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1. Basis of Presentation
The consolidated condensed financial statements have been prepared by Cirrus Logic, Inc. (“Cirrus Logic,” “we,” “us,” “our,” or the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “Commission”). The accompanying unaudited consolidated condensed financial statements do not include complete footnotes and financial presentations. As a result, these financial statements should be read along with the audited consolidated financial statements and notes thereto for the year ended March 29, 2014, included in our Annual Report on Form 10-K filed with the Commission on May 28, 2014. In our opinion, the financial statements reflect all adjustments, including normal recurring adjustments, necessary for a fair presentation of the financial position, operating results and cash flows for those periods presented. The preparation of financial statements in conformity with United States (“U.S.”) generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect reported assets, liabilities, revenues and expenses, as well as disclosure of contingent assets and liabilities. Actual results could differ from those estimates and assumptions. Moreover, the results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the entire year. Additionally, prior period amounts have been adjusted to conform to current year presentation.
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2. Recently Issued Accounting Pronouncements
In May 2014, the Financial Accounting Standards Board (FASB) issued ASU No. 2014-09, Revenue from Contracts with Customers (ASC Topic 606). The purpose of the ASU is to converge revenue recognition requirements per GAAP and International Financial Reporting Standards (IFRS). “The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” The amendments in this ASU are effective for interim and annual reporting periods beginning after December 15, 2016, with early adoption not permitted by the FASB. The Company is currently evaluating the impact of this ASU on its consolidated financial position, results of operations and cash flows.
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3. Marketable Securities
The Company’s investments that have original maturities greater than 90 days have been classified as available-for-sale securities in accordance with U.S. GAAP. Marketable securities are categorized on the consolidated condensed balance sheet as short- and long-term marketable securities, as appropriate.
The following table is a summary of available-for-sale securities at June 28, 2014 (in thousands):
Estimated |
|||||||||||
Gross |
Gross |
Fair Value |
|||||||||
Amortized |
Unrealized |
Unrealized |
(Net Carrying |
||||||||
As of June 28, 2014 |
Cost |
Gains |
Losses |
Amount) |
|||||||
Corporate debt securities |
$ |
93,759 |
$ |
9 |
$ |
(98) |
$ |
93,670 | |||
Commercial paper |
16,472 | 7 | (5) | 16,474 | |||||||
Certificates of deposit |
5,005 | 1 |
- |
5,006 | |||||||
Total securities |
$ |
115,236 |
$ |
17 |
$ |
(103) |
$ |
115,150 |
The Company’s specifically identified gross unrealized losses of $103 thousand relates to 23 different securities with total amortized cost of approximately $86.6 million at June 28, 2014. Because the Company does not intend to sell the investments at a loss and the Company will not be required to sell the investments before recovery of its amortized cost basis, it did not consider the investment in these securities to be other-than-temporarily impaired at June 28, 2014. Further, the securities with gross unrealized losses had been in a continuous unrealized loss position for less than 12 months as of June 28, 2014.
The following table is a summary of available-for-sale securities at March 29, 2014 (in thousands):
Estimated |
|||||||||||
Gross |
Gross |
Fair Value |
|||||||||
Amortized |
Unrealized |
Unrealized |
(Net Carrying |
||||||||
As of March 29, 2014 |
Cost |
Gains |
Losses |
Amount) |
|||||||
Corporate debt securities |
$ |
246,878 |
$ |
52 |
$ |
(245) |
$ |
246,685 | |||
U.S. Treasury securities |
56,986 | 10 | (2) | 56,994 | |||||||
Agency discount notes |
2,008 | 1 |
- |
2,009 | |||||||
Commercial paper |
41,962 | 10 | (2) | 41,970 | |||||||
Certificates of deposit |
5,006 |
- |
(4) | 5,002 | |||||||
Total securities |
$ |
352,840 |
$ |
73 |
$ |
(253) |
$ |
352,660 |
The Company’s specifically identified gross unrealized losses of $253 thousand relates to 74 different securities with total amortized cost of approximately $207.8 million at March 29, 2014. Because the Company does not intend to sell the investments at a loss and the Company will not be required to sell the investments before recovery of its amortized cost basis, it did not consider the investment in these securities to be other-than-temporarily impaired at March 29, 2014. Further, the securities with gross unrealized losses had been in a continuous unrealized loss position for less than 12 months as of March 29, 2014.
