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Proc-Type: 2001,MIC-CLEAR
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0000950123-11-010342.txt : 20110208
0000950123-11-010342.hdr.sgml : 20110208
20110208165745
ACCESSION NUMBER: 0000950123-11-010342
CONFORMED SUBMISSION TYPE: 10-Q
PUBLIC DOCUMENT COUNT: 15
CONFORMED PERIOD OF REPORT: 20101231
FILED AS OF DATE: 20110208
DATE AS OF CHANGE: 20110208
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: SKYWORKS SOLUTIONS INC
CENTRAL INDEX KEY: 0000004127
STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674]
IRS NUMBER: 042302115
STATE OF INCORPORATION: DE
FISCAL YEAR END: 0930
FILING VALUES:
FORM TYPE: 10-Q
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-05560
FILM NUMBER: 11583275
BUSINESS ADDRESS:
STREET 1: 20 SYLVAN ROAD
CITY: WOBURN
STATE: MA
ZIP: 01801
BUSINESS PHONE: 6179355150
MAIL ADDRESS:
STREET 1: 20 SYLVAN ROAD
STREET 2: 20 SYLVAN ROAD
CITY: WOBURN
STATE: MA
ZIP: 01801
FORMER COMPANY:
FORMER CONFORMED NAME: ALPHA INDUSTRIES INC
DATE OF NAME CHANGE: 19920703
10-Q
1
a57989e10vq.htm
FORM 10-Q
e10vq
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2010
OR
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 1-5560
SKYWORKS SOLUTIONS, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware
04-2302115
(State or Other Jurisdiction of
(I.R.S. Employer
Incorporation or Organization)
Identification No.)
20 Sylvan Road, Woburn, Massachusetts
01801
(Address of Principal Executive Offices)
(Zip Code)
Registrants Telephone Number, Including Area Code:
(781) 376-3000
Indicate by check mark whether the registrant (1) has filed all reports required to be filed
by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. þ Yes o No
Indicate by check mark whether the registrant has submitted electronically and posted on its
corporate Web site, if any, every Interactive Data File required to be submitted and posted
pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months
(or for such shorter period that the registrant was required to submit and post such files).
þYes o No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated
filer, a non-accelerated filer, or a smaller reporting company. See the definitions of large
accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the
Exchange Act. (Check one):
Large accelerated filer þ
Accelerated filer o
Non-accelerated filer o
Smaller reporting company o
(Do not check if a smaller reporting company)
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of
the Exchange Act).
o Yes þ No
Indicate the number of shares outstanding of each of the issuers classes of common stock, as of
the latest practicable date.
Class
Outstanding at January 27, 2011
Common Stock, par value $.25 per share
185,435,623
SKYWORKS SOLUTIONS, INC.
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED DECEMBER 31, 2010
(Unaudited, in thousands, except per share amounts)
As of
December 31,
October 1,
2010
2010
ASSETS
Current assets:
Cash and cash equivalents
$
450,054
$
453,257
Restricted cash
662
6,128
Receivables, net of allowance for doubtful accounts of $1,109 and $1,177,
respectively
200,905
175,232
Inventories
142,463
125,059
Other current assets
26,519
30,189
Total current assets
820,603
789,865
Property, plant and equipment, net
223,813
204,363
Goodwill
485,544
485,587
Intangible assets, net
15,257
12,509
Deferred tax assets
58,088
60,569
Other assets
10,771
11,159
Total assets
$
1,614,076
$
1,564,052
LIABILITIES AND STOCKHOLDERS EQUITY
Current liabilities:
Short-term debt
$
$
50,000
Accounts payable
120,535
111,967
Accrued compensation and benefits
29,454
35,695
Other current liabilities
7,077
6,662
Total current liabilities
157,066
204,324
Long-term debt, less current maturities
25,071
24,743
Other long-term liabilities
20,532
18,389
Total liabilities
202,669
247,456
Commitments and contingencies (Note 9)
Stockholders equity:
Preferred stock, no par value: 25,000 shares authorized, no shares issued
Common stock, $0.25 par value: 525,000 shares authorized; 191,946 shares
issued and 184,966 shares outstanding at December 31, 2010 and 185,683
shares issued and 180,263 shares outstanding at October 1, 2010
46,241
45,066
Additional paid-in capital
1,710,822
1,641,406
Treasury stock, at cost
(77,367
)
(40,719
)
Accumulated deficit
(266,992
)
(327,860
)
Accumulated other comprehensive loss
(1,297
)
(1,297
)
Total stockholders equity
1,411,407
1,316,596
Total liabilities and stockholders equity
$
1,614,076
$
1,564,052
The accompanying notes are an integral part of these consolidated financial statements.
