Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 01, 2018 | May 14, 2018 | Oct. 01, 2017 | |
Document Information [Abstract] | |||
Entity Registrant Name | INTEGRATED DEVICE TECHNOLOGY INC | ||
Entity Central Index Key | 703,361 | ||
Current Fiscal Year End Date | --04-01 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 2,620 | ||
Entity Common Stock, Shares Outstanding (in shares) | 129,264,653 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Apr. 1, 2018 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Apr. 01, 2018 | Apr. 02, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 136,873 | $ 214,554 |
Short-term investments | 222,026 | 191,492 |
Accounts receivable, net | 108,779 | 89,312 |
Inventories | 68,702 | 52,288 |
Prepayments and other current assets | 12,734 | 13,054 |
Total current assets | 549,114 | 560,700 |
Property, plant and equipment, net | 86,845 | 80,961 |
Goodwill | 420,117 | 306,925 |
Intangible assets, net | 180,781 | 108,818 |
Deferred tax assets | 11,764 | 85,831 |
Other assets | 61,910 | 40,399 |
Total assets | 1,310,531 | 1,183,634 |
Current liabilities: | ||
Accounts payable | 41,070 | 42,020 |
Accrued compensation and related expenses | 44,002 | 26,624 |
Deferred income on shipments to distributors | 0 | 1,985 |
Current portion of bank loan | 2,000 | 0 |
Other accrued liabilities | 26,524 | 20,205 |
Total current liabilities | 113,596 | 90,834 |
Deferred tax liabilities | 10,221 | 13,835 |
Long-term income tax payable | 25,034 | 867 |
Convertible notes | 299,551 | 285,541 |
Long-term bank loan, net | 191,073 | 0 |
Other long-term liabilities | 25,684 | 18,894 |
Total liabilities | 665,159 | 409,971 |
Commitments and contingencies (Note 16) | ||
Stockholders' equity: | ||
Preferred stock: $.001 par value: 10,000 shares authorized; no shares issued | 0 | 0 |
Common stock: $.001 par value: 350,000 shares authorized; 129,531 and 133,175 outstanding as of April 1, 2018 and April 2, 2017, respectively | 130 | 133 |
Additional paid-in capital | 2,752,784 | 2,685,649 |
Treasury stock at cost: 128,518 and 121,982 shares as of April 1, 2018 and April 2, 2017, respectively | (1,801,624) | (1,616,315) |
Accumulated deficit | (301,155) | (289,019) |
Accumulated other comprehensive loss | (4,763) | (6,785) |
Total stockholders' equity | 645,372 | 773,663 |
Total liabilities and stockholders' equity | $ 1,310,531 | $ 1,183,634 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Apr. 01, 2018 | Apr. 02, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 350,000,000 | 350,000,000 |
Common stock, shares outstanding (in shares) | 129,531,000 | 133,175,000 |
Treasury stock, at cost (in shares) | 128,518,000 | 121,982,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Apr. 01, 2018 | Apr. 02, 2017 | Apr. 03, 2016 | |
Income Statement [Abstract] | |||
Revenues | $ 842,764 | $ 728,243 | $ 697,376 |
Cost of revenues | 360,479 | 307,605 | 275,722 |
Gross profit | 482,285 | 420,638 | 421,654 |
Operating expenses: | |||
Research and development | 202,721 | 165,104 | 148,507 |
Selling, general and administrative | 168,648 | 145,193 | 136,508 |
Total operating expenses | 371,369 | 310,297 | 285,015 |
Operating income | 110,916 | 110,341 | 136,639 |
Interest expense | (27,352) | (16,878) | (7,043) |
Interest income and other, net | 8,608 | 5,822 | 4,268 |
Income before income taxes from continuing operations | 92,172 | 99,285 | 133,864 |
Benefit from (provision for) income taxes | (104,308) | 9,899 | 61,435 |
Net income (loss) from continuing operations | (12,136) | 109,184 | 195,299 |
Discontinued operations: | |||
Gain from divestiture before income taxes | 0 | 1,385 | 0 |
Loss from discontinued operations before income taxes | 0 | 0 | (547) |
Income tax expense | 0 | 87 | 15 |
Net income (loss) from discontinued operations | 0 | 1,298 | (562) |
Net income (loss) | $ (12,136) | $ 110,482 | $ 194,737 |
Basic net income (loss) per share - continuing operations (in dollars per share) | $ (0.09) | $ 0.82 | $ 1.37 |
Basic net income per share - discontinued operations (in dollars per share) | 0 | 0.01 | 0 |
Basic net income (loss) per share (in dollars per share) | (0.09) | 0.83 | 1.37 |
Diluted net income (loss) per share - continuing operations (in dollars per share) | (0.09) | 0.79 | 1.32 |
Diluted net income per share - discontinued operations (in dollars per share) | 0 | 0.01 | 0 |
Diluted net income (loss) per share (in dollars per share) | $ (0.09) | $ 0.80 | $ 1.32 |
Weighted average shares: | |||
Basic (shares) | 132,651 | 133,817 | 142,783 |
Diluted (shares) | 132,651 | 137,440 | 147,652 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2018 | Apr. 02, 2017 | Apr. 03, 2016 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||
Net income (loss) | $ (12,136) | $ 110,482 | $ 194,737 |
Other comprehensive income (loss), net of tax: | |||
Currency translation adjustments, net of tax | 3,892 | (2,042) | (280) |
Change in net unrealized loss on investments, net of tax | (1,870) | (1,029) | (638) |
Change in unrealized loss on post-employment and post-retirement benefit plans, net of tax | 0 | 0 | (615) |
Total other comprehensive income (loss) | 2,022 | (3,071) | (1,533) |
Comprehensive income (loss) | $ (10,114) | $ 107,411 | $ 193,204 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2018 | Apr. 02, 2017 | Apr. 03, 2016 | |
Cash flows from operating activities: | |||
Net income (loss) | $ (12,136) | $ 110,482 | $ 194,737 |
Adjustments: | |||
Depreciation | 28,461 | 20,830 | 18,346 |
Amortization of intangible assets | 46,726 | 23,653 | 15,354 |
Amortization of debt issuance cost and debt discount | 14,831 | 13,320 | 5,354 |
Asset impairments | 2,016 | 2,180 | 0 |
Gain on sale of property, plant and equipment | 0 | 0 | (325) |
Net gain from divestitures | 0 | (675) | 0 |
Stock-based compensation expense, net of amounts capitalized in inventory | 50,783 | 39,869 | 34,125 |
Deferred income tax | 68,907 | (10,587) | (67,277) |
Excess tax benefit from stock-based payment arrangements | 0 | 0 | (4,475) |
Changes in assets and liabilities, net of acquisitions: | |||
Accounts receivable, net | (4,660) | (16,647) | (1,640) |
Inventories | 2,103 | 861 | 11,719 |
Prepayments and other assets | 4,665 | 500 | 2,705 |
Accounts payable | (6,229) | 3,934 | 6,527 |
Accrued compensation and related expenses | 14,224 | (18,895) | (13,312) |
Deferred income on shipments to distributors | (1,985) | (5,021) | (8,688) |
Income taxes payable and receivable | 28,856 | 231 | 4,463 |
Other accrued liabilities and long-term liabilities | (4,386) | 4,939 | (5,011) |
Net cash provided by operating activities | 232,176 | 168,974 | 192,602 |
Cash flows from investing activities: | |||
Business acquisitions, net of cash acquired | (237,716) | (1,528) | (279,138) |
Asset acquisition | (12,956) | 0 | 0 |
Cash in escrow related to acquisitions | 0 | 0 | 2,700 |
Proceeds from divestitures | 0 | 231 | 0 |
Purchases of property, plant and equipment, net | (32,600) | (27,055) | (16,286) |
Purchases of intangible assets | (3,581) | (4,896) | (10,800) |
Investment in convertible note | 0 | (1,955) | 0 |
Purchases of non-marketable equity securities | (12,841) | (1,245) | (6,020) |
Purchases of short-term investments | (244,977) | (303,722) | (364,029) |
Proceeds from sales of short-term investments | 149,878 | 224,028 | 551,289 |
Proceeds from maturities of short-term investments | 63,472 | 37,679 | 96,771 |
Net cash used in investing activities | (331,321) | (78,463) | (25,513) |
Cash flows from financing activities: | |||
Proceeds from issuance of common stock | 12,800 | 17,508 | 19,722 |
Repurchases of common stock | (185,309) | (93,507) | (422,262) |
Proceeds from issuance of senior convertible notes, net of issuance costs | 0 | 0 | 363,445 |
Purchase of convertible note hedge | 0 | 0 | (94,185) |
Proceeds from issuance of warrants | 0 | 0 | 56,847 |
Payment of capital lease obligations | (1,269) | (1,507) | (221) |
Proceeds of Initial Term B Loan, net of discount and issuance costs | 194,252 | 0 | 0 |
Repayment of loans | (2,000) | 0 | 0 |
Repayment of loans | 0 | 0 | (9,437) |
Excess tax benefit from stock-based payment arrangements | 0 | 0 | 4,475 |
Net cash provided by (used in) financing activities | 18,474 | (77,506) | (81,616) |
Effect of exchange rates on cash and cash equivalents | 2,990 | (1,682) | 813 |
Net increase (decrease) in cash and cash equivalents | (77,681) | 11,323 | 86,286 |
Cash and cash equivalents at beginning of period | 214,554 | 203,231 | 116,945 |
Cash and cash equivalents at end of period | 136,873 | 214,554 | 203,231 |
Cash paid for: | |||
Interest | 11,871 | 3,370 | 67 |
Fees on prepayment of loans | 0 | 0 | 259 |
Income taxes, net of refunds | 2,856 | 1,098 | 996 |
Non-cash investing and financing activities: | |||
Additions to property, plant and equipment included in accounts payable | 2,007 | 2,616 | 1,389 |
Additions to intangible assets included in accounts payable, other accrued liabilities and other long-term liabilities | 1,961 | 0 | 600 |
Conversion of investment in convertible notes to ordinary shares of stock | 0 | (1,955) | (2,020) |
Contingent consideration in connection with the asset acquisition included in other accrued liabilities and other long-term liabilities | 4,080 | 0 | 0 |
Fair value of partially vested employee equity awards related to pre-combination services that were assumed as part of the business acquisition | $ 3,400 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock and Additional Paid-In Capital | Treasury Stock | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) |
Opening Balance (in shares) at Mar. 29, 2015 | 148,414 | ||||
Opening Balance at Mar. 29, 2015 | $ 788,254 | $ 2,511,016 | $ (1,100,546) | $ (620,035) | $ (2,181) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 194,737 | 194,737 | |||
Other comprehensive income (loss) | (1,533) | (1,533) | |||
Issuance of common stock (in shares) | 3,342 | ||||
Issuance of common stock | $ 19,722 | $ 19,722 | |||
Repurchase of common stock (in shares) | (17,900) | (17,871) | |||
Repurchase of common stock | $ (422,262) | (422,262) | |||
Equity component of senior convertible notes, net of issuance costs | 96,578 | $ 96,578 | |||
Purchases of convertible note hedge | (94,185) | (94,185) | |||
Proceeds from issuance of warrants | 56,847 | 56,847 | |||
Excess tax benefit from stock-based payment arrangement | 4,475 | 4,475 | |||
Stock-based compensation expense | 34,062 | $ 34,062 | |||
Closing Balance (in shares) at Apr. 03, 2016 | 133,885 | ||||
Closing Balance at Apr. 03, 2016 | 676,695 | $ 2,628,515 | (1,522,808) | (425,298) | (3,714) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cumulative-effect adjustment from adoption of ASU No. 2016-09 | Accounting Standards Update 2016-09 | 25,797 | 25,797 | |||
Net income (loss) | 110,482 | 110,482 | |||
Other comprehensive income (loss) | (3,071) | (3,071) | |||
Issuance of common stock (in shares) | 3,552 | ||||
Issuance of common stock | $ 17,508 | $ 17,508 | |||
Repurchase of common stock (in shares) | (4,300) | (4,262) | |||
Repurchase of common stock | $ (93,507) | (93,507) | |||
Stock-based compensation expense | $ 39,759 | $ 39,759 | |||
Closing Balance (in shares) at Apr. 02, 2017 | 133,175 | 133,175 | |||
Closing Balance at Apr. 02, 2017 | $ 773,663 | $ 2,685,782 | (1,616,315) | (289,019) | (6,785) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (12,136) | (12,136) | |||
Other comprehensive income (loss) | 2,022 | 2,022 | |||
Issuance of common stock (in shares) | 2,892 | ||||
Issuance of common stock | $ 12,800 | $ 12,800 | |||
Repurchase of common stock (in shares) | (6,500) | (6,536) | |||
Repurchase of common stock | $ (185,309) | (185,309) | |||
Fair value of unvested equity awards of GigPeak related to pre-combination services | 3,400 | $ 3,400 | |||
Stock-based compensation expense | $ 50,932 | $ 50,932 | |||
Closing Balance (in shares) at Apr. 01, 2018 | 129,531 | 129,531 | |||
Closing Balance at Apr. 01, 2018 | $ 645,372 | $ 2,752,914 | $ (1,801,624) | $ (301,155) | $ (4,763) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 01, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Nature of Business . Integrated Device Technology, Inc. (IDT or the Company) designs, develops, manufactures and markets a broad range of integrated circuits for the advanced communications, computing, consumer and automotive industries. Basis of Presentation . The Company's fiscal year is the 52 or 53 week period ending on the Sunday nearest to March 31. Fiscal 2018 included 52 weeks and ended on April 1, 2018 . Fiscal 2017 included 52 weeks and ended on April 2, 2017 and fiscal 2016 included 53 weeks and ended on April 3, 2016 . Principles of Consolidation . The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All inter-company accounts and transactions have been eliminated. Use of Estimates . The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Accounting for Business Combinations. The Company uses the acquisition method of accounting, which is in accordance with ASC 805, Business Combinations , for business combinations and recognizes assets acquired and liabilities assumed measured at their fair values on the date acquired. This requires the Company to recognize separately from goodwill the assets acquired and the liabilities assumed at their acquisition date fair values. Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. While management uses its best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, the estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company adjusts the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recognized in the Company's Consolidated Statements of Operations. Accounting for business combinations requires management to make significant estimates and assumptions, especially at the acquisition date, including estimates for intangible assets, contractual obligations assumed, restructuring liabilities, pre-acquisition contingencies and contingent consideration, where applicable. Although the Company believes the assumptions and estimates made in the past have been reasonable and appropriate, they are based, in part, on historical experience and information obtained from the management of the acquired companies and are inherently uncertain. Critical estimates in valuing certain of the intangible assets that the Company has acquired include, but are not limited to future expected cash flows from product sales, customer contracts and acquired technologies, and discount rates. Unanticipated events and circumstances may occur that may affect the accuracy or validity of such assumptions, estimates or actual results. Cash and Cash Equivalents . Cash equivalents are highly liquid investments with remaining maturities of three months or less at the time of purchase. Investments Available-for-Sale Investments . Investments designated as available-for-sale include marketable debt and equity securities. Available-for-sale investments are classified as short-term, as these investments generally consist of highly marketable securities that are intended to be available to meet near-term cash requirements. Marketable securities classified as available-for-sale are reported at fair value, with net unrealized gains or losses recorded in accumulated other comprehensive income (loss), a separate component of stockholders' equity, until realized. Realized gains and losses on investments are computed based upon specific identification, are included in interest income and other, net and have not been significant for all periods presented. Non-Marketable Equity Securities . Non-marketable equity securities are accounted for at historical cost or, if the Company has significant influence over the investee, using the equity method of accounting. Other-Than-Temporary Impairment . All of the Company’s available-for-sale investments and non-marketable equity securities are subject to a periodic impairment review. Investments are considered to be impaired when a decline in fair value is judged to be other-than-temporary. This determination requires significant judgment. For publicly traded investments, impairment is determined based upon the specific facts and circumstances present at the time, including a review of the closing price over the previous six months, general market conditions and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for recovery. For non-marketable equity securities, the impairment analysis requires the identification of events or circumstances that would likely have a significant adverse effect on the fair value of the investment, including revenue and earnings trends, overall business prospects and general market conditions in the investees’ industry or geographic area. Investments identified as having an indicator of impairment are subject to further analysis to determine if the investment is other-than-temporarily impaired, in which case the investment is written down to its impaired value. Inventories . Inventories are recorded at the lower of standard cost (which approximates actual cost on a first-in, first-out basis) or net realizable value. Inventory held at consignment locations is included in finished goods inventory as the Company retains full title and rights to the product. Inventory valuation includes provisions for excess and obsolete inventory based on management’s forecasts of demand over specific future time horizons and reserves to value the Company's inventory at the lower of cost or net realizable value which rely on forecasts of average selling prices (ASPs) in future periods. Property, Plant and Equipment . Property, plant and equipment are stated at cost. Property, plant and equipment acquired in conjunction with mergers or acquisitions are stated at estimated fair value at the time of acquisition. For financial reporting purposes, depreciation is computed using the straight-line method over estimated useful lives of the assets. Estimated useful lives for major asset categories are as follows: machinery and equipment, 3 to 5 years; and buildings and improvements, 10 to 30 years. Leasehold improvements are amortized over the shorter of the estimated useful lives of the assets or the remaining term of the lease. Long-Lived Assets and Goodwill . The carrying values of long-lived assets, including purchased intangibles are evaluated whenever events or circumstances indicate that the carrying values may not be recoverable. If estimated undiscounted cash flows are not sufficient to recover the carrying values, the affected assets are considered impaired and are written down to their estimated fair value, which is generally determined on the basis of discounted cash flows or outside appraisals. The Company tests for impairment of goodwill and other indefinite-lived assets on an annual basis, or more frequently if indicators of impairment are present. These tests are performed at the reporting unit level using a two-step, fair-value based approach. The first step, used to determine if impairment possibly exists, is to compare the carrying amount of a reporting unit, including goodwill, to its fair value. If the carrying amount of the reporting unit exceeds the fair value, the second step is to measure the amount of impairment loss by comparing the implied fair value of reporting unit goodwill with the carrying amount of that goodwill. Income Taxes . The Company accounts for income taxes under an asset and liability approach that requires the expected future tax consequences of temporary differences between book and tax bases of assets and liabilities be recognized as deferred tax assets and liabilities. Generally accepted accounting principles require the Company to evaluate the ability to realize the value of its net deferred tax assets on an ongoing basis. A valuation allowance is recorded to reduce the net deferred tax assets to an amount that will more likely than not be realized. Accordingly, the Company considers all available positive and negative evidence, including various tax planning strategies, forecasts of future taxable income, and recent operating results in assessing the need for a valuation allowance. As of April 1, 2018, the Company continues to maintain a valuation allowance against the Company's net deferred tax assets in certain foreign and state jurisdictions, as the Company is not able to conclude that it is more likely than not that these deferred tax assets will be realized. The Company reached this decision based on judgment, which included consideration of historical operating results and projections of future profits. The Company will continue to monitor the need for the valuation allowance on a quarterly basis. The Company recognizes the tax liabilities for uncertain income tax positions taken on the income tax return based on the two-step process prescribed under U.S. GAAP. The first step is to determine whether it is more likely than not that each income tax position would be sustained upon audit. The second step is to estimate and measure the tax benefit as the amount that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority. Estimating these amounts requires the Company to determine the probability of various possible outcomes. The Company evaluates these uncertain tax positions on a quarterly basis. This evaluation is based on the consideration of several factors including changes in facts or circumstances, changes in applicable tax law, settlement of issues under audit, and new exposures. If the Company later determines that the exposure is lower or that the liability is not sufficient to cover its revised expectations, the Company adjusts the liability and effect a related change in its tax provision during the period in which the Company makes such determination. On December 22, 2017, the TCJA was enacted into law. The TCJA provides for numerous significant tax law changes and modifications including, among other things, reducing the U.S. federal corporate tax rate from 35 percent to 21 percent; requiring companies to pay a one-time transition tax on certain unremitted earnings of foreign subsidiaries; generally eliminating U.S. federal income taxes on dividends from foreign subsidiaries; requiring a current inclusion in U.S. federal taxable income of certain earnings of controlled foreign corporations; and creating a new limitation on deductible interest expense. Certain provisions of the TCJA began to impact the Company in fiscal year 2018, while other provisions will impact the Company beginning in fiscal year 2019. The SEC staff issued Staff Accounting Bulletin 118 which allows companies to record provisional amounts during a measurement period that is similar to the measurement period used when accounting for business combinations. As of December 31, 2017, the Company has made reasonable estimates of the effects on its existing deferred tax balances and the one-time repatriation tax recording provisional charges as a component of income tax expense from continuing operations. As of April 1, 2018, the Company had not fully completed its accounting for the tax effects of the enactment of the TCJA. The Company’s provision for income taxes is based in part on a reasonable estimate of the effects on its transition tax and existing deferred tax balances. The Company will continue to assess the impact of the recently enacted tax law and expected further guidance from federal and state tax authorities as well as further guidance for the associated income tax accounting on its business and consolidated financial statements. Revenue Recognition . The Company’s revenue results from semiconductor products sold through three channels: direct sales to original equipment manufacturers (OEMs) and electronic manufacturing service providers (EMSs), consignment sales to OEMs and EMSs, and sales through distributors. The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable, and its ability to collect is reasonably assured. Distributors have rights to price protection, ship from stock pricing credits and stock rotation. When the Company was unable to estimate these credits, the Company deferred revenue and related cost of revenues on sales to these distributors until the product was sold through by the distributor to an end-customer. The Company continuously reassesses its ability to reliably estimate the ultimate price of these products and, as of the end of fiscal 2018, distribution revenue is recognized upon shipment, with reserves recorded for the estimated return and pricing adjustment exposures. The determination of the amount of reserves to be recorded requires that the Company makes estimates. The Company utilizes historical experience and market trends to estimate the reserves. Historically, differences between actual and estimated credits have not been material. The Company recognizes software royalty revenue based on reports received from customers during the quarter, assuming that all other revenue recognition criteria are met. Shipping and Handling Costs . The Company includes shipping and handling costs billed to customers in revenues. The Company’s shipping and handling costs are included in cost of revenues. Stock-based Compensation . The fair value of employee restricted stock units is equal to the market value of the Company’s common stock on the date the award is granted. For performance-based restricted stock units, the Company is required to assess the probability of achieving certain financial objectives at the end of each reporting period. Based on the assessment of this probability, which requires subjective judgment, the Company records stock-based compensation expense before the performance criteria are actually fully achieved, which may then be reversed in future periods if the Company determines that it is no longer probable that the objectives will be achieved. The expected cost of each award is reflected over the performance period and is reduced for estimated forfeitures. For restricted stock units which are subject to a market condition, compensation cost is recognized regardless of whether the market condition is satisfied, provided that the requisite service period has been provided. The market condition is considered in the estimate of fair value using a method that incorporates the possibility that the market condition may not be satisfied. The Company estimates the fair value of employee stock options and the right to purchase shares under the employee stock purchase plan using the Black-Scholes valuation model, consistent with the FASB’s authoritative guidance for stock-based payments. Option-pricing models require the input of highly subjective assumptions, including the expected term of options and the expected price volatility of the stock underlying such options. In addition, the Company is required to estimate the number of stock-based awards that will be forfeited due to employee turnover and true up these forfeiture rates when actual results are different from the Company's estimates. The Company attributes the value of stock-based compensation to expense on an accelerated method. Finally, the Company capitalizes into inventory a portion of the periodic stock-based compensation expense that relates to employees working in manufacturing activities. For market-based stock unit awards, the fair value of each award is estimated on the date of grant using a Monte Carlo simulation model that uses the assumptions such as expected price volatility, expected term, and risk-free interest rate. The Company updates the expected term of stock option grants annually based on its analysis of the stock option exercise behavior over a period of time. The interest rate used in the Black-Scholes valuation model to value the stock option is based on the average U.S. Treasury interest rate over the expected term during the applicable quarter. The Company believes that the implied volatility of its common stock is an important consideration of overall market conditions and a good indicator of the expected volatility of its common stock. However, due to the limited volume of options freely traded over the counter, the Company believes that implied volatility, by itself, is not representative of the expected volatility of its common stock. Therefore, the Company's volatility factor used to estimate the fair value of its stock-based awards reflects a blend of historical volatility of its common stock and implied volatility of call options and dealer quotes on call options, generally having a term of less than twelve months. The Company has not paid, nor does it have current plans to pay dividends on its common stock in the foreseeable future. Comprehensive Income (Loss) . Comprehensive income (loss) is comprised of net income (loss) and unrealized gains and losses on available-for-sale securities and foreign exchange contracts and changes in pension assets and liabilities. Accumulated other comprehensive income (loss), as presented on the Consolidated Balance Sheets, consists of net unrealized gains and losses on available-for-sale securities and foreign currency translation adjustments, and changes in post-employment and post-retirement benefit plan assets and liabilities, net of tax. Translation of Foreign Currencies . For subsidiaries in which the functional currency is the local currency, gains and losses resulting from translation of foreign currency financial statements into U.S. dollars are recorded as a component of accumulated other comprehensive income (loss). For subsidiaries where the functional currency is the U.S. dollar, gains and losses resulting from the process of remeasuring foreign currency financial statements into U.S. dollars are included in interest income and other, net. The net foreign currency remeasurement gains were approximately $4.5 million , $0.5 million and $0.3 million for fiscal 2018, 2017 and 2016, respectively. Certain Risk and Concentrations . The Company's most significant potential exposure to credit concentration risk includes debt-security investments, foreign exchange contracts and trade accounts receivable. The Company’s investment policy addresses sector and industry concentrations, credit ratings and maturity dates. The Company invests its excess cash primarily in highly-rated money market and short-term debt instruments, diversifies its investments and, by policy, invests only in highly-rated securities to minimize credit risk. The Company sells to OEMs, distributors and EMSs primarily in the U.S., Europe and APAC. The Company monitors the financial condition of its major customers, including performing credit evaluations of those accounts which management considers to be high risk, and generally does not require collateral from its customers. When deemed necessary, the Company may limit the credit extended to certain customers. The Company’s relationship with the customer, and the customer’s past and current payment experience, are also factored into the evaluation in instances in which limited financial information is available. The Company maintains an allowance for doubtful accounts for probable credit losses, including reserves based upon a percentage of total receivables. When the Company becomes aware that a specific customer may default on its financial obligation, a specific amount, which takes into account the level of risk and the customer’s outstanding accounts receivable balance, is reserved. These reserved amounts are classified within selling, general and administrative expenses. Write-offs of accounts receivable balances were not material in each of the three fiscal years presented. Sales through a distributor, Uniquest, represented approximately 10% , 11% , and 16% of the Company's revenues in fiscal 2018 , 2017 and 2016 , respectively. Sales through a distributor, Avnet and its affiliates, represented approximately 15% , 10% and 15% of the Company’s revenues in fiscal 2018 , 2017 and 2016 , respectively. Macnica and its affiliates represented approximately 10% of the Company’s revenues in fiscal 2018 . As of April 1, 2018 , one distributor represented approximately 15% of the Company's accounts receivable. As of April 2, 2017 , two distributors represented approximately 11% and 10% , respectively, of the Company's accounts receivable. SK Hynix and its affiliates, which is a direct OEM customer, accounted for 12% of our revenues in fiscal 2016. No other distributor or single direct or consignment customer represented 10% or more of our total revenues in fiscal 2018, 2017 and 2016. The semiconductor industry is characterized by rapid technological change, competitive pricing pressures, and cyclical market patterns. The Company's results of operations are affected by a wide variety of factors, including general economic conditions, both at home and abroad; economic conditions specific to the semiconductor industry; demand for the Company's products; the timely introduction of new products; implementation of new manufacturing technologies; manufacturing capacity; the availability and cost of materials and supplies; competition; the ability to safeguard patents and intellectual property in a rapidly evolving market; and reliance on assembly and manufacturing foundries, independent distributors and sales representatives. As a result, the Company may experience substantial period-to-period fluctuations in future operating results due to the factors mentioned above or other factors. Product Warranty . The Company maintains a reserve for obligations it incurs under its product warranty program. The standard warranty period offered is one year, though in certain instances the warranty period may be extended to as long as two years. Management estimates the fair value of its warranty liability based on actual past warranty claims experience, its policies regarding customer warranty returns and other estimates about the timing and disposition of product returned under the program. Recent Accounting Pronouncements Accounting Pronouncements Recently Adopted In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments, which clarifies the classification of certain cash receipts and cash payments in the statement of cash flows, including debt prepayment or extinguishment costs, settlement of contingent consideration arising from a business combination, insurance settlement proceeds, and distributions from certain equity method investees. The adoption of ASU No. 2016-15 is required to be applied retrospectively. The Company adopted the new guidance in the first quarter of fiscal 2018. There was no material impact upon adoption. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory, which provides the guidance applying to inventory measured using any other method other than last-in, last-out method. Under this guidance, inventory is measured at the lower of cost and net realizable value. The net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The Company adopted the new guidance prospectively in the first quarter of fiscal 2018. There was no material impact in the period of adoption. Accounting Pronouncements Not Yet Effective for Fiscal 2018 In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows an entity to elect to reclassify the stranded tax effects resulting from the change in income tax rate from the Tax Cuts and Jobs Act from accumulated other comprehensive income to retained earnings. The amendments in this update are effective for periods beginning after December 15, 2018. Early adoption is permitted. The Company does not believe that the adoption of this new accounting guidance will have any material impact on its consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting, which amends the requirements in GAAP related to accounting in changes to stock compensation awards. The guidance in ASU 2017-09 is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. The Company does not believe that the adoption of this new accounting guidance will have any material impact on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350), which simplifies the measurement of goodwill by eliminating the Step 2 impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. The new guidance requires an entity to compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The new guidance becomes effective for goodwill impairment tests in fiscal years beginning after December 15, 2019, though early adoption is permitted. The Company does not believe that the adoption of this new accounting guidance will have any material impact on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805), which clarifies the definition of business. The update provides a more robust framework to use in determining when a set of assets and activities is a business. The new guidance provides a screen to determine when a set of assets and activities is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. The new guidance becomes effective in fiscal years beginning after December 15, 2017, though early adoption is permitted. The new guidance should be applied prospectively on or after the effective date. No disclosures are required at transition. The Company does not believe that the adoption of this new accounting guidance will have any material impact on its consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory, which requires entities to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. This amends current GAAP which prohibits recognition of current and deferred income taxes for all types of intra-entity asset transfers until the asset has been sold to a third party or otherwise recovered through use. The new standard will be effective for the Company starting in the first quarter of fiscal 2019. Early adoption is permitted. Upon adoption, companies must apply a modified retrospective transition approach through a cumulative-effect adjustment to retained earnings or accumulated deficit as of the beginning of the period of adoption. As of April 1, 2018, the Company has a deferred tax charge of $13.7 million recorded in prepayments and other current assets and other assets, which represents the tax expense that was deferred in accordance with current GAAP. At adoption, the Company will recognize the unamortized portion of the deferred tax charge through a cumulative-effect adjustment to accumulated deficit. Additionally, a deferred tax asset will be recognized, through a cumulative-effect adjustment to accumulated deficit, for the unamortized tax basis in the assets, which as of April 1, 2018 would have been $0.5 million . In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses, which changes the accounting for recognizing impairments of financial assets. Under the new guidance, credit losses for certain types of financial instruments will be estimated based on expected losses. The new guidance also modifies the impairment models for available-for-sale debt securities and for purchased financial assets with credit deterioration since their origination. The new guidance will be effective for the Company starting in the first quarter of fiscal 2021. Early adoption is permitted starting in the first quarter of fiscal 2020. The Company is in the process of determining the effects the adoption will have on its consolidated financial statements. In February 2016, the FASB issued an ASU 2016-02, Leases (Topic 842). The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. All leases create a right-of-use asset and a liability for the lessee in accordance with FASB Concepts Statement No. 6, Elements of Financial Statements, and, therefore, recognition of those lease assets and lease liabilities represents an improvement over previous GAAP, which did not require lease assets and lease liabilities to be recognized for most leases. This ASU is effective for annual and interim periods beginning after December 15, 2018. Early adoption is permitted. As currently issued, entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. There are additional optional practical expedients that an entity may elect to apply. The Company currently plans to adopt the new standard effective the first quarter of fiscal 2020 and expects to elect certain available transitional practical expedients. The Company is currently assessing the impact that the new standard will have on its consolidated financial statements, which will consist primarily of a balance sheet gross up of right-of-use assets and lease liabilities on the Consolidated Balance Sheets upon adoption, which will increase the Company's total assets and liabilities. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, which changes the current accounting related to (i) the classification and measurement of certain equity investments, (ii) the presentation of changes in the fair value of financial liabilities measured under the fair value option that are due to instrument-specific credit risk, and (iii) certain disclosures associated with the fair value of financial instruments. Most notably, ASU 2016-01 requires that equity investments, with certain exemptions, be measured at fair value with changes in fair value recognized in net income as opposed to other comprehensive income. The guidance further clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. The guidance is applied by means of cumulative-effect adjustment to the balance sheet as of the beginning of fiscal year of adoption and is effective for the Company in its first quarter of fiscal 2019. Early adoption is permitted only if certain criteria are met. The Company does not believe that the adoption of this new accounting guidance will have any material impact on its consolidated financial statements. On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which 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. The ASU will replace most existing revenue |
