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As of September 23, 2017 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value (Net Carrying Amount) | |||||||||||
Corporate debt securities | $ | 135,219 | $ | 103 | $ | (89 | ) | $ | 135,233 | ||||||
Non-US government securities | 11,817 | — | (14 | ) | 11,803 | ||||||||||
US Treasury securities | 998 | — | — | 998 | |||||||||||
Certificates of deposit | 500 | — | — | 500 | |||||||||||
Agency discount notes | 459 | — | — | 459 | |||||||||||
Total securities | $ | 148,993 | $ | 103 | $ | (103 | ) | $ | 148,993 |
As of March 25, 2017 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value (Net Carrying Amount) | |||||||||||
Corporate debt securities | 33,350 | $ | — | $ | (20 | ) | $ | 33,330 | |||||||
Commercial paper | 66,518 | — | (35 | ) | 66,483 | ||||||||||
Total securities | $ | 99,868 | $ | — | $ | (55 | ) | $ | 99,813 |
September 23, 2017 | March 25, 2017 | ||||||||||||||
Amortized | Estimated | Amortized | Estimated | ||||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||||
Within 1 year | $ | 15,454 | $ | 15,446 | $ | 99,868 | $ | 99,813 | |||||||
After 1 year | 133,539 | 133,547 | — | — | |||||||||||
Total | $ | 148,993 | $ | 148,993 | $ | 99,868 | $ | 99,813 |
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• | Level 1 - Quoted prices in active markets for identical assets or liabilities. |
• | Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. |
• | Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
| Quoted Prices in Active Markets for Identical Assets Level 1 | Significant Other Observable Inputs Level 2 | Significant Unobservable Inputs Level 3 | Total | |||||||||||
Assets: | |||||||||||||||
Cash equivalents | |||||||||||||||
Money market funds | $ | 152,329 | $ | — | $ | — | $ | 152,329 | |||||||
Available-for-sale securities | |||||||||||||||
Corporate debt securities | $ | — | $ | 135,233 | $ | — | $ | 135,233 | |||||||
Non-US government securities | — | 11,803 | — | 11,803 | |||||||||||
U.S. Treasury securities | 998 | — | — | 998 | |||||||||||
Certificates of deposit | — | 500 | — | 500 | |||||||||||
Agency discount notes | — | 459 | — | 459 | |||||||||||
| $ | 998 | $ | 147,995 | $ | — | $ | 148,993 | |||||||
Liabilities: | |||||||||||||||
Other accrued liabilities | |||||||||||||||
Contingent consideration | $ | — | $ | — | $ | 659 | $ | 659 |
| Quoted Prices in Active Markets for Identical Assets Level 1 | Significant Other Observable Inputs Level 2 | Significant Unobservable Inputs Level 3 | Total | |||||||||||
Assets: | |||||||||||||||
Cash equivalents | |||||||||||||||
Money market funds | $ | 313,982 | $ | — | $ | — | $ | 313,982 | |||||||
Available-for-sale securities | |||||||||||||||
Corporate debt securities | $ | — | $ | 33,330 | $ | — | $ | 33,330 | |||||||
Commercial paper | 66,483 | — | 66,483 | ||||||||||||
$ | — | $ | 99,813 | $ | — | $ | 99,813 | ||||||||
Liabilities: | |||||||||||||||
Other accrued liabilities | |||||||||||||||
Contingent consideration | $ | — | $ | — | $ | 4,695 | $ | 4,695 |
| Maximum Value if Milestones Achieved (in thousands) | Estimated Discount Rate (%) | Fair Value (in thousands) | |||||||
Tranche B - 30 month earn out period | $ | 5,000 | 7.7 | % | $ | 659 |
| Six Months Ended | ||
| September 23, | ||
| 2017 | ||
| (in thousands) | ||
Beginning balance | $ | 4,695 | |
Adjustment to estimates (research and development expense) | (4,049 | ) | |
Fair value charge recognized in earnings (research and development expense) | 13 | ||
Ending balance | $ | 659 |
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| September 23, | March 25, | |||||
| 2017 | 2017 | |||||
Gross accounts receivable | $ | 232,824 | $ | 120,408 | |||
Allowance for doubtful accounts | (444 | ) | (434 | ) | |||
Accounts receivable, net | $ | 232,380 | $ | 119,974 |
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| September 23, | March 25, | |||||
| 2017 | 2017 | |||||
Work in process | $ | 112,335 | $ | 83,332 | |||
Finished goods | 98,456 | 84,563 | |||||
| $ | 210,791 | $ | 167,895 |
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| Three Months Ended | Six Months Ended | ||||||||||||
| September 23, | September 24, | September 23, | September 24, | ||||||||||
| 2017 | 2016 | 2017 | 2016 | ||||||||||
Income before income taxes | $ | 90,497 | $ | 102,673 | $ | 138,372 | $ | 124,342 | ||||||
Provision for income taxes | $ | 17,197 | $ | 16,634 | $ | 22,160 | $ | 20,232 | ||||||
Effective tax rate | 19.0 | % | 16.2 | % | 16.0 | % | 16.3 | % |
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| Three Months Ended | Six Months Ended | |||||||||||||
| September 23, | September 24, | September 23, | September 24, | |||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||||
Portable Audio Products | $ | 381,761 | $ | 383,410 | $ | 662,449 | $ | 599,478 | |||||||
Non-Portable Audio and Other Products | 43,776 | 45,209 | 83,823 | 88,569 | |||||||||||
