016, 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 $ 55,154 $ 55,192 Due after one year through three years 147,223 147,593 Due after three years through five years 15,851 16,063 Due after five years 10,542 10,591 $ 228,770 $ 229,439 |
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 April 3, 2016 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) April 3, 2016 U.S. government and agency securities $ 23,221 $ (15 ) $ — $ — $ 23,221 $ (15 ) Corporate debt obligations 31,438 (61 ) 741 (8 ) 32,179 (69 ) Mortgage-backed securities 8,171 (39 ) 1,864 (14 ) 10,035 (53 ) Municipal bonds 379 (1 ) — — 379 (1 ) Other debt securities 1,628 (1 ) — — 1,628 (1 ) $ 64,837 $ (117 ) $ 2,605 $ (22 ) $ 67,442 $ (139 ) 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 Instr30
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Apr. 03, 2016 | |
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 April 3, 2016 and March 29, 2015 is as follows: Fair Value Measurements Using Level 1 Level 2 Total (In thousands) April 3, 2016 Cash and cash equivalents $ 125,408 $ — $ 125,408 Marketable securities: U.S. government and agency securities 98,313 — 98,313 Corporate debt obligations — 98,311 98,311 Mortgage-backed securities — 17,977 17,977 Municipal bonds — 10,419 10,419 Other debt securities — 4,419 4,419 98,313 131,126 229,439 $ 223,721 $ 131,126 $ 354,847 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) | 12 Months Ended |
Apr. 03, 2016 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | Components of inventories are as follows: 2016 2015 (In thousands) Raw materials $ 13,056 $ 4,311 Finished goods 26,689 25,667 $ 39,745 $ 29,978 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Apr. 03, 2016 | |
Property Plant And Equipment [Abstract] | |
Components of Property and Equipment | Components of property and equipment are as follows: 2016 2015 (In thousands) Land $ 11,663 $ 11,663 Buildings and improvements 39,811 38,996 Production and test equipment 217,952 229,268 Furniture and fixtures 8,846 8,630 278,272 288,557 Less accumulated depreciation and amortization 206,534 210,056 $ 71,738 $ 78,501 |
Purchased Intangible Assets (Ta
Purchased Intangible Assets (Tables) | 12 Months Ended |
Apr. 03, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Components of Purchased Intangible Assets | Purchased intangible assets consist of the following: April 3, 2016 March 29, 2015 Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value (In thousands) Definite-lived intangible assets: Developed technology $ 72,121 $ 35,128 $ 36,993 $ 72,121 $ 21,536 $ 50,585 Customer relationships 5,400 1,378 4,022 5,400 703 4,697 Other 3,329 2,546 783 3,329 2,152 1,177 80,850 39,052 41,798 80,850 24,391 56,459 Indefinite-lived intangible assets: In-process research and development 21,200 — 21,200 21,200 — 21,200 $ 102,050 $ 39,052 $ 62,998 $ 102,050 $ 24,391 $ 77,659 |
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: 2016 2015 2014 (In thousands) Cost of revenues $ 13,986 $ 16,801 $ 2,387 Sales and marketing 675 703 — $ 14,661 $ 17,504 $ 2,387 |
Estimated Future Amortization Expense of Purchased Intangible Assets | The following table presents the estimated future amortization expense of purchased intangible assets as of April 3, 2016: Fiscal (In thousands) 2017 $ 17,923 2018 16,944 2019 15,535 2020 4,208 2021 4,208 Thereafter 4,180 $ 62,998 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Apr. 03, 2016 | |
Summary of Stock Option Activity | A summary of stock option activity is as follows: Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (In thousands) (In thousands) Outstanding at March 31, 2013 16,829 $ 17.14 Granted 75 10.90 Exercised (88 ) 12.00 $ 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 Granted 22 14.91 Exercised (1,034 ) 14.50 793 Forfeited (cancelled pre-vesting) (12 ) 13.29 Expired (cancelled post-vesting) (2,083 ) 17.18 Outstanding at April 3, 2016 5,388 $ 15.88 3.0 $ 487 Vested and expected to vest at April 3, 2016 5,388 $ 15.88 3.0 $ 487 Exercisable at April 3, 2016 5,307 $ 15.92 3.0 $ 402 |
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: 2016 2015 2014 (In thousands) Cost of revenues $ 825 $ 1,049 $ 1,349 Engineering and development 9,140 10,024 10,918 Sales and marketing 3,780 4,631 5,337 General and administrative 2,883 4,841 5,034 $ 16,628 $ 20,545 $ 22,638 |
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: 2016 2015 2014 Stock Options Employee Stock Purchase Plan Stock Options Employee Stock Purchase Plan Stock Options Employee Stock Purchase Plan Fair value $ 5.44 $ 2.60 $ 3.74 $ 2.20 $ 4.12 $ 2.41 Expected volatility 33 % 39 % 33 % 30 % 36 % 32 % Risk-free interest rate 1.9 % 0.2 % 2.1 % 0.1 % 1.6 % 0.1 % Expected life (years) 6.5 0.6 6.6 0.5 6.2 0.3 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 RSUs Weighted- Average Grant Date Fair Value Aggregate Fair Value (In thousands) (In thousands) 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 Granted 641 15.45 Vested (21 ) 10.14 322 Forfeited (1,094 ) 13.60 Outstanding and unvested at April 3, 2016 505 $ 13.52 |
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 RSUs Weighted- Average Grant Date Fair Value Aggregate Fair Value (In thousands) (In thousands) Outstanding and unvested at March 31, 2013 3,251 $ 14.71 Granted 2,207 11.11 Vested (1,150 ) 14.90 $ 11,136 Forfeited (697 ) 13.80 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 Granted 1,578 14.40 Vested (1,213 ) 11.88 17,206 Forfeited (1,086 ) 12.45 Outstanding and unvested at April 3, 2016 2,938 $ 12.44 |
Special Charges (Tables)
Special Charges (Tables) | 12 Months Ended |
Apr. 03, 2016 | |
Restructuring Cost and Reserve [Line Items] | |
Summary of Special Charges | A summary of the special charges recorded during fiscal 2016, 2015 and 2014 is as follows: 2016 2015 2014 (In thousands) Exit costs $ 9,852 $ 6,946 $ 26,491 Asset impairments 1,954 3,074 7,322 Other charges — 500 — Patent license (Note 2) — — 41,040 $ 11,806 $ 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: 2016 2015 (In thousands) Other current liabilities $ 3,642 $ 3,664 Other liabilities 4,454 7,553 $ 8,096 $ 11,217 |
September 2015 Initiative [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Activity and Liability Balances for Exit Costs | As of April 3, 2016, the Company had substantially completed the restructuring activities related to the September 2015 Initiative. Activity and liability balances for exit costs related to this initiative are as follows: Workforce Reduction Facilities and Other Total (In thousands) Charged to costs and expenses $ 7,780 $ 858 $ 8,638 Payments (7,780 ) (286 ) (8,066 ) Non-cash adjustment — 461 461 Balance as of April 3, 2016 $ — $ 1,033 $ 1,033 |
March 2014 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 March 2014 Initiative are as follows: Workforce Reduction Contract Cancellation and Other Total (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] | |
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, 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 Reduction Facilities and Other Total (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 Charged to costs and expenses 566 — 566 Payments (1,122 ) (2,433 ) (3,555 ) Balance as of April 3, 2016 $ 1,920 $ 5,143 $ 7,063 |
Interest and Other Income, net
Interest and Other Income, net (Tables) | 12 Months Ended |
Apr. 03, 2016 | |
Other Income And Expenses [Abstract] | |
Components of Interest and Other Income, Net | Components of interest and other income, net, are as follows: 2016 2015 2014 (In thousands) Interest income $ 2,584 $ 2,166 $ 3,378 Gain on sales of marketable securities 417 386 2,184 Loss on sales of marketable securities (353 ) (430 ) (938 ) Other (719 ) (1,359 ) (1,364 ) $ 1,929 $ 763 $ 3,260 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 03, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income (Loss) before Income Taxes, Domestic and Foreign | Income (loss) before income taxes consists of the following components: 2016 2015 2014 (In thousands) United States $ 7,018 $ 12,294 $ (19,056 ) International 43,708 42,899 10,096 $ 50,726 $ 55,193 $ (8,960 ) |