Net Income (Loss) Per Share Fro
Net Income (Loss) Per Share From Continuing Operations | 12 Months Ended |
Apr. 01, 2018 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share From Continuing Operations | Net Income (Loss) Per Share From Continuing Operations Basic net income (loss) per share is computed using the weighted-average number of common shares outstanding during the period. Diluted net income per share is computed using the weighted-average number of common and dilutive potential common shares outstanding during the period. Potential common shares include employee stock options and restricted stock units. For purposes of computing diluted net income per share, weighted-average potential common shares do not include potential common shares that are anti-dilutive under the treasury stock method. Diluted net loss per common share is computed using the weighted-average common shares outstanding. This computation excludes all dilutive potential common shares when the Company is in a net loss position as their inclusion would be anti-dilutive. The following table sets forth the computation of basic and diluted net income (loss) per share from continuing operations: Fiscal Year Ended (in thousands, except per share amounts) April 1, April 2, April 3, Numerator (basic and diluted): Net income (loss) from continuing operations $ (12,136 ) $ 109,184 $ 195,299 Denominator: Weighted average common shares outstanding, basic 132,651 133,817 142,783 Dilutive effect of employee stock options, restricted stock units and performance stock units — 3,623 4,869 Weighted average common shares outstanding, diluted 132,651 137,440 147,652 Basic net income (loss) per share from continuing operations $ (0.09 ) $ 0.82 $ 1.37 Diluted net income (loss) per share from continuing operations $ (0.09 ) $ 0.79 $ 1.32 Potential dilutive common shares of 3.5 million , 0.5 million and 0.4 million pertaining to employee stock options, restricted stock and performance stock units were excluded from the calculation of diluted earnings (loss) per share for the fiscal years ended April 1, 2018 , April 2, 2017 and April 3, 2016 , respectively, because the effect would have been anti-dilutive. The denominator for diluted net income (loss) per share for the fiscal 2018, 2017 and 2016 does not include any effect from the 0.875% Convertible Senior Notes due 2022, or the Convertible Notes. In accordance with ASC 260, Earnings per Share , the Convertible Notes will not impact the denominator for diluted net income (loss) per share unless the average price of our common stock, as calculated under the terms of the Notes, exceeds the conversion price of $33.45 per share. Likewise, the denominator for diluted net income (loss) per share will not include any effect from the warrants unless the average price of our common stock, as calculated under the terms of the warrants, exceeds $48.66 per share. The denominator for diluted net income (loss) per share for fiscal 2018, 2017 and 2016 also does not include any effect from the convertible note hedge transaction, or the Note Hedges. In future periods, the denominator for diluted net income (loss) per share will exclude any effect of the Note Hedges, as their effect would be anti-dilutive. In the event an actual conversion of any or all of the Convertible Notes occurs, the shares that will be delivered to us under the Note Hedges are designed to neutralize the dilutive effect of the shares that the Company will issue under the Convertible Notes. Refer to Note 18 for further discussion regarding the Convertible Notes. |
Acquisitions
Acquisitions | 12 Months Ended |
Apr. 01, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Asset Acquisition On August 10, 2017, the Company purchased certain assets of SpectraBeam, LLC ("SpectraBeam") for a total purchase consideration of $ 17.0 million , of which $12.9 million was paid in cash at closing and $4.1 million was recorded as a liability representing the contingent cash consideration. The acquisition did not meet the criteria for a business combination in accordance with ASC 805, Business Combinations, and accordingly, was accounted for as an asset acquisition. Aside from developed technology classified as an intangible asset, there was no other asset or liability that was allocated value in the purchase price allocation. The contingent cash consideration will be paid based upon achievement of certain milestones to be completed within two years from the closing date. Given that the milestones are probable of being achieved and the related amounts are estimable, the fair value of the contingent consideration was recognized as part of the cost of asset acquired at closing date. Accordingly, the total purchase consideration of $17.0 million was allocated to the developed technology. The economic useful life of the developed technology is 7 years, which was determined based on the technology cycle related to the products and its expected contribution to forecasted revenue. Business Combination GigPeak, Inc. On April 4, 2017, the Company completed its purchase all of the outstanding shares of GigPeak, Inc, a publicly held company mainly operating in the United States, for approximately $250.1 million (the "Acquisition"). GigPeak was a global supplier of semiconductor integrated circuits and software solutions for high-speed connectivity and high-quality video compression over the network and the cloud. The Company funded the Acquisition from its available cash on hand and net proceeds from borrowings under its credit facility entered into on April 4, 2017 with JP Morgan Chase Bank, N.A., as administrative agent, and the various lenders signatory thereto (the "Credit Agreement"). The Credit Agreement provides for a $200 million term loan facility (the "Initial Term B Loan"). Refer to Note 19 for details. Total consideration consisted of the following: (in thousands) Cash paid to GigPeak shareholders $ 246,717 Fair value of partially vested employee equity awards related to pre-combination services 3,400 Total purchase price 250,117 Less: cash acquired (9,001 ) Total purchase price, net of cash acquired $ 241,116 In connection with the Acquisition, the Company assumed unvested restricted stock units ("RSUs") originally granted by GigPeak and converted them into IDT RSUs. IDT included $3.4 million , representing the portion of the fair value of the assumed GigPeak unvested equity awards associated with service rendered through the date of the Acquisition, as a component of the total estimated acquisition consideration. As of April 4, 2017, the total unrecognized stock-based compensation expense, net of estimated forfeitures, was also $3.4 million , which is expected to be recognized over the remaining weighted average service period of 2.6 years. See Note 9 for details. The Company allocated the purchase price to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values. The excess purchase price over those fair values was recorded as goodwill. Because the Acquisition was structured as a stock acquisition for income tax purposes, none of the asset step-up or asset recognition required by purchase accounting, including the goodwill described below, is deductible for tax purposes. The fair value of accounts receivable, other current assets, accounts payable, and other accrued liabilities were generally determined using historical carrying values given the short-term nature of these assets and liabilities. The fair values for acquired inventory, property, plant and equipment and intangible assets were determined with the assistance of a third-party valuation using discounted cash flow analysis, and estimate made by management. The fair values of certain other assets and liabilities were determined internally using historical carrying values and estimates made by management. In fiscal 2018, the Company obtained additional information in regards to inventory, deferred tax assets, accounts receivable and assumed liabilities and recorded purchase accounting adjustments which were not considered to be material. The financial results of the GigPeak business have been included in the Company’s Consolidated Statements of Operations from April 4, 2017, the closing date of the acquisition. The Company's results of operations include $47.0 million o f net revenues attributable to GigPeak for fiscal year 2018. The Company incurred approximately $2.2 million of acquisition related costs for the first quarter of fiscal 2018 which were included in Selling, General and Administrative Expenses in the Consolidated Statements of Operations. Goodwill is primarily attributable to the assembled workforce of GigPeak, anticipated synergies and economies of scale expected from the operations of the combined company. The Company's purchase price allocation with immaterial adjustments made through April 1, 2018 is as follows: (in thousands) Estimated Fair Value Cash and cash equivalents $ 9,001 Accounts receivable 14,806 Inventories 18,399 Prepayments and other current assets 2,641 Property, plant and equipment 2,434 Goodwill 113,192 Intangible assets 97,860 Deferred tax assets 7,610 Other assets 1,501 Accounts payable (5,753 ) Accrued compensation and related expenses (3,279 ) Other accrued liabilities (3,538 ) Long-term income tax payable (1,253 ) Other long-term liabilities (3,504 ) Total purchase price $ 250,117 A summary of the estimated fair value of the intangible assets, net acquired and their estimated useful lives is as follows: (in thousands) Estimated Fair Value Estimated Useful Life (in years) Developed technology $ 56,000 5 years Customer contracts and related relationships 28,900 5 years Order backlog 200 1 year Software licenses 2,560 less than a year In-process research and development ("IPR&D") 10,200 Total $ 97,860 Identifiable Tangible Assets and Liabilities: Assets and liabilities were reviewed and adjusted, if required, to their estimated fair value. Inventory: The value allocated to inventories reflects the estimated fair value of the acquired inventory based on the expected sales price of the inventory, less reasonable selling margin. Property, Plant and Equipment: The value allocated to plant, property and equipment, which will be used by the Company, represents the estimated price that would be realized upon sale to a market participant. Intangible Assets: The allocation of the purchase price to tangible and identified intangible assets acquired was based on the Company's best estimate of the fair value of such assets as of the acquisition date. The fair value of acquired tangible and identified intangible assets was determined based on inputs that are unobservable and significant to the overall fair value measurement. Developed technology consists of GigPeak's products that have reached technological feasibility. The Company valued the developed technology utilizing a multi-period excess earnings ("MPEE") method, which uses the discounted future earnings specifically attributed to this intangible asset that is in excess of returns for other assets that contributed to those earnings. The economic useful life was determined based on the technology cycle related to the products and its expected contribution to forecasted revenue. The Company utilized a discount rate of 16% in estimating the fair value of the developed technology. Customer relationships represent the fair value of future projected revenue that is expected to be derived from sales of products to existing customers of the acquired company. Customer contracts and related relationships value has been estimated utilizing a with-and-without method, which uses projected cash flows with and without the intangible asset in place. Cash flow differentials are then discounted to present value to arrive at an estimate of fair value for the asset. The economic useful life was determined based on the life of the developed technology, assuming that the existing customers will remain with the Company until the developed technology becomes obsolete. The Company utilized a discount rate of 17% in estimating the fair value of the customer relationships. Order backlog represents business under existing contractual obligations as of the acquisition date. The fair value of backlog was determined using the MPEE method under the income approach based on expected operating cash flows from future contractual revenue. The economic useful life was determined based on the expected life of the backlog and the cash flows over the forecast period. The Company utilized a discount rate of 4.6% in estimating the fair value of the order backlog. IPR&D represents the fair value of incomplete research and development projects that had not reached technological feasibility as of the date of acquisition. IPR&D consisted of various projects. As of the acquisition date, the estimated remaining costs to complete and the estimated fair value of the IPR&D projects were approximately $7.5 million and $10.2 million , respectively. The IPR&D projects will either be amortized or impaired depending upon whether the project is completed or abandoned. The fair value of IPR&D was determined using the MPEE method under the income approach. This method reflects the present value of the projected cash flows that are expected to be generated by the IPR&D less charges representing the contribution of other assets to those cash flows. A discount rate of 17% was used to discount the cash flows to the present value. The acquired IPR&D will not be amortized until completion of the related products which is determined by when the underlying projects reach technological feasibility and commence commercial production. Upon completion, each IPR&D project will be amortized over its estimated useful life. During fiscal 2018, $1.2 million of purchased IPR&D projects from GigPeak acquisition reached technological feasibility and was reclassified as core and developed technology and began being amortized over its estimated useful life. In addition, during fiscal 2018, the Company recognized a total of $2.0 million impairment charge related to certain IPR&D projects, which was recorded in Research and Development Expense in the Consolidated Statements of Operations. The Company expects to complete the remaining projects during fiscal 2019. Refer to Note 14 for additional information. Pro Forma Financial Information (unaudited): The following unaudited pro forma financial information present combined results of operations for each of the periods presented, as if GigPeak had been acquired as of the beginning of fiscal year 2017. The pro forma financial information primarily includes the business combination effect of the amortization charges from acquired intangible assets, the amortization of the fair value inventory, interest expenses and the acquisition-related expenses. The pro forma data are for informational purposes only and are not necessarily indicative of the consolidated results of operations of the combined business had the acquisition actually occurred at the beginning of fiscal year 2017 or of the results of future operations of the combined business. Consequently, actual results will differ from the unaudited pro forma information presented below: Fiscal Year Ended (Unaudited in thousands, except per share data) April 1, 2018 April 2, 2017 Revenues $ 842,764 $ 790,319 Net income (loss) $ (961 ) $ 83,873 Basic net income (loss) per share - continuing operations $ (0.01 ) $ 0.63 Diluted net income (loss) per share - continuing operations $ (0.01 ) $ 0.61 Synkera Technologies, Inc. On July 22, 2016, IDT purchased substantially all of the assets and liabilities of Synkera Technologies, Inc. (Synkera), a company engaged in developing and marketing metal oxide gas sensor technology, for total purchase consideration of approximately $2.8 million , of which $1.5 million was paid in cash at closing and $1.3 million was recorded as a liability representing the fair value of contingent cash consideration of up to $1.5 million . The contingent cash consideration will be paid based upon the achievement of certain milestones to be completed within 3.5 years from the date of acquisition. Pro forma and historical results of operations for this acquisition have not been presented because the effect of the acquisition was not material to the Company's financial results. Acquisition of Zentrum Mikroelektronik Dresden AG On December 7, 2015, the Company completed its purchase all of the outstanding no-par-value shares of Zentrum Mikroelektronik Dresden AG (ZMDI), a privately-held company mainly operating in Germany, in an all-cash transaction for approximately $307.0 million . ZMDI is a global supplier of sensing products for mobile, automotive and industrial solutions. Total consideration consisted of the following: (in thousands) Cash paid to ZMDI shareholders $ 307,030 Less: cash acquired (27,892 ) Total purchase price, net of cash acquired $ 279,138 The total cash consideration paid includes a Euro-equivalent of $20.0 million which was maintained in an escrow account and was subsequently released to the selling shareholders in December 2017 upon meeting of certain conditions in accordance with the escrow agreement. The Company allocated the purchase price to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values. The excess purchase price over those fair values was recorded as goodwill. Because the Acquisition was structured as a stock acquisition for income tax purposes, none of the asset step-up or asset recognition required by purchase accounting, including the goodwill described below, is deductible for tax purposes. The fair value of cash, accounts receivable, other current assets, accounts payable, and other accrued liabilities were generally determined using historical carrying values given the short-term nature of these assets and liabilities. The fair values for acquired inventory, property, plant and equipment and intangible assets were determined with the assistance of a third-party valuation using discounted cash flow analysis, and estimate made by management. The fair values of certain other liabilities were determined internally using historical carrying values and estimates made by management. The financial results of the ZMDI business have been included in the Company’s Consolidated Statements of Operations from December 7, 2015, the closing date of the acquisition. The Company's results of continuing operations for fiscal 2016 include $24.4 million of net revenues attributable to ZMDI. The Company incurred approximately $2.5 million of acquisition related costs for fiscal 2016 which were included in Selling, General and Administrative Expenses in the Consolidated Statements of Operations. Goodwill is primarily attributable to the assembled workforce of ZMDI, anticipated synergies and economies of scale expected from the operations of the combined company. The Company's allocation of the purchase price is as follows: (in thousands) Estimated Fair Value Cash $ 27,892 Accounts receivable 10,618 Inventories 19,892 Other current assets 1,551 Property, plant and equipment 9,287 Other non-current assets 2,003 Intangible assets 126,200 Goodwill 170,089 Accounts payable (5,633 ) Accrued and other current liabilities (19,141 ) Loans payable (9,437 ) Deferred tax liability (23,467 ) Other long term liabilities (2,824 ) Total purchase price $ 307,030 A summary of the allocation of intangible assets is as follows: (in thousands) Estimated Fair Value Estimated Useful Life Developed technology $ 75,600 7 Customer relationships 44,000 7 Order backlog 5,800 1 Trademark 800 1 Total $ 126,200 Pro Forma Financial Information (unaudited): The following unaudited pro forma financial information present combined results of operations for fiscal 2016 as if ZMDI had been acquired as of the beginning of fiscal year 2015. The pro forma financial information includes the business combination effect of the amortization charges from acquired intangible assets, the amortization of fair market value inventory write-up and acquisition-related costs. The pro forma data are for informational purposes only and are not necessarily indicative of the consolidated results of operations of the combined business had the acquisition actually occurred at the beginning of fiscal year 2015 or of the results of future operations of the combined business. Consequently, actual results will differ from the unaudited pro forma information presented below: Fiscal Year Ended (Unaudited in thousands, except per share data) April 3, March 29, Revenues $ 760,232 $ 650,815 Net income $ 202,213 $ 67,690 Basic net income per share - continuing operations $ 1.42 $ 0.46 Diluted net income per share - continuing operations $ 1.37 $ 0.44 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Apr. 01, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations High-Speed Converter (“HSC”) Business On April 27, 2015, the Company completed the sale of the remaining HSC business to eSilicon for $1.5 million . In the third quarter of fiscal 2017, the Company collected the receivable of $1.5 million and recognized gain from discontinued operations of $1.4 million , which represents the excess of the sale price of $1.5 million over the carrying value of assets sold of $0.1 million . The HSC business was included in the Company’s Communications reportable segment. For financial statements purposes, the results of operations for the HSC business have been segregated from those of the continuing operations and are presented in the Company's consolidated financial statements as discontinued operations. |
Other Divestitures (not account
Other Divestitures (not accounted for as discontinued operations) | 12 Months Ended |
Apr. 01, 2018 | |
Divestitures [Abstract] | |
Other Divestitures (not accounted for as discontinued operations) | Other Divestitures (not accounted for as discontinued operations) Fox Enterprises, Inc. In the first quarter of fiscal 2017, the Company reclassified certain assets and liabilities of its wholly-owned subsidiary Fox Enterprises, Inc. (the Disposal Group) as held for sale. As a result, the long-lived assets (comprised of goodwill, intangible assets and fixed assets) included in the Disposal Group were fully impaired and the Company recorded total impairment charge of $0.8 million in fiscal 2017. On October 3, 2016, the Company completed the sale of the Disposal Group for approximately $1.2 million and recorded a loss on divestiture (included in interest income and other, net in the Consolidated Statement of Operations) of approximately $0.7 million in fiscal 2017. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Apr. 01, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value measurement is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing assets or liabilities. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact. Fair Value Hierarchy The three levels of inputs that may be used to measure fair value are as follows: Level 1: Quoted market prices for identical assets or liabilities in active markets at the measure date. Level 2: Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. The inputs are unobservable in the market and significant to the instrument’s valuation. The following table summarizes the Company’s financial assets measured at fair value on a recurring basis as of April 1, 2018 : Fair Value at Reporting Date Using (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Total Assets: Cash equivalents and short-term investments: U.S. government treasuries and agencies securities $ 60,272 $ — $ 60,272 Money market funds 48,847 — 48,847 Asset-backed securities — 16,687 16,687 Corporate bonds — 109,605 109,605 International government bonds — 2,638 2,638 Corporate commercial paper — 9,034 9,034 Bank deposits — 45,080 45,080 Repurchase agreements — 142 142 Total assets measured at fair value $ 109,119 $ 183,186 $ 292,305 The following table summarizes the Company’s financial assets measured at fair value on a recurring basis as of April 2, 2017 : Fair Value at Reporting Date Using (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Total Assets: Cash equivalents and short-term investments: U.S. government treasuries and agencies securities $ 61,556 $ — $ 61,556 Money market funds 140,425 — 140,425 Asset-backed securities — 13,847 13,847 Corporate bonds — 96,376 96,376 International government bonds — 5,410 5,410 Corporate commercial paper — 4,898 4,898 Bank deposits — 12,305 12,305 Repurchase agreements — 173 173 Total assets measured at fair value $ 201,981 $ 133,009 $ 334,990 The deferred compensation plan assets of $16.9 million and $16.0 million as of April 1, 2018 and April 2, 2017 , respectively, are carried on the Consolidated Balance Sheets at their fair value which were determined on the basis of market prices observable for similar instruments and are considered Level 2 in the fair value hierarchy. See Note 17 for additional information on the Employee Benefit Plans. The Convertible Notes are carried on the Consolidated Balance Sheets at their original issuance value including accreted interest, net of unamortized debt discount and issuance costs. The Convertible Notes are not marked to fair value at the end of each reporting period. The fair value of Convertible Notes was $422.0 million and $376.9 million as of April 1, 2018 and April 2, 2017, respectively, which was determined on the basis of market prices observable for similar instruments and is considered Level 2 in the fair value hierarchy. See Note 18 for additional information on the Convertible Notes. As of April 1, 2018, the fair value of the Initial Term B Loan was $199.6 million . The Company classified the Initial Term B Loan as Level 2 fair value measurement hierarchy as the debt is not actively traded and has variable interest structure based upon market rates currently available to the Company for debt with similar terms and maturities. Refer to Note 19 for additional information on Term B loan. U.S. government treasuries and U.S. government agency securities as of April 1, 2018 and April 2, 2017 do not include any U.S. government guaranteed bank issued paper. The securities in Level 1 are highly liquid and actively traded in exchange markets or over-the-counter markets. Level 2 fixed income securities are priced using quoted market prices for similar instruments, non-binding market prices that are corroborated by observable market data. There were no transfers into or out of Level 1 or Level 2 financial assets during fiscal 2018 and 2017. In connection with the acquisition of Synkera in fiscal 2017, a liability was recognized for the Company’s estimate of the fair value of contingent consideration on the acquisition date based on probability-based attainment of certain milestones. This fair value measurement is based on significant inputs not observed in the market and thus represents a Level 3 measurement, which reflects the Company’s own assumptions concerning the milestones related to the acquired business in measuring fair value. The fair value of the liability measured using significant unobservable inputs (Level 3) was approximately $1.3 million as of both April 1, 2018 and April 2, 2017 . As a result of the acquisition of SpectraBeam in fiscal 2018, a liability was recognized for the Company’s estimate of the fair value of contingent consideration on the acquisition date based on probability-based attainment of certain milestones. The fair value measurement is based on significant inputs not observed in the market and thus represents a Level 3 measurement, which reflects the Company’s own assumptions concerning the milestones related to the asset acquisition in measuring fair value. The fair value of the liability measured using significant unobservable inputs (Level 3) was approximately $4.1 million as of April 1, 2018 . Cash equivalents are highly liquid investments with original maturities of three months or less at the time of purchase. The Company maintains its cash and cash equivalents with reputable major financial institutions. Deposits with these banks may exceed the FDIC insurance limits or similar limits in foreign jurisdictions. These deposits typically may be redeemed upon demand and, therefore, bear minimal risk. While the Company monitors daily the cash balances in its operating accounts and adjusts the balances as appropriate, these balances could be affected if one or more of the financial institutions with which the Company deposits fails or is subject to other adverse conditions in the financial markets. As of April 1, 2018 , the Company has not experienced any losses in its operating accounts. All of the Company’s available-for-sale investments are subject to a periodic impairment review. Investments are considered to be impaired when a decline in fair value is judged to be other-than-temporary. This determination requires significant judgment. For publicly traded investments, impairment is determined based upon the specific facts and circumstances present at the time, including a review of the closing price over the length of time, general market conditions and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for recovery. Although the Company believes its portfolio continues to be comprised of sound investments due to high credit ratings and government guarantees of the underlying investments, a further decline in the capital and financial markets would adversely impact the market values of its investments and their liquidity. The Company continually monitors the credit risk in its portfolio and future developments in the credit markets and makes appropriate changes to its investment policy as deemed necessary. The Company did not record any impairment charges related to its available-for-sale investments in fiscal 2018 , 2017 and 2016 . |
Investments
Investments | 12 Months Ended |
Apr. 01, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments Available-for-Sale Securities The amortized cost and fair value of available-for-sale investments as of April 1, 2018 were as follows: (in thousands) Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. government treasuries and agencies securities $ 61,166 $ — $ (894 ) $ 60,272 Money market funds 48,847 — — 48,847 Asset-backed securities 16,797 — (110 ) 16,687 Corporate bonds 111,266 43 (1,704 ) 109,605 International government bonds 2,650 — (12 ) 2,638 Corporate commercial paper 9,034 — — 9,034 Bank deposits 45,080 — — 45,080 Repurchase agreements 142 — — 142 Total available-for-sale investments 294,982 43 (2,720 ) 292,305 Less amounts classified as cash equivalents (70,279 ) — — (70,279 ) Short-term investments $ 224,703 $ 43 $ (2,720 ) $ 222,026 The amortized cost and fair value of available-for-sale investments as of April 2, 2017 were as follows: (in thousands) Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. government treasuries and agencies securities $ 62,048 $ 16 $ (508 ) $ 61,556 Money market funds 140,425 — — 140,425 Asset-backed securities 13,865 5 (23 ) 13,847 Corporate bonds 96,660 42 (326 ) 96,376 International government bonds 5,423 2 (15 ) 5,410 Corporate commercial paper 4,898 — — 4,898 Bank deposits 12,305 — — 12,305 Repurchase agreements 173 — — 173 Total available-for-sale investments 335,797 65 (872 ) 334,990 Less amounts classified as cash equivalents (143,498 ) — — (143,498 ) Short-term investments $ 192,299 $ 65 $ (872 ) $ 191,492 The cost and estimated fair value of available-for-sale debt securities as of April 1, 2018 , by contractual maturity, were as follows: ( in thousands ) Amortized Cost Estimated Fair Value Due in 1 year or less $ 119,172 $ 119,056 Due in 1-2 years 111,814 110,226 Due in 2-5 years 63,996 63,023 Total investments in available-for-sale debt securities $ 294,982 $ 292,305 The cost and estimated fair value of available-for-sale debt securities as of April 2, 2017 , by contractual maturity, were as follows: ( in thousands ) Amortized Cost Estimated Fair Value Due in 1 year or less $ 188,008 $ 187,984 Due in 1-2 years 46,089 45,995 Due in 2-5 years 101,700 101,011 Total investments in available-for-sale debt securities $ 335,797 $ 334,990 The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses as of April 1, 2018 , aggregated by investment category and length of time that individual securities have been in a continuous loss position. Less Than 12 Months 12 Months or Greater Total (in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Corporate bonds $ 78,726 $ (1,324 ) $ 23,286 $ (380 ) $ 102,012 $ (1,704 ) U.S. government treasuries and agencies securities 25,352 (221 ) 34,920 (673 ) 60,272 (894 ) Asset-backed securities 14,147 (90 ) 2,540 (20 ) 16,687 (110 ) International government bonds — — 2,638 (12 ) 2,638 (12 ) Total $ 118,225 $ (1,635 ) $ 63,384 $ (1,085 ) $ 181,609 $ (2,720 ) The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses, as of April 2, 2017 , aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position. Less Than 12 Months 12 Months or Greater Total (in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Corporate bonds $ 71,308 $ (326 ) $ — $ — $ 71,308 $ (326 ) Asset-backed securities 11,294 (23 ) — — 11,294 (23 ) U.S. government treasuries and agencies securities 55,497 (508 ) — — 55,497 (508 ) International government bonds 2,634 (15 ) — — 2,634 (15 ) Total $ 140,733 $ (872 ) $ — $ — $ 140,733 $ (872 ) Currently, a significant portion of the Company’s available-for-sale investments that it holds are high grade instruments. As of April 1, 2018 , the unrealized losses on the Company’s available-for-sale investments represented an insignificant amount in relation to its total available-for-sale portfolio. Substantially all of the Company’s unrealized losses on its available-for-sale marketable debt instruments can be attributed to fair value fluctuations in an unstable credit environment that resulted in a decrease in the market liquidity for debt instruments. Because the Company has the ability to hold these investments until a recovery of fair value, which may be maturity, the Company did not consider these investments to be other-than-temporarily impaired as of April 1, 2018 or April 2, 2017 . Non-marketable Equity Securities As of April 1, 2018 and April 2, 2017 , the Company holds capital stock of privately-held companies with total amount of $27.3 million and $13.2 million , respectively. During fiscal 2018, the Company purchased common stock of privately-held companies for $ 14.1 million . These investments in stocks (included in Other Assets on the Consolidated Balance Sheet) are accounted for as cost-method investments, as the Company owns less than 20% of the voting securities and does not have the ability to exercise significant influence over operating and financial policies of each entity. The Company did not record any impairment charge for these investments in fiscal 2018, 2017 and 2016. |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Apr. 01, 2018 | |
Receivables [Abstract] | |
Accounts Receivable | Accounts Receivable The Company assumed an agreement with a financial institution to sell certain of its trade receivables from customers with limited, non-credit-related recourse provisions as part of an acquisition during the quarter ended January 3, 2016. The agreement was subsequently terminated on September 30, 2016. Total receivables sold under the factoring facility during fiscal 2017 and 2016 were $26.2 million and $21.8 million , respectively. Total collections from the sale of receivables and from deferred purchase payment during fiscal 2017 were $33.3 million and $3.4 million , respectively. Total collections from the sale of receivables and from deferred purchase payment during fiscal 2016 were $21.8 million and $2.1 million , respectively. The total available amount of the factoring facility as of April 3, 2016 was $1.9 million . The sales of accounts receivable in accordance with the factoring agreement are reflected as a reduction of Accounts Receivable, net in the Consolidated Balance Sheets as they meet the applicable criteria of ASC 860, Transfers and Servicing . Collections of deferred purchase payment are included in the change in accounts receivable under the operating activities section of the Consolidated Statements of Cash Flows. The amount due from the factoring institution was $0.8 million as of April 3, 2016, and was shown in Prepayments and Other Current Assets on the Consolidated Balance Sheets. As the result of terminating the agreement, the total available amount of the factoring facility and the amount due from the factoring institution were zero as of April 2, 2017. The Company paid factoring fees associated with the sale of receivables based on the dollar value of the receivables sold. Such fees were not material for fiscal 2017 and 2016. |
Stock-Based Employee Compensati
Stock-Based Employee Compensation | 12 Months Ended |
