ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
Title of each class | Trading Symbol | Name of exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging growth company |
Page | ||||||||
Name | Age | Position | |||||||||
David W. Heard | 53 | Chief Executive Officer and Director | |||||||||
Nancy Erba | 55 | Chief Financial Officer | |||||||||
David L. Teichmann | 65 | Chief Legal Officer and Corporate Secretary | |||||||||
Nicholas R. Walden | 50 | Senior Vice President, Worldwide Sales |
Years Ended | |||||||||||||||||||||||||||||||||||
December 25, 2021 | % of total revenue | December 26, 2020 | % of total revenue | Change | % Change | ||||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||||||
Product | $ | 1,099,376 | 77 | % | $ | 1,045,551 | 77 | % | $ | 53,825 | 5 | % | |||||||||||||||||||||||
Services | 325,829 | 23 | % | 310,045 | 23 | % | 15,784 | 5 | % | ||||||||||||||||||||||||||
Total revenue | $ | 1,425,205 | 100 | % | $ | 1,355,596 | 100 | % | $ | 69,609 | 5 | % | |||||||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||||||||||||||
Product | $ | 732,071 | 51 | % | $ | 751,465 | 55 | % | $ | (19,394) | (3) | % | |||||||||||||||||||||||
Services | 174,008 | 12 | % | 160,118 | 12 | % | 13,890 | 9 | % | ||||||||||||||||||||||||||
Amortization of intangible assets | 19,621 | 1 | % | 29,247 | 2 | % | (9,626) | (33) | % | ||||||||||||||||||||||||||
Acquisition and integration costs | — | — | % | 1,828 | — | % | (1,828) | (100) | % | ||||||||||||||||||||||||||
Restructuring and other related costs | 1,531 | — | % | 4,146 | — | % | (2,615) | (63) | % | ||||||||||||||||||||||||||
Total cost of revenue | $ | 927,231 | 65 | % | $ | 946,804 | 69 | % | $ | (19,573) | (2) | % | |||||||||||||||||||||||
Gross profit | $ | 497,974 | 35 | % | $ | 408,792 | 31 | % | $ | 89,182 | 22 | % |
Years Ended | |||||||||||||||||||||||||||||||||||
December 26, 2020 | % of total revenue | December 28, 2019 | % of total revenue | Change | % Change | ||||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||||||
Product | $ | 1,045,551 | 77 | % | $ | 1,011,488 | 78 | % | $ | 34,063 | 3 | % | |||||||||||||||||||||||
Services | 310,045 | 23 | % | 287,377 | 22 | % | 22,668 | 8 | % | ||||||||||||||||||||||||||
Total revenue | $ | 1,355,596 | 100 | % | $ | 1,298,865 | 100 | % | $ | 56,731 | 4 | % | |||||||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||||||||||||||
Product | $ | 751,465 | 55 | % | $ | 735,059 | 57 | % | $ | 16,406 | 2 | % | |||||||||||||||||||||||
Services | 160,118 | 12 | % | 146,916 | 11 | % | 13,202 | 9 | % | ||||||||||||||||||||||||||
Amortization of intangible assets | 29,247 | 2 | % | 32,583 | 3 | % | (3,336) | (10) | % | ||||||||||||||||||||||||||
Acquisition and integration costs | 1,828 | — | % | 28,449 | 2 | % | (26,621) | (94) | % | ||||||||||||||||||||||||||
Restructuring and other related costs | 4,146 | — | % | 29,935 | 2 | % | (25,789) | (86) | % | ||||||||||||||||||||||||||
Total cost of revenue | $ | 946,804 | 69 | % | $ | 972,942 | 75 | % | $ | (26,138) | (3) | % | |||||||||||||||||||||||
Gross profit | $ | 408,792 | 31 | % | $ | 325,923 | 25 | % | $ | 82,869 | 25 | % |
Years Ended | |||||||||||||||||||||||||||||||||||
December 25, 2021 | % of total revenue | December 26, 2020 | % of total revenue | Change | % Change | ||||||||||||||||||||||||||||||
Total revenue by geography | |||||||||||||||||||||||||||||||||||
Domestic | $ | 663,808 | 47 | % | $ | 630,422 | 47 | % | $ | 33,386 | 5 | % | |||||||||||||||||||||||
International | 761,397 | 53 | % | 725,174 | 53 | % | 36,223 | 5 | % | ||||||||||||||||||||||||||
$ | 1,425,205 | 100 | % | $ | 1,355,596 | 100 | % | $ | 69,609 | 5 | % | ||||||||||||||||||||||||
Total revenue by sales channel | |||||||||||||||||||||||||||||||||||
Direct | $ | 1,099,632 | 77 | % | $ | 1,039,976 | 77 | % | $ | 59,656 | 6 | % | |||||||||||||||||||||||
Indirect | 325,573 | 23 | % | 315,620 | 23 | % | 9,953 | 3 | % | ||||||||||||||||||||||||||
$ | 1,425,205 | 100 | % | $ | 1,355,596 | 100 | % | $ | 69,609 | 5 | % |
Years Ended | |||||||||||||||||||||||||||||||||||
December 26, 2020 | % of total revenue | December 28, 2019 | % of total revenue | Change | % Change | ||||||||||||||||||||||||||||||
Total revenue by geography | |||||||||||||||||||||||||||||||||||
Domestic | $ | 630,422 | 47 | % | $ | 628,075 | 48 | % | $ | 2,347 | — | % | |||||||||||||||||||||||
International | 725,174 | 53 | % | 670,790 | 52 | % | 54,384 | 8 | % | ||||||||||||||||||||||||||
$ | 1,355,596 | 100 | % | $ | 1,298,865 | 100 | % | $ | 56,731 | 4 | % | ||||||||||||||||||||||||
Total revenue by sales channel | |||||||||||||||||||||||||||||||||||
Direct | $ | 1,039,976 | 77 | % | $ | 1,032,527 | 79 | % | $ | 7,449 | 1 | % | |||||||||||||||||||||||
Indirect | 315,620 | 23 | % | 266,338 | 21 | % | 49,282 | 19 | % | ||||||||||||||||||||||||||
$ | 1,355,596 | 100 | % | $ | 1,298,865 | 100 | % | $ | 56,731 | 4 | % |
Years Ended | |||||||||||||||||||||||||||||||||||
December 25, 2021 | % of total revenue | December 26, 2020 | % of total revenue | Change | % Change | ||||||||||||||||||||||||||||||
Research and development | $ | 299,894 | 21 | % | $ | 265,634 | 20 | % | $ | 34,260 | 13 | % | |||||||||||||||||||||||
Sales and marketing | 138,829 | 10 | % | 129,604 | 10 | % | 9,225 | 7 | % | ||||||||||||||||||||||||||
General and administrative | 115,415 | 8 | % | 112,240 | 8 | % | 3,175 | 3 | % | ||||||||||||||||||||||||||
Amortization of intangible assets | 17,455 | 1 | % | 18,581 | 1 | % | (1,126) | (6) | % | ||||||||||||||||||||||||||
Acquisition and integration costs | 614 | — | % | 13,346 | 1 | % | (12,732) | (95) | % | ||||||||||||||||||||||||||
Restructuring and other related costs | 13,246 | 1 | % | 24,586 | 2 | % | (11,340) | (46) | % | ||||||||||||||||||||||||||
Total operating expenses | $ | 585,453 | 41 | % | $ | 563,991 | 42 | % | $ | 21,462 | 4 | % |
Years Ended | |||||||||||||||||||||||||||||||||||
December 26, 2020 | % of total revenue | December 28, 2019 | % of total revenue | Change | % Change | ||||||||||||||||||||||||||||||
Research and development | $ | 265,634 | 20 | % | $ | 287,977 | 22 | % | $ | (22,343) | (8) | % | |||||||||||||||||||||||
Sales and marketing | 129,604 | 10 | % | 151,423 | 12 | % | (21,819) | (14) | % | ||||||||||||||||||||||||||
General and administrative | 112,240 | 8 | % | 126,351 | 10 | % | (14,111) | (11) | % | ||||||||||||||||||||||||||
Amortization of intangible assets | 18,581 | 1 | % | 27,280 | 2 | % | (8,699) | (32) | % | ||||||||||||||||||||||||||
Acquisition and integration costs | 13,346 | 1 | % | 42,271 | 3 | % | (28,925) | (68) | % | ||||||||||||||||||||||||||
Restructuring and other related costs | 24,586 | 2 | % | 40,851 | 3 | % | (16,265) | (40) | % | ||||||||||||||||||||||||||
Total operating expenses | $ | 563,991 | 42 | % | $ | 676,153 | 52 | % | $ | (112,162) | (17) | % |
Years Ended | |||||||||||||||||
December 25, 2021 | December 26, 2020 | December 28, 2019 | |||||||||||||||
Research and development | $ | 18,554 | $ | 16,863 | $ | 17,457 | |||||||||||
Sales and marketing | 12,345 | 10,907 | 8,413 | ||||||||||||||
General and administration | 12,985 | 13,906 | 10,460 | ||||||||||||||
Total | $ | 43,884 | $ | 41,676 | $ | 36,330 |
Years Ended | |||||||||||||||||
December 25, 2021 | December 26, 2020 | December 28, 2019 | |||||||||||||||
(In thousands) | |||||||||||||||||
Interest income | $ | 455 | $ | 118 | $ | 1,139 | |||||||||||
Interest expense | (49,099) | (46,728) | (31,657) | ||||||||||||||
Other gain (loss), net | (22,667) | 1,121 | (2,907) | ||||||||||||||
Total other income (expense), net | $ | (71,311) | $ | (45,489) | $ | (33,425) |
Years Ended | |||||||||||||||||
December 25, 2021 | December 26, 2020 | December 28, 2019 | |||||||||||||||
(In thousands) | |||||||||||||||||
Net cash flow provided by (used in): | |||||||||||||||||
Operating activities | $ | 28,128 | $ | (112,300) | $ | (167,350) | |||||||||||
Investing activities | $ | (41,379) | $ | (39,009) | $ | (12,609) | |||||||||||
Financing activities | $ | (101,544) | $ | 334,162 | $ | 71,910 |
Years Ended | |||||||||||
December 25, 2021 | December 26, 2020 | ||||||||||
(In thousands) | |||||||||||
Cash | $ | 190,611 | $ | 298,014 | |||||||
Restricted cash | 11,910 | 17,369 | |||||||||
$ | 202,521 | $ | 315,383 |
December 25, 2021 | December 26, 2020 | Change | % Change | |||||||||||||||||||||||
Operating leases(1) | $ | 90,887 | $ | 121,898 | $ | (31,011) | (25) | % | ||||||||||||||||||
Financing lease obligations | 2,337 | 2,683 | (346) | (13) | % | |||||||||||||||||||||
Purchase obligations(2) | 591,540 | 291,365 | 300,175 | 103 | % | |||||||||||||||||||||
2027 Notes, including interest(3) | 227,500 | 232,500 | (5,000) | (2) | % | |||||||||||||||||||||
2024 Notes, including interest(3) | 428,159 | 436,712 | (8,553) | (2) | % | |||||||||||||||||||||
Mortgage payable, including interest | 8,392 | 9,570 | (1,178) | (12) | % | |||||||||||||||||||||
Financing assistance agreement, including interest(4) | — | 26,263 | (26,263) | (100) | % | |||||||||||||||||||||
Asset-based revolving credit facility(4) | — | 77,750 | (77,750) | (100) | % | |||||||||||||||||||||
Total contractual obligations(5) | $ | 1,348,815 | $ | 1,198,741 | $ | 150,074 | 13 | % |
Page | |||||
December 25, 2021 | December 26, 2020 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash | $ | $ | |||||||||
Short-term restricted cash | |||||||||||
Accounts receivable, net | |||||||||||
Inventory | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Intangible assets, net | |||||||||||
Goodwill | |||||||||||
Long-term restricted cash | |||||||||||
Other long-term assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued expenses and other current liabilities | |||||||||||
Accrued compensation and related benefits | |||||||||||
Short-term debt, net | |||||||||||
Accrued warranty | |||||||||||
Deferred revenue | |||||||||||
Total current liabilities | |||||||||||
Long-term debt, net | |||||||||||
Long-term accrued warranty | |||||||||||
Long-term deferred revenue | |||||||||||
Long-term deferred tax liability | |||||||||||
Long-term operating lease liabilities | |||||||||||
Other long-term liabilities | |||||||||||
Commitments and contingencies (Note 13) | |||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $ Authorized shares— | |||||||||||
Common stock, $ Authorized shares— Issued and outstanding shares— | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Accumulated deficit | ( | ( | |||||||||
Total stockholders' equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Years Ended | |||||||||||||||||
December 25, 2021 | December 26, 2020 | December 28, 2019 | |||||||||||||||
Revenue: | |||||||||||||||||
Product | $ | $ | $ | ||||||||||||||
Services | |||||||||||||||||
Total revenue | |||||||||||||||||
Cost of revenue: | |||||||||||||||||
Cost of product | |||||||||||||||||
Cost of services | |||||||||||||||||
Amortization of intangible assets | |||||||||||||||||
Acquisition and integration costs | |||||||||||||||||
Restructuring and other related costs | |||||||||||||||||
Total cost of revenue | |||||||||||||||||
Gross profit | |||||||||||||||||
Operating expenses: | |||||||||||||||||
Research and development | |||||||||||||||||
Sales and marketing | |||||||||||||||||
General and administrative | |||||||||||||||||
Amortization of intangible assets | |||||||||||||||||
Acquisition and integration costs | |||||||||||||||||
Restructuring and other related costs | |||||||||||||||||
Total operating expenses | |||||||||||||||||
Loss from operations | ( | ( | ( | ||||||||||||||
Other income (expense), net: | |||||||||||||||||
Interest income | |||||||||||||||||
Interest expense | ( | ( | ( | ||||||||||||||
Other income (loss), net | ( | ( | |||||||||||||||
Total other income (expense), net | ( | ( | ( | ||||||||||||||
Loss before income taxes | ( | ( | ( | ||||||||||||||
Provision for income taxes | |||||||||||||||||
Net loss | ( | ( | ( | ||||||||||||||
Net loss per common share: | |||||||||||||||||
Basic | $ | ( | $ | ( | $ | ( | |||||||||||
Diluted | $ | ( | $ | ( | $ | ( | |||||||||||
Weighted average shares used in computing net loss per common share: | |||||||||||||||||
Basic | |||||||||||||||||
Diluted |
Years Ended | |||||||||||||||||
December 25, 2021 | December 26, 2020 | December 28, 2019 | |||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | |||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||
Change in unrealized gain on available-for-sale investments | |||||||||||||||||
Foreign currency translation adjustment | ( | ( | |||||||||||||||
Actuarial gain (loss) on pension liabilities | ( | ( | |||||||||||||||
Amortization of net actuarial loss | |||||||||||||||||
Net change in accumulated other comprehensive income (loss) | ( | ||||||||||||||||
Comprehensive loss | $ | ( | $ | ( | $ | ( |
Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total Stockholders' Equity | ||||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||
Balance at December 29, 2018 | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||
ESPP shares issued | — | — | ||||||||||||||||||||||||||||||||||||
Shares withheld for tax obligations | ( | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||
Restricted stock units released | — | — | — | |||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
— | — | — | — | |||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
Balance at December 28, 2019 | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||
Shares of common stock sold in at-the market equity offering, net of issuance costs | $ | $ | $ | — | $ | — | $ | |||||||||||||||||||||||||||||||
Stock options exercised | — | — | — | |||||||||||||||||||||||||||||||||||
Retirement of common shares purchased upon exercise of options | ( | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||
ESPP shares issued | — | — | ||||||||||||||||||||||||||||||||||||
Shares withheld for tax obligations | ( | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||
Restricted stock units released | — | — | — | |||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
— | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||
Conversion option related to convertible senior notes, net of allocated costs | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | ||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
Balance at December 26, 2020 | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||
ESPP shares issued | $ | $ | $ | — | $ | — | $ | |||||||||||||||||||||||||||||||
Stock option exercised | — | — | ||||||||||||||||||||||||||||||||||||
Restricted stock units released | — | — | — | |||||||||||||||||||||||||||||||||||
Shares withheld for tax obligations | ( | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | ||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
Balance at December 25, 2021 | $ | $ | $ | ( | $ | ( | $ |
Years Ended | |||||||||||||||||
December 25, 2021 | December 26, 2020 | December 28, 2019 | |||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | |||||||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||||||||
Depreciation and amortization | |||||||||||||||||
Non-cash restructuring charges and other related costs | |||||||||||||||||
Amortization of debt discount and issuance costs | |||||||||||||||||
Operating lease expense | |||||||||||||||||
Stock-based compensation expense | |||||||||||||||||
Other, net | |||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||
Accounts receivable | ( | ( | |||||||||||||||
Inventory | ( | ( | |||||||||||||||
Prepaid expenses and other current assets | ( | ( | ( | ||||||||||||||
Accounts payable | ( | ||||||||||||||||
Accrued expenses and other current liabilities | ( | ||||||||||||||||
Deferred revenue | |||||||||||||||||
Net cash provided by (used in) operating activities | ( | ( | |||||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||
Proceeds from sales of available-for-sale investments | |||||||||||||||||
Proceeds from maturities of investments | |||||||||||||||||
Acquisition of business, net of cash acquired | ( | ||||||||||||||||
Proceeds from sale of non-marketable equity investments | |||||||||||||||||
Purchase of property and equipment, net | ( | ( | ( | ||||||||||||||
Net cash used in investing activities | ( | ( | ( | ||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||
Proceeds from issuance of common stock from at-the-market equity offering, net of issuance costs of $ | |||||||||||||||||
Proceeds from issuance of 2027 Notes | |||||||||||||||||
Proceeds from mortgage payable | |||||||||||||||||
Proceeds from short-term borrowings | |||||||||||||||||
Proceeds from revolving line of credit | |||||||||||||||||
Repayment of third-party manufacturing funding | ( | ( | |||||||||||||||
Repayment of revolving line of credit | ( | ( | ( | ||||||||||||||
Repayment of mortgage payable | ( | ( | ( | ||||||||||||||
Payment of debt issuance cost | ( | ( | |||||||||||||||
Principal payments on financing lease obligations | ( | ( | ( | ||||||||||||||
Payment of term license obligation | ( | ( | |||||||||||||||
Proceeds from issuance of common stock | |||||||||||||||||
Tax withholding paid on behalf of employees for net share settlement | ( | ( | ( | ||||||||||||||
Net cash (used in) provided by financing activities | ( | ||||||||||||||||
Effect of exchange rate changes on cash | ( | ( | |||||||||||||||
Net change in cash | ( | ( | |||||||||||||||
Cash and restricted cash at beginning of period | |||||||||||||||||
Cash and restricted cash at end of period(1) | $ | $ | $ | ||||||||||||||
Supplemental disclosures of cash flow information: | |||||||||||||||||
Cash paid for income taxes, net | $ | $ | $ | ||||||||||||||
Cash paid for interest | $ | $ | $ | ||||||||||||||
Supplemental schedule of non-cash investing and financing activities: | |||||||||||||||||
Transfer of inventory to fixed assets | $ | $ | $ | ||||||||||||||
Third-party manufacturer funding for transfer expenses incurred | $ | $ | $ | ||||||||||||||
Unpaid debt issuance cost | $ | $ | $ | ||||||||||||||
Property and equipment included in accounts payable and accrued liabilities | $ | $ | $ | ||||||||||||||
Unpaid term licenses (included in accounts payable, accrued liabilities and other long term liabilities) | $ | $ | $ |
December 25, 2021 | December 26, 2020 | December 28, 2019 | |||||||||||||||
(In thousands) | |||||||||||||||||
Cash | $ | $ | $ | ||||||||||||||
Short-term restricted cash | |||||||||||||||||
Long-term restricted cash | |||||||||||||||||
Total cash and restricted cash | $ | $ | $ |
Level 1 | – | Quoted prices in active markets for identical assets or liabilities. | ||||||||||||
Level 2 | – | Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||||||||||||
Level 3 | – | Prices or valuations that require management inputs that are both significant to the fair value measurement and unobservable. |
Estimated Useful Lives | |||||
Building | |||||
Laboratory and manufacturing equipment | |||||
Furniture and fixtures | |||||
Computer hardware | |||||
Computer software | |||||
Leasehold and building improvements |
December 25, 2021 | December 26, 2020 | ||||||||||
Computer hardware | $ | $ | |||||||||
Laboratory and manufacturing equipment | $ | $ | |||||||||
Leasehold and building improvements | $ | $ |
Years Ended | ||||||||||||||||||||
December 25, 2021 | December 26, 2020 | December 28, 2019 | ||||||||||||||||||
Amortization of right of use asset | $ | $ | $ | |||||||||||||||||
Interest Expense | ||||||||||||||||||||
Total finance lease expense | $ | $ | $ |
December 25, 2021 | December 26, 2020 | ||||||||||
$ | $ | ||||||||||
Total finance lease liability | $ | $ |
Operating Lease | Finance Lease | |||||||||||||
Total lease payments | $ | $ | ||||||||||||
Less: interest(1) | ||||||||||||||
Present value of lease liabilities | $ | $ |
Operating Lease | Finance Lease | |||||||||||||
Weighted average remaining lease term | ||||||||||||||
Weighted average discount rate | % | % | ||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | $ | $ | ||||||||||||
Leased assets obtained in exchange for new lease liabilities | $ | $ |
Years Ended | ||||||||||||||||||||
December 25, 2021 | December 26, 2020 | December 28, 2019 | ||||||||||||||||||
Product | $ | $ | $ | |||||||||||||||||
Services | ||||||||||||||||||||
Total revenue | $ | $ | $ |
Years Ended | ||||||||||||||||||||
December 25, 2021 | December 26, 2020 | December 28, 2019 | ||||||||||||||||||
United States | $ | $ | $ | |||||||||||||||||
Other Americas | ||||||||||||||||||||
Europe, Middle East and Africa | ||||||||||||||||||||
Asia Pacific | ||||||||||||||||||||
Total revenue | $ | $ | $ |
Years Ended | ||||||||||||||||||||
December 25, 2021 | December 26, 2020 | December 28, 2019 | ||||||||||||||||||
Direct | $ | $ | $ | |||||||||||||||||
Indirect | ||||||||||||||||||||
Total revenue | $ | $ | $ |
December 25, 2021 | December 26, 2020 | ||||||||||
Accounts receivable, net | $ | $ | |||||||||
Contract assets | $ | $ | |||||||||
Deferred revenue | $ | $ |
2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | Total | ||||||||||||||||||||||||||||||||||||||
Revenue expected to be recognized in the future as of December 25, 2021 | $ | $ | $ | $ | $ | $ | $ |
As of December 25, 2021 | As of December 26, 2020 | ||||||||||||||||||||||||||||||||||
Fair Value Measured Using | Fair Value Measured Using | ||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | ||||||||||||||||||||||||||||||
Assets (Liabilities) | |||||||||||||||||||||||||||||||||||
Foreign currency exchange forward contracts | $ | $ | ( | $ | ( | $ | $ | ( | $ | ( | |||||||||||||||||||||||||
As of December 25, 2021 | As of December 26, 2020 | ||||||||||||||||||||||||||||||||||
Fair Value Measured Using | Fair Value Measured Using | ||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | ||||||||||||||||||||||||||||||
Debt | |||||||||||||||||||||||||||||||||||
Convertible Senior Notes | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
As of December 25, 2021 | As of December 26, 2020 | ||||||||||||||||||||||
Gross Notional(1) | Accrued expenses and other current liabilities | Gross Notional(1) | Accrued expenses and other current liabilities | ||||||||||||||||||||
Foreign currency exchange forward contracts | |||||||||||||||||||||||
Related to euro denominated receivables | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Related to British pound denominated receivables | ( | ( | |||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( |
Balance as of December 26, 2020 | $ | ||||
Foreign currency translation adjustments | ( | ||||
Balance as of December 25, 2021 | $ |
December 25, 2021 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Weighted Average Remaining Useful Life (In Years) | ||||||||||||||||||||
Intangible assets with finite lives: | |||||||||||||||||||||||
Customer relationships and backlog | ( | ||||||||||||||||||||||
Developed technology (1) | ( | ||||||||||||||||||||||
Total intangible assets | $ | $ | ( | $ |
December 26, 2020 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Weighted Average Remaining Useful Life (In Years) | ||||||||||||||||||||
Intangible assets with finite lives: | |||||||||||||||||||||||
Customer relationships and backlog | ( | ||||||||||||||||||||||
Developed technology | ( | ||||||||||||||||||||||
Total intangible assets | $ | $ | ( | $ |
Total | 2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | |||||||||||||||||||||||||||||||||||
Total future amortization expense | $ | $ | $ | $ | $ | $ | $ |
Balance as of December 26, 2020 | $ | ||||
Additions(1) | |||||
Write offs(2) | ( | ||||
Other(3) | ( | ||||
Balance as of December 25, 2021 | $ |
December 25, 2021 | December 26, 2020 | ||||||||||
Inventory | |||||||||||
Raw materials | $ | $ | |||||||||
Work in process | |||||||||||
Finished goods | |||||||||||
Total | $ | $ | |||||||||
Property, plant and equipment, net | |||||||||||
Computer hardware | $ | $ | |||||||||
Computer software(1) | |||||||||||
Laboratory and manufacturing equipment | |||||||||||
Land and building | |||||||||||
Furniture and fixtures | |||||||||||
Leasehold and building improvements | |||||||||||
Construction in progress | |||||||||||
Subtotal | $ | $ | |||||||||
Less accumulated depreciation and amortization(2) | ( | ( | |||||||||
Total | $ | $ | |||||||||
Accrued expenses and other current liabilities | |||||||||||
Loss contingency related to non-cancelable purchase commitments | $ | $ | |||||||||
Taxes payable | |||||||||||
Restructuring accrual | |||||||||||
Short-term operating and financing lease liability | |||||||||||
Other accrued expenses and other current liabilities | |||||||||||
Total accrued expenses and other current liabilities | $ | $ |
Years Ended | |||||||||||||||||||||||||||||||||||
December 25, 2021 | December 26, 2020 | December 28, 2019 | |||||||||||||||||||||||||||||||||
Cost of Revenue | Operating Expenses | Cost of Revenue | Operating Expenses | Cost of Revenue | Operating Expenses | ||||||||||||||||||||||||||||||
Severance and related expenses | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Lease related impairment charges | |||||||||||||||||||||||||||||||||||
Asset impairment | |||||||||||||||||||||||||||||||||||
Others | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
Severance and related expenses | Lease related impairment charges | Asset impairment | Others | Total | |||||||||||||||||||||||||
Balance as of December 28, 2019 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Charges | |||||||||||||||||||||||||||||
Cash payments | ( | ( | ( | ( | ( | ||||||||||||||||||||||||
Non-cash Settlements and Other | ( | ( | ( | ( | ( | ||||||||||||||||||||||||
Balance as of December 26, 2020 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Charges | |||||||||||||||||||||||||||||
Cash payments | ( | ( | ( | ( | |||||||||||||||||||||||||
Non-cash Settlements and Other | ( | ( | ( | ( | ( | ||||||||||||||||||||||||
Balance as of December 25, 2021 | $ | $ | $ | $ | $ |
Unrealized Gain (Loss) on Available-for-Sale Securities | Foreign Currency Translation | Actuarial Gain (Loss) on Pension | Accumulated Tax Effect | Total | ||||||||||||||||||||||||||||
Balance at December 29, 2018 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | ( | |||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | ||||||||||||||||||||||||||||||||
Net current-period other comprehensive income (loss) | ( | ( | ( | |||||||||||||||||||||||||||||
Balance at December 28, 2019 | $ | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | |||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | ||||||||||||||||||||||||||||||||
Net current-period other comprehensive income (loss) | ( | |||||||||||||||||||||||||||||||
Balance at December 26, 2020 | $ | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | |||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | ||||||||||||||||||||||||||||||||
Net current-period other comprehensive income (loss) | ( | |||||||||||||||||||||||||||||||
Balance at December 25, 2021 | $ | $ | ( | $ | $ | ( | $ | ( |
Years Ended | |||||||||||||||||
December 25, 2021 | December 26, 2020 | December 28, 2019 | |||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | |||||||||||
Weighted average common shares outstanding - basic and diluted | |||||||||||||||||
Net loss per common share - basic and diluted | $ | ( | $ | ( | $ | ( | |||||||||||
As of | |||||||||||||||||
December 25, 2021 | December 26, 2020 | December 28, 2019 | |||||||||||||||
Stock options outstanding | |||||||||||||||||
Restricted stock units | |||||||||||||||||
Performance stock units | |||||||||||||||||
Employee stock purchase plan shares | |||||||||||||||||
Total |
Net Carrying Value | Unpaid Principal Balance | Contractual Interest Rates | Contractual Maturity Date | ||||||||||||||||||||||||||
Current | Long-Term | ||||||||||||||||||||||||||||
2024 Notes | $ | $ | $ | % | September 2024 | ||||||||||||||||||||||||
2027 Notes | % | March 2027 | |||||||||||||||||||||||||||
Asset-based Revolving Credit Facility | March 2024 | ||||||||||||||||||||||||||||
Mortgage | % | March 2024 | |||||||||||||||||||||||||||
$ | $ | $ |
Net Carrying Value | Unpaid Principal Balance | Contractual Interest Rates | Contractual Maturity Date | ||||||||||||||||||||||||||
Current | Long-Term | ||||||||||||||||||||||||||||
2024 Notes | $ | $ | $ | % | September 2024 | ||||||||||||||||||||||||
2027 Notes | % | March 2027 | |||||||||||||||||||||||||||
Asset-based Revolving Credit Facility | March 2024 | ||||||||||||||||||||||||||||
Finance Assistance Agreement | % | April 2021 | |||||||||||||||||||||||||||
Mortgage | % | March 2024 | |||||||||||||||||||||||||||
Total Debt | $ | $ | $ |
Year Ended | |||||||||||||||||
December 25, 2021 | December 26, 2020 | December 28, 2019 | |||||||||||||||
Contractual interest expense | $ | $ | $ | ||||||||||||||
Amortization of debt issuance costs | |||||||||||||||||
Amortization of debt discount | |||||||||||||||||
Total interest expense | $ | $ | $ |
Payments Due by Period | |||||||||||||||||||||||||||||||||||||||||
Total | 2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | |||||||||||||||||||||||||||||||||||
Operating leases(1)(2) | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Financing lease obligations(3) | |||||||||||||||||||||||||||||||||||||||||
Purchase obligations (4) | |||||||||||||||||||||||||||||||||||||||||
2027 Notes, including interest(5) | |||||||||||||||||||||||||||||||||||||||||
2024 Notes, including interest(5) | |||||||||||||||||||||||||||||||||||||||||
Mortgage Payable, including interest(5) | |||||||||||||||||||||||||||||||||||||||||
Total contractual obligations | $ | $ | $ | $ | $ | $ | $ |
December 25, 2021 | December 26, 2020 | ||||||||||
Beginning balance | $ | $ | |||||||||
Charges to operations | |||||||||||
Utilization | ( | ( | |||||||||
Change in estimate(1) | |||||||||||
Balance at the end of the period | $ | $ |
December 25, 2021 | December 26, 2020 | |||||||||||||
Customer performance guarantees | $ | $ | ||||||||||||
Value added tax license | ||||||||||||||
Property leases | ||||||||||||||
Pension plans | ||||||||||||||
Credit cards | ||||||||||||||
Other liabilities | ||||||||||||||
Total | $ | $ |
December 25, 2021 | |||||
Outstanding stock awards | |||||
Reserved for future award grants | |||||
Reserved for future ESPP | |||||
Total common stock reserved for stock options and awards |
Number of Restricted Stock Units | Weighted-Average Grant Date Fair Value Per Share | Aggregate Intrinsic Value | |||||||||||||||
Outstanding at December 29, 2018 | $ | $ | |||||||||||||||
RSUs granted | $ | ||||||||||||||||
RSUs released | ( | $ | $ | ||||||||||||||
RSUs canceled | ( | $ | |||||||||||||||
Outstanding at December 28, 2019 | $ | $ | |||||||||||||||
RSUs granted | $ | ||||||||||||||||
RSUs released | ( | $ | $ | ||||||||||||||
RSUs canceled | ( | $ | |||||||||||||||
Outstanding at December 26, 2020 | $ | $ | |||||||||||||||
RSUs granted | $ | ||||||||||||||||
RSUs released | ( | $ | $ | ||||||||||||||
RSUs canceled | ( | $ | |||||||||||||||
Outstanding at December 25, 2021 | $ | $ |
Number of Performance Stock Units | Weighted-Average Grant Date Fair Value Per Share | Aggregate Intrinsic Value | |||||||||||||||
Outstanding at December 29, 2018 | $ | $ | |||||||||||||||
PSUs granted | $ | ||||||||||||||||
PSUs released | ( | $ | $ | ||||||||||||||
PSUs canceled | ( | $ | |||||||||||||||
Outstanding at December 28, 2019 | $ | $ | |||||||||||||||
PSUs granted | $ | ||||||||||||||||
PSUs released | ( | $ | $ | ||||||||||||||
PSUs canceled | ( | $ | |||||||||||||||
Outstanding at December 26, 2020 | $ | $ | |||||||||||||||
PSUs granted | $ | ||||||||||||||||
PSUs released | ( | $ | $ | ||||||||||||||
PSUs canceled | ( | $ | |||||||||||||||
Outstanding at December 25, 2021 | $ | $ | |||||||||||||||
Expected to vest as of December 25, 2021 | $ |
Unrecognized Compensation Expense, Net | Weighted- Average Period (in years) | ||||||||||
RSUs | $ | ||||||||||
PSUs | $ |
Years Ended | |||||||||||||||||
December 25, 2021 | December 26, 2020 | December 28, 2019 | |||||||||||||||
Volatility | |||||||||||||||||
Risk-free interest rate | |||||||||||||||||
Expected life | |||||||||||||||||
Estimated fair value | $ | $ | $ |
Years Ended | |||||||||||||||||
December 25, 2021 | December 26, 2020 | December 28, 2019 | |||||||||||||||
Stock-based compensation expense | $ | $ | $ | ||||||||||||||
Employee contributions | $ | $ | $ | ||||||||||||||
Shares purchased |
2018 | |||||
Index volatility | |||||
Infinera volatility | |||||
Risk-free interest rate | |||||
Correlation with index | |||||
Estimated fair value | $ |
Total Number of Performance Stock Units | 2018 | 2019 | 2020 | 2021 | ||||||||||||||||||||||||||||
Outstanding at December 26, 2020 | ||||||||||||||||||||||||||||||||
PSUs granted | ||||||||||||||||||||||||||||||||
PSUs released | ( | ( | ( | |||||||||||||||||||||||||||||
PSUs canceled | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Outstanding at December 25, 2021 |
Years Ended | |||||||||||||||||
December 25, 2021 | December 26, 2020 | December 28, 2019 | |||||||||||||||
Stock-based compensation effects in inventory | $ | $ | $ | ||||||||||||||
Income tax benefit associated with stock-based compensation | $ | $ | $ | ||||||||||||||
Stock-based compensation effects in net loss before income taxes | |||||||||||||||||
Cost of revenue | $ | $ | $ | ||||||||||||||
Research and development | |||||||||||||||||
Sales and marketing | |||||||||||||||||
General and administrative | |||||||||||||||||
Total stock-based compensation expense | $ | $ | $ |
Years Ended | |||||||||||||||||
December 25, 2021 | December 26, 2020 | December 28, 2019 | |||||||||||||||
Current: | |||||||||||||||||
Federal | $ | $ | $ | ||||||||||||||
State | |||||||||||||||||
Foreign | |||||||||||||||||
Total current | $ | $ | $ | ||||||||||||||
Deferred: | |||||||||||||||||
Federal | $ | $ | $ | ||||||||||||||
State | |||||||||||||||||
Foreign | ( | ( | ( | ||||||||||||||
Total deferred | $ | ( | $ | ( | $ | ( | |||||||||||
Total provision for income taxes | $ | $ | $ |
Years Ended | |||||||||||||||||
December 25, 2021 | December 26, 2020 | December 28, 2019 | |||||||||||||||
Expected tax at federal statutory rate | % | % | % | ||||||||||||||
State taxes, net of federal benefit | ( | % | ( | % | ( | % | |||||||||||
Research credits | % | % | % | ||||||||||||||
Stock-based compensation | % | ( | % | ( | % | ||||||||||||
Change in valuation allowance | ( | % | ( | % | ( | % | |||||||||||
Foreign rate differential | ( | % | ( | % | ( | % | |||||||||||
Other | ( | % | ( | % | ( | % | |||||||||||
Effective tax rate | ( | % | ( | % | ( | % |
Years Ended | |||||||||||
December 25, 2021 | December 26, 2020 | ||||||||||
Deferred tax assets: | |||||||||||
Net operating losses | $ | $ | |||||||||
Research and foreign tax credits | |||||||||||
Nondeductible accruals | |||||||||||
Inventory valuation | |||||||||||
Property, plant and equipment | |||||||||||
Leasing Liabilities | |||||||||||
Stock-based compensation | |||||||||||
Total deferred tax assets | $ | $ | |||||||||
Valuation allowance | ( | ( | |||||||||
Net deferred tax assets | $ | $ | |||||||||
Deferred tax liabilities: | |||||||||||
Property, plant and equipment | $ | ( | $ | ||||||||
Right of use asset | ( | ( | |||||||||
Acquired intangible assets | ( | ( | |||||||||
Convertible senior notes | ( | ( | |||||||||
Total deferred tax liabilities | $ | ( | $ | ( | |||||||
Net deferred tax liabilities | $ | ( | $ | ( |
December 25, 2021 | December 26, 2020 | December 28, 2019 | |||||||||||||||
Beginning balance | $ | $ | $ | ||||||||||||||
Tax position related to current year | |||||||||||||||||
Additions | |||||||||||||||||
Tax positions related to prior years | |||||||||||||||||
Additions | |||||||||||||||||
Reductions | ( | ( | ( | ||||||||||||||
Lapses of statute of limitations | ( | ( | ( | ||||||||||||||
Ending balance | $ | $ | $ |
December 25, 2021 | December 26, 2020 | ||||||||||
United States | $ | $ | |||||||||
Other Americas | |||||||||||
Europe, Middle East and Africa | |||||||||||
Asia Pacific and Japan | |||||||||||
Total property, plant and equipment, net | $ | $ |
December 25, 2021 | December 26, 2020 | ||||||||||
Benefit obligation at beginning of year | $ | $ | |||||||||
Service cost | |||||||||||
Interest cost | |||||||||||
Benefits paid | ( | ( | |||||||||
Curtailment | ( | ||||||||||
Actuarial loss (gain) | ( | ||||||||||
Employee contributions | |||||||||||
Foreign currency exchange rate changes | ( | ||||||||||
Benefit obligation at end of year(1) | $ | $ | |||||||||
Fair value of plan assets at beginning of year | $ | $ | |||||||||
Actual return on plan assets | |||||||||||
Payments | ( | ||||||||||
Employee contributions | |||||||||||
Foreign currency exchange rate changes | ( | ||||||||||
Fair value of plan assets at end of year | $ | $ | |||||||||
Net liability recognized | $ | $ |
December 25, 2021 | December 26, 2020 | ||||||||||
Other non-current assets | $ | $ | |||||||||
Other long-term liabilities | ( | ( | |||||||||
Net liability recognized | $ | ( | $ | ( |
Years ended | |||||||||||||||||
December 25, 2021 | December 26, 2020 | December 28, 2019 | |||||||||||||||
Service cost | $ | $ | $ | ||||||||||||||
Interest cost | |||||||||||||||||
Expected return on plan assets | ( | ( | ( | ||||||||||||||
Amortization of net actuarial loss | |||||||||||||||||
Total net periodic benefit cost | $ | $ | $ |