Components of Income Tax Expense | The components of income tax expense are as follows: 2016 2015 2014 (In thousands) Current: Federal $ (818 ) $ 1,859 $ 9,206 State (6,185 ) 913 1,532 Foreign 3,376 3,285 2,205 Total current (3,627 ) 6,057 12,943 Deferred: Federal 7,874 (1,700 ) (18,883 ) State (512 ) 603 15,006 Foreign 525 (360 ) 240 Total deferred 7,887 (1,457 ) (3,637 ) $ 4,260 $ 4,600 $ 9,306 |
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) before income taxes is as follows: 2016 2015 2014 (In thousands) Expected income tax expense (benefit) at the statutory rate $ 17,754 $ 19,318 $ (3,136 ) State income taxes, net of federal tax benefit 1,406 1,773 (330 ) Tax rate differential on foreign earnings and other international related tax items (10,943 ) (11,195 ) (324 ) Benefit from research and other credits (6,870 ) (7,360 ) (6,764 ) Stock-based compensation 4,090 2,649 4,759 Resolution of prior period tax matters (4,570 ) (3,577 ) (1,480 ) Valuation allowance 2,435 2,634 16,433 Other, net 958 358 148 $ 4,260 $ 4,600 $ 9,306 |
Components of Deferred Tax Assets and Liabilities | The components of the deferred tax assets and liabilities are as follows: 2016 2015 (In thousands) Deferred tax assets: Research credits $ 40,033 $ 31,487 Reserves and accruals not currently deductible 13,994 18,971 Net operating loss carryforwards 10,090 9,764 Stock-based compensation 8,112 14,415 Patent license 6,571 7,098 Property and equipment 4,382 2,587 Investment securities 904 913 Other 292 313 Total gross deferred tax assets 84,378 85,548 Valuation allowance (22,742 ) (20,307 ) Total deferred tax assets, net of valuation allowance 61,636 65,241 Deferred tax liabilities: State income taxes 13,398 10,547 Research and development expenditures 7,235 5,814 Total deferred tax liabilities 20,633 16,361 Net deferred tax assets $ 41,003 $ 48,880 |
Schedule of Gross Unrecognized Tax Benefits Rollforward | A rollforward of the activity in the gross unrecognized tax benefits is as follows: 2016 2015 (In thousands) Balance at beginning of year $ 12,904 $ 13,577 Additions based on tax positions related to the current year 1,266 1,059 Additions for tax positions of prior years 993 2,966 Reductions for tax positions of prior years (690 ) (276 ) Decreases relating to settlements with taxing authorities (364 ) (3,629 ) Reductions due to lapses of statutes of limitations (4,931 ) (793 ) Balance at end of year $ 9,178 $ 12,904 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 12 Months Ended |
Apr. 03, 2016 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Income (Loss) Per Share | The following table sets forth the computation of basic and diluted net income (loss) per share: 2016 2015 2014 (In thousands, except per share amounts) Net income (loss) $ 46,466 $ 50,593 $ (18,266 ) Shares: Weighted-average shares outstanding — basic 85,122 87,584 87,612 Dilutive potential common shares, using treasury stock method 988 879 — Weighted-average shares outstanding — diluted 86,110 88,463 87,612 Net income (loss) per share: Basic $ 0.55 $ 0.58 $ (0.21 ) Diluted $ 0.54 $ 0.57 $ (0.21 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Apr. 03, 2016 | |
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 April 3, 2016 is as follows: Fiscal Year (In thousands) 2017 $ 7,470 2018 4,616 2019 2,264 2020 1,773 2021 1,310 Thereafter 263 $ 17,696 |
Revenue Components, Geographi40
Revenue Components, Geographic Revenues and Significant Customers (Tables) | 12 Months Ended |
Apr. 03, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Net Revenues by Product Category | A summary of net revenues by product category is as follows: 2016 2015 2014 (In thousands) Advanced Connectivity Platforms $ 417,923 $ 465,000 $ 386,738 Legacy Connectivity Products 40,990 55,198 74,169 $ 458,913 $ 520,198 $ 460,907 |
Schedule of Net Revenues by Geographic Area | Revenues by geographic area are presented based upon the ship-to location of the customer. Net revenues by geographic area are as follows: 2016 2015 2014 (In thousands) United States $ 153,189 $ 193,853 $ 191,481 Asia-Pacific and Japan 219,600 226,213 166,568 Europe, Middle East and Africa 75,529 83,045 85,572 Rest of world 10,595 17,087 17,286 $ 458,913 $ 520,198 $ 460,907 |
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: 2016 2015 2014 HPE 26 % 27 % 24 % Dell 17 % 17 % 15 % IBM * 11 % 17 % * Less than 10% of net revenues |
Condensed Quarterly Results (41
Condensed Quarterly Results (Unaudited) (Tables) | 12 Months Ended |
Apr. 03, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following table summarizes certain unaudited quarterly financial information for fiscal 2016 and 2015: Three Months Ended June September (1) December March (3) (In thousands, except per share amounts) Fiscal 2016: Net revenues $ 113,405 $ 103,354 $ 122,730 $ 119,424 Gross profit 66,338 61,179 72,567 71,365 Operating income 7,091 2,221 21,456 18,029 Net income 2,556 2,238 23,433 18,239 Net income per share: Basic $ 0.03 $ 0.03 $ 0.28 $ 0.22 Diluted $ 0.03 $ 0.03 $ 0.28 $ 0.22 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 (1) During the three months ended September 27, 2015, the Company recorded special charges of $8.2 million, consisting of $7.0 million of exit costs and $1.2 million of asset impairment charges related to property and equipment. (2) During the three months ended December 27, 2015 and December 28, 2014, the Company recorded an income tax benefit related to the retroactive reinstatement of the federal research tax credit of $3.0 million and $3.7 million, respectively. (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 $2.1 million of asset impairment charges related to property and equipment. |
Description of Business and S42
Description of Business and Summary of Significant Accounting Policies - Additional Information - Concentration Risk (Detail) | 12 Months Ended | |
Apr. 03, 2016 | Mar. 29, 2015 | |
Accounts Receivable [Member] | Credit Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Accounts receivable concentration risk percentage | 75.00% | 63.00% |
Description of Business and S43
Description of Business and Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |
Apr. 03, 2016USD ($)Customer | Mar. 29, 2015USD ($)Customer | |
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||
Number of customers that accounted for 10% or more of accounts receivable | Customer | 4 | 4 |
Goodwill impairment | $ 0 | |
IPR&D impairment | $ 0 | |
Maximum period for company product warranty | 3 years | |
Deferred tax assets | $ 41,003,000 | $ 48,880,000 |
New Accounting Pronouncement, Early Adoption, Effect [Member] | Restatement Adjustment [Member] | Deferred Tax Assets Noncurrent [Member] | ||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||
Deferred tax assets | $ 12,500,000 |
Description of Business and S44
Description of Business and Summary of Significant Accounting Policies - Additional Information - Property and Equipment (Detail) | 12 Months Ended |
Apr. 03, 2016 | |
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 S45
Description of Business and Summary of Significant Accounting Policies - Additional Information - Long Lived Assets (Detail) | 12 Months Ended |
Apr. 03, 2016 | |
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 Lic46
Business Acquisitions and License Agreement - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Mar. 30, 2014 | Jan. 31, 2014 | Jul. 03, 2016 | Mar. 30, 2014 | Apr. 03, 2016 | Mar. 29, 2015 | |
Business Acquisition [Line Items] | ||||||
Business acquisition, cash consideration | $ 157,352 | |||||
IPR&D project estimated fair value at acquisition date | $ 21,200 | $ 21,200 | ||||
Amortization expense related to acquired intangible assets | 12,000 | |||||