Apr. 01, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Employee Compensation | Stock-Based Employee Compensation Equity Incentive Programs The Company currently issues awards under two equity-based plans in order to provide additional incentive and retention to directors and employees who are considered to be essential to the long-range success of the Company. These plans are further described below. 2008 GigPeak Equity Incentive Plan (2008 Plan) On April 4, 2017, as a result of the acquisition of GigPeak, the Company assumed the 2008 Plan, including outstanding and unvested RSUs of GigPeak that converted into the Company's RSUs covering 0.3 million shares of IDT's common stock and GigPeak shares reserved for future issuance under the 2008 Plan which converted into 0.5 million shares of IDT's common stock reserved for issuance under the 2008 Plan. On September 26, 2017, the Company's stockholders approved the amended and restated 2004 Plan, which determined that no shares will be available for future grant under the 2008 Plan. 2004 Equity Plan (2004 Plan) In September 2004, the Company’s stockholders approved the 2004 Plan. On July 21, 2010, the Board of Directors of the Company approved an amendment to the Company’s 2004 Plan to increase the number of shares of common stock reserved for issuance thereunder from 28.5 million shares to 36.8 million shares (an increase of 8.3 million shares), provided, however, that the aggregate number of common shares available for issuance under the 2004 Plan is reduced by 1.74 shares for each common share delivered in settlement of any full value award, which are awards other than stock options and stock appreciation rights, that are granted under the 2004 Plan on or after September 23, 2010. On September 23, 2010, the stockholders of the Company approved the proposed amendment described above, which also includes certain other changes to the 2004 Plan, including an extension of the term of the 2004 Plan. Options granted by the Company under the 2004 Plan generally expire seven years from the date of grant and generally vest over a four -year period from the date of grant, with one-quarter of the shares of common stock vesting on the 1 year anniversary of the grant date and the remaining shares vesting monthly for the 36 months thereafter. The exercise price of the options granted by the Company under the 2004 Plan shall not be less than 100% of the fair market value for a common share subject to such option on the date the option is granted. Full value awards made under the 2004 Plan shall become vested over a period of not less than 3 years (or, if vesting is performance-based, over a period of not less than one year) following the date such award is made; provided, however, that full value awards that result in the issuance of an aggregate of up to 5% of common stock available under the 2004 Plan may be granted to any one or more participants without respect to such minimum vesting provisions. As of April 1, 2018 , there were 6.0 million shares available for future grant under the 2004 Plan. Compensation Expense The following table summarizes stock-based compensation expense by line items appearing in the Company’s Consolidated Statement of Operations: Fiscal Year Ended (in thousands) April 1, April 2, April 3, Cost of revenue $ 3,016 $ 2,929 $ 2,707 Research and development 24,262 16,068 15,268 Selling, general and administrative 23,505 20,872 16,182 Discontinued operations — — (32 ) Total stock-based compensation expense $ 50,783 $ 39,869 $ 34,125 The amount of stock-based compensation expense that was capitalized during the periods presented above was immaterial. Stock-based compensation expense recognized in the Consolidated Statements of Operations is based on awards ultimately expected to vest. The authoritative guidance for stock-based compensation requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company attributes the value of stock-based compensation to expense on an accelerated method. Valuation Assumptions The Company uses the Black-Scholes option-pricing model as its method of valuation for stock-based awards. The Company’s determination of the fair value of stock-based payment awards on the date of grant using an option-pricing model is affected by the Company’s stock price, as well as assumptions regarding a number of subjective variables. These variables include, but are not limited to, the Company’s expected stock price volatility over the term of the awards, as well as the expected term of the awards. Fiscal Year Ended April 1, April 2, April 3, Stock options: Expected term (in years) * 4.00 4.00 Risk-free interest rate * 1.35 % 1.20 % Volatility * 40.5 % 42.6 % Weighted-average grant-date fair value * $ 8.39 $ 7.55 ESPP: Expected term (in years) 0.25 0.25 0.25 Risk-free interest rate 1.05 % 0.32 % 0.06 % Volatility 34.0 % 36.9 % 42.1 % Weighted-average grant-date fair value $ 5.76 $ 4.87 $ 5.05 * No stock options issued in fiscal 2018. The following is a summary of the Company's stock option activity and related weighted average exercise prices for each category: Fiscal 2018 (shares in thousands) Shares Weighted-Average Beginning stock options outstanding 1,374 $ 13.01 Granted — — Exercised (1) (437 ) 9.77 Canceled (17 ) 23.58 Ending stock options outstanding 920 $ 14.35 Ending stock options exercisable 806 $ 13.36 (1) Upon exercise, the Company issues new shares of common stock. The following is a summary of information about stock options outstanding as of April 1, 2018 : Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding (in thousands) Weighted-Average Remaining Contractual Life (in years) Weighted-Average Exercise Price Number Exercisable (in thousands) Weighted-Average Exercise Price 5.31 - 7.13 95 1.10 $5.83 95 $5.83 7.67 - 7.67 50 2.12 7.67 50 7.67 8.49 - 8.49 20 0.12 8.49 20 8.49 11.13 - 11.13 10 3.04 11.13 10 11.13 11.79 - 11.79 320 2.88 11.79 320 11.79 12.16 - 12.16 113 3.12 12.16 105 12.16 18.55 - 18.55 7 4.08 18.55 5 18.55 20.56 - 20.56 3 3.88 20.56 3 20.56 21.95 - 21.95 290 4.06 21.95 194 21.95 25.16 - 25.16 12 5.79 25.16 4 25.16 920 3.04 $14.35 806 $13.36 As of April 1, 2018 , the weighted-average remaining contractual life of stock options outstanding was 3.0 years and the aggregate intrinsic value was $14.9 million . The weighted-average remaining contractual life of stock options exercisable was 2.9 years and the aggregate intrinsic value was $13.9 million . Unrecognized compensation cost related to non-vested stock options, net of estimated forfeitures, was $0.2 million and will be recognized over a weighted-average period of 0.6 years. As of April 1, 2018 , stock options vested and expected to vest totaled approximately 0.9 million with a weighted-average exercise price of $14.28 and a weighted-average remaining contractual life of 3.0 years. The aggregate intrinsic value as of April 1, 2018 was approximately $14.8 million . Restricted Stock Units (RSUs) RSUs granted by the Company under the 2004 Plan generally vest over a four -year period from the grant date with one-fourth of RSUs vesting on each one-year anniversary. As of April 1, 2018 , 4.0 million and 0.5 million RSU awards were outstanding under the 2004 Plan and the 2008 Plan, respectively. The following table summarizes the Company’s RSU activity and related weighted-average exercise prices for each category: Fiscal 2018 (shares in thousands) Shares Weighted-Average Grant Date Fair Value Per Share Beginning RSUs outstanding 3,840 $ 18.88 Granted 2,765 24.47 Released (1,533 ) 17.53 Forfeited (593 ) 21.71 Ending RSUs outstanding 4,479 $ 22.42 As of April 1, 2018 , RSUs expected to vest totaled approximately 3.9 million with a weighted-average remaining contract life of 1.17 years. The aggregate intrinsic value was approximately $119.6 million . As of April 1, 2018 , the unrecognized compensation cost related to RSUs granted under the Company’s equity incentive plan was approximately $36.0 million , net of estimated forfeitures, and is expected to be recognized over a weighted-average period of 1.29 years. Performance-Based Stock Units In fiscal 2013, the Compensation Committee of the Board of Directors of IDT approved the Company's Key Talent Incentive Plan (Incentive Plan). The Incentive Plan provides for the grant of performance-based stock units under the 2004 Plan which vest and convert into one share of the Company's common stock based on the level of achievement of pre-established performance goals during a specified performance period. The initial performance period under the Incentive Plan is the Company's fourth quarter of fiscal 2013 through the fourth quarter of fiscal 2016 for which performance goals relate to cumulative revenue targets for a specific product group. The performance-based stock units that were granted under the Incentive Plan have vested in the first quarter of fiscal 2017 based on actual achievement of the performance goals, and the expense associated with that had been fully recognized as of July 3, 2016. Market-Based Stock Units In May 2017, under the 2004 Plan, the Company granted approximately 0.3 million shares of RSUs with both market-based and performance-based conditions to a group of executive-level employees. These equity awards vest and convert into shares of the Company’s common stock based on the achievement of the Company’s relative total shareholder return, with a revenue growth multiplier, over the performance period of 3 years. The earned stock units will vest in three equal installments, with the first installment vested to occur on May 15, 2018, the second to occur on May 15, 2019 , and the third to occur on May 15, 2020 . In June 2016, under the 2004 Plan, the Company granted approximately 0.3 million shares of RSUs with a market-based condition to a group of executive-level employees. These equity awards vest and convert into shares of the Company’s common stock based on the achievement of the Company’s relative total shareholder return over the performance period of 2 years. The earned market-based stock units will vest in two equal installments, with the first installment of vesting to occur on June 15, 2018, and the second to occur on June 15, 2019. In June 2015, under the 2004 Plan, the Company granted approximately 0.2 million shares of RSUs with a market-based condition to a group of executive-level employees. These equity awards vest and convert into shares of the Company’s common stock based on the achievement of the Company’s relative total shareholder return over the performance period of 2 years. The earned market-based stock units will vest in two equal installments: the first installment vested on June 15, 2017, and the second will vest on June 15, 2018. In June 2014, under the 2004 Plan, the Company granted approximately 0.5 million shares of RSUs with a market-based condition to a group of executive-level employees. These equity awards vest and convert into shares of the Company’s common stock based on the achievement of the Company’s relative total shareholder return over the performance period of 2 years . The earned market-based stock units vested in two equal installments: the first installment vested on June 15, 2016, and the second vested on June 15, 2017. The fair value of each market-based stock unit award was estimated on the date of grant using a Monte Carlo simulation model that uses the assumptions noted in the table below. The Company uses historical data to estimate employee termination within the valuation model. The expected term in years was derived from the output of the valuation model and represents the period of time that RSUs granted are expected to be outstanding. The following weighted average assumptions were used to calculate the fair value of the market-based equity award using a Monte Carlo simulation model: May 15, 2017 June 15, 2016 June 15, 2015 June 15, 2014 Estimated fair value $ 27.65 $ 28.01 $ 33.08 $ 21.00 Expected volatility 43.36 % 46.90 % 41.22 % 34.60 % Expected term (in years) 2.88 1.80 1.80 1.80 Risk-free interest rate 1.47 % 0.70 % 0.65 % 0.38 % As of April 1, 2018 , the total market-based stock units outstanding were approximately 0.7 million . As of April 1, 2018 , market-based stock units vested and expected to vest totaled approximately 0.4 million with a weighted-average remaining contract life of 0.91 years. The aggregate intrinsic value was approximately $10.7 million . As of April 1, 2018 , the unrecognized compensation cost related to market-based stock units granted under the Company’s equity incentive plans was approximately $7.0 million , net of estimated forfeitures, and is expected to be recognized over a weighted-average period of 0.83 years. 2009 Employee Stock Purchase Plan (2009 ESPP) On June 18, 2009 , the Board approved implementation of the 2009 Employee Stock Purchase Plan (2009 ESPP) and authorized the reservation and issuance of up to 9.0 million shares of the Company’s common stock, subject to stockholder approval. On September 17, 2009, the Company’s stockholders approved the plan at the 2009 Annual Meeting of Stockholders. The 2009 ESPP is intended to be implemented in successive quarterly purchase periods commencing on the first day of each fiscal quarter of the Company. In order to maintain its qualified status under Section 423 of the Internal Revenue Code, the 2009 ESPP imposes certain restrictions, including the limitation that no employee is permitted to participate in the 2009 ESPP if the rights of such employee to purchase common stock of the Company under the 2009 ESPP and all similar purchase plans of the Company or its subsidiaries would accrue at a rate which exceeds $25,000 of the fair market value of such stock (determined at the time the right is granted) for each calendar year. At the 2012 annual meeting of stockholders on September 13, 2012, the Company's stockholders approved an additional 5.0 million . The number of shares of common stock reserved for issuance thereunder increased from 9.0 million shares to 14.0 million shares. Activity under the Company’s ESPP is summarized in the following table: (in thousands, except per share amounts) Fiscal 2018 Fiscal 2017 Fiscal 2016 Number of shares issued 395 508 606 Average issuance price $ 22.28 $ 18.24 $ 17.05 Number of shares available at year-end 2,869 3,264 3,772 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Apr. 01, 2018 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity Stock Repurchase Program . In April 2015, the Company's Board of Directors approved a new share repurchase program authorization for $300 million . In October 2015, the Company's Board of Directors approved an increase in the share repurchase authorization by another $300 million . On July 28, 2017, the Company's Board of Directors approved an increase to the share repurchase authorization of $200 million . On April 24, 2018, the Company's Board of Directors approved an increase to the share repurchase authorization of $400 million . In fiscal 2016, the Company repurchased 17.9 million shares for $422.3 million . In fiscal 2017, the Company repurchased 4.3 million shares for $93.5 million . In fiscal 2018, the Company repurchased 6.5 million shares for $185.3 million . As of April 1, 2018 , approximately $106.8 million was available for future purchase under the Company's share repurchase program. Share repurchases were recorded as treasury stock and resulted in a reduction of stockholders’ equity. The program is intended to reduce the number of outstanding shares of common stock to offset dilution from employee equity grants and increase stockholder value. Accelerated Share Repurchase. On November 2, 2015, the Company entered into separate accelerated share repurchase agreements (the ASR Agreements) with JPMorgan Chase Bank and Bank of America to repurchase a total of $225 million of its common stock. Pursuant to the terms of the ASR Agreements, approximately 7.0 million shares of its common stock at $25.69 per share were received by the Company on November 5, 2015. Of the total initial amount paid to the Dealers, $45 million represents prepayment for subsequent settlement of the ASR Agreements. In January 2016, the ASR Agreements settled resulting in the repurchase of 1.6 million of the Company's common stock at an average price per share of $28.32 . The shares delivered resulted in a reduction, on the delivery date, of the outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted earnings per share. The ASR Agreements were entered into pursuant to the Company’s increase in share repurchase authorization effective October 2015. |
Balance Sheet Detail
Balance Sheet Detail | 12 Months Ended |
Apr. 01, 2018 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Detail | Balance Sheet Detail (in thousands) April 1, April 2, Inventories, net Raw materials $ 4,345 $ 2,017 Work-in-process 45,713 35,192 Finished goods 18,644 15,079 Total inventories, net $ 68,702 $ 52,288 Accounts receivable, net Accounts receivable, gross $ 120,953 $ 94,396 Allowances for returns, price credits and doubtful accounts (12,174 ) (5,084 ) Total accounts receivable, net $ 108,779 $ 89,312 Property, plant and equipment, net Land $ 11,535 $ 11,535 Machinery and equipment 285,784 268,683 Building and leasehold improvements 50,722 49,022 Total property, plant and equipment, gross 348,041 329,240 Less: accumulated depreciation (1) (261,196 ) (248,279 ) Total property, plant and equipment, net $ 86,845 $ 80,961 Other current liabilities Accrued restructuring costs (2) $ 4,637 $ 4,841 Current income tax payable 6,281 1,035 Other (3) 15,606 14,329 Total other current liabilities $ 26,524 $ 20,205 Other long-term obligations Deferred compensation related liabilities $ 16,310 $ 15,024 Other (4) 9,374 3,870 Total other long-term liabilities $ 25,684 $ 18,894 (1) Depreciation expense was $28.5 million , $20.8 million , and $18.3 million for fiscal years 2018, 2017 and 2016, respectively. (2) Includes accrued severance costs related to integration of acquired business, the disposed HSC business, and other restructuring actions. Refer to Note 15 for additional information. (3) Other current liabilities consist primarily of accrued royalties and outside commissions, current portion of deferred revenue, current portion of lease payable, current portion of liability for contingent consideration, and other accrued unbilled expenses. (4) Other long-term obligations consist primarily of non-current portion of liability for contingent consideration, non-current portion of deferred revenue, non-current portion of lease payable, and other long-term accrued liabilities. |
Deferred Income on Shipments to
Deferred Income on Shipments to Distributors | 12 Months Ended |
Apr. 01, 2018 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Income on Shipments to Distributors | Deferred Income on Shipments to Distributors The components of deferred income on shipments to distributors as of April 1, 2018 and April 2, 2017 were as follows: (in thousands) April 1, April 2, Gross deferred revenue $ — $ 2,335 Gross deferred costs — (350 ) Deferred income on shipments to distributors $ — $ 1,985 The Company had historically recognized a significant portion of revenue through distributors at the time the distributor resold the product to its end customer. The gross deferred revenue represented the gross value of shipments to distributors at the list price billed to the distributor less any price protection credits provided to them in connection with reductions in list price while the products remain in their inventory. The amount ultimately recognized as revenue were lower than this amount as a result of ship from stock pricing credits which are issued in connection with the sell through of the Company's products to end customers. Based on the last four quarters, this amount is approximately 28% of the list price billed to the customers. The gross deferred costs represented the standard costs (which approximate actual costs) of products the Company sells to the distributors. Although the Company monitors the levels and quality of inventory in the distribution channel, the Company's experience is that products returned from these distributors may be sold to a different distributor or in a different region of the world. As such, inventory write-downs or products in the distribution channel have not been significant. The Company continuously reassesses its ability to reliably estimate the ultimate price of these products and, as of the end of fiscal 2018, the Company was able to estimate the ultimate price (i.e., net of estimated future price adjustment and return) of these products for all distributors. Accordingly, there was no deferred income remaining as of April 1, 2018. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Apr. 01, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Changes in the balance of accumulated other comprehensive income (loss), net of taxes, by component consisted of the following: (in thousands) Cumulative translation adjustments Unrealized gain or loss on available-for-sale investments Pension adjustments Total Balance as of April 3, 2016 $ (4,001 ) $ 222 $ 65 $ (3,714 ) Other comprehensive loss before reclassifications (2,042 ) (1,392 ) — (3,434 ) Amounts reclassified out of accumulated other comprehensive income — 363 — 363 Net current-period other comprehensive loss (2,042 ) (1,029 ) — (3,071 ) Balance as of April 2, 2017 (6,043 ) (807 ) 65 (6,785 ) Other comprehensive income (loss) before reclassifications 3,892 (1,770 ) — 2,122 Amounts reclassified out of accumulated other comprehensive loss — (100 ) — (100 ) Net current-period other comprehensive income (loss) 3,892 (1,870 ) — 2,022 Balance as of April 1, 2018 $ (2,151 ) $ (2,677 ) $ 65 $ (4,763 ) Amounts reclassified out of comprehensive income (loss) components consisted of the following: (in thousands) April 1, April 2, April 3, 2016 Location Unrealized holding gain or loss on available-for-sale investments $ (100 ) $ 363 $ 345 interest and other, net Change in unrealized losses on post-employment and post-retirement benefit plans — — (615 ) operating expense Total amounts reclassified out of accumulated other comprehensive loss $ (100 ) $ 363 $ (270 ) |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 12 Months Ended |
Apr. 01, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Net | Goodwill and Intangible Assets, Net Goodwill activity for fiscal 2018 and 2017 is summarized as follows: Reportable Segments (in thousands) Communications Computing, Consumer and Industrial Total Balance as of April 3, 2016 $ 122,848 $ 182,885 $ 305,733 Impairment - the Disposal Group (see Note 5) (161 ) — (161 ) Additions - Synkera acquisition (see Note 3) — 1,353 1,353 Balance as of April 2, 2017 $ 122,687 $ 184,238 $ 306,925 Additions - GigPeak acquisition (see Note 3) 18,613 94,579 113,192 Balance as of April 1, 2018 $ 141,300 $ 278,817 $ 420,117 Goodwill balance as of April 1, 2018 and April 2, 2017 was net of $920.3 million in accumulated impairment losses. Intangible asset balances as of April 1, 2018 and April 2, 2017 are summarized as follows: April 1, 2018 (in thousands) Gross Assets Impairment Accumulated Amortization Net Assets Purchased intangible assets: Developed technology $ 336,402 $ — $ (223,882 ) $ 112,520 Trademark 5,391 — (5,391 ) — Customer relationships 201,997 — (149,416 ) 52,581 Intellectual property licenses 7,500 — (3,901 ) 3,599 Software licenses 6,023 — (943 ) 5,080 Total amortizable purchased intangible assets 557,313 — (383,533 ) 173,780 In-process research and development (IPR&D) 9,017 (2,016 ) — 7,001 Total purchased intangible assets $ 566,330 $ (2,016 ) $ (383,533 ) $ 180,781 April 2, 2017 (in thousands) Gross Assets Impairment Accumulated Amortization Net Assets Purchased intangible assets: Developed technology $ 262,184 $ — $ (199,851 ) $ 62,333 Trademark 5,391 — (5,347 ) 44 Customer relationships 173,097 — (137,239 ) 35,858 Intellectual property licenses 16,196 (1,310 ) (4,303 ) 10,583 Total purchased intangible assets $ 456,868 $ (1,310 ) $ (346,740 ) $ 108,818 During fiscal 2018, certain research and development efforts were completed and, as a result, $1.2 million of purchased IPR&D projects from the GigPeak acquisition reached technological feasibility and was reclassified as core and developed technology and the Company began amortizing the intangible asset over its estimated useful life. During fiscal 2018, the Company recognized a total of $2.0 million of impairment charges related to certain IPR&D projects, which was recorded in Research and Development Expense in the Consolidated Statements of Operations. As of April 1, 2018 , the Company had $7.0 million of IPR&D assets remaining on the Consolidated Balance Sheet. During fiscal 2018, the Company purchased $5.8 million software licenses that met the criteria for capitalization as intangible assets. The Company also recognized developed technology with fair value of $17.0 million as a result of an asset acquisition on August 10, 2017. Refer to Note 3 for details. As a result of the acquisition of GigPeak, the Company recognized additional intangible assets with total original value of $97.9 million during fiscal 2018 (see Note 3). As a result of the acquisition of Synkera, the Company recognized additional intangible assets with total original value of $1.5 million during fiscal 2017 (see Note 3). During fiscal 2017, the Company purchased an intangible asset with a cost of $4.6 million and an estimated useful life of 7 years . Amortization expense for identified intangibles is summarized below: Fiscal Year Ended (in thousands) April 1, 2018 April 2, 2017 April 3, 2016 Existing technology $ 24,031 $ 12,625 $ 6,052 Trademarks 44 775 726 Customer relationships 12,177 6,486 2,253 Backlog 200 1,286 4,504 Software licenses 3,290 — — Intellectual property licenses 6,984 2,481 1,819 Total $ 46,726 $ 23,653 $ 15,354 The intangible assets are being amortized over estimated useful lives of 1 to 7 years. During fiscal 2018, the Company recorded an accelerated amortization charge of $6.2 million (included in the table above) related to certain software licenses and intellectual property licenses as the estimated future cash flows resulting from the use of the assets were less than the carrying amount. During fiscal 2017, the Company recorded an impairment charge of $1.3 million in the carrying value of an intangible asset as a result of change in future estimated cash flows related to the intangible asset. The Company also recorded an impairment charge of $0.2 million and $0.3 million in the carrying value of goodwill and intangible assets, respectively, as a result of reclassifying the Disposal Group as held for sale. Refer to Note 5 for additional information. Based on the intangible assets recorded as of April 1, 2018 , assuming no subsequent additions to or impairment of the underlying assets, the remaining estimated amortization expense is expected to be as follows (in thousands): Fiscal Year Amount 2019 $ 40,923 2020 41,447 2021 40,498 2022 38,316 2023 and thereafter 19,597 Total $ 180,781 |
Restructuring and Related Costs
Restructuring and Related Costs | 12 Months Ended |
Apr. 01, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | Restructuring and Related Costs The following table shows the provision of the restructuring charges and the remaining liabilities as of April 1, 2018 : Others (Continuing Operations) (in thousands) HSC (Discontinued Operations) Cost of Revenues Operating Expenses Total Severance and related charges: Balance as of March 29, 2015 $ 10,217 $ — $ 295 $ 10,512 Provision — 435 11,197 11,632 Cash payments (8,877 ) (128 ) (10,533 ) (19,538 ) Foreign exchange impact 194 — 16 210 Balance as of April 3, 2016 1,534 307 975 2,816 Provision — 2,605 13,804 16,409 Cash payments (83 ) (2,709 ) (11,092 ) (13,884 ) Foreign exchange impact (24 ) (2 ) (474 ) (500 ) Balance as of April 2, 2017 1,427 201 3,213 4,841 Provision — 416 7,431 7,847 Cash payments (867 ) (370 ) (6,960 ) (8,197 ) Foreign exchange impact 66 — 82 148 Balance as of April 1, 2018 $ 626 $ 247 $ 3,766 $ 4,639 Facility and related charges: Balance as of April 2, 2017 $ — $ — $ — $ — Provision and adjustments — — 2,818 2,818 Payments — — (537 ) (537 ) Balance as of April 1, 2018 $ — $ — $ 2,281 $ 2,281 Asset impairment charges: Asset impairment $ — $ 5,460 $ 2,386 $ 7,846 As part of an effort to streamline operations with changing market conditions and to create a more efficient organization, the Company has undertaken restructuring actions to reduce its workforce and consolidate facilities. The Company’s restructuring expenses consist primarily of severance and termination benefit costs related to the reduction of its workforce, asset impairment charges and lease obligation charges related to a facility that is no longer used. Integration-related Restructuring Plans During fiscal 2018, the Company implemented planned cost reduction and restructuring activities in connection with the acquisition of GigPeak. Accordingly, the Company reduced headcount by 46 and recorded severance costs of approximately $2.7 million , of which $2.1 million was paid during fiscal 2018 and the remaining $0.6 million will be paid by the first quarter of fiscal 2019. In connection with the GigPeak integration, the Company recorded $2.8 million in fiscal 2018 for lease obligation charges related to a facility that the Company had determined to meet the cease-use date criteria. The fair value of this liability at the cease-use date was determined based on the remaining cash flows for lease rentals, and minimum lease payments, reduced by estimated sublease rentals, discounted using a credit adjusted risk free rate in accordance with ASC 420, Exit or Disposal Cost Obligations . As of April 1, 2018, the total accrued balance for the lease obligation was $2.3 million , of which $1.6 million was classified as other long-term liabilities and the remaining $0.7 million was recorded as other accrued liabilities on the Consolidated Balance Sheets. In fiscal 2017, the Company prepared a workforce-reduction plan with respect to employees of its Automotive and Industrial business (formerly ZMDI) in Germany. The plan which required consultation with the German Works Council, was approved by the German Works Council. Also, the details of the plan were communicated to the affected employees. The plan identified the number of employees to be terminated, their job classification or function, their location and the date that the plan is expected to be completed. The plan also established the terms of the benefit arrangement in sufficient detail to enable the employees to determine the type and amount of benefits that they would receive if terminated. In addition, the actions required to complete the plan indicated that it was unlikely that substantial changes to the plan would be made after communication of the employees. Accordingly, the Company accrued restructuring charges in accordance with ASC 420, Exit and Disposal Cost Obligations . The restructuring charges recorded in the Consolidated Statements of Operations, in connection with the workforce-reduction plan, were approximately $5.0 million for fiscal 2017, for a total 49 employees. Approximately $4.9 million of the $5.0 million was paid in fiscal 2017 and the remaining $0.1 million was paid during fiscal 2018. In fiscal 2016, the Company implemented cost reduction plans and restructuring activities in connection with the acquisition of ZMDI. The Company recorded charges of approximately $6.9 million of employee termination cost for two former executives of ZMDI and 36 employees during fiscal 2016. Approximately $5.7 million of the $6.9 million of employee termination cost was paid in fiscal 2016 and the remaining $1.2 million was paid in fiscal 2017. Other Restructuring Plans During fiscal 2018, the Company exited certain non-strategic businesses and reduced headcount by 63 . The Company recorded employee severance costs of approximately $5.1 million , of which $2.3 million was paid during fiscal 2018 and the remaining $2.8 million will be paid by the first quarter of fiscal 2019. In addition, the Company recorded impairment charge of $7.8 million on certain assets comprised of intangibles, equipment and prepaid licenses, which were determined to be specifically used in these non-strategic businesses and had no alternative use. The impairment charge was calculated as the excess of assets’ carrying value over their fair value which was based on the anticipated cash flows discounted at a rate commensurate with the risk involved. Impairment charges of $5.4 million and $2.4 million , were included in Cost of Revenues and Research and Development Expenses, respectively in the Consolidated Statements of Operations. In fiscal 2017, the Company prepared a workforce-reduction plan with respect to employees and closed our remaining business in France. The Company recorded in the Consolidated Statement of Operations approximately $7.5 million of severance benefits, for a total of 13 employees in fiscal 2017. The Company paid $4.2 million and $2.5 million in fiscal 2017 and 2018, respectively. As of April 1, 2018, the total accrued balance for employee severance costs related to this action was $0.8 million . The Company expects to complete this action by the second quarter of fiscal 2019. In addition to the above, in fiscal 2017, the Company recorded charges of $4.0 million and reduced headcount by 59 employees. Approximately $3.6 million of the $4.0 million of employee termination cost was paid in fiscal 2017 and the remaining $0.4 million was paid during fiscal 2018. In fiscal 2016, the Company recorded charges of $4.7 million and reduced headcount by 48 employees. Approximately $4.6 million of the $4.7 million of employee termination cost was paid in fiscal 2016 and the remaining $0.1 million was paid in fiscal 2017. In fiscal 2015, the Company prepared a workforce-reduction plan with respect to employees of its HSC business in France and the Netherlands. The restructuring charges recorded to discontinued operations in the Consolidated Statement of Operations were approximately $18.3 million for the fiscal year ended March 29, 2015, for a total of 53 employees in France and the Netherlands combined. The Company has substantially completed payments of these termination benefits and the total accrued balance related to this action was $0.5 million as of April 1, 2018. The Company expects to complete this action by the second quarter of fiscal 2019. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Apr. 01, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Guarantees As of April 1, 2018 , the Company’s financial guarantees consisted of guarantees and standby letters of credit, which are primarily related to the Company’s electrical utilities in Malaysia, consumption tax in Japan, office rental in Italy and a workers’ compensation plan in the United States. The maximum amount of potential future payments under these arrangements is approximately $1.8 million . Commitments Although the Company owns its corporate headquarters in San Jose, California, the Company leases various administrative facilities under operating leases which expire at various dates through fiscal 2025 . As of April 1, 2018 , aggregate future minimum commitments for the next five fiscal years and thereafter under all operating leases were as follows (in thousands): Fiscal Year Amount 2019 $ 7,092 2020 5,634 2021 2,568 2022 1,970 2023 and thereafter 1,234 Total $ 18,498 Rent expense for the fiscal years ended April 1, 2018 , April 2, 2017 and April 3, 2016 totaled approximately $8.2 million , $5.9 million and $3.2 million , respectively. Other supplier obligations including payments due under various software design tool and technology license agreements totaled $5.0 million , $7.1 million , and $11.6 million as of April 1, 2018 , April 2, 2017 and April 3, 2016 , respectively. The Company has machinery and equipment that are accounted for as capital leases. The related liabilities are included in current other liabilities on the Consolidated Balance Sheets. As of April 1, 2018 , aggregate future commitments for fiscal 2019 were $0.6 million . Indemnification During the normal course of business, the Company makes certain indemnifications and commitments under which it may be required to make payments in relation to certain transactions. In addition to indemnifications related to non-infringement of patents and intellectual property, other indemnifications include indemnification of the Company’s directors and officers in connection with legal proceedings, indemnification of various lessors in connection with facility leases for certain claims arising from such facility or lease, and indemnification of other parties to certain acquisition agreements. The duration of these indemnifications and commitments varies, and in certain cases, is indefinite. The Company believes that substantially all of its indemnities and commitments provide for limitations on the maximum potential future payments the Company could be obligated to make. However, the Company is unable to estimate the maximum amount of liability related to its indemnities and commitments because such liabilities are contingent upon the occurrence of events which are not reasonably determinable. The Company believes that any liability for these indemnities and commitments would not be material to its consolidated financial statements. The Company maintains an accrual for obligations it incurs under its standard product warranty program and customer, part, or process specific matters. The Company’s standard warranty period is one year; however, in certain instances the warranty period may be extended to as long as two years. Management estimates the fair value of the Company’s warranty liability based on actual past warranty claims experience, its policies regarding customer warranty returns and other estimates about the timing and disposition of product returned under the standard program. Customer, part, or process specific accruals are estimated using a specific identification method. Historical profit and loss impact related to warranty returns activity has been minimal. The total warranty accrual was $0.3 million as of both April 1, 2018 and April 2, 2017 . Litigation On March 23, 2018, a compliant for patent infringement was served on the Company by DIFF Scale Operations Research, LLC (“DSOR”) in the Federal Court for the District of Delaware. DSOR alleged to be the owner of a certain collection of patents previously owned by ADC Communications, some of which are the subject of the litigation against the Company. During the same approximate period, DSOR filed complaints alleging infringement of certain of the same collection of patents against several other technology companies in various U.S. federal courts. DSOR seeks an award of damages in an amount to be established at trial. As alleged in the complaint, the patents purport to cover technology in digital phase locked loop (D-PLL) and service clock recovery integrated circuits (“ICs”). The Company had no prior notice of the allegations, the patents at issue, nor the existence of DSOR prior to being served the complaint. Although this matter is in its early stages, the Company intends to continue to assess the merits of the case and appropriately defend itself against DSOR’s claims. On February 13, 2017, the Company and GigPeak announced that they had entered into an Agreement and Plan of Merger, dated as of February 13, 2017. On February 17, 2017, a purported class action was filed in Santa Clara County Superior Court, (Carbajal v. GigPeak, Inc., et al, Case No. 17-cv-306571). On March 8, 2017, a purported class action was filed in the United States District Court of Delaware (Vladimir Gusinsky Rev. Trust v. GigPeak, Case No. 1:17-cv-00241-VAC SRF). On March 13, 2017, a purported class action was filed in the United States District Court for the Northern District of California (Mendoza v. GigPeak, Inc. et al, Case No. 3;17-cv-01351-WHO). On March 16, a second purported class action was filed in the United States District Court for the Northern District of California (Travis v. GigPeak, Inc. et al, Case No. 5:17-cv-01441-LKH). The Company was named as a defendant in the Carbajal and Gusinsky complaints. The Carbajal complaint asserted claims for breach of fiduciary duty and aiding and abetting breach of fiduciary duty, including that defendants have failed to secure adequate deal consideration as well as various other breaches of duty. The Gusinsky, Travis and Mendoza complaints asserted claims under Sections 14(d)(4), 14(e) and 20(a) of the Exchange Act. The Gusinsky, Mendoza and Travis complaint alleged that the Schedule 14D-9 filed by GigPeak contained material omissions and misstatements, and sought to enjoin and/or rescind the Offer as well as certain other equitable relief, unspecified damages and attorneys’ fees and costs. The Carbajal complaint was voluntarily dismissed on March 7, 2016. Each of the remaining complaints was voluntarily dismissed by Plaintiffs on or around April 7, 2017, and the actions were closed by the Court on or around May 15, 2017 after Plaintiffs’ fees were agreed to by the parties. In January 2012, Maxim I Properties, a general partnership that had purchased a certain parcel of real property (the Property) in 2003, filed a complaint in the Northern District of California naming approximately 30 defendants, including the Company ("Defendants"), alleging various environmental violations of the federal Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) and Resource Conservation and Recovery Act (RCRA), the California Hazardous Substance Account Act (HSAA), and other common law claims (the Complaint). The Complaint alleged that Defendants including the Company “…generated, transported, and/or arranged for the transport and/or disposal of hazardous waste to the Property.” On August 15, 2012, Maxim I Properties voluntarily dismissed its Complaint without prejudice. However, another defendant, Moyer Products, Inc., counter-claimed against the plaintiff, Maxim, and cross-claimed against the remaining co-Defendants, including the Company. Thus, the Company remains a cross-defendant in this action. In a related, but independent action, the California Department of Toxic Substances Control (DTSC) notified the Company in September 2012 that the Company, and more than 50 other entities, were being named as respondents to DTSC's Enforcement Order, as “a generator of hazardous waste.” In April 2013, the Company, along with the other “respondent” parties, entered into a Corrective Action Consent Agreement (CACA) with the DTSC, agreeing to conduct the Property investigation and corrective action selection. The CACA supersedes the DTSC's Enforcement Order. The District Court for the Northern District of California stayed the Maxim/Moyer litigation pending the Property investigation under the CACA and DTSC's corrective action selection. Property investigation activity took place between April 2013 and June 2015. On June 23, 2015, the DTSC deemed the Property investigation complete. The DTSC continues to evaluate corrective action alternatives. The Company will continue to vigorously defend itself against the allegations in the Complaint and evaluate settlement options with Moyer upon notification from DTSC of its corrective action selection. No specific corrective action has been selected yet, and thus no specific monetary demands have been made. The Company may also be a party to various other legal proceedings and claims arising in the normal course of business from time to time. With regard to the matters listed above, along with various other legal proceedings and claims and future matters that may arise, potential liability and probable losses or ranges of possible losses due to an unfavorable litigation outcome cannot be reasonably estimated at this time. Generally, litigation is subject to inherent uncertainties, and no assurance can be given that the Company will prevail in any particular lawsuit or claim. Pending lawsuits, claims as well as potential future litigation, could result in substantial costs and diversion of resources and could have a material adverse effect on the Company's financial condition, results of operations or cash flows. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Apr. 01, 2018 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans 401(k) Plan The Company sponsors a 401(k) retirement matching plan for qualified domestic employees. The Company recorded expenses of approximately $2.5 million , $2.6 million and $2.6 million in matching contributions under the plan in fiscal 2018 , 2017 , and 2016 , respectively. Deferred Compensation Plans Effective November 1, 2000, the Company established an unfunded deferred compensation plan to provide benefits to executive officers and other key employees. Under the plan, participants can defer any portion of their salary and bonus compensation into the plan and may choose from a portfolio of funds from which earnings are measured. Participant balances are always 100% vested. As of April 1, 2018 and April 2, 2017 , obligations under the plan totaled approximately $16.3 million and $15.0 million , respectively. Additionally, the Company has set aside assets in a separate trust that is invested in corporate owned life insurance intended to substantially fund the liability under the plan. As of April 1, 2018 and April 2, 2017 , the deferred compensation plan assets were approximately $16.9 million and $16.0 million , respectively. The costs incurred by the Company for this plan for insurance, administration and other support were not material for fiscal 2018 , 2017 and 2016 . During the first quarter of fiscal 2013, the Company assumed a deferred compensation plan associated with the acquisition of Fox Enterprises, Inc. Under this plan, participants in retirement are entitled to receive a fixed amount from the Company on a monthly basis. The Company has purchased life insurance policies with the intention of funding the liability under this plan. As of April 1, 2018 and April 2, 2017 , the deferred compensation plan assets were approximately $0.4 million , respectively. As of April 1, 2018 and April 2, 2017 , the liabilities under this plan were approximately $0.8 million and $0.9 million , respectively. |