NOTES TO UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Skyworks Solutions, Inc. together with its consolidated subsidiaries, (Skyworks or the Company)
is an innovator of high reliability analog and mixed signal semiconductors. Leveraging core
technologies, Skyworks offers diverse standard and custom linear products supporting automotive,
broadband, cellular infrastructure, energy management, industrial, medical, military and cellular
handset applications. The Companys portfolio includes amplifiers, attenuators, detectors, diodes,
directional couplers, front-end modules, hybrids, infrastructure RF subsystems,
mixers/demodulators, phase shifters, PLLs/synthesizers/VCOs, power dividers/combiners, receivers,
switches and technical ceramics.
The accompanying unaudited interim consolidated financial statements have been prepared pursuant to
the rules and regulations of the Securities and Exchange Commission (SEC) for interim
financial reporting. Certain information and footnote disclosures, normally included in annual
consolidated financial statements prepared in accordance with accounting principles generally
accepted in the United States of America (GAAP), have been condensed or omitted pursuant to those
rules and regulations. However, in the opinion of management, the financial information reflects
all adjustments, consisting of adjustments of a normal recurring nature necessary to present fairly
the financial position, results of operations, and cash flows of the Company for the periods
presented. The results of operations for the quarter ended December 31, 2010 are not necessarily
indicative of the results to be expected for the full year. This information should be read in
conjunction with the Companys financial statements and notes thereto contained in the Companys
Form 10-K for the fiscal year ended October 1, 2010 as filed with the SEC.
The Company evaluates its estimates on an ongoing basis using historical experience and other
factors, including the current economic environment. The current volatility in the capital markets
and the global economy has increased the uncertainty in our estimates, including our estimates
impacting marketable securities and long-lived assets. Significant judgment is required in
determining the fair value of marketable securities in inactive markets as well as determining when
declines in fair value constitute an other-than-temporary impairment. In addition, significant
judgment is required in determining whether a potential indicator of impairment of our long-lived
assets exists and in estimating future cash flows for any necessary impairment tests. As future
events unfold and their effects cannot be determined with precision, actual results could differ
significantly from managements estimates.
The Company has evaluated subsequent events through the date of issuance of these unaudited
consolidated financial statements. During this period, the Company did not have any material
subsequent events.
The Companys fiscal year ends each year on the Friday closest to September 30. Fiscal 2011
consists of 52 weeks and ends on September 30, 2011. Fiscal 2010 consisted of 52 weeks and ended
on October 1, 2010. The first quarters of fiscal 2011 and fiscal 2010 each consisted of 13 weeks
and ended on December 31, 2010 and January 1, 2010, respectively.
2. MARKETABLE SECURITIES
The Company accounts for its investment in accordance with ASC 320 Investments-Debt and Equity
Securities (ASC 320), and classifies them as available for sale. At December 31, 2010, these
securities consisted of $3.2 million par value auction rate securities (ARS) with a carrying
value of $2.3 million. The Company closely monitors and evaluates the appropriate accounting
treatment in each reporting period for the ARS.
3. FINANCIAL INSTRUMENTS
In accordance with ASC 820 Fair Value Measurements and Disclosure (ASC 820), the Company
groups its financial assets and liabilities measured at fair value on a recurring basis in three
levels, based on the markets in which the assets and liabilities are traded and the reliability of
the assumptions used to determine fair value. These levels are:
Level 1 Valuation is based upon quoted market price for identical
instruments traded in active markets.