Patent license agreement | $ 62,000 | 62,000 | ||||
Patent license agreement, prior periods | 41,000 | 41,040 | ||||
Patent license agreement, future periods | $ 21,000 | |||||
Patent license agreement term | 10 years | |||||
Broadcom 10/25/40/50/100Gb Ethernet Business [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition, cash consideration | $ 147,800 | |||||
IPR&D project estimated fair value at acquisition date | $ 21,200 | $ 21,200 | ||||
Purchased intangible assets, estimated useful lives | 6 years | |||||
Broadcom 10/25/40/50/100Gb Ethernet Business [Member] | Scenario Forecast [Member] | In Process Research And Development [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Completion of IPR&D project | $ 21,200 | |||||
Brocade Communications Systems, Inc. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition, cash consideration | $ 9,600 |
Business Acquisitions and Lic47
Business Acquisitions and License Agreement - Schedule of Supplemental Pro Forma Financial Data (Unaudited) (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended |
Mar. 30, 2014USD ($)$ / shares | |
Pro forma net revenues: | |
Pro forma net revenues | $ 509,334 |
Pro forma net loss | $ (38,676) |
Pro forma net loss per share (basic) | $ / shares | $ (0.44) |
Pro forma net loss per share (diluted) | $ / shares | $ (0.44) |
Advanced Connectivity Platforms [Member] | |
Pro forma net revenues: | |
Pro forma net revenues | $ 423,446 |
Legacy Connectivity Products [Member] | |
Pro forma net revenues: | |
Pro forma net revenues | $ 85,888 |
Marketable Securities - Schedul
Marketable Securities - Schedule of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Apr. 03, 2016 | Mar. 29, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | $ 228,770 | $ 200,579 |
Available-for-sale securities, Gross Unrealized Gains | 808 | 696 |
Available-for-sale securities, Gross Unrealized Losses | (139) | (101) |
Available-for-sale securities, Estimated Fair Value | 229,439 | 201,174 |
U.S. Government and Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | 97,895 | 54,279 |
Available-for-sale securities, Gross Unrealized Gains | 433 | 173 |
Available-for-sale securities, Gross Unrealized Losses | (15) | (12) |
Available-for-sale securities, Estimated Fair Value | 98,313 | 54,440 |
Corporate Debt Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | 98,164 | 99,117 |
Available-for-sale securities, Gross Unrealized Gains | 216 | 257 |
Available-for-sale securities, Gross Unrealized Losses | (69) | (51) |
Available-for-sale securities, Estimated Fair Value | 98,311 | 99,323 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | 17,944 | 26,676 |
Available-for-sale securities, Gross Unrealized Gains | 86 | 182 |
Available-for-sale securities, Gross Unrealized Losses | (53) | (36) |
Available-for-sale securities, Estimated Fair Value | 17,977 | 26,822 |
Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | 10,355 | 16,647 |
Available-for-sale securities, Gross Unrealized Gains | 65 | 76 |
Available-for-sale securities, Gross Unrealized Losses | (1) | (2) |
Available-for-sale securities, Estimated Fair Value | 10,419 | 16,721 |
Other Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | 4,412 | 3,860 |
Available-for-sale securities, Gross Unrealized Gains | 8 | 8 |
Available-for-sale securities, Gross Unrealized Losses | (1) | |
Available-for-sale securities, Estimated Fair Value | $ 4,419 | $ 3,868 |
Marketable Securities - Sched49
Marketable Securities - Schedule of Amortized Cost and Estimated Fair Value of Debt Securities (Detail) - USD ($) $ in Thousands | Apr. 03, 2016 | Mar. 29, 2015 |
Available For Sale Securities Debt Maturities Fair Value [Abstract] | ||
Due in one year or less, Amortized Cost | $ 55,154 | |
Due after one year through three years, Amortized Cost | 147,223 | |
Due after three years through five years, Amortized Cost | 15,851 | |
Due after five years, Amortized Cost | 10,542 | |
Available-for-sale securities, Amortized Cost | 228,770 | $ 200,579 |
Due in one year or less, Estimated Fair Value | 55,192 | |
Due after one year through three years, Estimated Fair Value | 147,593 | |
Due after three years through five years, Estimated Fair Value | 16,063 | |
Due after five years, Estimated Fair Value | 10,591 | |
Total estimated fair value of debt securities | $ 229,439 | $ 201,174 |
Marketable Securities - Sched50
Marketable Securities - Schedule of Unrealized Losses by Investment Category (Detail) - USD ($) $ in Thousands | Apr. 03, 2016 | Mar. 29, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value of Less Than 12 Months | $ 64,837 | $ 50,123 |
Unrealized Losses of Less Than 12 Months | (117) | (73) |
Fair Value of 12 Months or Greater | 2,605 | 4,581 |
Unrealized Losses of 12 Months or Greater | (22) | (28) |
Fair Value, Total | 67,442 | 54,704 |
Unrealized Losses, Total | (139) | (101) |
U.S. Government and Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value of Less Than 12 Months | 23,221 | 16,607 |
Unrealized Losses of Less Than 12 Months | (15) | (12) |
Fair Value, Total | 23,221 | 16,607 |
Unrealized Losses, Total | (15) | (12) |
Corporate Debt Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value of Less Than 12 Months | 31,438 | 28,421 |
Unrealized Losses of Less Than 12 Months | (61) | (51) |
Fair Value of 12 Months or Greater | 741 | |
Unrealized Losses of 12 Months or Greater | (8) | |
Fair Value, Total | 32,179 | 28,421 |
Unrealized Losses, Total | (69) | (51) |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value of Less Than 12 Months | 8,171 | 4,174 |
Unrealized Losses of Less Than 12 Months | (39) | (8) |
Fair Value of 12 Months or Greater | 1,864 | 4,581 |
Unrealized Losses of 12 Months or Greater | (14) | (28) |
Fair Value, Total | 10,035 | 8,755 |
Unrealized Losses, Total | (53) | (36) |
Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value of Less Than 12 Months | 379 | 921 |
Unrealized Losses of Less Than 12 Months | (1) | (2) |
Fair Value, Total | 379 | 921 |
Unrealized Losses, Total | (1) | $ (2) |
Other Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value of Less Than 12 Months | 1,628 | |
Unrealized Losses of Less Than 12 Months | (1) | |
Fair Value, Total | 1,628 | |
Unrealized Losses, Total | $ (1) |
Fair Value of Financial Instr51
Fair Value of Financial Instruments - Schedule of Assets Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Apr. 03, 2016 | Mar. 29, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 125,408 | $ 115,241 |
Marketable securities | 229,439 | 201,174 |
Total assets at fair value disclosure | 354,847 | 316,415 |
U.S. Government and Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 98,313 | 54,440 |
Corporate Debt Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 98,311 | 99,323 |
Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 17,977 | 26,822 |
Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 10,419 | 16,721 |
Other Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 4,419 | 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 | 125,408 | 115,241 |
Marketable securities | 98,313 | 54,440 |
Total assets at fair value disclosure | 223,721 | 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 | 98,313 | 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 | 131,126 | 146,734 |
Total assets at fair value disclosure | 131,126 | 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 | 98,311 | 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 | 17,977 | 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 | 10,419 | 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 | $ 4,419 | $ 3,868 |
Inventories - Components of Inv
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands | Apr. 03, 2016 | Mar. 29, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 13,056 | $ 4,311 |
Finished goods | 26,689 | 25,667 |
Total Inventory | $ 39,745 | $ 29,978 |
Property and Equipment - Compon