December 25, 2021 | December 26, 2020 | ||||||||||
Beginning balance | $ | ( | $ | ( | |||||||
Net actuarial gain (loss) arising in current year | ( | ||||||||||
Amortization of net actuarial loss(1) | |||||||||||
Ending balance | $ | $ | ( |
December 25, 2021 | December 26, 2020 | ||||||||||
Discount rate | % | % | |||||||||
Salary growth rate | % | % | |||||||||
Pension growth rate | % | % | |||||||||
Expected long-term rate of return on plan assets | % | % |
As of December 25, 2021 | December 26, 2020 | ||||||||||||||||||||||||||||||||||
Fair Value Measured Using | Fair Value Measured Using | ||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | ||||||||||||||||||||||||||||||
Cash | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Equity fund | |||||||||||||||||||||||||||||||||||
Insurance contracts | |||||||||||||||||||||||||||||||||||
Pension fund | |||||||||||||||||||||||||||||||||||
Total plan assets at fair value | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 to 2031 |
For the Three Months Ended (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 25 | Sep. 25 | Jun. 26 | Mar. 27 | Dec. 26 | Sep. 26 | Jun. 27 | Mar. 28 | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Product | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||
Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of product | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of services | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition and integration costs | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and other related costs | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total cost of revenue | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition and integration costs | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and other related costs | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss from operations | ( | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | ( | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Loss before income taxes | ( | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||||||||||||
Net loss per common share | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||||||||||||
Diluted | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( |
Page | |||||
Years Ended | |||||||||||||||||
December 25, 2021 | December 26, 2020 | December 28, 2019 | |||||||||||||||
(In thousands) | |||||||||||||||||
Deferred tax asset, valuation allowance | |||||||||||||||||
Beginning balance | $ | $ | $ | ||||||||||||||
Additions | |||||||||||||||||
Reductions | ( | ( | ( | ||||||||||||||
Ending balance | $ | $ | $ | ||||||||||||||
Allowance for credit losses | |||||||||||||||||
Beginning balance | $ | $ | $ | ||||||||||||||
Additions | |||||||||||||||||
Write-offs | ( | ( | |||||||||||||||
Ending balance | $ | $ | $ |
Exhibit No. | Description | |||||||
Exhibit No. | Description | |||||||
Exhibit No. | Description | |||||||
24.1 | Power of Attorney (reference is made to the signature page hereto) | |||||||
101.INS | XBRL Instance Document | |||||||
101.SCH | XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Infinera Corporation | |||||||||||
By: | /s/ NANCY ERBA | ||||||||||
Nancy Erba Chief Financial Officer Principal Financial Officer |
Name and Signature | Title | Date | ||||||
/s/ DAVID W. HEARD | Chief Executive Officer, Principal Executive Officer and Director | February 23, 2022 | ||||||
David W. Heard | ||||||||
/s/ NANCY ERBA | Chief Financial Officer, Principal Financial Officer | February 23, 2022 | ||||||
Nancy Erba | ||||||||
/s/ MICHAEL FERNICOLA | Chief Accounting Officer and Principal Accounting Officer | February 23, 2022 | ||||||
Michael Fernicola | ||||||||
/s/ GEORGE RIEDEL | Chairman of the Board | February 23, 2022 | ||||||
George Riedel | ||||||||
/s/ CHRISTINE BUCKLIN | Director | February 23, 2022 | ||||||
Christine Bucklin | ||||||||
/s/ GREG P. DOUGHERTY | Director | February 23, 2022 | ||||||
Greg P. Dougherty | ||||||||
/s/ MARCEL GANI | Director | February 23, 2022 | ||||||
Marcel Gani | ||||||||
/s/ SHARON HOLT | Director | February 23, 2022 | ||||||
Sharon Holt | ||||||||
/s/ ROOP K. LAKKARAJU | Director | February 23, 2022 | ||||||
Roop Lakkaraju | ||||||||
/s/ PAUL J. MILBURY | Director | February 23, 2022 | ||||||
Paul J. Milbury | ||||||||
/s/ AMY RICE | Director | February 23, 2022 | ||||||
Amy Rice | ||||||||
/s/ MARK A. WEGLEITNER | Director | February 23, 2022 | ||||||
Mark A. Wegleitner | ||||||||
/s/ DAVID F. WELCH, PH.D. | Co-founder, Chief Innovation Officer and Director | February 23, 2022 | ||||||
David F. Welch, Ph.D. |
By: | /s/ DAVID W. HEARD | |||||||
David W. Heard Chief Executive Officer (Principal Executive Officer) |
By: | /s/ NANCY ERBA | |||||||
Nancy Erba Chief Financial Officer (Principal Financial Officer) |
/s/ DAVID W. HEARD | |||||
David W. Heard Chief Executive Officer (Principal Executive Officer) |
/s/ NANCY ERBA | |||||
Nancy Erba Chief Financial Officer (Principal Financial Officer) |
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Audit Information |
12 Months Ended |
---|---|
Dec. 25, 2021 | |
Audit Information [Abstract] | |
Auditor Name | Ernst & Young LLP |
Auditor Location | San Jose, California |
Auditor Firm ID | 42 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Dec. 25, 2021 |
Dec. 26, 2020 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in usd per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in usd per share) | $ 0.001 | $ 0.001 |
Common stock, authorized shares (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 211,381,000 | 201,397,000 |
Common stock, shares outstanding (in shares) | 211,381,000 | 201,397,000 |
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Revenue: | |||
Revenue | $ 1,425,205 | $ 1,355,596 | $ 1,298,865 |
Cost of revenue: | |||
Amortization of intangible assets | 19,621 | 29,247 | 32,583 |
Acquisition and integration costs | 0 | 1,828 | 28,449 |
Restructuring and other related costs | 1,531 | 4,146 | 29,935 |
Total cost of revenue | 927,231 | 946,804 | 972,942 |
Gross profit | 497,974 | 408,792 | 325,923 |
Operating expenses: | |||
Research and development | 299,894 | 265,634 | 287,977 |
Sales and marketing | 138,829 | 129,604 | 151,423 |
General and administrative | 115,415 | 112,240 | 126,351 |
Amortization of intangible assets | 17,455 | 18,581 | 27,280 |
Acquisition and integration costs | 614 | 13,346 | 42,271 |
Restructuring and other related costs | 13,246 | 24,586 | 40,851 |
Total operating expenses | 585,453 | 563,991 | 676,153 |
Loss from operations | (87,479) | (155,199) | (350,230) |
Other income (expense), net: | |||
Interest income | 455 | 118 | 1,139 |
Interest expense | (49,099) | (46,728) | (31,657) |
Other income (loss), net | (22,667) | 1,121 | (2,907) |
Total other income (expense), net | (71,311) | (45,489) | (33,425) |
Loss before income taxes | (158,790) | (200,688) | (383,655) |
Provision for income taxes | 11,988 | 6,035 | 2,963 |
Net loss | $ (170,778) | $ (206,723) | $ (386,618) |
Net loss per common share: | |||
Basic (in usd per share) | $ (0.82) | $ (1.10) | $ (2.16) |
Diluted (in usd per share) | $ (0.82) | $ (1.10) | $ (2.16) |
Weighted average shares used in computing net loss per common share: | |||
Basic (in shares) | 207,377 | 188,216 | 178,984 |
Diluted (in shares) | 207,377 | 188,216 | 178,984 |
Product | |||
Revenue: | |||
Revenue | $ 1,099,376 | $ 1,045,551 | $ 1,011,488 |
Cost of revenue: | |||
Cost of revenue | 732,071 | 751,465 | 735,059 |
Services | |||
Revenue: | |||
Revenue | 325,829 | 310,045 | 287,377 |
Cost of revenue: | |||
Cost of revenue | $ 174,008 | $ 160,118 | $ 146,916 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (170,778) | $ (206,723) | $ (386,618) |
Other comprehensive income (loss), net of tax: | |||
Change in unrealized gain on available-for-sale investments | 0 | 0 | 91 |
Foreign currency translation adjustment | (8,561) | 29,040 | (9,376) |
Actuarial gain (loss) on pension liabilities | 12,580 | (8,183) | (1,692) |
Amortization of net actuarial loss | 3,383 | 1,884 | 1,638 |
Net change in accumulated other comprehensive income (loss) | 7,402 | 22,741 | (9,339) |
Comprehensive loss | $ (163,376) | $ (183,982) | $ (395,957) |
CONSOLIDATED STATEMENTS OF CASH FLOWS - Supplemental Information - USD ($) $ in Thousands |
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
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Statement of Cash Flows [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash | $ 190,611 | $ 298,014 | $ 109,201 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term restricted cash | 2,840 | 3,293 | 4,339 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term restricted cash | 9,070 | 14,076 | 19,257 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total cash and restricted cash | [1] | $ 202,521 | $ 315,383 | $ 132,797 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands |
12 Months Ended |
---|---|
Dec. 25, 2021
USD ($)
| |
Statement of Cash Flows [Abstract] | |
Payments of stock issuance costs | $ 3,380 |
Organization and Basis of Presentation |
12 Months Ended |
---|---|
Dec. 25, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation Infinera Corporation (“Infinera” or the “Company”), headquartered in San Jose, California, was founded in December 2000 and incorporated in the State of Delaware. Infinera is a global supplier of networking solutions comprised of networking equipment, software and services. The Company's portfolio of solutions includes optical transport platforms, converged packet-optical transport platforms, optical line systems and disaggregated router platforms, and a suite of networking and automation software offerings. The Company operates and reports financial results on a fiscal year of 52 or 53 weeks ending on the last Saturday of December in each year. Accordingly, fiscal years 2021, 2020 and 2019 were 52-week years that ended on December 25, 2021, December 26, 2020 and December 28, 2019, respectively. The next 53-week year will end on December 31, 2022. The accompanying consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). The consolidated financial statements include all adjustments necessary for a fair presentation of the Company's annual results. All adjustments are of a normal recurring nature. The consolidated financial statements include the accounts for the Company and its subsidiaries and affiliates in the Company which the Company has a controlling financial interest or is the primary beneficiary. All inter-company balances and transactions have been eliminated. The Company reclassified certain amounts reported in previous periods to conform to the current presentation.
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Significant Accounting Policies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Accounting Policies | Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates, assumptions and judgments that can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements, as well as the reported amounts of revenue and expenses during the reporting periods. Significant estimates, assumptions and judgements made by management include revenue recognition, inventory valuation, and accounting for income taxes. Other less significant estimates, assumptions and judgments made by management include stock-based compensation, employee benefit and pension plans, manufacturing partner and supplier liabilities, allowances for sales returns, allowances for credit losses, useful life of intangibles and property, plant and equipment, impairment loss related to lease abandonment, accrued warranty, operating and finance lease liabilities, restructuring and other related costs, fair value measurement of the debt component of the convertible senior notes, and loss contingencies. The Company bases its assumptions on historical experience and also on assumptions that it believes are reasonable. Actual results could differ materially from those estimates. The Company expects uncertainties around its key accounting estimates to continue to evolve depending on the duration and degree of impact associated with the outbreak of a novel strain of the coronavirus (“COVID-19”). These estimates may change as new events occur and additional information emerges, and such changes are recognized or disclosed in the Company's consolidated financial statements. Revenue Recognition The Company recognizes revenue when control of the promised goods or services is transferred to its customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company determines revenue recognition by applying the following five-step approach: •identification of the contract, or contracts, with a customer; •identification of the performance obligations in the contract; •determination of the transaction price; •allocation of the transaction price to the performance obligations in the contract; and •recognition of revenue when, or as, the Company satisfies a performance obligation. Many of the Company's product sales are sold in combination with installation and deployment services along with initial hardware and software support. The Company's product sales are also sold at times with spares management, on-site hardware replacement services, network operations management, software subscription services, extended hardware warranty and training. Initial software and hardware support services are generally delivered over a one-year period in connection with the initial purchase. Software warranty provides customers with maintenance releases during the warranty support period and hardware warranty provides replacement or repair of equipment that fails to perform in line with specifications. Software subscription services include software warranty and additionally provides customers with rights to receive unspecified software product upgrades released during the support period. Spares management and on-site hardware replacement services include the replacement of defective units at customer sites in accordance with specified service level agreements. Network operations management includes the day-to-day operation of a customer's network. These services are generally delivered on an annual basis. The Company evaluates each promised good and service in a contract to determine whether it represents a distinct performance obligation or should be accounted for as a combined performance obligation. Services revenue includes software subscription services, installation and deployment services, spares management, on-site hardware replacement services, network operations management, extended hardware warranty and training. Revenue from software subscription services, spares management, on-site hardware replacement services, network operations management and extended hardware warranty contracts is deferred and is recognized ratably over the contractual support period, which is generally one year, as services are provided over the course of the entire period. Revenue related to training and installation and deployment services is recognized upon completion of the services. Contracts and customer purchase orders are generally used to determine the existence of an arrangement. In addition, shipping documents and customer acceptances, when applicable, are used to verify delivery and transfer of title. The Company typically satisfies its performance obligations upon shipment or delivery of product depending on the contractual terms. Payment terms to customers generally range from net 30 to 120 days from invoice, which are considered to be standard payment terms. The Company assesses its ability to collect from its customers based primarily on the creditworthiness and past payment history of the customer. For sales to resellers, the same revenue recognition criteria apply. It is the Company’s practice to identify an end-user prior to shipment to a reseller. The Company does not offer rights of return or price protection to its resellers. The Company reports revenue net of any required taxes collected from customers and remitted to government authorities, with the collected taxes recorded as current liabilities until remitted to the relevant government authority. Customer Purchase Commitments The Company sells software licenses that provide customers the ability to purchase incremental bandwidth capacity on an already-deployed piece of hardware. Infinera Instant Bandwidth-enabled systems generally include a specific initial capacity and incremental capacity can be added by the purchase of Instant Bandwidth licenses. Instant Bandwidth licenses are considered distinct performance obligations because customers can provision additional transmission capacity on demand without the deployment of any incremental equipment. Some contracts commit the customer to purchase incremental Instant Bandwidth licenses within a specified time frame from the initial shipment of the Instant Bandwidth-enabled hardware. The time frame varies by customer and generally ranges between 12 to 24 months. If the customer does not purchase the additional capacity within the time frame as stated in the contract, the Company has the right to deliver and invoice such Instant Bandwidth licenses to the customer. Future committed licenses are considered to be additional performance obligations when a minimum purchase obligation is present, as evidenced by enforceable rights and obligations. As such, the Company is required to estimate the variable consideration for future Instant Bandwidth licenses as part of determining the contract transaction price. Contract Termination Rights The contract term is determined on the basis of the period over which the parties to the contract have present enforceable rights and obligations. Certain customer contracts include a termination for convenience clause that allows the customer to terminate services without penalty, upon advance notification. For such contracts, the service duration is limited to the non-cancelable portion of the contract. Variable Consideration The consideration associated with customer contracts is generally fixed. Variable consideration includes discounts, rebates, refunds, credits, incentives, penalties, or other similar items. The amount of consideration that can vary is not a substantial portion of total consideration. Variable consideration estimates are re-assessed at each reporting period until a final outcome is determined. The changes to the original transaction price due to a change in estimated variable consideration will be applied on a retrospective basis, with the adjustment recorded in the period in which the change occurs. Stand-alone Selling Price Stand-alone selling price is the price at which an entity would sell a good or service on a stand-alone (or separate) basis at contract inception. Under this model, the observable price of a good or service sold separately provides the best evidence of stand-alone selling price. However, in certain situations, stand-alone selling prices will not be readily observable and the entity must estimate the stand-alone selling price. When allocating on a relative stand-alone selling price basis, any discount provided in the contract is generally allocated proportionately to all of the performance obligations in the contract. The majority of products and services offered by the Company have readily observable selling prices. For products and services that do not, the Company generally estimates stand-alone selling price using the market assessment approach based on expected selling price and adjust those prices as necessary to reflect the Company’s costs and margins. As part of its stand-alone selling price policy, the Company reviews product pricing on a periodic basis to identify any significant changes and revise its expected stand-alone selling price assumptions as appropriate. Shipping and Handling The Company treats shipping and handling activities as costs to fulfill the Company's promise to transfer products. Shipping and handling fees billed to customers are recorded as a reduction to cost of product. Capitalization of Costs to Obtain a Contract The Company has assessed the treatment of costs to obtain or fulfill a contract with a customer. Sales commissions have historically been expensed as incurred. Under Topic 606, the Company capitalizes sales commissions related to multi-year service contracts, which are paid for upfront, and amortizes the asset over the period of benefit, which is the service period. Sales commissions paid on service contract renewals, are commensurate with the sales commissions paid on the initial contracts. Transaction Price Allocated to the Remaining Performance Obligation The Company’s remaining performance obligations represent the transaction price allocated to performance obligations that are unsatisfied or partially satisfied as of period end, consisting of deferred revenue and backlog. The Company’s backlog represents purchase orders received from customers for future product shipments and services that are unsatisfied or partially satisfied as of period end. The Company’s backlog is subject to future events that could cause the amount or timing of the related revenue to change, and, in certain cases, may be canceled without penalty. Orders in backlog may be fulfilled several quarters following receipt or may relate to multi-year support service obligations. Stock-Based Compensation Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period (generally the vesting period) under the straight-line amortization method. The Company accounts for forfeitures as they occur. The Company estimates the fair value of the rights to acquire stock under its 2007 Employee Stock Purchase Plan (the “ESPP”) using the Black-Scholes option pricing formula. The ESPP provides for consecutive six-month offering periods and the Company's historical volatility data in the valuation of shares that are purchased under the ESPP. The Company accounts for the fair value of restricted stock units (“RSUs”) using the closing market price of the Company’s common stock on the date of grant. For new-hire grants, RSUs typically vest ratably on an annual basis over four years. For annual refresh grants, RSUs typically vest ratably over 18 months to three years. The Company granted performance shares (“PSUs”) to its executive officers and senior management. The PSUs granted during 2018 to the Company’s executive officers and senior management are based on the Total Shareholder Return ("TSR") of the Company’s common stock price relative to the TSR of the individual companies listed in the S&P North American Technology Multimedia Networking Index (the "SPGIIPTR") over the span of one year, two years and three years. The number of shares to be issued upon vesting of these PSUs range from zero to two times the target number of PSUs granted depending on the Company’s performance against the individual companies listed in the SPGIIPTR. This performance metric is classified as a market condition. PSUs granted to the Company's executive officers and senior management during 2019, 2020 and 2021 are based on performance criteria related to a specific financial target over the span of a three-year performance period. These PSUs may become eligible for vesting to begin before the end of the three year performance period, if the applicable financial target is met. The number of shares to be issued upon vesting of these PSUs is capped at the target number of PSUs granted. The Company assesses the achievement status of these PSUs on a quarterly basis and records the related stock-based compensation expenses based on the estimated achievement payout. The Company uses a Monte Carlo simulation model to determine the fair value of PSUs with market conditions. The Monte Carlo simulation model is based on a discounted cash flow approach, with the simulation of a large number of possible stock price outcomes for the Company's stock and the target composite index. The use of the Monte Carlo simulation model requires the input of a number of assumptions including expected volatility of the Company's stock price, expected volatility of a target composite index, correlation between changes in the Company's stock price and changes in the target composite index, risk-free interest rate, and expected dividends as applicable. Expected volatility of the Company's stock is based on the weighted-average historical volatility of its stock. Expected volatility of the target composite index is based on the historical and implied data. Correlation is based on the historical relationship between the Company's stock price and the target composite index average. The risk-free interest rate is based upon the treasury zero-coupon yield appropriate for the term of the PSU as of the grant date. The expected dividend yield is zero for the Company as it does not expect to pay dividends in the future. The expected dividend yield for the target composite index is the annual dividend yield expressed as a percentage of the composite average of the target composite index on the grant date. In addition, the Company granted other PSUs to certain employees that only vest upon the achievement of specific operational performance criteria. The Company assesses the achievement status of these PSUs on a quarterly basis and records the related stock-based compensation expenses based on the estimated achievement payout. Employee Benefit and Pension Plans The Company operates a number of post-employment plans in Germany, as well as smaller post-employment plans in other countries, including both defined contribution and defined benefit plans. Benefit cost and obligations pertaining to these plans are based on assumptions for the discount rate, expected return on plan assets, mortality rates, expected salary increases, health care cost trend rates and attrition rates. The discount rate assumption is based on current investment yields of high-quality fixed-income securities with maturities similar to the expected benefits payment period. Mortality rates help predict the expected life of plan participants. The expected increase in the compensation levels assumption reflects the Company's actual experience and future expectations. The expected long-term return on plan assets is determined based on asset allocations, historical portfolio results, historical asset correlations and management’s expected returns for each asset class. The Company evaluates its expected return assumptions annually including reviewing current capital market assumptions to assess the reasonableness of the expected long-term return on plan assets. The Company updates the expected long-term return on assets when the Company observes a sufficient level of evidence that would suggest the long-term expected return has changed. Research and Development All costs to develop the Company’s hardware products are expensed as incurred. Software development costs are capitalized beginning when a product’s technological feasibility has been established and ending when a product is available for general release to customers. Generally, the Company’s software products are released soon after technological feasibility has been established. As a result, costs subsequent to achieving technological feasibility have not been significant and all software development costs have been expensed as incurred. Advertising All advertising costs are expensed as incurred. Advertising expenses in 2021, 2020 and 2019 were $1.6 million, $1.3 million, and $1.5 million, respectively. Accounting for Income Taxes As part of the process of preparing its consolidated financial statements, the Company is required to estimate its taxes in each of the jurisdictions in which it operates. The Company estimates actual current tax expense together with assessing temporary differences resulting from different treatment of items, such as accruals and allowances not currently deductible for tax purposes. These differences result in deferred tax assets and liabilities, which are included in consolidated balance sheets. In general, deferred tax assets represent future tax benefits to be received when certain expenses previously recognized in consolidated statements of operations become deductible expenses under applicable income tax laws or loss, or credit carryforwards are utilized. Accordingly, realization of deferred tax assets is dependent on future taxable income within the respective jurisdictions against which these deductions, losses and credits can be utilized within the applicable future periods. The Company must assess the likelihood that some portion or all of its deferred tax assets will be recovered from future taxable income within the respective jurisdictions, and to the extent the Company believes that recovery does not meet the “more-likely-than-not” standard, it must establish a valuation allowance. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management judgment is required in determining its provision for income taxes, its deferred tax assets and liabilities and any valuation allowance recorded against our net deferred tax assets. In evaluating the need for a full or partial valuation allowance, all positive and negative evidence must be considered, including the Company's forecast of taxable income over the applicable carryforward periods, its current financial performance, its market environment, and other factors. Accordingly, the domestic net deferred tax assets are subject to a full valuation allowance. To the extent that the Company determines that deferred tax assets are realizable on a more likely than not basis, and an adjustment is needed, that adjustment will be recorded in the period that the determination is made. Foreign Currency Translation and Transactions The Company considers the functional currencies of its foreign subsidiaries to be the local currency. Assets and liabilities recorded in foreign currencies are translated at the exchange rate as of the balance sheet date, revenue, costs and expenses are translated at average exchange rates in effect during the period. Equity transactions are translated using historical exchange rates. The effects of foreign currency translation adjustments are recorded as a separate component of accumulated other comprehensive income (loss) in the accompanying consolidated balance sheets and consolidated statements of comprehensive income (loss). For all non-functional currency account balances, the re-measurement of such balances to the functional currency will result in either a foreign exchange transaction gain or loss, which is recorded to other income (loss), net, in the Company's consolidated statement of operations, in the same period that the re-measurement occurred. Aggregate foreign exchange transactions recorded in 2021, 2020 and 2019 were losses of $17.2 million, $0.2 million, and $3.7 million, respectively. The Company enters into foreign currency exchange forward contracts to reduce the impact of foreign exchange fluctuations on earnings from certain non-functional currency account balances denominated primarily in euros and British pounds. Cash Cash consists primarily of cash in bank deposit accounts which, at times, a portion may exceed federally insured limits. The Company has not experienced any losses in such accounts. Fair Value Measurement Pursuant to the accounting guidance for fair value measurements and its subsequent updates, fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Valuation techniques used by the Company are based upon observable and unobservable inputs. Observable or market inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s assumptions about market participant assumptions based on the best information available. Observable inputs are the preferred source of values. These two types of inputs create the following fair value hierarchy:
The Company measures its foreign currency exchange forward contracts and debt securities at fair value and classifies them in accordance with the fair value hierarchy on a recurring basis. Foreign Currency Exchange Forward Contracts As discussed in Note 6, “Derivative Instruments" to the Notes to Consolidated Financial Statements, the Company mainly holds non-speculative foreign exchange forward contracts to hedge certain foreign currency exchange exposures. The Company estimates the fair values of derivatives based on quoted market prices or pricing models using current market rates. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs including interest rate curves, credit risk, foreign exchange rates, and forward and spot prices for currencies. Facilities-related Charges The Company estimates the fair value of its facilities-related charges associated with its restructuring plans, based on estimated future discounted cash flows and unobservable inputs, which includes the amount and timing of estimated sublease rental receipts that the Company can reasonably obtain over the remaining lease term and the discount rate. Pension As a result of the Acquisition, the Company acquired a number of post-employment plans in Germany, as well as a number of smaller post-employment plans in other countries, including both defined contribution and defined benefit plans. The defined benefit plans expose the Company to actuarial risks such as investment risk, interest rate risk, life expectancy risk and salary risk. The characteristics of the defined benefit plans and the risks associated with them vary depending on legal, fiscal, and economic requirements. Refer to Note 18, "Employee Benefit and Pension Plans" to the Notes to Consolidated Financial Statements, for more information on fair value of plan assets by major asset category. Accounts Receivable and Allowances for Credit Losses Accounts receivable are recorded at the invoiced amount and do not bear interest. The Company maintains an allowance for estimated credit losses resulting from the inability of its customers to make required payments and reviewed the allowance quarterly. The Company determines expected credit losses by performing credit evaluations of its customers' financial condition, establishing both a general reserve and specific reserve for customers in adverse financial condition and adjusting for its expectations of changes in conditions that may impact the collectability of outstanding receivables. The Company considers a customer's receivable balance past due when the amount is due beyond the credit terms extended, The Company considers factors such as historical experience, credit quality, age of the accounts receivable balances, and geographic or country-specific risks. Amounts are written off when receivables are determined to be uncollectible. Allowances for Sales Returns Customer product returns are approved on a case by case basis. Specific reserve provisions are made based upon a specific review of all the approved product returns where the customer has yet to return the products to generate the related sales return credit at the end of a period. Estimated sales returns are provided for as a reduction to revenue. At December 25, 2021, December 26, 2020 and December 28, 2019, revenue was reduced for estimated sales returns by $0.8 million, $2.4 million, and $3.5 million, respectively. Concentration of Risk Financial instruments that are potentially subject to concentrations of credit risk consist primarily of cash, restricted cash, foreign exchange contracts and accounts receivable. The risk with respect to foreign exchange contracts is mitigated by entering into these contracts with a large high-quality financial institution and the Company monitors the creditworthiness of the counterparty consistently. The risk with respect to accounts receivable is mitigated by ongoing credit evaluations that the Company performs on its customers. As the Company continues to expand its sales internationally, it may experience increased levels of customer credit risk associated with those regions. Collateral is generally not required for accounts receivable but may be used in the future to mitigate credit risk associated with customers located in certain geographical regions. As of December 25, 2021, no customer accounted for over 10% of the Company's accounts receivable balance, net on the consolidated balance sheets. As of December 26, 2020, one customer accounted for over 10% of the Company's accounts receivable balance, net on the consolidated balance sheets. One customer accounted for approximately 11% and 13% of the Company's revenue in 2020 and 2019, respectively. No other customers accounted for 10% or more of the Company's revenue in 2020 and 2019. No customer accounted for 10% or more of the Company's revenue in 2021. The Company depends on sole source or limited source suppliers for several key components and raw materials. The Company generally purchases these sole source or limited source components and raw materials through standard purchase orders and does not have long-term contracts with many of these limited-source suppliers. While the Company seeks to maintain sufficient reserve stock of such components and raw materials, the Company’s business and results of operations could be adversely affected if any of its sole source or limited source suppliers suffer from capacity constraints, lower than expected yields, deployment delays, work stoppages or any other reduction or disruption in output. Derivative Instruments The Company is exposed to foreign currency exchange rate fluctuations in the normal course of its business. As part of its risk management strategy, the Company uses derivative instruments, specifically forward contracts, to reduce the impact of foreign exchange fluctuations on earnings. The forward contracts are with high-quality institutions and the Company monitors the creditworthiness of the counterparties consistently. The Company’s objective is to offset gains and losses resulting from these exposures with gains and losses on the derivative contracts used to hedge them, thereby reducing volatility of earnings or protecting fair values of assets. The Company does not use derivative contracts for trading or speculative purposes. The Company enters into foreign currency exchange forward contracts to manage its exposure to fluctuations in foreign exchange rates that arise primarily from euro and British pounds. Gains and losses on these contracts are intended to offset the impact of foreign exchange rate changes on the underlying account balances, and therefore, do not subject the Company to material balance sheet risk. The Company has entered into factoring agreements, to sell certain receivables to unrelated third-party financial institutions. These transactions are accounted for in accordance with ASC Topic 860, “Transfers and Servicing” (“ASC 860”). ASC 860 and result in a reduction in accounts receivable because the agreements transfer effective control over and risk related to the receivables to the buyers. The Company's factoring agreements do not allow for recourse in the event of uncollectability, and the Company does not retain any interest in the underlying accounts receivable once sold. Inventory Valuation Inventories consist of raw materials, work-in-process and finished goods and are stated at standard cost adjusted to approximate the lower of actual cost or net realizable value. Costs are recognized utilizing the first-in, first-out method. Net realizable value is based upon an estimated selling price reduced by the estimated cost of disposal. The determination of market value involves numerous judgments including estimated average selling prices based upon recent sales volumes, industry trends, existing customer orders, current contract price, future demand and pricing and technological obsolescence of the Company’s products. Inventory that is obsolete or in excess of the Company’s forecasted demand or is anticipated to be sold at a loss is written down to its estimated net realizable value based on historical usage and expected demand. In valuing its inventory costs and deferred inventory costs, the Company considered whether the net realizable value of inventory delivered or expected to be delivered at less than cost, primarily comprised of common equipment, had declined. The Company concluded that, in the instances where the net realizable value of inventory delivered or expected to be delivered was less than cost, it was appropriate to value the inventory costs and deferred inventory costs at cost or net realizable value, whichever is lower, thereby recognizing the cost of the reduction in net realizable value of inventory in the period in which the reduction occurred or can be reasonably estimated. The Company has, therefore, recognized inventory write-downs as necessary in each period in order to reflect inventory at the lower of actual cost or net realizable value. The Company considers whether it should accrue losses on firm purchase commitments related to inventory items. Given that the net realizable value of common equipment is below contractual purchase price, the Company has also recorded losses on these firm purchase commitments in the period in which the commitment is made. When the inventory parts related to these firm purchase commitments are received, that inventory is recorded at the purchase price less the accrual for the loss on the purchase commitment. Property, Plant and Equipment Property, plant and equipment are stated at cost. This includes enterprise-level business software that the Company customizes to meet its specific operational needs and certain software licenses. Depreciation is calculated using the straight-line method over the estimated useful lives of the respective assets. Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or estimated useful life of the asset. An assumption of lease renewal where a renewal option exists is used only when the renewal has been determined to be reasonably certain. Repair and maintenance costs are expensed as incurred. The estimated useful life for each asset category is as follows:
The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of these assets may not be recoverable or that the useful life is shorter than originally estimated. If impairment indicators are present and the projected future undiscounted cash flows are less than the carrying value of the assets, the carrying values are reduced to the estimated fair value. If assets are determined to be recoverable, but the useful lives are shorter than originally estimated, the carrying value of the assets is depreciated over the newly determined remaining useful lives. Accrued Warranty In the Company's contracts with its customers, the Company warrants that its products will operate substantially in conformity with product specifications. Hardware warranties provide the purchaser with protection in the event that the product does not perform to product specifications. During the warranty period, the purchaser’s sole and exclusive remedy in the event of such defect or failure to perform is limited to the correction of the defect or failure by repair, refurbishment or replacement, at the Company’s sole option and expense. The Company's hardware warranty periods generally range from to five years from date of acceptance for hardware and the Company's software warranty is 90 days. Upon delivery of the Company's products, the Company provides for the estimated cost to repair or replace products that may be returned under warranty. The hardware warranty accrual is based on actual historical returns and cost of repair experience and the application of those historical rates to the Company's in-warranty installed base. The provision for warranty claims fluctuates depending upon the installed base of products and the failure rates and costs of repair associated with these products under warranty. Furthermore, the Company's costs of repair vary based on repair volume and its ability to repair, rather than replace, defective units. In the event that actual product failure rates and costs to repair differ from the Company's estimates, revisions to the warranty provision are required. In addition, from time to time, specific hardware warranty accruals may be made if unforeseen technical problems arise with specific products. The Company regularly assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Amortization of Intangible Assets Intangible assets with finite lives are carried at cost, less accumulated amortization. Amortization is computed over the estimated useful lives of the respective assets. In-process research and development represent the fair value of incomplete research and development projects that have not reached technological feasibility as of the date of acquisition. Initially, these assets are not subject to amortization, but once projects have been completed, these assets are transferred to developed technology, which are subject to amortization, while assets related to projects that have been abandoned are impaired and expensed to research and development. Impairment of Goodwill and Intangible Assets Goodwill represents the excess of the purchase price of an acquired business over the fair value of the identifiable assets acquired and liabilities assumed. The Company tests for impairment of goodwill on an annual basis in the fourth quarter and at any other time when events occur or circumstances indicate that the carrying amount of goodwill may not be recoverable. The Company has the option to first assess qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. If the Company determines that as a result of the qualitative assessment that it is more likely than not (i.e., greater than 50% likelihood) that the fair value of a reporting unit is less than its carrying amount, then the quantitative test is required or it can directly perform the quantitative analysis. The Company recognizes an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized does not exceed the total amount of goodwill allocated to that reporting unit. The Company evaluates events and changes in circumstances that could indicate carrying amounts of purchased intangible assets may not be recoverable. When such events or changes in circumstances occur, the Company assesses the recoverability of these assets by determining whether or not the carrying amount will be recovered through undiscounted expected future cash flows. If the total of the future undiscounted cash flows is less than the carrying amount of an asset, the Company records an impairment loss for the amount by which the carrying amount of the asset exceeds the fair value of the asset. Leases The Company has operating leases primarily for real estate (facilities) and automobiles. The Company has finance leases primarily for computer hardware, laboratory and manufacturing equipment and leasehold and building improvements. The Company leases facilities under non-cancelable operating lease agreements. These leases have varying terms that range from to 11 years and contain leasehold improvement incentives, rent holidays and escalation clauses. In addition, some of these leases have renewal options for up to six years. The Company determines if an arrangement contains a lease at inception. Operating leases are included in operating lease right of use ("ROU") assets, accrued expenses and other current liabilities and operating lease liabilities on the Company's consolidated balance sheets. Finance leases are included in property, plant and equipment, net, accrued expenses and other current liabilities and other long-term liabilities on the Company's consolidated balance sheets. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. Operating lease ROU assets also include any lease payments made and exclude lease incentives and initial direct costs incurred. Variable lease payments are expensed as incurred and are not included within the ROU asset and lease liability calculation. Variable lease payments primarily include reimbursements of costs incurred by lessors for common area maintenance and utilities. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The Company rents or subleases certain real estate under agreements that are classified as operating leases. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. The Company does not account for lease components (e.g., fixed payments including rent) separately from the non-lease components (e.g., common-area maintenance costs). Upon abandoning or committing to a plan to abandon a leased property in the short term before the lease term expires, the Company assesses the fair value of its remaining obligation under the lease and records an impairment of the ROU asset, if needed. The impairment loss is calculated as the present value of the amount by which the remaining lease obligation, adjusted for the effects of any one-time costs to sublease, exceeds the estimated sublease rentals that could be reasonably obtained. The estimated sublease rentals consider Company's ability and intent to sublease the space. The significant assumptions used in the Company's discounted cash flow model include the amount and timing of estimated sublease rental receipts and the discount rate which involve a number of risks and uncertainties, some of which are beyond control, including future real estate market conditions and the Company's ability to successfully enter into subleases or termination agreements with terms as favorable as those assumed when arriving at its estimates. The Company monitors these estimates and assumptions on at least a quarterly basis for changes in circumstances and any corresponding adjustments to the accrual are recorded in its statement of operations in the period when such changes are known. The loss recorded or to be recorded may change significantly as a result of the re-measurement of the liability, if the timing or amount of estimated cash flows change. Restructuring and Other Related Costs The Company records costs associated with exit activities related to restructuring plans in accordance with ASC 420, “Exit or Disposal Cost Obligations,” or ASC 712, “Compensation — Nonretirement Postemployment Benefits.” Liabilities for costs associated with an exit or disposal activity are recognized in the period in which the liability is incurred. The timing of the associated cash payments is dependent upon the type of exit cost and extends over an approximately four-year period. The Company records restructuring cost liabilities in “accrued expenses and other current liabilities” and "other long-term liabilities" in the consolidated balance sheet. Restructuring costs include employee and contract termination costs, facility consolidation and closure costs, lease related impairment charges, equipment write-downs and inventory write-downs. One-time termination benefits are recognized as a liability at estimated fair value when the approved plan of termination has been communicated to employees, unless employees must provide future service, in which case the benefits are recognized ratably over the future service period. Ongoing termination benefits arrangements are recognized as a liability at estimated fair value when the amount of such benefits becomes estimable and payment is probable. Restructuring charges require significant estimates and assumptions, including estimates made for employee separation costs and other contract termination charges. Management estimates involve a number of risks and uncertainties, some of which are beyond control, including the Company's ability to successfully enter into termination agreements with employees and others with terms as favorable as those assumed when arriving at its estimates. The Company monitors these estimates and assumptions on at least a quarterly basis for changes in circumstances and any corresponding adjustments to the accrual are recorded in its statement of operations in the period when such changes are known. Recent Accounting Pronouncements Accounting Pronouncements Recently Adopted In December 2019, FASB issued ASU 2019-12, "Simplifying the Accounting for Income Taxes" (“ASU 2019-12”), as part of its simplification initiative. ASU 2019-12 removes certain exceptions from Accounting Standards Codification ("ASC") 740, "Income Taxes" ("ASC 740"), including (i) the exception to the incremental approach for intra period tax allocation when there is a loss from continuing operations and income or a gain from other items such as discontinued operations or other comprehensive income; (ii) the exception to accounting for outside basis differences of equity method investments and foreign subsidiaries; and (iii) the exception to limit tax benefit recognized in interim period in cases when the year-to-date losses exceeds anticipated losses. ASU 2019-12 also simplifies U.S. GAAP in several other areas of ASC 740 such as (i) franchise taxes and other taxes partially based on income; (ii) step-up in tax basis goodwill considered part of a business combination in which the book goodwill was originally recognized or should be considered a separate transaction; (iii) separate financial statements of entities not subject to tax; and (iv) interim recognition of enactment of tax laws or rate changes. ASU 2019-12 is effective for the Company for fiscal years (and interim periods within those fiscal years) beginning after December 15, 2020, with early adoption permitted. The Company adopted ASU 2019-12 in the first quarter of 2021 and the impact of the adoption was not material to the Company's consolidated financial statements. Accounting Pronouncements Not Yet Effective In October 2021, the FASB issued ASU 2021-08, "Business Combinations (Topic 805)” (“ASU 2021-08”). The ASU improves the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer. The update is effective for annual and interim periods within the fiscal year beginning after December 15, 2022, and early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the period in which we will adopt ASU 2021-08 and evaluating the impact that the adoption of ASU 2021-08 would have on its consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40) ("ASU 2020-06"). The ASU simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. This update removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. This update also simplifies the diluted net income per share calculation in certain areas. The update is effective for annual and interim periods beginning after December 15, 2021, and interim periods within those fiscal years. The Company will adopt ASU 2020-06 as of December 26, 2021 using the modified retrospective transition method, which will result in a cumulative-effect adjustment to the opening balance of accumulated deficit on the date of adoption. Prior period financial statements will not be restated upon adoption. Upon adoption of ASU 2020-06, the Company will no longer record the conversion feature of its convertible senior notes in equity. Instead, the Company will combine the previously separated equity component with the liability component, which together will be classified as debt, thereby eliminating the subsequent amortization of the debt discount as interest expense. Similarly, a portion of issuance costs previously allocated to equity will be reclassified to debt and amortized as interest expense. Accordingly, the Company expects to record an increase to accumulated deficit, a decrease to additional paid-in capital, and an increase to convertible senior notes. Also upon adoption, the Company will no longer utilize the treasury stock method for earnings per share purposes. Instead, the Company will use the if-converted method when reporting the weighted-average number of potentially dilutive shares of common stock. Although the required use of the if-converted method will not impact the diluted net loss per share as long as the Company is in a net loss position, the Company will be required to include disclosure of all the underlying shares regardless of the average stock price for the reporting period. In March 2020, the FASB issued ASU 2020-04 (Topic 848), "Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides temporary optional expedients and exceptions to the existing guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate. The standard was effective upon issuance and may generally be applied through December 31, 2022 to any new or amended contracts, hedging relationships, and other transactions that reference LIBOR. The Company will apply the amendments when its relevant contracts are modified upon transition to alternative reference rates.
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Leases |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The Company has operating leases for real estate (facilities) and automobiles. For the fiscal years ended December 25, 2021, December 26, 2020 and December 28, 2019, operating lease expense was $25.5 million, $34.0 million and $41.5 million, respectively. Included in operating lease expense were rent expense and impairment charges due to restructuring resulting in abandonment of certain lease facilities, amounting to $6.3 million, $9.9 million and $15.9 million for the fiscal years ended December 25, 2021, December 26, 2020 and December 28, 2019, respectively. Variable lease cost, short-term lease cost and sublease income were immaterial during the fiscal years ended December 25, 2021, December 26, 2020 and December 28, 2019, respectively. As of December 25, 2021, $16.5 million was included in and $54.3 million as long-term operating lease liabilities. As of December 26, 2020, $14.9 million was included in and $76.1 million as long-term operating lease liabilities. The Company also has finance leases. The lease term for these arrangements range from to five years with option to purchase at the end of the term. Finance leases included in Property, Plant, & Equipment, net in the consolidated balance sheets were as follows (in thousands):
The following table presents finance lease expense comprising of amortization of right of use asset and interest expense (in thousands):
The following table presents balance sheet detail of finance lease liability (in thousands):
The following table presents maturity of lease liabilities under the Company's non-cancelable leases as of December 25, 2021 (in thousands):
(1) Calculated using the interest rate for each lease. The following table presents supplemental information for the Company's non-cancelable leases for the fiscal year ended December 25, 2021 (in thousands, except for weighted average and percentage data):
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Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition Capitalization of Costs to Obtain a Contract The ending balance of the Company’s capitalized costs to obtain a contract as of December 25, 2021 and December 26, 2020 were $0.7 million and zero, respectively. The Company's amortization expense was not material for the fiscal year ended December 25, 2021, December 26, 2020 and December 28, 2019, respectively. Disaggregation of Revenue The following table presents the Company's revenue disaggregated by revenue source (in thousands):
The Company sells its products directly to customers who are predominantly service providers and to channel partners that sell on its behalf. The following tables present the Company's revenue disaggregated by geography, based on the shipping address of the customer and by sales channel (in thousands):
Contract Balances The following table provides information about receivables, contract assets and contract liabilities from contracts with customers (in thousands):
Revenue recognized for the fiscal year ended December 25, 2021 and December 26, 2020 that was included in the deferred revenue balance at the beginning of the reporting period was $88.1 million and $85.2 million, respectively. Changes in the contract asset and liability balances during the fiscal year ended December 25, 2021 and December 26, 2020 were not materially impacted by other factors. Transaction Price Allocated to the Remaining Performance Obligation The Company’s remaining performance obligations represent the transaction price allocated to performance obligations that are unsatisfied or partially satisfied, consisting of deferred revenue and backlog. The Company’s backlog represents purchase orders received from customers for future product shipments and services. The Company’s backlog is subject to future events that could cause the amount or timing of the related revenue to change, and, in certain cases, may be canceled without penalty. Orders in backlog may be fulfilled several quarters following receipt or may relate to multi-year support service obligations. The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially satisfied) pursuant to contracts that are not subject to cancellation without penalty at the end of the reporting period (in thousands):
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The following table presents the Company’s fair value hierarchy for its assets (liabilities) measured at fair value on a recurring basis (in thousands):
Disclosure of Fair Values Our financial instruments that are not re-measured at fair value include accounts receivable, accounts payable, accrued liabilities, and debt. The carrying values of these financial instruments other than our 2024 Notes and our 2027 Notes (collectively referred to as "Convertible Senior Notes" below) approximate their fair values. The fair value of Convertible Senior Notes were determined based on the quoted bid price of the Convertible Senior Notes in an over-the-counter market on December 23, 2021 (the last trading day of the fiscal quarter). The following table presents the estimated fair values of the Convertible Senior Notes (in thousands):
During 2021 and 2020, there were no transfers of assets or liabilities between Level 1 and Level 2 of the fair value hierarchy. As of December 25, 2021 and December 26, 2020, none of the Company’s existing securities were classified as Level 3 securities. The Company classifies certain facilities-related charges within Level 3 of the fair value hierarchy and applies fair value accounting on a nonrecurring basis when impairment indicators exist or upon the existence of observable fair values. The fair values are classified as Level 3 measurements due to the significance of unobservable inputs. These analyses require management to make assumptions and estimates regarding industry and economic factors, future operating results and discount rates. The Company measures goodwill and intangible assets at fair value on a nonrecurring basis when there are identifiable events or changes in circumstances that may have a significant adverse impact on the fair value of these assets. The Company performed an analysis of impairment indicators of these assets and noted no adverse impact to their fair values as of December 25, 2021. Facilities-related Charges In connection with its Restructuring Plans (as defined in Note 9, “Restructuring and Other Related Costs” to the Notes to Consolidated Financial Statements), the Company incurred facilities related charges of $6.3 million and $9.9 million for the years ended December 25, 2021 and December 26, 2020, respectively. These charges were calculated at fair value based on estimated future discounted cash flows and are classified as Level 3 measurement due to the significance of unobservable inputs, which included the amount and timing of estimated sublease rental receipts that the Company could reasonably obtain over the remaining lease term and the discount rate. See Note 9, “Restructuring and Other Related Costs” to the Notes to Consolidated Financial Statements for more information on the 2018 Restructuring Plan. Cash As of December 25, 2021, the Company had $202.5 million of cash and restricted cash, including $77.6 million held by its foreign subsidiaries. As of December 26, 2020, the Company had $315.4 million of cash and restricted cash including $100.4 million held by its foreign subsidiaries. The Company's cash in foreign locations is used for operational and investing activities in those locations, and the Company does not currently have the need or the intent to repatriate those funds to the United States.
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Derivative Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments | Derivative Instruments Foreign Currency Exchange Forward Contracts The Company transacts business in various foreign currencies and has international sales, cost of sales, and expenses denominated in foreign currencies, and carries foreign-currency-denominated account balances, subjecting the Company to foreign currency risk. The Company’s primary foreign currency risk management objective is to protect the U.S. dollar value of future cash flows and minimize the volatility of reported earnings. The Company utilizes foreign currency forward contracts, primarily short term in nature. Historically, the Company enters into foreign currency exchange forward contracts to manage its exposure to fluctuation in foreign exchange rates that arise from its euro and British pound denominated account balances. Gains and losses on these contracts are intended to offset the impact of foreign exchange rate fluctuations on the underlying foreign currency denominated account balances, do not subject the Company to material balance sheet risk. As of December 25, 2021 and December 26, 2020, the Company posted $0.9 million and $0.9 million, respectively of collateral on its derivative instruments to cover potential credit risk exposure. This amount is classified as other long-term restricted cash on the accompanying consolidated balance sheets. The before-tax effect of foreign currency exchange forward contracts was a gain of $0.9 million, $0.3 million and $0.5 million for 2021, 2020 and 2019, respectively, included in other gain (loss), net, in the consolidated statements of operations. In each of these periods, the impact of the gross gains and losses were offset by foreign exchange rate fluctuations on the underlying foreign currency denominated amounts. As of December 25, 2021, the Company did not designate foreign currency exchange forward contracts as hedges for accounting purposes and accordingly, changes in the fair value are recorded in the accompanying consolidated statements of operations. These contracts were with one high-quality institution and the Company consistently monitors the creditworthiness of the counterparties. The fair value of derivative instruments not designated as hedging instruments in the Company’s consolidated balance sheets was as follows (in thousands):
(1)Represents the face amounts of forward contracts that were outstanding as of the period noted. Accounts Receivable Factoring The Company sells certain designated trade account receivables based on factoring arrangements with well-established factoring companies. Pursuant to the terms of the arrangements, the Company accounts for these transactions in accordance with ASC 860, "Transfers and Servicing". The Company's factor purchases trade accounts receivables on a non-recourse basis and without any further obligations. Trade accounts receivables balances sold are removed from the consolidated balance sheets and cash received are reflected as cash provided by operating activities in the consolidated statements of cash flow. The difference between the fair value of the Company's trade receivables and the proceeds received is recorded as interest expense in the Company's consolidated statements of operations. For the years ended December 25, 2021, December 26, 2020 and December 28, 2019, the Company's recognized factoring related interest expense was approximately $0.4 million, $0.4 million and $0.6 million, respectively. The gross amount of trade accounts receivables sold totaled approximately $121.3 million and $80.2 million for the fiscal years ended December 25, 2021 and December 26, 2020 respectively.
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Goodwill and Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill Goodwill is recorded when the purchase price of an acquisition exceeds the fair value of the net tangible and identified intangible assets acquired. The following table presents details of the Company’s goodwill for the fiscal year ended December 25, 2021 (in thousands):
The gross carrying amount of goodwill may change due to the effects of foreign currency fluctuations as a portion of these assets are denominated in foreign currency. To date, the Company has zero accumulated impairment loss on goodwill. Intangible Assets The following table presents details of the Company’s intangible assets as of December 25, 2021 and December 26, 2020 (in thousands):
(1)As a result of the exit from certain product lines in connection with the Company's restructuring initiatives, we shortened the life of certain developed technology intangibles.
The gross carrying amount of intangible assets and the related amortization expense of intangible assets may change due to the effects of foreign currency fluctuations as a portion of these assets are denominated in foreign currency. Amortization expense was $37.1 million, $47.8 million and $59.9 million for the years ended December 25, 2021, December 26, 2020 and December 28, 2019, respectively. The following table summarizes the Company’s estimated future amortization expense of intangible assets with finite lives as of December 25, 2021 (in thousands):
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Balance Sheet Details |
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Dec. 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Details | Balance Sheet Details Restricted Cash The Company’s restricted cash balance is held in deposit accounts at various banks globally. These amounts primarily collateralize the Company’s issuances of standby letters of credit and bank guarantees. Allowance for Credit Losses The following table provides a rollforward of the allowance for credit losses for accounts receivable for the fiscal year ended December 25, 2021 (in thousands):
(1)The new additions during the fiscal year ended December 25, 2021 are primarily due to specific reserves. (2)The write offs during the fiscal year ended December 25, 2021 are primarily amounts fully reserved previously. (3)Primarily represents foreign currency translation adjustments. The following table provides details of selected balance sheet items (in thousands):
(1)Included in computer software at December 25, 2021 and December 26, 2020 were $25.9 million and $25.4 million, respectively, related to enterprise resource planning (“ERP”) systems that the Company implemented. The unamortized ERP costs at December 25, 2021 and December 26, 2020 were $8.9 million and $10.8 million, respectively. Also included in computer software at December 25, 2021 and December 26, 2020 was $20.9 million and $17.0 million, respectively, related to term licenses. The unamortized term license costs at December 25, 2021 and December 26, 2020 was $9.2 million and $12.0 million, respectively. (2)Depreciation expense was $47.1 million, $52.3 million and $60.0 million (which includes depreciation of capitalized ERP costs of $2.8 million, $2.6 million and $2.4 million) for 2021, 2020 and 2019, respectively. Also included in depreciation expense for 2021 was $6.7 million related to term licenses.
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Restructuring and Other Related Costs |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Other Related Costs | Restructuring and Other Related Costs In December 2018, the Company implemented a restructuring initiative (the “2018 Restructuring Plan”) as part of a comprehensive review of the Company's operations and ongoing integration activities in order to optimize resources for future growth, improve efficiencies and address redundancies following the Acquisition. As part of the 2018 Restructuring Plan, the Company made several changes to improve its research and development efficiency by consolidating its manufacturing and development sites, including closure of its Berlin, Germany site, reducing headcount at its Munich, Germany site, and processing changes to leverage the Company's engineering and product line development resources across regions and prioritizing research and development initiatives. The Berlin and Munich initiatives were substantially completed in 2020. In 2021, the Company incurred lease related impairment charges from consolidation of its Munich site resulting in partial abandonment of the leased facility. In connection with the Acquisition, the Company assumed restructuring liabilities associated with Coriant's previous restructuring and reorganization plans consisting of termination benefits primarily comprised of severance payments. These costs are recorded at estimated fair value. In 2020, the Company implemented a restructuring initiative (the "2020 Restructuring Plan") that was primarily intended to reduce costs and consolidate its operations. The identified cost reduction initiatives under the 2020 Restructuring Plan were substantially completed, with the majority of associated payments made in 2020 and the remaining amounts substantially paid during 2021. In 2021, the Company announced a plan to restructure certain international research & development operations (the "2021 Restructuring Plan"). The Company estimates it will incur total costs related to the restructuring ranging from $10.0 million to $12.0 million, of which $8.5 million was recorded for the fiscal year ended December 25, 2021. The 2021 Restructuring Plan is expected to be substantially completed with the associated payments made in 2022. Additional restructuring activities may occur in the future in connection with the Company’s ongoing transformation initiatives. The following table presents restructuring and other related costs included in cost of revenue and operating expenses in the accompanying consolidated statements of operations under the 2021 Restructuring Plan, 2020 Restructuring Plan, the 2018 Restructuring Plan and Coriant's previous restructuring and reorganization plans (in thousands):
Restructuring liabilities are reported within accrued expenses and other long-term liabilities in the accompanying consolidated balance sheets (in thousands):
As of December 25, 2021, the Company's restructuring liability was primarily comprised of $7.7 million related to the 2021 Restructuring Plan and $1.2 million is related to assumed restructuring liabilities associated with Coriant's previous restructuring and reorganization plans, which was substantially completed in previous years. The liability related to the 2021 Restructuring Plan is expected to be paid by end of 2022.