Convertible Senior Notes, Warra
Convertible Senior Notes, Warrants and Hedges | 12 Months Ended |
Apr. 01, 2018 | |
Debt Disclosure [Abstract] | |
Convertible Senior Notes, Warrants and Hedges | Convertible Senior Notes, Warrants and Hedges Convertible Notes Offering On October 29, 2015, the Company priced its private offering of $325 million in aggregate principal amount of 0.875% Convertible Senior Notes due 2022 ("Initial Convertible Notes"). On November 3, 2015, the initial purchasers in such offering exercised in full the over-allotment option to purchase an additional $48.8 million in aggregate principal amount of Convertible Notes (“Additional Convertible Notes”, and together “Convertible Notes”). The aggregate principal amount of Convertible Notes is $373.8 million . The net proceeds from this offering were approximately $363.4 million , after deducting the initial purchasers’ discounts and commissions and the offering expenses. The Convertible Notes are governed by the terms of an indenture, dated November 4, 2015 (“Indenture”), between the Company and a trustee. The Convertible Notes are the senior unsecured obligations of the Company and bear interest at a rate of 0.875% per annum, payable semi-annually in arrears on May 15 and November 15 of each year, commencing May 15, 2016. The Convertible Notes will mature on November 15, 2022, unless earlier repurchased or converted. At any time prior to the close of business on the business day immediately preceding August 15, 2022, holders may convert their Convertible Notes at their option only under the certain circumstances as defined in the Indenture. On or after August 15, 2022 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their notes at any time, regardless of such circumstances. The conversion rate for the Convertible Notes will initially be 29.8920 shares of common stock per $1,000 principal amount of Convertible Notes, which corresponds to an initial conversion price of approximately $33.45 per share of common stock. The conversion rate is subject to adjustment from time to time upon the occurrence of certain events, including, but not limited to, the issuance of certain stock dividends on common stock, the issuance of certain rights or warrants, subdivisions, combinations, distributions of capital stock, indebtedness, or assets, the payment of cash dividends and certain issuer tender or exchange offers. As of April 1, 2018 , none of the conditions allowing holders of the Notes to convert had been met. At the debt issuance date, the Convertible Notes, net of issuance costs, consisted of the following: (in thousands) November 3, 2015 Liability component Principal $ 274,435 Less: Issuance cost (7,568 ) Net carrying amount 266,867 Equity component * Allocated amount 99,316 Less: Issuance cost (2,738 ) Net carrying amount 96,578 Convertible Notes, net $ 363,445 * Recorded in the consolidated balance sheet within additional paid-in capital. The following table includes total interest expense recognized related to the Convertible Notes for fiscal years ended April 1, 2018 , April 2, 2017 and April 3, 2016 : Fiscal Year Ended (in thousands) April 1, 2018 April 2, 2017 April 3, 2016 Contractual interest expense $ 3,307 $ 3,307 $ 1,363 Amortization of debt issuance costs 1,081 1,081 450 Amortization of debt discount 12,929 12,239 4,904 $ 17,317 $ 16,627 $ 6,717 The net liability component of Convertible Notes is comprised of the following as of April 1, 2018 and April 2, 2017 : Fiscal Year Ended (in thousands) April 1, 2018 April 2, 2017 Net carrying amount at beginning of the period $ 285,541 $ 272,221 Amortization of debt issuance costs during the year 1,081 1,081 Amortization of debt discount during the year 12,929 12,239 $ 299,551 $ 285,541 In fiscal 2018 and 2017, the Company paid contractual interest on the Convertible Note of approximately $3.3 million and $3.4 million , respectively. See Note 6 for fair value disclosures related to the Company's Convertible Notes. Convertible Note Hedge and Warrant Transactions In connection with the pricing of the Convertible Notes, on October 29, 2015, the Company entered into convertible note hedge transaction (the "Initial Bond Hedge"), with JPMorgan Chase Bank, National Association (the “Option Counterparty”) and paid $81.9 million . On October 29, 2015, the Company also entered into separate warrant transaction (the "Initial Warrant Transaction") with the Option Counterparty and received $49.4 million . In connection with the exercise of the Over-Allotment Option, on November 3, 2015, the Company entered into a convertible note hedge transaction (the “Additional Bond Hedge”, and together with the Initial Bond Hedges, the “Bond Hedge”) with the Option Counterparty and paid $12.3 million . On November 3, 2015, the Company also entered into a separate additional warrant transaction (the “Additional Warrant Transaction”, and together with the Initial Warrant Transaction, the “Warrant Transactions”) with the Option Counterparty and received $7.4 million . Total amount paid for the purchase of bond hedge and total amount received for the sale of warrants was $94.2 million and $56.8 million , respectively. The Bond Hedges are generally expected to reduce the potential dilution upon conversion of the Convertible Notes and/or offset any payments in cash, shares of common stock or a combination of cash and shares of common stock, at the Company’s election, that the Company is required to make in excess of the principal amount of the Convertible Notes upon conversion of any Convertible Notes, as the case may be, in the event that the market price per share of common stock, as measured under the terms of the Bond Hedges, is greater than the strike price of $33.45 of the Bond Hedges, which initially corresponds to the conversion price of the Convertible Notes and is subject to anti-dilution adjustments substantially similar to those applicable to the conversion rate of the Convertible Notes. The Warrant Transactions will separately have a dilutive effect to the extent that the market value per share of common stock, as measured under the terms of the Warrant Transactions, exceeds the applicable strike price of the warrants issued pursuant to the Warrant Transactions (the “Warrants”). The initial strike price of the Warrants is $48.66 per share. The Bond Hedges and Warrants are not marked to market. The value of the Bond Hedges and Warrants were initially recorded in stockholders' equity and continue to be classified as stockholders' equity in accordance with ASC 815-40, Derivatives and Hedging - Contracts in Entity's Own Equity . As of April 1, 2018 and April 2, 2017 , no warrants have been exercised. Term B Loan On April 4, 2017, the Company, JP Morgan Chase bank, N.A.("JP Morgan"), as administrative agent, and a group of lenders entered into a credit agreement that provides for variable rate term loans in aggregate principal amount of $200 million , with an original term of 7 years (the "Initial Term B Loan"). After payment of transaction costs associated with the Credit Agreement, the Company received net proceeds from the Initial Term B Loan of approximately $194.3 million , which was used to partially finance the acquisition of GigPeak and other payments related to such transaction. Debt issuance costs and debt discount were recorded as a reduction of the carrying value of the loan and are being amortized as a component of interest expense over the term of the Credit Agreement. The Company will repay the principal amount of the Initial Term B Loan on the last day of each March 31, June 30, September 30 and December 31, commencing on June 30, 2017 , in an amount equal to 0.25% of the original principal amount of the Initial Term B Loan; and on the maturity date, as described below, in an amount equal to the remainder of the outstanding principal amount of the Initial Term B Loan. The maturity date of the Initial Term B Loan is April 4, 2024 ; provided that if any of the Company's Convertible Notes are outstanding on August 16, 2022 , the maturity date of which had not otherwise been extended to a date that is no earlier than 91 days after April 4, 2024 , the Initial Term B Loan maturity date shall instead be August 16, 2022, unless the Company and its guarantors shall have cash, permitted investments and/or unwithdrawn revolving credit commitments in an aggregate amount not less than the aggregate principal amount of then outstanding Convertible Notes. The Company may prepay the Initial Term B Loan, in whole or in part, at any time without premium or penalty, subject to certain conditions, and amounts repaid or prepaid may not be reborrowed. The interest rate of the Initial Term B Loan is based on adjusted LIBO rate which is equal to the LIBO rate for such interest period multiplied by statutory reserve rate, plus an applicable margin of 3% . The interest rate on the Initial Term B Loan for each of the quarters in fiscal 2018 ranged from 4.15% to 4.61% . The following table summarizes the outstanding borrowings from the Initial Term B Loan as of April 1, 2018 : Fiscal Year Ended (in thousands) April 1, 2018 Outstanding principal balance $ 198,000 Unamortized debt issuance costs and debt discount (4,927 ) Outstanding principal, net of unamortized debt issuance costs and debt discount $ 193,073 Classified as follows: Current portion of bank loan $ 2,000 Long-term bank loan $ 191,073 As of April 1, 2018 , the Company made payments totaling $2.0 million towards the outstanding principal balance of the Initial Term B Loan. The following table includes the total interest expense related to the Term B Loan recognized during fiscal 2018: Fiscal Year Ended (in thousands) April 1, 2018 Contractual interest expense $ 8,708 Amortization of debt issuance costs and debt discount 821 Total $ 9,529 The Credit Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict the Company and its subsidiaries’ ability to, among other things, incur indebtedness, grant liens, merge or consolidate, dispose of assets, make investments, make acquisitions, enter into transactions with affiliates, pay dividends or make distributions and repurchase stock. The Credit Agreement includes customary events of default, including among others, nonpayment of principal or interest, material inaccuracy of representations and failure to comply with covenants. Under certain circumstances, a default interest rate will apply on all overdue obligations under the Credit Agreement at a per annum rate equal to 2.00% above the applicable interest rate for any overdue principal and 2.00% above the rate applicable for base rate loans for any other overdue amounts. The occurrence of an event of default could result in the acceleration of obligations under the Credit Agreement. As of April 1, 2018 , the Company is in compliance with the covenants specified in the Credit Agreement. See Note 6 to the Company's consolidated financial statements for fair value determination related to the Company's Initial Term B Loan. |
Term B Loan
Term B Loan | 12 Months Ended |
Apr. 01, 2018 | |
Debt Disclosure [Abstract] | |
Term B Loan | Convertible Senior Notes, Warrants and Hedges Convertible Notes Offering On October 29, 2015, the Company priced its private offering of $325 million in aggregate principal amount of 0.875% Convertible Senior Notes due 2022 ("Initial Convertible Notes"). On November 3, 2015, the initial purchasers in such offering exercised in full the over-allotment option to purchase an additional $48.8 million in aggregate principal amount of Convertible Notes (“Additional Convertible Notes”, and together “Convertible Notes”). The aggregate principal amount of Convertible Notes is $373.8 million . The net proceeds from this offering were approximately $363.4 million , after deducting the initial purchasers’ discounts and commissions and the offering expenses. The Convertible Notes are governed by the terms of an indenture, dated November 4, 2015 (“Indenture”), between the Company and a trustee. The Convertible Notes are the senior unsecured obligations of the Company and bear interest at a rate of 0.875% per annum, payable semi-annually in arrears on May 15 and November 15 of each year, commencing May 15, 2016. The Convertible Notes will mature on November 15, 2022, unless earlier repurchased or converted. At any time prior to the close of business on the business day immediately preceding August 15, 2022, holders may convert their Convertible Notes at their option only under the certain circumstances as defined in the Indenture. On or after August 15, 2022 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their notes at any time, regardless of such circumstances. The conversion rate for the Convertible Notes will initially be 29.8920 shares of common stock per $1,000 principal amount of Convertible Notes, which corresponds to an initial conversion price of approximately $33.45 per share of common stock. The conversion rate is subject to adjustment from time to time upon the occurrence of certain events, including, but not limited to, the issuance of certain stock dividends on common stock, the issuance of certain rights or warrants, subdivisions, combinations, distributions of capital stock, indebtedness, or assets, the payment of cash dividends and certain issuer tender or exchange offers. As of April 1, 2018 , none of the conditions allowing holders of the Notes to convert had been met. At the debt issuance date, the Convertible Notes, net of issuance costs, consisted of the following: (in thousands) November 3, 2015 Liability component Principal $ 274,435 Less: Issuance cost (7,568 ) Net carrying amount 266,867 Equity component * Allocated amount 99,316 Less: Issuance cost (2,738 ) Net carrying amount 96,578 Convertible Notes, net $ 363,445 * Recorded in the consolidated balance sheet within additional paid-in capital. The following table includes total interest expense recognized related to the Convertible Notes for fiscal years ended April 1, 2018 , April 2, 2017 and April 3, 2016 : Fiscal Year Ended (in thousands) April 1, 2018 April 2, 2017 April 3, 2016 Contractual interest expense $ 3,307 $ 3,307 $ 1,363 Amortization of debt issuance costs 1,081 1,081 450 Amortization of debt discount 12,929 12,239 4,904 $ 17,317 $ 16,627 $ 6,717 The net liability component of Convertible Notes is comprised of the following as of April 1, 2018 and April 2, 2017 : Fiscal Year Ended (in thousands) April 1, 2018 April 2, 2017 Net carrying amount at beginning of the period $ 285,541 $ 272,221 Amortization of debt issuance costs during the year 1,081 1,081 Amortization of debt discount during the year 12,929 12,239 $ 299,551 $ 285,541 In fiscal 2018 and 2017, the Company paid contractual interest on the Convertible Note of approximately $3.3 million and $3.4 million , respectively. See Note 6 for fair value disclosures related to the Company's Convertible Notes. Convertible Note Hedge and Warrant Transactions In connection with the pricing of the Convertible Notes, on October 29, 2015, the Company entered into convertible note hedge transaction (the "Initial Bond Hedge"), with JPMorgan Chase Bank, National Association (the “Option Counterparty”) and paid $81.9 million . On October 29, 2015, the Company also entered into separate warrant transaction (the "Initial Warrant Transaction") with the Option Counterparty and received $49.4 million . In connection with the exercise of the Over-Allotment Option, on November 3, 2015, the Company entered into a convertible note hedge transaction (the “Additional Bond Hedge”, and together with the Initial Bond Hedges, the “Bond Hedge”) with the Option Counterparty and paid $12.3 million . On November 3, 2015, the Company also entered into a separate additional warrant transaction (the “Additional Warrant Transaction”, and together with the Initial Warrant Transaction, the “Warrant Transactions”) with the Option Counterparty and received $7.4 million . Total amount paid for the purchase of bond hedge and total amount received for the sale of warrants was $94.2 million and $56.8 million , respectively. The Bond Hedges are generally expected to reduce the potential dilution upon conversion of the Convertible Notes and/or offset any payments in cash, shares of common stock or a combination of cash and shares of common stock, at the Company’s election, that the Company is required to make in excess of the principal amount of the Convertible Notes upon conversion of any Convertible Notes, as the case may be, in the event that the market price per share of common stock, as measured under the terms of the Bond Hedges, is greater than the strike price of $33.45 of the Bond Hedges, which initially corresponds to the conversion price of the Convertible Notes and is subject to anti-dilution adjustments substantially similar to those applicable to the conversion rate of the Convertible Notes. The Warrant Transactions will separately have a dilutive effect to the extent that the market value per share of common stock, as measured under the terms of the Warrant Transactions, exceeds the applicable strike price of the warrants issued pursuant to the Warrant Transactions (the “Warrants”). The initial strike price of the Warrants is $48.66 per share. The Bond Hedges and Warrants are not marked to market. The value of the Bond Hedges and Warrants were initially recorded in stockholders' equity and continue to be classified as stockholders' equity in accordance with ASC 815-40, Derivatives and Hedging - Contracts in Entity's Own Equity . As of April 1, 2018 and April 2, 2017 , no warrants have been exercised. Term B Loan On April 4, 2017, the Company, JP Morgan Chase bank, N.A.("JP Morgan"), as administrative agent, and a group of lenders entered into a credit agreement that provides for variable rate term loans in aggregate principal amount of $200 million , with an original term of 7 years (the "Initial Term B Loan"). After payment of transaction costs associated with the Credit Agreement, the Company received net proceeds from the Initial Term B Loan of approximately $194.3 million , which was used to partially finance the acquisition of GigPeak and other payments related to such transaction. Debt issuance costs and debt discount were recorded as a reduction of the carrying value of the loan and are being amortized as a component of interest expense over the term of the Credit Agreement. The Company will repay the principal amount of the Initial Term B Loan on the last day of each March 31, June 30, September 30 and December 31, commencing on June 30, 2017 , in an amount equal to 0.25% of the original principal amount of the Initial Term B Loan; and on the maturity date, as described below, in an amount equal to the remainder of the outstanding principal amount of the Initial Term B Loan. The maturity date of the Initial Term B Loan is April 4, 2024 ; provided that if any of the Company's Convertible Notes are outstanding on August 16, 2022 , the maturity date of which had not otherwise been extended to a date that is no earlier than 91 days after April 4, 2024 , the Initial Term B Loan maturity date shall instead be August 16, 2022, unless the Company and its guarantors shall have cash, permitted investments and/or unwithdrawn revolving credit commitments in an aggregate amount not less than the aggregate principal amount of then outstanding Convertible Notes. The Company may prepay the Initial Term B Loan, in whole or in part, at any time without premium or penalty, subject to certain conditions, and amounts repaid or prepaid may not be reborrowed. The interest rate of the Initial Term B Loan is based on adjusted LIBO rate which is equal to the LIBO rate for such interest period multiplied by statutory reserve rate, plus an applicable margin of 3% . The interest rate on the Initial Term B Loan for each of the quarters in fiscal 2018 ranged from 4.15% to 4.61% . The following table summarizes the outstanding borrowings from the Initial Term B Loan as of April 1, 2018 : Fiscal Year Ended (in thousands) April 1, 2018 Outstanding principal balance $ 198,000 Unamortized debt issuance costs and debt discount (4,927 ) Outstanding principal, net of unamortized debt issuance costs and debt discount $ 193,073 Classified as follows: Current portion of bank loan $ 2,000 Long-term bank loan $ 191,073 As of April 1, 2018 , the Company made payments totaling $2.0 million towards the outstanding principal balance of the Initial Term B Loan. The following table includes the total interest expense related to the Term B Loan recognized during fiscal 2018: Fiscal Year Ended (in thousands) April 1, 2018 Contractual interest expense $ 8,708 Amortization of debt issuance costs and debt discount 821 Total $ 9,529 The Credit Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict the Company and its subsidiaries’ ability to, among other things, incur indebtedness, grant liens, merge or consolidate, dispose of assets, make investments, make acquisitions, enter into transactions with affiliates, pay dividends or make distributions and repurchase stock. The Credit Agreement includes customary events of default, including among others, nonpayment of principal or interest, material inaccuracy of representations and failure to comply with covenants. Under certain circumstances, a default interest rate will apply on all overdue obligations under the Credit Agreement at a per annum rate equal to 2.00% above the applicable interest rate for any overdue principal and 2.00% above the rate applicable for base rate loans for any other overdue amounts. The occurrence of an event of default could result in the acceleration of obligations under the Credit Agreement. As of April 1, 2018 , the Company is in compliance with the covenants specified in the Credit Agreement. See Note 6 to the Company's consolidated financial statements for fair value determination related to the Company's Initial Term B Loan. |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 01, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income (loss) before income taxes and the income tax expense (benefit) were as follows: Fiscal Year Ended (in thousands) April 1, 2018 April 2, 2017 April 3, 2016 Income before income taxes from continuing operations: United States $ (37,479 ) $ (16,736 ) $ 5,431 Foreign 129,651 116,021 128,433 Income before income taxes $ 92,172 $ 99,285 $ 133,864 Income tax expense (benefit) from continuing operations: Current: United States $ 24,721 $ (146 ) $ 5,694 State 996 103 154 Foreign 5,999 1,611 38 31,716 1,568 5,886 Deferred: United States 67,895 (6,363 ) (59,944 ) State (970 ) 7 26 Foreign 5,667 (5,111 ) (7,403 ) 72,592 (11,467 ) (67,321 ) Income tax expense (benefit) from continuing operations $ 104,308 $ (9,899 ) $ (61,435 ) For fiscal years 2018 and 2017 stock-based compensation excess tax benefits of $2.1 million and $2.5 million , respectively, were reflected in the income tax benefit as a result of the adoption of ASU 2016-09. For fiscal year 2016 the excess tax benefits of $4.5 million , associated with stock-based compensation that decreased income taxes payable, were recorded in additional paid-in capital. For fiscal year 2015, there was no income tax benefit associated with stock-based compensation that decreased income taxes payable and was recorded in additional paid-in capital. Reconciliation between the statutory U.S. income tax rate and the effective rate is as follows: Fiscal Year Ended (in thousands) April 1, April 2, April 3, Provision from continuing operations at U.S. statutory rate $ 29,034 $ 34,750 $ 46,852 State tax, net of federal benefit 431 (389 ) 198 Effect of foreign operations (38,714 ) (48,018 ) (55,331 ) Repatriation of foreign earnings 6,341 10,121 32,957 Valuation allowance 2,622 1,424 (81,553 ) Research tax credits (8,666 ) (7,801 ) (6,150 ) Stock-based compensation (1,005 ) (1,785 ) 1,028 Transition Tax 103,907 — — Impact of the Tax Cuts and Jobs Act on deferred taxes 10,308 — — Other 50 1,799 564 Income tax expense (benefit) from continuing operations $ 104,308 $ (9,899 ) $ (61,435 ) On December 22, 2017 , the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (“TCJA”). The TCJA provides for numerous significant tax law changes and modifications including, among other things, reducing the U.S. federal corporate tax rate from 35 percent to 21 percent; requiring companies to pay a one-time transition tax on certain unremitted earnings of foreign subsidiaries; generally eliminating U.S. federal income taxes on dividends from foreign subsidiaries; requiring a current inclusion in U.S. federal taxable income of certain earnings of controlled foreign corporations; and creating a new limitation on deductible interest expense. Certain provisions of the TCJA began to impact the Company fiscal year 2018, while other provisions will impact the Company beginning in fiscal year 2019. The corporate tax rate reduction is effective as of January 1, 2018. Since the Company has a fiscal year rather than a calendar year, it is subject to rules relating to transitional tax rates. As a result, the Company’s fiscal year 2018 federal statutory rate will be a blended rate of 31.5% . The Company’s fiscal year 2017 and 2016 statutory rate was 35%. The SEC staff issued Staff Accounting Bulletin 118 which allows companies to record provisional amounts during a measurement period that is similar to the measurement period used when accounting for business combinations. As of April 1, 2018, the Company has made reasonable estimates of the effects on its existing deferred tax balances and the one-time repatriation tax recording provisional charges of $10.3 million and $103.9 million , respectively, as a component of income tax expense from continuing operations. The $10.3 million charge for the effect on the Companies deferred tax balances resulted from the reduction of the corporate income tax rate to 21%. U.S. GAAP requires companies to remeasure their deferred tax assets and liabilities as of the date of enactment, with resulting tax effects accounted for in the reporting period of enactment. The Company remeasured deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future. The $103.9 million charge for the one-time repatriation tax increased other accrued liabilities by $1.5 million , increased long-term income taxes payable by $24.1 million , and reduced deferred tax assets, for the utilization of tax attributes, by $78.3 million . The liabilities resulting from the repatriation tax are payable over a period of up to eight years. The provisional amount was based on the Company’s total post-1986 earnings and profits (“E&P”) of its foreign subsidiaries. The majority of these earnings were historically permanently reinvested outside the United States, thus no taxes had previously been provided for these earnings. In addition, the one-time repatriation tax is based in part on the amount of those earnings held in cash and other specified assets either as of the end of fiscal year 2018 or the average of the year-end balances for fiscal years 2016 and 2017. The TCJA creates a new Global Intangible Low-Taxed Income (“GILTI”) requirement under which certain income earned by controlled foreign corporations (“CFC”s) must be included currently in the gross income of the CFCs’ U.S. shareholder. GILTI is the excess of the shareholder’s “net CFC tested income” over the net deemed tangible income return, which is currently defined as the excess of (1) 10 percent of the aggregate of the U.S. shareholder’s pro rata share of the qualified business asset investment of each CFC with respect to which it is a U.S. shareholder over (2) the amount of certain interest expense taken into account in the determination of net CFC-tested income. Because of the complexity of the new GILTI tax rules, the Company is continuing to evaluate this provision of the TCJA and the application of ASC 740. Under U.S. GAAP, the Company is allowed to make an accounting policy choice of either (1) treating taxes due on future U.S. inclusions in taxable income related to GILTI as a current-period expense when incurred (the “period cost method”) or (2) factoring such amounts into a company’s measurement of its deferred taxes (the “deferred method”). The Company’s selection of an accounting policy with respect to the new GILTI tax rules will depend, in part, on analyzing the Company’s global income to determine what the impact is expected to be. The Company is not yet able to reasonably estimate the effect of this provision of the TCJA. Therefore, the Company has not made any adjustments related to potential GILTI tax in its financial statements and has not made a policy decision regarding whether to record deferred taxes on GILTI. As of April 1, 2018, the Company had not fully completed its accounting for the tax effects of the enactment of the TCJA. The Company’s provision for fiscal year 2018 is based in part on a reasonable estimate of the effects on its transition tax and existing deferred tax balances. The Company will continue to assess the impact of the recently enacted tax law and expected further guidance from federal and state tax authorities as well as further guidance for the associated income tax accounting on its business and consolidated financial statements. In connection with the TCJA and review of the Company’s projected offshore cash flows, and global cash requirements, the Company determined that historical foreign earnings would no longer be permanently reinvested. Accordingly, a tax expense of $5.8 million was accrued during fiscal 2018, for withholding taxes on potential distributions from the Company’s foreign subsidiaries. As a result of the Company's international manufacturing operations, a significant portion of the Company's worldwide profits are in jurisdictions outside the United States, primarily Malaysia, which has granted the Company significant reductions in tax rates. These lower tax rates allow the Company to record a relatively low tax expense on a worldwide basis. The Company was granted a tax incentive in Malaysia during fiscal 2009. The tax incentive was contingent upon the Company continuing to meet specified investment criteria in fixed assets, and to operate an APAC regional headquarters center. In the fourth quarter of fiscal 2012, the Company agreed with the Malaysian Industrial Development Authority to cancel the previously granted tax incentive and enter into a new tax incentive agreement which provides a full tax exemption on statutory income for a period of 10 years commencing April 4, 2011. The Company is required to meet several conditions as to financial targets, investment, headcount and activities in Malaysia to retain this status. The impact of these tax incentives decreased foreign taxes by $33.7 million , $31.6 million , and $25.0 million for fiscal years 2018, 2017, and 2016, respectively. The benefit of the tax incentives on net income per share (diluted) was approximately $0.25 , $0.24 , and $0.17 , for fiscal years 2018, 2017, and 2016, respectively. The Company maintained a full valuation allowance against its deferred tax assets through the third quarter of fiscal 2016 as there was insufficient positive evidence to overcome the significant negative evidence and to conclude that it was more likely than not that the deferred tax assets would be realized. In the fourth quarter of fiscal 2016, the Company generated a substantial amount of U.S. profits, especially as a result of the repatriation of foreign earnings during the fourth quarter of fiscal 2016, utilizing its remaining U.S. federal net operating loss carryovers available as well as a significant amount of U.S. tax credit carryforwards. In addition, in the fourth quarter of fiscal 2016 the Company validated its mid-term business plan. The Company also considered forecasts of future taxable income and evaluated the utilization of its remaining tax credit carryforwards prior to their date of expiration. All of these were significant positive factors that overcame prior negative evidence and the Company concluded that it was appropriate to release the valuation allowance of $61.7 million against its deferred tax assets as of April 3, 2016, with the exception of deferred tax assets related to certain foreign and state jurisdictions. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of deferred tax assets and liabilities were as follows: (in thousands) April 1, 2018 April 2, 2017 Deferred tax assets: Non-deductible accruals and reserves 14,720 17,598 Net operating losses and credit carryforwards 108,868 148,941 Depreciation and amortization 1,879 14,005 Stock options 2,791 4,087 Other 1,548 2,046 Total deferred tax assets 129,806 186,677 Deferred tax liabilities: Purchased intangibles (26,127 ) (31,421 ) Unremitted foreign earnings (8,163 ) (2,318 ) Other (2,920 ) (7,679 ) Total deferred tax liabilities (37,210 ) (41,418 ) Valuation allowance (91,054 ) (73,263 ) Net deferred tax assets $ 1,542 $ 71,996 As of April 1, 2018, the Company continued to maintain a valuation allowance against its net deferred tax assets in certain foreign and state jurisdictions, as management is not able to conclude that it is more likely than not that these deferred tax assets will be realized. The Company reached this decision based on judgment, which included consideration of historical operating results and projections of future profits. The valuation allowance for deferred tax assets increase by $17.8 million and $10.5 million in fiscal years 2018 and 2017, respectively. As of April 1, 2018, the Company had federal, state and foreign net operating loss (NOL) carryforwards of approximately $31.6 million , $110.2 million and $83.1 million , respectively. The foreign net operating loss carryforwards were obtained as part of the acquisition of ZMDI in fiscal 2016 (see Note 3, “Business Combinations” for additional information on the acquisition). The federal NOL carryforwards will expire in various years from fiscal 2019 through 2035, if not utilized. The state NOL carryforwards will expire in various years from fiscal 2024 through 2038, if not utilized. The foreign NOL carryforwards do not expire. The utilization of US federal and state NOLs created by acquired companies is subject to annual limitations under Section 382 of the Internal Revenue Code. However, the Company does not expect that such annual limitation will impair the realization of these NOLs. As of April 1, 2018, the Company had approximately $19.9 million of federal research and development tax credit carryforwards. The federal research and development tax credit carryforwards will expire in fiscal years 2034 through 2038, if not utilized. The Company also had, as of April 1, 2018, approximately $99.0 million of state income tax credit carryforwards, of which $12.9 million will expire in fiscal years 2019 through 2037, if not utilized. The Company also had, as of April 1, 2018, approximately $10.4 million of tax credit carryforwards in foreign jurisdictions, which will expire in fiscal years 2019 through 2038. The federal, state, and foreign NOL and tax credit carryforwards in the income tax returns filed include unrecognized tax benefits. The deferred tax assets recognized for those NOLs and tax credits are presented net of these unrecognized tax benefits. The following tables summarize the activities of gross unrecognized tax benefits: Fiscal Year Ended (in thousands) April 1, 2018 April 2, 2017 April 3, 2016 Beginning balance $ 36,993 $ 33,075 $ 33,190 Increases related to prior year tax positions 2,022 1,374 1,474 Decreases related to prior year tax positions (279 ) (87 ) (719 ) Increases related to current year tax positions 8,095 2,864 938 Decrease related to settlement — — (1,758 ) Decreases related to the lapsing of statute of limitations (165 ) (233 ) (50 ) Ending balance $ 46,666 $ 36,993 $ 33,075 The amount of unrecognized tax benefits that would favorably impact the effective tax rate were approximately $27.6 million and $19.1 million as of April 1, 2018 and April 2, 2017, respectively. As of April 1, 2018, approximately $15.8 million of unrecognized tax benefits would be offset by a change in valuation allowance. The Company recognizes potential interest and penalties related to the income tax on the unrecognized tax benefits as a component of income tax expense and accrued approximately $0.2 million and $0.1 million for these items in fiscal years 2018 and 2017, respectively. During the 2018 fiscal year, the Company closed out all positions as part of the examination of its India, Italy and New York state income tax returns. The outcome did not have a material effect on the Company’s financial position, cash flows or results of operations. As of April 1, 2018, the Company is under examination in Malaysia for fiscal years 2012 through 2015 and in Canada for fiscal years 2016 and 2017. Although the final outcome of each examination is uncertain, based on currently available information, the Company believes that the ultimate outcome will not have a material adverse effect on its financial position, cash flows or results of operations. On July 27, 2015, in Altera Corp. v. Commissioner, the U.S. Tax Court issued an opinion, in favor of Altera Corp., related to the treatment of stock-based compensation expense in an intercompany cost-sharing arrangement. The Internal Revenue Service filed a notice of appeal on February 19, 2016 in this case. Due to the uncertainty surrounding the status of the current regulations, questions related to the scope of potential benefits, and the risk of the Tax Court’s decision being overturned upon appeal, the Company has not recorded any benefit as of April 1, 2018. The Company will continue to monitor ongoing developments and potential impacts to its financial statements. The Company believes that within the next 12 months, it is reasonably possible that a decrease of up to $0.2 million in unrecognized tax benefits may occur due to settlements with tax authorities or statute lapses. The Company's open years in the U.S. federal jurisdiction are fiscal 2015 and later years. In addition, the Company is effectively subject to federal tax examination adjustments for tax years ended on or after fiscal year 1999, in that the Company has tax attribute carryforwards from these years that could be subject to adjustments, if and when utilized. The Company's open years in various state and foreign jurisdictions are fiscal years 2011 and later. |