The cost and estimated fair value of available-for-sale securities by contractual maturities were as follows (in thousands):
June 28, 2014 |
March 29, 2014 |
|||||||||||
Amortized |
Estimated |
Amortized |
Estimated |
|||||||||
Cost |
Fair Value |
Cost |
Fair Value |
|||||||||
Within 1 year |
$ |
75,261 |
$ |
75,198 |
$ |
263,418 |
$ |
263,417 | ||||
After 1 year |
39,975 | 39,952 | 89,422 | 89,243 | ||||||||
Total |
$ |
115,236 |
$ |
115,150 |
$ |
352,840 |
$ |
352,660 |
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4. Fair Value of Financial Instruments
The Company has determined that the only assets and liabilities in the Company’s financial statements that are required to be measured at fair value on a recurring basis are the Company’s cash equivalents, investment portfolio and foreign currency hedge assets. The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
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• |
Level 1 - Quoted prices in active markets for identical assets or liabilities. |
|
• |
Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. |
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• |
Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
The Company’s investment portfolio assets consist of corporate debt securities, money market funds, U.S. Treasury securities, obligations of certain U.S. government-sponsored enterprises, commercial paper, and certificates of deposit and are reflected on our consolidated condensed balance sheets under the headings cash and cash equivalents, marketable securities, and long-term marketable securities. The Company determines the fair value of its investment portfolio assets by obtaining non-binding market prices from its third-party portfolio managers on the last day of the quarter, whose sources may use quoted prices in active markets for identical assets (Level 1 inputs) or inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs) in determining fair value.
The fair value of the foreign currency hedge is included in “Other current assets” on the consolidated condensed balance sheet. Realized gains (losses) related to the hedge are reported under the caption “Other income (expense)” in the consolidated condensed statements of comprehensive income.
As of June 28, 2014, the Company classified its investment portfolio and foreign currency hedge assets as Level 1 or Level 2 inputs. The Company has no Level 3 assets. There were no transfers between Level 1, Level 2, or Level 3 measurements for the three month period ending June 28, 2014.
The fair value of our financial assets at June 28, 2014, was determined using the following inputs (in thousands):
Quoted Prices |
|||||||||||
in Active |
Significant |
||||||||||
Markets for |
Other |
Significant |
|||||||||
Identical |
Observable |
Unobservable |
|||||||||
Assets |
Inputs |
Inputs |
|||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||
Cash equivalents |
|||||||||||
Money market funds |
$ |
100,662 |
$ |
- |
$ |
- |
$ |
100,662 | |||
Commercial paper |
- |
149,987 |
- |
149,987 | |||||||
$ |
100,662 |
$ |
149,987 |
$ |
- |
$ |
250,649 | ||||
Available-for-sale securities |
|||||||||||
Corporate debt securities |
$ |
- |
$ |
93,670 |
$ |
- |
$ |
93,670 | |||
Commercial paper |
- |
16,474 |
- |
16,474 | |||||||
Certificates of deposit |
- |
5,006 |
- |
5,006 | |||||||
$ |
- |
$ |
115,150 |
$ |
- |
$ |
115,150 | ||||
Foreign currency hedge |
$ |
- |
$ |
11,645 |
$ |
- |
$ |
11,645 |
The fair value of our financial assets at March 29, 2014, was determined using the following inputs (in thousands):
Quoted Prices |
|||||||||||
in Active |
Significant |
||||||||||
Markets for |
Other |
Significant |
|||||||||
Identical |
Observable |
Unobservable |
|||||||||
Assets |
Inputs |
Inputs |
|||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||
Cash equivalents |
|||||||||||
Money market funds |
$ |
20,456 |
$ |
- |
$ |
- |
$ |
20,456 | |||
Commercial paper |
- |
1,878 |
- |
1,878 | |||||||
$ |
20,456 |
$ |
1,878 |
$ |
- |
$ |
22,334 | ||||
Available-for-sale securities |
|||||||||||
Corporate debt securities |
$ |
- |
$ |
246,685 |
$ |
- |
$ |
246,685 | |||
U.S. Treasury securities |
