Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2018

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The financial results of Arlo through the Distribution date are presented as income (loss) from discontinued operations, net of tax, on the consolidated statement of operations. The following table presents financial results of Arlo:

	Year Ended December 31,
	2018			2017		2016
	(In thousands)
Net revenues	$	464,649		$	367,751	$	184,853
Cost of net revenues	372,843			279,425		146,570
Gross profit	91,806			88,326		38,283
Operating expenses:
Research and development	48,696			22,710		18,463
Sales and marketing	39,713			19,490		10,764
General and administrative	17,762			691		487
Separation expense	31,583			1,384		—
Restructuring and other charges	—			—		40
Litigation reserves, net	—			28		—
Total operating expenses	137,754			44,303		29,754
Income (loss) from operations of discontinued operations	(45,948		)	44,023		8,529
Interest income	1,239			—		—
Other income (expense), net	(41		)	467		45
Income (loss) from discontinued operations before income taxes	(44,750		)	44,490		8,574
Provision (benefit) for income taxes	(9,095		)	13,921		3,035
Income (loss) from discontinued operations, net of tax	$	(35,655	)	$	30,569	$	5,539

The following table presents the aggregate carrying amounts of the classes of assets and liabilities of the discontinued operations of Arlo:

	As of December 31,
	2017
	(In thousands)
Carrying amounts of assets included as part of discontinued operations
Cash and cash equivalents	$	143
Accounts receivable, net	157,680
Inventories	82,952
Prepaid expenses and other current assets	2,350
Current assets classified as discontinued operations	243,125
Property and equipment, net	3,311
Intangibles, net	4,348
Goodwill	21,149
Other non-current assets	12,318
Non-current assets classified as discontinued operations	41,126
Total assets classified as discontinued operations on the consolidated balance sheet	$	284,251
Carrying amounts of liabilities included as part of discontinued operations:
Accounts payable	$	20,711
Accrued employee compensation	3,231
Other accrued liabilities	72,649
Deferred revenue	34,072
Current liabilities classified as discontinued operations	130,663
Other non-current liabilities	13,333
Non-current liabilities classified as discontinued operations	13,333
Total liabilities classified as discontinued operations on the consolidated balance sheet	$	143,996