Level 2 Valuation is based on quoted market 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.
Level 3 Valuation is generated from model-based techniques that use
significant assumptions not observable in the market. Valuation
techniques include use of discounted cash flow models and similar
techniques.
The Company has cash equivalents classified as Level 1 and has no Level 2 securities. The Companys
ARS, discussed in Note 2, Marketable Securities, is classified as a Level 3 asset. There have been
no transfers between Level 1, Level 2 or Level 3 assets during the quarter ended December 31, 2010.
There have been no purchases, sales, issuances or settlements of the marketable securities
classified as Level 3 during the quarter ended December 31, 2010.
Financial Instruments Measured at Fair Value on a Recurring Basis
The following table presents the balances of cash equivalents and marketable securities measured at
fair value on a recurring basis as of December 31, 2010 (in thousands):
Fair Value Measurements
Quoted Prices in
Significant
Significant
Active Markets for
Other Observable
Unobservable
Identical Assets
Inputs
Inputs
Total
(Level 1)
(Level 2)
(Level 3)
Cash equivalents:
Money market/repurchase agreements
$
430,299
$
430,299
$
$
Auction rate securities
2,288
2,288
Total
$
432,587
$
430,299
$
$
2,288
Non-Financial Assets Measured at Fair Value on a Nonrecurring Basis
The Companys non-financial assets, such as goodwill, intangible assets, and other long lived
assets resulting from business combinations are measured at fair value at the date of acquisition
and subsequently re-measured if there is an indicator of impairment. There were no indicators of
impairment identified during the quarter ended December 31, 2010.
4. INVENTORIES
Inventories consist of the following (in thousands):
Property, plant and equipment consist of the following (in thousands):
As of
December 31,
October 1,
2010
2010
Land
$
9,423
$
9,423
Land and leasehold improvements
5,559
5,475
Buildings
43,123
42,918
Furniture and fixtures
24,668
24,784
Machinery and equipment
485,709
455,157
Construction in progress
30,987
28,901
Total property, plant and equipment, gross
599,469
566,658
Accumulated depreciation and amortization
(375,656
)
(362,295
)
Total property, plant and equipment, net
$
223,813
$
204,363
6. GOODWILL AND INTANGIBLE ASSETS
Goodwill and intangible assets consist of the following (in thousands):
Weighted
Average
As of
As of
Amortization
December 31, 2010
October 1, 2010
Period
Gross
Net
Gross
Net
Remaining
Carrying
Accumulated
Carrying
Carrying
Accumulated
Carrying
(Years)
Amount
Amortization
Amount
Amount
Amortization
Amount
Goodwill
$
485,544
$
$
485,544
$
485,587
$
$
485,587
Amortized intangible assets
Developed technology
2.0
$
16,150
$
(11,519
)
4,631
$
14,150
$
(10,862
)
$
3,288
Customer relationships
1.7
21,510
(16,637
)
4,873
21,510
(15,894
)
5,616
Patents and other
2.7
8,316
(5,832
)
2,484
5,966
(5,630
)
336
45,976
(33,988
)
11,988
41,626
(32,386
)
9,240
Unamortized intangible assets
Trademarks
3,269
3,269
3,269
3,269
Total intangible assets
$
49,245
$
(33,988
)
$
15,257
$
44,895
$
(32,386
)
$
12,509
Amortization
expense related to intangible assets was $1.6 million and $1.5 million
for the quarters ended December 31, 2010 and January 1, 2010,
respectively.
The changes in the gross carrying amount of goodwill and intangible assets are as follows (in
thousands):
The Company tests its goodwill for impairment annually as of the first day of its fourth
fiscal quarter and in interim periods if certain events occur indicating that the carrying value of
goodwill may be impaired. There were no indicators of impairment noted during the quarter ended
December 31, 2010.