56,994 |
- |
- |
56,994 | |||||||
Agency discount notes |
- |
2,009 |
- |
2,009 | |||||||
Commercial paper |
- |
41,970 |
- |
41,970 | |||||||
Certificates of deposit |
- |
5,002 |
- |
5,002 | |||||||
$ |
56,994 |
$ |
295,666 |
$ |
- |
$ |
352,660 |
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5. Accounts Receivable, net
The following are the components of accounts receivable, net (in thousands):
June 28, |
March 29, |
||||
2014 |
2014 |
||||
Gross accounts receivable |
$ |
77,448 |
$ |
63,449 | |
Allowance for doubtful accounts |
(229) | (229) | |||
Accounts receivable, net |
$ |
77,219 |
$ |
63,220 |
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6. Inventories
Inventories are comprised of the following (in thousands):
June 28, |
March 29, |
||||
2014 |
2014 |
||||
Work in process |
$ |
53,849 |
$ |
37,967 | |
Finished goods |
38,153 | 31,776 | |||
$ |
92,002 |
$ |
69,743 |
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7. Acquisition
On April 29, 2014, Cirrus Logic announced that Cirrus Logic and the board of directors of Wolfson Microelectronics plc, a public limited company incorporated in Scotland (“Wolfson”), agreed on the terms of a recommended cash offer of £2.35 per share (the “Offer”) to be made by Cirrus Logic for the acquisition of the entire issued and to be issued share capital of Wolfson (the “Acquisition”). The Offer values the entire issued and to be issued share capital of Wolfson at approximately £291 million (approximately $488 million based on a U.S. dollar to pound sterling exchange rate of 1.68) (the “Offer Consideration”), and implies an enterprise value of Wolfson of approximately £278 million (approximately $467 million based on a U.S. dollar to pound sterling exchange rate of 1.68). The Acquisition will be effected by means of a court-sanctioned scheme of arrangement under the laws of the United Kingdom (the “Scheme”). On June 23, 2014, Wolfson announced that Wolfson shareholders approved the Acquisition. Completion of the Acquisition remains subject to the satisfaction or waiver of certain conditions, including the sanction of the Scheme by the Court of Session in Edinburgh, Scotland. In connection with the Acquisition, we entered into a nine-month foreign currency hedging contract, which is expected to mitigate the risks of foreign currency fluctuation related to this transaction. The Acquisition, if completed, is expected to strengthen Cirrus Logic’s ability to expand its customer base with highly differentiated, end-to-end audio solutions for portable audio applications. The Acquisition will be financed by a combination of existing cash on Cirrus Logic’s balance sheet and $225 million in debt funding from Wells Fargo Bank, National Association, as discussed below. The Acquisition is expected to close in the second quarter of fiscal year 2015.
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8. Revolving Line of Credit
Cirrus Logic entered into a credit agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association as administrative agent and lender, on April 29, 2014, in connection with the Acquisition. The Credit Agreement provides for a $225 million senior secured revolving credit facility (the “Credit Facility”). The Credit Facility may be used for, among other things, payment of the Offer Consideration in connection with the Acquisition. The Credit Facility matures on the earliest to occur of (a) January 23, 2015, (b) the date of termination of the Commitments as a result of a permanent reduction of all of the Commitments (as defined in the Credit Agreement) by Cirrus Logic or (c) the date of termination of the Commitments as a result of an event of default (such date, the “Maturity Date”). Cirrus Logic must repay the outstanding principal amount of all borrowings, together with all accrued but unpaid interest thereon, on the Maturity Date. The Credit Facility is required to be guaranteed by all of Cirrus Logic’s material domestic subsidiaries (the “Subsidiary Guarantors”). The Credit Facility is secured by substantially all of the assets of Cirrus Logic and any Subsidiary Guarantors, except for certain excluded assets.
