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Document and Entity Information (USD $)
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12 Months Ended | ||
|---|---|---|---|
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Oct. 01, 2010
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Nov. 21, 2010
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Apr. 02, 2010
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| Document and Entity Information [Abstract] | |||
| Entity Registrant Name | SKYWORKS SOLUTIONS INC | ||
| Entity Central Index Key | 0000004127 | ||
| Document Type | 10-K | ||
| Document Period End Date | Oct. 01, 2010 | ||
| Amendment Flag | false | ||
| Document Fiscal Year Focus | 2010 | ||
| Document Fiscal Period Focus | FY | ||
| Current Fiscal Year End Date | --10-01 | ||
| Entity Well-known Seasoned Issuer | Yes | ||
| Entity Voluntary Filers | No | ||
| Entity Current Reporting Status | Yes | ||
| Entity Filer Category | Large Accelerated Filer | ||
| Entity Public Float | $ 2,716,065,796 | ||
| Entity Common Stock, Shares Outstanding | 183,287,033 |
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- Definition
If the value is true, then the document as an amendment to previously-filed/accepted document. No definition available.
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End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements this will be the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition
The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type should be limited to the same value as the supporting SEC submission type. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, NCSR, N-Q, and Other. No definition available.
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument No definition available.
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- Definition
Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K. No definition available.
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. No definition available.
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- Definition
Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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- Details
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Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified |
12 Months Ended | ||||||
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Oct. 01, 2010
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Oct. 02, 2009
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Oct. 03, 2008
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|||||
| Consolidated Statements of Operations [Abstract] | |||||||
| Net revenues | $ 1,071,849 | $ 802,577 | [1] | $ 860,017 | [1] | ||
| Cost of goods sold | 615,016 | 484,357 | [1] | 517,054 | [1] | ||
| Gross profit | 456,833 | 318,220 | [1] | 342,963 | [1] | ||
| Operating expenses: | |||||||
| Research and development | 134,140 | 123,996 | [1] | 146,013 | [1] | ||
| Selling, general and administrative | 117,853 | 100,421 | [1] | 100,007 | [1] | ||
| Amortization of intangible assets | 6,136 | 6,118 | [1] | 6,005 | [1] | ||
| Restructuring and other charges (credits) | (1,040) | 15,982 | [1] | 567 | [1] | ||
| Total operating expenses | 257,089 | 246,517 | [1] | 252,592 | [1] | ||
| Operating income | 199,744 | 71,703 | [1] | 90,371 | [1] | ||
| Interest expense | (4,246) | (8,290) | [1] | (16,324) | [1] | ||
| (Loss) gain on early retirement of convertible debt | (79) | 4,590 | [1] | 2,158 | [1] | ||
| Other (expense) income, net | (345) | 1,753 | [1] | 5,983 | [1] | ||
| Income before income taxes | 195,074 | 69,756 | [1] | 82,188 | [1] | ||
| Provision (benefit) for income taxes | 57,780 | (25,227) | [1] | (28,818) | [1] | ||
| Net income | $ 137,294 | $ 94,983 | [1] | $ 111,006 | [1] | ||
| Per share information: | |||||||
| Net income, basic | $ 0.78 | $ 0.57 | [1] | $ 0.69 | [1] | ||
| Net income, diluted | $ 0.75 | $ 0.56 | [1] | $ 0.67 | [1] | ||
| Number of weighted-average shares used in per share computations, basic | 175,020 | 167,047 | [1] | 161,878 | [1] | ||
| Number of weighted-average shares used in per share computations, diluted | 182,738 | 169,663 | [1] | 164,755 | [1] | ||
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- Definition
The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by (used in) operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total costs related to goods produced and sold during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income or loss for the period per each share of common stock outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income or loss for the period per each share of common stock and dilutive common stock equivalents outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount represents the difference between the fair value of the payments made and the carrying amount of the debt at the time of its extinguishment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. No definition available.
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- Definition
Sum of operating profit and nonoperating income (expense) before income (loss) from equity method investments, income taxes, extraordinary items, cumulative effects of changes in accounting principles, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The sum of the current income tax expense (benefit) and the deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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- Details
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- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
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- Definition
The net amount of other nonoperating income and expense, which does not qualify for separate disclosure on the income statement under materiality guidelines. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount charged against earnings in the period for incurred and estimated costs, excluding asset retirement obligations, associated with exit from or disposal of business activities or restructurings pursuant to a program that is planned and controlled by management, and materially changes either the scope of a business undertaken by an entity, or the manner in which that business is conducted. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The average number of shares issued and outstanding that are used in calculating diluted EPS, determined based on the timing of issuance of shares in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Number of [basic] shares, after adjustment for contingently issuable shares and other shares not deemed outstanding, determined by relating the portion of time within a reporting period that common shares have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||||
|---|---|---|---|---|---|
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Oct. 01, 2010
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Oct. 02, 2009
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||||
| Current assets: | |||||
| Cash and cash equivalents | $ 453,257 | $ 364,221 | [1] | ||
| Restricted cash | 6,128 | 5,863 | [1] | ||
| Receivables, net of allowance for doubtful accounts of $1,177 and $2,845, respectively | 175,232 | 115,034 | [1] | ||
| Inventories | 125,059 | 86,097 | [1] | ||
| Other current assets | 30,189 | 18,912 | [1] | ||
| Total current assets | 789,865 | 590,127 | [1] | ||
| Property, plant and equipment, net | 204,363 | 162,299 | [1] | ||
| Goodwill | 485,587 | 482,893 | [1] | ||
| Intangible assets, net | 12,509 | 18,245 | [1] | ||
| Deferred tax assets | 60,569 | 89,163 | [1] | ||
| Other assets | 11,159 | 9,864 | [1] | ||
| Total assets | 1,564,052 | 1,352,591 | [1] | ||
| Current liabilities: | |||||
| Short-term debt | 50,000 | 81,865 | [1] | ||
| Accounts payable | 111,967 | 69,098 | [1] | ||
| Accrued compensation and benefits | 35,695 | 29,449 | [1] | ||
| Other current liabilities | 6,662 | 15,831 | [1] | ||
| Total current liabilities | 204,324 | 196,243 | [1] | ||
| Long-term debt, less current maturities | 24,743 | 41,483 | [1] | ||
| Other long-term liabilities | 18,389 | 6,086 | [1] | ||
| Total liabilities | 247,456 | 243,812 | [1] | ||
| Commitments and contingencies (Note 13 and Note 14) | |||||
| Stockholders' equity: | |||||
| Preferred stock, no par value: 25,000 shares authorized, no shares issued | 0 | 0 | [1] | ||
| Common stock, $0.25 par value: 525,000 shares authorized; 185,683 shares issued and 180,263 shares outstanding at October 1, 2010 and 177,873 shares issued and 172,815 shares outstanding at October 2, 2009 | 45,066 | 43,204 | [1] | ||
| Additional paid-in capital | 1,641,406 | 1,568,416 | [1] | ||
| Treasury stock, at cost | (40,719) | (36,307) | [1] | ||
| Accumulated deficit | (327,860) | (465,154) | [1] | ||
| Accumulated other comprehensive loss | (1,297) | (1,380) | [1] | ||
| Total stockholders' equity | 1,316,596 | 1,108,779 | [1] | ||
| Total liabilities and stockholders' equity | $ 1,564,052 | $ 1,352,591 | [1] | ||
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- Definition
Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at fiscal year-end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, and unrealized gains and losses on certain investments in debt and equity securities as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. This caption alerts the reader that one or more notes to the financial statements disclose pertinent information about the entity's commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Dollar value of issued common stock whether issued at par value, no par or stated value. This item includes treasury stock repurchased by the entity. Note: elements for number of common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying value as of the balance sheet date of long-term debt (with maturities initially due after one year or beyond the operating cycle if longer) identified as Convertible Notes Payable, excluding current portion. Convertible Notes Payable is a written promise to pay a note which can be exchanged for a specified amount of another, related security, at the option of the issuer and the holder. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying value as of the balance sheet date of the sum of short-term debt and current maturities of long-term debt and capital lease obligations, which are due within one year (or one business cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The noncurrent portion as of the balance sheet date of the aggregate carrying amount of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after the valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of the carrying values as of the balance sheet date of obligations incurred through that date and payable for obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount as of the balance sheet date, which is the cumulative amount paid, adjusted for any amortization recognized prior to adoption of FAS 142 and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer). No definition available.
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- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. No definition available.
