Consolidating Financial Information (Tables)
|
12 Months Ended |
Apr. 01, 2017 |
Consolidating Financial Information [Abstract] |
|
Condensed consolidating balance sheets |
| | | | | | | | | | | | | | | | | | | | | | Condensed Consolidating Balance Sheet | | April 1, 2017 | (in thousands) | Parent Company | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated | ASSETS | | | | | | | | | | Current assets: | | | | | | | | | | Cash and cash equivalents | $ | — |
| | $ | 226,186 |
| | $ | 319,277 |
| | $ | — |
| | $ | 545,463 |
| Accounts receivable, less allowance | — |
| | 57,874 |
| | 300,074 |
| | — |
| | 357,948 |
| Intercompany accounts and note receivable | — |
| | 392,075 |
| | 36,603 |
| | (428,678 | ) | | — |
| Inventories | — |
| | 131,225 |
| | 322,559 |
| | (23,330 | ) | | 430,454 |
| Prepaid expenses | — |
| | 29,032 |
| | 7,197 |
| | — |
| | 36,229 |
| Other receivables | — |
| | 7,239 |
| | 58,008 |
| | — |
| | 65,247 |
| Other current assets | — |
| | 25,534 |
| | 730 |
| | — |
| | 26,264 |
| Total current assets | — |
| | 869,165 |
| | 1,044,448 |
| | (452,008 | ) | | 1,461,605 |
| Property and equipment, net | — |
| | 1,078,761 |
| | 314,910 |
| | (1,739 | ) | | 1,391,932 |
| Goodwill | — |
| | 1,121,941 |
| | 1,051,973 |
| | — |
| | 2,173,914 |
| Intangible assets, net | — |
| | 599,618 |
| | 800,945 |
| | — |
| | 1,400,563 |
| Long-term investments | — |
| | 25,971 |
| | 9,523 |
| | — |
| | 35,494 |
| Long-term intercompany accounts and notes receivable | — |
| | 447,613 |
| | 138,398 |
| | (586,011 | ) | | — |
| Investment in subsidiaries | 6,142,568 |
| | 2,596,172 |
| | — |
| | (8,738,740 | ) | | — |
| Other non-current assets | 820 |
| | 33,249 |
| | 24,746 |
| | — |
| | 58,815 |
| Total assets | $ | 6,143,388 |
| | $ | 6,772,490 |
| | $ | 3,384,943 |
| | $ | (9,778,498 | ) | | $ | 6,522,323 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
| |
| |
| |
| |
| Current liabilities: |
| |
| |
| |
| |
| Accounts payable | $ | — |
| | $ | 111,799 |
| | $ | 104,447 |
| | $ | — |
| | $ | 216,246 |
| Intercompany accounts and notes payable | — |
| | 36,603 |
| | 392,075 |
| | (428,678 | ) | | — |
| Accrued liabilities | 23,150 |
| | 111,700 |
| | 35,734 |
| | — |
| | 170,584 |
| Other current liabilities | — |
| | 55 |
| | 31,943 |
| | — |
| | 31,998 |
| Total current liabilities | 23,150 |
| | 260,157 |
| | 564,199 |
| | (428,678 | ) | | 418,828 |
| Long-term debt | 989,154 |
| | — |
| | — |
| | — |
| | 989,154 |
| Deferred tax liabilities | (83,333 | ) | | 171,284 |
| | 43,560 |
| | — |
| | 131,511 |
| Long-term intercompany accounts and notes payable | 317,695 |
| | 138,398 |
| | 129,918 |
| | (586,011 | ) | | — |
| Other long-term liabilities | — |
| | 35,014 |
| | 51,094 |
| | — |
| | 86,108 |
| Total liabilities | 1,246,666 |
| | 604,853 |
| | 788,771 |
| | (1,014,689 | ) | | 1,625,601 |
| Total stockholders’ equity | 4,896,722 |
| | 6,167,637 |
| | 2,596,172 |
| | (8,763,809 | ) | | 4,896,722 |
| Total liabilities and stockholders’ equity | $ | 6,143,388 |
| | $ | 6,772,490 |
| | $ | 3,384,943 |
| | $ | (9,778,498 | ) | | $ | 6,522,323 |