Segment Information
Segment Information | 12 Months Ended |
Apr. 01, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Chief Operating Decision Maker is the Company’s President and Chief Executive Officer. The Company's reportable segments include the following: • Communications segment: includes clock and timing solutions, radio frequency (RF), flow-control management such as multi-port products, telecommunication interface, high-speed static random access memory, first in and first out memory, digital logic, optical interconnect and frequency control solutions and Serial RapidIO® switching solutions. • Computing, Consumer and Industrial segment: includes clock generation and distribution products, high-performance server memory interfaces, wireless power, PCI Express®, signal integrity, power management solutions, signal integrity products, optical interconnect, video distribution and contribution solutions and sensing products for mobile, automotive and industrial solutions. The tables below provide information about these segments: Revenues by segment Fiscal Year Ended (in thousands) April 1, April 2, April 3, Communications $ 251,682 $ 265,421 $ 302,188 Computing, Consumer and Industrial 591,082 462,822 395,188 Total revenues $ 842,764 $ 728,243 $ 697,376 The Company utilizes global and regional distributors around the world, that buy product directly from the Company on behalf of their customers. Sales through a distributor, Uniquest, represented approximately 10% , 11% and 16% of the Company's revenues in fiscal 2018 , 2017 and 2016 , respectively. Sales through a distributor, Avnet and its affiliates, represented approximately 15% , 10% and 15% of the Company’s revenues in fiscal 2018 , 2017 and 2016 , respectively. Macnica and its affiliates represented approximately 10% of the Company’s revenues in fiscal 2018 . Each of these distributors serves customers within both of the Company's reportable segments. SK Hynix and its affiliates, which is a direct OEM customer, accounted for 12% of the Company's revenues in fiscal 2016. No other distributor or single direct or consignment customer represented 10% or more of the Company's total revenues in fiscal 2018, 2017 and 2016. As of April 1, 2018 , one distributors represented approximately 15% of the Company's accounts receivable. As of April 2, 2017 , two distributors each represented approximately 11% and 10% of the Company's accounts receivable. Income by segment from continuing operations Fiscal Year Ended (in thousands) April 1, April 2, April 3, Communications $ 94,709 $ 105,016 $ 115,888 Computing, Consumer and Industrial 138,182 91,911 88,101 Unallocated expenses: Amortization of intangible assets (38,417 ) (21,360 ) (13,662 ) Inventory fair market value adjustment (8,023 ) (4,079 ) (5,531 ) Loss on divestitures — (710 ) — Asset impairment and other (10,779 ) (1,026 ) (147 ) Stock-based compensation (50,783 ) (39,869 ) (34,158 ) Severance, retention and facility closure costs (10,462 ) (16,335 ) (11,701 ) Acquisition-related costs and other (2,225 ) (2,295 ) (2,591 ) Interest income (expense) and other, net (20,030 ) (11,968 ) (2,335 ) Income from continuing operations, before income taxes $ 92,172 $ 99,285 $ 133,864 The Company does not allocate goodwill and intangible assets impairment charge, IPR&D, severance, acquisition-related costs, stock-based compensation, interest income and other, and interest expense to its segments. In addition, the Company does not allocate assets to its segments. The Company excludes these items consistent with the manner in which it internally evaluates its results of operations. Revenues from unaffiliated customers by geographic area, based on the customers' shipment locations, were as follows: Fiscal Year Ended (in thousands) April 1, April 2, April 3, Hong Kong $ 301,805 $ 258,970 $ 304,392 Korea 82,905 77,269 75,402 Rest of Asia Pacific 256,955 229,059 173,408 Europe 114,099 93,526 69,543 Americas (1) 87,000 69,419 74,631 Total revenues $ 842,764 $ 728,243 $ 697,376 (1) Revenues from the customers in the U.S. were $71.0 million , $63.0 million and $65.2 million in fiscal 2018 , 2017 and 2016 , respectively. The Company’s significant operations outside of the United States include a test facility in each of Malaysia and Germany, design centers in the U.S., Canada and China, and sales subsidiaries in APAC and Europe. The Company's net property, plant and equipment are summarized below by geographic area: (in thousands) April 1, April 2, United States $ 41,230 $ 37,996 Malaysia 28,264 24,386 Germany 10,210 12,477 All other countries 7,141 6,102 Total property, plant and equipment, net $ 86,845 $ 80,961 |
Interest Income and Other, Net
Interest Income and Other, Net | 12 Months Ended |
Apr. 01, 2018 | |
Other Income and Expenses [Abstract] | |
Interest Income and Other, Net | Interest Income and Other, Net The components of interest income and other, net are summarized as follows: Fiscal Year Ended (in thousands) April 1, 2018 April 2, 2017 April 3, 2016 Interest income $ 3,808 $ 2,916 $ 3,616 Other income, net 4,800 2,906 652 Interest income and other, net $ 8,608 $ 5,822 $ 4,268 Interest income is derived from earnings on cash and short term investments. Other income, net primarily consists of gains or losses in the value of deferred compensation plan assets, foreign currency gains or losses and other non-operating gains or losses. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Apr. 01, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event On April 24, 2018 , the Company's Board of Directors approved an increase to the share repurchase authorization of $400 million. |
SUPPLEMENTARY FINANCIAL INFORMA
SUPPLEMENTARY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended |
Apr. 01, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
SUPPLEMENTARY FINANCIAL INFORMATION (UNAUDITED) | SUPPLEMENTARY FINANCIAL INFORMATION (UNAUDITED) QUARTERLY RESULTS OF OPERATIONS Fiscal Year Ended April 1, 2018 (2) (in thousands, except per share data) First Quarter Second Quarter Third Quarter (1) Fourth Quarter (1) (4) Revenues $ 196,713 $ 204,398 $ 217,075 $ 224,578 Gross profit $ 110,038 $ 116,762 $ 128,385 $ 127,100 Net income (loss) (3) $ 16,714 $ 18,680 $ (68,241 ) $ 20,711 Basic net income (loss) per share (3) (5) $ 0.13 $ 0.14 $ (0.51 ) $ 0.16 Diluted net income (loss) per share (3) (5) $ 0.12 $ 0.14 $ (0.51 ) $ 0.15 Fiscal Year Ended April 2, 2017 (in thousands, except per share data) First Quarter Second Quarter Third Quarter (6) Fourth Quarter Revenues $ 192,128 $ 184,059 $ 176,358 $ 175,698 Gross profit $ 108,349 $ 106,532 $ 104,085 $ 101,672 Net income from continuing operations $ 20,947 $ 24,591 $ 33,437 $ 30,209 Net income from discontinued operations $ — $ — $ 1,298 $ — Net income $ 20,947 $ 24,591 $ 34,735 $ 30,209 Basic net income per share – continuing operations $ 0.16 $ 0.18 $ 0.25 $ 0.23 Basic net income per share $ 0.16 $ 0.18 $ 0.26 $ 0.23 Diluted net income per share – continuing operations $ 0.15 $ 0.18 $ 0.24 $ 0.22 Diluted net income per share $ 0.15 $ 0.18 $ 0.25 $ 0.22 (1) During fiscal 2018, we recorded an income tax charge of $114.2 million for the estimated impacts of the Tax Cuts and Job Act. Refer to Note 20 for details. (2) On April 4, 2017, the Company completed the acquisition of GigPeak. The results of operations of the GigPeak business have been included in fiscal 2018. (3) On April 4, 2017, the Company entered into a credit agreement that provides for variable rate term loans in aggregate principal amount of $200 million , with an original term of 7 years (the "Initial Term B Loan"). The Company recognized a total interest expense of $9.5 million related to the Term B Loan during fiscal 2018. Refer to Note 19 for details. (4) During fiscal 2018, the Company recorded total asset impairment charge of $9.8 million which was comprised of $7.8 million related to certain assets comprised of intangibles, equipment and prepaid licenses, which were determined to be specifically used in non-strategic businesses and had no alternative use (Refer to Note 15 for details); and $2.0 million related to certain IPR&D projects (Refer to Note 3 for details). (5) Basic and diluted earnings per share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share. (6) In the third quarter of fiscal 2017, the Company completed the sale of the Disposal Group and recorded a loss on divestiture of approximately $0.7 million . Also, the Company recognized a gain on divestiture of approximately $1.3 million , net of tax, from the collection of receivable on the sale of HSC business. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Apr. 01, 2018 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (in thousands) Balance at Beginning of Period Additions/ (Releases) Deductions/Adjustments Balance at End of Period Allowance for returns, price credits and doubtful accounts Fiscal Year Ended April 3, 2016 $ 4,664 $ 117 $ (152 ) $ 4,629 Fiscal Year Ended April 2, 2017 $ 4,629 $ 544 $ (89 ) $ 5,084 Fiscal Year Ended April 1, 2018 $ 5,084 $ 7,184 $ (94 ) $ 12,174 Tax valuation allowance Fiscal Year Ended April 3, 2016 $ 148,954 $ 3,527 $ (89,681 ) $ 62,800 Fiscal Year Ended April 2, 2017 $ 62,800 $ 14,168 $ (3,705 ) $ 73,263 Fiscal Year Ended April 1, 2018 $ 73,263 $ 22,507 $ (4,716 ) $ 91,054 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 01, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation . The Company's fiscal year is the 52 or 53 week period ending on the Sunday nearest to March 31. Fiscal 2018 included 52 weeks and ended on April 1, 2018 . Fiscal 2017 included 52 weeks and ended on April 2, 2017 and fiscal 2016 included 53 weeks and ended on April 3, 2016 . |
Principles of Consolidation | Principles of Consolidation . The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All inter-company accounts and transactions have been eliminated. |
Use of Estimates | Use of Estimates . The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Accounting for Business Combinations | Accounting for Business Combinations. The Company uses the acquisition method of accounting, which is in accordance with ASC 805, Business Combinations , for business combinations and recognizes assets acquired and liabilities assumed measured at their fair values on the date acquired. This requires the Company to recognize separately from goodwill the assets acquired and the liabilities assumed at their acquisition date fair values. Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. While management uses its best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, the estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company adjusts the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recognized in the Company's Consolidated Statements of Operations. Accounting for business combinations requires management to make significant estimates and assumptions, especially at the acquisition date, including estimates for intangible assets, contractual obligations assumed, restructuring liabilities, pre-acquisition contingencies and contingent consideration, where applicable. Although the Company believes the assumptions and estimates made in the past have been reasonable and appropriate, they are based, in part, on historical experience and information obtained from the management of the acquired companies and are inherently uncertain. Critical estimates in valuing certain of the intangible assets that the Company has acquired include, but are not limited to future expected cash flows from product sales, customer contracts and acquired technologies, and discount rates. Unanticipated events and circumstances may occur that may affect the accuracy or validity of such assumptions, estimates or actual results. |
Cash and Cash Equivalents | Cash and Cash Equivalents . Cash equivalents are highly liquid investments with remaining maturities of three months or less at the time of purchase. |
Investments | Investments Available-for-Sale Investments . Investments designated as available-for-sale include marketable debt and equity securities. Available-for-sale investments are classified as short-term, as these investments generally consist of highly marketable securities that are intended to be available to meet near-term cash requirements. Marketable securities classified as available-for-sale are reported at fair value, with net unrealized gains or losses recorded in accumulated other comprehensive income (loss), a separate component of stockholders' equity, until realized. Realized gains and losses on investments are computed based upon specific identification, are included in interest income and other, net and have not been significant for all periods presented. Non-Marketable Equity Securities . Non-marketable equity securities are accounted for at historical cost or, if the Company has significant influence over the investee, using the equity method of accounting. Other-Than-Temporary Impairment . All of the Company’s available-for-sale investments and non-marketable equity securities are subject to a periodic impairment review. Investments are considered to be impaired when a decline in fair value is judged to be other-than-temporary. This determination requires significant judgment. For publicly traded investments, impairment is determined based upon the specific facts and circumstances present at the time, including a review of the closing price over the previous six months, general market conditions and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for recovery. For non-marketable equity securities, the impairment analysis requires the identification of events or circumstances that would likely have a significant adverse effect on the fair value of the investment, including revenue and earnings trends, overall business prospects and general market conditions in the investees’ industry or geographic area. Investments identified as having an indicator of impairment are subject to further analysis to determine if the investment is other-than-temporarily impaired, in which case the investment is written down to its impaired value. |
Inventories | Inventories . Inventories are recorded at the lower of standard cost (which approximates actual cost on a first-in, first-out basis) or net realizable value. Inventory held at consignment locations is included in finished goods inventory as the Company retains full title and rights to the product. Inventory valuation includes provisions for excess and obsolete inventory based on management’s forecasts of demand over specific future time horizons and reserves to value the Company's inventory at the lower of cost or net realizable value which rely on forecasts of average selling prices (ASPs) in future periods. |
Property, Plant and Equipment | Property, Plant and Equipment . Property, plant and equipment are stated at cost. Property, plant and equipment acquired in conjunction with mergers or acquisitions are stated at estimated fair value at the time of acquisition. For financial reporting purposes, depreciation is computed using the straight-line method over estimated useful lives of the assets. Estimated useful lives for major asset categories are as follows: machinery and equipment, 3 to 5 years; and buildings and improvements, 10 to 30 years. Leasehold improvements are amortized over the shorter of the estimated useful lives of the assets or the remaining term of the lease. |
Long-Lived Assets and Goodwill | Long-Lived Assets and Goodwill . The carrying values of long-lived assets, including purchased intangibles are evaluated whenever events or circumstances indicate that the carrying values may not be recoverable. If estimated undiscounted cash flows are not sufficient to recover the carrying values, the affected assets are considered impaired and are written down to their estimated fair value, which is generally determined on the basis of discounted cash flows or outside appraisals. The Company tests for impairment of goodwill and other indefinite-lived assets on an annual basis, or more frequently if indicators of impairment are present. These tests are performed at the reporting unit level using a two-step, fair-value based approach. The first step, used to determine if impairment possibly exists, is to compare the carrying amount of a reporting unit, including goodwill, to its fair value. If the carrying amount of the reporting unit exceeds the fair value, the second step is to measure the amount of impairment loss by comparing the implied fair value of reporting unit goodwill with the carrying amount of that goodwill. |
Income Taxes | Income Taxes . The Company accounts for income taxes under an asset and liability approach that requires the expected future tax consequences of temporary differences between book and tax bases of assets and liabilities be recognized as deferred tax assets and liabilities. Generally accepted accounting principles require the Company to evaluate the ability to realize the value of its net deferred tax assets on an ongoing basis. A valuation allowance is recorded to reduce the net deferred tax assets to an amount that will more likely than not be realized. Accordingly, the Company considers all available positive and negative evidence, including various tax planning strategies, forecasts of future taxable income, and recent operating results in assessing the need for a valuation allowance. As of April 1, 2018, the Company continues to maintain a valuation allowance against the Company's net deferred tax assets in certain foreign and state jurisdictions, as the Company is not able to conclude that it is more likely than not that these deferred tax assets will be realized. The Company reached this decision based on judgment, which included consideration of historical operating results and projections of future profits. The Company will continue to monitor the need for the valuation allowance on a quarterly basis. The Company recognizes the tax liabilities for uncertain income tax positions taken on the income tax return based on the two-step process prescribed under U.S. GAAP. The first step is to determine whether it is more likely than not that each income tax position would be sustained upon audit. The second step is to estimate and measure the tax benefit as the amount that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority. Estimating these amounts requires the Company to determine the probability of various possible outcomes. The Company evaluates these uncertain tax positions on a quarterly basis. This evaluation is based on the consideration of several factors including changes in facts or circumstances, changes in applicable tax law, settlement of issues under audit, and new exposures. If the Company later determines that the exposure is lower or that the liability is not sufficient to cover its revised expectations, the Company adjusts the liability and effect a related change in its tax provision during the period in which the Company makes such determination. On December 22, 2017, the TCJA was enacted into law. The TCJA provides for numerous significant tax law changes and modifications including, among other things, reducing the U.S. federal corporate tax rate from 35 percent to 21 percent; requiring companies to pay a one-time transition tax on certain unremitted earnings of foreign subsidiaries; generally eliminating U.S. federal income taxes on dividends from foreign subsidiaries; requiring a current inclusion in U.S. federal taxable income of certain earnings of controlled foreign corporations; and creating a new limitation on deductible interest expense. Certain provisions of the TCJA began to impact the Company in fiscal year 2018, while other provisions will impact the Company beginning in fiscal year 2019. The SEC staff issued Staff Accounting Bulletin 118 which allows companies to record provisional amounts during a measurement period that is similar to the measurement period used when accounting for business combinations. As of December 31, 2017, the Company has made reasonable estimates of the effects on its existing deferred tax balances and the one-time repatriation tax recording provisional charges as a component of income tax expense from continuing operations. As of April 1, 2018, the Company had not fully completed its accounting for the tax effects of the enactment of the TCJA. The Company’s provision for income taxes is based in part on a reasonable estimate of the effects on its transition tax and existing deferred tax balances. The Company will continue to assess the impact of the recently enacted tax law and expected further guidance from federal and state tax authorities as well as further guidance for the associated income tax accounting on its business and consolidated financial statements. |
Revenue Recognition | Revenue Recognition . The Company’s revenue results from semiconductor products sold through three channels: direct sales to original equipment manufacturers (OEMs) and electronic manufacturing service providers (EMSs), consignment sales to OEMs and EMSs, and sales through distributors. The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable, and its ability to collect is reasonably assured. Distributors have rights to price protection, ship from stock pricing credits and stock rotation. When the Company was unable to estimate these credits, the Company deferred revenue and related cost of revenues on sales to these distributors until the product was sold through by the distributor to an end-customer. The Company continuously reassesses its ability to reliably estimate the ultimate price of these products and, as of the end of fiscal 2018, distribution revenue is recognized upon shipment, with reserves recorded for the estimated return and pricing adjustment exposures. The determination of the amount of reserves to be recorded requires that the Company makes estimates. The Company utilizes historical experience and market trends to estimate the reserves. Historically, differences between actual and estimated credits have not been material. The Company recognizes software royalty revenue based on reports received from customers during the quarter, assuming that all other revenue recognition criteria are met. |
Shipping and Handling Costs | Shipping and Handling Costs . The Company includes shipping and handling costs billed to customers in revenues. The Company’s shipping and handling costs are included in cost of revenues. |
Stock-based Compensation | Stock-based Compensation . The fair value of employee restricted stock units is equal to the market value of the Company’s common stock on the date the award is granted. For performance-based restricted stock units, the Company is required to assess the probability of achieving certain financial objectives at the end of each reporting period. Based on the assessment of this probability, which requires subjective judgment, the Company records stock-based compensation expense before the performance criteria are actually fully achieved, which may then be reversed in future periods if the Company determines that it is no longer probable that the objectives will be achieved. The expected cost of each award is reflected over the performance period and is reduced for estimated forfeitures. For restricted stock units which are subject to a market condition, compensation cost is recognized regardless of whether the market condition is satisfied, provided that the requisite service period has been provided. The market condition is considered in the estimate of fair value using a method that incorporates the possibility that the market condition may not be satisfied. The Company estimates the fair value of employee stock options and the right to purchase shares under the employee stock purchase plan using the Black-Scholes valuation model, consistent with the FASB’s authoritative guidance for stock-based payments. Option-pricing models require the input of highly subjective assumptions, including the expected term of options and the expected price volatility of the stock underlying such options. In addition, the Company is required to estimate the number of stock-based awards that will be forfeited due to employee turnover and true up these forfeiture rates when actual results are different from the Company's estimates. The Company attributes the value of stock-based compensation to expense on an accelerated method. Finally, the Company capitalizes into inventory a portion of the periodic stock-based compensation expense that relates to employees working in manufacturing activities. For market-based stock unit awards, the fair value of each award is estimated on the date of grant using a Monte Carlo simulation model that uses the assumptions such as expected price volatility, expected term, and risk-free interest rate. The Company updates the expected term of stock option grants annually based on its analysis of the stock option exercise behavior over a period of time. The interest rate used in the Black-Scholes valuation model to value the stock option is based on the average U.S. Treasury interest rate over the expected term during the applicable quarter. The Company believes that the implied volatility of its common stock is an important consideration of overall market conditions and a good indicator of the expected volatility of its common stock. However, due to the limited volume of options freely traded over the counter, the Company believes that implied volatility, by itself, is not representative of the expected volatility of its common stock. Therefore, the Company's volatility factor used to estimate the fair value of its stock-based awards reflects a blend of historical volatility of its common stock and implied volatility of call options and dealer quotes on call options, generally having a term of less than twelve months. The Company has not paid, nor does it have current plans to pay dividends on its common stock in the foreseeable future. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) . Comprehensive income (loss) is comprised of net income (loss) and unrealized gains and losses on available-for-sale securities and foreign exchange contracts and changes in pension assets and liabilities. Accumulated other comprehensive income (loss), as presented on the Consolidated Balance Sheets, consists of net unrealized gains and losses on available-for-sale securities and foreign currency translation adjustments, and changes in post-employment and post-retirement benefit plan assets and liabilities, net of tax. |
Translation of Foreign Currencies | Translation of Foreign Currencies . For subsidiaries in which the functional currency is the local currency, gains and losses resulting from translation of foreign currency financial statements into U.S. dollars are recorded as a component of accumulated other comprehensive income (loss). For subsidiaries where the functional currency is the U.S. dollar, gains and losses resulting from the process of remeasuring foreign currency financial statements into U.S. dollars are included in interest income and other, net. |
Certain Risk and Concentrations | Certain Risk and Concentrations . The Company's most significant potential exposure to credit concentration risk includes debt-security investments, foreign exchange contracts and trade accounts receivable. The Company’s investment policy addresses sector and industry concentrations, credit ratings and maturity dates. The Company invests its excess cash primarily in highly-rated money market and short-term debt instruments, diversifies its investments and, by policy, invests only in highly-rated securities to minimize credit risk. The Company sells to OEMs, distributors and EMSs primarily in the U.S., Europe and APAC. The Company monitors the financial condition of its major customers, including performing credit evaluations of those accounts which management considers to be high risk, and generally does not require collateral from its customers. When deemed necessary, the Company may limit the credit extended to certain customers. The Company’s relationship with the customer, and the customer’s past and current payment experience, are also factored into the evaluation in instances in which limited financial information is available. The Company maintains an allowance for doubtful accounts for probable credit losses, including reserves based upon a percentage of total receivables. When the Company becomes aware that a specific customer may default on its financial obligation, a specific amount, which takes into account the level of risk and the customer’s outstanding accounts receivable balance, is reserved. These reserved amounts are classified within selling, general and administrative expenses. Write-offs of accounts receivable balances were not material in each of the three fiscal years presented. Sales through a distributor, Uniquest, represented approximately 10% , 11% , and 16% of the Company's revenues in fiscal 2018 , 2017 and 2016 , respectively. Sales through a distributor, Avnet and its affiliates, represented approximately 15% , 10% and 15% of the Company’s revenues in fiscal 2018 , 2017 and 2016 , respectively. Macnica and its affiliates represented approximately 10% of the Company’s revenues in fiscal 2018 . As of April 1, 2018 , one distributor represented approximately 15% of the Company's accounts receivable. As of April 2, 2017 , two distributors represented approximately 11% and 10% , respectively, of the Company's accounts receivable. SK Hynix and its affiliates, which is a direct OEM customer, accounted for 12% of our revenues in fiscal 2016. No other distributor or single direct or consignment customer represented 10% or more of our total revenues in fiscal 2018, 2017 and 2016. The semiconductor industry is characterized by rapid technological change, competitive pricing pressures, and cyclical market patterns. The Company's results of operations are affected by a wide variety of factors, including general economic conditions, both at home and abroad; economic conditions specific to the semiconductor industry; demand for the Company's products; the timely introduction of new products; implementation of new manufacturing technologies; manufacturing capacity; the availability and cost of materials and supplies; competition; the ability to safeguard patents and intellectual property in a rapidly evolving market; and reliance on assembly and manufacturing foundries, independent distributors and sales representatives. As a result, the Company may experience substantial period-to-period fluctuations in future operating results due to the factors mentioned above or other factors. |
