BUSINESS AND ASSET ACQUISITIONS

6 Months Ended

Sep. 27, 2013

BUSINESS AND ASSET ACQUISITIONS

BUSINESS AND ASSET ACQUISITIONS

12. BUSINESS AND ASSET ACQUISITIONS

On April 16, 2013, the Company completed the acquisition of certain manufacturing operations from Google’s Motorola Mobility LLC.  The Company also entered into a manufacturing and services agreement with Motorola Mobility LLC for mobile devices in conjunction with this acquisition.  This acquisition expanded the Company’s relationship with Google’s Motorola Mobility and its capabilities in the mobile devices market. The results of operations were included in the Company’s condensed consolidated financial results beginning on the date of acquisition.  Revenues were approximately 10% of total revenue for the three-month period ended September 27, 2013 and 8% of total revenue for the six-month period ended September 27, 2013.  Operating results of the acquired operations during the three-month and six-month periods ended September 27, 2013 were not significant to the condensed consolidated financial results of the Company.  On a pro forma basis, the estimated increase to our previously reported revenue amounts to reflect the acquisition of this business as of the first day of the prior comparative period is $919.8 million and $1.9 billion for the three-month and six-month periods ended September 28, 2012, respectively, and operating results for the same periods were immaterial.

The cash consideration for this acquisition amounted to $178.9 million. The allocation of the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed was based on their estimated fair values as of the date of acquisition.  Management is in the process of determining the fair value amounts for certain assets acquired, including the value of identifiable intangible assets and certain liabilities assumed.  The excess of the purchase price over the tangible and identifiable intangible assets acquired and liabilities assumed has been allocated to goodwill.

The following represents the Company’s preliminary allocation of the total purchase price to the acquired assets and liabilities assumed of Google’s Motorola Mobility LLC as of September 27, 2013.  There were no significant changes in the fair value of assets acquired and liabilities assumed during the three-month period ended September 27, 2013.

	Amount
	(In thousands)
Current assets:
Inventory	$	97,740
Other current assets	237
Total current assets	97,977
Property and equipment	45,198
Goodwill	2,844
Intangible assets — customer relationships	2,948
Other assets	31,457
Total assets	$	180,424
Current liabilities:
Other current liabilities	$	1,519
Total liabilities	1,519
Total aggregate purchase price	$	178,905

Additionally, during the six-month period ended September 27, 2013, the Company completed another acquisition for $9.5 million that was not significant to the Company’s consolidated financial position, results of operations and cash flows.  This business expanded the Company’s capabilities primarily in manufacturing operations for plastic parts and components.  The Company acquired primarily property and equipment and recorded goodwill amounting to $1.9 million in connection with this acquisition.  The results of operations were included in the Company’s condensed consolidated financial results beginning on the date of acquisition.  Pro-forma results of operations for this acquisition have not been presented because the effects of the acquisition were immaterial to the Company’s financial results.

The Company continues to evaluate certain assets and liabilities related to business combinations completed during the recent periods. Additional information, which existed as of the acquisition date, may become known to the Company during the remainder of the measurement period, a period not to exceed 12 months from the acquisition date. Changes to amounts recorded as assets or liabilities may result in a corresponding adjustment to goodwill.