| $ | 425,537 | $ | 428,619 | $ | 746,272 | $ | 688,047 |
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As of September 23, 2017 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value (Net Carrying Amount) | |||||||||||
Corporate debt securities | $ | 135,219 | $ | 103 | $ | (89 | ) | $ | 135,233 | ||||||
Non-US government securities | 11,817 | — | (14 | ) | 11,803 | ||||||||||
US Treasury securities | 998 | — | — | 998 | |||||||||||
Certificates of deposit | 500 | — | — | 500 | |||||||||||
Agency discount notes | 459 | — | — | 459 | |||||||||||
Total securities | $ | 148,993 | $ | 103 | $ | (103 | ) | $ | 148,993 |
As of March 25, 2017 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value (Net Carrying Amount) | |||||||||||
Corporate debt securities | 33,350 | $ | — | $ | (20 | ) | $ | 33,330 | |||||||
Commercial paper | 66,518 | — | (35 | ) | 66,483 | ||||||||||
Total securities | $ | 99,868 | $ | — | $ | (55 | ) | $ | 99,813 |
September 23, 2017 | March 25, 2017 | ||||||||||||||
Amortized | Estimated | Amortized | Estimated | ||||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||||
Within 1 year | $ | 15,454 | $ | 15,446 | $ | 99,868 | $ | 99,813 | |||||||
After 1 year | 133,539 | 133,547 | — | — | |||||||||||
Total | $ | 148,993 | $ | 148,993 | $ | 99,868 | $ | 99,813 |
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| Quoted Prices in Active Markets for Identical Assets Level 1 | Significant Other Observable Inputs Level 2 | Significant Unobservable Inputs Level 3 | Total | |||||||||||
Assets: | |||||||||||||||
Cash equivalents | |||||||||||||||
Money market funds | $ | 152,329 | $ | — | $ | — | $ | 152,329 | |||||||
Available-for-sale securities | |||||||||||||||
Corporate debt securities | $ | — | $ | 135,233 | $ | — | $ | 135,233 | |||||||
Non-US government securities | — | 11,803 | — | 11,803 | |||||||||||
U.S. Treasury securities | 998 | — | — | 998 | |||||||||||
Certificates of deposit | — | 500 | — | 500 | |||||||||||
Agency discount notes | — | 459 | — | 459 | |||||||||||
| $ | 998 | $ | 147,995 | $ | — | $ | 148,993 | |||||||
Liabilities: | |||||||||||||||
Other accrued liabilities | |||||||||||||||
Contingent consideration | $ | — | $ | — | $ | 659 | $ | 659 |
| Quoted Prices in Active Markets for Identical Assets Level 1 | Significant Other Observable Inputs Level 2 | Significant Unobservable Inputs Level 3 | Total | |||||||||||
Assets: | |||||||||||||||
Cash equivalents | |||||||||||||||
Money market funds | $ | 313,982 | $ | — | $ | — | $ | 313,982 | |||||||
Available-for-sale securities | |||||||||||||||
Corporate debt securities | $ | — | $ | 33,330 | $ | — | $ | 33,330 | |||||||
Commercial paper | 66,483 | — | 66,483 | ||||||||||||
$ | — | $ | 99,813 | $ | — | $ | 99,813 | ||||||||
Liabilities: | |||||||||||||||
Other accrued liabilities | |||||||||||||||
Contingent consideration | $ | — | $ | — | $ | 4,695 | $ | 4,695 |
| Maximum Value if Milestones Achieved (in thousands) | Estimated Discount Rate (%) | Fair Value (in thousands) | |||||||
Tranche B - 30 month earn out period | $ | 5,000 | 7.7 | % | $ | 659 |
| Six Months Ended | ||
| September 23, | ||
| 2017 | ||
| (in thousands) | ||
Beginning balance | $ | 4,695 | |
Adjustment to estimates (research and development expense) | (4,049 | ) | |
Fair value charge recognized in earnings (research and development expense) | 13 | ||
Ending balance | $ | 659 |
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| September 23, | March 25, | |||||
| 2017 | 2017 | |||||
Gross accounts receivable | $ | 232,824 | $ | 120,408 | |||
Allowance for doubtful accounts | (444 | ) | (434 | ) | |||
Accounts receivable, net | $ | 232,380 | $ | 119,974 |
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| September 23, | March 25, | |||||
| 2017 | 2017 | |||||
Work in process | $ | 112,335 | $ | 83,332 | |||
Finished goods | 98,456 | 84,563 | |||||
| $ | 210,791 | $ | 167,895 |
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| Three Months Ended | Six Months Ended | ||||||||||||
| September 23, | September 24, | September 23, | September 24, | ||||||||||
| 2017 | 2016 | 2017 | 2016 | ||||||||||
Income before income taxes | $ | 90,497 | $ | 102,673 | $ | 138,372 | $ | 124,342 | ||||||
Provision for income taxes | $ | 17,197 | $ | 16,634 | $ | 22,160 | $ | 20,232 | ||||||
Effective tax rate | 19.0 | % | 16.2 | % | 16.0 | % | 16.3 | % |
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| Three Months Ended | Six Months Ended | |||||||||||||
| September 23, | September 24, | September 23, | September 24, | |||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||||
Portable Audio Products | $ | 381,761 | $ | 383,410 | $ | 662,449 | $ | 599,478 | |||||||
Non-Portable Audio and Other Products | 43,776 | 45,209 | 83,823 | 88,569 | |||||||||||
| $ | 425,537 | $ | 428,619 | $ | 746,272 | $ | 688,047 |
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