|
| | | | | | | | | | | | | | | | | | | | | | Condensed Consolidating Balance Sheet | | April 2, 2016 | (in thousands) | Parent Company | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated | ASSETS |
| |
| |
| |
| |
| Current assets: |
| |
| |
| |
| |
| Cash and cash equivalents | $ | — |
| | $ | 220,633 |
| | $ | 205,248 |
| | $ | — |
| | $ | 425,881 |
| Short-term investments | — |
| | 186,808 |
| | — |
| | — |
| | 186,808 |
| Accounts receivable, less allowance | — |
| | 203,488 |
| | 112,868 |
| | — |
| | 316,356 |
| Intercompany accounts and notes receivable | — |
| | 532,508 |
| | 404,330 |
| | (936,838 | ) | | — |
| Inventories | — |
| | 186,627 |
| | 325,346 |
| | (84,422 | ) | | 427,551 |
| Prepaid expenses | — |
| | 56,151 |
| | 7,699 |
| | — |
| | 63,850 |
| Other receivables | — |
| | 37,033 |
| | 10,347 |
| | — |
| | 47,380 |
| Other current assets | — |
| | 40,866 |
| | 518 |
| | — |
| | 41,384 |
| Total current assets | — |
| | 1,464,114 |
| | 1,066,356 |
| | (1,021,260 | ) | | 1,509,210 |
| Property and equipment, net | — |
| | 807,586 |
| | 239,495 |
| | (193 | ) | | 1,046,888 |
| Goodwill | — |
| | 1,118,642 |
| | 1,017,055 |
| | — |
| | 2,135,697 |
| Intangible assets, net | — |
| | 786,314 |
| | 1,026,201 |
| | — |
| | 1,812,515 |
| Long-term investments | — |
| | 26,050 |
| | — |
| | — |
| | 26,050 |
| Long-term intercompany accounts and notes receivable | — |
| | 564,397 |
| | 267,823 |
| | (832,220 | ) | | — |
| Investment in subsidiaries | 6,151,120 |
| | 2,588,302 |
| | — |
| | (8,739,422 | ) | | — |
| Other non-current assets | 1,091 |
| | 39,478 |
| | 25,890 |
| | — |
| | 66,459 |
| Total assets | $ | 6,152,211 |
| | $ | 7,394,883 |
| | $ | 3,642,820 |
| | $ | (10,593,095 | ) | | $ | 6,596,819 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
| |
| |
| |
| |
| Current liabilities: |
| |
| |
| |
| |
| Accounts payable | $ | — |
| | $ | 141,792 |
| | $ | 66,508 |
| | $ | (2,936 | ) | | $ | 205,364 |
| Intercompany accounts and notes payable | — |
| | 404,330 |
| | 532,508 |
| | (936,838 | ) | | — |
| Accrued liabilities | 25,445 |
| | 93,609 |
| | 18,835 |
| | — |
| | 137,889 |
| Other current liabilities | — |
| | 20,122 |
| | 10,426 |
| | — |
| | 30,548 |
| Total current liabilities | 25,445 |
| | 659,853 |
| | 628,277 |
| | (939,774 | ) | | 373,801 |
| Long-term debt | 988,130 |
| | — |
| | — |
| | — |
| | 988,130 |
| Deferred tax liabilities | (93,340 | ) | | 195,462 |
| | 50,038 |
| | — |
| | 152,160 |
| Long-term intercompany accounts and notes payable | 232,303 |
| | 267,823 |
| | 332,094 |
| | (832,220 | ) | | — |
| Other long-term liabilities | — |
| | 39,288 |
| | 43,768 |
| | — |
| | 83,056 |
| Total liabilities | 1,152,538 |
| | 1,162,426 |
| | 1,054,177 |
| | (1,771,994 | ) | | 1,597,147 |
| Total stockholders’ equity | 4,999,673 |
| | 6,232,457 |
| | 2,588,643 |
| | (8,821,101 | ) | | 4,999,672 |
| Total liabilities and stockholders’ equity | $ | 6,152,211 |
| | $ | 7,394,883 |
| | $ | 3,642,820 |
| | $ | (10,593,095 | ) | | $ | 6,596,819 |
|
|