Annual amortization expense related to intangible assets for the next five years is expected to be
as follows (in thousands):
2011
2012
2013
2014
2015
Amortization expense
$
6,636
$
5,405
$
1,549
$
$
7. BORROWING ARRANGEMENTS
Long-Term Debt
Long-term debt consists of convertible notes with a carrying value of $25.1 million and
$24.7 million for the quarters ended December 31, 2010 and October 1, 2010, respectively.
On March 2, 2007, the Company issued $200.0 million aggregate principal amount of convertible
subordinated notes (2007 Convertible Notes). The offering contained two tranches. The first
tranche consisted of $100.0 million of 1.25% convertible subordinated notes due March 2010 (the
1.25% Notes) which have been retired. The second tranche consisted of $100.0 million aggregate
principal amount of 1.50% convertible subordinated notes due March 2012 (the 1.50% Notes). The
Company pays interest in cash semi-annually in arrears on March 1 and September 1 of each year on
the 1.50% Notes. The conversion price of the 1.50% Notes is 105.0696 shares per $1,000 principal
amount of notes to be redeemed, which is the equivalent of a conversion price of approximately
$9.52 per share, plus accrued and unpaid interest, if any, to the conversion date. Holders of the
1.50% Notes may require the Company to repurchase the 1.50% Notes upon a change in
control of the Company.
Holders may convert the 1.50% Notes at any time on or prior to the close of
business on the final maturity date. If a holder of a
1.50% Note elects to convert such Notes at maturity, the Company may
continue to choose to deliver to the holder either cash, shares of its common
stock or a combination of cash and shares of its common stock to settle the
conversion. This cash settlement provision permits the application of the treasury stock method in determining potential
share dilution of the conversion spread should the share price of the
Companys common stock exceed $9.52. It has been the Companys
historical practice to cash settle the principal and interest components
of convertible debt instruments, and it is the Companys intention to continue to do so in
the future, including with respect to the 1.50% Notes.
On October 3, 2009, the Company adopted ASC 470-20 Debt, Debt with Conversions and Other Options
(ASC 470-20). ASC 470-20 applies to the Companys 2007 Convertible Notes. Using a
non-convertible borrowing rate of 6.86%, the Company estimated the fair value of the liability
component of the $100.0 million aggregate principal amount of the 1.50% Notes to be $77.3 million
on October 3, 2009. As of the issuance date, the difference between the fair value of the liability
component of the 1.50% Notes and the corresponding aggregate principal amount of such notes, which
is equal to the fair value of the equity component of the 1.50% Notes ($22.7 million), was
retrospectively recorded as a debt discount and as an increase to additional paid-in capital, net
of tax. The discount of the liability component of the 1.50% Notes is being amortized over the
remaining life of the instrument.
The
following tables provide additional information about the
Companys 1.50% Notes (in
thousands):
As of
December 31,
October 1,
2010
2010
Equity component of the convertible notes
outstanding
The remaining unamortized discount on the 1.50% Notes will be amortized over the next fourteen
months. As of December 31, 2010, the if converted value of the remaining 1.50% Notes exceeds the
related principal amount by approximately $53.5 million. As of both December 31, 2010 and October
1, 2010, the number of shares underlying the remaining 1.50% Notes was 2.8 million.
Short-Term Debt
On July 15, 2003, the Company entered into a receivables purchase
agreement under which it agreed to sell from time to time certain of its
accounts receivable to Skyworks USA, Inc. (Skyworks USA), a
wholly-owned special purpose entity that is consolidated for accounting
purposes. Concurrently, Skyworks USA entered into an agreement with
Wachovia Bank, N.A. providing for a $50.0 million credit facility (the
Credit Facility) secured by the purchased accounts receivable. The
Companys short term debt balance as of October 1, 2010 was $50.0 million.
The Company paid down the entire $50.0 million balance and terminated
the Credit Facility and all associated agreements
during the quarter ended December 31, 2010.