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- Definition
Total of all Liabilities and Stockholders' Equity items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of current assets not separately presented elsewhere in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet due to materiality considerations. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate carrying amount, as of the balance sheet date, of current obligations not separately disclosed in the balance sheet due to materiality considerations. Current liabilities are expected to be paid within one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet due to materiality considerations. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Dollar value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) whether issued at par value, no par or stated value. This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, and production equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The total amount due to the entity within one year of the balance sheet date (or one operating cycle, if longer) from outside sources, including trade accounts receivable, notes and loans receivable, as well as any other types of receivables, net of allowances established for the purpose of reducing such receivables to an amount that approximates their net realizable value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. For a classified balance sheet represents the current portion only (the noncurrent portion has a separate concept); there is a separate and distinct element for unclassified presentations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of all Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Value of common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury. Treasury stock is issued but is not outstanding. This stock has no voting rights and receives no dividends. Note that treasury stock may be recorded at its total cost or separately as par (or stated) value and additional paid in capital. Note: number of treasury shares concept is in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Consolidated Balance Sheets (Parenthetical) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
Oct. 01, 2010
|
Oct. 02, 2009
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|||
|---|---|---|---|---|---|
| Current assets: | |||||
| Allowance for doubtful accounts | $ 1,177 | $ 2,845 | [1] | ||
| Stockholders' equity: | |||||
| Preferred stock, par value | $ 0 | $ 0 | [1] | ||
| Preferred stock, shares authorized | 25,000 | 25,000 | [1] | ||
| Preferred stock, shares issued | 0 | 0 | [1] | ||
| Common stock, par value | $ 0.25 | $ 0.25 | [1] | ||
| Common stock, shares authorized | 525,000 | 525,000 | [1] | ||
| Common stock, shares issued | 185,683 | 177,873 | [1] | ||
| Common stock, shares outstanding | 180,263 | 172,815 | [1] | ||
|
|||||
| X | ||||||||||
|
- Definition
A valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Face amount or stated value of common stock per share; generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Excludes common shares repurchased by the entity and held as Treasury shares. Shares outstanding equals shares issued minus shares held in treasury. Does not include common shares that have been repurchased. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Issuance value per share of no-par value, nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|
|
Oct. 01, 2010
|
Oct. 02, 2009
|
Oct. 03, 2008
|
||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ 137,294 | $ 94,983 | [1] | $ 111,006 | [1] | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Share-based compensation expense | 40,741 | 23,466 | [1] | 23,212 | [1] | |||
| Depreciation | 46,573 | 44,413 | [1] | 44,712 | [1] | |||
| Charge in lieu of income tax expense | 7,014 | [1] | ||||||
| Amortization for intangible assets | 6,136 | 6,118 | [1] | 6,933 | [1] | |||
| Amortization of discount and deferred financing costs on convertible debt | 2,693 | 5,589 | [1] | 10,748 | [1] | |||
| Contribution of common shares to savings and retirement plans | 11,706 | 8,502 | [1] | 10,407 | [1] | |||
| Non-cash restructuring expense | 955 | [1] | 567 | [1] | ||||
| Deferred income taxes | 38,543 | (24,866) | [1] | (36,648) | [1] | |||
| Excess tax benefit from share-based payments | (6,287) | |||||||
| Loss on disposal of assets | 292 | 411 | [1] | 276 | [1] | |||
| Inventory write-downs | 3,458 | [1] | ||||||
| Asset impairments | 5,616 | [1] | ||||||
| Provision for losses (recoveries) on accounts receivable | 703 | 1,797 | [1] | (614) | [1] | |||
| Changes in assets and liabilities net of acquired balances: | ||||||||
| Receivables | (60,901) | 29,947 | [1] | 21,223 | [1] | |||
| Inventories | (38,818) | 15,678 | [1] | (16,082) | [1] | |||
| Other current and long-term assets | (8,349) | (3,932) | [1] | 2,860 | [1] | |||
| Accounts payable | 42,869 | 9,219 | [1] | 2,110 | [1] | |||
| Other current and long-term liabilities | 9,767 | (2,549) | [1] | (5,051) | [1] | |||
| Net cash provided by operating activities | 222,962 | 218,805 | [1] | 182,673 | [1] | |||
| Cash flows from investing activities: | ||||||||
| Capital expenditures | (88,929) | (39,172) | [1] | (64,832) | [1] | |||
| Payments for acquisitions | (6,400) | (10,356) | [1] | (32,627) | [1] | |||
| Sale of investments | 10,000 | [1] | ||||||
| Purchase of investments | (7,500) | [1] | ||||||
| Net cash used in investing activities | (95,329) | (49,528) | [1] | (94,959) | [1] | |||
| Cash flows from financing activities: | ||||||||
| Retirement of 2007 Convertible Notes | (51,107) | (51,107) | [1] | (56,570) | [1] | |||
| Reacquisition of equity component of Convertible Notes | (29,602) | (15,432) | [1] | (14,809) | [1] | |||
| Retirement of Junior Notes | (49,335) | [1] | ||||||
| Excess tax benefit from share-based payments | 6,287 | |||||||
| Change in restricted cash | (265) | 100 | [1] | 541 | [1] | |||
| Repurchase of common stock | (4,412) | (2,389) | [1] | (2,063) | [1] | |||
| Net proceeds from exercise of stock options | 40,502 | 38,668 | [1] | 18,049 | [1] | |||
| Net cash used in financing activities | (38,597) | (30,160) | [1] | (104,187) | [1] | |||
| Net increase (decrease) in cash and cash equivalents | 89,036 | 139,117 | [1] | (16,473) | ||||
| Cash and cash equivalents at beginning of period | 364,221 | [1] | 225,104 | [1] | 241,577 | [1] | ||
| Cash and cash equivalents at end of period | 453,257 | 364,221 | [1] | 225,104 | [1] | |||
| Supplemental cash flow disclosures: | ||||||||
| Taxes paid | 14,757 | 1,009 | [1] | 1,156 | [1] | |||
| Interest paid | $ 715 | $ 2,323 | [1] | $ 6,023 | [1] | |||
|
||||||||
| X | ||||||||||
|
- Definition
Amortization for intangibles assets. No definition available.
|
| X | ||||||||||
|
- Definition
Contribution of common shares to savings and retirement plans. No definition available.
|
| X | ||||||||||
|
- Definition
These amounts represent the difference between the fair value of consideration delivered to bondholders, less the sum of the carrying value of the debt and the gain/loss recognized on any retirements of convertible debt which occurred in this period pursuant to ASC 470-20. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The component of interest expense representing the noncash expenses charged against earnings in the period to allocate debt discount and premium, and the costs to issue debt and obtain financing over the related debt instruments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net change between the beginning and ending balance of cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The component of income tax expense for the period representing the net change in the entity's deferred tax assets and liabilities pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Reductions in the entity's income taxes that arise when compensation cost (from non-qualified share-based compensation) recognized on the entity's tax return exceeds compensation cost from share-based compensation recognized in financial statements. This element represents the cash inflow reported in the enterprise's financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Reductions in the entity's income taxes that arise when compensation cost (from non-qualified share-based compensation) recognized on the entity's tax return exceeds compensation cost from share-based compensation recognized in financial statements. This element reduces net cash provided by operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The difference between the sale price or salvage price and the book value of a property, plant, and equipment asset that was sold or retired during the reporting period. This element refers to the gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
A credit or adjustment for government or taxing authority authorized decrease in taxes owed as a result of meeting certain tax policy conditions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in the aggregate amount of obligations due within one year (or one business cycle). This may include trade payables, amounts due to related parties, royalties payable, and other obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in other operating assets not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in other operating obligations not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in the total amount due within one year (or one operating cycle) from all parties, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of cash paid during the current period for interest owed on money borrowed; includes amount of interest capitalized Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Charge to cost of goods sold that represents the reduction of the carrying amount of inventory, generally attributable to obsolescence or market conditions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash inflow (outflow) from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net cash inflow (outflow) from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow to reacquire common stock during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow associated with the purchase of all investments (debt, security, other) during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for purchases of and capital improvements on property, plant and equipment (capital expenditures), software, and other intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash inflow (outflow) from cash and cash items that are not available for withdrawal or usage. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the sale, maturity and collection of all investments such as debt, security and so forth during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the amount received from holders exercising their stock options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of the current period expense charged against operations, the offset which is generally to the allowance for doubtful accounts for the purpose of reducing receivables, including notes receivable, to an amount that approximates their net realizable value (the amount expected to be collected). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow from the repayment of debt instrument which can be exchanged for a specified amount of another security, typically the entity's common stock, at the option of the issuer or the holder. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow from the repayment of borrowing where a lender is placed in a lien position behind debt having a higher priority of repayment (senior) in case of liquidation of the entity's assets or underlying collateral. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Adjustment to remove noncash portion of restructuring costs and include cash payments when calculating cash flows from operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock options, amortization of restricted stock, and adjustment for officers compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Impairment of Auction Rate Security. No definition available.
|
| X | ||||||||||
|
- Definition
Issuance and expense of common shares for restricted stock and performance shares, Shares. No definition available.
|
| X | ||||||||||
|
- Definition
Issuance and expense of common shares for restricted stock and performance shares, Value. No definition available.
|
| X | ||||||||||
|
- Definition
Issuance and expense of common shares for stock purchase plans, 401(k) and stock option plans, Shares. No definition available.
|
| X | ||||||||||
|
- Definition
Issuance and expense of common shares for stock purchase plans, 401(k) and stock option plans, Value. No definition available.
|
| X | ||||||||||
|
- Definition
Shares withheld for taxes, Shares. No definition available.
|
| X | ||||||||||
|
- Definition
Shares withheld for taxes, Value. No definition available.
|
| X | ||||||||||
|
- Definition
Adjustment to Additional Paid in Capital resulting from the recognition of deferred taxes for the temporary difference of the convertible debt with a beneficial conversion feature. A beneficial conversion feature is a nondetachable conversion feature that is in-the-money. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Tax benefit associated with any share-based compensation plan other than an employee stock ownership plan (ESOP). The tax benefit results from the deduction by the entity on its tax return for an award of stock that exceeds the cumulative compensation cost for common stock or preferred stock recognized for financial reporting. Includes any resulting tax benefit that exceeds the previously recognized deferred tax asset (excess tax benefits). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents Other Comprehensive Income (Loss), Net of Tax, for the period. Includes deferred gains (losses) on qualifying hedges, unrealized holding gains (losses) on available-for-sale securities, minimum pension liability, and cumulative translation adjustment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The after-tax amount of the change in the additional pension liability not yet recognized pursuant to FAS 87 par 37 and 38 as a net periodic pension cost. If the additional pension liability required to be recognized exceeds the unrecognized prior service costs, then the excess (which is the net loss not yet recognized as net periodic pension cost) is to be recorded as a reduction of other comprehensive income, before adjusting for tax effects. If in a subsequent measurement, the amount of minimum liability is eliminated or adjusted, this adjustment is offset against other comprehensive income in Accumulated Comprehensive Income. This line also includes changes in an entity's share of an equity investee's increase (decrease) in additional pension liability not yet recognized as a net periodic pension cost. Eliminated upon adoption of FAS 158. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury. No definition available.
|
| X | ||||||||||
|
- Definition
Total of all Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Description of Business and Basis of Presentation
|
12 Months Ended |
|---|---|
|
Oct. 01, 2010
|
|
| Description of Business and Basis of Presentation [Abstract] | |
| DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION |
1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Skyworks Solutions, Inc. together with its consolidated subsidiaries, (“Skyworks” or the “Company”)
is an innovator of high reliability analog and mixed signal semiconductors. Leveraging core
technologies, Skyworks offers diverse standard and custom linear products supporting automotive,
broadband, cellular infrastructure, energy management, industrial, medical, military and cellular
handset applications. The Company’s portfolio includes amplifiers, attenuators, detectors, diodes,
directional couplers, front-end modules, hybrids, infrastructure RF subsystems,
mixers/demodulators, phase shifters, PLLs/synthesizers/VCOs, power dividers/combiners, receivers,
switches and technical ceramics.