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Accumulated Other Comprehensive Income (Loss) |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) includes certain changes in equity that are excluded from net income (loss). The following table sets forth the changes by component for the periods presented (in thousands):
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Basic and Diluted Net Loss Per Common Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and Diluted Net Loss Per Common Share | Basic and Diluted Net Loss Per Common ShareBasic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed using net loss and the weighted average number of common shares outstanding plus potentially dilutive common shares outstanding during the period. Potentially dilutive common shares include the assumed exercise of outstanding in-the-money stock options, assumed release of outstanding RSUs and PSUs, and assumed issuance of common stock under the ESPP using the treasury stock method. Potentially dilutive common shares also include the assumed conversion of $402.5 million in aggregate principal amount of the Company's 2.125% convertible senior notes due September 1, 2024 (the “2024 Notes”) from the conversion spread (as further discussed in Note 12, “Debt” to the Notes to Consolidated Financial Statements), and $200 million in aggregate principal amount of the Company's 2.50% convertible senior notes due March 1, 2027 (the “2027 Notes”) from the conversion spread (as further discussed in Note 12, “Debt” to the Notes to Consolidated Financial Statements). The Company would include the dilutive effects of the 2024 Notes and 2027 Notes in the calculation of diluted net income per common share if the average market price is above the conversion price. Upon conversion of the 2024 Notes and 2027 Notes, it is the Company’s intention to pay cash equal to the lesser of the aggregate principal amount or the conversion value of the 2024 Notes and 2027 Notes being converted; therefore, only the conversion spread relating to the 2024 Notes and 2027 Notes would be included in the Company’s diluted earnings per share calculation unless their effect is anti-dilutive. The Company includes the common shares underlying PSUs in the calculation of diluted net income per common share only when they become contingently issuable. The following table sets forth the computation of net loss per common share (in thousands, except per share amounts):
The Company incurred net losses during 2021, 2020 and 2019, and as a result, potential common shares from stock options, RSUs, PSUs and the assumed release of outstanding shares under the ESPP were not included in the diluted shares used to calculate net loss per share, as their inclusion would have been anti-dilutive. Additionally, due to the net loss position during these periods, the Company excluded the potential shares issuable upon conversion of the 2027 Notes and the 2024 Notes in the calculation of diluted earnings per share, as their inclusion would have been anti-dilutive. The following table sets forth the potentially dilutive shares excluded from the computation of the diluted net loss per share because their effect was anti-dilutive (in thousands):
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt The following is a summary of our debt as of December 25, 2021 (in millions):
The following is a summary of our debt as of December 26, 2020 (in millions):
Interest Expense The following table presents the interest expense related to the contractual interest coupon, the amortization of debt issuance costs, and the amortization of debt discounts on our Convertible Senior Notes (in thousands):
2027 Convertible Senior Notes In March 2020, the Company issued the 2027 Notes due on March 1, 2027, unless earlier repurchased, redeemed or converted. The 2027 Notes are governed by an indenture dated as of March 9, 2020 (the “2027 Indenture”), between the Company and U.S. Bank National Association, as trustee. The 2027 Notes are unsecured, and the 2027 Indenture does not contain any financial covenants or any restrictions on the payment of dividends, the incurrence of senior debt or other indebtedness, or the issuance or repurchase of the Company's other securities by the Company. Interest is payable semi-annually in arrears on March 1 and September 1 of each year, commencing on September 1, 2020. The net proceeds to the Company were approximately $193.3 million after deducting initial purchasers' fee and other debt issuance costs. The Company intends to use the net proceeds for general corporate purposes, including working capital to fund growth and potential strategic projects. Upon conversion, it is the Company’s intention to pay cash equal to the lesser of the aggregate principal amount or the conversion value of the 2027 Notes. For any remaining conversion obligation, the Company intends to pay or deliver, as the case may be, either cash, shares of its common stock, or a combination of cash and shares of its common stock, at the Company’s election. The initial conversion rate is 130.5995 shares of common stock per $1,000 principal amount of 2027 Notes, subject to anti-dilution adjustments, which is equivalent to a conversion price of approximately $7.66 per share of common stock. Throughout the term of the 2027 Notes, the conversion rate may be adjusted upon the occurrence of certain events, including for any cash dividends. Holders of the 2027 Notes will not receive any cash payment representing accrued and unpaid interest upon conversion of a 2027 Note. Accrued but unpaid interest will be deemed to be paid in full upon conversion rather than canceled, extinguished or forfeited. Prior to December 1, 2026, holders may convert their 2027 Notes under the following circumstances: •during any fiscal quarter commencing after the fiscal quarter ended on June 27, 2020 (and only during such fiscal quarter) if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price on each applicable trading day; •during the five business day period after any five consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of 2027 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such trading day; •if the Company calls any or all of the 2027 Notes for redemption, such 2027 Notes called for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; •upon the occurrence of specified corporate events described under the 2027 Indenture, such as a consolidation, merger or binding share exchange; or •at any time on or after December 1, 2026 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 2027 Notes at any time, regardless of the foregoing circumstances. If the Company undergoes a fundamental change as defined in the 2027 Indenture, holders may require the Company to repurchase for cash all or any portion of their 2027 Notes at a repurchase price equal to 100% of the principal amount of the 2027 Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. In addition, upon the occurrence of a “make-whole fundamental change” (as defined in the 2027 Indenture), the Company may, in certain circumstances, be required to increase the conversion rate by a number of additional shares for a holder that elects to convert its 2027 Notes in connection with such make-whole fundamental change. As of December 25, 2021, the carrying amount of the equity component of the 2027 Notes was $67.8 million. In accounting for the issuance of the 2027 Notes, the Company separated the 2027 Notes into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of a similar debt instrument that does not have an associated convertible feature. The carrying amount of the equity component representing the conversion option was determined by deducting the fair value of the liability component from the par value of the 2027 Notes. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. The excess of the principal amount of the liability component over its carrying amount (“debt discount”) is amortized to interest expense over the term of the 2027 Notes. The Company allocated the total issuance costs incurred to the liability and equity components of the 2027 Notes based on their relative values. Issuance costs attributable to the liability component were recorded as a reduction to the liability portion of the 2027 Notes and will be amortized as interest expense over the term of the 2027 Notes. The issuance costs attributable to the equity component were netted with the equity component in stockholders’ equity. The Company recorded a deferred tax liability of $16.2 million in connection with the issuance of the 2027 Notes, and a corresponding reduction in valuation allowance. The impact of both was recorded to stockholders' equity. The Company determined that the embedded conversion option in the 2027 Notes does not require separate accounting treatment as a derivative instrument because it is both indexed to the Company’s own stock and would be classified in stockholders’ equity if freestanding. For the years ended December 25, 2021 and December 26, 2020, the debt discount and debt issuance costs for the 2027 Notes were amortized, using an annual effective interest rate of 9.92%, to interest expense over the term of the 2027 Notes. Unamortized debt conversion discount and issuance costs will be amortized over the remaining life of the 2027 Notes, which is approximately 62 months. Based on the closing price of the Company’s common stock of $9.55 per share as reported on the Nasdaq Stock Market on December 23, 2021 (the last trading day of the fiscal quarter), the if-converted value of the 2027 Notes exceeded their principal amount by approximately $49.4 million. Asset-based revolving credit facility On August 1, 2019, the Company entered into a Credit Agreement (the "Credit Agreement") with Wells Fargo Bank, National Association. The Credit Agreement provides for a senior secured asset-based revolving credit facility of up to $100 million (the "Credit Facility"), which the Company may draw upon from time to time. The Company may increase the total commitments under the Credit Facility by up to an additional $50 million, subject to certain conditions. The Credit Agreement provides for a $50 million letter of credit sub-facility and a $10 million swing loan sub-facility. On December 23, 2019, the Company exercised its option to increase the total commitments under the Credit Facility and entered into an Increase Joinder and Amendment Number One to Credit Agreement (the “Amendment”), with BMO Harris Bank N.A. and Wells Fargo Bank, National Association, as administrative agent. The amendment increased the total commitments under the Credit Facility to $150 million. The proceeds of the loans under the Credit Agreement, as amended by the Amendment (the “Amended Credit Agreement”) may be used to pay the fees, costs and expenses incurred in connection with the Amended Credit Agreement and for working capital and general corporate purposes. The Credit Facility matures, and all outstanding loans become due and payable, on March 5, 2024. Availability under the Credit Facility is based upon periodic borrowing base certifications valuing certain inventory and accounts receivable, as reduced by certain reserves. The Credit Facility is secured by first-priority security interest (subject to certain exceptions) in inventory, certain related assets, specified deposit accounts, and certain other accounts in certain domestic subsidiaries. Loans under the Amended Credit Agreement bear interest, at the Company's option, at either a rate based on LIBOR for the applicable interest period or a base rate, in each case plus a margin. The margin ranges from 2.00% to 2.50% for LIBOR rate loans and 1.00% to 1.50% for base rate loans, depending on the utilization of the Credit Facility. The commitment fee payable on the unused portion of the Credit Facility ranges from 0.375% to 0.625% per annum, also based on the current utilization of the Credit Facility. Letters of credit issued pursuant to the Credit Facility will accrue a fee at a per annum rate equal to the applicable LIBOR rate margin times the average amount of the letter of credit usage during the immediately preceding quarter in addition to the fronting fees, commissions and other fees. Effective January 1, 2022, with the cessation of LIBOR, the Credit Facility provides for an alternative benchmark rate for LIBOR based loans which may include Term Secured Overnight Financing Rate (SOFR) or other prevailing market rate as determined by the agent plus a spread based on prevailing market convention for the applicable interest period plus a margin ranging from 2.00% to 2.50%. The Amended Credit Agreement contains customary affirmative covenants, such as financial statement reporting requirements and delivery of borrowing base certificates. The Amended Credit Agreement also contains customary covenants that limit the ability of the Company and its subsidiaries to, among other things, incur debt, create liens and encumbrances, engage in certain fundamental changes, dispose of assets, prepay certain indebtedness, make restricted payments, make investments, and engage in transactions with affiliates. The Amended Credit Agreement also contains a financial covenant that requires the Company to maintain a minimum amount of liquidity and customary events of default. In connection with the Credit Facility, the Company incurred lender and other third-party costs of approximately $4.9 million in 2019, which were recorded as a deferred asset and amortized to interest expense using a straight-line method over the term of the Credit Facility. During the fiscal year ended December 25, 2021, the Company recorded $1.1 million as amortization of deferred debt issuance cost, $1.1 million as contractual interest expense and related charges. As of December 25, 2021, the Company had availability of $138.5 million under the Credit Facility and had letters of credit outstanding of approximately $11.5 million. As of December 26, 2020, the Company had availability of $61.3 million under the Credit Facility and had letters of credit outstanding of approximately $11.5 million. Finance Assistance Agreement During March 2019, the Company signed an agreement with a third-party contract manufacturer that governs the transfer of the activities from the legacy Coriant manufacturing facility in Berlin, Germany to a third-party contract manufacturer. Subsequently in May 2019, the Company entered into a financing assistance agreement with the contract manufacturer whereby the contract manufacturer agreed to provide funding of up to $40 million to cover severance, retention and other costs associated with the transfer. The funding is secured against certain foreign assets, carries a fixed interest rate of 6% and is repayable in 12 months from the date of each draw down. In October 2020, the Company and the contract manufacturer amended the payment terms to extend the due date by six months set the fixed interest rate at 3% during such period, and allow for the phased transfer of inventory to offset the amount due. In 2021, the Company repaid the entire outstanding principal balance and accrued interest. Mortgage Payable In March 2019, the Company mortgaged a property it owns. The Company received proceeds of $8.7 million in connection with the loan. The loan carries a fixed interest rate of 5.25% and is repayable in 59 equal monthly installments of principal and interest with the remaining unpaid principal balance plus accrued unpaid interest due five years from the date of the loan. On September 24, 2021, the loan was amended to reduce the interest rate from 5.25% to 3.80% for the remaining 31 equal monthly installments of approximately $0.1 million, with the remaining principal payment at maturity date. In connection with the amendment, the Company paid a fee of $0.1 million which is being amortized over the remaining life of the loan. 2024 Convertible Senior Notes In September 2018, the Company issued the 2024 Notes due on September 1, 2024, unless earlier repurchased, redeemed or converted. The 2024 Notes are governed by a base indenture dated as of September 11, 2018 and a first supplemental indenture dated as of September 11, 2018 (together, the “Indenture”), between the Company and U.S. Bank National Association, as trustee. The 2024 Notes are unsecured, and the Indenture does not contain any financial covenants or any restrictions on the payment of dividends, the incurrence of senior debt or other indebtedness, or the issuance or repurchase of the Company's other securities by the Company. Interest is payable semi-annually in arrears on March 1 and September 1 of each year, commencing March 1, 2019. The net proceeds to the Company were approximately $391.4 million, of which approximately $48.9 million was used to pay the cost of the capped call transactions with certain financial institutions (“Capped Calls”). The Company also used a portion of the remaining net proceeds to fund the cash portion of the purchase price of the Acquisition, including fees and expenses relating thereto, and intends to use the remaining net proceeds for general corporate purposes. The Capped Calls have an initial strike price of $9.87 per share, subject to certain adjustments, which corresponds to the initial conversion price of the 2024 Notes. The Capped Calls have initial cap prices of $15.19 per share, subject to certain adjustments. The Capped Calls cover, subject to anti-dilution adjustments, 40.8 million shares of common stock. The capped call transactions are expected generally to reduce or offset potential dilution to the Company's common stock upon any conversion of the 2024 Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted 2024 Notes, as the case may be, with such reduction and/or offset subject to a cap. The Capped Calls expire on various dates between July 5, 2024 and August 29, 2024. The Capped Calls were recorded as a reduction of the Company’s stockholders' equity in the accompanying consolidated balance sheets. Upon conversion, it is the Company's intention to pay cash equal to the lesser of the aggregate principal amount or the conversion value of the 2024 Notes. For any remaining conversion obligation, the Company intends to pay or deliver, as the case may be, either cash, shares of its common stock, or a combination of cash and shares of its common stock, at the Company’s election. The initial conversion rate is 101.2812 shares of common stock per $1,000 principal amount of 2024 Notes, subject to anti-dilution adjustments, which is equivalent to a conversion price of approximately $9.87 per share of common stock. Throughout the term of the 2024 Notes, the conversion rate may be adjusted upon the occurrence of certain events, including for any cash dividends. Holders of the 2024 Notes will not receive any cash payment representing accrued and unpaid interest upon conversion of a 2024 Note. Accrued but unpaid interest will be deemed to be paid in full upon conversion rather than canceled, extinguished or forfeited. Prior to June 1, 2024, holders may convert their 2024 Notes under the following circumstances: •during any fiscal quarter commencing after the fiscal quarter ended on December 29, 2018 (and only during such fiscal quarter) if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price on each applicable trading day; •during the five business day period after any five consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of 2024 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such trading day; •if the Company calls the 2024 Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; •upon the occurrence of specified corporate events described under the Indenture, such as a consolidation, merger or binding share exchange; or •at any time on or after June 1, 2024 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 2024 Notes at any time, regardless of the foregoing circumstances. If the Company undergoes a fundamental change as defined in the Indenture governing the 2024 Notes, holders may require the Company to repurchase for cash all or any portion of their 2024 Notes at a repurchase price equal to 100% of the principal amount of the 2024 Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. In addition, upon the occurrence of a “make-whole fundamental change” (as defined in the Indenture), the Company may, in certain circumstances, be required to increase the conversion rate by a number of additional shares for a holder that elects to convert its 2024 Notes in connection with such make-whole fundamental change. As of December 25, 2021, the carrying amount of the equity component of the 2024 Notes was $128.7 million. In accounting for the issuance of the 2024 Notes, the Company separated the 2024 Notes into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of a similar debt instrument that does not have an associated convertible feature. The carrying amount of the equity component representing the conversion option was determined by deducting the fair value of the liability component from the par value of the 2024 Notes. The equity component is not re-measured as long as it continues to meet the conditions for equity classification. The excess of the principal amount of the liability component over its carrying amount (“debt discount”) is amortized to interest expense over the term of the 2024 Notes. The Company allocated the total issuance costs incurred to the liability and equity components of the 2024 Notes based on their relative values. Issuance costs attributable to the liability component were recorded as a reduction to the liability portion of the Notes and will be amortized as interest expense over the term of the 2024 Notes. The issuance costs attributable to the equity component were netted with the equity component in stockholders’ equity. The Company recorded a deferred tax liability of $30.9 million in connection with the issuance of the 2024 Notes, and a corresponding reduction in valuation allowance. The impact of both was recorded to stockholders' equity. The Company determined that the embedded conversion option in the 2024 Notes does not require separate accounting treatment as a derivative instrument because it is both indexed to the Company’s own stock and would be classified in stockholder’s equity if freestanding. For the years ended December 25, 2021 and December 26, 2020, the debt discount and debt issuance costs were amortized, using an annual effective interest rate of 9.92%, to interest expense over the term of the 2024 Notes. Unamortized debt conversion discount and issuance costs will be amortized over the remaining life of the 2024 Notes, which is approximately 32 months. Based on the closing price of the Company’s common stock of $9.55 on December 23, 2021, the if-converted value of the 2024 Notes did not exceed their principal amount.
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies The following table sets forth commitments and contingencies related to our various obligations (in thousands):
(1) The Company leases facilities under non-cancelable operating lease agreements. These leases have varying terms that range from to 11 years. The above payment schedule includes interest. See Note 3, "Leases" to the Notes to Consolidated Financial Statements for more information. (2) The Company has contractual commitments to remove leasehold improvements and return certain properties to a specified condition when the leases terminate. At the inception of a lease with such conditions, the Company records an asset retirement obligation liability and a corresponding capital asset in an amount equal to the estimated fair value of the obligation. Asset retirement obligations were $5.1 million and $5.0 million as of December 25, 2021 and December 26, 2020, respectively. All of the $5.1 million as of December 25, 2021 is classified as other long-term liabilities on the accompanying consolidated balance sheets. (3) The Company has finance leases for other equipment and leasehold improvements. The above payment schedule includes interest. See Note 3, "Leases" to the Notes to Consolidated Financial Statements for more information. (4) The Company has agreements with its major production suppliers, where the Company is committed to purchase certain parts. As of December 25, 2021, December 26, 2020 and December 28, 2019, these non-cancelable purchase commitments were $591.5 million, $291.4 million and $258.2 million, respectively. (5) See Note 12, "Debt" to the Notes to Consolidated Financial Statements for more information. Legal Matters Oyster Optics LLC On July 29, 2019, Oyster Optics filed a complaint against the Company, Coriant (USA) Inc., Coriant North America, LLC and Coriant Operations, Inc. in the United States District Court for the Eastern District of Texas. The complaint asserted infringement of U.S. Patent No. 6,665,500 (the “Oyster patent in suit”). The complaint sought unspecified damages and a permanent injunction. On October 7, 2019, the Company filed its answer to the complaint asserting among other things, counterclaims and defenses based on non-infringement, invalidity, and a license to the Oyster patent in suit. On December 27, 2019, the Company filed Inter Partes Review ("IPR") petitions with the U.S. Patent and Trademark Office ("USPTO"), in which the Company requested the USPTO to invalidate the asserted claims of the Oyster patent in suit. On June 26, 2020, the USPTO granted institution on all but one of the asserted claims. On June 22, 2021, the Patent Trial and Appeal Board ruled on the Company's IPR petition, determining that ten of the eleven claims remaining at issue in the IPR were unpatentable. In July 2021, the parties entered into a settlement agreement and all claims in the lawsuit were dismissed with prejudice. Loss Contingencies The Company is subject to the possibility of various losses arising in the ordinary course of business. These may relate to disputes, litigation and other legal actions. In the preparation of its quarterly and annual financial statements, the Company considers the likelihood of loss or the incurrence of a liability, including whether it is probable, reasonably possible or remote that a liability has been incurred, as well as the Company’s ability to reasonably estimate the amount of loss, in determining loss contingencies. In accordance with U.S. GAAP, an estimated loss contingency is accrued when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. The Company regularly evaluates current information to determine whether any accruals should be adjusted and whether new accruals are required. As of each of December 25, 2021 and December 26, 2020, the Company has accrued the estimated liabilities associated with certain loss contingencies. Indemnification Obligations From time to time, the Company enters into certain types of contracts that contingently require it to indemnify parties against third-party claims. The terms of such indemnification obligations vary. These contracts may relate to: (i) certain real estate leases under which the Company may be required to indemnify property owners for environmental and other liabilities, and other claims arising from the Company’s use of the applicable premises; and (ii) certain agreements with the Company’s officers, directors and certain key employees, under which the Company may be required to indemnify such persons for liabilities. In addition, the Company has agreed to indemnify certain customers for claims made against the Company’s products, where such claims allege infringement of third-party intellectual property rights, including, but not limited to, patents, registered trademarks, and/or copyrights. Under the aforementioned intellectual property indemnification clauses, the Company may be obligated to defend the customer and pay for the damages awarded against the customer under an infringement claim as well as the customer’s attorneys’ fees and costs. These indemnification obligations generally do not expire after termination or expiration of the agreement containing the indemnification obligation. In certain cases, there are limits on and exceptions to the Company’s potential liability for indemnification. The Company cannot estimate the amount of potential future payments, if any, that it might be required to make as a result of these agreements. The maximum potential amount of any future payments that the Company could be required to make under these indemnification obligations could be significant. As permitted under Delaware law and the Company’s charter and bylaws, the Company has agreements whereby it indemnifies certain of its officers and each of its directors. The term of the indemnification period is for the officer’s or director’s lifetime for certain events or occurrences while the officer or director is, or was, serving at the Company’s request in such capacity. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements could be significant; however, the Company has a director and officer insurance policy that may reduce its exposure and enable it to recover all or a portion of any future amounts paid. As a result of its insurance policy coverage, the Company believes the estimated fair value of these indemnification agreements is minimal.
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Guarantees |
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Guarantees [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees | Guarantees Product Warranties Activity related to product warranty was as follows (in thousands):
(1)The Company records product warranty liabilities based on the latest quality and cost information available as of the date the revenue is recorded. The changes in estimate shown here are due to changes in overall actual failure rates, the mix of new versus used units related to replacement of failed units, and changes in the estimated cost of repair and product recalls. As the Company's products mature over time, failure rates and repair costs associated with such products generally decline leading to favorable changes in warranty reserves. Letters of Credit and Bank Guarantees The Company had $22.5 million and $28.9 million of standby letters of credit, bank guarantees and surety bonds outstanding as of December 25, 2021 and December 26, 2020, respectively. Details are sets in below table (in thousands).
Of the $16.3 million related to customer performance guarantees, approximately $4.0 million was used to secure surety bonds in the aggregate of $5.5 million as of December 25, 2021. Of the $19.8 million to customer performance guarantees, approximately $2.8 million was used to secure surety bonds in the aggregate of $5.5 million as of December 26, 2020. Of the aforementioned standby letters of credit and bank guarantees outstanding, $11.5 million was backed by cash collateral from a third-party institution, and the Company accrues 2.25% annual fee and 0.13% annual fronting fee on the average letter of credit balances outstanding on the cash collateral. As of December 25, 2021 and December 26, 2020, the Company had a Credit Facility, which included a $50.0 million letter of credit sub-facility, pursuant to which letters of credit in the amount of $11.5 million had been issued and outstanding for both periods. Approximately $200.0 million and $169.5 million of assets of certain Company subsidiaries have been pledged to secure this Credit Facility and other obligations for the years ended December 25, 2021 and December 26, 2020
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Stockholders' Equity |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity | Stockholders’ Equity Open Market Sales Agreement On August 12, 2020, the Company entered into an Open Market Sale Agreement (the “Sales Agreement”) with Jefferies LLC (“Jefferies”), as sales agent and/or principal, pursuant to which the Company issued and sold through Jefferies, shares of its common stock, par value $0.001 per share (the “Shares”), having an aggregate offering price of $96.3 million. During the fiscal year ended December 26, 2020, the Company sold 12 million shares of common stock under the Sales Agreement, for net proceeds of approximately $93.4 million after paying Jefferies a sales commission of approximately $2.9 million related to services provided as the sales agent with respect to the sales of those shares. 2016 Equity Incentive Plan, 2019 Inducement Equity Incentive Plan and Employee Stock Purchase Plan In February 2007, the Company's board of directors adopted the ESPP and the Company's stockholders approved the ESPP in May 2007. The ESPP was last amended by the stockholders in May 2019 to increase the shares authorized under the ESPP to a total of approximately 31.6 million shares of common stock. The ESPP has a 20-year term. Eligible employees may purchase the Company’s common stock through payroll deductions at a price equal to 85% of the lower of the fair market values of the stock as of the beginning or the end of six-month offering periods. An employee’s payroll deductions under the ESPP are limited to a maximum of 15% of the employee’s compensation and an employee may not purchase more than 3,000 shares per purchase period. In February 2016, the Company's board of directors adopted the 2016 Plan and the Company's stockholders approved the 2016 Plan in May 2016. In May 2018, May 2019, May 2020 and May 2021, the Company's stockholders approved amendments to the 2016 Plan to increase the number of shares authorized for issuance under the 2016 Plan by 1.5 million shares, 7.3 million shares, 8.1 million shares and 4.4 million shares, respectively. As of December 25, 2021, the Company reserved a total of 35.2 million shares of common stock for the award of stock options, RSUs and PSUs to employees, non-employees, consultants and members of the Company's board of directors pursuant to the 2016 Plan, plus any shares subject to awards granted under the 2007 Plan that, after the effective date of the 2016 Plan, expire, are forfeited or otherwise terminate without having been exercised in full to the extent such awards were exercisable, and shares issued pursuant to awards granted under the 2007 Plan that, after the effective date of the 2016 Plan, are forfeited to or repurchased by the Company due to failure to vest. The 2016 Plan has a maximum term of 10 years from the date of adoption, or it can be earlier terminated by the Company's board of directors. In July 2019, the Company's board of directors approved a new 2019 Inducement Equity Incentive Plan and set the maximum number of shares to be issued at 750,000. Shares Reserved for Future Issuances Common stock reserved for future issuance was as follows (in thousands):
Stock-based Compensation Plans The Company has stock-based compensation plans pursuant to which the Company has granted stock options, RSUs and PSUs. The Company also has an ESPP for all eligible employees. The following tables summarize the Company’s equity award activity and related information (in thousands, except per share data):
The aggregate intrinsic value of unreleased RSUs and unreleased PSUs is calculated using the closing price of the Company's common stock of $9.55 at December 23, 2021. The aggregate intrinsic value of RSUs and PSUs released is calculated using the fair market value of the common stock at the date of release. The following table presents total stock-based compensation cost for instruments granted but not yet recognized, net of forfeitures, of the Company’s equity compensation plans as of December 25, 2021. These costs are expected to be amortized on a straight-line basis over the following weighted-average periods (in thousands, except for weighted-average period):
Employee Stock Options The Company did not grant any stock options during 2021, 2020 and 2019. Stock option exercises are settled with newly issued shares of common stock approved by stockholders for inclusion under the 2007 Plan. Stock-based compensation expense related to stock options in 2021, 2020 and 2019 was insignificant. Employee Stock Purchase Plan The fair value of the ESPP shares was estimated at the date of grant using the following assumptions:
The expected dividend yield is zero for the Company as it does not expect to pay dividends in the future. The Company’s ESPP activity for the following periods was as follows (in thousands):
Restricted Stock Units Pursuant to the 2016 Plan, the Company has granted RSUs to employees and non-employee members of the Company's board of directors. All RSUs awarded are subject to each individual's continued service to the Company through each applicable vesting date. The Company accounted for the fair value of the RSUs using the closing market price of the Company’s common stock on the date of grant. Amortization of stock-based compensation expense related to RSUs in 2021, 2020 and 2019 was approximately $42.3 million, $36.1 million and $32.3 million, respectively. Performance Stock Units Pursuant to the 2016 Plan, the Company has granted PSUs to certain of the Company’s executive officers, senior management and certain employees. All PSUs awarded are subject to each individual's continued service to the Company through each applicable vesting date and if the performance metrics are not met within the time limits specified in the award agreements, the PSUs will be canceled. PSUs granted to the Company’s executive officers and senior management under the 2016 Plan during the first half of 2018 are based on the total stockholder return ("TSR") of the Company's common stock price relative to the TSR of the individual companies listed in the S&P North American Technology Multimedia Networking Index (“SPGIIPTR”) over the span of one year, two years and three years. The number of shares to be issued upon vesting of these PSUs range from zero to two times the target number of PSUs granted depending on the Company’s performance against the individual companies listed in the SPGIIPTR. The ranges of estimated values of the PSUs granted that are compared to the SPGIIPTR, as well as the assumptions used in calculating these values were based on estimates as follows:
The expected dividend yield is zero for the Company as it does not expect to pay dividends in the future. PSUs granted to the Company's executive officers and senior management under the 2016 Plan during 2019, 2020 and 2021 are based on performance criteria related to a specific financial target over the span of a three-year performance period. These PSUs may become eligible for vesting to begin before the end of the three-year performance period, if the applicable financial target is met. The number of shares to be issued upon vesting of these PSUs are capped at the target number of PSUs granted. Certain other employees were awarded PSUs that will only vest upon the achievement of specific financial and operational performance criteria. The following table summarizes by grant year, the Company’s PSU activity for the fiscal year ended December 25, 2021 (in thousands):
Amortization of stock-based compensation expense related to PSUs in 2021, 2020 and 2019 was approximately $3.3 million, $6.0 million and $6.1 million, respectively. Stock-based Compensation Expense The following tables summarize the effects of stock-based compensation on the Company’s consolidated balance sheets and statements of operations for the periods presented (in thousands):
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Income Taxes |
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Income Taxes | Income Taxes The following is a geographic breakdown of the provision for income taxes (in thousands):
Loss before provision for income taxes from international operations was $20.7 million, $37.3 million and $202.2 million for the years ended December 25, 2021, December 26, 2020 and December 28, 2019, respectively. The provisions for income taxes differ from the amount computed by applying the statutory federal income tax rates as follows:
For 2021, the Company's income tax expense was $12.0 million with effective tax rate of (7.5)%. The difference between the effective income tax rate and the U.S federal statutory rate of 21% to income before income taxes is primarily the result of foreign income taxed at different rates and valuation allowances. The Company recognized an income tax expense of $6.0 million and $3.0 million in 2020 and 2019, respectively. The resulting effective tax rates were (3.0)% and (0.8)% for 2020 and 2019, respectively. The 2020 and 2019 effective tax rates differ from the expected statutory rate of 21%, based on our ability to benefit from its U.S. loss carryforwards, offset by state income taxes, non-deductible stock-based compensation expenses and foreign taxes provided on foreign subsidiary earnings. Deferred tax assets and liabilities are recognized for the future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis using enacted tax rates in effect for the year in which the differences are expected to reverse. Significant deferred tax assets and liabilities consist of the following (in thousands):
The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company must consider all positive and negative evidence, including the Company's forecasts of taxable income over the applicable carryforward periods, its current financial performance, its market environment, and other factors in evaluating the need for a full or partial valuation allowance against its net U.S. deferred tax assets. Based on the available objective evidence, management believes it is not more likely than not that the domestic net deferred tax assets will be realizable in the foreseeable future. Accordingly, the Company has provided a full valuation allowance against its domestic deferred tax assets, net of deferred tax liabilities, as of December 25, 2021 and December 26, 2020. To the extent that the Company determines that deferred tax assets are realizable on a more likely than not basis, and an adjustment is needed, that adjustment will be recorded in the period that the determination is made and would generally decrease the valuation allowance and record a corresponding benefit to earnings or other comprehensive income. As of December 25, 2021, the Company had net operating loss carryforwards of approximately $681.9 million for federal income tax purposes which will begin to expire in 2027 if unused. The Company had net operating loss carryforwards of approximately $548.3 million for state income tax purposes which will begin to expire in the year 2022 if unused. The Company also had foreign net operating loss carryforwards of approximately $638.7 million. As of December 25, 2021, the Company also had R&D credit carryforwards of approximately $84.6 million for federal income tax and $50.6 million for state income tax purposes. The federal R&D tax credit will begin to expire in 2023 if unused. State R&D tax credits will carry forward indefinitely. As of December 25, 2021, the Company also had Foreign Tax credit carryforwards of approximately $41.5 million for federal income tax. The foreign tax credit will begin to expire in 2023 if unused. Infinera Canada Inc., an indirect wholly owned subsidiary, has Scientific Research and Experimental Development Expenditures (“SRED”) credits available of $3.9 million to offset future Canadian income taxes payable as of December 25, 2021. Infinera Portugal subsidiary has a SIFIDE Credit of $4.3 million to offset future income tax payable in Portugal as of December 25, 2021. Canadian SRED credits will begin to expire in the year 2032 if not fully utilized. The Portugal SIFIDE credits will begin to expire in the year 2022. At December 25, 2021, we had federal capital loss carryforwards of $7.6 million. If not utilized, the federal capital loss will expire in 2023. The federal and state net operating loss carryforwards may be subject to significant limitations under Section 382 and Section 383 of the Internal Revenue Code of 1986 and similar provisions under state law. The Tax Reform Act of 1986 contains provisions that limit the federal net operating loss carryforwards that may be used in any given year in the event of special occurrences, including significant ownership changes. The Company has completed a Section 382 review and has determined that none of its operating losses will expire solely due to Section 382 limitation(s). The aggregate changes in the balance of gross unrecognized tax benefits were as follows (in thousands):
As of December 25, 2021, the cumulative unrecognized tax benefit was $54.3 million, of which $41.5 million was netted against deferred tax assets, which would have otherwise been subjected with a full valuation allowance. Of the total unrecognized tax benefit as of December 25, 2021, approximately $12.8 million, if recognized, would impact the Company’s effective tax rate. The amount of unrecognized tax benefit could be reduced upon expiration of the applicable statute of limitation. The potential reduction in unrecognized tax benefits during the next 12 months is not expected to be material. As of December 25, 2021, December 26, 2020 and December 28, 2019, the Company had $2.1 million, $2.9 million and $1.4 million, respectively, of accrued interest or penalties related to unrecognized tax benefits, of which less than $0.8 million was included in the Company’s provision for income taxes in each of the years ended December 25, 2021, December 26, 2020 and December 28, 2019, respectively. The Company’s policy is to include interest and penalties related to unrecognized tax benefits within the Company’s provision for income taxes. The Company is potentially subject to examination by the Internal Revenue Service and the relevant state income taxing authorities under the statute of limitations for years 2003 and forward. Included in the balance of income tax liabilities, accrued interest and penalties at December 25, 2021 is an immaterial amount related to tax positions for which it is reasonably possible that the statute of limitations will expire in various jurisdictions within the next twelve months. Post US Tax Reform, the Company and its subsidiaries do not have significant unremitted foreign earnings and the associated withholding and other taxes are not material for the fiscal year ended December 25, 2021.