8. INCOME TAXES
The provision for income taxes for the quarter ended December 31, 2010 consisted of $15.2 million
and $0.7 million of United States and foreign income taxes,
respectively, as compared to $12.5
million and $0.3 million for United States and foreign income taxes, respectively, for the quarter
ended January 1, 2010. For the quarter ended December 31, 2010, the difference between the
Companys effective tax rate and the 35% federal statutory rate resulted primarily from foreign
earnings taxed at rates lower than the federal statutory rate and the recognition of research and
development tax credits earned. In December 2010, the United States Congress enacted legislation to retroactively extend the
federal research and development tax credit. As a result, the Company recognized $4.4
million of federal research and development tax credits in the quarter ended December 31, 2010, which were earned in the fiscal year ended October 1, 2010,
reducing our tax rate from 26.5% to 20.7%. For the quarter ended January 1, 2010, the difference
between the Companys effective tax rate and the 35% federal statutory rate resulted primarily from
foreign earnings taxed at rates lower than the United States federal statutory rate.
During the
quarter ended December 31, 2010, the Company expanded its presence in Asia by launching operations in Singapore.
The Company operates under a tax holiday in Singapore, which is effective through September 30,
2020. The tax holiday is conditional upon the Companys compliance in meeting certain employment
and investment thresholds.
In accordance with ASC 740 Income Taxes (ASC 740), management has determined that it is more
likely than not that a portion of the Companys historic and current year income tax benefits will not be
realized. Accordingly, as of December 31, 2010, the Company has maintained a valuation allowance of $24.0
million related to the Companys United States deferred tax assets, primarily related to the Companys state tax
research and experimentation credits. Deferred tax assets have been recognized for foreign
operations when management believes that it is more likely than not that they will be recovered
during the carryforward period. We have also previously determined that it is more likely than not
that a portion of the Companys foreign income tax benefits will not be realized and maintain a valuation
allowance of $1.6 million related to the Companys foreign deferred tax assets.
Realization of benefits from the Companys deferred tax asset is dependent upon generating United States
source taxable income in the future, which may result in the existing valuation reserve being
reversed to the extent that the related deferred tax assets no longer require a valuation allowance
under the provisions of ASC 740.
The Company will continue to evaluate its valuation allowance in future periods and depending upon
the outcome of that assessment, additional amounts could be reversed or recorded and recognized as
an adjustment to income tax benefit or expense. Such adjustments could cause our effective income
tax rate to vary in future periods. The Company will need to generate $168.2 million of United States
federal taxable income in future years to utilize all of the Companys net operating loss carryforwards, research and
experimentation tax credit carryforwards, and deferred income tax temporary differences as of
December 31, 2010.
During the
quarter ended December 31, 2010, there was an increase in the Companys gross unrecognized
tax benefits of $2.4 million. The Companys gross unrecognized tax benefits totaled $22.3 million as of
December 31, 2010. Of the total
unrecognized tax benefits at December 31, 2010, $13.3 million
would impact the effective tax rate, if recognized. The remaining unrecognized tax benefits would
not impact the effective tax rate, if recognized, due to the Companys valuation allowance and certain
positions which were required to be deferred. There are no positions which we anticipate could
change within the next twelve months. The Company did not incur any significant accrued interest
or penalties related to unrecognized tax benefits during the quarter ended December 31, 2010.
The Companys policy is to recognize accrued interest and penalties, if incurred, on any
unrecognized tax benefits as a component of income tax expense.
The
Companys major tax jurisdictions as of December 31, 2010 are the United States federal jurisdiction,
and the United States state jurisdictions of California
and Iowa. For the United States, the Company has open tax years dating back to fiscal year 1998 due
to the carry forward of tax attributes. For California and Iowa, the Company has open tax years
dating back to fiscal year 2002 due to the carry forward of tax attributes.
9. COMMITMENTS AND CONTINGENCIES
Legal Matters
From time to time, various lawsuits, claims and proceedings have been, and may in the future be,
instituted or asserted against the Company, including those pertaining to patent infringement,
intellectual property, environmental, product liability, safety and health, employment and
contractual matters.