The Company has evaluated subsequent events through the date of issuance of the audited
consolidated financial statements.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Description containing the entire organization, consolidation and basis of presentation of financial statements disclosure. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Summary of Significant Accounting Policies
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Oct. 01, 2010
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Significant Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
PRINCIPLES OF CONSOLIDATION
All majority owned subsidiaries are included in the Company’s Consolidated Financial Statements and
all intercompany balances are eliminated in consolidation.
FISCAL YEAR
The Company’s fiscal year ends on the Friday closest to September 30. Fiscal years 2010 and 2009
each consisted of 52 weeks and ended on October 1, 2010 and October 2, 2009, respectively. Fiscal
year 2008 consisted of 53 weeks and ended on October 3, 2008.
USE OF ESTIMATES
The preparation of consolidated financial statements in conformity with accounting principles
generally accepted in the United States requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at
the date of the financial statements and the reported amounts of revenues and expenses during the
reporting period. On an ongoing basis, management reviews its estimates based upon currently
available information. Actual results could differ materially from those estimates.
REVENUE RECOGNITION
Revenues from product sales are recognized upon shipment and transfer of title, in accordance with
the shipping terms specified in the arrangement with the customer. Revenue from license fees and
intellectual property is recognized when due and payable, and all other criteria of ASC 605-Revenue
Recognition, have been met. The Company ships product on consignment to certain customers and only
recognize revenue when the customer notifies us that the inventory has been consumed. Revenue
recognition is deferred in all instances where the earnings process is incomplete. Certain product
sales are made to electronic component distributors under agreements allowing for price protection
and/or a right of return (stock rotation) on unsold products. A reserve for sales returns and
allowances for customers is recorded based on historical experience or specific identification of a
contractual arrangement necessitating a revenue reserve.
ALLOWANCE FOR DOUBTFUL ACCOUNTS
The Company maintains general allowances for doubtful accounts for losses that they estimate will
arise from their customers’ inability to make required payments. These reserves require management
to apply judgment in deriving estimates. As the Company becomes aware of any specific receivables
which may be uncollectable, they perform additional analysis and reserves are recorded if deemed
necessary. Determination of such additional specific reserves require management to make judgments
and estimates pertaining to factors such as a customer’s credit worthiness, intent and ability to
pay, and overall financial position. If the data the Company uses to calculate the
allowance for doubtful accounts does not reflect the future ability to collect outstanding
receivables, additional provisions for doubtful accounts may be needed and its results of
operations could be materially affected.
CASH AND CASH EQUIVALENTS
The Company’s cash and cash equivalents primarily consist of cash money market funds and repurchase
agreements where the underlying securities primarily consist of United States treasury obligations,
United States agency obligations, overnight repurchase agreements backed by United States
treasuries and/or United States agency obligations and highly rated commercial paper.
INVESTMENTS
The Company’s investment is classified as available for sale and consists of an auction rate
security (“ARS”).
RESTRICTED CASH
Restricted cash is primarily used to collateralize the Company’s obligation under
the Credit Facility, which management plans to repay during the first
quarter of fiscal 2011.
For further information regarding the Credit Facility, please see Note 9 to the Consolidated Financial Statements.
INVENTORIES
Inventories are stated at the lower of cost, determined on a first-in, first-out basis, or market.
Each quarter, the Company estimates and establishes reserves for excess, obsolete or unmarketable
inventory. These reserves are generally equal to the historical cost basis of the excess or
obsolete inventory and once recorded are considered permanent adjustments. Calculation of the
reserves requires management to use judgment and make assumptions about forecasted demand in
relation to the inventory on hand, competitiveness of its product offerings, general market
conditions and product life cycles upon which the reserves are based. When inventory on hand
exceeds foreseeable demand (generally in excess of twelve months), reserves are established for the
value of such inventory that is not expected to be sold at the time of the review.
If actual demand and market conditions are less favorable than those the Company projects,
additional inventory reserves may be required and its results of operations could be materially
affected. Some or all of the inventories that have been reserved may be retained and made available
for sale; however, they are generally scrapped over time.
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are carried at cost less accumulated depreciation and amortization.
Depreciation is calculated using the straight-line method. Significant renewals and betterments are
capitalized and equipment taken out of service is written off. Maintenance and repairs, as well as
renewals of a minor amount, are expensed as incurred.
Estimated useful lives used for depreciation purposes are 5 to 30 years for buildings and
improvements and 3 to 10 years for machinery and equipment. Leasehold improvements are depreciated
over the lesser of the economic life or the life of the associated lease.
SHARE-BASED COMPENSATION
The Company applies ASC 718 Compensation-Stock Compensation (“ASC 718”) which requires the
measurement and recognition of compensation expense for all share-based payment awards made to
employees and directors including employee stock options, employee stock purchases related to the
Company’s 2002 Employee Stock Purchase Plan, restricted stock
and other special share-based awards based
on estimated fair values. The Company
adopted ASC 718 using the modified prospective transition method, which requires the application of
the applicable accounting standard as of October 1, 2005, the first day of the Company’s fiscal
year 2006.
The fair value of stock-based awards is amortized over the requisite service period, which is
defined as the period during which an employee is required to provide service in exchange for an
award. The Company uses a straight-line attribution method for all grants that
include only a service condition. Due to the existence of both performance and service
conditions, certain restricted stock grants are expensed over the service period for each
separately vesting tranche.
Share-based compensation expense recognized during the period is based on the value of the portion
of share-based payment awards that is ultimately expected to vest during the period. Share-based
compensation expense recognized in the Company’s Consolidated Statement of Operations for the
fiscal year ended October 1, 2010 only included share-based payment awards granted subsequent to
September 30, 2005 based on the grant date fair value estimated in accordance with the provisions
of ASC 718. As share-based compensation expense recognized in the Consolidated Statement of
Operations for the fiscal year ended October 1, 2010 is based on awards ultimately expected to
vest, it has been reduced for estimated forfeitures. ASC 718 requires forfeitures to be estimated
at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ
from those estimates.
Upon adoption of ASC 718, the Company elected to retain its method of valuation for share-based
awards using the Black-Scholes option-pricing model (“Black-Scholes model”) which was also
previously used for the Company’s pro forma information required under the previous authoritative
literature governing stock compensation expense. The Company’s determination of fair value of
share-based payment awards on the date of grant using the Black-Scholes model is affected by the
Company’s stock price as well as assumptions regarding a number of highly complex and subjective
variables. These variables include, but are not limited to; the Company’s expected stock price
volatility over the term of the awards, and actual and projected employee stock option exercise
behaviors. For more complex awards with market-based performance conditions, the Company employs a
Monte Carlo simulation method which calculates many potential outcomes for an award and establishes
fair value based on the most likely outcome.
VALUATION OF LONG-LIVED ASSETS
Carrying values for long-lived assets and definite lived intangible assets, which exclude goodwill,
are reviewed for possible impairment as circumstances warrant. Factors considered important that
could result in an impairment review include significant underperformance relative to expected,
historical or projected future operating results, significant changes in the manner of use of
assets or the Company’s business strategy, significant negative industry or economic trends and a
significant decline in its stock price for a sustained period of time. In addition, impairment
reviews are conducted at the judgment of management whenever asset / asset group values are deemed
to be unrecoverable relative to future undiscounted cash flows expected to be generated by that
particular asset / asset group. The determination of recoverability is based on an estimate of
undiscounted cash flows expected to result from the use of an asset / asset group and its eventual
disposition. Such estimates require management to exercise judgment and make assumptions regarding
factors such as future revenue streams, operating expenditures, cost allocation and asset
utilization levels, all of which collectively impact future operating performance. The Company’s
estimates of undiscounted cash flows may differ from actual cash flows due to, among other things,
technological changes, economic conditions, changes to its business model or changes in its
operating performance. If the sum of the undiscounted cash flows (excluding interest) is less than
the carrying value of an asset/asset group, the Company would recognize an impairment loss,
measured as the amount by which the carrying value exceeds the fair value of the asset or asset
group.
GOODWILL AND INTANGIBLE ASSETS
Goodwill and intangible assets with indefinite useful lives are tested at least annually for
impairment in accordance with the provisions of ASC 350 Intangibles-Goodwill and Other (“ASC 350”).
Intangible assets with indefinite useful lives comprise an insignificant portion of the total book
value of the Company’s goodwill and intangible assets. The Company assesses the need to test its
goodwill for impairment on a regular basis. Pursuant to the guidance provided under ASC 280-Segment
Reporting (“ASC 280”), the Company has determined that it has only one reporting unit for the
purposes of allocating and testing goodwill under ASC 350.
The goodwill impairment test is a two-step process. The first step of the Company’s impairment
analysis compares its fair value to its net book value to determine if there is an indicator of
impairment. To determine fair value, ASC 350 allows for the use of several valuation methodologies,
although it states that quoted market prices are the best evidence of fair value and shall be used
as the basis for measuring fair value where available. In the Company’s assessment of its fair
value, the Company considers the average market price of its common stock surrounding the selected
testing date, the number of shares of its common stock outstanding during such period and other
marketplace activity and related control premiums. If the calculated fair value is determined to be
less than the book value of the Company, then the Company performs step two of the impairment
analysis. Step two of the analysis compares the implied fair value of the Company’s goodwill, to
the book value of its goodwill. If the book value of the Company’s goodwill exceeds the implied
fair value of its goodwill, an impairment loss is recognized equal to that excess. In step two of
the Company’s annual impairment analysis, the Company primarily uses the income approach
methodology of valuation, which includes the discounted cash flow method as well as other generally
accepted valuation methodologies, to determine the implied fair value of the Company’s goodwill.
