Subsequent Events

3 Months Ended

Apr. 01, 2012

Subsequent Events [Abstract]

Subsequent Events [Text Block]

SUBSEQUENT EVENTS

On April 9, 2012, the Company drew down $125.0 million under the September 2011 Revolving Credit Facility with Credit Agricole. Subsequent to the draw down, the Company has $275.0 million outstanding under this credit facility.

As a result of the Company continued cost reduction progress at its Fab 2 and its joint venture Fab 3 manufacturing facilities, on April 13, 2012, the Company's Board of Directors approved a restructuring plan to consolidate the Company's Philippine manufacturing operations into Fab 2 and begin repurposing Fab 1 in the second quarter of 2012. In connection with this plan, which is expected to be completed within the next 12 months, the Company expects to record restructuring charges totaling $51.0 million to $69.0 million, primarily composed of non-cash asset impairment charges of $40.0 million to $54.0 million, and other cash-based associated costs of $11.0 million to $15.0 million, for the closure of Fab 1. Of the total restructuring charges of $51.0 million to $69.0 million, $47.0 million to $63.0 million will likely be recorded in the second quarter of fiscal 2012 and the remainder in ensuing quarters.