Additionally, the semiconductor industry is characterized by vigorous protection and pursuit of
intellectual property rights. From time to time, third parties have asserted and may in the future
assert patent, copyright, trademark and other intellectual property rights to technologies that are
important to the Companys business and have demanded and may in the future demand that the Company
license their technology. The outcome of any such litigation cannot be predicted with certainty and
some such lawsuits, claims or proceedings may be disposed of unfavorably to the Company. Generally
speaking, intellectual property disputes often have a risk of injunctive relief, which, if imposed
against the Company, could materially and adversely affect the Companys financial condition, or
results of operations. From time to time the Company is also involved in legal proceedings in the
ordinary course of business.
The Company believes there is no litigation pending that will have, individually or in the
aggregate, a material adverse effect on its business.
Guarantees and Indemnifications
The Company has made no contractual guarantees for the benefit of third parties. However, the
Company generally indemnifies its customers from third-party intellectual property infringement
litigation claims related to its products, and, on occasion, also provides other indemnities
related to product sales. In connection with certain facility leases, the Company has indemnified
its lessors for certain claims arising from the facility or the lease.
The Company indemnifies its directors and officers to the maximum extent permitted under the laws
of the state of Delaware. The duration of the indemnities varies, and in many cases is indefinite.
The indemnities to customers in connection with product sales generally are subject to limits based
upon the amount of the related product sales and in many cases are subject to geographic and other
restrictions. In certain instances, the Companys indemnities do not provide for any limitation of
the maximum potential future payments the Company could be obligated to make. The Company has not
recorded any liability for these indemnities in the accompanying consolidated balance sheets and
does not expect that such obligations will have a material adverse impact on its financial
condition or results of operations.
10. SEGMENT INFORMATION
In accordance with ASC 280-Segment Reporting (ASC 280), the Company has one reportable operating
segment which designs, develops, manufactures and markets proprietary semiconductor products,
including intellectual property. ASC 280 establishes standards for the way public business
enterprises report information about operating
segments in annual financial statements and in interim reports to shareholders. The method for
determining what information to report is based on managements use of financial information for
the purposes of assessing
performance and making operating decisions. In evaluating financial
performance and making operating decisions, management primarily uses consolidated net revenue,
gross profit, operating profit and earnings per share. The Companys business units share similar
economic characteristics, long term business models, research and development expenses and selling,
general and administrative expenses. Furthermore, the Companys chief decision makers base
operating decisions on consolidated financial information. As of December 31, 2010, there has been
no change and the Company continues to consider itself to have one reportable operating segment.
The Company will re-assess its conclusions at least annually.
11. EMPLOYEE STOCK BENEFIT PLANS
Stock based compensation expense consists of expense related to our unvested grants of employee
stock options and awards in accordance with ASC 718 Compensation-Stock Compensation (ASC 718).
The following table summarizes share-based compensation expense related to employee stock options,
restricted stock grants, performance stock grants, management incentive compensation, and employee
stock purchase plan under ASC 718 for the quarter ended December 31, 2010 and January 1,
2010, as follows:
Three-months Ended
December 31,
January 1,
(In thousands)
2010
2010
Stock options
$
3,840
$
3,035
Non-vested restricted stock with service and market conditions
658
Non-vested restricted stock with service conditions
469
207
Non-vested performance shares
7,307
2,867
Management incentive plan stock awards
1,044
883
Employee stock purchase plan
621
434
Total share-based compensation expense
$
13,281
$
8,084
The Company utilized the following weighted average assumptions in calculating its share-based
compensation expense using the
Black-Scholes model at December 31, 2010 and January 1, 2010:
Three-months Ended
December 31,
January 1,
2010
2010
Expected volatility
49.26
%
56.19
%
Risk free interest rate (7 year contractual life options)
1.00
%
1.85
%
Dividend yield
0.00
0.00
Expected option life (7 year contractual life options)
4.10
4.23
12. ACCUMULATED OTHER COMPREHENSIVE LOSS
The Company accounts for comprehensive loss in accordance with the provisions of ASC 220
Comprehensive Income (ASC 220). ASC 220 is a financial statement presentation standard that
requires the Company to disclose non-owner changes included in equity but not included in net
income or loss. Accumulated other comprehensive loss presented in the financial statements consists
of adjustments to the Companys auction rate securities and minimum pension liability. There were
no changes in the value of the auction rate securities or pension liability during the quarter
ended December 31, 2010.