Product Warranty | Product Warranty . The Company maintains a reserve for obligations it incurs under its product warranty program. The standard warranty period offered is one year, though in certain instances the warranty period may be extended to as long as two years. Management estimates the fair value of its warranty liability based on actual past warranty claims experience, its policies regarding customer warranty returns and other estimates about the timing and disposition of product returned under the program. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Pronouncements Recently Adopted In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments, which clarifies the classification of certain cash receipts and cash payments in the statement of cash flows, including debt prepayment or extinguishment costs, settlement of contingent consideration arising from a business combination, insurance settlement proceeds, and distributions from certain equity method investees. The adoption of ASU No. 2016-15 is required to be applied retrospectively. The Company adopted the new guidance in the first quarter of fiscal 2018. There was no material impact upon adoption. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory, which provides the guidance applying to inventory measured using any other method other than last-in, last-out method. Under this guidance, inventory is measured at the lower of cost and net realizable value. The net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The Company adopted the new guidance prospectively in the first quarter of fiscal 2018. There was no material impact in the period of adoption. Accounting Pronouncements Not Yet Effective for Fiscal 2018 In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows an entity to elect to reclassify the stranded tax effects resulting from the change in income tax rate from the Tax Cuts and Jobs Act from accumulated other comprehensive income to retained earnings. The amendments in this update are effective for periods beginning after December 15, 2018. Early adoption is permitted. The Company does not believe that the adoption of this new accounting guidance will have any material impact on its consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting, which amends the requirements in GAAP related to accounting in changes to stock compensation awards. The guidance in ASU 2017-09 is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. The Company does not believe that the adoption of this new accounting guidance will have any material impact on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350), which simplifies the measurement of goodwill by eliminating the Step 2 impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. The new guidance requires an entity to compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The new guidance becomes effective for goodwill impairment tests in fiscal years beginning after December 15, 2019, though early adoption is permitted. The Company does not believe that the adoption of this new accounting guidance will have any material impact on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805), which clarifies the definition of business. The update provides a more robust framework to use in determining when a set of assets and activities is a business. The new guidance provides a screen to determine when a set of assets and activities is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. The new guidance becomes effective in fiscal years beginning after December 15, 2017, though early adoption is permitted. The new guidance should be applied prospectively on or after the effective date. No disclosures are required at transition. The Company does not believe that the adoption of this new accounting guidance will have any material impact on its consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory, which requires entities to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. This amends current GAAP which prohibits recognition of current and deferred income taxes for all types of intra-entity asset transfers until the asset has been sold to a third party or otherwise recovered through use. The new standard will be effective for the Company starting in the first quarter of fiscal 2019. Early adoption is permitted. Upon adoption, companies must apply a modified retrospective transition approach through a cumulative-effect adjustment to retained earnings or accumulated deficit as of the beginning of the period of adoption. As of April 1, 2018, the Company has a deferred tax charge of $13.7 million recorded in prepayments and other current assets and other assets, which represents the tax expense that was deferred in accordance with current GAAP. At adoption, the Company will recognize the unamortized portion of the deferred tax charge through a cumulative-effect adjustment to accumulated deficit. Additionally, a deferred tax asset will be recognized, through a cumulative-effect adjustment to accumulated deficit, for the unamortized tax basis in the assets, which as of April 1, 2018 would have been $0.5 million . In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses, which changes the accounting for recognizing impairments of financial assets. Under the new guidance, credit losses for certain types of financial instruments will be estimated based on expected losses. The new guidance also modifies the impairment models for available-for-sale debt securities and for purchased financial assets with credit deterioration since their origination. The new guidance will be effective for the Company starting in the first quarter of fiscal 2021. Early adoption is permitted starting in the first quarter of fiscal 2020. The Company is in the process of determining the effects the adoption will have on its consolidated financial statements. In February 2016, the FASB issued an ASU 2016-02, Leases (Topic 842). The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. All leases create a right-of-use asset and a liability for the lessee in accordance with FASB Concepts Statement No. 6, Elements of Financial Statements, and, therefore, recognition of those lease assets and lease liabilities represents an improvement over previous GAAP, which did not require lease assets and lease liabilities to be recognized for most leases. This ASU is effective for annual and interim periods beginning after December 15, 2018. Early adoption is permitted. As currently issued, entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. There are additional optional practical expedients that an entity may elect to apply. The Company currently plans to adopt the new standard effective the first quarter of fiscal 2020 and expects to elect certain available transitional practical expedients. The Company is currently assessing the impact that the new standard will have on its consolidated financial statements, which will consist primarily of a balance sheet gross up of right-of-use assets and lease liabilities on the Consolidated Balance Sheets upon adoption, which will increase the Company's total assets and liabilities. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, which changes the current accounting related to (i) the classification and measurement of certain equity investments, (ii) the presentation of changes in the fair value of financial liabilities measured under the fair value option that are due to instrument-specific credit risk, and (iii) certain disclosures associated with the fair value of financial instruments. Most notably, ASU 2016-01 requires that equity investments, with certain exemptions, be measured at fair value with changes in fair value recognized in net income as opposed to other comprehensive income. The guidance further clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. The guidance is applied by means of cumulative-effect adjustment to the balance sheet as of the beginning of fiscal year of adoption and is effective for the Company in its first quarter of fiscal 2019. Early adoption is permitted only if certain criteria are met. The Company does not believe that the adoption of this new accounting guidance will have any material impact on its consolidated financial statements. On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which 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. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The standard permits the use of either the retrospective or cumulative effect transition method. The FASB also decided to allow early adoption of the standard, but not before the original effective date of December 15, 2016. In March, April and May 2016, the FASB issued additional updates to the new revenue standard relating to reporting revenue on a gross versus net basis, identifying performance obligations and licensing arrangements, and narrow-scope improvements and practical expedients, respectively. The new standard will be effective for the Company beginning April 2, 2018. The Company has elected to use the modified retrospective method as its transition method in adoption of the new revenue standard. Under this transition method, the Company elects to apply this new guidance only to contracts that are not completed at the adoption date. As of end of fiscal 2018, the Company's revenues on sales to all distributors are recognized upon shipment, with reserves recorded for the estimated return and pricing adjustment exposures. Because of this, the Company expects the new standard to have an insignificant impact on the timing of recognition of revenue from distributors. Additionally, the Company currently recognizes revenue from per-unit royalty-based IP licenses in the period the licensee reports its sales, which for the most customers is shortly after the period in which the sales occurred. Hence, the Company is reliably able to estimate the royalty revenues for any given period and does not expect any significant impact due to adoption of the new revenue recognition standard. The Company expects other revenue streams to remain substantially unchanged and along with IP royalty revenues, insignificant in the aggregate. The Company also elects to exclude amounts collected from customers for all sales taxes from the transaction price, which is consistent with its current process. As part of the Company's assessment and implementation plan, the Company is implementing changes to its policies and procedures, enhancing controls and disclosures to support the new standard. |
Net Income (Loss) Per Share F34
Net Income (Loss) Per Share From Continuing Operations (Tables) | 12 Months Ended |
Apr. 01, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Basic and Diluted | The following table sets forth the computation of basic and diluted net income (loss) per share from continuing operations: Fiscal Year Ended (in thousands, except per share amounts) April 1, April 2, April 3, Numerator (basic and diluted): Net income (loss) from continuing operations $ (12,136 ) $ 109,184 $ 195,299 Denominator: Weighted average common shares outstanding, basic 132,651 133,817 142,783 Dilutive effect of employee stock options, restricted stock units and performance stock units — 3,623 4,869 Weighted average common shares outstanding, diluted 132,651 137,440 147,652 Basic net income (loss) per share from continuing operations $ (0.09 ) $ 0.82 $ 1.37 Diluted net income (loss) per share from continuing operations $ (0.09 ) $ 0.79 $ 1.32 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Apr. 01, 2018 | |
Business Combinations [Abstract] | |
Schedule of Total Consideration of Acquisition | Total consideration consisted of the following: (in thousands) Cash paid to ZMDI shareholders $ 307,030 Less: cash acquired (27,892 ) Total purchase price, net of cash acquired $ 279,138 Total consideration consisted of the following: (in thousands) Cash paid to GigPeak shareholders $ 246,717 Fair value of partially vested employee equity awards related to pre-combination services 3,400 Total purchase price 250,117 Less: cash acquired (9,001 ) Total purchase price, net of cash acquired $ 241,116 |
Schedule of Purchase Price Allocation | The Company's allocation of the purchase price is as follows: (in thousands) Estimated Fair Value Cash $ 27,892 Accounts receivable 10,618 Inventories 19,892 Other current assets 1,551 Property, plant and equipment 9,287 Other non-current assets 2,003 Intangible assets 126,200 Goodwill 170,089 Accounts payable (5,633 ) Accrued and other current liabilities (19,141 ) Loans payable (9,437 ) Deferred tax liability (23,467 ) Other long term liabilities (2,824 ) Total purchase price $ 307,030 The Company's purchase price allocation with immaterial adjustments made through April 1, 2018 is as follows: (in thousands) Estimated Fair Value Cash and cash equivalents $ 9,001 Accounts receivable 14,806 Inventories 18,399 Prepayments and other current assets 2,641 Property, plant and equipment 2,434 Goodwill 113,192 Intangible assets 97,860 Deferred tax assets 7,610 Other assets 1,501 Accounts payable (5,753 ) Accrued compensation and related expenses (3,279 ) Other accrued liabilities (3,538 ) Long-term income tax payable (1,253 ) Other long-term liabilities (3,504 ) Total purchase price $ 250,117 |
Schedule of Fair Value of Intangible Assets Acquired and Useful Lives | A summary of the estimated fair value of the intangible assets, net acquired and their estimated useful lives is as follows: (in thousands) Estimated Fair Value Estimated Useful Life (in years) Developed technology $ 56,000 5 years Customer contracts and related relationships 28,900 5 years Order backlog 200 1 year Software licenses 2,560 less than a year In-process research and development ("IPR&D") 10,200 Total $ 97,860 A summary of the allocation of intangible assets is as follows: (in thousands) Estimated Fair Value Estimated Useful Life Developed technology $ 75,600 7 Customer relationships 44,000 7 Order backlog 5,800 1 Trademark 800 1 Total $ 126,200 |
Schedule of Pro Forma Financial Information Including Acquisition | Consequently, actual results will differ from the unaudited pro forma information presented below: Fiscal Year Ended (Unaudited in thousands, except per share data) April 1, 2018 April 2, 2017 Revenues $ 842,764 $ 790,319 Net income (loss) $ (961 ) $ 83,873 Basic net income (loss) per share - continuing operations $ (0.01 ) $ 0.63 Diluted net income (loss) per share - continuing operations $ (0.01 ) $ 0.61 Consequently, actual results will differ from the unaudited pro forma information presented below: Fiscal Year Ended (Unaudited in thousands, except per share data) April 3, March 29, Revenues $ 760,232 $ 650,815 Net income $ 202,213 $ 67,690 Basic net income per share - continuing operations $ 1.42 $ 0.46 Diluted net income per share - continuing operations $ 1.37 $ 0.44 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Apr. 01, 2018 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table summarizes the Company’s financial assets measured at fair value on a recurring basis as of April 1, 2018 : Fair Value at Reporting Date Using (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Total Assets: Cash equivalents and short-term investments: U.S. government treasuries and agencies securities $ 60,272 $ — $ 60,272 Money market funds 48,847 — 48,847 Asset-backed securities — 16,687 16,687 Corporate bonds — 109,605 109,605 International government bonds — 2,638 2,638 Corporate commercial paper — 9,034 9,034 Bank deposits — 45,080 45,080 Repurchase agreements — 142 142 Total assets measured at fair value $ 109,119 $ 183,186 $ 292,305 The following table summarizes the Company’s financial assets measured at fair value on a recurring basis as of April 2, 2017 : Fair Value at Reporting Date Using (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Total Assets: Cash equivalents and short-term investments: U.S. government treasuries and agencies securities $ 61,556 $ — $ 61,556 Money market funds 140,425 — 140,425 Asset-backed securities — 13,847 13,847 Corporate bonds — 96,376 96,376 International government bonds — 5,410 5,410 Corporate commercial paper — 4,898 4,898 Bank deposits — 12,305 12,305 Repurchase agreements — 173 173 Total assets measured at fair value $ 201,981 $ 133,009 $ 334,990 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Apr. 01, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Value of Available-For-Sale Investments | The amortized cost and fair value of available-for-sale investments as of April 1, 2018 were as follows: (in thousands) Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. government treasuries and agencies securities $ 61,166 $ — $ (894 ) $ 60,272 Money market funds 48,847 — — 48,847 Asset-backed securities 16,797 — (110 ) 16,687 Corporate bonds 111,266 43 (1,704 ) 109,605 International government bonds 2,650 — (12 ) 2,638 Corporate commercial paper 9,034 — — 9,034 Bank deposits 45,080 — — 45,080 Repurchase agreements 142 — — 142 Total available-for-sale investments 294,982 43 (2,720 ) 292,305 Less amounts classified as cash equivalents (70,279 ) — — (70,279 ) Short-term investments $ 224,703 $ 43 $ (2,720 ) $ 222,026 The amortized cost and fair value of available-for-sale investments as of April 2, 2017 were as follows: (in thousands) Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. government treasuries and agencies securities $ 62,048 $ 16 $ (508 ) $ 61,556 Money market funds 140,425 — — 140,425 Asset-backed securities 13,865 5 (23 ) 13,847 Corporate bonds 96,660 42 (326 ) 96,376 International government bonds 5,423 2 (15 ) 5,410 Corporate commercial paper 4,898 — — 4,898 Bank deposits 12,305 — — 12,305 Repurchase agreements 173 — — 173 Total available-for-sale investments 335,797 65 (872 ) 334,990 Less amounts classified as cash equivalents (143,498 ) — — (143,498 ) Short-term investments $ 192,299 $ 65 $ (872 ) $ 191,492 |
Schedule of Cost and Estimated Fair Value of Available-For-Sale Debt Securities | The cost and estimated fair value of available-for-sale debt securities as of April 1, 2018 , by contractual maturity, were as follows: ( in thousands ) Amortized Cost Estimated Fair Value Due in 1 year or less $ 119,172 $ 119,056 Due in 1-2 years 111,814 110,226 Due in 2-5 years 63,996 63,023 Total investments in available-for-sale debt securities $ 294,982 $ 292,305 The cost and estimated fair value of available-for-sale debt securities as of April 2, 2017 , by contractual maturity, were as follows: ( in thousands ) Amortized Cost Estimated Fair Value Due in 1 year or less $ 188,008 $ 187,984 Due in 1-2 years 46,089 45,995 Due in 2-5 years 101,700 101,011 Total investments in available-for-sale debt securities $ 335,797 $ 334,990 |
Gross Unrealized Losses and Fair Value of Investments in Continuous Loss Position | The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses as of April 1, 2018 , aggregated by investment category and length of time that individual securities have been in a continuous loss position. Less Than 12 Months 12 Months or Greater Total (in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Corporate bonds $ 78,726 $ (1,324 ) $ 23,286 $ (380 ) $ 102,012 $ (1,704 ) U.S. government treasuries and agencies securities 25,352 (221 ) 34,920 (673 ) 60,272 (894 ) Asset-backed securities 14,147 (90 ) 2,540 (20 ) 16,687 (110 ) International government bonds — — 2,638 (12 ) 2,638 (12 ) Total $ 118,225 $ (1,635 ) $ 63,384 $ (1,085 ) $ 181,609 $ (2,720 ) The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses, as of April 2, 2017 , aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position. Less Than 12 Months 12 Months or Greater Total (in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Corporate bonds $ 71,308 $ (326 ) $ — $ — $ 71,308 $ (326 ) Asset-backed securities 11,294 (23 ) — — 11,294 (23 ) U.S. government treasuries and agencies securities 55,497 (508 ) — — 55,497 (508 ) International government bonds 2,634 (15 ) — — 2,634 (15 ) Total $ 140,733 $ (872 ) $ — $ — $ 140,733 $ (872 ) |
Stock-Based Employee Compensa38
Stock-Based Employee Compensation (Tables) | 12 Months Ended |
Apr. 01, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Compensation Expense | The following table summarizes stock-based compensation expense by line items appearing in the Company’s Consolidated Statement of Operations: Fiscal Year Ended (in thousands) April 1, April 2, April 3, Cost of revenue $ 3,016 $ 2,929 $ 2,707 Research and development 24,262 16,068 15,268 Selling, general and administrative 23,505 20,872 16,182 Discontinued operations — — (32 ) Total stock-based compensation expense $ 50,783 $ 39,869 $ 34,125 |
Valuation Assumptions | These variables include, but are not limited to, the Company’s expected stock price volatility over the term of the awards, as well as the expected term of the awards. Fiscal Year Ended April 1, April 2, April 3, Stock options: Expected term (in years) * 4.00 4.00 Risk-free interest rate * 1.35 % 1.20 % Volatility * 40.5 % 42.6 % Weighted-average grant-date fair value * $ 8.39 $ 7.55 ESPP: Expected term (in years) 0.25 0.25 0.25 Risk-free interest rate 1.05 % 0.32 % 0.06 % Volatility 34.0 % 36.9 % 42.1 % Weighted-average grant-date fair value $ 5.76 $ 4.87 $ 5.05 * No stock options issued in fiscal 2018. |
Stock Option Activities | The following is a summary of the Company's stock option activity and related weighted average exercise prices for each category: Fiscal 2018 (shares in thousands) Shares Weighted-Average Beginning stock options outstanding 1,374 $ 13.01 Granted — — Exercised (1) (437 ) 9.77 Canceled (17 ) 23.58 Ending stock options outstanding 920 $ 14.35 Ending stock options exercisable 806 $ 13.36 (1) Upon exercise, the Company issues new shares of common stock. |
Summary of Information About Stock Options Outstanding | The following is a summary of information about stock options outstanding as of April 1, 2018 : Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding (in thousands) Weighted-Average Remaining Contractual Life (in years) Weighted-Average Exercise Price Number Exercisable (in thousands) Weighted-Average Exercise Price 5.31 - 7.13 95 1.10 $5.83 95 $5.83 7.67 - 7.67 50 2.12 7.67 50 7.67 8.49 - 8.49 20 0.12 8.49 20 8.49 11.13 - 11.13 10 3.04 11.13 10 11.13 11.79 - 11.79 320 2.88 11.79 320 11.79 12.16 - 12.16 113 3.12 12.16 105 12.16 18.55 - 18.55 7 4.08 18.55 5 18.55 20.56 - 20.56 3 3.88 20.56 3 20.56 21.95 - 21.95 290 4.06 21.95 194 21.95 25.16 - 25.16 12 5.79 25.16 4 25.16 920 3.04 $14.35 806 $13.36 |
Schedule of Nonvested Restricted Stock Units Activity | The following table summarizes the Company’s RSU activity and related weighted-average exercise prices for each category: Fiscal 2018 (shares in thousands) Shares Weighted-Average Grant Date Fair Value Per Share Beginning RSUs outstanding 3,840 $ 18.88 Granted 2,765 24.47 Released (1,533 ) 17.53 Forfeited (593 ) 21.71 Ending RSUs outstanding 4,479 $ 22.42 |
Market-based Stock Units Valuation Assumptions | The following weighted average assumptions were used to calculate the fair value of the market-based equity award using a Monte Carlo simulation model: May 15, 2017 June 15, 2016 June 15, 2015 June 15, 2014 Estimated fair value $ 27.65 $ 28.01 $ 33.08 $ 21.00 Expected volatility 43.36 % 46.90 % 41.22 % 34.60 % Expected term (in years) 2.88 1.80 1.80 1.80 Risk-free interest rate 1.47 % 0.70 % 0.65 % 0.38 % |
Summary of ESPP Activity | Activity under the Company’s ESPP is summarized in the following table: (in thousands, except per share amounts) Fiscal 2018 Fiscal 2017 Fiscal 2016 Number of shares issued 395 508 606 Average issuance price $ 22.28 $ 18.24 $ 17.05 Number of shares available at year-end 2,869 3,264 3,772 |
Balance Sheet Detail (Tables)
Balance Sheet Detail (Tables) | 12 Months Ended |
Apr. 01, 2018 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Detail | (in thousands) April 1, April 2, Inventories, net Raw materials $ 4,345 $ 2,017 Work-in-process 45,713 35,192 Finished goods 18,644 15,079 Total inventories, net $ 68,702 $ 52,288 Accounts receivable, net Accounts receivable, gross $ 120,953 $ 94,396 Allowances for returns, price credits and doubtful accounts (12,174 ) (5,084 ) Total accounts receivable, net $ 108,779 $ 89,312 Property, plant and equipment, net Land $ 11,535 $ 11,535 Machinery and equipment 285,784 268,683 Building and leasehold improvements 50,722 49,022 Total property, plant and equipment, gross 348,041 329,240 Less: accumulated depreciation (1) (261,196 ) (248,279 ) Total property, plant and equipment, net $ 86,845 $ 80,961 Other current liabilities Accrued restructuring costs (2) $ 4,637 $ 4,841 Current income tax payable 6,281 1,035 Other (3) 15,606 14,329 Total other current liabilities $ 26,524 $ 20,205 Other long-term obligations Deferred compensation related liabilities $ 16,310 $ 15,024 Other (4) 9,374 3,870 Total other long-term liabilities $ 25,684 $ 18,894 (1) Depreciation expense was $28.5 million , $20.8 million , and $18.3 million for fiscal years 2018, 2017 and 2016, respectively. (2) Includes accrued severance costs related to integration of acquired business, the disposed HSC business, and other restructuring actions. Refer to Note 15 for additional information. (3) Other current liabilities consist primarily of accrued royalties and outside commissions, current portion of deferred revenue, current portion of lease payable, current portion of liability for contingent consideration, and other accrued unbilled expenses. (4) Other long-term obligations consist primarily of non-current portion of liability for contingent consideration, non-current portion of deferred revenue, non-current portion of lease payable, and other long-term accrued |
Deferred Income on Shipments 40
Deferred Income on Shipments to Distributors (Tables) | 12 Months Ended |
Apr. 01, 2018 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Income on Shipments to Distributors | The components of deferred income on shipments to distributors as of April 1, 2018 and April 2, 2017 were as follows: (in thousands) April 1, April 2, Gross deferred revenue $ — $ 2,335 Gross deferred costs — (350 ) Deferred income on shipments to distributors $ — $ 1,985 |
Accumulated Other Comprehensi41
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Apr. 01, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in the balance of accumulated other comprehensive income (loss), net of taxes, by component consisted of the following: (in thousands) Cumulative translation adjustments Unrealized gain or loss on available-for-sale investments Pension adjustments Total Balance as of April 3, 2016 $ (4,001 ) $ 222 $ 65 $ (3,714 ) Other comprehensive loss before reclassifications (2,042 ) (1,392 ) — (3,434 ) Amounts reclassified out of accumulated other comprehensive income — 363 — 363 Net current-period other comprehensive loss (2,042 ) (1,029 ) — (3,071 ) Balance as of April 2, 2017 (6,043 ) (807 ) 65 (6,785 ) Other comprehensive income (loss) before reclassifications 3,892 (1,770 ) — 2,122 Amounts reclassified out of accumulated other comprehensive loss — (100 ) — (100 ) Net current-period other comprehensive income (loss) 3,892 (1,870 ) — 2,022 Balance as of April 1, 2018 $ (2,151 ) $ (2,677 ) $ 65 $ (4,763 ) Amounts reclassified out of comprehensive income (loss) components consisted of the following: (in thousands) April 1, April 2, April 3, 2016 Location Unrealized holding gain or loss on available-for-sale investments $ (100 ) $ 363 $ 345 interest and other, net Change in unrealized losses on post-employment and post-retirement benefit plans — — (615 ) operating expense Total amounts reclassified out of accumulated other comprehensive loss $ (100 ) $ 363 $ (270 ) |
Goodwill and Intangible Asset42
Goodwill and Intangible Assets, Net (Tables) | 12 Months Ended |
Apr. 01, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amounts of Goodwill by Segment | Goodwill activity for fiscal 2018 and 2017 is summarized as follows: Reportable Segments (in thousands) Communications Computing, Consumer and Industrial Total Balance as of April 3, 2016 $ 122,848 $ 182,885 $ 305,733 Impairment - the Disposal Group (see Note 5) (161 ) — (161 ) Additions - Synkera acquisition (see Note 3) — 1,353 1,353 Balance as of April 2, 2017 $ 122,687 $ 184,238 $ 306,925 Additions - GigPeak acquisition (see Note 3) 18,613 94,579 113,192 Balance as of April 1, 2018 $ 141,300 $ 278,817 $ 420,117 |
Summary of Intangible Assets Balances | Intangible asset balances as of April 1, 2018 and April 2, 2017 are summarized as follows: April 1, 2018 (in thousands) Gross Assets Impairment Accumulated Amortization Net Assets Purchased intangible assets: Developed technology $ 336,402 $ — $ (223,882 ) $ 112,520 Trademark 5,391 — (5,391 ) — Customer relationships 201,997 — (149,416 ) 52,581 Intellectual property licenses 7,500 — (3,901 ) 3,599 Software licenses 6,023 — (943 ) 5,080 Total amortizable purchased intangible assets 557,313 — (383,533 ) 173,780 In-process research and development (IPR&D) 9,017 (2,016 ) — 7,001 Total purchased intangible assets $ 566,330 $ (2,016 ) $ (383,533 ) $ 180,781 April 2, 2017 (in thousands) Gross Assets Impairment Accumulated Amortization Net Assets Purchased intangible assets: Developed technology $ 262,184 $ — $ (199,851 ) $ 62,333 Trademark 5,391 — (5,347 ) 44 Customer relationships 173,097 — (137,239 ) 35,858 Intellectual property licenses 16,196 (1,310 ) (4,303 ) 10,583 Total purchased intangible assets $ 456,868 $ (1,310 ) $ (346,740 ) $ 108,818 |
Summary of Amortization Expense for Purchased Intangible Assets | Amortization expense for identified intangibles is summarized below: Fiscal Year Ended (in thousands) April 1, 2018 April 2, 2017 April 3, 2016 Existing technology $ 24,031 $ 12,625 $ 6,052 Trademarks 44 775 726 Customer relationships 12,177 6,486 2,253 Backlog 200 1,286 4,504 Software licenses 3,290 — — Intellectual property licenses 6,984 2,481 1,819 Total $ 46,726 $ 23,653 $ 15,354 |
Estimated Remaining Future Amortization Expense | Based on the intangible assets recorded as of April 1, 2018 , assuming no subsequent additions to or impairment of the underlying assets, the remaining estimated amortization expense is expected to be as follows (in thousands): Fiscal Year Amount 2019 $ 40,923 2020 41,447 2021 40,498 2022 38,316 2023 and thereafter 19,597 Total $ 180,781 |
Restructuring and Related Cos43
Restructuring and Related Costs (Tables) | 12 Months Ended |
Apr. 01, 2018 | |
Restructuring and Related Activities [Abstract] | |
Provision of Restructuring Charges and Liability Remaining | The following table shows the provision of the restructuring charges and the remaining liabilities as of April 1, 2018 : Others (Continuing Operations) (in thousands) HSC (Discontinued Operations) Cost of Revenues Operating Expenses Total Severance and related charges: Balance as of March 29, 2015 $ 10,217 $ — $ 295 $ 10,512 Provision — 435 11,197 11,632 Cash payments (8,877 ) (128 ) (10,533 ) (19,538 ) Foreign exchange impact 194 — 16 210 Balance as of April 3, 2016 1,534 307 975 2,816 Provision — 2,605 13,804 16,409 Cash payments (83 ) (2,709 ) (11,092 ) (13,884 ) Foreign exchange impact (24 ) (2 ) (474 ) (500 ) Balance as of April 2, 2017 1,427 201 3,213 4,841 Provision — 416 7,431 7,847 Cash payments (867 ) (370 ) (6,960 ) (8,197 ) Foreign exchange impact 66 — 82 148 Balance as of April 1, 2018 $ 626 $ 247 $ 3,766 $ 4,639 Facility and related charges: Balance as of April 2, 2017 $ — $ — $ — $ — Provision and adjustments — — 2,818 2,818 Payments — — (537 ) (537 ) Balance as of April 1, 2018 $ — $ — $ 2,281 $ 2,281 Asset impairment charges: Asset impairment $ — $ 5,460 $ 2,386 $ 7,846 As part of an effort to streamline operations with changing market conditions and to create a more efficient organization, the Company has undertaken restructuring actions to reduce its workforce and consolidate facilities. The Company’s restructuring expenses consist primarily of severance and termination benefit costs related to the reduction of its workforce, asset impairment charges and lease obligation charges related to a facility that is no longer used. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Apr. 01, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | As of April 1, 2018 , aggregate future minimum commitments for the next five fiscal years and thereafter under all operating leases were as follows (in thousands): Fiscal Year Amount 2019 $ 7,092 2020 5,634 2021 2,568 2022 1,970 2023 and thereafter 1,234 Total $ 18,498 |
Convertible Senior Notes, War45
Convertible Senior Notes, Warrants and Hedges (Tables) | 12 Months Ended |
Apr. 01, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Convertible Debt | At the debt issuance date, the Convertible Notes, net of issuance costs, consisted of the following: (in thousands) November 3, 2015 Liability component Principal $ 274,435 Less: Issuance cost (7,568 ) Net carrying amount 266,867 Equity component * Allocated amount 99,316 Less: Issuance cost (2,738 ) Net carrying amount 96,578 Convertible Notes, net $ 363,445 * Recorded in the consolidated balance sheet within additional paid-in capital. The following table includes total interest expense recognized related to the Convertible Notes for fiscal years ended April 1, 2018 , April 2, 2017 and April 3, 2016 : Fiscal Year Ended (in thousands) April 1, 2018 April 2, 2017 April 3, 2016 Contractual interest expense $ 3,307 $ 3,307 $ 1,363 Amortization of debt issuance costs 1,081 1,081 450 Amortization of debt discount 12,929 12,239 4,904 $ 17,317 $ 16,627 $ 6,717 The net liability component of Convertible Notes is comprised of the following as of April 1, 2018 and April 2, 2017 : Fiscal Year Ended (in thousands) April 1, 2018 April 2, 2017 Net carrying amount at beginning of the period $ 285,541 $ 272,221 Amortization of debt issuance costs during the year 1,081 1,081 Amortization of debt discount during the year 12,929 12,239 $ 299,551 $ 285,541 |
Term B Loan (Tables)
Term B Loan (Tables) | 12 Months Ended |
Apr. 01, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding Borrowings and Interest Expense | The following table summarizes the outstanding borrowings from the Initial Term B Loan as of April 1, 2018 : Fiscal Year Ended (in thousands) April 1, 2018 Outstanding principal balance $ 198,000 Unamortized debt issuance costs and debt discount (4,927 ) Outstanding principal, net of unamortized debt issuance costs and debt discount $ 193,073 Classified as follows: Current portion of bank loan $ 2,000 Long-term bank loan $ 191,073 As of April 1, 2018 , the Company made payments totaling $2.0 million towards the outstanding principal balance of the Initial Term B Loan. The following table includes the total interest expense related to the Term B Loan recognized during fiscal 2018: Fiscal Year Ended (in thousands) April 1, 2018 Contractual interest expense $ 8,708 Amortization of debt issuance costs and debt discount 821 Total $ 9,529 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 01, 2018 | |
Income Tax Disclosure [Abstract] | |
Components of Income (Loss) Before Income Taxes and Income Tax Expense (Benefit) | The components of income (loss) before income taxes and the income tax expense (benefit) were as follows: Fiscal Year Ended (in thousands) April 1, 2018 April 2, 2017 April 3, 2016 Income before income taxes from continuing operations: United States $ (37,479 ) $ (16,736 ) $ 5,431 Foreign 129,651 116,021 128,433 Income before income taxes $ 92,172 $ 99,285 $ 133,864 Income tax expense (benefit) from continuing operations: Current: United States $ 24,721 $ (146 ) $ 5,694 State 996 103 154 Foreign 5,999 1,611 38 31,716 1,568 5,886 Deferred: United States 67,895 (6,363 ) (59,944 ) State (970 ) 7 26 Foreign 5,667 (5,111 ) (7,403 ) 72,592 (11,467 ) (67,321 ) Income tax expense (benefit) from continuing operations $ 104,308 $ (9,899 ) $ (61,435 ) |
Reconciliation Between Statutory and Effective Income Tax Rates | Reconciliation between the statutory U.S. income tax rate and the effective rate is as follows: Fiscal Year Ended (in thousands) April 1, April 2, April 3, Provision from continuing operations at U.S. statutory rate $ 29,034 $ 34,750 $ 46,852 State tax, net of federal benefit 431 (389 ) 198 Effect of foreign operations (38,714 ) (48,018 ) (55,331 ) Repatriation of foreign earnings 6,341 10,121 32,957 Valuation allowance 2,622 1,424 (81,553 ) Research tax credits (8,666 ) (7,801 ) (6,150 ) Stock-based compensation (1,005 ) (1,785 ) 1,028 Transition Tax 103,907 — — Impact of the Tax Cuts and Jobs Act on deferred taxes 10,308 — — Other 50 1,799 564 Income tax expense (benefit) from continuing operations $ 104,308 $ (9,899 ) $ (61,435 ) |
Significant Components of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities were as follows: (in thousands) April 1, 2018 April 2, 2017 Deferred tax assets: Non-deductible accruals and reserves 14,720 17,598 Net operating losses and credit carryforwards 108,868 148,941 Depreciation and amortization 1,879 14,005 Stock options 2,791 4,087 Other 1,548 2,046 Total deferred tax assets 129,806 186,677 Deferred tax liabilities: Purchased intangibles (26,127 ) (31,421 ) Unremitted foreign earnings (8,163 ) (2,318 ) Other (2,920 ) (7,679 ) Total deferred tax liabilities (37,210 ) (41,418 ) Valuation allowance (91,054 ) (73,263 ) Net deferred tax assets $ 1,542 $ 71,996 |
Unrecognized Tax Benefits Activity | The following tables summarize the activities of gross unrecognized tax benefits: Fiscal Year Ended (in thousands) April 1, 2018 April 2, 2017 April 3, 2016 Beginning balance $ 36,993 $ 33,075 $ 33,190 Increases related to prior year tax positions 2,022 1,374 1,474 Decreases related to prior year tax positions (279 ) (87 ) (719 ) Increases related to current year tax positions 8,095 2,864 938 Decrease related to settlement — — (1,758 ) Decreases related to the lapsing of statute of limitations (165 ) (233 ) (50 ) Ending balance $ 46,666 $ 36,993 $ 33,075 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Apr. 01, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Reportable Segments Information | The tables below provide information about these segments: Revenues by segment Fiscal Year Ended (in thousands) April 1, April 2, April 3, Communications $ 251,682 $ 265,421 $ 302,188 Computing, Consumer and Industrial 591,082 462,822 395,188 Total revenues $ 842,764 $ 728,243 $ 697,376 As of April 2, 2017 , two distributors each represented approximately 11% and 10% of the Company's accounts receivable. Income by segment from continuing operations Fiscal Year Ended (in thousands) April 1, April 2, April 3, Communications $ 94,709 $ 105,016 $ 115,888 Computing, Consumer and Industrial 138,182 91,911 88,101 Unallocated expenses: Amortization of intangible assets (38,417 ) (21,360 ) (13,662 ) Inventory fair market value adjustment (8,023 ) (4,079 ) (5,531 ) Loss on divestitures — (710 ) — Asset impairment and other (10,779 ) (1,026 ) (147 ) Stock-based compensation (50,783 ) (39,869 ) (34,158 ) Severance, retention and facility closure costs (10,462 ) (16,335 ) (11,701 ) Acquisition-related costs and other (2,225 ) (2,295 ) (2,591 ) Interest income (expense) and other, net (20,030 ) (11,968 ) (2,335 ) Income from continuing operations, before income taxes $ 92,172 $ 99,285 $ 133,864 |
Revenues from Unaffiliated Customers by Shipment Location | Revenues from unaffiliated customers by geographic area, based on the customers' shipment locations, were as follows: Fiscal Year Ended (in thousands) April 1, April 2, April 3, Hong Kong $ 301,805 $ 258,970 $ 304,392 Korea 82,905 77,269 75,402 Rest of Asia Pacific 256,955 229,059 173,408 Europe 114,099 93,526 69,543 Americas (1) 87,000 69,419 74,631 Total revenues $ 842,764 $ 728,243 $ 697,376 (1) Revenues from the customers in the U.S. were $71.0 million , $63.0 million and $65.2 million in fiscal 2018 , 2017 and 2016 , respectively. |
Property, Plant and Equipment by Geographic Region | The Company's net property, plant and equipment are summarized below by geographic area: (in thousands) April 1, April 2, United States $ 41,230 $ 37,996 Malaysia 28,264 24,386 Germany 10,210 12,477 All other countries 7,141 6,102 Total property, plant and equipment, net $ 86,845 $ 80,961 |
Interest Income and Other, Net
Interest Income and Other, Net (Tables) | 12 Months Ended |
Apr. 01, 2018 | |
Other Income and Expenses [Abstract] | |
Components of Interest Income and Other, Net | The components of interest income and other, net are summarized as follows: Fiscal Year Ended (in thousands) April 1, 2018 April 2, 2017 April 3, 2016 Interest income $ 3,808 $ 2,916 $ 3,616 Other income, net 4,800 2,906 652 Interest income and other, net $ 8,608 $ 5,822 $ 4,268 |
SUPPLEMENTARY FINANCIAL INFOR50
SUPPLEMENTARY FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended |
Apr. 01, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | QUARTERLY RESULTS OF OPERATIONS Fiscal Year Ended April 1, 2018 (2) (in thousands, except per share data) First Quarter Second Quarter Third Quarter (1) Fourth Quarter (1) (4) Revenues $ 196,713 $ 204,398 $ 217,075 $ 224,578 Gross profit $ 110,038 $ 116,762 $ 128,385 $ 127,100 Net income (loss) (3) $ 16,714 $ 18,680 $ (68,241 ) $ 20,711 Basic net income (loss) per share (3) (5) $ 0.13 $ 0.14 $ (0.51 ) $ 0.16 Diluted net income (loss) per share (3) (5) $ 0.12 $ 0.14 $ (0.51 ) $ 0.15 Fiscal Year Ended April 2, 2017 (in thousands, except per share data) First Quarter Second Quarter Third Quarter (6) Fourth Quarter Revenues $ 192,128 $ 184,059 $ 176,358 $ 175,698 Gross profit $ 108,349 $ 106,532 $ 104,085 $ 101,672 Net income from continuing operations $ 20,947 $ 24,591 $ 33,437 $ 30,209 Net income from discontinued operations $ — $ — $ 1,298 $ — Net income $ 20,947 $ 24,591 $ 34,735 $ 30,209 Basic net income per share – continuing operations $ 0.16 $ 0.18 $ 0.25 $ 0.23 Basic net income per share $ 0.16 $ 0.18 $ 0.26 $ 0.23 Diluted net income per share – continuing operations $ 0.15 $ 0.18 $ 0.24 $ 0.22 Diluted net income per share $ 0.15 $ 0.18 $ 0.25 $ 0.22 (1) During fiscal 2018, we recorded an income tax charge of $114.2 million for the estimated impacts of the Tax Cuts and Job Act. Refer to Note 20 for details. (2) On April 4, 2017, the Company completed the acquisition of GigPeak. The results of operations of the GigPeak business have been included in fiscal 2018. (3) On April 4, 2017, the Company entered into a credit agreement that provides for variable rate term loans in aggregate principal amount of $200 million , with an original term of 7 years (the "Initial Term B Loan"). The Company recognized a total interest expense of $9.5 million related to the Term B Loan during fiscal 2018. Refer to Note 19 for details. (4) During fiscal 2018, the Company recorded total asset impairment charge of $9.8 million which was comprised of $7.8 million related to certain assets comprised of intangibles, equipment and prepaid licenses, which were determined to be specifically used in non-strategic businesses and had no alternative use (Refer to Note 15 for details); and $2.0 million related to certain IPR&D projects (Refer to Note 3 for details). (5) Basic and diluted earnings per share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share. (6) In the third quarter of fiscal 2017, the Company completed the sale of the Disposal Group and recorded a loss on divestiture of approximately $0.7 million . Also, the Company recognized a gain on divestiture of approximately $1.3 million , net of tax, from the collection of receivable on the sale of HSC business. |
Summary of Significant Accoun51
Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) | 12 Months Ended |
Apr. 01, 2018 | |
Minimum | Machinery and Equipment | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Minimum | Building and Building Improvements | |
Property, Plant and Equipment [Line Items] | |
Useful life | 10 years |
Maximum | Machinery and Equipment | |
Property, Plant and Equipment [Line Items] | |
Useful life | 5 years |
Maximum | Building and Building Improvements | |
Property, Plant and Equipment [Line Items] | |
Useful life | 30 years |
Summary of Significant Accoun52
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2018 | Apr. 02, 2017 | Apr. 03, 2016 | |
Concentration Risk [Line Items] | |||
Net foreign currency remeasurement gains | $ 4,500 | $ 500 | $ 300 |
Standard warranty period | 1 year | ||
Extended warranty period | 2 years | ||
Deferred tax recorded in prepayments and other current assets and other assets | $ 13,700 | ||
Uniquest | Customer Concentration Risk | Sales | |||
Concentration Risk [Line Items] | |||
Concentration risk (percentage) | 10.00% | 11.00% | 16.00% |
Avnet | Customer Concentration Risk | Sales | |||
Concentration Risk [Line Items] | |||
Concentration risk (percentage) | 15.00% | 10.00% | 15.00% |
Macnica | Customer Concentration Risk | Sales | |||
Concentration Risk [Line Items] | |||
Concentration risk (percentage) | 10.00% | ||