Significant management judgment is required in preparing the forecasts of future operating results
that are used in the discounted cash flow method of valuation. Should step two of the impairment
test be required, the estimates management would use would be consistent with the plans and
estimates that the Company uses to manage its business. In addition to testing goodwill for
impairment on an annual basis, factors such as unexpected adverse business conditions,
deterioration of the economic climate, unanticipated technological changes, adverse changes in the
competitive environment, loss of key personnel and acts by governments and courts, are considered
by management and may signal that the Company’s intangible assets have become impaired and result
in additional interim impairment testing.
In fiscal year 2010, the Company performed impairment tests of its goodwill as of the first day of
the fourth fiscal quarter in accordance with the Company’s regularly scheduled annual testing. The
results of this test indicated that none of the Company’s goodwill was impaired based on step one
of the test; accordingly step two of the test was not performed.
DEFERRED FINANCING COSTS
Financing costs are capitalized as an asset on the Company’s balance sheet and amortized on a
straight-line basis over the life of the financing. If debt is extinguished early, a proportionate
amount of deferred financing costs is charged to earnings.
INCOME TAXES
The Company uses the asset and liability method of accounting for income taxes. Under the asset and
liability method, deferred tax assets and liabilities are recognized for the estimated future tax
consequences attributable to differences between the financial statement carrying amounts of
existing assets and liabilities and their respective tax basis. This method also requires the
recognition of future tax benefits such as net operating loss carry forwards, to the extent that
realization of such benefits is more likely than not. Deferred tax assets and liabilities are
measured using enacted tax rates expected to apply to taxable income in the years in which those
temporary differences are expected to be recovered or settled. The effect on deferred tax assets
and liabilities of a change in tax rates is recognized in income in the period that includes the
enactment date.
The carrying value of the Company’s net deferred tax assets assumes the Company will be able to
generate sufficient future taxable income in certain tax jurisdictions, based on estimates and
assumptions. If these estimates and related assumptions change in the future, the Company may be
required to record additional valuation allowances against its deferred tax assets resulting in
additional income tax expense in its consolidated statement of operations. Management evaluates the
realizability of the deferred tax assets and assesses the adequacy of the valuation allowance
quarterly. Likewise, in the event the Company were to determine that it would be able to realize
its deferred tax assets in the future in excess of their net recorded amount, an adjustment to the
deferred tax assets would increase income or decrease the carrying value of goodwill in the period
such determination was made.
The determination of recording or releasing tax valuation allowances is made, in part, pursuant to
an assessment performed by management regarding the likelihood that the Company will generate
future taxable income against
which benefits of its deferred tax assets may or may not be realized. This assessment requires
management to exercise significant judgment and make estimates with respect to its ability to
generate revenues, gross profits, operating income and taxable income in future periods. Amongst
other factors, management must make assumptions regarding overall business and semiconductor
industry conditions, operating efficiencies, the Company’s ability to develop products to its
customers’ specifications, technological change, the competitive environment and changes in
regulatory requirements which may impact its ability to generate taxable income and, in turn,
realize the value of its deferred tax assets. In addition, the current uncertain economic
environment limits the Company’s ability to confidently forecast its taxable income. In fiscal
years 2010 and 2009, the Company’s estimates of future taxable income were prepared in a manner
consistent with its assessment of various factors, including market and industry conditions,
operating trends, product life cycles and competitive and regulatory environments.
The calculation of the Company’s tax liabilities includes addressing uncertainties in the
application of complex tax regulations. With the implementation effective September 29, 2007, ASC
740 (formerly referenced as FASB Interpretation No. 48, Accounting for Uncertainty in Income
Taxes-an interpretation of FASB Statement No. 109), clarifies the accounting for uncertainty in
income taxes recognized in an enterprise’s financial statements in accordance with GAAP. ASC 740
prescribes a recognition threshold and measurement attribute for the financial statement
recognition and measurement of a tax position taken or expected to be taken in a tax return.
The Company recognizes liabilities for anticipated tax audit issues in the United States and other
tax jurisdictions based on its recognition threshold and measurement attribute of whether it is
more likely than not that the positions the Company has taken in tax filings will be sustained upon
tax audit, and the extent to which, additional taxes would be due. If payment of these amounts
ultimately proves to be unnecessary, the reversal of the liabilities would result in tax benefits
being recognized in the period in which it is determined the liabilities are no longer necessary.
If the estimate of tax liabilities proves to be less than the ultimate assessment, a further charge
to expense would result.
RESEARCH AND DEVELOPMENT COSTS
Research and development costs are expensed as incurred.
FINANCIAL INSTRUMENTS
The carrying value of cash and cash equivalents, accounts receivable, other current assets,
accounts payable, short-term debt and accrued liabilities approximates fair value due to short-term
maturities of these assets and liabilities. Fair values of long-term debt and investments are based
on quoted market prices if available, and if not available a fair value is determined through a
discounted cash flow analysis at the date of measurement.
ACCUMULATED OTHER COMPREHENSIVE LOSS
The Company accounts for comprehensive loss in accordance with the provisions of ASC 220 -
Comprehensive Income (“ASC 220”). ASC 220 is a financial statement presentation standard that
requires the Company to disclose non-owner changes included in equity but not included in net
income or loss. Accumulated other comprehensive loss presented in the financial statements consists
of adjustments to the Company’s auction rate securities and minimum pension liability as follows
(in thousands):
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
ASC 810
In December 2007, the FASB issued amendments to ASC 810-Consolidation (“ASC 810”). ASC 810 amends
previously issued authoritative literature to amend accounting and reporting standards for the
noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. It also amends
certain of consolidation procedures for consistency with the requirements of ASC 805. This
statement is effective for fiscal years, and interim periods within those fiscal years, beginning
on or after December 15, 2008. The statement was applied prospectively as of the beginning of the
fiscal year. The adoption of ASC 810 did not have an impact on the Company’s results of operations
or financial position because the Company does not have any minority interests.
ASC 825
In February 2007, the FASB issued ASC 825-Financial Instruments (“ASC 825”), including an
amendment of ASC 320-Investments-Debt and Equity Securities (“ASC 320”), which permits entities to
choose to measure many financial instruments and certain other items at fair value that are not
currently required to be measured at fair value. ASC 825 was effective for the Company beginning on
October 3, 2009. The adoption of ASC 825 did not have a material impact on the Company’s results
from operations or financial position.
ASU 2009-13 and ASU 2009-14
In September 2009, the FASB reached a consensus on Accounting Standards Update
(“ASU”)-2009-13-Revenue Recognition (“ASC 605”) — Multiple-Deliverable Revenue Arrangements (“ASU
2009-13”) and ASU 2009-14- Software (“ASC 985”) — Certain Revenue Arrangements That Include
Software Elements (“ASU 2009-14”). ASU 2009-13 modifies the requirements that must be met for an
entity to recognize revenue from the sale of a delivered item that is part of a multiple-element
arrangement when other items have not yet been delivered. ASU 2009-13 eliminates the requirement
that all undelivered elements must have either: i) Vendor Specific Objective Evidence or VSOE or
ii) third-party evidence, or TPE, before an entity can recognize the portion of an overall
arrangement consideration that is attributable to items that already have been delivered. In the
absence of VSOE or TPE of the standalone selling price for one or more delivered or undelivered
elements in a multiple-element arrangement, entities will be required to estimate the selling
prices of those elements. Overall arrangement consideration will be allocated to each element (both
delivered and undelivered items) based on their relative selling prices, regardless of whether
those selling prices are evidenced by VSOE or TPE or are based on the entity’s estimated selling
price. The residual method of allocating arrangement consideration has been eliminated. ASU 2009-14
modifies the software revenue recognition guidance to exclude from its scope tangible products that
contain both software and non-software components that function together to deliver a product’s
essential functionality. These new updates are effective for revenue arrangements entered into or
materially modified in fiscal years beginning on or after June 15, 2010. The Company is currently
evaluating the impact that the adoption of these ASUs will have on its consolidated financial
statements.
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- Definition
This element may be used to describe all significant accounting policies of the reporting entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Business Combinations
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Oct. 01, 2010
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| Business Combinations [Abstract] | |
| BUSINESS COMBINATIONS |
3. BUSINESS COMBINATIONS
The Company did not complete any business combinations during its fiscal year ended October 1,
2010.
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- Definition
Description of a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. This element may be used as a single block of text to encapsulate the entire disclosure (including data and tables) regarding business combinations, including leverage buyout transactions (as applicable). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Marketable Securities
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Oct. 01, 2010
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| Marketable Securities [Abstract] | |
| MARKETABLE SECURITIES |
4. MARKETABLE SECURITIES
The Company accounts for its investment in accordance with ASC 320-Investments-Debt and Equity
Securities, and classifies them as “available for sale”. At October 1, 2010, these securities
consisted of $3.2 million par value in auction rate securities, which are long-term debt
instruments intended to provide liquidity through a Dutch auction process that resets interest
rates each period. The uncertainties in the credit markets have caused the ARS to become illiquid
resulting in failed auctions.
During the fiscal year ended October 3, 2008, the Company performed a comprehensive valuation and
discounted cash flow analysis on the ARS. The Company concluded the value of the ARS was $2.3
million thus the carrying value of these securities was reduced by $0.9 million, reflecting this
change in fair value. The Company assessed the decline in fair value to be temporary and recorded
this reduction in shareholders’ equity in accumulated other comprehensive loss. The Company will
continue to closely monitor the ARS and evaluate the appropriate accounting treatment in each
reporting period. If in a future period the Company determines that the impairment is other than
temporary, the Company will impair the security to its fair value and charge the loss to earnings.
The Company holds no other auction rate securities.
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- Definition
This item represents the entire disclosure related to Available-for-sale Securities which consist of all investments in certain debt and equity securities neither classified as trading or held-to-maturity securities. A debt security represents a creditor relationship with an enterprise. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities which are categorized as Available-for-sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Financial Instruments
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Oct. 01, 2010
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| FINANCIAL INSTRUMENTS |
5. FINANCIAL INSTRUMENTS
On October 4, 2008, the Company adopted ASC 820-Fair Value Measurements and Disclosure (“ASC 820”)
for financial assets and liabilities measured at fair value. The Company adopted ASC 820-10-55,
for non-financial assets and liabilities including intangible assets and reporting units measured
at fair value in the first step of a goodwill impairment test on October 3, 2009. In accordance
with ASC 820, the Company groups its financial assets and liabilities measured at fair value on a
recurring basis in three levels, based on the markets in which the assets and liabilities are
traded and the reliability of the assumptions used to determine fair value. These levels are:
The Company has cash equivalents classified as Level 1 and has no Level 2 securities. The Company’s
ARS, discussed in Note 4, Marketable Securities, is classified as level 3 assets. There have been
no transfers between Level 1, Level 2 or Level 3 assets during the fiscal year ending October 1,
2010. There have been no purchases, sales, issuances or settlements of the marketable securities
classified as Level 3 assets during the fiscal year.