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is the Company’s Chief Executive Officer (“CEO”). The Company’s CEO reviews financial information presented on a consolidated basis, accompanied by information about revenue by geographic region for purposes of allocating resources and evaluating financial performance. The Company has one business activity as a provider of optical transport networking equipment, software and services. Accordingly, the Company is considered to be in a single reporting segment and operating unit structure. Revenue by geographic region is based on the shipping address of the customer. For more information regarding revenue disaggregated by geography, see Note 4, “Revenue Recognition” to the Notes to Consolidated Financial Statements. Additionally, the following table sets forth our property, plant and equipment by geographic region (in thousands):
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Employee Benefit and Pension Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit and Pension Plans | Employee Benefit and Pension Plans Defined Contribution Plans The Company has established a savings plan under Section 401(k) of the Internal Revenue Code (the “401(k) Plan”). As allowed under Section 401(k) of the Internal Revenue Code, the 401(k) Plan provides tax-deferred salary contributions for eligible U.S. employees. Employee contributions are limited to a maximum annual amount as set periodically by the Internal Revenue Code. The Company made voluntary cash contributions and matched a portion of employee contributions of $2.8 million, $2.4 million and $2.7 million for 2021, 2020, and 2019, respectively. Expenses related to the 401(k) Plan were insignificant for each of the years 2021, 2020, and 2019. The Company has an ITP pension plan covering its Swedish employees. Commitments for old-age and survivors' pension for salaried employees in Sweden are vested through an insurance policy. Expenses related to the ITP pension plan were $2.8 million for 2021, $2.7 million for 2020 and $2.6 million for 2019. The Company also provides defined contribution plans in certain foreign countries where required by local statute or at the Company's discretion. For the years ended December 25, 2021, December 26, 2020 and December 28, 2019, the Company had $6.2 million, $3.5 million, and $3.9 million related to post-retirement costs, respectively. Pension Plans Pension and Post-Retirement Benefit Plans As a result of the Acquisition in 2018, the Company acquired a number of post-employment plans in Germany, as well as a number of smaller post-employment plans in other countries, including both defined contribution and defined benefit plans. The defined benefit plans expose the Company to actuarial risks such as, investment risk, interest rate risk, life expectancy risk and salary risk. The characteristics of the defined benefit plans and the risks associated with them vary depending on legal, fiscal, and economic requirements. Obligations and Funded Status The following table sets forth the changes in benefits obligations and the fair value of plan assets of the Company's benefit plans (in thousands):
(1) The Company's accumulated benefit obligation was $115.1 million and $128.9 million at December 25, 2021 and December 26, 2020, respectively. The net liability is included in the line item other long-term liabilities in the Company's consolidated balance sheets. The following table presents net amounts of non-current assets and current and non-current liabilities for the Company's pension and other post-retirement benefit plans recognized on its consolidated balance sheet (in thousands):
Components of Net Periodic Benefit Cost Net periodic benefit cost for the Company's pension and other post-retirement benefit plans consisted of the following (in thousands):
Actuarial gains and losses are amortized using a corridor approach. The gain/loss corridor is equal to 10% of the greater of the pension benefit obligation and the market-related value of assets. Gains and losses in excess of the corridor are generally amortized over the average future working lifetime of the pension plan participants. All components of net periodic benefit cost are recorded in operating expense of the Company's consolidated statements of operations as the impact of the amounts to be recorded in other income and expense is immaterial. The following table sets forth the changes in accumulated other comprehensive income for the Company's benefit plans (pre-tax) (in thousands):
(1) The actuarial loss for the fiscal year ended December 25, 2021 was caused primarily by the change in the discount rate. Amounts in accumulated other comprehensive income expected to be recognized as components of net periodic pension cost during 2022 is $0.4 million (pre-tax). Assumptions Certain weighted-average assumptions used in computing the benefit obligations are as follows:
Investment Policy The financial position of the Company’s funded status is the difference between the fair value of plan assets and projected benefit obligations. Volatility in funded status occurs when asset values change differently from liability values and can result in fluctuations in costs in financial reporting. The Company’s investment policies and strategies are designed to increase the rate of assets to plan liabilities at an appropriate level of funded status volatility. Asset allocation decisions are recommended by the trustees for the specific plan and agreed to by the Company's management. Investment objectives are designed to generate returns that will enable the plan to meet its future obligations. The Company's management reviews the investment strategy and performance semi-annually and discuss alternatives to manage volatility. Basis for Expected Long-Term Rate of Return on Plan Assets The expected long-term rate of return on plan assets reflects the expected returns for each major asset class in which the plan invests and the weight of each asset class in the target mix. Expected asset returns reflect the current yield on government bonds, risk premiums for each asset class and expected real returns which considers each country’s specific inflation outlook. The expected return is set using a low to medium risk profile and to meet the market expectations over a longer period of time to meet the obligations in the future. Fair Value of Plan Assets The following tables present the fair value of plan assets for pension and other benefit plans by major asset category (in thousands):
Valuation Techniques The following describes the valuation techniques used to measure the fair value of the assets shown in the table above. Equity funds are invested in traded securities and are recorded at market value as of the balance sheet date. Insurance contracts are recorded at cash surrender value of the policies. Mixed fund and pension fund are valued at the amounts as provided by the insurance companies who manage the funds and represent fair market value at the date of the balance sheet. Transfers Between Levels Any transfers between levels in the fair value hierarchy are recognized as of the end of the reporting period. No material transfers between levels occurred during the fiscal year ended December 25, 2021. Future Contributions In 2022, the Company expects to make contributions of $5.3 million to cover benefit payments to plan participants. Cash Flows Estimated future benefit payments under the Company's pension plans as of December 25, 2021 are as follows (in thousands):
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Financial Information by Quarter (Unaudited) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Information by Quarter (Unaudited) | Financial Information by Quarter (Unaudited) The following table sets forth the Company’s unaudited quarterly consolidated statements of operations data for 2021 and 2020. The data has been prepared on the same basis as the audited consolidated financial statements and related notes included in this report. The table includes all necessary adjustments, consisting only of normal recurring adjustments that the Company considers necessary for a fair presentation of this data.
The Company operates and reports financial results on a fiscal year of 52 or 53 weeks ending on the last Saturday of December in each year. Accordingly, fiscal years 2021 and 2020 were 52-week years that ended on December 25, 2021 and December 26, 2020, respectively.
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Valuation and Qualifying Accounts |
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SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valuation and Qualifying Accounts | Schedule II: Valuation and Qualifying Accounts
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Significant Accounting Policies (Policies) |
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Dec. 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates, assumptions and judgments that can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements, as well as the reported amounts of revenue and expenses during the reporting periods. Significant estimates, assumptions and judgements made by management include revenue recognition, inventory valuation, and accounting for income taxes. Other less significant estimates, assumptions and judgments made by management include stock-based compensation, employee benefit and pension plans, manufacturing partner and supplier liabilities, allowances for sales returns, allowances for credit losses, useful life of intangibles and property, plant and equipment, impairment loss related to lease abandonment, accrued warranty, operating and finance lease liabilities, restructuring and other related costs, fair value measurement of the debt component of the convertible senior notes, and loss contingencies. The Company bases its assumptions on historical experience and also on assumptions that it believes are reasonable. Actual results could differ materially from those estimates. The Company expects uncertainties around its key accounting estimates to continue to evolve depending on the duration and degree of impact associated with the outbreak of a novel strain of the coronavirus (“COVID-19”). These estimates may change as new events occur and additional information emerges, and such changes are recognized or disclosed in the Company's consolidated financial statements.
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Revenue Recognition | Revenue Recognition The Company recognizes revenue when control of the promised goods or services is transferred to its customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company determines revenue recognition by applying the following five-step approach: •identification of the contract, or contracts, with a customer; •identification of the performance obligations in the contract; •determination of the transaction price; •allocation of the transaction price to the performance obligations in the contract; and •recognition of revenue when, or as, the Company satisfies a performance obligation. Many of the Company's product sales are sold in combination with installation and deployment services along with initial hardware and software support. The Company's product sales are also sold at times with spares management, on-site hardware replacement services, network operations management, software subscription services, extended hardware warranty and training. Initial software and hardware support services are generally delivered over a one-year period in connection with the initial purchase. Software warranty provides customers with maintenance releases during the warranty support period and hardware warranty provides replacement or repair of equipment that fails to perform in line with specifications. Software subscription services include software warranty and additionally provides customers with rights to receive unspecified software product upgrades released during the support period. Spares management and on-site hardware replacement services include the replacement of defective units at customer sites in accordance with specified service level agreements. Network operations management includes the day-to-day operation of a customer's network. These services are generally delivered on an annual basis. The Company evaluates each promised good and service in a contract to determine whether it represents a distinct performance obligation or should be accounted for as a combined performance obligation. Services revenue includes software subscription services, installation and deployment services, spares management, on-site hardware replacement services, network operations management, extended hardware warranty and training. Revenue from software subscription services, spares management, on-site hardware replacement services, network operations management and extended hardware warranty contracts is deferred and is recognized ratably over the contractual support period, which is generally one year, as services are provided over the course of the entire period. Revenue related to training and installation and deployment services is recognized upon completion of the services. Contracts and customer purchase orders are generally used to determine the existence of an arrangement. In addition, shipping documents and customer acceptances, when applicable, are used to verify delivery and transfer of title. The Company typically satisfies its performance obligations upon shipment or delivery of product depending on the contractual terms. Payment terms to customers generally range from net 30 to 120 days from invoice, which are considered to be standard payment terms. The Company assesses its ability to collect from its customers based primarily on the creditworthiness and past payment history of the customer. For sales to resellers, the same revenue recognition criteria apply. It is the Company’s practice to identify an end-user prior to shipment to a reseller. The Company does not offer rights of return or price protection to its resellers. The Company reports revenue net of any required taxes collected from customers and remitted to government authorities, with the collected taxes recorded as current liabilities until remitted to the relevant government authority. Customer Purchase Commitments The Company sells software licenses that provide customers the ability to purchase incremental bandwidth capacity on an already-deployed piece of hardware. Infinera Instant Bandwidth-enabled systems generally include a specific initial capacity and incremental capacity can be added by the purchase of Instant Bandwidth licenses. Instant Bandwidth licenses are considered distinct performance obligations because customers can provision additional transmission capacity on demand without the deployment of any incremental equipment. Some contracts commit the customer to purchase incremental Instant Bandwidth licenses within a specified time frame from the initial shipment of the Instant Bandwidth-enabled hardware. The time frame varies by customer and generally ranges between 12 to 24 months. If the customer does not purchase the additional capacity within the time frame as stated in the contract, the Company has the right to deliver and invoice such Instant Bandwidth licenses to the customer. Future committed licenses are considered to be additional performance obligations when a minimum purchase obligation is present, as evidenced by enforceable rights and obligations. As such, the Company is required to estimate the variable consideration for future Instant Bandwidth licenses as part of determining the contract transaction price. Contract Termination Rights The contract term is determined on the basis of the period over which the parties to the contract have present enforceable rights and obligations. Certain customer contracts include a termination for convenience clause that allows the customer to terminate services without penalty, upon advance notification. For such contracts, the service duration is limited to the non-cancelable portion of the contract. Variable Consideration The consideration associated with customer contracts is generally fixed. Variable consideration includes discounts, rebates, refunds, credits, incentives, penalties, or other similar items. The amount of consideration that can vary is not a substantial portion of total consideration. Variable consideration estimates are re-assessed at each reporting period until a final outcome is determined. The changes to the original transaction price due to a change in estimated variable consideration will be applied on a retrospective basis, with the adjustment recorded in the period in which the change occurs. Stand-alone Selling Price Stand-alone selling price is the price at which an entity would sell a good or service on a stand-alone (or separate) basis at contract inception. Under this model, the observable price of a good or service sold separately provides the best evidence of stand-alone selling price. However, in certain situations, stand-alone selling prices will not be readily observable and the entity must estimate the stand-alone selling price. When allocating on a relative stand-alone selling price basis, any discount provided in the contract is generally allocated proportionately to all of the performance obligations in the contract. The majority of products and services offered by the Company have readily observable selling prices. For products and services that do not, the Company generally estimates stand-alone selling price using the market assessment approach based on expected selling price and adjust those prices as necessary to reflect the Company’s costs and margins. As part of its stand-alone selling price policy, the Company reviews product pricing on a periodic basis to identify any significant changes and revise its expected stand-alone selling price assumptions as appropriate. Shipping and Handling The Company treats shipping and handling activities as costs to fulfill the Company's promise to transfer products. Shipping and handling fees billed to customers are recorded as a reduction to cost of product. Capitalization of Costs to Obtain a Contract The Company has assessed the treatment of costs to obtain or fulfill a contract with a customer. Sales commissions have historically been expensed as incurred. Under Topic 606, the Company capitalizes sales commissions related to multi-year service contracts, which are paid for upfront, and amortizes the asset over the period of benefit, which is the service period. Sales commissions paid on service contract renewals, are commensurate with the sales commissions paid on the initial contracts. Transaction Price Allocated to the Remaining Performance Obligation The Company’s remaining performance obligations represent the transaction price allocated to performance obligations that are unsatisfied or partially satisfied as of period end, consisting of deferred revenue and backlog. The Company’s backlog represents purchase orders received from customers for future product shipments and services that are unsatisfied or partially satisfied as of period end. The Company’s backlog is subject to future events that could cause the amount or timing of the related revenue to change, and, in certain cases, may be canceled without penalty. Orders in backlog may be fulfilled several quarters following receipt or may relate to multi-year support service obligations.
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Stock-Based Compensation | Stock-Based Compensation Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period (generally the vesting period) under the straight-line amortization method. The Company accounts for forfeitures as they occur. The Company estimates the fair value of the rights to acquire stock under its 2007 Employee Stock Purchase Plan (the “ESPP”) using the Black-Scholes option pricing formula. The ESPP provides for consecutive six-month offering periods and the Company's historical volatility data in the valuation of shares that are purchased under the ESPP. The Company accounts for the fair value of restricted stock units (“RSUs”) using the closing market price of the Company’s common stock on the date of grant. For new-hire grants, RSUs typically vest ratably on an annual basis over four years. For annual refresh grants, RSUs typically vest ratably over 18 months to three years. The Company granted performance shares (“PSUs”) to its executive officers and senior management. The PSUs granted during 2018 to the Company’s executive officers and senior management are based on the Total Shareholder Return ("TSR") of the Company’s common stock price relative to the TSR of the individual companies listed in the S&P North American Technology Multimedia Networking Index (the "SPGIIPTR") over the span of one year, two years and three years. The number of shares to be issued upon vesting of these PSUs range from zero to two times the target number of PSUs granted depending on the Company’s performance against the individual companies listed in the SPGIIPTR. This performance metric is classified as a market condition. PSUs granted to the Company's executive officers and senior management during 2019, 2020 and 2021 are based on performance criteria related to a specific financial target over the span of a three-year performance period. These PSUs may become eligible for vesting to begin before the end of the three year performance period, if the applicable financial target is met. The number of shares to be issued upon vesting of these PSUs is capped at the target number of PSUs granted. The Company assesses the achievement status of these PSUs on a quarterly basis and records the related stock-based compensation expenses based on the estimated achievement payout. The Company uses a Monte Carlo simulation model to determine the fair value of PSUs with market conditions. The Monte Carlo simulation model is based on a discounted cash flow approach, with the simulation of a large number of possible stock price outcomes for the Company's stock and the target composite index. The use of the Monte Carlo simulation model requires the input of a number of assumptions including expected volatility of the Company's stock price, expected volatility of a target composite index, correlation between changes in the Company's stock price and changes in the target composite index, risk-free interest rate, and expected dividends as applicable. Expected volatility of the Company's stock is based on the weighted-average historical volatility of its stock. Expected volatility of the target composite index is based on the historical and implied data. Correlation is based on the historical relationship between the Company's stock price and the target composite index average. The risk-free interest rate is based upon the treasury zero-coupon yield appropriate for the term of the PSU as of the grant date. The expected dividend yield is zero for the Company as it does not expect to pay dividends in the future. The expected dividend yield for the target composite index is the annual dividend yield expressed as a percentage of the composite average of the target composite index on the grant date. In addition, the Company granted other PSUs to certain employees that only vest upon the achievement of specific operational performance criteria. The Company assesses the achievement status of these PSUs on a quarterly basis and records the related stock-based compensation expenses based on the estimated achievement payout.
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Employee Benefit and Pension Plans | Employee Benefit and Pension Plans The Company operates a number of post-employment plans in Germany, as well as smaller post-employment plans in other countries, including both defined contribution and defined benefit plans. Benefit cost and obligations pertaining to these plans are based on assumptions for the discount rate, expected return on plan assets, mortality rates, expected salary increases, health care cost trend rates and attrition rates. The discount rate assumption is based on current investment yields of high-quality fixed-income securities with maturities similar to the expected benefits payment period. Mortality rates help predict the expected life of plan participants. The expected increase in the compensation levels assumption reflects the Company's actual experience and future expectations. The expected long-term return on plan assets is determined based on asset allocations, historical portfolio results, historical asset correlations and management’s expected returns for each asset class. The Company evaluates its expected return assumptions annually including reviewing current capital market assumptions to assess the reasonableness of the expected long-term return on plan assets. The Company updates the expected long-term return on assets when the Company observes a sufficient level of evidence that would suggest the long-term expected return has changed.
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Research and Development | Research and Development All costs to develop the Company’s hardware products are expensed as incurred. Software development costs are capitalized beginning when a product’s technological feasibility has been established and ending when a product is available for general release to customers. Generally, the Company’s software products are released soon after technological feasibility has been established. As a result, costs subsequent to achieving technological feasibility have not been significant and all software development costs have been expensed as incurred.
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Advertising | AdvertisingAll advertising costs are expensed as incurred. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting for Income Taxes | Accounting for Income Taxes As part of the process of preparing its consolidated financial statements, the Company is required to estimate its taxes in each of the jurisdictions in which it operates. The Company estimates actual current tax expense together with assessing temporary differences resulting from different treatment of items, such as accruals and allowances not currently deductible for tax purposes. These differences result in deferred tax assets and liabilities, which are included in consolidated balance sheets. In general, deferred tax assets represent future tax benefits to be received when certain expenses previously recognized in consolidated statements of operations become deductible expenses under applicable income tax laws or loss, or credit carryforwards are utilized. Accordingly, realization of deferred tax assets is dependent on future taxable income within the respective jurisdictions against which these deductions, losses and credits can be utilized within the applicable future periods. The Company must assess the likelihood that some portion or all of its deferred tax assets will be recovered from future taxable income within the respective jurisdictions, and to the extent the Company believes that recovery does not meet the “more-likely-than-not” standard, it must establish a valuation allowance. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management judgment is required in determining its provision for income taxes, its deferred tax assets and liabilities and any valuation allowance recorded against our net deferred tax assets. In evaluating the need for a full or partial valuation allowance, all positive and negative evidence must be considered, including the Company's forecast of taxable income over the applicable carryforward periods, its current financial performance, its market environment, and other factors. Accordingly, the domestic net deferred tax assets are subject to a full valuation allowance. To the extent that the Company determines that deferred tax assets are realizable on a more likely than not basis, and an adjustment is needed, that adjustment will be recorded in the period that the determination is made.
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Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions The Company considers the functional currencies of its foreign subsidiaries to be the local currency. Assets and liabilities recorded in foreign currencies are translated at the exchange rate as of the balance sheet date, revenue, costs and expenses are translated at average exchange rates in effect during the period. Equity transactions are translated using historical exchange rates. The effects of foreign currency translation adjustments are recorded as a separate component of accumulated other comprehensive income (loss) in the accompanying consolidated balance sheets and consolidated statements of comprehensive income (loss). For all non-functional currency account balances, the re-measurement of such balances to the functional currency will result in either a foreign exchange transaction gain or loss, which is recorded to other income (loss), net, in the Company's consolidated statement of operations, in the same period that the re-measurement occurred. Aggregate foreign exchange transactions recorded in 2021, 2020 and 2019 were losses of $17.2 million, $0.2 million, and $3.7 million, respectively. The Company enters into foreign currency exchange forward contracts to reduce the impact of foreign exchange fluctuations on earnings from certain non-functional currency account balances denominated primarily in euros and British pounds.
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Cash | Cash Cash consists primarily of cash in bank deposit accounts which, at times, a portion may exceed federally insured limits. The Company has not experienced any losses in such accounts.
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Fair Value Measurement | Fair Value Measurement Pursuant to the accounting guidance for fair value measurements and its subsequent updates, fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Valuation techniques used by the Company are based upon observable and unobservable inputs. Observable or market inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s assumptions about market participant assumptions based on the best information available. Observable inputs are the preferred source of values. These two types of inputs create the following fair value hierarchy:
The Company measures its foreign currency exchange forward contracts and debt securities at fair value and classifies them in accordance with the fair value hierarchy on a recurring basis. Foreign Currency Exchange Forward Contracts As discussed in Note 6, “Derivative Instruments" to the Notes to Consolidated Financial Statements, the Company mainly holds non-speculative foreign exchange forward contracts to hedge certain foreign currency exchange exposures. The Company estimates the fair values of derivatives based on quoted market prices or pricing models using current market rates. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs including interest rate curves, credit risk, foreign exchange rates, and forward and spot prices for currencies. Facilities-related Charges The Company estimates the fair value of its facilities-related charges associated with its restructuring plans, based on estimated future discounted cash flows and unobservable inputs, which includes the amount and timing of estimated sublease rental receipts that the Company can reasonably obtain over the remaining lease term and the discount rate. Pension As a result of the Acquisition, the Company acquired a number of post-employment plans in Germany, as well as a number of smaller post-employment plans in other countries, including both defined contribution and defined benefit plans. The defined benefit plans expose the Company to actuarial risks such as investment risk, interest rate risk, life expectancy risk and salary risk. The characteristics of the defined benefit plans and the risks associated with them vary depending on legal, fiscal, and economic requirements. Refer to Note 18, "Employee Benefit and Pension Plans" to the Notes to Consolidated Financial Statements, for more information on fair value of plan assets by major asset category.
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Accounts Receivable and Allowances for Credit Losses | Accounts Receivable and Allowances for Credit Losses Accounts receivable are recorded at the invoiced amount and do not bear interest. The Company maintains an allowance for estimated credit losses resulting from the inability of its customers to make required payments and reviewed the allowance quarterly. The Company determines expected credit losses by performing credit evaluations of its customers' financial condition, establishing both a general reserve and specific reserve for customers in adverse financial condition and adjusting for its expectations of changes in conditions that may impact the collectability of outstanding receivables. The Company considers a customer's receivable balance past due when the amount is due beyond the credit terms extended, The Company considers factors such as historical experience, credit quality, age of the accounts receivable balances, and geographic or country-specific risks. Amounts are written off when receivables are determined to be uncollectible.
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Allowances for Sales Returns | Allowances for Sales ReturnsCustomer product returns are approved on a case by case basis. Specific reserve provisions are made based upon a specific review of all the approved product returns where the customer has yet to return the products to generate the related sales return credit at the end of a period. Estimated sales returns are provided for as a reduction to revenue. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Concentration of Risk | Concentration of Risk Financial instruments that are potentially subject to concentrations of credit risk consist primarily of cash, restricted cash, foreign exchange contracts and accounts receivable. The risk with respect to foreign exchange contracts is mitigated by entering into these contracts with a large high-quality financial institution and the Company monitors the creditworthiness of the counterparty consistently. The risk with respect to accounts receivable is mitigated by ongoing credit evaluations that the Company performs on its customers. As the Company continues to expand its sales internationally, it may experience increased levels of customer credit risk associated with those regions. Collateral is generally not required for accounts receivable but may be used in the future to mitigate credit risk associated with customers located in certain geographical regions. As of December 25, 2021, no customer accounted for over 10% of the Company's accounts receivable balance, net on the consolidated balance sheets. As of December 26, 2020, one customer accounted for over 10% of the Company's accounts receivable balance, net on the consolidated balance sheets. One customer accounted for approximately 11% and 13% of the Company's revenue in 2020 and 2019, respectively. No other customers accounted for 10% or more of the Company's revenue in 2020 and 2019. No customer accounted for 10% or more of the Company's revenue in 2021. The Company depends on sole source or limited source suppliers for several key components and raw materials. The Company generally purchases these sole source or limited source components and raw materials through standard purchase orders and does not have long-term contracts with many of these limited-source suppliers. While the Company seeks to maintain sufficient reserve stock of such components and raw materials, the Company’s business and results of operations could be adversely affected if any of its sole source or limited source suppliers suffer from capacity constraints, lower than expected yields, deployment delays, work stoppages or any other reduction or disruption in output.
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Derivative Instruments | Derivative Instruments The Company is exposed to foreign currency exchange rate fluctuations in the normal course of its business. As part of its risk management strategy, the Company uses derivative instruments, specifically forward contracts, to reduce the impact of foreign exchange fluctuations on earnings. The forward contracts are with high-quality institutions and the Company monitors the creditworthiness of the counterparties consistently. The Company’s objective is to offset gains and losses resulting from these exposures with gains and losses on the derivative contracts used to hedge them, thereby reducing volatility of earnings or protecting fair values of assets. The Company does not use derivative contracts for trading or speculative purposes. The Company enters into foreign currency exchange forward contracts to manage its exposure to fluctuations in foreign exchange rates that arise primarily from euro and British pounds. Gains and losses on these contracts are intended to offset the impact of foreign exchange rate changes on the underlying account balances, and therefore, do not subject the Company to material balance sheet risk. The Company has entered into factoring agreements, to sell certain receivables to unrelated third-party financial institutions. These transactions are accounted for in accordance with ASC Topic 860, “Transfers and Servicing” (“ASC 860”). ASC 860 and result in a reduction in accounts receivable because the agreements transfer effective control over and risk related to the receivables to the buyers. The Company's factoring agreements do not allow for recourse in the event of uncollectability, and the Company does not retain any interest in the underlying accounts receivable once sold.
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Inventory Valuation | Inventory Valuation Inventories consist of raw materials, work-in-process and finished goods and are stated at standard cost adjusted to approximate the lower of actual cost or net realizable value. Costs are recognized utilizing the first-in, first-out method. Net realizable value is based upon an estimated selling price reduced by the estimated cost of disposal. The determination of market value involves numerous judgments including estimated average selling prices based upon recent sales volumes, industry trends, existing customer orders, current contract price, future demand and pricing and technological obsolescence of the Company’s products. Inventory that is obsolete or in excess of the Company’s forecasted demand or is anticipated to be sold at a loss is written down to its estimated net realizable value based on historical usage and expected demand. In valuing its inventory costs and deferred inventory costs, the Company considered whether the net realizable value of inventory delivered or expected to be delivered at less than cost, primarily comprised of common equipment, had declined. The Company concluded that, in the instances where the net realizable value of inventory delivered or expected to be delivered was less than cost, it was appropriate to value the inventory costs and deferred inventory costs at cost or net realizable value, whichever is lower, thereby recognizing the cost of the reduction in net realizable value of inventory in the period in which the reduction occurred or can be reasonably estimated. The Company has, therefore, recognized inventory write-downs as necessary in each period in order to reflect inventory at the lower of actual cost or net realizable value. The Company considers whether it should accrue losses on firm purchase commitments related to inventory items. Given that the net realizable value of common equipment is below contractual purchase price, the Company has also recorded losses on these firm purchase commitments in the period in which the commitment is made. When the inventory parts related to these firm purchase commitments are received, that inventory is recorded at the purchase price less the accrual for the loss on the purchase commitment.
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Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost. This includes enterprise-level business software that the Company customizes to meet its specific operational needs and certain software licenses. Depreciation is calculated using the straight-line method over the estimated useful lives of the respective assets. Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or estimated useful life of the asset. An assumption of lease renewal where a renewal option exists is used only when the renewal has been determined to be reasonably certain. Repair and maintenance costs are expensed as incurred. The estimated useful life for each asset category is as follows:
The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of these assets may not be recoverable or that the useful life is shorter than originally estimated. If impairment indicators are present and the projected future undiscounted cash flows are less than the carrying value of the assets, the carrying values are reduced to the estimated fair value. If assets are determined to be recoverable, but the useful lives are shorter than originally estimated, the carrying value of the assets is depreciated over the newly determined remaining useful lives.
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Accrued Warranty | Accrued Warranty In the Company's contracts with its customers, the Company warrants that its products will operate substantially in conformity with product specifications. Hardware warranties provide the purchaser with protection in the event that the product does not perform to product specifications. During the warranty period, the purchaser’s sole and exclusive remedy in the event of such defect or failure to perform is limited to the correction of the defect or failure by repair, refurbishment or replacement, at the Company’s sole option and expense. The Company's hardware warranty periods generally range from to five years from date of acceptance for hardware and the Company's software warranty is 90 days. Upon delivery of the Company's products, the Company provides for the estimated cost to repair or replace products that may be returned under warranty. The hardware warranty accrual is based on actual historical returns and cost of repair experience and the application of those historical rates to the Company's in-warranty installed base. The provision for warranty claims fluctuates depending upon the installed base of products and the failure rates and costs of repair associated with these products under warranty. Furthermore, the Company's costs of repair vary based on repair volume and its ability to repair, rather than replace, defective units. In the event that actual product failure rates and costs to repair differ from the Company's estimates, revisions to the warranty provision are required. In addition, from time to time, specific hardware warranty accruals may be made if unforeseen technical problems arise with specific products. The Company regularly assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary.