Borrowings under the Credit Facility may, at our election, bear interest at either (a) a base rate plus the applicable margin (“Base Rate Loans”) or (b) a LIBOR rate plus the applicable margin (“LIBOR Rate Loans”). The applicable margin ranges from 0% to .25% per annum for Base Rate Loans and 1.75% to 2.25% per annum for LIBOR Rate Loans based on the Leverage Ratio (as defined below). A commitment fee accrues at a rate per annum ranging from 0.30% to 0.40% (based on the Leverage Ratio) on the average daily unused portion of the Commitments. Certain representations and warranties are required under the Credit Agreement, and the Company must be in compliance with specified financial covenants, including (a) the ratio of consolidated funded indebtedness to consolidated EBITDA for the prior four consecutive quarters must not be greater than 1.75 to 1.00 (the “Leverage Ratio”) and (b) the sum of cash and cash equivalents of Cirrus Logic and its subsidiaries on a consolidated basis must not be less than $75 million. At June 28, 2014, the Company was in compliance with all covenants under the Credit Facility. There were no borrowings under this facility as of June 28, 2014.
The Company maintained an unsecured revolving credit facility (the “Expired Credit Facility”) until early fiscal year 2014. The aggregate borrowing limit under the Expired Credit Facility was $100 million, with a $15 million letter of credit sublimit and was intended to provide the Company with short-term borrowings for working capital and other general corporate purposes. The Company had no outstanding amounts under the facility prior to its expiration on April 19, 2013.
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9. Income Taxes
Our provision for income taxes is based on estimated effective tax rates derived from an estimate of annual consolidated earnings before taxes, adjusted for nondeductible expenses, other permanent items and any applicable credits. Our income tax expense is primarily a non-cash charge due to the utilization of U.S. net operating losses.
The following table presents the provision for income taxes and the effective tax rates (in thousands):
Three Months Ended |
|||||
June 28, |
June 29, |
||||
2014 |
2013 |
||||
Income before income taxes |
$ |
15,949 |
$ |
31,646 | |
Provision for income taxes |
$ |
5,701 |
$ |
11,004 | |
Effective tax rate |
35.7% | 34.8% |
Our income tax expense for the first quarter of fiscal year 2015 was slightly above the federal statutory rate primarily due to the effect of permanent differences that are nondeductible for tax purposes. Our income tax expense for the first quarter of fiscal year 2014 was slightly below the federal statutory rate primarily due to the effect of the federal research and development credit which was extended through December 31, 2013 by the American Taxpayer Relief Act of 2012, which was enacted on January 2, 2013.
We had no unrecognized tax benefits as of June 28, 2014. The Company does not believe that its unrecognized tax benefits will significantly increase or decrease during the next 12 months.
We accrue interest and penalties related to unrecognized tax benefits as a component of the provision for income taxes. As of June 28, 2014, the balance of accrued interest and penalties was zero. No interest or penalties were incurred during the first three months of fiscal year 2015 or 2014.
The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax in multiple state and foreign jurisdictions. Fiscal years 2011 through 2014 remain open to examination by the major taxing jurisdictions to which we are subject.
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11. Legal Matters
From time to time, we are involved in legal proceedings concerning matters arising in connection with the conduct of our business activities. We regularly evaluate the status of legal proceedings in which we are involved in order to assess whether a loss is probable or there is a reasonable possibility that a loss or additional loss may have been incurred and determine if accruals are appropriate. We further evaluate each legal proceeding to assess whether an estimate of possible loss or range of loss can be made.
On June 4, 2012, U.S. Ethernet Innovations, LLC (the “Plaintiff”) filed suit against Cirrus Logic and two other defendants in the U.S. District Court, Eastern District of Texas. The Plaintiff alleges that Cirrus Logic infringed four U.S. patents relating to Ethernet technology. In its complaint, the Plaintiff indicated that it is seeking unspecified monetary damages, including up to treble damages for willful infringement. We answered the complaint on June 29, 2012, denying the allegations of infringement and seeking a declaratory judgment that the patents in suit were invalid and not infringed. The parties entered into a settlement agreement on May 30, 2013. In exchange for a full release of claims as it relates to the asserted patent, we paid the Plaintiff $0.7 million. This amount is recorded as a separate line item on the consolidated condensed statements of comprehensive income under the caption “Patent infringement settlements, net.”