Significant Distributor 1 | Customer Concentration Risk | Accounts receivable | |||
Concentration Risk [Line Items] | |||
Concentration risk (percentage) | 15.00% | 11.00% | |
Significant Distributor 2 | Customer Concentration Risk | Accounts receivable | |||
Concentration Risk [Line Items] | |||
Concentration risk (percentage) | 10.00% | ||
Sk Hynix | Customer Concentration Risk | Sales | |||
Concentration Risk [Line Items] | |||
Concentration risk (percentage) | 12.00% | ||
Accounting Standards Update 2016-09 | |||
Concentration Risk [Line Items] | |||
Cumulative-effect adjustment from adoption of ASU No. 2016-09 | $ 25,797 | ||
Accounting Standards Update 2016-09 | Accumulated Deficit | |||
Concentration Risk [Line Items] | |||
Cumulative-effect adjustment from adoption of ASU No. 2016-09 | $ 25,797 | ||
Accounting Standards Update 2016-09 | Accumulated Deficit | New Accounting Pronouncement, Early Adoption, Effect | |||
Concentration Risk [Line Items] | |||
Cumulative-effect adjustment from adoption of ASU No. 2016-09 | $ 500 |
Net Income (Loss) Per Share F53
Net Income (Loss) Per Share From Continuing Operations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Apr. 02, 2017 | Jan. 01, 2017 | Oct. 02, 2016 | Jul. 03, 2016 | Apr. 01, 2018 | Apr. 02, 2017 | Apr. 03, 2016 | Oct. 29, 2015 | |
Numerator (basic and diluted): | ||||||||
Net income (loss) from continuing operations | $ 30,209 | $ 33,437 | $ 24,591 | $ 20,947 | $ (12,136) | $ 109,184 | $ 195,299 | |
Denominator: | ||||||||
Weighted average common shares outstanding, basic (in shares) | 132,651 | 133,817 | 142,783 | |||||
Dilutive effect of employee stock options and restricted stock units and performance stock units (in shares) | 0 | 3,623 | 4,869 | |||||
Weighted average common shares outstanding, diluted (in shares) | 132,651 | 137,440 | 147,652 | |||||
Basic net income (loss) per share from continuing operations (in dollars per share) | $ 0.23 | $ 0.25 | $ 0.18 | $ 0.16 | $ (0.09) | $ 0.82 | $ 1.37 | |
Diluted net income (loss) per share from continuing operations (in dollars per share) | $ 0.22 | $ 0.24 | $ 0.18 | $ 0.15 | $ (0.09) | $ 0.79 | $ 1.32 | |
Shares excluded from calculation because they were anti-dilutive (in shares) | 3,500 | 500 | 400 | |||||
Warrant | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||
Convertible debt instrument, warrant stock price trigger (in dollars per share) | $ 48.66 | |||||||
0.875% Convertible Senior Notes Due 2022 | Convertible debt | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||
Interest rate | 0.875% | 0.875% | ||||||
Stock price trigger to convert convertible debt (in dollars per share) | $ 33.45 |
Acquisitions - SpectraBeam LLC
Acquisitions - SpectraBeam LLC Narrative (Details) - USD ($) $ in Thousands | Aug. 10, 2017 | Apr. 01, 2018 | Apr. 02, 2017 | Apr. 03, 2016 |
Business Acquisition [Line Items] | ||||
Payments to acquire assets in asset acquisition | $ 12,956 | $ 0 | $ 0 | |
Developed technology | ||||
Business Acquisition [Line Items] | ||||
Total purchase consideration | $ 17,000 | |||
Payments to acquire assets in asset acquisition | 12,900 | |||
Contingent consideration liability | 4,100 | |||
Finite-lived intangible assets acquired | $ 17,000 | |||
Estimated Useful Life (in years) | 7 years |
Acquisitions - GigPeak Narrativ
Acquisitions - GigPeak Narrative (Details) - USD ($) | Apr. 04, 2017 | Apr. 01, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Apr. 02, 2017 | Jan. 01, 2017 | Oct. 02, 2016 | Jul. 03, 2016 | Apr. 01, 2018 | Apr. 02, 2017 | Apr. 03, 2016 |
Business Acquisition [Line Items] | ||||||||||||
Revenues | $ 224,578,000 | $ 217,075,000 | $ 204,398,000 | $ 196,713,000 | $ 175,698,000 | $ 176,358,000 | $ 184,059,000 | $ 192,128,000 | $ 842,764,000 | $ 728,243,000 | $ 697,376,000 | |
Impairment charge in carrying amount of intangible asset | 7,800,000 | $ 1,300,000 | ||||||||||
GigPeak, Inc. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Total purchase price | $ 250,117,000 | 250,117,000 | ||||||||||
Revenues | 47,000,000 | |||||||||||
GigPeak, Inc. | Selling, General and Administrative Expenses | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Acquisition related costs incurred | $ 2,200,000 | |||||||||||
Senior Notes | Term B Loan | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Principal amount | 200,000,000 | |||||||||||
Restricted Stock Units (RSUs) | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Compensation cost not yet recognized | 36,000,000 | $ 36,000,000 | ||||||||||
Period for recognition (in years) | 1 year 3 months 15 days | |||||||||||
Restricted Stock Units (RSUs) | GigPeak, Inc. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Fair value of partially vested employee equity awards related to pre-combination services | 3,400,000 | |||||||||||
Compensation cost not yet recognized | $ 3,400,000 | |||||||||||
Period for recognition (in years) | 2 years 7 months 6 days | |||||||||||
Developed technology | GigPeak, Inc. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Fair value inputs, discount rate | 16.00% | |||||||||||
Customer relationships | GigPeak, Inc. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Fair value inputs, discount rate | 17.00% | |||||||||||
Order backlog | GigPeak, Inc. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Fair value inputs, discount rate | 4.60% | |||||||||||
In-process research and development (IPR&D) | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Estimated fair value of intangible assets acquired | $ 10,200,000 | $ 10,200,000 | ||||||||||
Intangible assets acquired | 1,200,000 | |||||||||||
Impairment charge in carrying amount of intangible asset | $ 2,000,000 | |||||||||||
In-process research and development (IPR&D) | GigPeak, Inc. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Fair value inputs, discount rate | 17.00% | |||||||||||
Fair value of contingent cash consideration | $ 7,500,000 |
Acquisitions - GigPeak Total Co
Acquisitions - GigPeak Total Consideration (Details) - USD ($) $ in Thousands | Apr. 04, 2017 | Apr. 01, 2018 | Apr. 02, 2017 | Apr. 03, 2016 |
Business Acquisition [Line Items] | ||||
Total purchase price, net of cash acquired | $ 237,716 | $ 1,528 | $ 279,138 | |
GigPeak, Inc. | ||||
Business Acquisition [Line Items] | ||||
Cash paid to GigPeak shareholders | $ 246,717 | |||
Fair value of partially vested employee equity awards related to pre-combination services | 3,400 | |||
Total purchase price | 250,117 | $ 250,117 | ||
Less: cash acquired | (9,001) | |||
Total purchase price, net of cash acquired | $ 241,116 |
Acquisitions - GigPeak Purchase
Acquisitions - GigPeak Purchase Price Allocation (Details) - USD ($) $ in Thousands | Apr. 04, 2017 | Apr. 01, 2018 | Dec. 31, 2017 | Apr. 02, 2017 | Apr. 03, 2016 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 420,117 | $ 306,925 | $ 305,733 | ||
GigPeak, Inc. | |||||
Business Acquisition [Line Items] | |||||
Cash | 9,001 | ||||
Accounts receivable | 14,806 | ||||
Inventories | 18,399 | ||||
Prepayments and other current assets | 2,641 | ||||
Property, plant and equipment | 2,434 | ||||
Goodwill | 113,192 | ||||
Intangible assets | 97,860 | $ 97,860 | |||
Deferred tax assets | 7,610 | ||||
Other non-current assets | 1,501 | ||||
Accounts payable | (5,753) | ||||
Accrued and other current liabilities | (3,279) | ||||
Other accrued liabilities | (3,538) | ||||
Long-term income tax payable | (1,253) | ||||
Other long term liabilities | (3,504) | ||||
Total purchase price | $ 250,117 | $ 250,117 |
Acquisitions - Summary of Intan
Acquisitions - Summary of Intangible Assets Acquired and Useful Lives (Details) - USD ($) $ in Thousands | Apr. 04, 2017 | Dec. 07, 2015 | Apr. 01, 2018 | Dec. 31, 2017 |
GigPeak, Inc. | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | $ 97,860 | $ 97,860 | ||
GigPeak, Inc. | Developed technology | ||||
Business Acquisition [Line Items] | ||||
Estimated Fair Value | 56,000 | |||
Estimated Useful Life (in years) | 5 years | |||
GigPeak, Inc. | Customer relationships | ||||
Business Acquisition [Line Items] | ||||
Estimated Fair Value | 28,900 | |||
Estimated Useful Life (in years) | 5 years | |||
GigPeak, Inc. | Order backlog | ||||
Business Acquisition [Line Items] | ||||
Estimated Fair Value | 200 | |||
Estimated Useful Life (in years) | 1 year | |||
GigPeak, Inc. | Software licenses | ||||
Business Acquisition [Line Items] | ||||
Estimated Fair Value | 2,560 | |||
GigPeak, Inc. | In-process research and development (IPR&D) | ||||
Business Acquisition [Line Items] | ||||
Estimated Fair Value | $ 10,200 | |||
GigPeak, Inc. | Maximum | Software licenses | ||||
Business Acquisition [Line Items] | ||||
Estimated Useful Life (in years) | 1 year | |||
ZMDI | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | $ 126,200 | |||
ZMDI | Developed technology | ||||
Business Acquisition [Line Items] | ||||
Estimated Fair Value | $ 75,600 | |||
Estimated Useful Life (in years) | 7 years | |||
ZMDI | Customer relationships | ||||
Business Acquisition [Line Items] | ||||
Estimated Fair Value | $ 44,000 | |||
Estimated Useful Life (in years) | 7 years | |||
ZMDI | Order backlog | ||||
Business Acquisition [Line Items] | ||||
Estimated Fair Value | $ 5,800 | |||
Estimated Useful Life (in years) | 1 year | |||
ZMDI | Trademark | ||||
Business Acquisition [Line Items] | ||||
Estimated Fair Value | $ 800 | |||
Estimated Useful Life (in years) | 1 year |
Acquisitions - Pro Forma Inform
Acquisitions - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Apr. 01, 2018 | Apr. 02, 2017 | Apr. 03, 2016 | |
GigPeak, Inc. | |||
Business Acquisition [Line Items] | |||
Revenues | $ 842,764 | $ 790,319 | |
Net income | $ (961) | $ 83,873 | |
Basic net income (loss) per share - continuing operations (in dollars per share) | $ (0.01) | $ 0.63 | |
Diluted net income (loss) per share - continuing operations (in dollars per share) | $ (0.01) | $ 0.61 | |
ZMDI | |||
Business Acquisition [Line Items] | |||
Revenues | $ 760,232 | $ 650,815 | |
Net income | $ 202,213 | $ 67,690 | |
Basic net income (loss) per share - continuing operations (in dollars per share) | $ 1.42 | $ 0.46 | |
Diluted net income (loss) per share - continuing operations (in dollars per share) | $ 1.37 | $ 0.44 |
Acquisitions - Synkera and ZMDI
Acquisitions - Synkera and ZMDI Narrative (Details) - USD ($) $ in Thousands | Jul. 22, 2016 | Dec. 07, 2015 | Apr. 01, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Apr. 02, 2017 | Jan. 01, 2017 | Oct. 02, 2016 | Jul. 03, 2016 | Apr. 01, 2018 | Apr. 02, 2017 | Apr. 03, 2016 |
Business Acquisition [Line Items] | |||||||||||||
Revenues | $ 224,578 | $ 217,075 | $ 204,398 | $ 196,713 | $ 175,698 | $ 176,358 | $ 184,059 | $ 192,128 | $ 842,764 | $ 728,243 | $ 697,376 | ||
Synkera Technologies, Inc. | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Total purchase price | $ 2,800 | ||||||||||||
Cash paid at closing | 1,500 | ||||||||||||
Fair value of contingent cash consideration | 1,300 | ||||||||||||
Contingent cash consideration (up to) | $ 1,500 | ||||||||||||
Period of cash consideration paid upon achievement of certain milestones (in years) | 3 years 6 months | ||||||||||||
ZMDI | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Total purchase price | $ 307,030 | ||||||||||||
Cash paid at closing | 307,030 | ||||||||||||
Escrow deposit | $ 20,000 | ||||||||||||
Revenues | 24,400 | ||||||||||||
ZMDI | Selling, General and Administrative Expenses | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquisition related costs incurred | $ 2,500 |
Acquisitions - ZMDI Total Consi
Acquisitions - ZMDI Total Consideration (Details) - USD ($) $ in Thousands | Dec. 07, 2015 | Apr. 01, 2018 | Apr. 02, 2017 | Apr. 03, 2016 |
Business Acquisition [Line Items] | ||||
Total purchase price, net of cash acquired | $ 237,716 | $ 1,528 | $ 279,138 | |
ZMDI | ||||
Business Acquisition [Line Items] | ||||
Cash paid to ZMDI shareholders | $ 307,030 | |||
Less: cash acquired | (27,892) | |||
Total purchase price, net of cash acquired | $ 279,138 |
Acquisitions - ZMDI Allocation
Acquisitions - ZMDI Allocation of Purchase Price (Details) - USD ($) $ in Thousands | Apr. 01, 2018 | Apr. 02, 2017 | Apr. 03, 2016 | Dec. 07, 2015 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 420,117 | $ 306,925 | $ 305,733 | |
ZMDI | ||||
Business Acquisition [Line Items] | ||||
Cash | $ 27,892 | |||
Accounts receivable | 10,618 | |||
Inventories | 19,892 | |||
Other current assets | 1,551 | |||
Property, plant and equipment | 9,287 | |||
Other non-current assets | 2,003 | |||
Intangible assets | 126,200 | |||
Goodwill | 170,089 | |||
Accounts payable | (5,633) | |||
Accrued and other current liabilities | (19,141) | |||
Loans payable | (9,437) | |||
Deferred tax liability | (23,467) | |||
Other long term liabilities | (2,824) | |||
Total purchase price | $ 307,030 |
Discontinued Operations (Detail
Discontinued Operations (Details) - High-Speed Converter Business - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2017 | Jan. 01, 2017 | Apr. 27, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain on divestiture | $ 1.3 | ||
Discontinued Operations, Held-for-sale or Disposed of by Sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Sale of remaining HSC business to eSilicon | $ 1.5 | $ 1.5 | |
Cash proceeds from sale (including amounts held in escrow) | 1.5 | ||
Gain on divestiture | 1.4 | ||
Carrying value of asset sold | $ 0.1 |
Other Divestitures (not accou64
Other Divestitures (not accounted for as discontinued operations) (Details) - Fox Enterprises Inc - USD ($) $ in Millions | Oct. 03, 2016 | Apr. 02, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Impairment charge recorded | $ 0.8 | |
Cash proceeds from sale | $ 1.2 | |
Loss on disposition of assets | $ 0.7 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities at Fair Value (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Apr. 01, 2018 | Apr. 02, 2017 |
Cash equivalents and short-term investments: | ||
U.S. government treasuries and agencies securities | $ 60,272 | $ 61,556 |
Money market funds | 48,847 | 140,425 |
Asset-backed securities | 16,687 | 13,847 |
Corporate bonds | 109,605 | 96,376 |
International government bonds | 2,638 | 5,410 |
Corporate commercial paper | 9,034 | 4,898 |
Bank deposits | 45,080 | 12,305 |
Repurchase agreements | 142 | 173 |
Total assets measured at fair value | 292,305 | 334,990 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Cash equivalents and short-term investments: | ||
U.S. government treasuries and agencies securities | 60,272 | 61,556 |
Money market funds | 48,847 | 140,425 |
Asset-backed securities | 0 | 0 |
Corporate bonds | 0 | 0 |
International government bonds | 0 | 0 |
Corporate commercial paper | 0 | 0 |
Bank deposits | 0 | 0 |
Repurchase agreements | 0 | 0 |
Total assets measured at fair value | 109,119 | 201,981 |
Significant Other Observable Inputs (Level 2) | ||
Cash equivalents and short-term investments: | ||
U.S. government treasuries and agencies securities | 0 | 0 |
Money market funds | 0 | 0 |
Asset-backed securities | 16,687 | 13,847 |
Corporate bonds | 109,605 | 96,376 |
International government bonds | 2,638 | 5,410 |
Corporate commercial paper | 9,034 | 4,898 |
Bank deposits | 45,080 | 12,305 |
Repurchase agreements | 142 | 173 |
Total assets measured at fair value | $ 183,186 | $ 133,009 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions | Apr. 01, 2018 | Apr. 02, 2017 | Jul. 22, 2016 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value of deferred compensation plan assets | $ 16.9 | $ 16 | |
Fair value of convertible notes | 422 | 376.9 | |
Fair value of term loan | 199.6 | ||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value of contingent cash consideration | $ 1.3 | ||
Synkera Technologies, Inc. | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value of contingent cash consideration | $ 1.3 | ||
Synkera Technologies, Inc. | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value of contingent cash consideration | 1.3 | ||
SpectraBeam | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value of contingent cash consideration | $ 4.1 |
Investments - Amortized Cost an
Investments - Amortized Cost and Fair Value of Available-For-Sale Investments (Details) - USD ($) $ in Thousands | Apr. 01, 2018 | Apr. 02, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value | $ 222,026 | $ 191,492 |
Total available-for-sale investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 294,982 | 335,797 |
Gross Unrealized Gains | 43 | 65 |
Gross Unrealized Losses | (2,720) | (872) |
Estimated Fair Value | 292,305 | 334,990 |
U.S. government treasuries and agencies securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 61,166 | 62,048 |
Gross Unrealized Gains | 0 | 16 |
Gross Unrealized Losses | (894) | (508) |
Estimated Fair Value | 60,272 | 61,556 |
Money market funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 48,847 | 140,425 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 48,847 | 140,425 |
Asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 16,797 | 13,865 |
Gross Unrealized Gains | 0 | 5 |
Gross Unrealized Losses | (110) | (23) |
Estimated Fair Value | 16,687 | 13,847 |
Corporate bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 111,266 | 96,660 |
Gross Unrealized Gains | 43 | 42 |
Gross Unrealized Losses | (1,704) | (326) |
Estimated Fair Value | 109,605 | 96,376 |
International government bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 2,650 | 5,423 |
Gross Unrealized Gains | 0 | 2 |
Gross Unrealized Losses | (12) | (15) |
Estimated Fair Value | 2,638 | 5,410 |
Corporate commercial paper | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 9,034 | 4,898 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 9,034 | 4,898 |
Bank deposits | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 45,080 | 12,305 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 45,080 | 12,305 |
Repurchase agreements | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 142 | 173 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 142 | 173 |
Less amounts classified as cash equivalents | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 70,279 | 143,498 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 70,279 | 143,498 |
Short-term investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 224,703 | 192,299 |
Gross Unrealized Gains | 43 | 65 |
Gross Unrealized Losses | (2,720) | (872) |
Estimated Fair Value | $ 222,026 | $ 191,492 |
Investments - Cost and Estimate
Investments - Cost and Estimated Available-For-Sale Debt Securities (Details) - USD ($) $ in Thousands | Apr. 01, 2018 | Apr. 02, 2017 |
Amortized Cost | ||
Due in 1 year or less | $ 119,172 | $ 188,008 |
Due in 1-2 years | 111,814 | 46,089 |
Due in 2-5 years | 63,996 | 101,700 |
Total investments in available-for-sale debt securities | 294,982 | 335,797 |
Estimated Fair Value | ||
Due in 1 year or less | 119,056 | 187,984 |
Due in 1-2 years | 110,226 | 45,995 |
Due in 2-5 years | 63,023 | 101,011 |
Total investments in available-for-sale debt securities | $ 292,305 | $ 334,990 |
Investments - Unrealized Losses
Investments - Unrealized Losses and Fair Value (Details) - USD ($) $ in Thousands | Apr. 01, 2018 | Apr. 02, 2017 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ||
Fair value less than 12 months | $ 118,225 | $ 140,733 |
Unrealized loss less than 12 months | (1,635) | (872) |
Fair value 12 months or greater | 63,384 | 0 |
Unrealized loss 12 months or greater | (1,085) | 0 |
Fair value total | 181,609 | 140,733 |
Unrealized loss total | (2,720) | (872) |
Corporate bonds | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ||
Fair value less than 12 months | 78,726 | 71,308 |
Unrealized loss less than 12 months | (1,324) | (326) |
Fair value 12 months or greater | 23,286 | 0 |
Unrealized loss 12 months or greater | (380) | 0 |
Fair value total | 102,012 | 71,308 |
Unrealized loss total | (1,704) | (326) |
U.S. government treasuries and agencies securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ||
Fair value less than 12 months | 25,352 | 55,497 |
Unrealized loss less than 12 months | (221) | (508) |
Fair value 12 months or greater | 34,920 | 0 |
Unrealized loss 12 months or greater | (673) | 0 |
Fair value total | 60,272 | 55,497 |
Unrealized loss total | (894) | (508) |
Asset-backed securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ||
Fair value less than 12 months | 14,147 | 11,294 |
Unrealized loss less than 12 months | (90) | (23) |
Fair value 12 months or greater | 2,540 | 0 |
Unrealized loss 12 months or greater | (20) | 0 |
Fair value total | 16,687 | 11,294 |
Unrealized loss total | (110) | (23) |
International government bonds | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ||
Fair value less than 12 months | 0 | 2,634 |
Unrealized loss less than 12 months | 0 | (15) |
Fair value 12 months or greater | 2,638 | 0 |
Unrealized loss 12 months or greater | (12) | 0 |
Fair value total | 2,638 | 2,634 |
Unrealized loss total | $ (12) | $ (15) |
Investments - Non-Marketable Eq
Investments - Non-Marketable Equity Securities (Details) - USD ($) $ in Millions | Apr. 01, 2018 | Apr. 02, 2017 |
Non-marketable equity securities [Abstract] | ||
Purchase of common stock of a privately-held company | $ 27.3 | $ 13.2 |
Preferred Stock | ||
Non-marketable equity securities [Abstract] | ||
Purchase of common stock of a privately-held company | $ 14.1 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) | 12 Months Ended | |
Apr. 02, 2017 | Apr. 03, 2016 | |
Receivables [Abstract] | ||
Total receivables sold under the facility | $ 26,200,000 | $ 21,800,000 |
Total collections from sale of receivables | 33,300,000 | 21,800,000 |
Total collections from deferred purchase payment | 3,400,000 | 2,100,000 |
Available amount of factoring facility | 1,900,000 | |
Amount due from factoring companies | $ 0 | $ 800,000 |
Stock-Based Employee Compensa72
Stock-Based Employee Compensation - Options Narrative (Details) | Apr. 04, 2017shares | Sep. 23, 2010 | Jul. 21, 2010shares | Apr. 01, 2018planshares | Sep. 30, 2004shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of equity based plans | plan | 2 | ||||
Life of options granted in the 2004 plan | 7 years | ||||
Award vesting period | 4 years | ||||
One quarter of the shares vest from date of grant (in years) | 1 year | ||||
Minimum vesting period of non-performance based full value awards made under the 2004 Plan (in years) | 3 years | ||||
Minimum vesting period performance based full value awards made under the 2004 Plan (in years) | 1 year | ||||
Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Original number of shares of reserved for issuance (in shares) | 28,500,000 | ||||
Shares reserved for issuance under the amended plan (in shares) | 36,800,000 | ||||
Increase in shares available after amendment (in shares) | 8,300,000 | ||||
Original plan dilution factor to be equivalent to the amended plan (in shares) | 1.74 | ||||
Months Remaining for shares to vest after one year after grant (in months) | 36 months | ||||
Minimum Exercise price of fair market value of the options under the 2004 plan on the date the option is granted (percent) | 100.00% | ||||
Percent of full value awards resulting in issuance (up to) | 5.00% | ||||
Shares available for future grant as of balance sheet date (in shares) | 6,000,000 | ||||
Two Thousand and Eight Equity Plan | Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares converted (in shares) | 300,000 | ||||
GigPeak, Inc. | Two Thousand and Eight Equity Plan | Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares converted (in shares) | 500,000 |
Stock-Based Employee Compensa73
Stock-Based Employee Compensation - Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2018 | Apr. 02, 2017 | Apr. 03, 2016 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation | $ 50,783 | $ 39,869 | $ 34,125 |
Cost of revenue | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation | 3,016 | 2,929 | 2,707 |
Research and development | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation | 24,262 | 16,068 | 15,268 |
Selling, general and administrative | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation | 23,505 | 20,872 | 16,182 |
Discontinued operations | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation | $ 0 | $ 0 | $ (32) |
Stock-Based Employee Compensa74
Stock-Based Employee Compensation - Valuation Assumptions (Details) - $ / shares | 12 Months Ended | ||
Apr. 01, 2018 | Apr. 02, 2017 | Apr. 03, 2016 | |
Stock Options | |||
Valuation Assumptions | |||
Expected term (in years) | 4 years | 4 years | |
Risk-free interest rate (percent) | 1.35% | 1.20% | |
Expected volatility (percent) | 40.50% | 42.60% | |
Weighted-average grant-date fair value (in dollars per share) | $ 8.39 | $ 7.55 | |
ESPP | |||
Valuation Assumptions | |||
Expected term (in years) | 3 months | 3 months | 3 months |
Risk-free interest rate (percent) | 1.05% | 0.32% | 0.06% |
Expected volatility (percent) | 34.00% | 36.90% | 42.10% |
Weighted-average grant-date fair value (in dollars per share) | $ 5.76 | $ 4.87 | $ 5.05 |
Stock-Based Employee Compensa75
Stock-Based Employee Compensation - Options Activity (Details) - Stock Options shares in Thousands | 12 Months Ended |
Apr. 01, 2018$ / sharesshares | |
Stock Option Activity | |
Beginning stock options outstanding (in shares) | shares | 1,374 |
Granted (in shares) | shares | 0 |
Exercised (in shares) | shares | (437) |
Canceled (in shares) | shares | (17) |
Ending stock options outstanding (in shares) | shares | 920 |
Ending stock options exercisable (in shares) | shares | 806 |
Weighted-Average Exercise Price | |
Beginning stock options outstanding (in dollars per share) | $ / shares | $ 13.01 |
Granted (in dollars per share) | $ / shares | 0 |
Exercised (in dollars per share) | $ / shares | 9.77 |
Cancelled (in dollars per share) | $ / shares | 23.58 |
Ending stock options outstanding (in dollars per share) | $ / shares | 14.35 |
Ending stock options exercisable (in dollars per share) | $ / shares | $ 13.36 |
Stock-Based Employee Compensa76
Stock-Based Employee Compensation - Exercise Prices (Details) - Stock Options shares in Thousands | 12 Months Ended |
Apr. 01, 2018$ / sharesshares | |
Options Outstanding | |
Number Outstanding (in shares) | shares | 920 |
Weighted-Average Remaining Contractual Life (in years) | 3 years 15 days |
Weighted-Average Exercise Price (in dollars per share) | $ 14.35 |
Options Exercisable | |
Number Exercisable (in shares) | shares | 806 |
Weighted-Average Exercise Price (in dollars per share) | $ 13.36 |
5.31 - 7.13 | |
Summary of information about stock options outstanding | |
Range of exercise prices, lower limit (in dollars per share) | 5.31 |
Range of exercise prices, upper limit (in dollars per share) | $ 7.13 |
Options Outstanding | |
Number Outstanding (in shares) | shares | 95 |
Weighted-Average Remaining Contractual Life (in years) | 1 year 1 month 6 days |
Weighted-Average Exercise Price (in dollars per share) | $ 5.83 |
Options Exercisable | |
Number Exercisable (in shares) | shares | 95 |
Weighted-Average Exercise Price (in dollars per share) | $ 5.83 |
7.67 - 7.67 | |
Summary of information about stock options outstanding | |
Range of exercise prices, lower limit (in dollars per share) | 7.67 |
Range of exercise prices, upper limit (in dollars per share) | $ 7.67 |
Options Outstanding | |
Number Outstanding (in shares) | shares | 50 |
Weighted-Average Remaining Contractual Life (in years) | 2 years 1 month 13 days |
Weighted-Average Exercise Price (in dollars per share) | $ 7.67 |
Options Exercisable | |
Number Exercisable (in shares) | shares | 50 |
Weighted-Average Exercise Price (in dollars per share) | $ 7.67 |
8.49 - 8.49 | |
Summary of information about stock options outstanding | |
Range of exercise prices, lower limit (in dollars per share) | 8.49 |
Range of exercise prices, upper limit (in dollars per share) | $ 8.49 |
Options Outstanding | |
Number Outstanding (in shares) | shares | 20 |
Weighted-Average Remaining Contractual Life (in years) | 1 month 13 days |
Weighted-Average Exercise Price (in dollars per share) | $ 8.49 |
Options Exercisable | |
Number Exercisable (in shares) | shares | 20 |
Weighted-Average Exercise Price (in dollars per share) | $ 8.49 |
11.13 - 11.13 | |
Summary of information about stock options outstanding | |
Range of exercise prices, lower limit (in dollars per share) | 11.13 |
Range of exercise prices, upper limit (in dollars per share) | $ 11.13 |
Options Outstanding | |
Number Outstanding (in shares) | shares | 10 |
Weighted-Average Remaining Contractual Life (in years) | 3 years 15 days |
Weighted-Average Exercise Price (in dollars per share) | $ 11.13 |
Options Exercisable | |
Number Exercisable (in shares) | shares | 10 |
Weighted-Average Exercise Price (in dollars per share) | $ 11.13 |
11.79 - 11.79 | |
Summary of information about stock options outstanding | |
Range of exercise prices, lower limit (in dollars per share) | 11.79 |
Range of exercise prices, upper limit (in dollars per share) | $ 11.79 |
Options Outstanding | |
Number Outstanding (in shares) | shares | 320 |
Weighted-Average Remaining Contractual Life (in years) | 2 years 10 months 17 days |
Weighted-Average Exercise Price (in dollars per share) | $ 11.79 |
Options Exercisable | |
Number Exercisable (in shares) | shares | 320 |
Weighted-Average Exercise Price (in dollars per share) | $ 11.79 |
12.16 - 12.16 | |
Summary of information about stock options outstanding | |
Range of exercise prices, lower limit (in dollars per share) | 12.16 |
Range of exercise prices, upper limit (in dollars per share) | $ 12.16 |
Options Outstanding | |
Number Outstanding (in shares) | shares | 113 |
Weighted-Average Remaining Contractual Life (in years) | 3 years 1 month 13 days |
Weighted-Average Exercise Price (in dollars per share) | $ 12.16 |
Options Exercisable | |
Number Exercisable (in shares) | shares | 105 |
Weighted-Average Exercise Price (in dollars per share) | $ 12.16 |
18.55 - 18.55 | |
Summary of information about stock options outstanding | |
Range of exercise prices, lower limit (in dollars per share) | 18.55 |
Range of exercise prices, upper limit (in dollars per share) | $ 18.55 |
Options Outstanding | |
Number Outstanding (in shares) | shares | 7 |
Weighted-Average Remaining Contractual Life (in years) | 4 years 29 days |
Weighted-Average Exercise Price (in dollars per share) | $ 18.55 |
Options Exercisable | |
Number Exercisable (in shares) | shares | 5 |
Weighted-Average Exercise Price (in dollars per share) | $ 18.55 |
20.56 - 20.56 | |
Summary of information about stock options outstanding | |
Range of exercise prices, lower limit (in dollars per share) | 20.56 |
Range of exercise prices, upper limit (in dollars per share) | $ 20.56 |
Options Outstanding | |
Number Outstanding (in shares) | shares | 3 |
Weighted-Average Remaining Contractual Life (in years) | 3 years 10 months 17 days |
Weighted-Average Exercise Price (in dollars per share) | $ 20.56 |
Options Exercisable | |
Number Exercisable (in shares) | shares | 3 |
Weighted-Average Exercise Price (in dollars per share) | $ 20.56 |
21.95 - 21.95 | |
Summary of information about stock options outstanding | |
Range of exercise prices, lower limit (in dollars per share) | 21.95 |
Range of exercise prices, upper limit (in dollars per share) | $ 21.95 |
Options Outstanding | |
Number Outstanding (in shares) | shares | 290 |
Weighted-Average Remaining Contractual Life (in years) | 4 years 22 days |
Weighted-Average Exercise Price (in dollars per share) | $ 21.95 |
Options Exercisable | |
Number Exercisable (in shares) | shares | 194 |
Weighted-Average Exercise Price (in dollars per share) | $ 21.95 |
25.16 - 25.16 | |
Summary of information about stock options outstanding | |
Range of exercise prices, lower limit (in dollars per share) | 25.16 |
Range of exercise prices, upper limit (in dollars per share) | $ 25.16 |
Options Outstanding | |
Number Outstanding (in shares) | shares | 12 |
Weighted-Average Remaining Contractual Life (in years) | 5 years 9 months 15 days |
Weighted-Average Exercise Price (in dollars per share) | $ 25.16 |
Options Exercisable | |
Number Exercisable (in shares) | shares | 4 |
Weighted-Average Exercise Price (in dollars per share) | $ 25.16 |
Stock-Based Employee Compensa77
Stock-Based Employee Compensation - Exercise Price Narrative (Details) - Stock Options $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended |
Apr. 01, 2018USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average life of stock options (in years) | 3 years 15 days |
Aggregate intrinsic value | $ 14.9 |
Stock options exercisable (in years) | 2 years 10 months 21 days |
Aggregate intrinsic value of stock options exercisable | $ 13.9 |
Compensation cost not yet recognized | $ 0.2 |
Period for recognition (in years) | 7 months 6 days |
Options vested and expected to vest (in shares) | shares | 0.9 |
Weighted average exercise price (in dollars per share) | $ / shares | $ 14.28 |
Weighted average remaining contractual life (in years) | 3 years 11 days |
Aggregate intrinsic value of options vested and expected to vest | $ 14.8 |
Stock-Based Employee Compensa78
Stock-Based Employee Compensation - Restricted Stock Unit Narrative (Details) - Restricted Stock Units (RSUs) - USD ($) shares in Thousands, $ in Millions | Sep. 23, 2010 | Apr. 01, 2018 | Apr. 02, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of restricted stock units from grant date (in years) | 4 years | ||
Annual award vesting percentage | 25.00% | ||
Restricted stock outstanding (in shares) | 4,479 | 3,840 | |
Restricted stock expected to vest (in shares) | 3,900 | ||
Weighted average remaining contractual life (in years) | 1 year 2 months 1 day | ||
Aggregate intrinsic value | $ 119.6 | ||
Compensation cost not yet recognized | $ 36 | ||
Period for recognition (in years) | 1 year 3 months 15 days | ||
2004 Equity Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock outstanding (in shares) | 4,000 | ||
2008 Equity Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock outstanding (in shares) | 500 |
Stock-Based Employee Compensa79
Stock-Based Employee Compensation - Schedule of Restricted Stock Unit (Details) - Restricted Stock Units (RSUs) shares in Thousands | 12 Months Ended |
Apr. 01, 2018$ / sharesshares | |
Performance Stock Unit Activity | |
Beginning units outstanding (in shares) | shares | 3,840 |
Granted (in shares) | shares | 2,765 |
Released (in shares) | shares | (1,533) |
Forfeited (in shares) | shares | (593) |
Ending units outstanding (in shares) | shares | 4,479 |
Weighted-Average Grant Date Fair Value Per Share | |
Beginning units outstanding (in dollars per share) | $ / shares | $ 18.88 |
Granted (in dollars per share) | $ / shares | 24.47 |
Released (in dollars per share) | $ / shares | 17.53 |
Forfeited (in dollars per share) | $ / shares | 21.71 |
Ending units outstanding (in dollars per share) | $ / shares | $ 22.42 |
Stock-Based Employee Compensa80
Stock-Based Employee Compensation - Market-Based Stock Units Narrative (Details) $ in Millions | Sep. 23, 2010 | May 31, 2017Installmentshares | Jun. 30, 2016Installmentshares | Jun. 28, 2015Installmentshares | Jun. 29, 2014Installmentshares | Apr. 01, 2018USD ($)shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 4 years | |||||
Market-Based Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted (in shares) | 300,000 | 300,000 | 200,000 | 500,000 | ||
Award vesting period | 3 years | 2 years | 2 years | 2 years | ||
Number of installments | Installment | 3 | 2 | 2 | 2 | ||
Market-based units outstanding (in shares) | 700,000 | |||||
Market-based stock units (in shares) | 400,000 | |||||
Weighted average remaining contractual life (in years) | 10 months 28 days | |||||
Aggregate intrinsic value | $ | $ 10.7 | |||||
Compensation cost not yet recognized | $ | $ 7 | |||||
Period for recognition (in years) | 9 months 29 days |
Stock-Based Employee Compensa81
Stock-Based Employee Compensation - Schedule of Monte Carlo Assumption (Details) - Market-Based Restricted Stock Units - $ / shares | May 15, 2017 | Jun. 15, 2016 | Jun. 15, 2015 | Jun. 15, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Estimated fair value (in dollars per share) | $ 27.65 | $ 28.01 | $ 33.08 | $ 21 |
Expected volatility (percent) | 43.36% | 46.90% | 41.22% | 34.60% |
Expected term (in years) | 2 years 10 months 17 days | 1 year 9 months 18 days | 1 year 9 months 18 days | 1 year 9 months 18 days |
Risk-free interest rate (percent) | 1.47% | 0.70% | 0.65% | 0.38% |
Stock-Based Employee Compensa82
Stock-Based Employee Compensation - ESPP Narrative (Details) - ESPP - USD ($) | Jul. 12, 2013 | Sep. 13, 2012 | Jun. 18, 2009 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for issuance under the amended plan (up to) (in shares) | 14,000,000 | 9,000,000 | |
Limit of fair market value any one employee can purchase per year (more than) | $ 25,000 | ||
Additional shares approved (in shares) | 5,000,000 |
Stock-Based Employee Compensa83
Stock-Based Employee Compensation - Schedule of ESPP (Details) - ESPP - $ / shares shares in Thousands | 12 Months Ended | |||
Apr. 01, 2018 | Apr. 02, 2017 | Apr. 03, 2016 | Mar. 29, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares issued (in shares) | 395 | 508 | 606 | |
Average issuance price (in dollars per share) | $ 22.28 | $ 18.24 | $ 17.05 | |
Number of shares available at year-end (in shares) | 2,869 | 3,264 | 3,772 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions | Nov. 05, 2015 | Nov. 02, 2015 | Jan. 31, 2016 | Apr. 01, 2018 | Apr. 02, 2017 | Apr. 03, 2016 | Apr. 24, 2018 | Jul. 28, 2017 | Oct. 31, 2015 | Apr. 30, 2015 |
Stock Repurchase Program [Line Items] | ||||||||||
Repurchase of common stock (in shares) | 6.5 | 4.3 | 17.9 | |||||||
Common stock repurchase, total purchase price | $ 185,309,000 | $ 93,507,000 | $ 422,262,000 | |||||||
Share repurchase program, amount available for future purchase | 106,800,000 | |||||||||
April 2015 Stock Repurchase Program | ||||||||||
Stock Repurchase Program [Line Items] | ||||||||||
Share repurchase plan, authorized amount | $ 300,000,000 | |||||||||
October 2015 Stock Repurchase Program | ||||||||||
Stock Repurchase Program [Line Items] | ||||||||||
Stock repurchase program, additional authorized repurchase amount | $ 300,000,000 | |||||||||
July 2017 Stock Repurchase Program | ||||||||||
Stock Repurchase Program [Line Items] | ||||||||||
Stock repurchase program, additional authorized repurchase amount | $ 200,000,000 | |||||||||
Accelerated Share Repurchase Program | November 2, 2015 | ||||||||||
Stock Repurchase Program [Line Items] | ||||||||||
Repurchase of common stock (in shares) | 7 | 1.6 | ||||||||
Common stock repurchase, total purchase price | $ 225,000,000 | |||||||||
Price paid per share (in dollars per share) | $ 25.69 | |||||||||
Accelerated share repurchases, settlement prepayment | $ 45,000,000 | |||||||||
Accelerated share repurchases, final price paid per share (in dollars per share) | $ 28.32 | |||||||||
Subsequent Event | April 2018 Stock Repurchase Program | ||||||||||
Stock Repurchase Program [Line Items] | ||||||||||
Stock repurchase program, additional authorized repurchase amount | $ 400,000,000 |
Balance Sheet Detail (Details)
Balance Sheet Detail (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2018 | Apr. 02, 2017 | Apr. 03, 2016 | |
Inventories, net | |||
Raw materials | $ 4,345 | $ 2,017 | |
Work-in-process | 45,713 | 35,192 | |
Finished goods | 18,644 | 15,079 | |
Total inventories, net | 68,702 | 52,288 | |
Accounts receivable, net | |||
Accounts receivable, gross | 120,953 | 94,396 | |
Allowances for returns, price credits and doubtful accounts | (12,174) | (5,084) | |
Total accounts receivable, net | 108,779 | 89,312 | |
Property, plant and equipment, net | |||
Total property, plant and equipment, gross | 348,041 | 329,240 | |