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Amortization of Intangible Assets | Amortization of Intangible AssetsIntangible assets with finite lives are carried at cost, less accumulated amortization. Amortization is computed over the estimated useful lives of the respective assets. In-process research and development represent the fair value of incomplete research and development projects that have not reached technological feasibility as of the date of acquisition. Initially, these assets are not subject to amortization, but once projects have been completed, these assets are transferred to developed technology, which are subject to amortization, while assets related to projects that have been abandoned are impaired and expensed to research and development. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment of Goodwill and Intangible Assets | Impairment of Goodwill and Intangible Assets Goodwill represents the excess of the purchase price of an acquired business over the fair value of the identifiable assets acquired and liabilities assumed. The Company tests for impairment of goodwill on an annual basis in the fourth quarter and at any other time when events occur or circumstances indicate that the carrying amount of goodwill may not be recoverable. The Company has the option to first assess qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. If the Company determines that as a result of the qualitative assessment that it is more likely than not (i.e., greater than 50% likelihood) that the fair value of a reporting unit is less than its carrying amount, then the quantitative test is required or it can directly perform the quantitative analysis. The Company recognizes an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized does not exceed the total amount of goodwill allocated to that reporting unit. The Company evaluates events and changes in circumstances that could indicate carrying amounts of purchased intangible assets may not be recoverable. When such events or changes in circumstances occur, the Company assesses the recoverability of these assets by determining whether or not the carrying amount will be recovered through undiscounted expected future cash flows. If the total of the future undiscounted cash flows is less than the carrying amount of an asset, the Company records an impairment loss for the amount by which the carrying amount of the asset exceeds the fair value of the asset.
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Leases | Leases The Company has operating leases primarily for real estate (facilities) and automobiles. The Company has finance leases primarily for computer hardware, laboratory and manufacturing equipment and leasehold and building improvements. The Company leases facilities under non-cancelable operating lease agreements. These leases have varying terms that range from to 11 years and contain leasehold improvement incentives, rent holidays and escalation clauses. In addition, some of these leases have renewal options for up to six years. The Company determines if an arrangement contains a lease at inception. Operating leases are included in operating lease right of use ("ROU") assets, accrued expenses and other current liabilities and operating lease liabilities on the Company's consolidated balance sheets. Finance leases are included in property, plant and equipment, net, accrued expenses and other current liabilities and other long-term liabilities on the Company's consolidated balance sheets. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. Operating lease ROU assets also include any lease payments made and exclude lease incentives and initial direct costs incurred. Variable lease payments are expensed as incurred and are not included within the ROU asset and lease liability calculation. Variable lease payments primarily include reimbursements of costs incurred by lessors for common area maintenance and utilities. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The Company rents or subleases certain real estate under agreements that are classified as operating leases. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. The Company does not account for lease components (e.g., fixed payments including rent) separately from the non-lease components (e.g., common-area maintenance costs). Upon abandoning or committing to a plan to abandon a leased property in the short term before the lease term expires, the Company assesses the fair value of its remaining obligation under the lease and records an impairment of the ROU asset, if needed. The impairment loss is calculated as the present value of the amount by which the remaining lease obligation, adjusted for the effects of any one-time costs to sublease, exceeds the estimated sublease rentals that could be reasonably obtained. The estimated sublease rentals consider Company's ability and intent to sublease the space. The significant assumptions used in the Company's discounted cash flow model include the amount and timing of estimated sublease rental receipts and the discount rate which involve a number of risks and uncertainties, some of which are beyond control, including future real estate market conditions and the Company's ability to successfully enter into subleases or termination agreements with terms as favorable as those assumed when arriving at its estimates. The Company monitors these estimates and assumptions on at least a quarterly basis for changes in circumstances and any corresponding adjustments to the accrual are recorded in its statement of operations in the period when such changes are known. The loss recorded or to be recorded may change significantly as a result of the re-measurement of the liability, if the timing or amount of estimated cash flows change.
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Restructuring and Other Related Costs | Restructuring and Other Related Costs The Company records costs associated with exit activities related to restructuring plans in accordance with ASC 420, “Exit or Disposal Cost Obligations,” or ASC 712, “Compensation — Nonretirement Postemployment Benefits.” Liabilities for costs associated with an exit or disposal activity are recognized in the period in which the liability is incurred. The timing of the associated cash payments is dependent upon the type of exit cost and extends over an approximately four-year period. The Company records restructuring cost liabilities in “accrued expenses and other current liabilities” and "other long-term liabilities" in the consolidated balance sheet. Restructuring costs include employee and contract termination costs, facility consolidation and closure costs, lease related impairment charges, equipment write-downs and inventory write-downs. One-time termination benefits are recognized as a liability at estimated fair value when the approved plan of termination has been communicated to employees, unless employees must provide future service, in which case the benefits are recognized ratably over the future service period. Ongoing termination benefits arrangements are recognized as a liability at estimated fair value when the amount of such benefits becomes estimable and payment is probable. Restructuring charges require significant estimates and assumptions, including estimates made for employee separation costs and other contract termination charges. Management estimates involve a number of risks and uncertainties, some of which are beyond control, including the Company's ability to successfully enter into termination agreements with employees and others with terms as favorable as those assumed when arriving at its estimates. The Company monitors these estimates and assumptions on at least a quarterly basis for changes in circumstances and any corresponding adjustments to the accrual are recorded in its statement of operations in the period when such changes are known.
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Recent Accounting Pronouncements/Accounting Pronouncements Not Yet Effective | Recent Accounting Pronouncements Accounting Pronouncements Recently Adopted In December 2019, FASB issued ASU 2019-12, "Simplifying the Accounting for Income Taxes" (“ASU 2019-12”), as part of its simplification initiative. ASU 2019-12 removes certain exceptions from Accounting Standards Codification ("ASC") 740, "Income Taxes" ("ASC 740"), including (i) the exception to the incremental approach for intra period tax allocation when there is a loss from continuing operations and income or a gain from other items such as discontinued operations or other comprehensive income; (ii) the exception to accounting for outside basis differences of equity method investments and foreign subsidiaries; and (iii) the exception to limit tax benefit recognized in interim period in cases when the year-to-date losses exceeds anticipated losses. ASU 2019-12 also simplifies U.S. GAAP in several other areas of ASC 740 such as (i) franchise taxes and other taxes partially based on income; (ii) step-up in tax basis goodwill considered part of a business combination in which the book goodwill was originally recognized or should be considered a separate transaction; (iii) separate financial statements of entities not subject to tax; and (iv) interim recognition of enactment of tax laws or rate changes. ASU 2019-12 is effective for the Company for fiscal years (and interim periods within those fiscal years) beginning after December 15, 2020, with early adoption permitted. The Company adopted ASU 2019-12 in the first quarter of 2021 and the impact of the adoption was not material to the Company's consolidated financial statements. Accounting Pronouncements Not Yet Effective In October 2021, the FASB issued ASU 2021-08, "Business Combinations (Topic 805)” (“ASU 2021-08”). The ASU improves the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer. The update is effective for annual and interim periods within the fiscal year beginning after December 15, 2022, and early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the period in which we will adopt ASU 2021-08 and evaluating the impact that the adoption of ASU 2021-08 would have on its consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40) ("ASU 2020-06"). The ASU simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. This update removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. This update also simplifies the diluted net income per share calculation in certain areas. The update is effective for annual and interim periods beginning after December 15, 2021, and interim periods within those fiscal years. The Company will adopt ASU 2020-06 as of December 26, 2021 using the modified retrospective transition method, which will result in a cumulative-effect adjustment to the opening balance of accumulated deficit on the date of adoption. Prior period financial statements will not be restated upon adoption. Upon adoption of ASU 2020-06, the Company will no longer record the conversion feature of its convertible senior notes in equity. Instead, the Company will combine the previously separated equity component with the liability component, which together will be classified as debt, thereby eliminating the subsequent amortization of the debt discount as interest expense. Similarly, a portion of issuance costs previously allocated to equity will be reclassified to debt and amortized as interest expense. Accordingly, the Company expects to record an increase to accumulated deficit, a decrease to additional paid-in capital, and an increase to convertible senior notes. Also upon adoption, the Company will no longer utilize the treasury stock method for earnings per share purposes. Instead, the Company will use the if-converted method when reporting the weighted-average number of potentially dilutive shares of common stock. Although the required use of the if-converted method will not impact the diluted net loss per share as long as the Company is in a net loss position, the Company will be required to include disclosure of all the underlying shares regardless of the average stock price for the reporting period. In March 2020, the FASB issued ASU 2020-04 (Topic 848), "Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides temporary optional expedients and exceptions to the existing guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate. The standard was effective upon issuance and may generally be applied through December 31, 2022 to any new or amended contracts, hedging relationships, and other transactions that reference LIBOR. The Company will apply the amendments when its relevant contracts are modified upon transition to alternative reference rates.
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Significant Accounting Policies (Tables) |
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Schedule of Estimated Useful Life of Asset | The estimated useful life for each asset category is as follows:
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Leases (Tables) |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property, Plant and Equipment | The estimated useful life for each asset category is as follows:
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Schedule of Finance Lease Liability | The following table presents maturity of lease liabilities under the Company's non-cancelable leases as of December 25, 2021 (in thousands):
(1) Calculated using the interest rate for each lease. The following table sets forth commitments and contingencies related to our various obligations (in thousands):
(1) The Company leases facilities under non-cancelable operating lease agreements. These leases have varying terms that range from to 11 years. The above payment schedule includes interest. See Note 3, "Leases" to the Notes to Consolidated Financial Statements for more information. (2) The Company has contractual commitments to remove leasehold improvements and return certain properties to a specified condition when the leases terminate. At the inception of a lease with such conditions, the Company records an asset retirement obligation liability and a corresponding capital asset in an amount equal to the estimated fair value of the obligation. Asset retirement obligations were $5.1 million and $5.0 million as of December 25, 2021 and December 26, 2020, respectively. All of the $5.1 million as of December 25, 2021 is classified as other long-term liabilities on the accompanying consolidated balance sheets. (3) The Company has finance leases for other equipment and leasehold improvements. The above payment schedule includes interest. See Note 3, "Leases" to the Notes to Consolidated Financial Statements for more information. (4) The Company has agreements with its major production suppliers, where the Company is committed to purchase certain parts. As of December 25, 2021, December 26, 2020 and December 28, 2019, these non-cancelable purchase commitments were $591.5 million, $291.4 million and $258.2 million, respectively. (5) See Note 12, "Debt" to the Notes to Consolidated Financial Statements for more information.
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Schedule of Operating Lease Liabilities | The following table presents maturity of lease liabilities under the Company's non-cancelable leases as of December 25, 2021 (in thousands):
(1) Calculated using the interest rate for each lease. The following table sets forth commitments and contingencies related to our various obligations (in thousands):
(1) The Company leases facilities under non-cancelable operating lease agreements. These leases have varying terms that range from to 11 years. The above payment schedule includes interest. See Note 3, "Leases" to the Notes to Consolidated Financial Statements for more information. (2) The Company has contractual commitments to remove leasehold improvements and return certain properties to a specified condition when the leases terminate. At the inception of a lease with such conditions, the Company records an asset retirement obligation liability and a corresponding capital asset in an amount equal to the estimated fair value of the obligation. Asset retirement obligations were $5.1 million and $5.0 million as of December 25, 2021 and December 26, 2020, respectively. All of the $5.1 million as of December 25, 2021 is classified as other long-term liabilities on the accompanying consolidated balance sheets. (3) The Company has finance leases for other equipment and leasehold improvements. The above payment schedule includes interest. See Note 3, "Leases" to the Notes to Consolidated Financial Statements for more information. (4) The Company has agreements with its major production suppliers, where the Company is committed to purchase certain parts. As of December 25, 2021, December 26, 2020 and December 28, 2019, these non-cancelable purchase commitments were $591.5 million, $291.4 million and $258.2 million, respectively. (5) See Note 12, "Debt" to the Notes to Consolidated Financial Statements for more information.
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Schedule of Lease Costs | The following table presents finance lease expense comprising of amortization of right of use asset and interest expense (in thousands):
The following table presents supplemental information for the Company's non-cancelable leases for the fiscal year ended December 25, 2021 (in thousands, except for weighted average and percentage data):
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Assets And Liabilities, Lessee | The following table presents balance sheet detail of finance lease liability (in thousands):
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Revenue Recognition (Tables) |
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Dec. 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregation of Revenue | The following table presents the Company's revenue disaggregated by revenue source (in thousands):
The Company sells its products directly to customers who are predominantly service providers and to channel partners that sell on its behalf. The following tables present the Company's revenue disaggregated by geography, based on the shipping address of the customer and by sales channel (in thousands):
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Schedule of Contract with Customer, Asset and Liability | The following table provides information about receivables, contract assets and contract liabilities from contracts with customers (in thousands):
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Schedule of Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially satisfied) pursuant to contracts that are not subject to cancellation without penalty at the end of the reporting period (in thousands):
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Fair Value Measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the Company’s fair value hierarchy for its assets (liabilities) measured at fair value on a recurring basis (in thousands):
The following table presents the estimated fair values of the Convertible Senior Notes (in thousands):
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Derivative Instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value of Derivative Instruments Not Designated as Hedging Instruments | The fair value of derivative instruments not designated as hedging instruments in the Company’s consolidated balance sheets was as follows (in thousands):
(1)Represents the face amounts of forward contracts that were outstanding as of the period noted.
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Goodwill and Intangible Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | The following table presents details of the Company’s goodwill for the fiscal year ended December 25, 2021 (in thousands):
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Schedule of Finite-Lived Intangible Assets | The following table presents details of the Company’s intangible assets as of December 25, 2021 and December 26, 2020 (in thousands):
(1)As a result of the exit from certain product lines in connection with the Company's restructuring initiatives, we shortened the life of certain developed technology intangibles.
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table summarizes the Company’s estimated future amortization expense of intangible assets with finite lives as of December 25, 2021 (in thousands):
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Balance Sheet Details (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Allowance for Doubtful Accounts | The following table provides a rollforward of the allowance for credit losses for accounts receivable for the fiscal year ended December 25, 2021 (in thousands):
(1)The new additions during the fiscal year ended December 25, 2021 are primarily due to specific reserves. (2)The write offs during the fiscal year ended December 25, 2021 are primarily amounts fully reserved previously. (3)Primarily represents foreign currency translation adjustments.
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Schedule of Details of Selected Balance Sheet Items | The following table provides details of selected balance sheet items (in thousands):
(1)Included in computer software at December 25, 2021 and December 26, 2020 were $25.9 million and $25.4 million, respectively, related to enterprise resource planning (“ERP”) systems that the Company implemented. The unamortized ERP costs at December 25, 2021 and December 26, 2020 were $8.9 million and $10.8 million, respectively. Also included in computer software at December 25, 2021 and December 26, 2020 was $20.9 million and $17.0 million, respectively, related to term licenses. The unamortized term license costs at December 25, 2021 and December 26, 2020 was $9.2 million and $12.0 million, respectively. (2)Depreciation expense was $47.1 million, $52.3 million and $60.0 million (which includes depreciation of capitalized ERP costs of $2.8 million, $2.6 million and $2.4 million) for 2021, 2020 and 2019, respectively. Also included in depreciation expense for 2021 was $6.7 million related to term licenses.
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Restructuring and Other Related Costs (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring and Related Costs | The following table presents restructuring and other related costs included in cost of revenue and operating expenses in the accompanying consolidated statements of operations under the 2021 Restructuring Plan, 2020 Restructuring Plan, the 2018 Restructuring Plan and Coriant's previous restructuring and reorganization plans (in thousands):
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Schedule of Restructuring Reserve by Type of Cost | Restructuring liabilities are reported within accrued expenses and other long-term liabilities in the accompanying consolidated balance sheets (in thousands):
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Accumulated Other Comprehensive Income (Loss) (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 25, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of AOCI | The following table sets forth the changes by component for the periods presented (in thousands):
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Basic and Diluted Net Loss Per Common Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Computation of Net Income (Loss) Per Common Share Basic and Diluted | The following table sets forth the computation of net loss per common share (in thousands, except per share amounts):
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Schedule of Antidilutive Shares Excluded from Computation of Diluted Net Income (Loss) Per Share | The following table sets forth the potentially dilutive shares excluded from the computation of the diluted net loss per share because their effect was anti-dilutive (in thousands):
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Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Convertible Senior Notes | The following is a summary of our debt as of December 25, 2021 (in millions):
The following is a summary of our debt as of December 26, 2020 (in millions):
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Schedule of Interest Expense Recognized Related To Notes | The following table presents the interest expense related to the contractual interest coupon, the amortization of debt issuance costs, and the amortization of debt discounts on our Convertible Senior Notes (in thousands):
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Commitments and Contingencies (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 25, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Interest and Principal Payments | The following table sets forth commitments and contingencies related to our various obligations (in thousands):
(1) The Company leases facilities under non-cancelable operating lease agreements. These leases have varying terms that range from to 11 years. The above payment schedule includes interest. See Note 3, "Leases" to the Notes to Consolidated Financial Statements for more information. (2) The Company has contractual commitments to remove leasehold improvements and return certain properties to a specified condition when the leases terminate. At the inception of a lease with such conditions, the Company records an asset retirement obligation liability and a corresponding capital asset in an amount equal to the estimated fair value of the obligation. Asset retirement obligations were $5.1 million and $5.0 million as of December 25, 2021 and December 26, 2020, respectively. All of the $5.1 million as of December 25, 2021 is classified as other long-term liabilities on the accompanying consolidated balance sheets. (3) The Company has finance leases for other equipment and leasehold improvements. The above payment schedule includes interest. See Note 3, "Leases" to the Notes to Consolidated Financial Statements for more information. (4) The Company has agreements with its major production suppliers, where the Company is committed to purchase certain parts. As of December 25, 2021, December 26, 2020 and December 28, 2019, these non-cancelable purchase commitments were $591.5 million, $291.4 million and $258.2 million, respectively. (5) See Note 12, "Debt" to the Notes to Consolidated Financial Statements for more information.
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Schedule of Operating Lease Liabilities | The following table presents maturity of lease liabilities under the Company's non-cancelable leases as of December 25, 2021 (in thousands):
(1) Calculated using the interest rate for each lease. The following table sets forth commitments and contingencies related to our various obligations (in thousands):
(1) The Company leases facilities under non-cancelable operating lease agreements. These leases have varying terms that range from to 11 years. The above payment schedule includes interest. See Note 3, "Leases" to the Notes to Consolidated Financial Statements for more information. (2) The Company has contractual commitments to remove leasehold improvements and return certain properties to a specified condition when the leases terminate. At the inception of a lease with such conditions, the Company records an asset retirement obligation liability and a corresponding capital asset in an amount equal to the estimated fair value of the obligation. Asset retirement obligations were $5.1 million and $5.0 million as of December 25, 2021 and December 26, 2020, respectively. All of the $5.1 million as of December 25, 2021 is classified as other long-term liabilities on the accompanying consolidated balance sheets. (3) The Company has finance leases for other equipment and leasehold improvements. The above payment schedule includes interest. See Note 3, "Leases" to the Notes to Consolidated Financial Statements for more information. (4) The Company has agreements with its major production suppliers, where the Company is committed to purchase certain parts. As of December 25, 2021, December 26, 2020 and December 28, 2019, these non-cancelable purchase commitments were $591.5 million, $291.4 million and $258.2 million, respectively. (5) See Note 12, "Debt" to the Notes to Consolidated Financial Statements for more information.
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Schedule of Finance Lease Obligations Maturity | The following table presents maturity of lease liabilities under the Company's non-cancelable leases as of December 25, 2021 (in thousands):
(1) Calculated using the interest rate for each lease. The following table sets forth commitments and contingencies related to our various obligations (in thousands):
(1) The Company leases facilities under non-cancelable operating lease agreements. These leases have varying terms that range from to 11 years. The above payment schedule includes interest. See Note 3, "Leases" to the Notes to Consolidated Financial Statements for more information. (2) The Company has contractual commitments to remove leasehold improvements and return certain properties to a specified condition when the leases terminate. At the inception of a lease with such conditions, the Company records an asset retirement obligation liability and a corresponding capital asset in an amount equal to the estimated fair value of the obligation. Asset retirement obligations were $5.1 million and $5.0 million as of December 25, 2021 and December 26, 2020, respectively. All of the $5.1 million as of December 25, 2021 is classified as other long-term liabilities on the accompanying consolidated balance sheets. (3) The Company has finance leases for other equipment and leasehold improvements. The above payment schedule includes interest. See Note 3, "Leases" to the Notes to Consolidated Financial Statements for more information. (4) The Company has agreements with its major production suppliers, where the Company is committed to purchase certain parts. As of December 25, 2021, December 26, 2020 and December 28, 2019, these non-cancelable purchase commitments were $591.5 million, $291.4 million and $258.2 million, respectively. (5) See Note 12, "Debt" to the Notes to Consolidated Financial Statements for more information.
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Schedule of Financing Assistance Arrangement | The following table sets forth commitments and contingencies related to our various obligations (in thousands):
(1) The Company leases facilities under non-cancelable operating lease agreements. These leases have varying terms that range from to 11 years. The above payment schedule includes interest. See Note 3, "Leases" to the Notes to Consolidated Financial Statements for more information. (2) The Company has contractual commitments to remove leasehold improvements and return certain properties to a specified condition when the leases terminate. At the inception of a lease with such conditions, the Company records an asset retirement obligation liability and a corresponding capital asset in an amount equal to the estimated fair value of the obligation. Asset retirement obligations were $5.1 million and $5.0 million as of December 25, 2021 and December 26, 2020, respectively. All of the $5.1 million as of December 25, 2021 is classified as other long-term liabilities on the accompanying consolidated balance sheets. (3) The Company has finance leases for other equipment and leasehold improvements. The above payment schedule includes interest. See Note 3, "Leases" to the Notes to Consolidated Financial Statements for more information. (4) The Company has agreements with its major production suppliers, where the Company is committed to purchase certain parts. As of December 25, 2021, December 26, 2020 and December 28, 2019, these non-cancelable purchase commitments were $591.5 million, $291.4 million and $258.2 million, respectively. (5) See Note 12, "Debt" to the Notes to Consolidated Financial Statements for more information.
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Guarantees (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 25, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Activity Related to Product Warranty | Activity related to product warranty was as follows (in thousands):
(1)The Company records product warranty liabilities based on the latest quality and cost information available as of the date the revenue is recorded. The changes in estimate shown here are due to changes in overall actual failure rates, the mix of new versus used units related to replacement of failed units, and changes in the estimated cost of repair and product recalls. As the Company's products mature over time, failure rates and repair costs associated with such products generally decline leading to favorable changes in warranty reserves.
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Schedule of Guarantor Obligations | Details are sets in below table (in thousands).
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Stockholders' Equity (Tables) |
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Dec. 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Common Stock Reserved for Future Issuance | Common stock reserved for future issuance was as follows (in thousands):
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Schedule of Company's Equity Award Activity - RSUs | The following tables summarize the Company’s equity award activity and related information (in thousands, except per share data):
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Schedule of Company's Equity Award Activity - PSUs |
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Schedule of Stock-based Compensation Cost for Instruments Granted But Not Yet Amortized | The following table presents total stock-based compensation cost for instruments granted but not yet recognized, net of forfeitures, of the Company’s equity compensation plans as of December 25, 2021. These costs are expected to be amortized on a straight-line basis over the following weighted-average periods (in thousands, except for weighted-average period):
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Schedule of Estimated Fair Value of ESPP Shares | The fair value of the ESPP shares was estimated at the date of grant using the following assumptions:
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Schedule of Employee Stock Purchase Plan Activity | The Company’s ESPP activity for the following periods was as follows (in thousands):
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Schedule of Estimated Fair Value of PSU Granted | The ranges of estimated values of the PSUs granted that are compared to the SPGIIPTR, as well as the assumptions used in calculating these values were based on estimates as follows:
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Schedule of Nonvested Performance Based Units Activity by Grant Year | The following table summarizes by grant year, the Company’s PSU activity for the fiscal year ended December 25, 2021 (in thousands):
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Schedule of Effects of Stock-Based Compensation on Company's Balance Sheets and Statements of Operations | The following tables summarize the effects of stock-based compensation on the Company’s consolidated balance sheets and statements of operations for the periods presented (in thousands):
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Geographic Breakdown of Provision for (Benefit from) Income Taxes | The following is a geographic breakdown of the provision for income taxes (in thousands):
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Schedule of Provisions for Income Taxes Computed by Applying Statutory Federal Income Tax Rates | The provisions for income taxes differ from the amount computed by applying the statutory federal income tax rates as follows:
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Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities are recognized for the future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis using enacted tax rates in effect for the year in which the differences are expected to reverse. Significant deferred tax assets and liabilities consist of the following (in thousands):
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Schedule of Aggregate Changes in Balance of Gross Unrecognized Tax Benefits | The aggregate changes in the balance of gross unrecognized tax benefits were as follows (in thousands):
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Segment Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property, Plant and Equipment, Net | Additionally, the following table sets forth our property, plant and equipment by geographic region (in thousands):
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Employee Benefit and Pension Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | The following table sets forth the changes in benefits obligations and the fair value of plan assets of the Company's benefit plans (in thousands):
(1) The Company's accumulated benefit obligation was $115.1 million and $128.9 million at December 25, 2021 and December 26, 2020, respectively.
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Schedule of Amounts Recognized in Balance Sheet | The following table presents net amounts of non-current assets and current and non-current liabilities for the Company's pension and other post-retirement benefit plans recognized on its consolidated balance sheet (in thousands):
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Schedule of Net Benefit Costs | Net periodic benefit cost for the Company's pension and other post-retirement benefit plans consisted of the following (in thousands):
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Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | The following table sets forth the changes in accumulated other comprehensive income for the Company's benefit plans (pre-tax) (in thousands):
(1) The actuarial loss for the fiscal year ended December 25, 2021 was caused primarily by the change in the discount rate. Amounts in accumulated other comprehensive income expected to be recognized as components of net periodic pension cost during 2022 is $0.4 million (pre-tax).
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Schedule of Assumptions Used | Certain weighted-average assumptions used in computing the benefit obligations are as follows:
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Schedule of Allocation of Plan Assets | The following tables present the fair value of plan assets for pension and other benefit plans by major asset category (in thousands):
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Schedule of Expected Benefit Payments | Estimated future benefit payments under the Company's pension plans as of December 25, 2021 are as follows (in thousands):
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Financial Information by Quarter (Unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Unaudited Quarterly Consolidated Statements of Operations Data for Each of Eight Quarters | The following table sets forth the Company’s unaudited quarterly consolidated statements of operations data for 2021 and 2020. The data has been prepared on the same basis as the audited consolidated financial statements and related notes included in this report. The table includes all necessary adjustments, consisting only of normal recurring adjustments that the Company considers necessary for a fair presentation of this data.