Financial Instruments Measured at Fair Value on a Recurring Basis
The following table presents the balances of cash equivalents and marketable securities measured at
fair value on a recurring basis as of October 1, 2010 (in thousands):
Non-Financial Assets Measured at Fair Value on a Nonrecurring Basis
The Company’s non-financial assets, such as goodwill, intangible assets, and other long lived
assets resulting from business combinations are measured at fair value at the date of acquisition
and subsequently re-measured if there is an indicator of impairment. There was no impairment
recognized during the fiscal year ending October 1, 2010.
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This item represents the complete disclosure regarding the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the Company is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risk is are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Inventory
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Oct. 01, 2010
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| INVENTORY |
6. INVENTORY
Inventories consist of the following (in thousands):
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This element represents the complete disclosure related to inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Property, Plant and Equipment
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Oct. 01, 2010
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| PROPERTY, PLANT AND EQUIPMENT |
7. PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment consist of the following (in thousands):
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- Definition
Disclosure of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, building and production equipment. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures. This element may be used as a single block of text to include the entire PPE disclosure, including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Goodwill and Intangible Assets
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Oct. 01, 2010
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| Goodwill and Intangible Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| GOODWILL AND INTANGIBLE ASSETS |
8. GOODWILL AND INTANGIBLE ASSETS
Goodwill and intangible assets consist of the following (in thousands):
Amortization expense related to intangible assets was $6.1 million for each of fiscal years
2010 and 2009 and $6.9 million for fiscal year 2008.
The changes in the gross carrying amount of goodwill and intangible assets are as follows:
Goodwill is adjusted as required as a result of the realization of deferred tax assets. The
benefit from the recognition of a portion of these deferred items reduces the carrying value of
goodwill instead of reducing income tax expense. Accordingly, future realization of certain
deferred tax assets will reduce the carrying value of goodwill. For the fiscal year ended
October 2, 2009 goodwill was reduced by $7.2 million. The remaining deferred tax assets that could
reduce goodwill in future periods are $0.4 million as of October 1, 2010.
Annual amortization expense for the next five years related to intangible assets is expected to be
as follows (in thousands):
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- Details
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- Definition
Discloses the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain or loss on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. This element may be used as a single block of text to include the entire intangible asset disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Borrowing Arrangements
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Oct. 01, 2010
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| Borrowing Arrangements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BORROWING ARRANGEMENTS |
9. BORROWING ARRANGEMENTS
LONG-TERM DEBT
Long-term debt consists of the following (in thousands):
On March 2, 2007, the Company issued $200.0 million aggregate principal amount of convertible
subordinated notes (“2007 Convertible Notes”). The offering contained two tranches. The first
tranche consisted of $100.0 million of 1.25% convertible subordinated notes due March 2010 (the
“1.25% Notes”). The second tranche consisted of $100.0 million aggregate principal amount of 1.50%
convertible subordinated notes due March 2012 (the “1.50% Notes”). The Company pays interest in
cash semi-annually in arrears on March 1 and September 1 of each year on the 1.50% Notes. The
conversion price of the 1.50% Notes is 105.0696 shares per $1,000 principal amount of notes to be
redeemed, which is the equivalent of a conversion price of approximately $9.52 per share, plus
accrued and unpaid interest, if any, to the conversion date. Holders of the 1.50% Notes may
require the Company to repurchase the 2007 Convertible Notes upon a change in control of the
Company.
These 2007 Convertible Notes contain cash settlement provisions, which permit the application of
the treasury stock method in determining potential share dilution of the conversion spread should
the share price of the Company’s common stock exceed $9.52. It has been the Company’s historical
practice to cash settle the principal and interest components of convertible debt instruments, and
it is our intention to continue to do so in the future.
On October 3, 2009, the Company adopted ASC 470-20 — Debt, Debt with Conversions and Other Options
(“ASC 470-20”). Our financial statements and the accompanying footnotes for all prior periods
presented have been adjusted to reflect the retrospective adoption of this new accounting
principle. ASC 470-20 requires the issuer of convertible debt instruments with cash settlement
features to separately account for the liability and equity components of the convertible debt
instrument and requires retrospective application to all periods presented in the financial
statements to which it is applicable. ASC 470-20 applies to the Company’s 2007 Convertible Notes.
Using a non-convertible borrowing rate of 6.86%, the Company estimated the fair value of the
liability component of the 1.50% Notes to be $77.3 million. As of the issuance date, the difference
between the fair value of the liability component of the 1.50% Notes and the corresponding
aggregate principal amount of such notes, which is equal to the fair value of the equity component
of the 1.50% Notes ($22.7 million), was retrospectively recorded as a debt discount and as an
increase to additional paid-in capital, net of tax. The discount of the liability component of the
1.50% Notes is being amortized over the life of the instrument.
During the fiscal year ending October 1, 2010, the Company redeemed the remaining $32.6 million of
aggregate principal amount of the 1.25% Notes and redeemed $20.4 million of aggregate principal
amount of the 1.50% Notes. The Company paid a cash premium (cash paid less principal amount) of
$15.1 million and $12.4 million on the retirements of the 1.25% and 1.50% Notes, respectively.
After applying ASC 470-20, the Company recorded a total gain on the transaction of approximately
$0.1 million (including commissions and deferred financing).
The following tables provide additional information about the Company’s 2007 Convertible Notes (in
thousands):
The remaining unamortized discount on the 1.50% Notes will be amortized over the next seventeen
months. As of October 1, 2010, the if converted value of the remaining 1.50% Notes exceeds the
related principal amount by approximately $31.2 million. As of October 1, 2010 and October 2, 2009,
the number of shares of the Company’s common stock underlying the then remaining 2007 Convertible
Notes (which at October 2, 2009 included both the 1.25% Notes and the 1.50% Notes) were 2.8 million
and 8.4 million, respectively.
The retrospective application of ASC 470-20 had the following effect on the Company’s Consolidated
Statements of Operations as follows (in thousands):
The retrospective application of ASC 470-20 had the following effect on the Company’s Consolidated
Balance Sheet as of October 2, 2009 (in thousands):
The retrospective application of ASC 470-20 had the following effect on the Company’s Consolidated
Statement of Cash Flows as follows (in thousands):
Aggregate annual maturities of long-term debt are as follows (in thousands):
SHORT-TERM DEBT
Short-term debt consists of the following (in thousands):
On July 15, 2003, the Company entered into a receivables purchase agreement under which it has
agreed to sell from time to time certain of its accounts receivable to Skyworks USA, Inc.
(“Skyworks USA”), a wholly-owned special purpose entity that is consolidated for accounting
purposes. Concurrently, Skyworks USA entered into an agreement with Wells Fargo Bank, N.A.
(previously Wachovia Bank, N.A.) providing for a $50.0 million Credit Facility secured by the purchased accounts receivable. As a part of the consolidation, any
interest incurred by Skyworks USA related to monies it borrows under
the Credit Facility is
recorded as interest expense in the Company’s results of operations. The Company performs
collections and administrative functions on behalf of Skyworks USA. The Company extended the
Credit Facility effective on July 9, 2010 for an additional term of three months.
Interest related to the Credit Facility is at LIBOR plus 0.75% and was approximately 1.01% at
October 1, 2010. As of October 1, 2010, Skyworks USA had borrowed $50.0 million under this
agreement. Our ability to borrow under the Credit Facility expired in
October 2010 and, given our strong cash position, management has determined that the
Credit Facility was no longer required and accordingly, has been substantially repaid as of November 29, 2010.
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- Details
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| X | ||||||||||
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- Definition
Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Income Taxes
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 01, 2010
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| Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INCOME TAXES |
10. INCOME TAXES
Income before income taxes consists of the following components (in thousands):
The provision (benefit) for income taxes consists of the following (in thousands):
The actual income tax expense is different than that which would have been computed by applying the
federal statutory tax rate to income before income taxes. A reconciliation of income tax expense as
computed at the United States Federal statutory income tax rate to the provision for income tax
expense follows (in thousands):
During
fiscal year 2010, the Company restructured its international
operations resulting in a tax benefit of $3.5 million. This consisted of a tax benefit of $6.3 million due to reassessing the United States income tax
required to be recorded on earnings of our operations in Mexico,
offset by $2.8 million of tax provision related to the transfer of
assets to an affiliated foreign company. As a result of this
restructuring, the Company is no longer required to assess United
States income tax on the earnings of its Mexican business.
Deferred income tax assets and liabilities consist of the tax effects of temporary differences
related to the following (in thousands):
In accordance with GAAP, management has determined that it is more likely than not that a
portion of its historic and current year income tax benefits will not be realized. As of October 1,
2010, the Company has maintained a valuation allowance for deferred tax assets of $25.6 million,
principally related to state research tax credits. If these benefits are recognized in a future
period the valuation allowance on deferred tax assets will be reversed and up to a $25.2 million
income tax benefit, and up to a $0.4 million reduction to goodwill may be recognized. During
fiscal year 2010, the Company recognized a net decrease in its valuation allowance of $1.0 million.
The change in the valuation allowance resulted in a tax expense of
$2.8 million and an increase to additional paid-in capital of $3.8
million.
The Company will need to generate $189.9 million of future United States federal taxable income to
utilize our United States deferred tax assets as of October 1, 2010.
Based on the Company’s evaluation of the realizability of its United States net deferred tax assets
and other future deductible items through the generation of future taxable income, $38.6 million of
the Company’s valuation allowance was reversed at October 2, 2009. The amount reversed consisted of
$25.4 million recognized as income tax benefit, and $13.2 million recognized as a reduction to
goodwill.