Property and Equipment - Components of Property and Equipment (Detail) - USD ($) $ in Thousands | Apr. 03, 2016 | Mar. 29, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | $ 278,272 | $ 288,557 |
Less accumulated depreciation and amortization | 206,534 | 210,056 |
Property and Equipment, net | 71,738 | 78,501 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | 11,663 | 11,663 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | 39,811 | 38,996 |
Production and Test Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | 217,952 | 229,268 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | $ 8,846 | $ 8,630 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Mar. 30, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Net proceeds from sale of building | $ 7,553 | ||
Purchases of property and equipment unpaid | 2,700 | $ 9,600 | $ 2,800 |
Depreciation and amortization expense related to property and equipment | $ 24,800 | 29,600 | $ 30,100 |
Land and Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Carrying value of property held for sale included in other current assets | $ 7,500 |
Purchased Intangible Assets - C
Purchased Intangible Assets - Components of Purchased Intangible Assets (Detail) - USD ($) $ in Thousands | Apr. 03, 2016 | Mar. 29, 2015 |
Schedule of Acquired Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Purchased definite-lived intangible assets, gross carrying value | $ 80,850 | $ 80,850 |
Purchased definite-lived intangible assets, accumulated amortization | 39,052 | 24,391 |
Purchased definite-lived intangible assets, net carrying value | 41,798 | 56,459 |
In-process research and development, gross carrying value and net carrying value | 21,200 | 21,200 |
Purchased intangible assets, gross carrying value | 102,050 | 102,050 |
Purchased intangible assets, net carrying value | 62,998 | 77,659 |
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 | 35,128 | 21,536 |
Purchased definite-lived intangible assets, net carrying value | 36,993 | 50,585 |
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 | 1,378 | 703 |
Purchased definite-lived intangible assets, net carrying value | 4,022 | 4,697 |
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 | 3,329 |
Purchased definite-lived intangible assets, accumulated amortization | 2,546 | 2,152 |
Purchased definite-lived intangible assets, net carrying value | $ 783 | $ 1,177 |
Purchased Intangible Assets - A
Purchased Intangible Assets - Amortization Expense by Classification Included in Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Mar. 30, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | $ 14,661 | $ 17,504 | $ 2,387 |
Cost of Revenues [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | 13,986 | 16,801 | $ 2,387 |
Sales and Marketing [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | $ 675 | $ 703 |
Purchased Intangible Assets - E
Purchased Intangible Assets - Estimated Future Amortization Expense of Purchased Intangible Assets (Detail) - USD ($) $ in Thousands | Apr. 03, 2016 | Mar. 29, 2015 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2,017 | $ 17,923 | |
2,018 | 16,944 | |
2,019 | 15,535 | |
2,020 | 4,208 | |
2,021 | 4,208 | |
Thereafter | 4,180 | |
Purchased intangible assets, net carrying value | $ 62,998 | $ 77,659 |
Revolving Credit Facility - Add
Revolving Credit Facility - Additional Information (Detail) - Unsecured Debt [Member] - Revolving Credit Facility [Member] - USD ($) | 12 Months Ended | |
Apr. 03, 2016 | Mar. 31, 2013 | |
Line of Credit Facility [Line Items] | ||
Unsecured revolving credit facility | $ 125,000,000 | |
Credit facility maturities date | Mar. 31, 2018 | |
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 - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2015 | Mar. 29, 2015 | Apr. 03, 2016 | Oct. 27, 2014 | |
Class Of Stock [Line Items] | ||||
Preferred stock, par value | $ 0.001 | $ 0.001 | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | ||
Common stock, par value | $ 0.001 | $ 0.001 | ||
Common stock, shares authorized | 500,000,000 | 500,000,000 | ||
Common stock, shares issued | 215,549,000 | 218,210,000 | ||
Treasury stock, shares | 128,329,000 | 135,118,000 | ||
Purchases of common stock, amounts unpaid | $ 900,000 | |||
October 2014, Stock Repurchase Program [Member] | ||||
Class Of Stock [Line Items] | ||||
Maximum value of outstanding common stock authorized for purchase | $ 100,000,000 | |||
Remaining common stock authorized for repurchase | $ 0 | |||
November 2015, Stock Repurchase Program [Member] | ||||
Class Of Stock [Line Items] | ||||
Maximum value of outstanding common stock authorized for purchase | $ 125,000,000 | |||
Outstanding common stock purchase, maximum period | 2 years | |||
Treasury stock, shares | 0 | |||
2005 Performance Incentive Plan [Member] | ||||
Class Of Stock [Line Items] | ||||
Common stock shares reserved | 19,600,000 | |||
Employee Stock Purchase Plan [Member] | ||||
Class Of Stock [Line Items] | ||||
Common stock shares reserved | 4,900,000 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) $ in Millions | 12 Months Ended | |||
Apr. 03, 2016USD ($)Periodshares | Mar. 29, 2015USD ($)shares | Mar. 30, 2014USD ($)shares | Mar. 31, 2013shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Tax benefits, stock-based compensation expense | $ | $ 4.9 | $ 7.2 | $ 6.2 | |
Unrecognized compensation costs related to outstanding stock-based awards | $ | $ 33 | |||
Expected weighted-average period of recognition | 2 years 2 months 12 days | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options outstanding | 5,388,000 | 8,495,000 | 11,203,000 | 16,829,000 |
Grant date fair value of options vested | $ | $ 1 | $ 2.6 | $ 7.7 | |
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 | 811,000 | 688,000 | 717,000 | |
Restricted stock units (RSUs) [Member] | Vesting Feature Service Conditions [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock unit granted, Number of RSUs | 1,578,000 | 2,061,000 | 2,207,000 | |
Restricted stock units (RSUs) [Member] | Vesting Feature Service Conditions [Member] | Acquisitions [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock unit granted, Number of RSUs | 408,000 | 477,000 | ||
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 granted, Number of RSUs | 641,000 | 721,000 | 374,000 | |
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% | |||
ESPP offering period duration | 12 months | |||
ESPP purchase periods, number | Period | 4 | |||
ESPP purchase period duration | 3 months | |||
Number of shares issued under the ESPP | 816,000 | 845,000 | 836,000 | |
Predecessor Stock Plans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for future grant | 0 | |||
2005 Performance Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for future grant | 10,200,000 | |||
2005 Performance Incentive Plan [Member] | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award Term | 10 years | |||
Vesting period | 4 years | |||
2005 Performance Incentive Plan [Member] | Stock Options [Member] | Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award Term | 10 years | |||
Vesting period | 3 years | |||
Percentage of the target fair value in the initial grant allocated to non-qualified stock options | 50.00% | |||
2005 Performance Incentive Plan [Member] | Restricted stock units (RSUs) [Member] | Director [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% | |||
Percentage of the target fair value in the annual grant allocated to restricted stock units | 100.00% | |||
2005 Performance Incentive Plan [Member] | Restricted stock units (RSUs) [Member] | Vesting Feature Service Conditions [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
2005 Performance Incentive Plan [Member] | 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] | ||||
Vesting period | 3 years | |||
2014 New-Hire Performance Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options outstanding | 0 | |||