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Significant Accounting Policies - Narrative (Details) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 25, 2021
USD ($)
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Dec. 26, 2020
USD ($)
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Dec. 28, 2019
USD ($)
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Significant Accounting Policies [Line Items] | |||
Contractual support period | 1 year | ||
Stock plan offering period | 6 months | ||
Expected dividend yield | 0.00% | ||
Advertising expenses | $ 1.6 | $ 1.3 | $ 1.5 |
Foreign currency transaction loss | 17.2 | 0.2 | 3.7 |
Revenue reserves recorded for potential sales returns | $ 0.8 | $ 2.4 | $ 3.5 |
Software warranty period | 90 days | ||
Lease renewal term | 6 years | ||
Restructuring payment timing period | 4 years | ||
Customer Concentration Risk | Revenue | Customer One | |||
Significant Accounting Policies [Line Items] | |||
Concentration risk | 11.00% | 13.00% | |
Restricted Stock Units | New Hire Employee | |||
Significant Accounting Policies [Line Items] | |||
Award vesting period | 4 years | ||
Performance Stock Units | |||
Significant Accounting Policies [Line Items] | |||
Award performance period | 3 years | ||
Vesting 1 | Performance Stock Units | Existing Employees | |||
Significant Accounting Policies [Line Items] | |||
Award vesting period | 1 year | ||
Vesting 2 | Performance Stock Units | Existing Employees | |||
Significant Accounting Policies [Line Items] | |||
Award vesting period | 2 years | ||
Vesting 3 | Performance Stock Units | Existing Employees | |||
Significant Accounting Policies [Line Items] | |||
Award vesting period | 3 years | ||
Minimum | |||
Significant Accounting Policies [Line Items] | |||
Payment term | 30 days | ||
Purchase commitment time frame | 12 months | ||
Product warranty period | 1 year | ||
Lease term | 1 year | ||
Minimum | Restricted Stock Units | Existing Employees | |||
Significant Accounting Policies [Line Items] | |||
Award vesting period | 18 months | ||
Minimum | Performance Stock Units | |||
Significant Accounting Policies [Line Items] | |||
Ranges of number of shares issued on vesting of PSUs | 0 | ||
Maximum | |||
Significant Accounting Policies [Line Items] | |||
Payment term | 120 days | ||
Purchase commitment time frame | 24 months | ||
Product warranty period | 5 years | ||
Lease term | 11 years | ||
Maximum | Restricted Stock Units | Existing Employees | |||
Significant Accounting Policies [Line Items] | |||
Award vesting period | 3 years | ||
Maximum | Performance Stock Units | |||
Significant Accounting Policies [Line Items] | |||
Ranges of number of shares issued on vesting of PSUs | 2 |
Significant Accounting Policies - Estimated Useful Life for Each Asset (Details) |
12 Months Ended |
---|---|
Dec. 25, 2021 | |
Computer software | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment estimated useful lives | 3 years |
Minimum | Laboratory and manufacturing equipment | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment estimated useful lives | 1 year 6 months |
Minimum | Furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment estimated useful lives | 3 years |
Minimum | Computer hardware | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment estimated useful lives | 3 years |
Minimum | Leasehold and building improvements | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment estimated useful lives | 1 year |
Maximum | Building | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment estimated useful lives | 20 years |
Maximum | Laboratory and manufacturing equipment | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment estimated useful lives | 10 years |
Maximum | Furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment estimated useful lives | 10 years |
Maximum | Computer hardware | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment estimated useful lives | 5 years |
Maximum | Leasehold and building improvements | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment estimated useful lives | 11 years |
Leases - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Rent expense | $ 25,500 | $ 34,000 | $ 41,500 |
Accelerated rent expense | 6,300 | 9,900 | $ 15,900 |
Current operating lease liability | $ 16,500 | $ 14,900 | |
Operating lease, liability, statement of financial position [Extensible List] | Accrued expenses and other current liabilities | Accrued expenses and other current liabilities | |
Long term operating lease liabilities | $ 54,326 | $ 76,126 | |
Minimum | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Finance lease period | 3 years | ||
Maximum | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Finance lease period | 5 years |
Leases- Property, Plant and Equipment (Details) - USD ($) $ in Thousands |
Dec. 25, 2021 |
Dec. 26, 2020 |
---|---|---|
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items] | ||
Property, plant and equipment, net | $ 160,218 | $ 153,133 |
Computer hardware | ||
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items] | ||
Property, plant and equipment, net | 1,208 | 0 |
Laboratory and manufacturing equipment | ||
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items] | ||
Property, plant and equipment, net | 1,973 | 1,973 |
Leasehold and building improvements | ||
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items] | ||
Property, plant and equipment, net | $ 2,333 | $ 2,512 |
Leases - Finance Leases (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Leases [Abstract] | |||
Amortization of right of use asset | $ 960 | $ 733 | $ 339 |
Interest cost | 190 | 185 | 126 |
Total finance lease expense | 1,150 | 918 | $ 465 |
Accrued expenses and other current liabilities | 1,291 | 1,138 | |
Other long-term liabilities | 954 | 1,383 | |
Present value of lease liabilities | $ 2,245 | $ 2,521 | |
Finance lease, liability, statement of financial position [Extensible List] | Other long-term liabilities | Other long-term liabilities | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued expenses and other current liabilities | Accrued expenses and other current liabilities |
Leases - Operating Lease Maturity (Details) - USD ($) $ in Thousands |
Dec. 25, 2021 |
Dec. 26, 2020 |
---|---|---|
Operating Lease | ||
Total | $ 90,887 | |
Less: interest | 20,018 | |
Present value of lease liabilities | 70,869 | |
Finance Lease | ||
Total lease payments | 2,337 | |
Less: interest | 92 | |
Present value of lease liabilities | $ 2,245 | $ 2,521 |
Leases - Lease Costs (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 25, 2021
USD ($)
| |
Leases [Abstract] | |
Weighted average remaining lease term | 5 years 11 months 1 day |
Weighted average discount rate | 9.18% |
Cash paid for amounts included in the measurement of lease liabilities | $ 23,477 |
Leased assets obtained in exchange for new lease liabilities | $ 3,070 |
Weighted average remaining lease term | 1 year 8 months 4 days |
Weighted average discount rate | 7.04% |
Cash paid for amounts included in the measurement of lease liabilities | $ 1,632 |
Leased assets obtained in exchange for new lease liabilities | $ 1,208 |
Revenue Recognition - Narrative (Details) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
|
Revenue from Contract with Customer [Abstract] | ||
Capitalized cost to obtain contract | $ 700,000 | $ 0 |
Deferred revenue recognized | $ 88,100,000 | $ 85,200,000 |
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 25, 2021 |
Sep. 25, 2021 |
Jun. 26, 2021 |
Mar. 27, 2021 |
Dec. 26, 2020 |
Sep. 26, 2020 |
Jun. 27, 2020 |
Mar. 28, 2020 |
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 400,257 | $ 355,814 | $ 338,227 | $ 330,907 | $ 353,525 | $ 340,211 | $ 331,587 | $ 330,273 | $ 1,425,205 | $ 1,355,596 | $ 1,298,865 |
United States | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 663,808 | 630,422 | 628,075 | ||||||||
Other Americas | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 107,963 | 99,158 | 93,251 | ||||||||
Europe, Middle East and Africa | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 477,787 | 424,411 | 418,333 | ||||||||
Asia Pacific | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 175,647 | 201,605 | 159,206 | ||||||||
Product | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 316,956 | 270,818 | 257,441 | 254,161 | 267,226 | 261,906 | 261,227 | 255,192 | 1,099,376 | 1,045,551 | 1,011,488 |
Services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 83,301 | $ 84,996 | $ 80,786 | $ 76,746 | $ 86,299 | $ 78,305 | $ 70,360 | $ 75,081 | 325,829 | 310,045 | 287,377 |
Direct | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 1,099,632 | 1,039,976 | 1,032,527 | ||||||||
Indirect | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 325,573 | $ 315,620 | $ 266,338 |
Revenue Recognition - Contract with Customer, Asset and Liability (Details) - USD ($) $ in Thousands |
Dec. 25, 2021 |
Dec. 26, 2020 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Accounts receivable, net | $ 358,954 | $ 319,428 |
Contract assets | 49,052 | 51,583 |
Deferred revenue | $ 168,909 | $ 163,056 |
Revenue Recognition - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Details) $ in Thousands |
Dec. 25, 2021
USD ($)
|
---|---|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in the future as of December 25, 2021 | $ 763,060 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in the future as of December 25, 2021 | $ 679,856 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in the future as of December 25, 2021 | $ 51,634 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in the future as of December 25, 2021 | $ 21,591 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in the future as of December 25, 2021 | $ 4,497 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in the future as of December 25, 2021 | $ 2,354 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized in the future as of December 25, 2021 | $ 3,128 |
Revenue, remaining performance obligation, expected timing of satisfaction, period |
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands |
Dec. 25, 2021 |
Dec. 26, 2020 |
---|---|---|
Convertible Senior Notes | ||
Assets (Liabilities) | ||
Total debt | $ 765,412 | $ 834,450 |
Foreign currency exchange forward contracts | ||
Assets (Liabilities) | ||
Foreign currency exchange forward contracts | (221) | (72) |
Level 1 | Convertible Senior Notes | ||
Assets (Liabilities) | ||
Total debt | 0 | 0 |
Level 1 | Foreign currency exchange forward contracts | ||
Assets (Liabilities) | ||
Foreign currency exchange forward contracts | 0 | 0 |
Level 2 | Convertible Senior Notes | ||
Assets (Liabilities) | ||
Total debt | 765,412 | 834,450 |
Level 2 | Foreign currency exchange forward contracts | ||
Assets (Liabilities) | ||
Foreign currency exchange forward contracts | $ (221) | $ (72) |
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
Dec. 29, 2018 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accelerated rent expense | $ 6,300 | $ 9,900 | $ 15,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and restricted cash | 202,521 | [1] | 315,383 | [1] | $ 132,797 | [1] | $ 242,337 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign Subsidiary | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and restricted cash | $ 77,600 | $ 100,400 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Derivative Instruments - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Restricted cash | $ 900 | $ 900 | |
Before-tax effect of foreign currency exchange forward contracts not designated as hedging instruments, gain (loss) | 900 | 300 | $ 500 |
Interest expense | 49,099 | 46,728 | 31,657 |
Trade accounts receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest expense | 400 | 400 | $ 600 |
Account receivables sold | $ 121,300 | $ 80,200 |
Derivative Instruments - Fair Value of Derivative Instruments Not Designated as Hedging Instruments (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands |
Dec. 25, 2021 |
Dec. 26, 2020 |
---|---|---|
Derivative [Line Items] | ||
Gross Notional | $ 29,547 | $ 28,473 |
Accrued expenses and other current liabilities | (221) | (72) |
Related to euro denominated receivables | ||
Derivative [Line Items] | ||
Gross Notional | 21,981 | 23,605 |
Accrued expenses and other current liabilities | (139) | (59) |
Related to British pound denominated receivables | ||
Derivative [Line Items] | ||
Gross Notional | 7,566 | 4,868 |
Accrued expenses and other current liabilities | $ (82) | $ (13) |
Goodwill and Intangible Assets - Goodwill Roll Forward (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 25, 2021
USD ($)
| |
Goodwill [Roll Forward] | |
Balance as of December 26, 2020 | $ 273,426 |
Foreign currency translation adjustments | (17,638) |
Balance as of December 25, 2021 | $ 255,788 |
Goodwill and Intangible Assets - Purchased Intangible Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
|
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | $ (253,765) | $ (229,501) |
Total future amortization expense | 86,574 | |
Total intangible assets | 340,339 | 354,383 |
Total intangible assets | 86,574 | 124,882 |
Customer relationships and backlog | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 157,495 | 162,098 |
Accumulated Amortization | (104,701) | (90,667) |
Total future amortization expense | $ 52,794 | $ 71,431 |
Finite-lived intangible asset, useful life | 4 years 2 months 12 days | 4 years 10 months 24 days |
Developed technology (1) | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 182,844 | $ 192,285 |
Accumulated Amortization | (149,064) | (138,834) |
Total future amortization expense | $ 33,780 | $ 53,451 |
Finite-lived intangible asset, useful life | 1 year 6 months | 3 years |
Goodwill and Intangible Assets - Narrative (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Accumulated impairment loss | $ 0 | ||
Amortization expense | $ 37,100,000 | $ 47,800,000 | $ 59,900,000 |
Goodwill and Intangible Assets - Future Amortization Expense (Details) $ in Thousands |
Dec. 25, 2021
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
Total future amortization expense | $ 86,574 |
2022 | 38,293 |
2023 | 23,463 |
2024 | 9,025 |
2025 | 9,025 |
2026 | 6,768 |
Thereafter | $ 0 |
Balance Sheet Details - Allowance for credit losses (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 25, 2021
USD ($)
| |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
Balance as of December 26, 2020 | $ 2,912 |
Additions | 822 |
Write offs | (2,378) |
Other | (52) |
Balance as of December 25, 2021 | $ 1,304 |
Balance Sheet Details - Details of Selected Balance Sheet Items (Details) - USD ($) $ in Thousands |
Dec. 25, 2021 |
Dec. 26, 2020 |
---|---|---|
Inventory | ||
Raw materials | $ 39,379 | $ 34,693 |
Work in process | 53,924 | 55,835 |
Finished goods | 198,064 | 178,779 |
Total | 291,367 | 269,307 |
Property, plant and equipment, net: | ||
Property, plant and equipment, gross | 475,330 | 534,389 |
Less accumulated depreciation and amortization | (315,112) | (381,256) |
Property, plant and equipment, net | 160,218 | 153,133 |
Accrued expenses and other current liabilities | ||
Loss contingency related to non-cancelable purchase commitments | 26,481 | 18,848 |
Taxes payable | 43,308 | 45,884 |
Restructuring accrual | 8,610 | 9,292 |
Short-term operating and financing lease liability | 17,792 | 16,023 |
Other accrued expenses and other current liabilities | 50,838 | 60,503 |
Total accrued expenses and other current liabilities | 147,029 | 150,550 |
Computer hardware | ||
Property, plant and equipment, net: | ||
Property, plant and equipment, gross | 45,824 | 34,502 |
Property, plant and equipment, net | 1,208 | 0 |
Computer software | ||
Property, plant and equipment, net: | ||
Property, plant and equipment, gross | 56,820 | 44,397 |
Laboratory and manufacturing equipment | ||
Property, plant and equipment, net: | ||
Property, plant and equipment, gross | 287,875 | 333,955 |
Property, plant and equipment, net | 1,973 | 1,973 |
Land and building | ||
Property, plant and equipment, net: | ||
Property, plant and equipment, gross | 14,393 | 12,349 |
Furniture and fixtures | ||
Property, plant and equipment, net: | ||
Property, plant and equipment, gross | 2,164 | 3,445 |
Leasehold and building improvements | ||
Property, plant and equipment, net: | ||
Property, plant and equipment, gross | 49,447 | 66,014 |
Property, plant and equipment, net | 2,333 | 2,512 |
Construction in progress | ||
Property, plant and equipment, net: | ||
Property, plant and equipment, gross | $ 18,807 | $ 39,727 |
Balance Sheet Details - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 475,330 | $ 534,389 | |
Property, plant and equipment, net | 160,218 | 153,133 | |
Depreciation expense | 47,100 | 52,300 | $ 60,000 |
License Agreement Terms | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | 6,700 | ||
Enterprise Resource Planning | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 25,900 | 25,400 | |
Property, plant and equipment, net | 8,900 | 10,800 | |
Amortization of capitalized costs | 2,800 | 2,600 | $ 2,400 |
Enterprise Resource Planning | License | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 20,900 | 17,000 | |
Property, plant and equipment, net | $ 9,200 | $ 12,000 |
Restructuring and Other Related Costs - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 25, 2021 |
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 14,777 | $ 28,732 | ||
Restructuring liability | $ 8,882 | 8,882 | $ 10,471 | $ 29,403 |
2021 Restructuring Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 8,500 | |||
Restructuring liability | 7,700 | 7,700 | ||
2021 Restructuring Plan | Minimum | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring ranging cost | 10,000 | 10,000 | ||
2021 Restructuring Plan | Maximum | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring ranging cost | 12,000 | 12,000 | ||
Other Restructuring | Coriant | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring liability | $ 1,200 | $ 1,200 |
Restructuring and Other Related Costs - Restructuring and Other Related Costs (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Restructuring Cost and Reserve [Line Items] | |||
Total | $ 14,777 | $ 28,732 | |
Cost of Revenue | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance and related expenses | 335 | 4,042 | $ 26,576 |
Lease related impairment charges | 0 | 88 | 1,158 |
Asset impairment | 0 | 14 | 2,201 |
Others | 1,196 | 2 | 0 |
Total | 1,531 | 4,146 | 29,935 |
Operating Expenses | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance and related expenses | 4,615 | 14,054 | 25,303 |
Lease related impairment charges | 6,340 | 9,851 | 14,703 |
Asset impairment | 1,746 | 468 | 7 |
Others | 545 | 213 | 838 |
Total | $ 13,246 | $ 24,586 | $ 40,851 |
Restructuring and Other Related Costs - Schedule of Restructuring Reserve by Type of Cost (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
|
Restructuring Reserve [Roll Forward] | ||
Beginning balance | $ 10,471 | $ 29,403 |
Charges | 14,777 | 28,732 |
Cash payments | (9,561) | (42,195) |
Non-cash Settlements and Other | (6,805) | (5,469) |
Ending balance | 8,882 | 10,471 |
Severance and related expenses | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 10,241 | 28,565 |
Charges | 4,951 | 18,096 |
Cash payments | (7,091) | (36,346) |
Non-cash Settlements and Other | (565) | (74) |
Ending balance | 7,536 | 10,241 |
Lease related impairment charges | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 0 | 0 |
Charges | 6,340 | 9,939 |
Cash payments | (2,089) | (5,102) |
Non-cash Settlements and Other | (4,251) | (4,837) |
Ending balance | 0 | 0 |
Asset impairment | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 0 | 0 |
Charges | 1,746 | 482 |
Cash payments | 0 | (28) |
Non-cash Settlements and Other | (1,746) | (454) |
Ending balance | 0 | 0 |
Others | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 230 | 838 |
Charges | 1,740 | 215 |
Cash payments | (381) | (719) |
Non-cash Settlements and Other | (243) | (104) |
Ending balance | $ 1,346 | $ 230 |
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
AOCI Attributable to Parent, Net of Tax: | |||
Beginning balance | $ 426,284 | $ 386,535 | $ 703,821 |
Other comprehensive income (loss) before reclassifications | 4,019 | 20,857 | (10,977) |
Amounts reclassified from accumulated other comprehensive income | 3,383 | 1,884 | 1,638 |
Net change in accumulated other comprehensive income (loss) | 7,402 | 22,741 | (9,339) |
Ending balance | 323,771 | 426,284 | 386,535 |
Accumulated Other Comprehensive Income (Loss) | |||
AOCI Attributable to Parent, Net of Tax: | |||
Beginning balance | (11,898) | (34,639) | (25,300) |
Net change in accumulated other comprehensive income (loss) | 7,402 | 22,741 | (9,339) |
Ending balance | (4,496) | (11,898) | (34,639) |
Unrealized Gain (Loss) on Available-for-Sale Securities | |||
AOCI Attributable to Parent, Net of Tax: | |||
Beginning balance | 0 | 0 | (91) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 91 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 |
Net change in accumulated other comprehensive income (loss) | 0 | 0 | 91 |
Ending balance | 0 | 0 | 0 |
Foreign Currency Translation | |||
AOCI Attributable to Parent, Net of Tax: | |||
Beginning balance | 732 | (28,308) | (18,932) |
Other comprehensive income (loss) before reclassifications | (8,561) | 29,040 | (9,376) |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 |
Net change in accumulated other comprehensive income (loss) | (8,561) | 29,040 | (9,376) |
Ending balance | (7,829) | 732 | (28,308) |
Actuarial Gain (Loss) on Pension | |||
AOCI Attributable to Parent, Net of Tax: | |||
Beginning balance | (11,666) | (5,367) | (5,313) |
Other comprehensive income (loss) before reclassifications | 12,580 | (8,183) | (1,692) |
Amounts reclassified from accumulated other comprehensive income | 3,383 | 1,884 | 1,638 |
Net change in accumulated other comprehensive income (loss) | 15,963 | (6,299) | (54) |
Ending balance | 4,297 | (11,666) | (5,367) |
Accumulated Tax Effect | |||
AOCI Attributable to Parent, Net of Tax: | |||
Beginning balance | (964) | (964) | (964) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 |
Net change in accumulated other comprehensive income (loss) | 0 | 0 | 0 |
Ending balance | $ (964) | $ (964) | $ (964) |
Basic and Diluted Net Loss Per Common Share - Narrative (Details) - USD ($) |
Dec. 25, 2021 |
Sep. 28, 2019 |
---|---|---|
2.125% Convertible Senior Notes Due September 1, 2024 | ||
Debt Instrument [Line Items] | ||
Unpaid Principal Balance | $ 402,500,000 | $ 1,000 |
Contractual Interest Rates | 2.125% | |
Convertible Senior Notes, 2.5%, Due March 1, 2027 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Unpaid Principal Balance | $ 200,000,000 | |
Contractual Interest Rates | 2.50% |
Basic and Diluted Net Loss Per Common Share - Computation of Net Income (Loss) Per Common Share Basic and Diluted (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 25, 2021 |
Sep. 25, 2021 |
Jun. 26, 2021 |
Mar. 27, 2021 |
Dec. 26, 2020 |
Sep. 26, 2020 |
Jun. 27, 2020 |
Mar. 28, 2020 |
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Earnings Per Share [Abstract] | |||||||||||
Net loss | $ (33,068) | $ (53,794) | $ (35,594) | $ (48,322) | $ (9,924) | $ (35,896) | $ (61,635) | $ (99,268) | $ (170,778) | $ (206,723) | $ (386,618) |
Weighted average common shares outstanding - basic and diluted (in shares) | 207,377 | 188,216 | 178,984 | ||||||||
Net loss per common share - basic and diluted (in dollars per share) | $ (0.82) | $ (1.10) | $ (2.16) |
Basic and Diluted Net Loss Per Common Share - Antidilutive Shares Excluded from Computation of Diluted Net Income (Loss) Per Share (Detail) - shares shares in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities (in shares) | 16,768 | 19,779 | 15,607 |
Stock options outstanding | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities (in shares) | 0 | 451 | 873 |
Restricted stock units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities (in shares) | 12,860 | 13,947 | 11,776 |
Performance stock units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities (in shares) | 2,751 | 3,668 | 2,389 |
Employee stock purchase plan shares | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities (in shares) | 1,157 | 1,713 | 569 |
Debt - Components of Convertible Senior Notes (Details) - USD ($) $ in Thousands |
Dec. 25, 2021 |
Sep. 24, 2021 |
Dec. 26, 2020 |
Sep. 26, 2020 |
Mar. 31, 2019 |
---|---|---|---|---|---|
Debt Instrument [Line Items] | |||||
Current | $ 500 | $ 102,000 | |||
Long-term debt, net | 476,789 | 445,996 | |||
Unpaid Principal Balance | 610,300 | 712,500 | |||
Line of Credit | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Current | 0 | 77,000 | |||
Long-term debt, net | 0 | 0 | |||
Unpaid Principal Balance | $ 0 | $ 77,000 | |||
Line of Credit | Revolving Credit Facility | Minimum | |||||
Debt Instrument [Line Items] | |||||
Contractual Interest Rates | 1.375% | 1.375% | |||
Line of Credit | Revolving Credit Facility | Maximum | |||||
Debt Instrument [Line Items] | |||||
Contractual Interest Rates | 2.50% | 2.50% | |||
Line of Credit | Finance Assistance Agreement | |||||
Debt Instrument [Line Items] | |||||
Current | $ 24,600 | ||||
Long-term debt, net | |||||
Unpaid Principal Balance | $ 24,600 | ||||
Contractual Interest Rates | 3.00% | ||||
Mortgages | |||||
Debt Instrument [Line Items] | |||||
Current | $ 500 | $ 400 | |||
Long-term debt, net | 7,300 | 7,800 | |||
Unpaid Principal Balance | $ 7,800 | $ 8,400 | |||
Contractual Interest Rates | 5.25% | 3.80% | 5.25% | 5.25% | 5.25% |
2.125% Convertible Senior Notes Due September 1, 2024 | |||||
Debt Instrument [Line Items] | |||||
Contractual Interest Rates | 2.125% | ||||
2.125% Convertible Senior Notes Due September 1, 2024 | Convertible Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Current | $ 0 | $ 0 | |||
Long-term debt, net | 329,200 | 306,400 | |||
Unpaid Principal Balance | $ 402,500 | $ 402,500 | |||
Contractual Interest Rates | 2.125% | 2.125% | |||
Convertible Senior Notes, 2.5%, Due March 1, 2027 | Convertible Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Current | $ 0 | $ 0 | |||
Long-term debt, net | 140,300 | 131,800 | |||
Unpaid Principal Balance | $ 200,000 | $ 200,000 | |||
Contractual Interest Rates | 2.50% | 2.50% |
Debt - Interest Expense Recognized Related to Notes Prior to Capitalization of Interest (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Debt Instrument [Line Items] | |||
Total interest expense | $ 44,856 | $ 39,560 | $ 27,314 |
2.125% Convertible Senior Notes Due September 1, 2024 | |||
Debt Instrument [Line Items] | |||
Contractual interest expense | 13,553 | 12,577 | 8,553 |
Amortization of debt issuance costs | 1,892 | 1,634 | 1,149 |
Amortization of debt discount | $ 29,411 | $ 25,349 | $ 17,612 |
Debt - Narrative (Details) $ / shares in Units, shares in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 24, 2021
USD ($)
|
Sep. 24, 2021
USD ($)
installment
|
Aug. 01, 2019
USD ($)
|
May 30, 2019
USD ($)
|
Oct. 31, 2020 |
Mar. 31, 2020
USD ($)
d
|
Mar. 28, 2020
USD ($)
|
Mar. 30, 2019
USD ($)
|
Sep. 29, 2018
USD ($)
d
|
Dec. 25, 2021
USD ($)
|
Dec. 28, 2019
USD ($)
d
|
Dec. 25, 2021
USD ($)
|
Dec. 26, 2020
USD ($)
$ / shares
|
Dec. 28, 2019
USD ($)
|
Dec. 23, 2021
$ / shares
|
Sep. 26, 2020
installment
|
Dec. 23, 2019
USD ($)
|
Sep. 28, 2019
USD ($)
$ / shares
shares
|
Mar. 31, 2019 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||
Long-term deferred tax liability | $ 2,364,000 | $ 2,364,000 | $ 4,164,000 | ||||||||||||||||
Closing price of common stock (in usd per share) | $ / shares | $ 9.55 | ||||||||||||||||||
If converted, value in excess of principal | $ 49,400,000 | ||||||||||||||||||
Loans Payable | Fabrinet | |||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||
Principal amount | $ 40,000,000 | ||||||||||||||||||
Contractual Interest Rates | 6.00% | 3.00% | |||||||||||||||||
Debt term | 12 months | 6 months | |||||||||||||||||
Convertible Senior Notes, 2.5%, Due March 1, 2027 | |||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||
Conversion ratio | 0.1305995 | ||||||||||||||||||
Credit Facility | |||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||
Debt issuance costs, net | $ 4,900,000 | $ 4,900,000 | |||||||||||||||||
Amortization of debt issuance costs | $ 1,100,000 | ||||||||||||||||||
Contractual interest expense | 1,100,000 | ||||||||||||||||||
Debt available borrowing capacity | 138,500,000 | 138,500,000 | |||||||||||||||||
Line of credit remaining borrowing capacity | 61,300,000 | ||||||||||||||||||
Letters of credit outstanding | 11,500,000 | 11,500,000 | 11,500,000 | ||||||||||||||||
Credit Facility | LIBOR | Minimum | |||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||
Variable rate | 2.00% | ||||||||||||||||||
Credit Facility | LIBOR | Maximum | |||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||
Variable rate | 2.50% | ||||||||||||||||||
Credit Facility | Base Rate | Minimum | |||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||
Variable rate | 1.00% | ||||||||||||||||||
Credit Facility | Base Rate | Maximum | |||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||
Variable rate | 1.50% | ||||||||||||||||||
Credit Facility | Revolving Credit Facility | Minimum | |||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||
Commitment fee percentage | 0.375% | ||||||||||||||||||
Credit Facility | Revolving Credit Facility | Maximum | |||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||
Commitment fee percentage | 0.625% | ||||||||||||||||||
2.125% Convertible Senior Notes Due September 1, 2024 | |||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||
Proceeds from issuance of 2024 Notes | $ 391,400,000 | ||||||||||||||||||
Principal amount | 402,500,000 | 402,500,000 | $ 1,000 | ||||||||||||||||
Conversion price (in dollars per share) | $ / shares | $ 9.87 | ||||||||||||||||||
Purchase price as a percentage on principal amount of the notes upon the occurrence of a fundamental change | 100.00% | ||||||||||||||||||
Long-term deferred tax liability | 30,900,000 | $ 30,900,000 | |||||||||||||||||
Amortization of debt issuance costs | 1,892,000 | 1,634,000 | 1,149,000 | ||||||||||||||||
Contractual interest expense | $ 13,553,000 | $ 12,577,000 | $ 8,553,000 | ||||||||||||||||
Contractual Interest Rates | 2.125% | 2.125% | |||||||||||||||||
Payment of capped call | $ 48,900,000 | ||||||||||||||||||
Strike price (in dollars per share) | $ / shares | 9.87 | ||||||||||||||||||
Cap price (in dollars per share) | $ / shares | $ 15.19 | ||||||||||||||||||
Number of shares covered by capped transactions (in shares) | shares | 40.8 | ||||||||||||||||||
Net equity component carrying amount | $ 128,700,000 | $ 128,700,000 | |||||||||||||||||
Conversion ratio | 0.1012812 | ||||||||||||||||||
2.125% Convertible Senior Notes, Circumstance 1 | |||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||
Threshold trading days | d | 20 | ||||||||||||||||||
Threshold consecutive trading days | d | 30 | ||||||||||||||||||
Convertible threshold minimum percentage | 130.00% | ||||||||||||||||||
2.125% Convertible Senior Notes, Circumstance 2 | |||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||
Principal amount | $ 1,000 | ||||||||||||||||||
Threshold trading days | d | 5 | ||||||||||||||||||
Threshold consecutive trading days | d | 5 | ||||||||||||||||||
Convertible, threshold maximum percentage | 98.00% | ||||||||||||||||||
Senior Notes | Convertible Senior Notes, 2.5%, Due March 1, 2027 | |||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||
Proceeds from issuance of 2024 Notes | $ 193,300,000 | ||||||||||||||||||
Principal amount | 200,000,000 | 200,000,000 | |||||||||||||||||
Conversion price (in dollars per share) | $ / shares | $ 7.66 | ||||||||||||||||||
Purchase price as a percentage on principal amount of the notes upon the occurrence of a fundamental change | 100.00% | ||||||||||||||||||
Carrying amount of equity component | 67,800,000 | 67,800,000 | |||||||||||||||||
Long-term deferred tax liability | $ 16,200,000 | $ 16,200,000 | |||||||||||||||||
Additional effective rate of interest to be used on amortized carrying value | 9.92% | 9.92% | 9.92% | ||||||||||||||||
Convertible debt, remaining discount amortization period | 62 months | ||||||||||||||||||
Contractual Interest Rates | 2.50% | 2.50% | |||||||||||||||||
Senior Notes | Convertible Senior Notes, 2.5%, Due March 1, 2027, Circumstance 2 | |||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||
Principal amount | $ 1,000 | $ 1,000 | |||||||||||||||||
Threshold trading days | d | 5 | ||||||||||||||||||
Threshold consecutive trading days | d | 5 | ||||||||||||||||||
Convertible, threshold maximum percentage | 98.00% | ||||||||||||||||||
Senior Notes | Convertible Senior Notes, 2.5%, Due March 1, 2027, Circumstance 1 | |||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||
Threshold trading days | d | 20 | ||||||||||||||||||
Threshold consecutive trading days | d | 30 | ||||||||||||||||||
Convertible threshold minimum percentage | 130.00% | ||||||||||||||||||
Senior Notes | 2.125% Convertible Senior Notes Due September 1, 2024 | |||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||
Additional effective rate of interest to be used on amortized carrying value | 9.92% | 9.92% | 9.92% | ||||||||||||||||
Convertible debt, remaining discount amortization period | 32 months | ||||||||||||||||||
Line of Credit | Revolving Credit Facility | Minimum | |||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||
Contractual Interest Rates | 1.375% | 1.375% | 1.375% | ||||||||||||||||
Line of Credit | Revolving Credit Facility | Maximum | |||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||
Contractual Interest Rates | 2.50% | 2.50% | 2.50% | ||||||||||||||||
Line of Credit | Credit Facility | Revolving Credit Facility | |||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||
Maximum borrowing capacity | $ 100,000,000 | $ 150,000,000 | |||||||||||||||||
Additional borrowing capacity | 50,000,000 | ||||||||||||||||||
Line of Credit | Credit Facility | Letter of Credit | |||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||