Deferred tax assets are recognized for foreign operations when management believes it is more
likely than not that the deferred tax assets will be recovered during the carry forward period. The
Company will continue to assess its valuation allowance in future periods.
As of October 1, 2010, the Company has United States federal net operating loss carry forwards of
approximately $17.7 million, which will expire at various dates through 2029 and aggregate state
net operating loss carry forwards of approximately $1.4 million, which will expire at various dates
through 2019. The utilization of these net operating losses is subject to certain annual
limitations as required under Internal Revenue Code section 382 and similar state income tax
provisions. The Company also has United States federal and state income tax credit carry forwards
of approximately $75.3 million, of which $9.9 million of federal income tax credit carry forwards
have not been recorded as a deferred tax asset. The United States federal tax credits expire at
various dates through 2030. The state tax credits relate primarily to California research tax
credits which can be carried forward indefinitely.
The Company has continued to expand its operations and increase its investments in numerous
international jurisdictions. These activities will increase the Company’s earnings attributable to
foreign jurisdictions. As of October 1, 2010, no provision has been made for United States
federal, state, or additional foreign income taxes related to approximately $52.3 million of
undistributed earnings of foreign subsidiaries which have been or are
intended to be permanently reinvested. It is not practicable to determine the United States federal
income tax liability, if any, which would be payable if such earnings, were not permanently
reinvested.
The Company’s gross unrecognized tax benefits totaled $19.9 million and $8.9 million as of
October 1, 2010 and October 2, 2009, respectively. Included in the $19.9 million is $11.4 million
which would impact the effective tax rate, if recognized. The remaining unrecognized tax benefits
would not impact the effective tax rate, if recognized, due to the Company’s valuation allowance
and certain positions which were required to be capitalized. There are no positions which the
Company anticipates could change within the next twelve months.
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as
follows (in thousands):
The Company’s major tax jurisdictions as of October 1, 2010 are the United States, California, and
Iowa. For the United States, the Company has open tax years dating back to fiscal year 1998 due to
the carry forward of tax attributes. For California and Iowa, the Company has open tax years dating
back to fiscal year 2002 due to the carry forward of tax attributes.
During the year ended October 1, 2010, $0.6 million of previously unrecognized tax benefits related
to the expiration of the statute of limitations period were recognized. The Company’s policy is to
recognize accrued interest and penalties, if incurred, on any unrecognized tax benefits as a
component of income tax expense. The Company did not incur any significant accrued interest or
penalties related to unrecognized tax benefits during fiscal year 2010.
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| X | ||||||||||
|
- Definition
Description containing the entire income tax disclosure. Examples include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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Stockholders' Equity
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 01, 2010
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| Stockholders' Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| STOCKHOLDERS' EQUITY |
11. STOCKHOLDERS’ EQUITY
COMMON STOCK
The Company is authorized to issue (1) 525,000,000 shares of common stock, par value $0.25 per
share, and (2) 25,000,000 shares of preferred stock, without par value.
Holders of the Company’s common stock are entitled to such dividends as may be declared by the
Company’s Board of Directors out of funds legally available for such purpose. Dividends may not be
paid on common stock unless all accrued dividends on preferred stock, if any, have been paid or
declared and set aside. In the event of the Company’s liquidation, dissolution or winding up, the
holders of common stock will be entitled to share pro rata in the assets remaining after payment to
creditors and after payment of the liquidation preference plus any unpaid dividends to holders of
any outstanding preferred stock.
Each holder of the Company’s common stock is entitled to one vote for each such share outstanding
in the holder’s name. No holder of common stock is entitled to cumulate votes in voting for
directors. The Company’s second amended and restated certificate of incorporation provides that,
unless otherwise determined by the Company’s Board of Directors, no holder of common stock has any
preemptive right to purchase or subscribe for any stock of any class which the Company may issue or
sell.
On August 3, 2010, the Company’s Board of Directors approved a stock repurchase program, pursuant
to which the Company is authorized to repurchase up to $200 million of the Company’s common stock
from time to time on the open market or in privately negotiated transactions as permitted by
securities laws and other legal requirements. The Company had not repurchased any shares under the
program for the fiscal year ended October 1, 2010. As of November 29, 2010, the Company had
repurchased 786,400 shares of common stock for approximately $18.2
million. These shares were not
retired and are currently being held in our Treasury Stock.
At October 1, 2010, the Company had 185,683,236 shares of common stock issued and 180,263,009
shares outstanding.
PREFERRED STOCK
The Company’s second amended and restated certificate of incorporation permits the Company to issue
up to 25,000,000 shares of preferred stock in one or more series and with rights and preferences
that may be fixed or designated by the Company’s Board of Directors without any further action by
the Company’s stockholders. The designation, powers, preferences, rights and qualifications,
limitations and restrictions of the preferred stock of each series will be fixed by the certificate
of designation relating to such series, which will specify the terms of the preferred stock. At
October 1, 2010, the Company had no shares of preferred stock issued or outstanding.
EMPLOYEE STOCK BENEFIT PLANS
As of October 1, 2010, the Company had nine equity compensation plans under which its equity
securities were authorized for issuance to its employees and/or directors:
Except for the 1999 Employee Long-Term Incentive Plan, the Washington Sub, Inc. 2002 Stock Option
Plan and the Non-Qualified Employee Stock Purchase Plan, each of the foregoing equity compensation
plans was approved by the Company’s stockholders.
The following table summarizes pre-tax share-based compensation expense related to employee stock
options, restricted stock grants, performance stock grants, employee stock purchases, and
management incentive compensation under ASC 718 for the fiscal years ended October 1,
2010, October 2, 2009, and October 3, 2008, respectively.
Employee and Director Stock Option Plans
The Company has share-based compensation plans under which employees and directors may be granted
options to purchase common stock. Options are generally granted with exercise prices at not less
than the fair market value on the grant date, generally vest over 4 years and expire 7 or 10 years
after the grant date. As of October 1, 2010, a total of 83.1 million shares are authorized for
grant under the Company’s share-based compensation plans, with 15.3 million options outstanding.
The number of common shares reserved for granting of future awards to employees and directors under
these plans was 9.3 million at October 1, 2010. The remaining unrecognized compensation expense on
stock options at October 1, 2010 was $21.1 million, and the weighted average period over which the
cost is expected to be recognized is approximately 2.2 years.
Non-Vested Restricted Stock Awards with Service and Market Conditions
The Company granted 576,688 shares of restricted stock during fiscal year ended October 3,
2008 with service and market conditions on vesting. The remaining portion of these grants were fully vested and expensed
during the first quarter of fiscal year 2010.
Non-Vested Restricted Stock Awards with Service Conditions
The Company’s share-based compensation plans provide for awards of restricted shares of common
stock and other stock-based incentive awards to employees and directors. Restricted
stock awards are subject to forfeiture if employment terminates during the prescribed retention
period.
For the fiscal year ended October 1, 2010, the Company granted 100,000 shares of restricted stock
that vest in varying amounts over a three-year period. The remaining unrecognized compensation
expense on restricted stock with service conditions outstanding at October 1, 2010 was $1.6
million, and the weighted average period over which the cost is expected to be recognized is 2.9
years.
For the fiscal year ended October 2, 2009 the Company granted 47,500 shares of restricted stock
that vest in varying amounts over a four-year period. The remaining unrecognized compensation
expense on restricted stock with service conditions outstanding at October 1, 2010 was $0.1
million, and the weighted average period over which the cost is expected to be recognized is 1.5
years.
For the fiscal year ended October 3, 2008 the Company granted 50,000 shares of restricted stock
that vest in varying amounts over a four-year period. The remaining unrecognized compensation
expense on restricted stock with service conditions outstanding at October 1, 2010 was $0.1
million, and the weighted average period over which the cost is expected to be recognized is 1.7
years.
In addition, during each of the fiscal years ended October 1, 2010, October 2, 2009, and October 3,
2008, under the 2008 Director Long-Term Incentive Plan, the Company issued a total of 100,000
restricted stock awards to Directors with a three-year graded vesting. The remaining unrecognized
compensation expense on restricted stock with service conditions outstanding at October 1, 2010 was
$1.8 million. The weighted average period over which the cost is expected to be recognized is
approximately 1.9 years.
Performance Share Awards with Milestone-Based Performance Conditions
The Company granted 219,000, 56,000, and 160,500 performance awards with milestone-based performance
conditions to non-executives during the fiscal years ended October 1, 2010, October 2, 2009, and
October 3, 2008, respectively. The performance awards will convert to common stock at such time that
the performance conditions are deemed to be achieved. The performance awards will be expensed over
implicit performance periods ranging from 6-40 months. The Company will utilize both quantitative
and qualitative criteria to judge whether the milestones are probable of achievement. If the
milestones are deemed to be not probable of achievement, no expense will be recognized until such
time as they become probable of achievement. If a milestone is initially deemed probable of
achievement and subsequent to that date it is deemed to be not probable of achievement, the Company
will discontinue recording expense on the awards. If the milestone is deemed to be improbable of
achievement, any expense recorded on those performance awards will be reversed. As of the fiscal
year ended October 1, 2010, October 2, 2009, and October 3, 2008, the fair value of the performance
awards at the date of grant were $3.5 million, $0.6 million, and $1.4 million, respectively. The
Company issued 24,331 shares, 30,419 shares, and 100,466 shares in fiscal year 2010, 2009, and
fiscal year 2008, respectively as a result of milestone achievement. In addition, certain other
milestones were deemed to be probable of achievement thus, the Company recorded total compensation
expense of $1.2 million, $(0.1) million, and $1.2 million, and in the fiscal years ended October
1, 2010, October 2, 2009, and October 3, 2008, respectively.
2007 Executive Performance Share Awards
The Company awarded 725,000 performance shares based on future stock price appreciation to
executives during the fiscal year ended October 3, 2008. On June 10, 2009, the 2007 Executive
Performance Share Award was
modified. The awards under this plan were forfeited by the executives and replaced with the 2009
Executive Restricted Stock and Performance Share Awards as described below.