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] | 2005 Performance Incentive Plan [Member] | Restricted stock units (RSUs) [Member] | Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 1 year | |||
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] | 2005 Performance Incentive Plan [Member] | Restricted stock units (RSUs) [Member] | Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Detail) - Restricted stock units (RSUs) [Member] - Vesting Feature Service Conditions [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Mar. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock unit outstanding and unvested, beginning balance, Number of RSUs | 3,659 | 3,611 | 3,251 |
Restricted stock unit granted, Number of RSUs | 1,578 | 2,061 | 2,207 |
Restricted stock unit vested, Number of RSUs | (1,213) | (1,102) | (1,150) |
Restricted stock unit forfeited, Number of RSUs | (1,086) | (911) | (697) |
Restricted stock unit outstanding and unvested, ending balance, Number of RSUs | 2,938 | 3,659 | 3,611 |
Restricted stock unit outstanding and unvested, beginning balance, Weighted-Average Grant Date Fair Value | $ 11.42 | $ 12.62 | $ 14.71 |
Restricted stock unit granted, Weighted-Average Grant Date Fair Value | 14.40 | 10.61 | 11.11 |
Restricted stock unit vested, Weighted-Average Grant Date Fair Value | 11.88 | 13.42 | 14.90 |
Restricted stock unit forfeited, Weighted-Average Grant Date Fair Value | 12.45 | 11.94 | 13.80 |
Restricted stock unit outstanding and unvested, ending balance, Weighted-Average Grant Date Fair Value | $ 12.44 | $ 11.42 | $ 12.62 |
Restricted stock unit vested, Aggregate Fair Value | $ 17,206 | $ 11,839 | $ 11,136 |
Stock-Based Compensation - Su62
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 ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Mar. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock unit outstanding and unvested, beginning balance, Number of RSUs | 979 | 423 | 289 |
Restricted stock unit granted, Number of RSUs | 641 | 721 | 374 |
Restricted stock unit vested, Number of RSUs | (21) | (24) | (60) |
Restricted stock unit forfeited, Number of RSUs | (1,094) | (141) | (180) |
Restricted stock unit outstanding and unvested, ending balance, Number of RSUs | 505 | 979 | 423 |
Restricted stock unit outstanding and unvested, beginning balance, Weighted-Average Grant Date Fair Value | $ 12.27 | $ 12.02 | $ 14.01 |
Restricted stock unit granted, Weighted-Average Grant Date Fair Value | 15.45 | 12.04 | 11.67 |
Restricted stock unit vested, Weighted-Average Grant Date Fair Value | 10.14 | 13.98 | 13.97 |
Restricted stock unit forfeited, Weighted-Average Grant Date Fair Value | 13.60 | 10.03 | 13.86 |
Restricted stock unit outstanding and unvested, ending balance, Weighted-Average Grant Date Fair Value | $ 13.52 | $ 12.27 | $ 12.02 |
Restricted stock unit vested, Aggregate Fair Value | $ 322 | $ 242 | $ 558 |
Stock-Based Compensation - Su63
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - Stock Options [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Mar. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option outstanding beginning balance, Number of Options | 8,495 | 11,203 | 16,829 |
Stock options granted, Number of Options | 22 | 32 | 75 |
Stock options exercised, Number of Options | (1,034) | (229) | (88) |
Stock options forfeited (cancelled pre-vesting), Number of Options | (12) | (273) | (732) |
Stock options expired (cancelled post-vesting), Number of Options | (2,083) | (2,238) | (4,881) |
Stock option outstanding ending balance, Number of Options | 5,388 | 8,495 | 11,203 |
Stock option vested and expected to vest ending balance, Number of Options | 5,388 | ||
Stock option exercisable ending balance, Number of Options | 5,307 | ||
Stock option outstanding beginning balance, Weighted-Average Exercise Price | $ 16.03 | $ 15.84 | $ 17.14 |
Stock options granted, Weighted-Average Exercise Price | 14.91 | 9.99 | 10.90 |
Stock options exercised, Weighted-Average Exercise Price | 14.50 | 13.43 | 12 |
Stock options forfeited (cancelled pre-vesting), Weighted-Average Exercise Price | 13.29 | 14.88 | 15.02 |
Stock options expired (cancelled post-vesting), Weighted-Average Exercise Price | 17.18 | 15.42 | 20.45 |
Stock option outstanding ending balance, Weighted-Average Exercise Price | 15.88 | $ 16.03 | $ 15.84 |
Stock option vested and expected to vest ending balance, Weighted-Average Exercise Price | 15.88 | ||
Stock option exercisable, Weighted-Average Exercise Price | $ 15.92 | ||
Stock option outstanding, Weighted-Average Remaining Contractual Term | 3 years | ||
Stock option vested and expected to vest, Weighted-Average Remaining Contractual Term | 3 years | ||
Stock option exercisable, Weighted-Average Remaining Contractual Term | 3 years | ||
Stock options Exercised, Aggregate Intrinsic Value | $ 793 | $ 264 | $ 36 |
Stock options outstanding, Aggregate Intrinsic Value | 487 | ||
Stock option vested and expected to vest, Aggregate Intrinsic Value | 487 | ||
Stock option exercisable, Aggregate Intrinsic Value | $ 402 |
Stock-Based Compensation - Su64
Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Mar. 30, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 16,628 | $ 20,545 | $ 22,638 |
Cost of Revenues [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 825 | 1,049 | 1,349 |
Engineering and Development [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 9,140 | 10,024 | 10,918 |
Sales and Marketing [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 3,780 | 4,631 | 5,337 |
General and Administrative [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 2,883 | $ 4,841 | $ 5,034 |
Stock-Based Compensation - Weig
Stock-Based Compensation - Weighted-Average Fair Values and Underlying Assumptions (Detail) - $ / shares | 12 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Mar. 30, 2014 | |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value | $ 5.44 | $ 3.74 | $ 4.12 |
Expected volatility | 33.00% | 33.00% | 36.00% |
Risk-free interest rate | 1.90% | 2.10% | 1.60% |
Expected life (years) | 6 years 6 months | 6 years 7 months 6 days | 6 years 2 months 12 days |
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 | $ 2.60 | $ 2.20 | $ 2.41 |
Expected volatility | 39.00% | 30.00% | 32.00% |
Risk-free interest rate | 0.20% | 0.10% | 0.10% |
Expected life (years) | 7 months 6 days | 6 months | 3 months 18 days |
Dividend yield | 0.00% | 0.00% | 0.00% |
Employee Retirement Savings P66
Employee Retirement Savings Plan - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Mar. 30, 2014 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Employees contribution percentage | 50.00% | ||
Company matching 401(k) contributions | $ 1.5 | $ 1.6 | $ 1.8 |
Maximum [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Percentage of matching contributions of participant's compensation | 2.00% |
Special Charges - Summary of Sp
Special Charges - Summary of Special Charges (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Mar. 30, 2014 | Sep. 27, 2015 | Mar. 29, 2015 | Apr. 03, 2016 | Mar. 29, 2015 | Mar. 30, 2014 | |
Restructuring And Related Activities [Abstract] | ||||||
Exit costs | $ 7,000 | $ 3,500 | $ 9,852 | $ 6,946 | $ 26,491 | |
Asset impairments | 1,200 | 2,100 | 1,954 | 3,074 | 7,322 | |
Other charges | 500 | |||||
Patent license (Note 2) | $ 41,000 | 41,040 | ||||
Special charges | $ 8,200 | $ 5,600 | $ 11,806 | $ 10,520 | $ 74,853 |
Special Charges - Additional In
Special Charges - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 27, 2015 | Mar. 29, 2015 | Apr. 03, 2016 | Mar. 29, 2015 | Mar. 30, 2014 | |
Restructuring Cost and Reserve [Line Items] | |||||
Special charges | $ 8,200 | $ 5,600 | $ 11,806 | $ 10,520 | $ 74,853 |
Exit costs | 7,000 | 3,500 | 9,852 | 6,946 | 26,491 |
Asset impairment charges | $ 1,200 | 2,100 | $ 1,954 | 3,074 | 7,322 |