Maximum borrowing capacity | 50,000,000 | ||||||||||||||||||
Line of Credit | Credit Facility | Swing Loan Sub-Facility | |||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||
Maximum borrowing capacity | $ 10,000,000 | ||||||||||||||||||
Mortgages | |||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||
Contractual Interest Rates | 3.80% | 5.25% | 5.25% | 5.25% | 5.25% | 5.25% | |||||||||||||
Debt term | 5 years | ||||||||||||||||||
Proceeds from debt | $ 8,700,000 | ||||||||||||||||||
Debt payment installments | installment | 31 | 59 | |||||||||||||||||
Debt payment | $ 100,000 | ||||||||||||||||||
Debt instrument, fee amount | $ 100,000 |
Commitments and Contingencies - Narrative (Details) $ in Thousands |
Jun. 22, 2021
Claim
|
Jun. 26, 2020
Claim
|
Dec. 25, 2021
USD ($)
|
Dec. 26, 2020
USD ($)
|
Dec. 28, 2019
USD ($)
|
---|---|---|---|---|---|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
ARO, non current | $ | $ 5,100 | $ 5,000 | |||
Purchase obligation | $ | 591,540 | ||||
Certain Parts, Production Suppliers | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Purchase obligation | $ | $ 591,500 | $ 291,400 | $ 258,200 | ||
Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Operating lease period | 1 year | ||||
Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Operating lease period | 11 years | ||||
Oyster Optics LLC I | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
New claims filed | Claim | 1 | ||||
Oyster Optics LLC I | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
New claims filed | Claim | 10 | ||||
Oyster Optics LLC I | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
New claims filed | Claim | 11 |
Commitments and Contingencies - Future Annual Minimum Operating Lease Payments (Details) $ in Thousands |
Dec. 25, 2021
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Total | $ 90,887 |
2022 | 22,201 |
2023 | 15,496 |
2024 | 13,371 |
2025 | 12,383 |
2026 | 9,717 |
Thereafter | $ 17,719 |
Commitments and Contingencies - Financing Lease Obligations (Details) $ in Thousands |
Dec. 25, 2021
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Total lease payments | $ 2,337 |
2022 | 1,346 |
2023 | 814 |
2024 | 177 |
2025 | 0 |
2026 | 0 |
Thereafter | $ 0 |
Commitments and Contingencies - Purchase Commitments (Details) $ in Thousands |
Dec. 25, 2021
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Total | $ 591,540 |
2022 | 562,965 |
2023 | 27,844 |
2024 | 702 |
2025 | 29 |
2026 | 0 |
Thereafter | $ 0 |
Commitments and Contingencies - Future Interest and Principal Payments (Details) $ in Thousands |
Dec. 25, 2021
USD ($)
|
---|---|
Mortgages | |
Debt Instrument [Line Items] | |
Total | $ 8,392 |
2022 | 781 |
2023 | 781 |
2024 | 6,830 |
2025 | 0 |
2026 | 0 |
Thereafter | 0 |
Convertible Senior Notes 2027 | Senior Notes | |
Debt Instrument [Line Items] | |
Total | 227,500 |
2022 | 5,000 |
2023 | 5,000 |
2024 | 5,000 |
2025 | 5,000 |
2026 | 5,000 |
Thereafter | 202,500 |
Convertible Senior Notes 2024 | Senior Notes | |
Debt Instrument [Line Items] | |
Total | 428,159 |
2022 | 8,553 |
2023 | 8,553 |
2024 | 411,053 |
2025 | 0 |
2026 | 0 |
Thereafter | $ 0 |
Commitment and Contingencies - Total Contractual Obligations (Details) $ in Thousands |
Dec. 25, 2021
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Total | $ 1,348,815 |
2022 | 600,846 |
2023 | 58,488 |
2024 | 437,133 |
2025 | 17,412 |
2026 | 14,717 |
Thereafter | $ 220,219 |
Guarantees - Activity Related to Product Warranty (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
|
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||
Beginning balance | $ 40,708 | $ 43,348 |
Charges to operations | 23,061 | 23,973 |
Utilization | (25,745) | (31,462) |
Change in estimate | 6,286 | 4,849 |
Balance at the end of the period | $ 44,310 | $ 40,708 |
Guarantees - Narrative (Details) - USD ($) |
Dec. 25, 2021 |
Dec. 26, 2020 |
---|---|---|
Guarantor Obligations [Line Items] | ||
Total | $ 22,500,000 | $ 28,890,000 |
Bond secure amount | 4,000,000 | 2,800,000 |
Surety Bond | ||
Guarantor Obligations [Line Items] | ||
Bond secure amount | 5,500,000 | 5,500,000 |
Banker's Guarantees Or Performance Bonds | ||
Guarantor Obligations [Line Items] | ||
Line of credit | 50,000,000 | 50,000,000 |
Proceeds from line of credit | 11,500,000 | |
Floating charges | 200,000,000 | 169,500,000 |
Letter of Credit | ||
Guarantor Obligations [Line Items] | ||
Customer performance guarantee | 16,307,000 | 19,821,000 |
Credit cards | 150,000 | 296,000 |
Other liabilities | 68,000 | $ 65,000 |
Cash collateral | $ 11,500,000 | |
Annual interest on cash collateral | 2.25% | |
Daily fronting fee percentage | 0.13% |
Guarantees - Letters of Credit and Bank Guarantees (Details) - USD ($) $ in Thousands |
Dec. 25, 2021 |
Dec. 26, 2020 |
---|---|---|
Guarantor Obligations [Line Items] | ||
Total | $ 22,500 | $ 28,890 |
Letter of Credit | ||
Guarantor Obligations [Line Items] | ||
Customer performance guarantee | 16,307 | 19,821 |
Value added tax license | 287 | 296 |
Property leases | 4,684 | 4,016 |
Pension plans | 1,004 | 4,396 |
Credit cards | 150 | 296 |
Other liabilities | $ 68 | $ 65 |
Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Millions |
1 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 12, 2020
USD ($)
$ / shares
|
May 31, 2021
shares
|
May 31, 2020
shares
|
May 31, 2019
shares
|
May 31, 2018
shares
|
Feb. 29, 2016 |
Dec. 25, 2021
USD ($)
$ / shares
|
Dec. 26, 2020
USD ($)
$ / shares
shares
|
Dec. 28, 2019
USD ($)
|
Dec. 23, 2021
$ / shares
|
Jul. 31, 2019
shares
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Common stock, par value (in usd per share) | $ / shares | $ 0.001 | $ 0.001 | |||||||||
Closing price of common stock (in usd per share) | $ / shares | $ 9.55 | ||||||||||
Amortization of stock based compensation | $ | $ 42.3 | ||||||||||
Restricted Stock Units | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Amortization of stock based compensation | $ | $ 36.1 | $ 32.3 | |||||||||
Performance stock units | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Term of award | 3 years | ||||||||||
Amortization of stock based compensation | $ | $ 3.3 | $ 6.0 | $ 6.1 | ||||||||
Performance stock units | Minimum | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Ranges of number of shares issued on vesting of PSUs | 0 | ||||||||||
Performance stock units | Maximum | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Ranges of number of shares issued on vesting of PSUs | 2 | ||||||||||
2007 Plan | Employee stock | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Term of award | 20 years | ||||||||||
Number of shares authorized (in shares) | shares | 31,600,000 | ||||||||||
Common stock payroll deduction price percentage of lover of fair market value | 85.00% | ||||||||||
Employee payroll deduction limit | 15.00% | ||||||||||
Maximum employee stock purchase (in shares) | shares | 3,000 | ||||||||||
2016 Equity Incentive Plan | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Reserved common stock for issuance of options (in shares) | shares | 35,200,000 | ||||||||||
Number of additional shares authorized (in shares) | shares | 4,400,000 | 8,100,000 | 7,300,000 | 1,500,000 | |||||||
Term of award | 10 years | ||||||||||
2016 Equity Incentive Plan | Performance stock units | Minimum | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Ranges of number of shares issued on vesting of PSUs | 0 | ||||||||||
2016 Equity Incentive Plan | Performance stock units | Maximum | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Ranges of number of shares issued on vesting of PSUs | 2 | ||||||||||
2019 Plan | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares authorized (in shares) | shares | 750,000 | ||||||||||
Common Stock | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Common stock, par value (in usd per share) | $ / shares | $ 0.001 | ||||||||||
Sale of stock, consideration received on transaction | $ | $ 96.3 | ||||||||||
Common Stock | The Market Offering | Jefferies L L C | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Sale of stock, number of shares issued in transaction (in shares) | shares | 12,000,000 | ||||||||||
Proceeds from issuance or sale of equity | $ | $ 93.4 | ||||||||||
Payment for sales commissions | $ | $ 2.9 |
Stockholders' Equity - Common Stock Reserved for Future Issuance (Details) shares in Thousands |
Dec. 25, 2021
shares
|
---|---|
Share-based Payment Arrangement [Abstract] | |
Outstanding stock options and awards (in shares) | 13,721 |
Reserved for future option and award grants (in shares) | 8,480 |
Reserved for future ESPP (in shares) | 7,165 |
Total common stock reserved for stock options and awards (in shares) | 29,366 |
Stockholders' Equity - Summary of Company's Equity Award Activity - RSUs (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Restricted Stock Units | |||
Number of Restricted Stock Units | |||
Number of performance stock units, beginning balance (in shares) | 12,468 | 11,600 | 6,746 |
Number of shares available for grant cost (in shares) | 7,377 | 7,064 | 8,950 |
Number of restricted/performance stock units, released (in shares) | (7,509) | (5,087) | (2,784) |
Number of restricted/performance stock units, canceled (in shares) | (729) | (1,109) | (1,312) |
Number of performance stock units, ending balance (in shares) | 11,607 | 12,468 | 11,600 |
Weighted-Average Grant Date Fair Value Per Share | |||
Weighted-average grant date fair value per share, beginning balance (in usd per share) | $ 5.99 | $ 6.20 | $ 10.83 |
Weighted-average grant date fair value per share, granted (in usd per share) | 8.68 | 5.95 | 4.36 |
Weighted-average grant date fair value per share, released (in usd per share) | 5.96 | 6.36 | 10.48 |
Weighted-average grant date fair value per share, canceled (in usd per share) | 6.92 | 6.29 | 8.37 |
Weighted-average grant date fair value per share, ending balance (in usd per share) | $ 7.66 | $ 5.99 | $ 6.20 |
Aggregate Intrinsic Value | |||
Aggregate intrinsic value , beginning balance | $ 136,781 | $ 90,254 | $ 26,446 |
Aggregate intrinsic value, RSUs released | 66,317 | 30,421 | 12,901 |
Aggregate intrinsic value , ending balance | $ 110,849 | $ 136,781 | $ 90,254 |
Performance stock units | |||
Number of Restricted Stock Units | |||
Number of performance stock units, beginning balance (in shares) | 3,466 | 2,505 | 1,129 |
Number of shares available for grant cost (in shares) | 659 | 1,628 | 2,202 |
Number of restricted/performance stock units, released (in shares) | (964) | (285) | (99) |
Number of restricted/performance stock units, canceled (in shares) | (1,047) | (382) | (727) |
Number of performance stock units, ending balance (in shares) | 2,114 | 3,466 | 2,505 |
Weighted-Average Grant Date Fair Value Per Share | |||
Weighted-average grant date fair value per share, beginning balance (in usd per share) | $ 5.36 | $ 6.48 | $ 16.10 |
Weighted-average grant date fair value per share, granted (in usd per share) | 8.61 | 5.89 | 4.63 |
Weighted-average grant date fair value per share, released (in usd per share) | 5.21 | 9.02 | 11.11 |
Weighted-average grant date fair value per share, canceled (in usd per share) | 4.91 | 6.93 | 14.42 |
Weighted-average grant date fair value per share, ending balance (in usd per share) | $ 6.66 | $ 5.36 | $ 6.48 |
Aggregate Intrinsic Value | |||
Aggregate intrinsic value , beginning balance | $ 38,022 | $ 19,485 | $ 4,425 |
Aggregate intrinsic value, RSUs released | 8,278 | 1,702 | 472 |
Aggregate intrinsic value , ending balance | $ 20,184 | $ 38,022 | $ 19,485 |
Stockholders' Equity - Summary of Company's Equity Award Activity - PSUs (Details) - Performance stock units - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Number of Performance Stock Units | |||
Number of performance stock units, beginning balance (in shares) | 3,466 | 2,505 | 1,129 |
Number of shares available for grant cost (in shares) | 659 | 1,628 | 2,202 |
Number of restricted/performance stock units, released (in shares) | (964) | (285) | (99) |
Number of restricted/performance stock units, canceled (in shares) | (1,047) | (382) | (727) |
Number of performance stock units, ending balance (in shares) | 2,114 | 3,466 | 2,505 |
Weighted-Average Grant Date Fair Value Per Share | |||
Weighted-average grant date fair value per share, beginning balance (in usd per share) | $ 5.36 | $ 6.48 | $ 16.10 |
Weighted-average grant date fair value per share, granted (in usd per share) | 8.61 | 5.89 | 4.63 |
Weighted-average grant date fair value per share, released (in usd per share) | 5.21 | 9.02 | 11.11 |
Weighted-average grant date fair value per share, canceled (in usd per share) | 4.91 | 6.93 | 14.42 |
Weighted-average grant date fair value per share, ending balance (in usd per share) | $ 6.66 | $ 5.36 | $ 6.48 |
Aggregate Intrinsic Value | |||
Aggregate intrinsic value , beginning balance | $ 38,022 | $ 19,485 | $ 4,425 |
Aggregate intrinsic value , PSUs released | 8,278 | 1,702 | 472 |
Aggregate intrinsic value , ending balance | $ 20,184 | $ 38,022 | $ 19,485 |
Expected to vest as of December 26, 2020 (in shares) | 1,964 | ||
Aggregate Intrinsic Value, Expected to vest as of December 26, 2020 | $ 18,751 |
Stockholders' Equity - Total Stock Based Compensation Cost for Instruments Granted but Not Yet Amortized (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 25, 2021
USD ($)
| |
Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
RSU/PSU, unrecognized compensation expense, net | $ 65,970 |
RSU/PSU, weighted-average period | 2 years 14 days |
Performance stock units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
RSU/PSU, unrecognized compensation expense, net | $ 7,197 |
RSU/PSU, weighted-average period | 2 years 1 month 9 days |
Stockholders' Equity - Estimated Fair Value of ESPP Shares (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 26, 2020 |
Dec. 28, 2019 |
Dec. 29, 2018 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life | 6 months | 6 months | 6 months |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 38.00% | 42.00% | 70.00% |
Risk-free interest rate | 0.05% | 0.12% | 1.76% |
Estimated fair value, (in usd per share) | $ 2.22 | $ 2.17 | $ 1.64 |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 50.00% | 97.00% | 72.00% |
Risk-free interest rate | 0.06% | 1.56% | 2.48% |
Estimated fair value, (in usd per share) | $ 3.11 | $ 3.42 | $ 1.77 |
Stockholders' Equity - Summary of Employee Stock Purchase Plan Activity (Details) - USD ($) shares in Thousands, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 51,812 | $ 49,461 | $ 42,779 |
Employee stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 5,879 | 6,607 | 4,873 |
Employee contributions | $ 16,167 | $ 15,346 | $ 12,052 |
Shares purchased | 2,272 | 3,001 | 2,897 |
Stockholders' Equity - Assumption of PSU Granted (Details) - $ / shares |
12 Months Ended | |||
---|---|---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
Dec. 29, 2018 |
|
Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Volatility | 38.00% | 42.00% | 70.00% | |
Risk-free interest rate | 0.05% | 0.12% | 1.76% | |
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Volatility | 50.00% | 97.00% | 72.00% | |
Risk-free interest rate | 0.06% | 1.56% | 2.48% | |
Performance stock units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Index volatility | 33.00% | |||
Estimated fair value (in dollar per share) | $ 8.61 | $ 5.89 | $ 4.63 | |
Performance stock units | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Volatility | 58.00% | |||
Risk-free interest rate | 2.37% | |||
Correlation with index | 0.04 | |||
Estimated fair value (in dollar per share) | $ 14.99 | |||
Performance stock units | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Volatility | 59.00% | |||
Risk-free interest rate | 2.40% | |||
Correlation with index | 0.48 | |||
Estimated fair value (in dollar per share) | $ 19.46 |
Stockholders' Equity - Schedule of Nonvested Performance Based Units Activity By Grant Year (Details) - Performance stock units - shares shares in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of performance stock units, beginning balance (in shares) | 3,466 | 2,505 | 1,129 |
Number of performance stock units, granted (in shares) | 659 | 1,628 | 2,202 |
Number of performance stock units, released (in shares) | (964) | (285) | (99) |
Number of performance stock units, canceled (in shares) | (1,047) | (382) | (727) |
Number of performance stock units, ending balance (in shares) | 2,114 | 3,466 | 2,505 |
2018 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of performance stock units, beginning balance (in shares) | 109 | ||
Number of performance stock units, granted (in shares) | 0 | ||
Number of performance stock units, released (in shares) | (104) | ||
Number of performance stock units, canceled (in shares) | (5) | ||
Number of performance stock units, ending balance (in shares) | 0 | 109 | |
2019 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of performance stock units, beginning balance (in shares) | 1,757 | ||
Number of performance stock units, granted (in shares) | 0 | ||
Number of performance stock units, released (in shares) | (860) | ||
Number of performance stock units, canceled (in shares) | (712) | ||
Number of performance stock units, ending balance (in shares) | 185 | 1,757 | |
2020 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of performance stock units, beginning balance (in shares) | 1,600 | ||
Number of performance stock units, granted (in shares) | 0 | ||
Number of performance stock units, released (in shares) | 0 | ||
Number of performance stock units, canceled (in shares) | (330) | ||
Number of performance stock units, ending balance (in shares) | 1,270 | 1,600 | |
2021 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of performance stock units, beginning balance (in shares) | 0 | ||
Number of performance stock units, granted (in shares) | 659 | ||
Number of performance stock units, released (in shares) | 0 | ||
Number of performance stock units, canceled (in shares) | 0 | ||
Number of performance stock units, ending balance (in shares) | 659 | 0 |
Stockholders' Equity - Summary of Effects of Stock Based Compensation on Company's Statements of Balance Sheets and Operations (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Effects Of Stock Based Compensation [Line Items] | |||
Income tax benefit associated with stock-based compensation | $ 9,345 | $ 8,637 | $ 10,438 |
Total stock-based compensation expense | 51,812 | 49,461 | 42,779 |
Stock-based compensation effects in inventory | |||
Effects Of Stock Based Compensation [Line Items] | |||
Effects of stock based compensation | 3,707 | 3,979 | 4,798 |
Cost of revenue | |||
Effects Of Stock Based Compensation [Line Items] | |||
Total stock-based compensation expense | 7,928 | 7,785 | 6,449 |
Research and development | |||
Effects Of Stock Based Compensation [Line Items] | |||
Total stock-based compensation expense | 18,554 | 16,863 | 17,457 |
Sales and marketing | |||
Effects Of Stock Based Compensation [Line Items] | |||
Total stock-based compensation expense | 12,345 | 10,907 | 8,413 |
General and administrative | |||
Effects Of Stock Based Compensation [Line Items] | |||
Total stock-based compensation expense | $ 12,985 | $ 13,906 | $ 10,460 |
Income Taxes - Geographic Breakdown of Provision for (Benefit from) Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 25, 2021 |
Sep. 25, 2021 |
Jun. 26, 2021 |
Mar. 27, 2021 |
Dec. 26, 2020 |
Sep. 26, 2020 |
Jun. 27, 2020 |
Mar. 28, 2020 |
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Current: | |||||||||||
Federal | $ 991 | $ 494 | $ 0 | ||||||||
State | 137 | 917 | 288 | ||||||||
Foreign | 12,431 | 9,606 | 3,046 | ||||||||
Total current | 13,559 | 11,017 | 3,334 | ||||||||
Deferred: | |||||||||||
Federal | 0 | 0 | 369 | ||||||||
State | 0 | 0 | 0 | ||||||||
Foreign | (1,571) | (4,982) | (740) | ||||||||
Total Deferred | (1,571) | (4,982) | (371) | ||||||||
Total provision for income taxes | $ 2,447 | $ 5,455 | $ 3,075 | $ 1,011 | $ 1,105 | $ 1,359 | $ 2,635 | $ 936 | $ 11,988 | $ 6,035 | $ 2,963 |
Income Taxes - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 25, 2021 |
Sep. 25, 2021 |
Jun. 26, 2021 |
Mar. 27, 2021 |
Dec. 26, 2020 |
Sep. 26, 2020 |
Jun. 27, 2020 |
Mar. 28, 2020 |
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
Dec. 29, 2018 |
|
Income Tax [Line Items] | ||||||||||||
Loss from international operations | $ 20,700 | $ 37,300 | $ 202,200 | |||||||||
Provision for income taxes | $ 2,447 | $ 5,455 | $ 3,075 | $ 1,011 | $ 1,105 | $ 1,359 | $ 2,635 | $ 936 | $ 11,988 | $ 6,035 | $ 2,963 | |
Effective tax rate | (7.50%) | (3.00%) | (0.80%) | |||||||||
Federal statutory rate | 21.00% | 21.00% | 21.00% | |||||||||
Cumulative unrecognized tax benefit | 54,250 | 57,931 | $ 54,250 | $ 57,931 | $ 44,092 | $ 24,617 | ||||||
Unrecognized tax benefits netted against deferred tax assets | 41,500 | |||||||||||
Unrecognized tax benefits impact effective tax rate | 12,800 | 12,800 | ||||||||||
Accrued interest or penalties related to unrecognized tax benefits | 2,100 | $ 2,900 | 2,100 | $ 2,900 | $ 1,400 | |||||||
Unrecognized tax benefits | 800 | 800 | ||||||||||
Scientific Research and Experimental Development (SRED) Credits | ||||||||||||
Income Tax [Line Items] | ||||||||||||
Tax credit carryforward | 3,900 | 3,900 | ||||||||||
Portugal SIFIDE credit | ||||||||||||
Income Tax [Line Items] | ||||||||||||
Tax credit carryforward | 4,300 | 4,300 | ||||||||||
Capital Loss Carryforward | ||||||||||||
Income Tax [Line Items] | ||||||||||||
Tax credit carryforward | 7,600 | 7,600 | ||||||||||
Federal | ||||||||||||
Income Tax [Line Items] | ||||||||||||
Operating loss carryforwards | 681,900 | 681,900 | ||||||||||
Federal | Research Tax Credit Carryforward | ||||||||||||
Income Tax [Line Items] | ||||||||||||
Tax credit carryforward | 84,600 | 84,600 | ||||||||||
Foreign | ||||||||||||
Income Tax [Line Items] | ||||||||||||
Operating loss carryforwards | 638,700 | 638,700 | ||||||||||
Tax credit carryforward | 41,500 | 41,500 | ||||||||||
State | ||||||||||||
Income Tax [Line Items] | ||||||||||||
Operating loss carryforwards | 548,300 | 548,300 | ||||||||||
State | Research Tax Credit Carryforward | ||||||||||||
Income Tax [Line Items] | ||||||||||||
Tax credit carryforward | $ 50,600 | $ 50,600 |
Income Taxes - Provisions for Income Taxes Computed by Applying Statutory Federal Income Tax Rates (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Income Tax Disclosure [Abstract] | |||
Expected tax at federal statutory rate | 21.00% | 21.00% | 21.00% |
State taxes, net of federal benefit | (1.20%) | (0.40%) | (0.10%) |
Research credits | 1.70% | 1.20% | 1.00% |
Stock-based compensation | 1.10% | (1.20%) | (2.00%) |
Change in valuation allowance | (20.90%) | (16.90%) | (19.70%) |
Foreign rate differential | (6.90%) | (6.30%) | (0.20%) |
Other | (2.30%) | (0.40%) | (0.80%) |
Effective tax rate | (7.50%) | (3.00%) | (0.80%) |
Income Taxes - Deferred Income Taxes Differences Between Carrying Amounts of Assets and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 25, 2021 |
Dec. 26, 2020 |
---|---|---|
Deferred tax assets: | ||
Net operating losses | $ 336,711 | $ 354,598 |
Research and foreign tax credits | 132,829 | 126,839 |
Nondeductible accruals | 76,898 | 61,871 |
Inventory valuation | 22,651 | 32,444 |
Property, plant and equipment | 0 | 5,819 |
Leasing Liabilities | 19,407 | 24,261 |
Stock-based compensation | 4,902 | 4,161 |
Total deferred tax assets | 593,398 | 609,993 |
Valuation allowance | (521,620) | (531,923) |
Net deferred tax assets | 71,778 | 78,070 |
Deferred tax liabilities: | ||
Property, plant and equipment | (10,792) | 0 |
Right of use asset | (12,216) | (17,515) |
Acquired intangible assets | (19,273) | (24,547) |
Convertible senior notes | (29,897) | (37,979) |
Total deferred tax liabilities | (72,178) | (80,041) |
Net deferred tax liabilities | $ (400) | $ (1,971) |
Income Taxes - Aggregate Changes in Balance of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Income Tax Disclosure [Abstract] | |||
Cumulative unrecognized tax benefit | $ 54,250 | $ 57,931 | $ 44,092 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | 57,931 | 44,092 | 24,617 |
Tax position related to current year | |||
Additions | 1,198 | 3,213 | 1,965 |
Tax positions related to prior years | |||
Additions | 7,633 | 11,494 | 18,212 |
Reductions | (9,569) | (625) | (542) |
Lapses of statute of limitations | (2,943) | (243) | (160) |
Ending balance | $ 54,250 | $ 57,931 | $ 44,092 |
Segment Information - Narrative (Details) |
12 Months Ended |
---|---|
Dec. 25, 2021
segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 1 |
Number of operating segments | 1 |
Segment Information - Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands |
Dec. 25, 2021 |
Dec. 26, 2020 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Total property, plant and equipment, net | $ 160,218 | $ 153,133 |
United States | ||
Segment Reporting Information [Line Items] | ||
Total property, plant and equipment, net | 141,977 | 127,691 |
Other Americas | ||
Segment Reporting Information [Line Items] | ||
Total property, plant and equipment, net | 2,687 | 2,668 |
Europe, Middle East and Africa | ||
Segment Reporting Information [Line Items] | ||
Total property, plant and equipment, net | 12,245 | 18,605 |
Asia Pacific and Japan | ||
Segment Reporting Information [Line Items] | ||
Total property, plant and equipment, net | $ 3,309 | $ 4,169 |
Employee Benefit and Pension Plans - Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Postretirement costs | $ 6.2 | $ 3.5 | $ 3.9 |
401(k) Plan | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Cash contribution | 2.8 | 2.4 | 2.7 |
ITP Pension Plan | Transmode | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Pension expense | $ 2.8 | $ 2.7 | $ 2.6 |
Employee Benefit and Pension Plans - Obligations and Funded Status (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | $ 129,936 | $ 113,234 | |
Service cost | 351 | 896 | $ 2,061 |
Interest cost | 1,265 | 1,773 | 2,075 |
Benefits paid | (3,413) | (3,103) | |
Curtailment | 0 | (258) | |
Actuarial loss (gain) | (3,050) | 6,243 | |
Employee contributions | 190 | 986 | |
Foreign currency exchange rate changes | (9,508) | 10,165 | |
Benefit obligation at end of year | 115,771 | 129,936 | 113,234 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 77,561 | 69,777 | |
Actual return on plan assets | 12,425 | 447 | |
Payments | (3,206) | 0 | |
Employee contributions | 289 | 1,305 | |
Foreign currency exchange rate changes | (5,454) | 6,032 | |
Fair value of plan assets at end of year | 81,615 | 77,561 | $ 69,777 |
Net liability recognized | 34,156 | 52,375 | |
Accumulated benefit obligation | $ 115,100 | $ 128,900 |
Employee Benefit and Pension Plans - Pension Plan Assets (Details) - USD ($) $ in Thousands |
Dec. 25, 2021 |
Dec. 26, 2020 |
---|---|---|
Retirement Benefits [Abstract] | ||
Other non-current assets | $ 81,615 | $ 77,561 |
Other long-term liabilities | (115,771) | (129,936) |
Net liability recognized | $ (34,156) | $ (52,375) |
Employee Benefit and Pension Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Retirement Benefits [Abstract] | |||
Service cost | $ 351 | $ 896 | $ 2,061 |
Interest cost | 1,265 | 1,773 | 2,075 |
Expected return on plan assets | (2,895) | (2,644) | (2,371) |
Amortization of net actuarial loss | 3,383 | 1,884 | 1,638 |
Total net periodic benefit cost | $ 2,104 | $ 1,909 | $ 3,403 |
Employee Benefit and Pension Plans - Amounts Recognized in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 26, 2022 |
Dec. 25, 2021 |
Dec. 26, 2020 |
|
Defined Benefit Plan, Accumulated Other Comprehensive Income, Before Tax Roll Forward [Roll Forward] | |||
Beginning balance | $ 4,297 | $ (11,666) | $ (5,367) |
Net actuarial gain (loss) arising in current year | 12,580 | (8,183) | |
Amortization of net actuarial loss | 3,383 | 1,884 | |
Ending balance | $ 4,297 | $ (11,666) | |
Forecast | |||
Defined Benefit Plan, Accumulated Other Comprehensive Income, Before Tax Roll Forward [Roll Forward] | |||
Amortization of net actuarial loss | $ 400 |
Employee Benefit and Pension Plans - Weighted Average Assumptions (Details) |
Dec. 25, 2021 |
Dec. 26, 2020 |
---|---|---|
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount rate | 1.20% | 1.05% |
Salary growth rate | 2.25% | 2.25% |
Pension growth rate | 2.00% | 2.00% |
Expected long-term rate of return on plan assets | 3.93% | 3.93% |
Employee Benefit and Pension Plans - Fair Value of Plan Assets (Details) - USD ($) $ in Thousands |
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
---|---|---|---|
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | $ 81,615 | $ 77,561 | $ 69,777 |
Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 738 | 1,060 | |
Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 80,877 | 76,501 | |
Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 738 | 1,060 | |
Cash | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 738 | 1,060 | |
Cash | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 0 | 0 | |
Equity fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 55,400 | 48,942 | |
Equity fund | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 0 | 0 | |
Equity fund | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 55,400 | 48,942 | |
Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 25,388 | 27,394 | |
Insurance contracts | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 0 | 0 | |
Insurance contracts | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 25,388 | 27,394 | |
Pension fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 89 | 165 | |
Pension fund | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 0 | 0 | |
Pension fund | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | $ 89 | $ 165 |
Employee Benefit and Pension Plans - Estimated Future Payments (Details) $ in Thousands |
Dec. 25, 2021
USD ($)
|
---|---|
Retirement Benefits [Abstract] | |
2022 | $ 5,251 |
2023 | 3,670 |
2024 | 3,943 |
2025 | 5,606 |
2026 | 3,932 |
2027 to 2031 | $ 21,329 |
Financial Information by Quarter (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 25, 2021 |
Sep. 25, 2021 |
Jun. 26, 2021 |
Mar. 27, 2021 |
Dec. 26, 2020 |
Sep. 26, 2020 |
Jun. 27, 2020 |
Mar. 28, 2020 |
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Revenue: | |||||||||||
Revenue | $ 400,257 | $ 355,814 | $ 338,227 | $ 330,907 | $ 353,525 | $ 340,211 | $ 331,587 | $ 330,273 | $ 1,425,205 | $ 1,355,596 | $ 1,298,865 |
Cost of revenue: | |||||||||||
Amortization of intangible assets | 5,782 | 4,609 | 4,614 | 4,616 | 4,611 | 7,287 | 8,721 | 8,628 | 19,621 | 29,247 | 32,583 |
Acquisition and integration costs | 0 | 0 | 0 | 0 | 0 | 43 | 750 | 1,035 | 0 | 1,828 | 28,449 |
Restructuring and other related costs | (148) | 1,434 | (269) | 514 | (106) | 1,504 | 1,591 | 1,157 | 1,531 | 4,146 | 29,935 |
Cost of Revenue | 257,791 | 237,721 | 217,844 | 213,875 | 227,382 | 231,935 | 234,180 | 253,307 | 927,231 | 946,804 | 972,942 |
Gross Profit | 142,466 | 118,093 | 120,383 | 117,032 | 126,143 | 108,276 | 97,407 | 76,966 | 497,974 | 408,792 | 325,923 |
Amortization of intangible assets | 4,307 | 4,351 | 4,392 | 4,405 | 4,745 | 4,696 | 4,585 | 4,555 | 17,455 | 18,581 | 27,280 |
Acquisition and integration costs | 0 | 0 | 0 | 614 | (265) | 1,045 | 3,344 | 9,222 | 614 | 13,346 | 42,271 |
Restructuring and other related costs | 5,055 | 6,546 | (674) | 2,319 | 7,230 | 6,679 | 5,097 | 5,580 | 13,246 | 24,586 | 40,851 |
Other operating expenses | 143,246 | 138,172 | 139,913 | 132,807 | 121,209 | 122,773 | 129,007 | 134,489 | |||
Total operating expenses | 152,608 | 149,069 | 143,631 | 140,145 | 132,919 | 135,193 | 142,033 | 153,846 | 585,453 | 563,991 | 676,153 |
Operating Income (Loss) | (10,142) | (30,976) | (23,248) | (23,113) | (6,776) | (26,917) | (44,626) | (76,880) | (87,479) | (155,199) | (350,230) |
Other income (expense), net | (20,479) | (17,363) | (9,271) | (24,198) | (2,043) | (7,620) | (14,374) | (21,452) | (71,311) | (45,489) | (33,425) |
Loss before income taxes | (30,621) | (48,339) | (32,519) | (47,311) | (8,819) | (34,537) | (59,000) | (98,332) | (158,790) | (200,688) | (383,655) |
Provision for income taxes | 2,447 | 5,455 | 3,075 | 1,011 | 1,105 | 1,359 | 2,635 | 936 | 11,988 | 6,035 | 2,963 |
Net loss | $ (33,068) | $ (53,794) | $ (35,594) | $ (48,322) | $ (9,924) | $ (35,896) | $ (61,635) | $ (99,268) | $ (170,778) | $ (206,723) | $ (386,618) |
Net loss per common share | |||||||||||
Basic (in usd per share) | $ (0.16) | $ (0.26) | $ (0.17) | $ (0.24) | $ (0.05) | $ (0.19) | $ (0.33) | $ (0.55) | $ (0.82) | $ (1.10) | $ (2.16) |
Diluted (in usd per share) | $ (0.16) | $ (0.26) | $ (0.17) | $ (0.24) | $ (0.05) | $ (0.19) | $ (0.33) | $ (0.55) | $ (0.82) | $ (1.10) | $ (2.16) |
Product | |||||||||||
Revenue: | |||||||||||
Revenue | $ 316,956 | $ 270,818 | $ 257,441 | $ 254,161 | $ 267,226 | $ 261,906 | $ 261,227 | $ 255,192 | $ 1,099,376 | $ 1,045,551 | $ 1,011,488 |
Cost of revenue: | |||||||||||
Cost of revenue | 206,577 | 187,956 | 172,053 | 165,485 | 178,153 | 185,001 | 186,519 | 201,792 | 732,071 | 751,465 | 735,059 |
Services | |||||||||||
Revenue: | |||||||||||
Revenue | 83,301 | 84,996 | 80,786 | 76,746 | 86,299 | 78,305 | 70,360 | 75,081 | 325,829 | 310,045 | 287,377 |
Cost of revenue: | |||||||||||
Cost of revenue | $ 45,580 | $ 43,722 | $ 41,446 | $ 43,260 | $ 44,724 | $ 38,100 | $ 36,599 | $ 40,695 | $ 174,008 | $ 160,118 | $ 146,916 |
Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Deferred tax asset, valuation allowance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | $ 531,923 | $ 484,834 | $ 493,157 |
Additions | 14,395 | 53,761 | 122,878 |
Reductions | (24,698) | (6,672) | (131,201) |
Ending balance | 521,620 | 531,923 | 484,834 |
Allowance for credit losses | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | 2,912 | 4,005 | 1,821 |
Additions | 822 | 2,422 | 2,184 |
Reductions | (2,430) | (3,515) | 0 |
Ending balance | $ 1,304 | $ 2,912 | $ 4,005 |
Label | Element | Value |
---|---|---|
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-09 [Member] |
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