2009 Executive Restricted Stock and Performance Share Awards
On June 4, 2009, the Company gave its executives the opportunity to forfeit the aforementioned
performance shares that were originally granted on November 6, 2007 and the executives received in its place a
modified award with both a restricted stock and performance share component.
On June 10, 2009, the Company modified the November 6, 2007 performance shares by issuing 337,500
restricted stock awards based on a service condition: The restricted shares would cliff vest on
November 6, 2010 provided the executive continued employment with the Company through such date. At
November 6, 2010 the service condition was met and the Company released 337,500 shares to the
executives.
Under the performance share award component of the plan, the executives would earn up to 675,000
additional shares based on a comparison of (x) the change in Skyworks’ common stock price to (y)
the change in the price of the common stock of companies in a peer group over a three year period.
The change in price of both the Company’s common stock price and each peer company’s common stock
was determined by comparing its average stock price for the 90 day period beginning November 6,
2007 to its average stock price for the 90 day period ending November 6, 2010. If the percentage
change in Skyworks’ stock price exceeded the 70th percentile of the peer group, then the target
metrics under the award would be deemed to have been met and all of the shares would have been
earned. The Company determined that the Company’s relative stock price, measured as described
above, did exceed the 70th percentile of the peer group selected by the Company’s
compensation committee as of November 6, 2010. As a result, under the terms of the plan, the
shares were earned and the executives were entitled to receive the shares in two tranches (50% on
November 6, 2010 and 50% on November 6, 2011 should the executive continue employment with the
Company through such dates). The Company released 337,500 shares to the executives. The Company
recorded compensation expense of $3.2 million, $2.4 million, and $2.3 million, and in the fiscal
years ended October 1, 2010, October 2, 2009, and October 3, 2008, respectively. The remaining
unrecognized compensation expense on these performance share awards at October 1, 2010 was $0.8
million.
2010 Operating Margin Performance Share Awards
The Company awarded 0.9 million performance shares to executives and key employees based on
operating margin performance for fiscal year 2010. The fair value of these shares at target on the
grant date was $10.3 million. Each participant had the ability to earn minimum (50% of target),
target, stretch, or maximum (200% of target), depending on performance as publicly announced by the
Company following the fiscal year end. Upon achievement of the performance target, the participants
would earn the corresponding number of shares issued as follows: One-third on the initial issuance
date anniversary of November 10, 2010 and one-third on each of the second and third anniversary of
the initial issuance date, providing the employee was actively employed. On November 10, 2010,
performance was met at the maximum level and 1.7 million performance shares were issued to
executives and key employees. For the fiscal year ended October 1, 2010, the Company recorded
compensation expense of $10.7 million. The remaining unrecognized compensation expense on these
performance share awards at October 1, 2010 was $9.6 million.
2009 Operating Margin Performance Share Awards
The Company awarded 0.8 million performance shares to executives and key employees based on
operating margin performance for fiscal year 2009. Each participant had the ability to earn
Minimum (50% of Target), Target, Stretch, or Maximum (200% of Target), depending on performance as
publicly announced by the Company following the fiscal year end. Upon achievement of the
performance target, the participants will earn the corresponding number of shares issued as
follows: One-third on the initial issuance date anniversary of November 4, 2009 and one-third on
each of the second and third anniversary of the initial issuance date, providing the employee is
actively employed. As of November 4, 2009, performance was met
at the maximum level. The Company’s performance
earned 1.5 million shares, two-thirds of which have been released to the executives and key employees as of November 4, 2010 and
one-third of which is to be released on the third anniversary assuming the employee is still actively employed. As of the fiscal year ended October 1, 2010, the fair value of the performance awards at
the date of grant was $13.3 million. At October 1, 2010, the Company had recorded total
compensation expense of $7.0 million.
Restricted Stock Awards Issued in Fiscal Year 2010 in connection with the Management Incentive
Plans
The Company issued 298,830 shares of common stock in fiscal year 2010
in lieu of cash under the Management Incentive Plans. In November 2009, the Company issued 178,006 shares
in lieu of cash under the Fiscal Year 2009
Management Incentive Plan for performance related to the second half of fiscal year 2009.
In May 2010, 120,824 shares were issued to certain key employees for the first half of
fiscal year 2010 based on the Company exceeding its target metrics under the Fiscal Year 2010
Management Incentive Plan. The Company recorded $4.8 million in expense related to the
Fiscal Year 2010 Management Incentive Plan during the fiscal year. The expenses associated with
the 2009 Management Incentive Plan were expensed during fiscal year 2009.
Share-Based Compensation Plans for Directors
The Company has three share-based compensation plans under which options and restricted stock have
been granted for non-employee directors — the 1994 Non-Qualified Stock Option Plan, the Directors’
2001 Stock Option Plan, and the 2008 Directors’ Long-Term Incentive Plan. Under the three plans, a
total of 1.9 million shares have been authorized for option grants. Under the current 2008
Directors’ Long-Term Incentive Plan, a total of 0.3 million shares are available for new grants as
of October 1, 2010. The 2008 Directors’ Long-Term Incentive Plan is structured to provide options
and restricted common stock to non-employee directors as follows: a new director receives a total
of 25,000 options and 12,500 shares of restricted common stock upon becoming a member of the Board;
and continuing directors receive 12,500 shares of restricted common stock after each Annual Meeting
of Stockholders. Under this plan, the option price is the fair market value at the time the option
is granted. All options granted are exercisable at 25% per year beginning one year from the date
of grant. The maximum contractual term of the director awards is 10 years. As of October 1,
2010, a total of 0.7 million options at a weighted average exercise price of $10.41 per share were
outstanding under these four plans, and 0.7 million options were exercisable at a weighted average
exercise price of $10.62 per share. The remaining unrecognized compensation expense on director
stock options at October 1, 2010 was $0.1 million and the weighted average period over which the
cost is expected to be recognized is approximately 0.5 years. There were 121,500, 105,000, and
60,000 options exercised under these plans during the fiscal years ended October 1, 2010, October
2, 2009, and October 3, 2008, respectively. The above-mentioned activity for the share-based
compensation plans for directors is included in the option tables below.
Employee Stock Purchase Plan
The Company maintains a domestic and an international employee stock purchase plan. Under these
plans, eligible employees may purchase common stock through payroll deductions of up to 10% of
compensation. The price per share is the lower of 85% of the market price at the beginning or end
of each offering period (generally six months). The plans provide for purchases by employees of up
to an aggregate of 8.1 million shares through December 31, 2012. Shares of common stock purchased
under these plans in fiscal years 2010, 2009, and 2008 were 640,341, 1,058,736, and 790,556,
respectively. At October 1, 2010, there are 1.0 million shares available for purchase. The Company
recognized compensation expense of $1.9 million for the fiscal year ended October 1, 2010 and $1.6
million for both the fiscal years ended October 2, 2009 and October 3, 2008.
General Option Information
A summary of stock option transactions follows (shares in thousands):
Options exercisable at the end of each fiscal year (shares in thousands):
The following table summarizes information concerning currently outstanding and exercisable options
as of October 1, 2010 (shares and aggregate intrinsic value in thousands):
The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value,
based on the Company’s closing stock price of $20.65 as of October 1, 2010, which would have been
received by the option holders had all option holders exercised their options as of that date. The
aggregate intrinsic value of options exercised for the fiscal years ended October 1, 2010, October
2, 2009, and October 3, 2008 were $40.8 million, $20.9 million, and $7.5 million, respectively.
The fair value of stock options vested at October 1, 2010, October 2,
2009, and October 3, 2008 were $30.2 million, $39.1 million, and $54.7 million, respectively. The
total number of in-the-money options exercisable as of October 1, 2010 was 6.5 million.
Restricted Shares and Performance Share Award Information
A summary of the share transactions follows (shares in thousands):
Valuation and Expense Information under ASC 718
The following table summarizes pre-tax share-based compensation expense related to employee stock
options, employee stock purchases, restricted stock grants, and performance stock grants for the
fiscal years ended October 1, 2010, October 2, 2009, and October 3, 2008 which was allocated as
follows:
During both of the fiscal years ended October 1, 2010 and October 2, 2009, the Company capitalized
share-based compensation expense of $0.1 million. During the fiscal year ended October 3, 2008,
the Company capitalized share-based compensation expense of $(0.1) million in inventory.
The weighted-average estimated grant date fair value of employee stock options granted during the
fiscal years ended October 1, 2010, October 2, 2009, and October 3, 2008 were $5.76 per share,
$3.93 per share, and $4.78 per share, respectively, using the Black Scholes option-pricing model
with the following weighted-average assumptions:
The Company used an arithmetic average of historical volatility and implied volatility to calculate
its expected volatility during the year ended October 1, 2010. Historical volatility was determined
by calculating the mean reversion of the weekly-adjusted closing stock price over the 7.40 years
between June 25, 2002 and November 10, 2009. The implied volatility was calculated by analyzing the
52-week minimum and maximum prices of publicly traded call options on the Company’s common stock.
The Company concluded that an arithmetic average of these two calculations provided for the most
reasonable estimate of expected volatility under the guidance of ASC 718.
The risk-free interest rate assumption is based upon observed Treasury bill interest rates (risk
free) appropriate for the expected life of the Company’s employee stock options.
The expected life of employee stock options represents a calculation based upon the historical
exercise, cancellation and forfeiture experience for the Company over the 7.25 years between June
25, 2002 and October 2, 2009. The Company determined that it had two populations with unique
exercise behavior. These populations included stock options with a contractual life of 7 years and
10 years, respectively.
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Disclosures related to accounts comprising shareholders' equity, including other comprehensive income. Includes: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables; effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| EMPLOYEE BENEFIT PLAN, PENSIONS AND OTHER RETIREE BENEFITS |
12. EMPLOYEE BENEFIT PLAN, PENSIONS AND OTHER RETIREE BENEFITS
The Company maintains the following pension and retiree benefit plans:
401(k) Plan:
The Company maintains a 401(k) plan covering substantially all of its employees based in the United
States under which all employees at least 21 years old are eligible to receive discretionary
Company contributions. Discretionary Company contributions are determined by the Board of Directors
and may be in the form of cash or the Company’s stock. The Company has generally contributed a
match of up to 4.0% of an employee’s annual eligible compensation. For the fiscal years ended
October 1, 2010, October 2, 2009, and October 3, 2008, the Company contributed shares of 0.3
million, 0.7 million, and 0.6 million, respectively, and recognized expense of $4.8 million, $4.6
million, and $5.0 million, respectively.
