Summary Of Accounting Policies (Policy)

3 Months Ended

Jul. 01, 2011

Summary Of Accounting Policies

Basis Of Presentation And Principles Of Consolidation

Basis of Presentation and Principles of Consolidation

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP" or "GAAP") for interim financial information and in accordance with the requirements of Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements, and should be read in conjunction with the Company's audited consolidated financial statements as of and for the fiscal year ended March 31, 2011 contained in the Company's Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three-month period ended July 1, 2011 are not necessarily indicative of the results that may be expected for the fiscal year ended March 31, 2012.

The first fiscal quarters ended on July 1, 2011 and July 2, 2010, respectively. The second fiscal quarter for the current year ends on September 30, 2011 and the second fiscal quarter of the prior year ended on October 1, 2010.  The Company's third fiscal quarter ends on December 31, and the fourth fiscal quarter and year ends on March 31 of each year.

Cash And Cash Equivalents

Cash and Cash Equivalents 

Cash and cash equivalents consisted of the following:

	As of	As of
	July 1, 2011	March 31, 2011
	(In thousands)
Cash and bank balances	$     1,038,992	$       1,372,711
Money market funds and time deposits	518,816	375,760
	$     1,557,808	$       1,748,471

 

Inventories

Inventories

The components of inventories, net of applicable lower of cost or market write-downs, were as follows:

	As of	As of
	July 1, 2011	March 31, 2011
	(In thousands)
Raw materials	$            2,385,712	$            2,271,944
Work-in-progress	630,092	579,047
Finished goods	722,494	699,295
	$            3,738,298	$            3,550,286

Property And Equipment

Property and Equipment

Depreciation expense associated with property and equipment was approximately $102.7 million and $93.5 million for the three-month periods ended July 1, 2011 and July 2, 2010, respectively.

Goodwill And Other Intangibles

Goodwill and Other Intangibles

The following table summarizes the activity in the Company's goodwill account during the three-month period ended July 1, 2011:

	Amount
	(In thousands)
Balance, beginning of the year	$          93,207
Acquisition (1)	3,535
Purchase accounting adjustment (2)	280
Foreign currency translation adjustments	355
Balance, end of the quarter	$          97,377

(1)

The amount is attributable to one acquisition during the three-month period ended July 1, 2011 that was not significant to the Company. The aggregate cash paid for this acquisition was approximately $6.2 million, net of cash acquired.

(2)

The amount is attributable to purchase accounting adjustments for a historical acquisition that was not significant to the Company, resulting from management's review of the valuation of assets and liabilities completed in a period subsequent to the respective acquisition, based on management's estimates. The effects of the adjustments, had they been made at time of acquisition, would not have had a significant impact on the balance sheet, statement of operations, or statement of cash flows for the periods subsequent to that date.

The components of acquired intangible assets are as follows:

	As of July 1, 2011						As of March 31, 2011
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Amount		Amortization		Amount		Amount		Amortization		Amount
	(In thousands)						(In thousands)
Intangible assets:
Customer-related intangibles	$	375,028	$	(295,515)	$	79,513	$	378,412	$	(283,732)	$	94,680
Licenses and other intangibles...		48,404		(21,271)		27,133		44,915		(19,719)		25,196
Total	$	423,432	$	(316,786)	$	106,646	$	423,327	$	(303,451)	$	119,876

The gross carrying amounts of intangible assets are removed when the recorded amounts have been fully amortized. Total intangible amortization expense was $13.3 million and $18.0 million during the three-month periods ended July 1, 2011 and July 2, 2010, respectively. The estimated future annual amortization expense for acquired intangible assets is as follows:

Fiscal Year Ending March 31,	Amount
	(In thousands)
2012 (1)	$          31,684
2013	31,234
2014	21,173
2015	11,400
2016	5,669
Thereafter	5,486
Total amortization expense	$        106,646

 

(1) Represents estimated amortization for the nine-month period ending March 31, 2012.