For the case described below, management is unable to provide a meaningful estimate of the possible loss or range of possible loss because, among other reasons, (i) the proceedings are in various stages; (ii) damages have not been sought or specified; (iii) damages are unsupported and/or exaggerated; (iv) there is uncertainty as to the outcome of pending appeals or motions; (v) there are significant factual issues to be resolved; and/or (vi) there are novel legal issues or unsettled legal theories to be presented or a large number of parties. For this case, however, management does not believe, based on currently available information, that the outcome of this proceeding will have a material adverse effect on our financial condition. However, the ultimate resolutions of this proceeding and matters are inherently difficult to predict; as such, our operating results could be materially affected by the unfavorable resolution of this proceeding or matters for any particular period, depending, in part, upon the operating results for such period. We intend to vigorously defend ourselves against the allegations made in the legal case described below.
On June 17, 2014, Enterprise Systems Technologies S.a.r.l. (the “Plaintiff”) filed suit against Cirrus Logic, Inc. in the U.S. District Court, District of Delaware. The Plaintiff alleges that Cirrus Logic indirectly infringes two U.S. patents through the manufacture and sale of digital signal processors, audio codecs, audio processors, and other components included in communications and consumer electronic devices such as smartphones and computers. The Plaintiff is seeking unspecified monetary damages.
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12. Stockholders’ Equity
Common Stock
The Company issued a net 0.2 million and 0.1 million shares of common stock during the three month periods ending June 28, 2014, and June 29, 2013, respectively, in connection with stock issuances pursuant to the Company’s 2006 Stock Incentive Plan.
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13. Segment Information
We determine our operating segments in accordance with Financial Accounting Standards Board guidelines. Our Chief Executive Officer (“CEO”) has been identified as the chief operating decision maker under these guidelines.
The Company operates and tracks its results in one reportable segment, but reports revenue performance in two product lines, which currently are audio and energy. Our CEO receives and uses enterprise-wide financial information to assess financial performance and allocate resources, rather than detailed information at a product line level. Additionally, our product lines have similar characteristics and customers. They share operations support functions such as sales, public relations, supply chain management, various research and development and engineering support, in addition to the general and administrative functions of human resources, legal, finance and information technology. Therefore, there is no complete, discrete financial information maintained for these product lines.
Revenues from our product lines are as follows (in thousands):
Three Months Ended |
|||||
June 28, |
June 29, |
||||
2014 |
2013 |
||||
Audio Products |
$ |
141,161 |
$ |
143,666 | |
Energy Products |
11,404 | 11,459 | |||
$ |
152,565 |
$ |
155,125 |
|
Estimated |
|||||||||||
Gross |
Gross |
Fair Value |
|||||||||
Amortized |
Unrealized |
Unrealized |
(Net Carrying |
||||||||
As of June 28, 2014 |
Cost |
Gains |
Losses |
Amount) |
|||||||
Corporate debt securities |
$ |
93,759 |
$ |
9 |
$ |
(98) |
$ |
93,670 | |||
Commercial paper |
16,472 | 7 | (5) | 16,474 | |||||||
Certificates of deposit |
5,005 | 1 |
- |
5,006 | |||||||
Total securities |
$ |
115,236 |
$ |
17 |
$ |
(103) |
$ |
115,150 |
The Company’s specifically identified gross unrealized losses of $103 thousand relates to 23 different securities with total amortized cost of approximately $86.6 million at June 28, 2014. Because the Company does not intend to sell the investments at a loss and the Company will not be required to sell the investments before recovery of its amortized cost basis, it did not consider the investment in these securities to be other-than-temporarily impaired at June 28, 2014. Further, the securities with gross unrealized losses had been in a continuous unrealized loss position for less than 12 months as of June 28, 2014.