September 2015 Initiative [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Date the company commenced the restructuring plan | Sep. 2, 2015 | ||||
Special charges | $ 10,600 | ||||
Exit costs | 8,638 | ||||
Asset impairment charges | 2,000 | ||||
Non-cash adjustment | $ 461 | ||||
Date the company substantially completed or expects to substantially complete the restructuring actions | Apr. 3, 2016 | ||||
Date the unpaid exit costs are expected to be paid | Mar. 31, 2019 | ||||
September 2015 Initiative [Member] | Workforce Reductions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Exit costs | $ 7,780 | ||||
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 substantially completed or expects to substantially complete the restructuring actions | Sep. 27, 2015 | ||||
March 2015 Initiative [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Date the company commenced the restructuring plan | Mar. 1, 2015 | ||||
March 2015 Initiative [Member] | Workforce Reductions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Special charges | $ 1,200 | ||||
Exit costs | $ 1,200 | ||||
Date the company substantially completed or expects to substantially complete the restructuring actions | Jun. 28, 2015 | ||||
March 2014 Initiative [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Date the company commenced the restructuring plan | Mar. 17, 2014 | ||||
Special charges | 3,600 | 14,000 | |||
Exit costs | 2,620 | 9,114 | |||
Asset impairment charges | 1,000 | 4,900 | |||
Date the company substantially completed or expects to substantially complete the restructuring actions | Mar. 29, 2015 | ||||
March 2014 Initiative [Member] | Workforce Reductions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Exit costs | 2,693 | 4,789 | |||
June 2013 Initiative [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Date the company commenced the restructuring plan | Jun. 3, 2013 | ||||
Special charges | $ 600 | 5,200 | 19,800 | ||
Exit costs | 2,400 | $ 566 | 3,102 | 17,377 | |
Asset impairment charges | 2,100 | 2,400 | |||
Non-cash adjustment | $ 1,666 | 1,666 | |||
Date the company substantially completed or expects to substantially complete the restructuring actions | Apr. 1, 2018 | ||||
June 2013 Initiative [Member] | Maximum [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Additional costs expected | $ 1,000 | ||||
June 2013 Initiative [Member] | Workforce Reductions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Exit costs | $ 566 | $ 749 | $ 13,831 |
Special Charges - Activity and
Special Charges - Activity and Liability Balances for Exit Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 27, 2015 | Mar. 29, 2015 | Apr. 03, 2016 | Mar. 29, 2015 | Mar. 30, 2014 | |
Restructuring Cost and Reserve [Line Items] | |||||
Beginning Balance | $ 11,217 | ||||
Charged to costs and expenses | $ 7,000 | $ 3,500 | 9,852 | $ 6,946 | $ 26,491 |
Ending Balance | 11,217 | 8,096 | 11,217 | ||
September 2015 Initiative [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Charged to costs and expenses | 8,638 | ||||
Payments | (8,066) | ||||
Non-cash adjustments | 461 | ||||
Ending Balance | 1,033 | ||||
September 2015 Initiative [Member] | Workforce Reductions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Charged to costs and expenses | 7,780 | ||||
Payments | (7,780) | ||||
September 2015 Initiative [Member] | Facilities and Other [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Charged to costs and expenses | 858 | ||||
Payments | (286) | ||||
Non-cash adjustments | 461 | ||||
Ending Balance | 1,033 | ||||
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 | ||||
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 | ||||
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 | ||||
June 2013 Initiative [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Beginning Balance | 10,052 | 8,149 | 1,771 | ||
Charged to costs and expenses | 2,400 | 566 | 3,102 | 17,377 | |
Payments | (3,555) | (2,865) | (10,999) | ||
Non-cash adjustments | 1,666 | 1,666 | |||
Ending Balance | 10,052 | 7,063 | 10,052 | 8,149 | |
June 2013 Initiative [Member] | Workforce Reductions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Beginning Balance | 2,476 | 3,528 | |||
Charged to costs and expenses | 566 | 749 | 13,831 | ||
Payments | (1,122) | (1,801) | (10,303) | ||
Ending Balance | 2,476 | 1,920 | 2,476 | 3,528 | |
June 2013 Initiative [Member] | Facilities and Other [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Beginning Balance | 7,576 | 4,621 | 1,771 | ||
Charged to costs and expenses | 2,353 | 3,546 | |||
Payments | (2,433) | (1,064) | (696) | ||
Non-cash adjustments | 1,666 | ||||
Ending Balance | $ 7,576 | $ 5,143 | $ 7,576 | $ 4,621 |
Special Charges - Summary of Un
Special Charges - Summary of Unpaid Exit Costs for Restructuring Plans by Classification (Detail) - USD ($) $ in Thousands | Apr. 03, 2016 | Mar. 29, 2015 |
Restructuring Reserve [Abstract] | ||
Other current liabilities | $ 3,642 | $ 3,664 |
Other liabilities | 4,454 | 7,553 |
Total unpaid exit costs | $ 8,096 | $ 11,217 |
Interest and Other Income, Ne71
Interest and Other Income, Net - Components of Interest and Other Income, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Mar. 30, 2014 | |
Other Income Disclosure Nonoperating [Abstract] | |||
Interest income | $ 2,584 | $ 2,166 | $ 3,378 |
Gain on sales of marketable securities | 417 | 386 | 2,184 |
Loss on sales of marketable securities | (353) | (430) | (938) |
Other | (719) | (1,359) | (1,364) |
Interest and other income, net | $ 1,929 | $ 763 | $ 3,260 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income (Loss) before Income Taxes, Domestic and Foreign (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Mar. 30, 2014 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 7,018 | $ 12,294 | $ (19,056) |
International | 43,708 | 42,899 | 10,096 |
Income (loss) before income taxes | $ 50,726 | $ 55,193 | $ (8,960) |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Mar. 30, 2014 | |
Current: | |||
Federal | $ (818) | $ 1,859 | $ 9,206 |
State | (6,185) | 913 | 1,532 |
Foreign | 3,376 | 3,285 | 2,205 |
Total current | (3,627) | 6,057 | 12,943 |
Deferred: | |||
Federal | 7,874 | (1,700) | (18,883) |
State | (512) | 603 | 15,006 |
Foreign | 525 | (360) | 240 |
Total deferred | 7,887 | (1,457) | (3,637) |
Income tax expense (benefit), net | $ 4,260 | $ 4,600 | $ 9,306 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Mar. 30, 2014 | |
Income Tax Disclosure [Abstract] | |||
Expected income tax expense (benefit) at the statutory rate | $ 17,754 | $ 19,318 | $ (3,136) |
State income taxes, net of federal tax benefit | 1,406 | 1,773 | (330) |
Tax rate differential on foreign earnings and other international related tax items | (10,943) | (11,195) | (324) |
Benefit from research and other credits | (6,870) | (7,360) | (6,764) |
Stock-based compensation | 4,090 | 2,649 | 4,759 |
Resolution of prior period tax matters | (4,570) | (3,577) | (1,480) |
Valuation allowance | 2,435 | 2,634 | 16,433 |
Other, net | 958 | 358 | 148 |
Income tax expense (benefit), net | $ 4,260 | $ 4,600 | $ 9,306 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Apr. 03, 2016 | Mar. 29, 2015 |
Deferred tax assets: | ||
Research credits | $ 40,033 | $ 31,487 |
Reserves and accruals not currently deductible | 13,994 | 18,971 |
Net operating loss carryforwards | 10,090 | 9,764 |
Stock-based compensation | 8,112 | 14,415 |
Patent license | 6,571 | 7,098 |
Property and equipment | 4,382 | 2,587 |
Investment securities | 904 | 913 |
Other | 292 | 313 |
Total gross deferred tax assets | 84,378 | 85,548 |
Valuation allowance | (22,742) | (20,307) |
Total deferred tax assets, net of valuation allowance | 61,636 | 65,241 |
Deferred tax liabilities: | ||
State income taxes | 13,398 | 10,547 |
Research and development expenditures | 7,235 | 5,814 |
Total deferred tax liabilities | 20,633 | 16,361 |
Net deferred tax assets | $ 41,003 | $ 48,880 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Mar. 30, 2014 | |