Less: accumulated depreciation | (261,196) | (248,279) | |
Total property, plant and equipment, net | 86,845 | 80,961 | |
Other current liabilities | |||
Accrued restructuring costs | 4,637 | 4,841 | |
Current income tax payable | 6,281 | 1,035 | |
Other | 15,606 | 14,329 | |
Total other current liabilities | 26,524 | 20,205 | |
Other long-term obligations | |||
Deferred compensation related liabilities | 16,310 | 15,024 | |
Other | 9,374 | 3,870 | |
Total other long-term liabilities | 25,684 | 18,894 | |
Depreciation | 28,461 | 20,830 | $ 18,346 |
Land | |||
Property, plant and equipment, net | |||
Land | 11,535 | 11,535 | |
Machinery and Equipment | |||
Property, plant and equipment, net | |||
Machinery and equipment | 285,784 | 268,683 | |
Building and Leasehold Improvements | |||
Property, plant and equipment, net | |||
Building and leasehold improvements | $ 50,722 | $ 49,022 |
Deferred Income on Shipments 86
Deferred Income on Shipments to Distributors (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 01, 2018 | Apr. 02, 2017 | |
Deferred Revenue Disclosure [Abstract] | ||
Gross deferred revenue | $ 0 | $ 2,335 |
Gross deferred costs | 0 | (350) |
Deferred income on shipments to distributors | $ 0 | $ 1,985 |
Maximum | ||
Deferred Revenue Arrangement [Line Items] | ||
Discount from list price billed to the customer (in hundredths) | 28.00% |
Accumulated Other Comprehensi87
Accumulated Other Comprehensive Income (Loss) - Reclassification Out of AOCI By Component (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2018 | Apr. 02, 2017 | Apr. 03, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Opening Balance | $ 773,663 | $ 676,695 | $ 788,254 |
Other comprehensive loss before reclassifications | 2,122 | (3,434) | |
Amounts reclassified out of accumulated other comprehensive income | (100) | 363 | |
Net current-period other comprehensive income (loss) | 2,022 | (3,071) | (1,533) |
Closing Balance | 645,372 | 773,663 | 676,695 |
AOCI Attributable to Parent | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Opening Balance | (6,785) | (3,714) | (2,181) |
Net current-period other comprehensive income (loss) | 2,022 | (3,071) | (1,533) |
Closing Balance | (4,763) | (6,785) | (3,714) |
Cumulative translation adjustments | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Opening Balance | (6,043) | (4,001) | |
Other comprehensive loss before reclassifications | 3,892 | (2,042) | |
Amounts reclassified out of accumulated other comprehensive income | 0 | 0 | |
Net current-period other comprehensive income (loss) | 3,892 | (2,042) | |
Closing Balance | (2,151) | (6,043) | (4,001) |
Unrealized gain or loss on available-for-sale investments | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Opening Balance | (807) | 222 | |
Other comprehensive loss before reclassifications | (1,770) | (1,392) | |
Amounts reclassified out of accumulated other comprehensive income | (100) | 363 | |
Net current-period other comprehensive income (loss) | (1,870) | (1,029) | |
Closing Balance | (2,677) | (807) | 222 |
Pension adjustments | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Opening Balance | 65 | 65 | |
Other comprehensive loss before reclassifications | 0 | 0 | |
Amounts reclassified out of accumulated other comprehensive income | 0 | 0 | |
Net current-period other comprehensive income (loss) | 0 | 0 | |
Closing Balance | $ 65 | $ 65 | $ 65 |
Accumulated Other Comprehensi88
Accumulated Other Comprehensive Income (Loss) - Components of Reclassification Out of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 01, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Apr. 02, 2017 | Jan. 01, 2017 | Oct. 02, 2016 | Jul. 03, 2016 | Apr. 01, 2018 | Apr. 02, 2017 | Apr. 03, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Interest and other, net | $ 8,608 | $ 5,822 | $ 4,268 | ||||||||
operating expense | 371,369 | 310,297 | 285,015 | ||||||||
Net income (loss) | $ 20,711 | $ (68,241) | $ 18,680 | $ 16,714 | $ 30,209 | $ 34,735 | $ 24,591 | $ 20,947 | (12,136) | 110,482 | 194,737 |
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net income (loss) | (100) | 363 | (270) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Unrealized holding gain or loss on available-for-sale investments | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Interest and other, net | (100) | 363 | 345 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Change in unrealized losses on post-employment and post-retirement benefit plans | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
operating expense | $ 0 | $ 0 | $ (615) |
Goodwill and Intangible Asset89
Goodwill and Intangible Assets, Net - Goodwill Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 01, 2018 | Apr. 02, 2017 | |
Goodwill [Roll Forward] | ||
Beginning Balance | $ 306,925 | $ 305,733 |
Impairment - the Disposal Group | (161) | |
Ending Balance | 420,117 | 306,925 |
Accumulated impairment loss | 920,300 | 920,300 |
Communications | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 122,687 | 122,848 |
Impairment - the Disposal Group | (161) | |
Ending Balance | 141,300 | 122,687 |
Computing, Consumer and Industrial | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 184,238 | 182,885 |
Impairment - the Disposal Group | 0 | |
Ending Balance | 278,817 | 184,238 |
Synkera Technologies, Inc. | ||
Goodwill [Roll Forward] | ||
Additions | 1,353 | |
Synkera Technologies, Inc. | Communications | ||
Goodwill [Roll Forward] | ||
Additions | 0 | |
Synkera Technologies, Inc. | Computing, Consumer and Industrial | ||
Goodwill [Roll Forward] | ||
Additions | $ 1,353 | |
GigPeak, Inc. | ||
Goodwill [Roll Forward] | ||
Additions | 113,192 | |
Ending Balance | 113,192 | |
GigPeak, Inc. | Communications | ||
Goodwill [Roll Forward] | ||
Additions | 18,613 | |
GigPeak, Inc. | Computing, Consumer and Industrial | ||
Goodwill [Roll Forward] | ||
Additions | $ 94,579 |
Goodwill and Intangible Asset90
Goodwill and Intangible Assets, Net - Intangible Asset Balances (Details) - USD ($) $ in Thousands | Aug. 10, 2017 | Apr. 01, 2018 | Apr. 02, 2017 | Dec. 31, 2017 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Gross Assets | $ 566,330 | $ 456,868 | ||
Impairment | (2,016) | (1,310) | ||
Accumulated Amortization | (383,533) | (346,740) | ||
Net Assets | 180,781 | 108,818 | ||
Impairment charge in carrying amount of intangible asset | 7,800 | 1,300 | ||
Developed technology | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Gross Assets | 336,402 | 262,184 | ||
Impairment | 0 | 0 | ||
Accumulated Amortization | (223,882) | (199,851) | ||
Net Assets | 112,520 | 62,333 | ||
Intangible assets acquired | $ 17,000 | |||
Trademark | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Gross Assets | 5,391 | 5,391 | ||
Impairment | 0 | 0 | ||
Accumulated Amortization | (5,391) | (5,347) | ||
Net Assets | 0 | 44 | ||
Customer relationships | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Gross Assets | 201,997 | 173,097 | ||
Impairment | 0 | 0 | ||
Accumulated Amortization | (149,416) | (137,239) | ||
Net Assets | 52,581 | 35,858 | ||
Intellectual property licenses | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Gross Assets | 7,500 | 16,196 | ||
Impairment | 0 | (1,310) | ||
Accumulated Amortization | (3,901) | (4,303) | ||
Net Assets | 3,599 | 10,583 | ||
Software licenses | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Gross Assets | 6,023 | |||
Impairment | 0 | |||
Accumulated Amortization | (943) | |||
Net Assets | 5,080 | |||
Intangible assets acquired | 5,800 | $ 4,600 | ||
Useful life (in years) | 7 years | |||
Subtotal | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Gross Assets | 557,313 | |||
Impairment | 0 | |||
Accumulated Amortization | (383,533) | |||
Net Assets | 173,780 | |||
In-process research and development (IPR&D) | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Gross Assets | 9,017 | |||
Impairment | (2,016) | |||
Accumulated Amortization | 0 | |||
Net Assets | 7,001 | |||
Intangible assets acquired | 1,200 | |||
Impairment charge in carrying amount of intangible asset | 2,000 | |||
GigPeak, Inc. | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets | $ 97,860 | $ 97,860 | ||
Synkera Technologies, Inc. | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets | $ 1,500 | |||
Minimum | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Useful life (in years) | 1 year | |||
Maximum | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Useful life (in years) | 7 years |
Goodwill and Intangible Asset91
Goodwill and Intangible Assets, Net - Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jul. 02, 2017 | Apr. 01, 2018 | Apr. 02, 2017 | Apr. 03, 2016 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 46,726 | $ 23,653 | $ 15,354 | |
Accelerated amortization expense | $ 6,200 | |||
Impairment charge in carrying amount of intangible asset | 7,800 | 1,300 | ||
Goodwill, impairment loss | 161 | |||
Existing technology | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 24,031 | 12,625 | 6,052 | |
Trademark | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 44 | 775 | 726 | |
Customer relationships | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 12,177 | 6,486 | 2,253 | |
Order backlog | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 200 | 1,286 | 4,504 | |
Software licenses | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 3,290 | $ 0 | 0 | |
Useful life (in years) | 7 years | |||
Non-compete agreements | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 6,984 | $ 2,481 | $ 1,819 | |
Minimum | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Useful life (in years) | 1 year | |||
Maximum | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Useful life (in years) | 7 years | |||
Fox Enterprises Inc | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Impairment charge in carrying amount of intangible asset | 300 | |||
Goodwill, impairment loss | $ 200 |
Goodwill and Intangible Asset92
Goodwill and Intangible Assets, Net - Remaining Estimated Amortization Expense (Details) $ in Thousands | Apr. 01, 2018USD ($) |
Estimated amortization expense [Abstract] | |
2,019 | $ 40,923 |
2,020 | 41,447 |
2,021 | 40,498 |
2,022 | 38,316 |
2023 and thereafter | 19,597 |
Total | $ 180,781 |
Restructuring and Related Cos93
Restructuring and Related Costs - Schedule of Restructuring Charges and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2018 | Apr. 02, 2017 | Apr. 03, 2016 | |
Employee Severance | |||
Restructuring Reserve [Roll Forward] | |||
Balance as of beginning of period | $ 4,841 | $ 2,816 | $ 10,512 |
Provision | 7,847 | 16,409 | 11,632 |
Cash payments | (8,197) | (13,884) | (19,538) |
Foreign exchange impact | 148 | (500) | 210 |
Balance as of end of period | 4,639 | 4,841 | 2,816 |
Asset Impairment Charges [Abstract] | |||
Asset impairment | 4,841 | 2,816 | 10,512 |
Employee Severance | High-Speed Converter Business | |||
Restructuring Reserve [Roll Forward] | |||
Balance as of beginning of period | 1,427 | 1,534 | 10,217 |
Provision | 0 | 0 | 0 |
Cash payments | (867) | (83) | (8,877) |
Foreign exchange impact | 66 | (24) | 194 |
Balance as of end of period | 626 | 1,427 | 1,534 |
Asset Impairment Charges [Abstract] | |||
Asset impairment | 1,427 | 1,534 | 10,217 |
Facility Closing | |||
Restructuring Reserve [Roll Forward] | |||
Balance as of beginning of period | 0 | ||
Provision | 2,818 | ||
Cash payments | (537) | ||
Balance as of end of period | 2,281 | 0 | |
Asset Impairment Charges [Abstract] | |||
Asset impairment | 0 | 0 | |
Facility Closing | High-Speed Converter Business | |||
Restructuring Reserve [Roll Forward] | |||
Balance as of beginning of period | 0 | ||
Provision | 0 | ||
Cash payments | 0 | ||
Balance as of end of period | 0 | 0 | |
Asset Impairment Charges [Abstract] | |||
Asset impairment | 0 | 0 | |
Asset Impairment | |||
Restructuring Reserve [Roll Forward] | |||
Balance as of beginning of period | 7,846 | ||
Balance as of end of period | 7,846 | ||
Asset Impairment Charges [Abstract] | |||
Asset impairment | 7,846 | 7,846 | |
Asset Impairment | High-Speed Converter Business | |||
Restructuring Reserve [Roll Forward] | |||
Balance as of beginning of period | 0 | ||
Balance as of end of period | 0 | ||
Asset Impairment Charges [Abstract] | |||
Asset impairment | 0 | 0 | |
Cost of Revenues | Employee Severance | |||
Restructuring Reserve [Roll Forward] | |||
Balance as of beginning of period | 201 | 307 | 0 |
Provision | 416 | 2,605 | 435 |
Cash payments | (370) | (2,709) | (128) |
Foreign exchange impact | 0 | (2) | 0 |
Balance as of end of period | 247 | 201 | 307 |
Asset Impairment Charges [Abstract] | |||
Asset impairment | 201 | 307 | 0 |
Cost of Revenues | Facility Closing | |||
Restructuring Reserve [Roll Forward] | |||
Balance as of beginning of period | 0 | ||
Provision | 0 | ||
Cash payments | 0 | ||
Balance as of end of period | 0 | 0 | |
Asset Impairment Charges [Abstract] | |||
Asset impairment | 0 | 0 | |
Cost of Revenues | Asset Impairment | |||
Restructuring Reserve [Roll Forward] | |||
Balance as of beginning of period | 5,460 | ||
Balance as of end of period | 5,460 | ||
Asset Impairment Charges [Abstract] | |||
Asset impairment | 5,460 | 5,460 | |
Operating Expenses | Employee Severance | |||
Restructuring Reserve [Roll Forward] | |||
Balance as of beginning of period | 3,213 | 975 | 295 |
Provision | 7,431 | 13,804 | 11,197 |
Cash payments | (6,960) | (11,092) | (10,533) |
Foreign exchange impact | 82 | (474) | 16 |
Balance as of end of period | 3,766 | 3,213 | 975 |
Asset Impairment Charges [Abstract] | |||
Asset impairment | 3,213 | 975 | $ 295 |
Operating Expenses | Facility Closing | |||
Restructuring Reserve [Roll Forward] | |||
Balance as of beginning of period | 0 | ||
Provision | 2,818 | ||
Cash payments | (537) | ||
Balance as of end of period | 2,281 | 0 | |
Asset Impairment Charges [Abstract] | |||
Asset impairment | 0 | 0 | |
Operating Expenses | Asset Impairment | |||
Restructuring Reserve [Roll Forward] | |||
Balance as of beginning of period | 2,386 | ||
Balance as of end of period | 2,386 | ||
Asset Impairment Charges [Abstract] | |||
Asset impairment | $ 2,386 | $ 2,386 |
Restructuring and Related Cos94
Restructuring and Related Costs - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jul. 01, 2018USD ($) | Apr. 01, 2018USD ($)employee | Apr. 02, 2017USD ($)employee | Apr. 03, 2016USD ($)employee | Mar. 29, 2015USD ($)employee | |
Restructuring Cost and Reserve [Line Items] | |||||
Asset impairment | $ 9,800 | ||||
GigPeak Restructuring Plan | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Deferred Long-term Liability Charges | 2,800 | ||||
Accrued Liabilities | 2,300 | ||||
Employee Severance | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 7,847 | $ 16,409 | $ 11,632 | ||
Payments for restructuring | 8,197 | 13,884 | 19,538 | ||
Restructuring accrued balance | $ 4,639 | 4,841 | $ 2,816 | $ 10,512 | |
Employee Severance | GigPeak Restructuring Plan | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Number of positions eliminated | employee | 46 | ||||
Restructuring charges | $ 2,700 | ||||
Payments for restructuring | $ 2,100 | ||||
Employee Severance | ZMDI | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Number of positions eliminated | employee | 49 | 36 | |||
Restructuring charges | $ 100 | $ 5,000 | $ 6,900 | ||
Payments for restructuring | $ 4,900 | $ 5,700 | |||
Employee Severance | Other Restructuring Plan - 2018 Restructuring | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Number of positions eliminated | employee | 63 | ||||
Restructuring charges | $ 5,100 | ||||
Payments for restructuring | 2,300 | ||||
Asset impairment | 7,800 | ||||
Employee Severance | Workforce-Reduction Plan | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Number of positions eliminated | employee | 13 | ||||
Restructuring charges | $ 7,500 | ||||
Payments for restructuring | 2,500 | $ 4,200 | |||
Restructuring accrued balance | 800 | ||||
Employee Severance | Other Restructuring Plan - 2017 Restructuring | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Number of positions eliminated | employee | 59 | ||||
Restructuring charges | $ 4,000 | ||||
Employee Severance | Other Restructuring Plan, 2016 Restructuring | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Number of positions eliminated | employee | 48 | ||||
Restructuring charges | $ 4,700 | ||||
Payments for restructuring | 100 | $ 4,600 | |||
Executive | Employee Severance | ZMDI | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Number of positions eliminated | employee | 2 | ||||
High-Speed Converter Business | Employee Severance | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 0 | 0 | $ 0 | ||
Payments for restructuring | 867 | 83 | 8,877 | ||
Restructuring accrued balance | 626 | 1,427 | 1,534 | $ 10,217 | |
High-Speed Converter Business | Employee Severance | Other Restructuring Plan, 2015 Restructuring | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Number of positions eliminated | employee | 53 | ||||
Restructuring charges | $ 18,300 | ||||
Restructuring accrued balance | 500 | ||||
Scenario, Forecast | Employee Severance | GigPeak Restructuring Plan | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Payments for restructuring | $ 600 | ||||
Scenario, Forecast | Employee Severance | Other Restructuring Plan - 2018 Restructuring | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Payments for restructuring | $ 2,800 | ||||
Other Long Term Liabilities | GigPeak Restructuring Plan | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Accrued Liabilities | 1,600 | ||||
Other Accrued Liabilities | GigPeak Restructuring Plan | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Accrued Liabilities | 700 | ||||
Employee Severance | ZMDI | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Payments for restructuring | 1,200 | ||||
Employee Severance | Other Restructuring Plan - 2017 Restructuring | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Payments for restructuring | 400 | 3,600 | |||
Cost of revenue | Other Restructuring Plan - 2018 Restructuring | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Asset impairment | 5,400 | ||||
Cost of revenue | Employee Severance | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 416 | 2,605 | 435 | ||
Payments for restructuring | 370 | 2,709 | 128 | ||
Restructuring accrued balance | 247 | 201 | 307 | 0 | |
Operating Expenses | Other Restructuring Plan - 2018 Restructuring | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Asset impairment | 2,400 | ||||
Operating Expenses | Employee Severance | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 7,431 | 13,804 | 11,197 | ||
Payments for restructuring | 6,960 | 11,092 | 10,533 | ||
Restructuring accrued balance | $ 3,766 | $ 3,213 | $ 975 | $ 295 |
Commitments and Contingencies95
Commitments and Contingencies (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Sep. 30, 2012defendant | Jan. 31, 2012defendant | Apr. 01, 2018USD ($) | Apr. 02, 2017USD ($) | Apr. 03, 2016USD ($) | |
Loss Contingencies [Line Items] | |||||
Maximum amount of potential future payments under various financial guarantees | $ 1,800 | ||||
Operating Leases, Future Minimum Payments Due [Abstract] | |||||
2,019 | 7,092 | ||||
2,020 | 5,634 | ||||
2,021 | 2,568 | ||||
2,022 | 1,970 | ||||
2023 and thereafter | 1,234 | ||||
Total | 18,498 | ||||
Rent expense | 8,200 | $ 5,900 | $ 3,200 | ||
Other long-term supplier obligations | 5,000 | 7,100 | $ 11,600 | ||
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||||
Aggregate future commitments due in fiscal 2019 | $ 600 | ||||
Standard warranty period | 1 year | ||||
Extended warranty period | 2 years | ||||
Total warranty accrual | $ 300 | $ 300 | |||
Environmental Violation | Maxim I Properties Litigation | |||||
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||||
Number of defendants | defendant | 30 | ||||
Environmental Violation | Generator of Hazardous Waste Litigation | |||||
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||||
Number of defendants | defendant | 50 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 01, 2018 | Apr. 02, 2017 | Apr. 03, 2016 | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
401(k) matching contributions expense | $ 2.5 | $ 2.6 | $ 2.6 |
Participant balances percent vested (percent) | 100.00% | ||
Deferred compensation plan obligations | $ 16.3 | 15 | |
Deferred compensation plan assets | 16.9 | 16 | |
Fox Enterprises | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Deferred compensation plan obligations | 0.8 | 0.9 | |
Deferred compensation plan assets | $ 0.4 | $ 0.4 |
Convertible Senior Notes, War97
Convertible Senior Notes, Warrants and Hedges - Narrative (Details) | Nov. 04, 2015$ / shares | Nov. 03, 2015USD ($)$ / option | Oct. 29, 2015USD ($) | Apr. 03, 2016USD ($) | Apr. 01, 2018USD ($)$ / shares | Apr. 02, 2017USD ($) | Apr. 03, 2016USD ($) |
Debt Instrument [Line Items] | |||||||
Conversion ratio | 0.029892 | ||||||
Proceeds from issuance of warrants | $ 0 | $ 0 | $ 56,847,000 | ||||
JPMorgan Chase Bank, National Association | Initial Bond Hedge | |||||||
Debt Instrument [Line Items] | |||||||
Payments for hedge | $ 81,900,000 | $ 94,200,000 | |||||
Derivative, price risk option strike price (in dollars per option) | $ / option | 33.45 | ||||||
JPMorgan Chase Bank, National Association | Warrant | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from issuance of warrants | $ 7,400,000 | 49,400,000 | $ 56,800,000 | ||||
Convertible debt instrument, warrant stock price trigger (in dollars per share) | $ / shares | $ 48.66 | ||||||
JPMorgan Chase Bank, National Association | Additional Bond Hedge | |||||||
Debt Instrument [Line Items] | |||||||
Payments for hedge | 12,300,000 | ||||||
Convertible debt | 0.875% Convertible Senior Notes Due 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | 48,800,000 | $ 325,000,000 | $ 373,800,000 | ||||
Interest rate | 0.875% | 0.875% | |||||
Convertible Notes, net | $ 363,445,000 | ||||||
Conversion price (in dollars per share) | $ / shares | $ 33.45 | ||||||
Periodic payment, interest | $ 3,300,000 | $ 3,400,000 |
Convertible Senior Notes, War98
Convertible Senior Notes, Warrants and Hedges - Components (Details) - USD ($) $ in Thousands | Nov. 03, 2015 | Apr. 01, 2018 | Apr. 02, 2017 | Apr. 03, 2016 |
Liability component | ||||
Net carrying amount | $ 299,551 | $ 285,541 | ||
Convertible debt | 0.875% Convertible Senior Notes Due 2022 | ||||
Liability component | ||||
Principal | $ 274,435 | |||
Less: Issuance cost | (7,568) | |||
Net carrying amount | 266,867 | $ 299,551 | $ 285,541 | $ 272,221 |
Equity component | ||||
Allocated amount | 99,316 | |||
Less: Issuance cost | (2,738) | |||
Net carrying amount | 96,578 | |||
Convertible Notes, net | $ 363,445 |
Convertible Senior Notes, War99
Convertible Senior Notes, Warrants and Hedges - Interest Expense (Details) - Convertible debt - 0.875% Convertible Senior Notes Due 2022 - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2018 | Apr. 02, 2017 | Apr. 03, 2016 | |
Debt Instrument [Line Items] | |||
Contractual interest expense | $ 3,307 | $ 3,307 | $ 1,363 |
Amortization of debt issuance costs | 1,081 | 1,081 | 450 |
Amortization of debt discount | 12,929 | 12,239 | 4,904 |
Interest expense | $ 17,317 | $ 16,627 | $ 6,717 |
Convertible Senior Notes, Wa100
Convertible Senior Notes, Warrants and Hedges - Net Liability Component (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2018 | Apr. 02, 2017 | Apr. 03, 2016 | |
Convertible Debt Carrying Amount [Roll Forward] | |||
Net carrying amount at beginning of the period | $ 285,541 | ||
Net carrying amount at end of the period | 299,551 | $ 285,541 | |
Convertible debt | 0.875% Convertible Senior Notes Due 2022 | |||
Convertible Debt Carrying Amount [Roll Forward] | |||
Net carrying amount at beginning of the period | 285,541 | 272,221 | |
Amortization of debt issuance costs during the year | 1,081 | 1,081 | $ 450 |
Amortization of debt discount during the year | 12,929 | 12,239 | 4,904 |
Net carrying amount at end of the period | $ 299,551 | $ 285,541 | $ 272,221 |
Term B Loan - Narrative (Detail
Term B Loan - Narrative (Details) - USD ($) | Apr. 04, 2017 | Apr. 01, 2018 | Apr. 02, 2017 | Apr. 03, 2016 |
Debt Instrument [Line Items] | ||||
Proceeds of initial term B loan | $ 194,252,000 | $ 0 | $ 0 | |
Payment of term B loan principal | $ 2,000,000 | $ 0 | $ 0 | |
Senior Notes | Term B Loan | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 200,000,000 | |||
Debt instrument, term | 7 years | |||
Proceeds of initial term B loan | $ 194,300,000 | |||
Percentage of original principal amount to be repaid | 0.25% | |||
Basis spread on variable rate | 2.00% | |||
Payment of term B loan principal | $ 2,000,000 | |||
Senior Notes | Term B Loan | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 3.00% | |||
Senior Notes | Term B Loan | Base Rate | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 2.00% | |||
Minimum | Senior Notes | Term B Loan | ||||
Debt Instrument [Line Items] | ||||
Interest rate during period | 4.15% | |||
Maximum | Senior Notes | Term B Loan | ||||
Debt Instrument [Line Items] | ||||
Interest rate during period | 4.61% |
Term B Loan - Schedule of Outst
Term B Loan - Schedule of Outstanding Borrowings (Details) - Senior Notes - Term B Loan $ in Thousands | Apr. 01, 2018USD ($) |
Debt Instrument [Line Items] | |
Outstanding principal balance | $ 198,000 |
Unamortized debt issuance costs and debt discount | (4,927) |
Outstanding principal, net of unamortized debt issuance costs and debt discount | 193,073 |
Current portion of bank loan | 2,000 |
Long-term bank loan | $ 191,073 |
Term B Loan - Schedule of Inter
Term B Loan - Schedule of Interest Expense (Details) - Senior Notes - Term B Loan $ in Thousands | 12 Months Ended |
Apr. 01, 2018USD ($) | |
Debt Instrument [Line Items] | |
Contractual interest expense | $ 8,708 |
Amortization of debt issuance costs | 821 |
Total | $ 9,529 |
Income Taxes - Components of In
Income Taxes - Components of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2018 | Apr. 02, 2017 | Apr. 03, 2016 | |
Components of Income Tax Expense (Benefit) [Line Items] | |||
Income before income taxes | $ 92,172 | $ 99,285 | $ 133,864 |
Current: | |||
Total current | 31,716 | 1,568 | 5,886 |
Deferred: | |||
Total Deferred | 72,592 | (11,467) | (67,321) |
Income tax expense (benefit) from continuing operations | 104,308 | (9,899) | (61,435) |
United States | |||
Components of Income Tax Expense (Benefit) [Line Items] | |||
Income before income taxes | (37,479) | (16,736) | 5,431 |
Current: | |||
United States | 24,721 | (146) | 5,694 |
Deferred: | |||
United States | 67,895 | (6,363) | (59,944) |
Foreign | |||
Components of Income Tax Expense (Benefit) [Line Items] | |||
Income before income taxes | 129,651 | 116,021 | 128,433 |
Current: | |||
Foreign | 5,999 | 1,611 | 38 |
Deferred: | |||
Foreign | 5,667 | (5,111) | (7,403) |
State | |||
Current: | |||
State | 996 | 103 | 154 |
Deferred: | |||
State | $ (970) | $ 7 | $ 26 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Apr. 01, 2018 | Apr. 02, 2017 | Apr. 03, 2016 | Mar. 29, 2015 | |
Income Tax Holiday [Line Items] | ||||
Excess tax benefit related to share based compensation | $ 2,100,000 | $ 2,500,000 | $ 4,500,000 | $ 0 |
Statutory U.S. income tax rate (percent) | 31.50% | |||
Impact of the Tax Cuts and Jobs Act on deferred taxes | $ 10,308,000 | 0 | 0 | |
One-time repatriation tax | 103,907,000 | 0 | 0 | |
Increase in accrued liabilities related to the one-time repatriation tax | 1,500,000 | |||
Increase in long-term taxes payable related to the one-time repatriation tax | 24,100,000 | |||
Reduction of deferred tax assets related to the one-time repatriation tax | 78,300,000 | |||
Accrual for withholding taxes on potential distributions from foreign subsidiaries | 5,800,000 | |||
Increase (decrease) in valuation allowance | 17,800,000 | 10,500,000 | (61,700,000) | |
Amount of unrecognized tax benefits that would favorably impact the effective tax rate | 27,600,000 | 19,100,000 | ||
Amount of unrecognized tax benefits that would be offset by a change in valuation allowance | 15,800,000 | |||
Interest and penalties related to unrecognized tax benefits as a component of income tax expense | 200,000 | 100,000 | ||
Decrease in unrecognized tax benefits that may occur (up to) | 200,000 | |||
Malaysia | ||||
Income Tax Holiday [Line Items] | ||||
Net income effect of Malaysian tax holiday | $ 33,700,000 | $ 31,600,000 | $ 25,000,000 | |
EPS effect of Malaysian tax holiday (in dollars per share) | $ 0.25 | $ 0.24 | $ 0.17 | |
Internal Revenue Service (IRS) | ||||
Income Tax Holiday [Line Items] | ||||
Net operating loss carryforwards | $ 31,600,000 | |||
State | ||||
Income Tax Holiday [Line Items] | ||||
Net operating loss carryforwards | 110,200,000 | |||
Foreign | ||||
Income Tax Holiday [Line Items] | ||||
Net operating loss carryforwards | 83,100,000 | |||
Research and Development Tax Credit | ||||
Income Tax Holiday [Line Items] | ||||
Tax credit carryforwards | 19,900,000 | |||
State Income Tax Credit | ||||
Income Tax Holiday [Line Items] | ||||
Tax credit carryforwards | 99,000,000 | |||
Amount of tax credit carryforwards to expire | 12,900,000 | |||
Foreign Tax Credit | ||||
Income Tax Holiday [Line Items] | ||||
Tax credit carryforwards | $ 10,400,000 |
Income Taxes - Effective Tax Ra
Income Taxes - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2018 | Apr. 02, 2017 | Apr. 03, 2016 | |
Reconciliation between statutory and effective tax rate | |||
Provision from continuing operations at 35% U.S. statutory rate | $ 29,034 | $ 34,750 | $ 46,852 |
State tax, net of federal benefit | 431 | (389) | 198 |
Effect of foreign operations | (38,714) | (48,018) | (55,331) |
Repatriation of foreign earnings | 6,341 | 10,121 | 32,957 |
Valuation allowance | 2,622 | 1,424 | (81,553) |
Research tax credits | (8,666) | (7,801) | (6,150) |
Stock-based compensation | (1,005) | (1,785) | 1,028 |
Transition Tax | 103,907 | 0 | 0 |
Impact of the Tax Cuts and Jobs Act on deferred taxes | 10,308 | 0 | 0 |
Other | 50 | 1,799 | 564 |
Income tax expense (benefit) from continuing operations | $ 104,308 | $ (9,899) | $ (61,435) |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Apr. 01, 2018 | Apr. 02, 2017 |
Deferred tax assets: | ||
Non-deductible accruals and reserves | $ 14,720 | $ 17,598 |
Net operating losses and credit carryforwards | 108,868 | 148,941 |
Depreciation and amortization | 1,879 | 14,005 |
Stock options | 2,791 | 4,087 |
Other | 1,548 | 2,046 |
Total deferred tax assets | 129,806 | 186,677 |
Deferred tax liabilities: | ||
Purchased intangibles | (26,127) | (31,421) |
Unremitted foreign earnings | (8,163) | (2,318) |
Other | (2,920) | (7,679) |
Total deferred tax liabilities | (37,210) | (41,418) |
Valuation allowance | (91,054) | (73,263) |
Net deferred tax assets | $ 1,542 | $ 71,996 |
Income Taxes - Summary of Gross
Income Taxes - Summary of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2018 | Apr. 02, 2017 | Apr. 03, 2016 | |
Activities of gross unrecognized tax benefits: | |||
Beginning balance | $ 36,993 | $ 33,075 | $ 33,190 |
Increases related to prior year tax positions | 2,022 | 1,374 | 1,474 |
Decreases related to prior year tax positions | (279) | (87) | (719) |
Increases related to current year tax positions | 8,095 | 2,864 | 938 |
Decrease related to settlement | 0 | 0 | (1,758) |
Decreases related to the lapsing of statute of limitations | (165) | (233) | (50) |
Ending balance | $ 46,666 | $ 36,993 | $ 33,075 |
Segment Information - Revenues
Segment Information - Revenues by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 01, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Apr. 02, 2017 | Jan. 01, 2017 | Oct. 02, 2016 | Jul. 03, 2016 | Apr. 01, 2018 | Apr. 02, 2017 | Apr. 03, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 224,578 | $ 217,075 | $ 204,398 | $ 196,713 | $ 175,698 | $ 176,358 | $ 184,059 | $ 192,128 | $ 842,764 | $ 728,243 | $ 697,376 |
Hong Kong | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 301,805 | 258,970 | 304,392 | ||||||||
Korea | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 82,905 | 77,269 | 75,402 | ||||||||
Rest of Asia Pacific | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 256,955 | 229,059 | 173,408 | ||||||||
Europe | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 114,099 | 93,526 | 69,543 | ||||||||
Americas | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 87,000 | 69,419 | 74,631 | ||||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 71,000 | 63,000 | 65,200 | ||||||||
Communications | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 251,682 | 265,421 | 302,188 | ||||||||
Computing, Consumer and Industrial | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 591,082 | $ 462,822 | $ 395,188 |
Segment Information - Narrative
Segment Information - Narrative (Details) - Customer Concentration Risk | 12 Months Ended | ||
Apr. 01, 2018 | Apr. 02, 2017 | Apr. 03, 2016 | |
Sales | Uniquest | |||
Segment Reporting Information [Line Items] | |||
Concentration risk (percentage) | 10.00% | 11.00% | 16.00% |
Sales | Avnet | |||
Segment Reporting Information [Line Items] | |||
Concentration risk (percentage) | 15.00% | 10.00% | 15.00% |
Sales | SK Hynix | |||
Segment Reporting Information [Line Items] | |||
Concentration risk (percentage) | 12.00% | ||
Accounts receivable | Significant Distributor 1 | |||
Segment Reporting Information [Line Items] | |||
Concentration risk (percentage) | 15.00% | 11.00% | |
Accounts receivable | Significant Distributor 2 | |||
Segment Reporting Information [Line Items] | |||
Concentration risk (percentage) | 10.00% |
Segment Information - Schedule
Segment Information - Schedule of Information by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2018 | Apr. 02, 2017 | Apr. 03, 2016 | |
Segment Reporting Information [Line Items] | |||
Income before income taxes from continuing operations | $ 92,172 | $ 99,285 | $ 133,864 |
Amortization of intangible assets | (46,726) | (23,653) | (15,354) |
Asset impairment and other | (9,800) | ||
Stock-based compensation | (50,783) | (39,869) | (34,125) |
Interest income and other, net | 8,608 | 5,822 | 4,268 |
Operating Segments | Communications | |||
Segment Reporting Information [Line Items] | |||
Income before income taxes from continuing operations | 94,709 | 105,016 | 115,888 |
Operating Segments | Computing, Consumer and Industrial | |||
Segment Reporting Information [Line Items] | |||
Income before income taxes from continuing operations | 138,182 | 91,911 | 88,101 |
Unallocated Expenses | |||
Segment Reporting Information [Line Items] | |||
Amortization of intangible assets | (38,417) | (21,360) | (13,662) |
Inventory fair market value adjustment | (8,023) | (4,079) | (5,531) |
Loss on divestitures | 0 | (710) | 0 |
Asset impairment and other | (10,779) | (1,026) | (147) |
Stock-based compensation | (50,783) | (39,869) | (34,158) |
Severance, retention and facility closure costs | (10,462) | (16,335) | (11,701) |
Acquisition-related costs and other | (2,225) | (2,295) | (2,591) |
Interest income and other, net | $ (20,030) | $ (11,968) | $ (2,335) |
Segment Information - Geographi
Segment Information - Geographic Areas (Details) - USD ($) $ in Thousands | Apr. 01, 2018 | Apr. 02, 2017 |
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | $ 86,845 | $ 80,961 |
United States | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 41,230 | 37,996 |
Malaysia | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 28,264 | 24,386 |
Germany | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 10,210 | 12,477 |
All other countries | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | $ 7,141 | $ 6,102 |
Interest Income and Other, N113
Interest Income and Other, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2018 | Apr. 02, 2017 | Apr. 03, 2016 | |
Other Income and Expenses [Abstract] | |||
Interest income | $ 3,808 | $ 2,916 | $ 3,616 |
Other income, net | 4,800 | 2,906 | 652 |
Interest income and other, net | $ 8,608 | $ 5,822 | $ 4,268 |
Subsequent Event (Details)
Subsequent Event (Details) | Apr. 24, 2018USD ($) |
April 2018 Stock Repurchase Program | Subsequent Event | |
Subsequent Event [Line Items] | |
Stock repurchase program, additional authorized repurchase amount | $ 400,000,000 |
SUPPLEMENTARY FINANCIAL INFO115
SUPPLEMENTARY FINANCIAL INFORMATION (UNAUDITED) - Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 01, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Apr. 02, 2017 | Jan. 01, 2017 | Oct. 02, 2016 | Jul. 03, 2016 | Apr. 01, 2018 | Apr. 02, 2017 | Apr. 03, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 224,578 | $ 217,075 | $ 204,398 | $ 196,713 | $ 175,698 | $ 176,358 | $ 184,059 | $ 192,128 | $ 842,764 | $ 728,243 | $ 697,376 |
Gross profit | 127,100 | 128,385 | 116,762 | 110,038 | 101,672 | 104,085 | 106,532 | 108,349 | 482,285 | 420,638 | 421,654 |
Net income (loss) from continuing operations | 30,209 | 33,437 | 24,591 | 20,947 | (12,136) | 109,184 | 195,299 | ||||
Net loss from discontinued operations | 0 | 1,298 | 0 | 0 | 0 | 1,298 | (562) | ||||
Net income (loss) | $ 20,711 | $ (68,241) | $ 18,680 | $ 16,714 | $ 30,209 | $ 34,735 | $ 24,591 | $ 20,947 | $ (12,136) | $ 110,482 | $ 194,737 |
Basic net income (loss) per share - continuing operations (in dollars per share) | $ 0.23 | $ 0.25 | $ 0.18 | $ 0.16 | $ (0.09) | $ 0.82 | $ 1.37 | ||||
Basic net income (loss) per share (in dollars per share) | $ 0.16 | $ (0.51) | $ 0.14 | $ 0.13 | 0.23 | 0.26 | 0.18 | 0.16 | (0.09) | 0.83 | 1.37 |
Diluted net income (loss) per share - continuing operations (in dollars per share) | 0.22 | 0.24 | 0.18 | 0.15 | (0.09) | 0.79 | 1.32 | ||||
Diluted net income (loss) per share (in dollars per share) | $ 0.15 | $ (0.51) | $ 0.14 | $ 0.12 | $ 0.22 | $ 0.25 | $ 0.18 | $ 0.15 | $ (0.09) | $ 0.80 | $ 1.32 |
SUPPLEMENTARY FINANCIAL INFO116
SUPPLEMENTARY FINANCIAL INFORMATION (UNAUDITED) - Narrative (Details) - USD ($) | Apr. 04, 2017 | Dec. 31, 2017 | Apr. 01, 2018 | Apr. 02, 2017 | Apr. 03, 2016 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Income tax charge related to estimated impacts of Tax Cuts and Jobs Act | $ 114,200,000 | ||||
Interest expense | 27,352,000 | $ 16,878,000 | $ 7,043,000 | ||
Asset impairment | 9,800,000 | ||||
Impairment charge in carrying amount of intangible asset | 7,800,000 | 1,300,000 | |||
Fox Enterprises Inc | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Impairment charge in carrying amount of intangible asset | $ 300,000 | ||||
Gain (loss) on divestiture | $ (700,000) | ||||
High-Speed Converter Business | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain (loss) on divestiture | $ 1,300,000 | ||||
Senior Notes | Term B Loan | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Principal amount | $ 200,000,000 | ||||
Debt instrument, term | 7 years | ||||
Interest expense | 9,500,000 | ||||
In-process research and development (IPR&D) | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Impairment charge in carrying amount of intangible asset | $ 2,000,000 |
Schedule II - Valuation and 117
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2018 | Apr. 02, 2017 | Apr. 03, 2016 | |
Allowance for returns, price credits and doubtful accounts | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 5,084 | $ 4,629 | $ 4,664 |
Additions/(Releases) | 7,184 | 544 | 117 |
Deductions/Adjustments | (94) | (89) | (152) |
Balance at End of Period | 12,174 | 5,084 | 4,629 |
Tax valuation allowance | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 73,263 | 62,800 | 148,954 |
Additions/(Releases) | 22,507 | 14,168 | 3,527 |
Deductions/Adjustments | (4,716) | (3,705) | (89,681) |
Balance at End of Period | $ 91,054 | $ 73,263 | $ 62,800 |