Condensed consolidating statements of operations and comprehensive income (loss) |
| | | | | | | | | | | | | | | | | | | | | | Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income | | Fiscal Year 2017 | (in thousands) | Parent Company | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated | Revenue | $ | — |
| | $ | 1,316,576 |
| | $ | 2,918,865 |
| | $ | (1,202,867 | ) | | 3,032,574 |
| Cost of goods sold | — |
| | 979,190 |
| | 2,023,715 |
| | (1,105,843 | ) | | 1,897,062 |
| Gross profit | — |
| | 337,386 |
| | 895,150 |
| | (97,024 | ) | | 1,135,512 |
| Operating expenses: | | | | | | | | |
| Research and development | 35,379 |
| | 40,918 |
| | 416,869 |
| | (22,330 | ) | | 470,836 |
| Selling, general and administrative | 53,465 |
| | 253,531 |
| | 370,812 |
| | (132,220 | ) | | 545,588 |
| Other operating expense | — |
| | 16,065 |
| | 8,409 |
| | 6,555 |
| | 31,029 |
| Total operating expenses | 88,844 |
| | 310,514 |
| | 796,090 |
| | (147,995 | ) | | 1,047,453 |
| Income (loss) from operations | (88,844 | ) | | 26,872 |
| | 99,060 |
| | 50,971 |
| | 88,059 |
| Interest expense | (57,344 | ) | | (2,619 | ) | | (3,129 | ) | | 4,213 |
| | (58,879 | ) | Interest income | — |
| | 4,457 |
| | 759 |
| | (4,004 | ) | | 1,212 |
| Other (expense) income | — |
| | 426 |
| | (1,999 | ) | | (1,514 | ) | | (3,087 | ) | Income (loss) before income taxes | (146,188 | ) | | 29,136 |
| | 94,691 |
| | 49,666 |
| | 27,305 |
| Income tax (expense) benefit | 46,003 |
| | (63,893 | ) | | (25,973 | ) | | — |
| | (43,863 | ) | Income in subsidiaries | 83,627 |
| | 68,718 |
| | — |
| | (152,345 | ) | | — |
| Net (loss) income | $ | (16,558 | ) | | $ | 33,961 |
| | $ | 68,718 |
| | $ | (102,679 | ) | | $ | (16,558 | ) | | | | | | | | | | | Comprehensive (loss) income | $ | (17,731 | ) | | $ | 34,014 |
| | $ | 67,492 |
| | $ | (101,506 | ) | | $ | (17,731 | ) |
| | | | | | | | | | | | | | | | | | | | | | Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income | | Fiscal Year 2016 | (in thousands) | Parent Company | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated | Revenue | $ | — |
| | $ | 2,212,062 |
| | $ | 2,762,150 |
| | $ | (2,363,486 | ) | | 2,610,726 |
| Cost of goods sold | — |
| | 1,778,336 |
| | 2,060,702 |
| | (2,277,865 | ) | | 1,561,173 |
| Gross profit | — |
| | 433,726 |
| | 701,448 |
| | (85,621 | ) | | 1,049,553 |
| Operating expenses: | | | | | | | | |
| Research and development | 67,158 |
| | 106,560 |
| | 304,219 |
| | (29,174 | ) | | 448,763 |
| Selling, general and administrative | 72,358 |
| | 151,814 |
| | 360,593 |
| | (50,666 | ) | | 534,099 |
| Other operating expense | — |
| | 50,928 |
| | 2,447 |
| | 1,348 |
| | 54,723 |
| Total operating expenses | 139,516 |
| | 309,302 |
| | 667,259 |
| | (78,492 | ) | | 1,037,585 |
| Income (loss) from operations | (139,516 | ) | | 124,424 |
| | 34,189 |
| | (7,129 | ) | | 11,968 |
| Interest expense | (21,895 | ) | | (2,419 | ) | | (3,029 | ) | | 4,027 |
| | (23,316 | ) | Interest income | — |
| | 2,650 |
| | 3,003 |
| | (3,585 | ) | | 2,068 |
| Other income (expense) | — |
| | 5,467 |
| | (298 | ) | | 1,249 |
