XML 25 R25.htm IDEA: XBRL DOCUMENT v2.4.0.8
Stock-Based Compensation (Tables)
 9 Months Ended
Mar. 29, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]
The following table shows total stock-based compensation expense by type of award, and the resulting tax effect, included in the Condensed Consolidated Statements of Income for the three and nine months ended March 29, 2014 and March 30, 2013:


Three Months Ended

March 29, 2014

March 30, 2013

Stock Options

Restricted Stock Units

Employee Stock Purchase Plan

Total

Stock Options

Restricted Stock Units

Employee Stock Purchase Plan

Total

(in thousands)
Cost of goods sold
$
451


$
2,108


$
594


$
3,153


$
337


$
2,120


$
598


$
3,055

Research and development
2,124


7,917


1,623


11,664


1,440


7,116


1,480


10,036

Selling, general and administrative
1,391


5,186


663


7,240


1,157


4,764


601


6,522

Pre-tax stock-based compensation expense
$
3,966


$
15,211


$
2,880


$
22,057


$
2,934


$
14,000


$
2,679


$
19,613

Less: income tax effect






3,400








2,847

Net stock-based compensation expense








$
18,657








$
16,766


 
Nine Months Ended
 
March 29, 2014
 
March 30, 2013
 
Stock Options
 
Restricted Stock Units
 
Employee Stock Purchase Plan
 
Total
 
Stock Options
 
Restricted Stock Units
 
Employee Stock Purchase Plan
 
Total
 
(in thousands)
Cost of goods sold
$
1,238

 
$
6,421

 
$
1,602

 
$
9,261

 
$
1,212

 
$
6,863

 
$
1,651

 
$
9,726

Research and development
6,576

 
23,085

 
4,098

 
33,759

 
5,557

 
24,727

 
4,215

 
34,499

Selling, general and administrative
4,131

 
14,709

 
1,806

 
20,646

 
3,998

 
15,035

 
1,697

 
20,730

Pre-tax stock-based compensation expense
$
11,945

 
$
44,215

 
$
7,506

 
$
63,666

 
$
10,767

 
$
46,625

 
$
7,563

 
$
64,955

Less: income tax effect
 
 
 
 
 
 
9,878

 
 
 
 
 
 
 
11,617

Net stock-based compensation expense
 
 
 
 
 
 
$
53,788

 
 
 
 
 
 
 
$
53,338
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
The fair value of options granted to employees has been estimated at the date of grant using the Black-Scholes option valuation model and the following weighted-average assumptions:

 
Stock Options (1)
 
Three Months Ended
 
Nine Months Ended
 
March 29,
2014
 
March 30,
2013
 
March 29,
2014
 
March 30,
2013
Expected holding period (in years)
4.9

 
4.9

 
5.3

 
5.3

Risk-free interest rate
1.6
%
 
0.8
%
 
1.4
%
 
0.7
%
Expected stock price volatility
30.2
%
 
37.5
%
 
34.8
%
 
37.8
%
Dividend yield
3.6
%
 
3.4
%
 
3.2
%
 
3.3
%
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding [Table Text Block]
The following table summarizes outstanding, exercisable and vested and expected to vest stock options as of March 29, 2014 and their activity for the nine months ended March 29, 2014:

 
Number of
Shares 
 
Weighted Average Exercise Price
 
Weighted Average Remaining Contractual Term (in Years)
 
Aggregate Intrinsic Value (1)
Balance at June 29, 2013
20,081,339

 
$
26.00

 
 
 
 
Options Granted
2,882,740

 
27.17

 
 
 
 
Volterra substitute options granted
673,185

 
22.26

 
 
 
 
Options Exercised
(2,267,719
)
 
18.07

 
 
 
 
Options Cancelled
(3,042,128
)
 
32.25

 
 
 
 
Balance at March 29, 2014
18,327,417

 
$
26.04

 
3.6
 
$
148,116,516

Exercisable, March 29, 2014
8,592,118

 
$
27.62

 
1.9
 
$
69,970,388

Vested and expected to vest, March 29, 2014
17,245,995

 
$
26.01

 
3.5
 
$
141,248,804

 
(1)
Aggregate intrinsic value represents the difference between the exercise price and the closing price per share of the Company’s common stock on March 28, 2014, the last business day preceding the fiscal quarter-end, multiplied by the number of options outstanding, exercisable or vested and expected to vest as of March 29, 2014.
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest [Table Text Block]
The following table summarizes outstanding and expected to vest RSUs as of March 29, 2014 and their activity during the nine months ended March 29, 2014:

 
Number of
Shares 
 
Weighted Average
Remaining
Contractual Term
(in Years) 
 
Aggregate Intrinsic
Value (1) 
Balance at June 29, 2013
7,965,532

 
 
 
 
Restricted stock units granted
3,387,079

 
 
 
 
Volterra substitute restricted stock units granted
418,955

 
 
 
 
Restricted stock units released
(2,141,883
)
 
 
 
 
Restricted stock units cancelled
(903,922
)
 
 
 
 
Balance at March 29, 2014
8,725,761

 
2.7
 
$
284,624,813

Outstanding and expected to vest, March 29, 2014
7,626,649

 
2.7
 
$
249,086,361

(1)
Aggregate intrinsic value for RSUs represents the closing price per share of the Company’s common stock on March 28, 2014, the last business day preceding the fiscal quarter-end, multiplied by the number of RSUs outstanding or expected to vest as of March 29, 2014.
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block]
The fair value of ESPP granted to employees has been estimated at the date of grant using the Black-Scholes option valuation model using the following weighted-average assumptions:

 
ESPP
 
Three Months Ended
 
Nine Months Ended
 
March 29,
2014
 
March 30,
2013
 
March 29,
2014
 
March 30,
2013
Expected holding period (in years)
0.5

 
0.5

 
0.5

 
0.5

Risk-free interest rate
0.1
%
 
0.1
%
 
0.1
%
 
0.1
%
Expected stock price volatility
21.7
%
 
26.1
%
 
21.7
%
 
26.1
%
Dividend yield
3.7
%
 
3.6
%
 
3.7
%
 
3.6
%