Income Taxes [Line Items] | |||
Valuation allowance against deferred tax assets | $ 1,800 | $ 1,700 | |
Undistributed earnings of foreign subsidiaries | 438,100 | ||
Income taxes | 4,260 | 4,600 | $ 9,306 |
Income tax benefit related to a matter settled with IRS | (2,500) | ||
Unrecognized tax benefits that, if recognized, would affect the effective tax rate | 8,100 | ||
Tax benefit from state income taxes | 1,100 | ||
Unrecognized tax benefits interest expense and penalties | 2,600 | 3,500 | |
Recognized interest expense, net of the related tax effect, and penalties | (600) | 100 | $ 2,100 |
Reduction in liability of uncertain tax position | 1,000 | ||
Settlement with Taxing Authority [Member] | |||
Income Taxes [Line Items] | |||
Federal and state income tax payments | 2,100 | ||
Statute of Limitations Expiration [Member] | |||
Income Taxes [Line Items] | |||
Income taxes | (4,300) | ||
Federal tax authority [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | $ 13,000 | ||
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 | 2,014 | ||
State tax authority [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | $ 67,500 | ||
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 | 2,009 | ||
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 | 2,009 | ||
Minimum [Member] | Federal tax authority [Member] | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards, expiration date | Mar. 28, 2027 | ||
Minimum [Member] | State tax authority [Member] | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards, expiration date | Apr. 2, 2017 | ||
Tax credit carryforwards, expiration date | Apr. 2, 2017 | ||
Maximum [Member] | Federal tax authority [Member] | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards, expiration date | Apr. 1, 2029 | ||
Maximum [Member] | State tax authority [Member] | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards, expiration date | Mar. 28, 2036 | ||
Tax credit carryforwards, expiration date | Mar. 31, 2031 | ||
Research tax credit carryforwards [Member] | |||
Income Taxes [Line Items] | |||
Valuation allowance, amount | $ 19,800 | 17,500 | |
Research tax credit carryforwards [Member] | State tax authority [Member] | |||
Income Taxes [Line Items] | |||
Tax credit carryforwards | 31,900 | ||
Research tax credit carryforwards [Member] | Federal tax carryforwards [Member] | |||
Income Taxes [Line Items] | |||
Tax credit carryforwards | $ 9,800 | ||
Research tax credit carryforwards [Member] | Minimum [Member] | Federal tax carryforwards [Member] | |||
Income Taxes [Line Items] | |||
Tax credit carryforwards, expiration date | Apr. 2, 2034 | ||
Research tax credit carryforwards [Member] | Maximum [Member] | Federal tax carryforwards [Member] | |||
Income Taxes [Line Items] | |||
Tax credit carryforwards, expiration date | Apr. 1, 2036 | ||
Capital Loss Carryforward [Member] | |||
Income Taxes [Line Items] | |||
Valuation allowance, amount | $ 1,100 | $ 1,100 | |
Capital Loss Carryforward [Member] | State tax authority [Member] | |||
Income Taxes [Line Items] | |||
Tax credit carryforwards | 54,500 | ||
Alternative minimum tax credits [Member] | State tax authority [Member] | |||
Income Taxes [Line Items] | |||
Tax credit carryforwards | $ 600 |
Income Taxes - Schedule of Gros
Income Taxes - Schedule of Gross Unrecognized Tax Benefits Rollforward (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 03, 2016 | Mar. 29, 2015 | |
Income Tax Disclosure [Abstract] | ||
Balance at beginning of year | $ 12,904 | $ 13,577 |
Additions based on tax positions related to the current year | 1,266 | 1,059 |
Additions for tax positions of prior years | 993 | 2,966 |
Reductions for tax positions of prior years | (690) | (276) |
Decreases relating to settlements with taxing authorities | (364) | (3,629) |
Reductions due to lapses of statutes of limitations | (4,931) | (793) |
Balance at end of year | $ 9,178 | $ 12,904 |
Net Income (Loss) Per Share - C
Net Income (Loss) Per Share - Computation of Basic and Diluted Net Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Apr. 03, 2016 | [1] | Dec. 27, 2015 | [2] | Sep. 27, 2015 | [3] | Jun. 28, 2015 | Mar. 29, 2015 | [1] | Dec. 28, 2014 | [2] | Sep. 28, 2014 | [3] | Jun. 29, 2014 | Apr. 03, 2016 | Mar. 29, 2015 | Mar. 30, 2014 | |
Earnings Per Share [Abstract] | |||||||||||||||||
Net income (loss) | $ 18,239 | $ 23,433 | $ 2,238 | $ 2,556 | $ 11,148 | $ 22,435 | $ 11,010 | $ 6,000 | $ 46,466 | $ 50,593 | $ (18,266) | ||||||
Shares: | |||||||||||||||||
Weighted-average shares outstanding — basic | 85,122 | 87,584 | 87,612 | ||||||||||||||
Dilutive potential common shares, using treasury stock method | 988 | 879 | |||||||||||||||
Weighted-average shares outstanding — diluted | 86,110 | 88,463 | 87,612 | ||||||||||||||
Net income (loss) per share: | |||||||||||||||||
Basic | $ 0.22 | $ 0.28 | $ 0.03 | $ 0.03 | $ 0.13 | $ 0.26 | $ 0.13 | $ 0.07 | $ 0.55 | $ 0.58 | $ (0.21) | ||||||
Diluted | $ 0.22 | $ 0.28 | $ 0.03 | $ 0.03 | $ 0.13 | $ 0.25 | $ 0.12 | $ 0.07 | $ 0.54 | $ 0.57 | $ (0.21) | ||||||
[1] | 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 | ||||||||||||||||
[2] | During the three months ended December 27, 2015 and December 28, 2014, the Company recorded an income tax benefit related to the retroactive reinstatement of the federal research tax credit of $3.0 million and $3.7 million, respectively. | ||||||||||||||||
[3] | During the three months ended September 27, 2015, the Company recorded special charges of $8.2 million, consisting of $7.0 million of exit costs and $1.2 million of asset impairment charges related to property and equipment. |
Net Income (Loss) Per Share - A
Net Income (Loss) Per Share - Additional Information (Detail) - shares shares in Millions | 12 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Mar. 30, 2014 | |
Earnings Per Share [Abstract] | |||
Stock-based awards excluded from the diluted per share calculations | 6.3 | 9.7 | 15.2 |
Commitments and Contingencies -
Commitments and Contingencies - Future Minimum Lease Commitments under Non-Cancelable Operating Leases (Detail) $ in Thousands | Apr. 03, 2016USD ($) |
Operating Leases Future Minimum Payments Due [Abstract] | |
2,017 | $ 7,470 |
2,018 | 4,616 |
2,019 | 2,264 |
2,020 | 1,773 |
2,021 | 1,310 |
Thereafter | 263 |
Total future minimum lease payments | $ 17,696 |
Commitments and Contingencies81
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Mar. 30, 2014 | |
Loss Contingencies [Line Items] | |||
Rent expense | $ 11.7 | $ 12 | $ 10.4 |
Class Action Lawsuit [Member] | |||
Loss Contingencies [Line Items] | |||
Lawsuit Filing Date | September 28, 2015 | ||
Loss contingency, Name of plaintiff | Phyllis Hull | ||
Loss contingency, Date of dismissal | Mar. 7, 2016 | ||
Shareholder Derivative Lawsuit [Member] | |||
Loss Contingencies [Line Items] | |||
Lawsuit Filing Date | October 23, 2015 | ||
Loss contingency, Name of plaintiff | Stephen Kramer | ||
Second Shareholder Derivative Lawsuit [Member] | |||
Loss Contingencies [Line Items] | |||
Lawsuit Filing Date | March 14, 2016 | ||
Loss contingency, Name of plaintiff | Indiana Laborers Pension and Welfare Funds |
Revenue Components, Geographi82
Revenue Components, Geographic Revenues and Significant Customers - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Apr. 03, 2016USD ($) | [1] | Dec. 27, 2015USD ($) | [2] | Sep. 27, 2015USD ($) | [3] | Jun. 28, 2015USD ($) | Mar. 29, 2015USD ($) | [1] | Dec. 28, 2014USD ($) | [2] | Sep. 28, 2014USD ($) | [3] | Jun. 29, 2014USD ($) | Apr. 03, 2016USD ($)Segment | Mar. 29, 2015USD ($) | Mar. 30, 2014USD ($) | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||
Number of operating segments | Segment | 1 | ||||||||||||||||
Net revenues | $ 119,424 | $ 122,730 | $ 103,354 | $ 113,405 | $ 133,043 | $ 140,203 | $ 127,503 | $ 119,449 | $ 458,913 | $ 520,198 | $ 460,907 | ||||||