| | 6,418 |
| (Loss) income before income taxes | (161,411 | ) | | 130,122 |
| | 33,865 |
| | (5,438 | ) | | (2,862 | ) | Income tax (expense) benefit | 44,014 |
| | (49,751 | ) | | (20,246 | ) | | — |
| | (25,983 | ) | Income in subsidiaries | 88,552 |
| | 13,619 |
| | — |
| | (102,171 | ) | | — |
| Net (loss) income | $ | (28,845 | ) | | $ | 93,990 |
| | $ | 13,619 |
| | $ | (107,609 | ) | | $ | (28,845 | ) | | | | | | | | | | | Comprehensive (loss) income | $ | (31,854 | ) | | $ | 89,738 |
| | $ | 14,862 |
| | $ | (104,600 | ) | | $ | (31,854 | ) |
| | | | | | | | | | | | | | | | | | | | | | Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) | | Fiscal Year 2015 | (in thousands) | Parent Company | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated | Revenue | $ | — |
| | $ | 2,523,495 |
| | $ | 1,408,913 |
| | $ | (2,221,442 | ) | | 1,710,966 |
| Cost of goods sold | — |
| | 1,910,297 |
| | 1,260,814 |
| | (2,149,453 | ) | | 1,021,658 |
| Gross profit | — |
| | 613,198 |
| | 148,099 |
| | (71,989 | ) | | 689,308 |
| Operating expenses: | | | | | | | | |
| Research and development | 18,335 |
| | 202,337 |
| | 45,751 |
| | (8,929 | ) | | 257,494 |
| Selling, general and administrative | 23,776 |
| | 160,538 |
| | 90,055 |
| | (24,483 | ) | | 249,886 |
| Other operating expense | — |
| | 55,774 |
| | 3,475 |
| | 213 |
| | 59,462 |
| Total operating expenses | 42,111 |
| | 418,649 |
| | 139,281 |
| | (33,199 | ) | | 566,842 |
| Income (loss) from operations | (42,111 | ) | | 194,549 |
| | 8,818 |
| | (38,790 | ) | | 122,466 |
| Interest expense | — |
| | (2,770 | ) | | (1,583 | ) | | 2,932 |
| | (1,421 | ) | Interest income | — |
| | 1,009 |
| | 2,281 |
| | (2,840 | ) | | 450 |
| Other (expense) income | — |
| | (906 | ) | | 694 |
| | (42 | ) | | (254 | ) | Income (loss) before income taxes | (42,111 | ) | | 191,882 |
| | 10,210 |
| | (38,740 | ) | | 121,241 |
| Income tax benefit (expense) | 13,350 |
| | 73,268 |
| | (11,556 | ) | | — |
| | 75,062 |
| Income (loss) in subsidiaries | 35,243 |
| | (1,346 | ) | | — |
| | (33,894 | ) | | — |
| Net income (loss) | $ | 6,482 |
| | $ | 263,804 |
| | $ | (1,346 | ) | | $ | (72,634 | ) | | $ | 196,303 |
| | | | | | | | | | | Comprehensive income (loss) | $ | 6,482 |
| | $ | 267,724 |
| | $ | (4,605 | ) | | $ | (72,637 | ) | | $ | 196,964 |
|
|
Condensed consolidating statements of cash flows |
| | | | | | | | | | | | | | | | | | | | | | Condensed Consolidating Statement of Cash Flows | | Fiscal Year 2017 | (in thousands) | Parent Company | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated | Net cash provided by operating activities | $ | 165,660 |
| | $ | 175,988 |
| | $ | 435,172 |
| | $ | — |
| | $ | 776,820 |
| Investing activities: | | | | | | | | | | Purchase of available-for-sale securities | — |
| | (469 | ) | | — |
| | — |
| | (469 | ) | Proceeds from maturities of available-for-sale securities | — |
| | 186,793 |
| | — |
| | — |
| | 186,793 |
| Purchase of a business, net of cash acquired | — |
| | — |
| | (118,133 | ) | | — |
| | (118,133 | ) | Purchase of property and equipment | — |