The following table is a summary of available-for-sale securities at March 29, 2014 (in thousands):
Estimated |
|||||||||||
Gross |
Gross |
Fair Value |
|||||||||
Amortized |
Unrealized |
Unrealized |
(Net Carrying |
||||||||
As of March 29, 2014 |
Cost |
Gains |
Losses |
Amount) |
|||||||
Corporate debt securities |
$ |
246,878 |
$ |
52 |
$ |
(245) |
$ |
246,685 | |||
U.S. Treasury securities |
56,986 | 10 | (2) | 56,994 | |||||||
Agency discount notes |
2,008 | 1 |
- |
2,009 | |||||||
Commercial paper |
41,962 | 10 | (2) | 41,970 | |||||||
Certificates of deposit |
5,006 |
- |
(4) | 5,002 | |||||||
Total securities |
$ |
352,840 |
$ |
73 |
$ |
(253) |
$ |
352,660 |
June 28, 2014 |
March 29, 2014 |
|||||||||||
Amortized |
Estimated |
Amortized |
Estimated |
|||||||||
Cost |
Fair Value |
Cost |
Fair Value |
|||||||||
Within 1 year |
$ |
75,261 |
$ |
75,198 |
$ |
263,418 |
$ |
263,417 | ||||
After 1 year |
39,975 | 39,952 | 89,422 | 89,243 | ||||||||
Total |
$ |
115,236 |
$ |
115,150 |
$ |
352,840 |
$ |
352,660 |
|
Quoted Prices |
|||||||||||
in Active |
Significant |
||||||||||
Markets for |
Other |
Significant |
|||||||||
Identical |
Observable |
Unobservable |
|||||||||
Assets |
Inputs |
Inputs |
|||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||
Cash equivalents |
|||||||||||
Money market funds |
$ |
100,662 |
$ |
- |
$ |
- |
$ |
100,662 | |||
Commercial paper |
- |
149,987 |
- |
149,987 | |||||||
$ |
100,662 |
$ |
149,987 |
$ |
- |
$ |
250,649 | ||||
Available-for-sale securities |
|||||||||||
Corporate debt securities |
$ |
- |
$ |
93,670 |
$ |
- |
$ |
93,670 | |||
Commercial paper |
- |
16,474 |
- |
16,474 | |||||||
Certificates of deposit |
- |
5,006 |
- |
5,006 | |||||||
$ |
- |
$ |
115,150 |
$ |
- |
$ |
115,150 | ||||
Foreign currency hedge |
$ |
- |
$ |
11,645 |
$ |
- |
$ |
11,645 |
The fair value of our financial assets at March 29, 2014, was determined using the following inputs (in thousands):
Quoted Prices |
|||||||||||
in Active |
Significant |
||||||||||
Markets for |
Other |
Significant |
|||||||||
Identical |
Observable |
Unobservable |
|||||||||
Assets |
Inputs |
Inputs |
|||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||
Cash equivalents |
|||||||||||
Money market funds |
$ |
20,456 |
$ |
- |
$ |
- |
$ |
20,456 | |||
Commercial paper |
- |
1,878 |
- |
1,878 | |||||||
$ |
20,456 |
$ |
1,878 |
$ |
- |
$ |
22,334 | ||||
Available-for-sale securities |
|||||||||||
Corporate debt securities |
$ |
- |
$ |
246,685 |
$ |
- |
$ |
246,685 | |||
U.S. Treasury securities |
56,994 |
- |
- |
56,994 | |||||||
Agency discount notes |
- |
2,009 |
- |
2,009 | |||||||
Commercial paper |
- |
41,970 |
- |
41,970 | |||||||
Certificates of deposit |
- |
5,002 |
- |
5,002 | |||||||
$ |
56,994 |
$ |
295,666 |
$ |
- |
$ |
352,660 |
|
June 28, |
March 29, |
||||
2014 |
2014 |
||||
Gross accounts receivable |
$ |
77,448 |
$ |
63,449 | |
Allowance for doubtful accounts |
(229) | (229) | |||
Accounts receivable, net |
$ |
77,219 |
$ |
63,220 |
|
June 28, |
March 29, |
||||
2014 |
2014 |
||||
Work in process |
$ |
53,849 |
$ |
37,967 | |
Finished goods |
38,153 | 31,776 | |||
$ |
92,002 |
$ |
69,743 |
|
Three Months Ended |
|||||
June 28, |
June 29, |
||||
2014 |
2013 |
||||
Income before income taxes |
$ |
15,949 |
$ |
31,646 | |
Provision for income taxes |
$ |
5,701 |
$ |
11,004 | |
Effective tax rate |
35.7% | 34.8% |
|
Three Months Ended |
|||||
June 28, |
June 29, |
||||
2014 |
2013 |
||||
Audio Products |
$ |
141,161 |
$ |
143,666 | |
Energy Products |
11,404 | 11,459 | |||
$ |
152,565 |
$ |
155,125 |
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