China [Member] | |||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||
Net revenues | 75,500 | $ 90,400 | $ 56,000 | ||||||||||||||
Hong Kong [Member] | |||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||
Net revenues | $ 60,100 | ||||||||||||||||
[1] | 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 | ||||||||||||||||
[2] | During the three months ended December 27, 2015 and December 28, 2014, the Company recorded an income tax benefit related to the retroactive reinstatement of the federal research tax credit of $3.0 million and $3.7 million, respectively. | ||||||||||||||||
[3] | During the three months ended September 27, 2015, the Company recorded special charges of $8.2 million, consisting of $7.0 million of exit costs and $1.2 million of asset impairment charges related to property and equipment. |
Revenue Components, Geographi83
Revenue Components, Geographic Revenues and Significant Customers - Schedule of Net Revenues by Product Category (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Apr. 03, 2016 | [1] | Dec. 27, 2015 | [2] | Sep. 27, 2015 | [3] | Jun. 28, 2015 | Mar. 29, 2015 | [1] | Dec. 28, 2014 | [2] | Sep. 28, 2014 | [3] | Jun. 29, 2014 | Apr. 03, 2016 | Mar. 29, 2015 | Mar. 30, 2014 | |
Revenue from External Customer [Line Items] | |||||||||||||||||
Net revenues | $ 119,424 | $ 122,730 | $ 103,354 | $ 113,405 | $ 133,043 | $ 140,203 | $ 127,503 | $ 119,449 | $ 458,913 | $ 520,198 | $ 460,907 | ||||||
Advanced Connectivity Platforms [Member] | |||||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||||
Net revenues | 417,923 | 465,000 | 386,738 | ||||||||||||||
Legacy Connectivity Products [Member] | |||||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||||
Net revenues | $ 40,990 | $ 55,198 | $ 74,169 | ||||||||||||||
[1] | 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 | ||||||||||||||||
[2] | During the three months ended December 27, 2015 and December 28, 2014, the Company recorded an income tax benefit related to the retroactive reinstatement of the federal research tax credit of $3.0 million and $3.7 million, respectively. | ||||||||||||||||
[3] | During the three months ended September 27, 2015, the Company recorded special charges of $8.2 million, consisting of $7.0 million of exit costs and $1.2 million of asset impairment charges related to property and equipment. |
Revenue Components, Geographi84
Revenue Components, Geographic Revenues and Significant Customers - Schedule of Net Revenues by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Apr. 03, 2016 | [1] | Dec. 27, 2015 | [2] | Sep. 27, 2015 | [3] | Jun. 28, 2015 | Mar. 29, 2015 | [1] | Dec. 28, 2014 | [2] | Sep. 28, 2014 | [3] | Jun. 29, 2014 | Apr. 03, 2016 | Mar. 29, 2015 | Mar. 30, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||
Net revenues | $ 119,424 | $ 122,730 | $ 103,354 | $ 113,405 | $ 133,043 | $ 140,203 | $ 127,503 | $ 119,449 | $ 458,913 | $ 520,198 | $ 460,907 | ||||||
United States [Member] | |||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||
Net revenues | 153,189 | 193,853 | 191,481 | ||||||||||||||
Asia-Pacific and Japan [Member] | |||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||
Net revenues | 219,600 | 226,213 | 166,568 | ||||||||||||||
Europe, Middle East and Africa [Member] | |||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||
Net revenues | 75,529 | 83,045 | 85,572 | ||||||||||||||
Rest of world [Member] | |||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||
Net revenues | $ 10,595 | $ 17,087 | $ 17,286 | ||||||||||||||
[1] | 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 | ||||||||||||||||
[2] | During the three months ended December 27, 2015 and December 28, 2014, the Company recorded an income tax benefit related to the retroactive reinstatement of the federal research tax credit of $3.0 million and $3.7 million, respectively. | ||||||||||||||||
[3] | During the three months ended September 27, 2015, the Company recorded special charges of $8.2 million, consisting of $7.0 million of exit costs and $1.2 million of asset impairment charges related to property and equipment. |
Revenue Components, Geographi85
Revenue Components, Geographic Revenues and Significant Customers - Schedule of Customers That Represent 10% or More of Net Revenues (Detail) - Sales Revenue, Net [Member] - Customer Concentration Risk [Member] | 12 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Mar. 30, 2014 | |
HPE [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of net revenues from major customers | 26.00% | 27.00% | 24.00% |
Dell [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of net revenues from major customers | 17.00% | 17.00% | 15.00% |
IBM [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of net revenues from major customers | 11.00% | 17.00% |
Condensed Quarterly Results (86
Condensed Quarterly Results (Unaudited) - Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Apr. 03, 2016 | [1] | Dec. 27, 2015 | [2] | Sep. 27, 2015 | [3] | Jun. 28, 2015 | Mar. 29, 2015 | [1] | Dec. 28, 2014 | [2] | Sep. 28, 2014 | [3] | Jun. 29, 2014 | Apr. 03, 2016 | Mar. 29, 2015 | Mar. 30, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Net revenues | $ 119,424 | $ 122,730 | $ 103,354 | $ 113,405 | $ 133,043 | $ 140,203 | $ 127,503 | $ 119,449 | $ 458,913 | $ 520,198 | $ 460,907 | ||||||
Gross profit | 71,365 | 72,567 | 61,179 | 66,338 | 77,546 | 82,401 | 75,410 | 70,695 | 271,449 | 306,052 | 310,107 | ||||||
Operating income | 18,029 | 21,456 | 2,221 | 7,091 | 11,813 | 23,700 | 13,521 | 5,396 | 48,797 | 54,430 | (12,220) | ||||||
Net income | $ 18,239 | $ 23,433 | $ 2,238 | $ 2,556 | $ 11,148 | $ 22,435 | $ 11,010 | $ 6,000 | $ 46,466 | $ 50,593 | $ (18,266) | ||||||
Net income per share: | |||||||||||||||||
Basic | $ 0.22 | $ 0.28 | $ 0.03 | $ 0.03 | $ 0.13 | $ 0.26 | $ 0.13 | $ 0.07 | $ 0.55 | $ 0.58 | $ (0.21) | ||||||
Diluted | $ 0.22 | $ 0.28 | $ 0.03 | $ 0.03 | $ 0.13 | $ 0.25 | $ 0.12 | $ 0.07 | $ 0.54 | $ 0.57 | $ (0.21) | ||||||
[1] | 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 | ||||||||||||||||
[2] | During the three months ended December 27, 2015 and December 28, 2014, the Company recorded an income tax benefit related to the retroactive reinstatement of the federal research tax credit of $3.0 million and $3.7 million, respectively. | ||||||||||||||||
[3] | During the three months ended September 27, 2015, the Company recorded special charges of $8.2 million, consisting of $7.0 million of exit costs and $1.2 million of asset impairment charges related to property and equipment. |
Condensed Quarterly Results (87
Condensed Quarterly Results (Unaudited) - Quarterly Financial Information (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 27, 2015 | Sep. 27, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Apr. 03, 2016 | Mar. 29, 2015 | Mar. 30, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||
Special charges | $ 8,200 | $ 5,600 | $ 11,806 | $ 10,520 | $ 74,853 | ||
Exit costs | 7,000 | 3,500 | 9,852 | 6,946 | 26,491 | ||
Asset impairments | $ 1,200 | $ 2,100 | $ 1,954 | $ 3,074 | $ 7,322 | ||
Retroactive reinstatement of the federal research tax credit | $ 3,000 | $ 3,700 |
Schedule II Valuation and Qua88
Schedule II Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Mar. 30, 2014 | |
Allowance for doubtful accounts [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 1,297 | $ 1,186 | $ 1,196 |
Additions: Charged to Costs and Expenses or Revenues | (340) | 114 | 23 |
Deductions: Amounts Written Off, Net of Recoveries | 108 | 3 | 33 |
Balance at End of Year | 849 | 1,297 | 1,186 |
Sales returns and allowances [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 6,254 | 3,873 | 4,747 |
Additions: Charged to Costs and Expenses or Revenues | 15,210 | 23,597 | 17,225 |
Deductions: Amounts Written Off, Net of Recoveries | 17,994 | 21,216 | 18,099 |
Balance at End of Year | $ 3,470 | $ 6,254 | $ 3,873 |