| | (424,175 | ) | | (128,527 | ) | | — |
| | (552,702 | ) | Other investing activities | — |
| | 3,924 |
| | (9,900 | ) | | — |
| | (5,976 | ) | Net transactions with related parties | — |
| | 61,891 |
| | — |
| | (61,891 | ) | | — |
| Net cash used in investing activities | — |
| | (172,036 | ) | | (256,560 | ) | | (61,891 | ) | | (490,487 | ) | Financing activities: | | | | | | | | |
| Excess tax benefit from exercises of stock options | 65 |
| | — |
| | — |
| | — |
| | 65 |
| Proceeds from the issuance of common stock | 59,148 |
| | — |
| | — |
| | — |
| | 59,148 |
| Repurchase of common stock, including transaction costs | (209,357 | ) | | — |
| | — |
| | — |
| | (209,357 | ) | Tax withholding paid on behalf of employees for restricted stock units | (15,516 | ) | | — |
| | — |
| | — |
| | (15,516 | ) | Other financing activities | — |
| | 14 |
| | — |
| | — |
| | 14 |
| Net transactions with related parties | — |
| | 1,587 |
| | (63,478 | ) | | 61,891 |
| | — |
| Net cash (used in) provided by financing activities | (165,660 | ) | | 1,601 |
| | (63,478 | ) | | 61,891 |
| | (165,646 | ) | Effect of exchange rate changes on cash | — |
| | — |
| | (1,105 | ) | | — |
| | (1,105 | ) | Net increase (decrease) in cash and cash equivalents | — |
| | 5,553 |
| | 114,029 |
| | — |
| | 119,582 |
| Cash and cash equivalents at the beginning of the period | — |
| | 220,633 |
| | 205,248 |
| | — |
| | 425,881 |
| Cash and cash equivalents at the end of the period | $ | — |
| | $ | 226,186 |
| | $ | 319,277 |
| | $ | — |
| | $ | 545,463 |
|
| | | | | | | | | | | | | | | | | | | | | | Condensed Consolidating Statement of Cash Flows | | Fiscal Year 2016 | (in thousands) | Parent Company | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated | Net cash provided by operating activities | $ | 282,955 |
| | $ | 273,171 |
| | $ | 131,801 |
| | $ | — |
| | $ | 687,927 |
| Investing activities: | | | | | | | | | | Purchase of available-for-sale securities | — |
| | (340,527 | ) | | — |
| | — |
| | (340,527 | ) | Proceeds from maturities and sales of available-for-sale securities | — |
| | 390,009 |
| | — |
| | — |
| | 390,009 |
| Purchase of property and equipment | — |
| | (244,817 | ) | | (70,807 | ) | | — |
| | (315,624 | ) | Other investing activities | — |
| | (12,830 | ) | | 258 |
| | — |
| | (12,572 | ) | Net cash used in investing activities | — |
| | (208,165 | ) | | (70,549 | ) | | — |
| | (278,714 | ) | Financing activities: | | | | | | | | |
| Proceeds from debt issuances | 1,175,000 |
| | — |
| | — |
| | — |
| | 1,175,000 |
| Payment of debt | (175,000 | ) | | — |
| | — |
| | — |
| | (175,000 | ) | Excess tax benefit from exercises of stock options | 935 |
| | — |
| | — |
| | — |
| | 935 |
| Debt issuance costs | (13,588 | ) | | — |
| | — |
| | — |
| | (13,588 | ) | Proceeds from the issuance of common stock | 51,875 |
| | — |
| | — |
| | — |
| | 51,875 |
| Repurchase of common stock, including transaction costs | (1,300,009 | ) | | — |
| | — |
| | — |
| | (1,300,009 | ) | Tax withholding paid on behalf of employees for restricted stock units | (22,168 | ) | | — |