Pre-Merger Defined Benefit Pension and Retiree Health Plans:
The Pension Benefits and Retiree Medical Benefits plans identified below were inherited as part of
the merger in 2002 that created Skyworks. Since the plans were inherited, no new participants have
been added. In accordance with ASC 715, the liability and related plan assets have been reported
in the Company’s consolidated balance sheet as follows (in thousands):
The Company incurred net periodic benefit costs of $0.1 million for pension benefits during the
fiscal year ended October 1, 2010, and $0.2 million for pension benefits in fiscal year ending
October 2, 2009.
The Company realized a benefit of $0.4 million for the fiscal year ended October 1, 2010 related to
the curtailment of the Retiree Medical Benefits Health Plan, and incurred net periodic benefit of
$0.4 million in fiscal year ending October 2, 2009. In fiscal year 2008, the Company began phasing
out the Retiree Medical Benefits Health Plan and participants were informed that Skyworks’ contributions
to the Plan would be phased-out over a three year period as follows:
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| COMMITMENTS |
13. COMMITMENTS
In April 2010, the Company entered into a manufacturing services supply agreement which contained a
minimum purchase obligation. Pursuant to the terms of this agreeement, the Company is committted
to approximately $13 million in minimum purchases between April 2010 and December 2010. As of
October 1, 2010, the Company expects to meet the minimum purchase obligations under this agreement.
The Company has various operating leases primarily for computer equipment and buildings. Rent
expense amounted to $7.6 million, $8.0 million, and $8.6 million in fiscal years ended October 1,
2010, October 2, 2009, and October 3, 2008, respectively. Future minimum payments under these
non-cancelable leases are as follows (in thousands):
In addition, the Company has entered into licensing agreements for intellectual property rights and
maintenance and support services. Pursuant to the terms of these agreements, the Company is
committed to making aggregate payments of $4.1 million, $3.0 million, and $0.7 million in fiscal
years 2011, 2012, and 2013, respectively.
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Description of significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Contingencies
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| Contingencies [Abstract] | |
| CONTINGENCIES |
14. CONTINGENCIES
From time to time, various lawsuits, claims and proceedings have been, and may in the future be,
instituted or asserted against the Company, including those pertaining to patent infringement,
intellectual property, environmental, product liability, safety and health, employment and
contractual matters.
Additionally, the semiconductor industry is characterized by vigorous protection and pursuit of
intellectual property rights. From time to time, third parties have asserted and may in the future
assert patent, copyright, trademark and other intellectual property rights to technologies that are
important to the Company’s business and have demanded and may in the future demand that the Company
license their technology. The outcome of any such litigation cannot be predicted with certainty and
some such lawsuits, claims or proceedings may be disposed of unfavorably to the Company. Generally
speaking, intellectual property disputes often have a risk of injunctive relief, which, if imposed
against the Company, could materially and adversely affect the Company’s financial condition, or
results of operations. From time to time the Company is also involved in legal proceedings in the
ordinary course of business.
The Company believes that there is no litigation pending that will have, individually or in the
aggregate, a material adverse effect on its business.
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Guarantees and Indemnities
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| GUARANTEES AND INDEMNITIES |
15. GUARANTEES AND INDEMNITIES
The Company has made no contractual guarantees for the benefit of third parties. However, the
Company generally indemnifies its customers from third-party intellectual property infringement
litigation claims related to its products, and, on occasion, also provides other indemnities
related to product sales. In connection with certain facility leases, the Company has indemnified
its lessors for certain claims arising from the facility or the lease.
The Company indemnifies its directors and officers to the maximum extent permitted under the laws
of the state of Delaware. The duration of the indemnities varies, and in many cases is indefinite.
The indemnities to customers in connection with product sales generally are subject to limits based
upon the amount of the related product sales and in many cases are subject to geographic and other
restrictions. In certain instances, the Company’s indemnities do not provide for any limitation of
the maximum potential future payments the Company could be obligated to make. The Company has not
recorded any liability for these indemnities in the accompanying consolidated balance sheets and
does not expect that such obligations will have a material adverse impact on its financial
condition or results of operations.
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Provides pertinent information about each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Restructuring and Other Charges
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| RESTRUCTURING AND OTHER CHARGES |
16. RESTRUCTURING AND OTHER CHARGES
Restructuring and other charges consists of the following (in thousands):
2009 RESTRUCTURING CHARGES AND OTHER
On January 22, 2009, the Company implemented a restructuring plan to realign its costs given
current business conditions.
The Company exited its mobile transceiver product area and reduced global headcount by
approximately 4%, or 150 employees which resulted in a reduction to annual operating expenditures
of approximately $20 million. The Company recorded various charges associated with this action. In
total, they recorded $16.0 million of restructuring and other charges and $3.5 million in inventory
write-downs that were charged to cost of goods sold.
The $16.0 million charge includes the following: $4.5 million related to severance and benefits,
$5.6 million related to the impairment of certain long-lived assets which were written down to
their salvage values, $2.1 million related to the exit of certain operating leases, $2.3 million
related to the impairment of technology licenses and design software, and $1.5 million related to
other charges. These charges total $16.0 million and are recorded in restructuring and other
charges.
The Company made cash payments related to the restructuring plan of $1.5 million during fiscal year
2010 and recorded a gain of $1.0 million on the sale of a capital asset previously impaired during
the 2009 restructuring.
Activity and liability balances related to the fiscal year 2009 restructuring actions are as
follows (in thousands):
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Restructuring And Other Charges Text Block. No definition available.
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Earnings Per Share
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Oct. 01, 2010
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| EARNINGS PER SHARE |
17. EARNINGS PER SHARE
Basic earnings per share is calculated by dividing net income by the weighted average number of
common shares outstanding. Diluted earnings per share includes the dilutive effect of equity based
awards and the 2007 Convertible Notes using the treasury stock method.
Equity based awards exercisable for approximately 4.6 million shares, 16.5 million shares and 23.0
million shares were outstanding but not included in the computation of earnings per share for the
fiscal year ended October 1, 2010, October 2, 2009 and October 3, 2008, respectively, as their
effect would have been anti-dilutive.
In addition, the Company issued $200.0 million aggregate principal amount of convertible
subordinated notes in March 2007. These 2007 Convertible Notes contain
cash settlement provisions, which permit the application of the treasury stock method in
determining potential share dilution of the conversion spread should the share price of the
Company’s common stock exceed $9.52. It has been the Company’s historical practice to cash settle
the principal and interest components of convertible debt instruments, and it is the Company’s
intention to continue to do so in the future. The convertible debt was anti-dilutive for the
fiscal year ended October 3, 2008 and therefore was not included in the calculation of diluted
earnings per share.
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Segment Information and Concentrations
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| SEGMENT INFORMATION AND CONCENTRATIONS |
18. SEGMENT INFORMATION AND CONCENTRATIONS
In accordance with ASC 280-Segment Reporting (“ASC 280”), the Company has one reportable operating
segment which designs, develops, manufactures and markets proprietary semiconductor products,
including intellectual property. ASC 280 establishes standards for the way public business
enterprises report information about operating segments in annual financial statements and in
interim reports to shareholders. The method for determining what information to report is based on
management’s use of financial information for the purposes of assessing
performance and making operating decisions. In evaluating financial performance and making
operating decisions, management primarily uses consolidated net revenue, gross profit, operating
profit and earnings per share. The
Company’s business units share similar economic
characteristics, long term business models, research and development expenses and selling, general
and administrative expenses. Furthermore, the Company’s chief decision makers base operating
decision on consolidated financial information. The Company has concluded at October 1, 2010 that
it has only one reportable operating segment. The Company will re-assess its conclusions at least
annually.
GEOGRAPHIC INFORMATION
Net revenues by geographic area are presented based upon the country of destination. Net revenues
by geographic area are as follows (in thousands):
The Company’s revenues by geography do not necessarily correlate to end market demand by
region. For example, if the Company sells a power amplifier module to a customer in South Korea,
the sale is recorded within the South Korea account although that customer, in turn, may integrate
that module into a product sold to an end customer in a different geography.
Net property, plant and equipment balances, including property held for sale, based on the physical
locations within the indicated geographic areas are as follows (in thousands):
CONCENTRATIONS
Financial instruments that potentially subject the Company to concentration of credit risk consist
principally of trade accounts receivable. Trade accounts receivables are primarily derived from
sales to manufacturers of communications and consumer products and electronic component
distributors. Ongoing credit evaluations of customers’ financial condition are performed and
collateral, such as letters of credit and bank guarantees, are required whenever deemed necessary.
In fiscal year 2010, the Company had three customers, each with greater than ten percent of our net
revenues: Samsung, Nokia and Foxconn.
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Quarterly Financial Data (Unaudited)
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| QUARTERLY FINANCIAL DATA (UNAUDITED) |
19. QUARTERLY FINANCIAL DATA (UNAUDITED)
(In thousands, except per share data)
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This element can be used to disclose the entire quarterly financial data disclosure in the annual financial statements as a single block of text. The disclosure includes a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. Alternatively, the details of this disclosure can be reported using the elements in this group, or by using other taxonomy elements and applying the appropriate quarterly date and period contexts when creating an instance document. For example, the element for "Interest and Dividend Income, Operating" may be used by financial institutions from the Statement of Income, applying the appropriate quarterly date and period context when creating an instance document. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| VALUATION AND QUALIFYING ACCOUNTS |
VALUATION AND QUALIFYING ACCOUNTS
SCHEDULE II
VALUATION AND QUALIFYING ACCOUNTS
(In thousands)
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- Details
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- Definition
An element designated to encapsulate the entire schedule of any allowance and reserve accounts (their beginning and ending balances, as well as a reconciliation by type of activity during the period). Alternatively, disclosure of the required information may be within the footnotes to the financial statements or a supplemental schedule to the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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