| | — |
| | — |
| | (22,168 | ) | Other financing activities | — |
| | 103 |
| | — |
| | — |
| | 103 |
| Net transactions with related parties | — |
| | 1,192 |
| | (1,192 | ) | | — |
| | — |
| Net cash (used in) provided by financing activities | (282,955 | ) | | 1,295 |
| | (1,192 | ) | | — |
| | (282,852 | ) | Effect of exchange rate changes on cash | — |
| | — |
| | (294 | ) | | — |
| | (294 | ) | Net increase in cash and cash equivalents | — |
| | 66,301 |
| | 59,766 |
| | — |
| | 126,067 |
| Cash and cash equivalents at the beginning of the period | — |
| | 154,332 |
| | 145,482 |
| | — |
| | 299,814 |
| Cash and cash equivalents at the end of the period | $ | — |
| | $ | 220,633 |
| | $ | 205,248 |
| | $ | — |
| | $ | 425,881 |
|
| | | | | | | | | | | | | | | | | | | | | | Condensed Consolidating Statements of Cash Flows | | Fiscal Year 2015 | (in thousands) | Parent Company | | Guarantor Subsidiaries | | Non-guarantor Subsidiaries | | Eliminations | | Consolidated | Net cash provided by operating activities | $ | 25,059 |
| | $ | 187,786 |
| | $ | 92,779 |
| | $ | — |
| | $ | 305,624 |
| Investing activities: | | | | | | | | | | Purchase of available-for-sale securities | — |
| | (370,734 | ) | | (17,000 | ) | | — |
| | (387,734 | ) | Proceeds from maturities of available-for-sale securities | — |
| | 234,185 |
| | 27,000 |
| | — |
| | 261,185 |
| Purchase of business, net of cash acquired | — |
| | 165,665 |
| | 58,659 |
| | — |
| | 224,324 |
| Purchase of property and equipment | — |
| | (116,868 | ) | | (52,994 | ) | | — |
| | (169,862 | ) | Other investing | — |
| | 8,489 |
| | (344 | ) | | — |
| | 8,145 |
| Net cash (used in) provided by investing activities | — |
| | (79,263 | ) | | 15,321 |
| | — |
| | (63,942 | ) | Financing activities: | | | | | | | | | | Payment of debt | — |
| | (87,503 | ) | | — |
| | — |
| | (87,503 | ) | Excess tax benefit from exercises of stock options | 13,993 |
| | — |
| | — |
| | — |
| | 13,993 |
| Debt issuance cost | — |
| | (36 | ) | | — |
| | — |
| | (36 | ) | Proceeds from the issuance of common stock | 46,072 |
| | — |
| | — |
| | — |
| | 46,072 |
| Repurchase of common stock, including transaction costs | (50,874 | ) | | — |
| | — |
| | — |
| | (50,874 | ) | Tax withholding paid on behalf of employees for restricted stock units | (34,250 | ) | | — |
| | — |
| | — |
| | (34,250 | ) | Other financing | — |
| | (300 | ) | | — |
| | — |
| | (300 | ) | Net transactions with related parties | — |
| | 1,376 |
| | (1,376 | ) | | — |
| | — |
| Net cash used in financing activities | (25,059 | ) | | (86,463 | ) | | (1,376 | ) | | — |
| | (112,898 | ) | Effect of exchange rate changes on cash | — |
| | — |
| | (868 | ) | | — |
| | (868 | ) | Net increase in cash and cash equivalents | — |
| | 22,060 |
| | 105,856 |
| | — |
| | 127,916 |
| Cash and cash equivalents at the beginning of the period | — |
| | 132,272 |
| | 39,626 |
| | — |
| | 171,898 |
| Cash and cash equivalents at the end of the period | $ | — |
| | $ | 154,332 |
| | $ | 145,482 |
| | $ | — |
| | $ | 299,814 |
|
|