13. COMMON STOCK REPURCHASE
On August 3, 2010 the Board of Directors approved a stock repurchase program, pursuant to which the
Company is authorized to repurchase up to $200.0 million of the Companys common stock from time to
time on the open market or in privately negotiated transactions as permitted by securities laws and
other legal requirements. The Company paid approximately $18.2 million in connection with the
repurchase of 786,400 shares of its common
stock during the first quarter ended December 31, 2010 (paying an average price of $23.15 per share). As of
December 31, 2010, $181.8 million remained available under the existing share repurchase
authorization.
Basic earnings per share is calculated by dividing net income by the weighted average number of
common shares outstanding. Diluted earnings per share includes the dilutive effect of equity based
awards and the 2007 Convertible Notes using the treasury stock method.
Equity based awards exercisable for approximately 1.7 million shares and 6.1 million shares were
outstanding but not included in the computation of earnings per share for the quarter ended
December 31, 2010 and January 1, 2010, respectively, as their effect would have been
anti-dilutive.
The
remaining $26.7 million in aggregate principal balance of the
1.50% Notes
contains a cash settlement provision, which permit the application of the treasury stock method in
determining potential share dilution of the conversion spread should the share price of the
Companys common stock exceed $9.52. As of December 31, 2010, there were 1.7 million shares
included in the calculation of diluted earnings per share as a result of this conversion feature.
It has been the Companys historical practice to cash settle the
principal and interest
components of convertible debt instruments, and it is the
Companys intention to continue to do so in the
future, including settlement of the 1.50% Notes due in March 2012.
Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
This report and other documents we have filed with the Securities and Exchange Commission
(SEC) contain forward-looking statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended (the
Exchange Act), and are subject to the safe harbor created by those sections. Words such as
believes, expects, may, will, would, should, could, seek, intends, plans,
potential, continue, estimates, anticipates, predicts, and similar expressions or
variations or negatives of such words are intended to identify forward-looking statements, but are
not the exclusive means of identifying forward-looking statements in this report. Additionally,
statements concerning future matters such as the development of new products, enhancements or
technologies, sales levels, expense levels and other statements regarding matters that are not
historical are forward-looking statements. Although forward-looking statements in this report
reflect the good faith judgment of our management, such statements can only be based on facts and
factors currently known by us. Consequently, forward-looking statements involve inherent risks and
uncertainties and actual results and outcomes may differ materially and adversely from the results
and outcomes discussed in or anticipated by the forward-looking statements. A number of important
factors could cause actual results to differ materially and adversely from those in the
forward-looking statements. We urge you to consider the risks and uncertainties discussed in our
Annual Report on Form 10-K for the fiscal year ended October 1, 2010, under the heading Risk
Factors and in the other documents we have filed with the SEC in evaluating our forward-looking
statements. We have no plans, and undertake no obligation, to revise or update our forward-looking
statements to reflect any event or circumstance that may arise after the date of this report. We
caution readers not to place undue reliance upon any such forward-looking statements, which speak
only as of the date made.
In this document, the words we, our, ours and us refer only to Skyworks Solutions, Inc. and
its subsidiaries and not any other person or entity.
RESULTS OF OPERATIONS
THREE-MONTHS ENDED DECEMBER 31, 2010 AND JANUARY 1, 2010
The following table sets forth the results of our operations expressed as a percentage of net
revenues for the quarters ended December 31, 2010 and January 1, 2010:
During the quarter ended December 31, 2010, certain key factors contributed to our overall results
of operations and cash flows from operations. Specifically:
We generated net revenue of $335.1 million for the quarter ended December 31, 2010, as
compared to net revenue of $245.1 million for the corresponding period in fiscal 2010, an
increase of 36.7%. The revenue growth was principally attributable to an increase in
our overall market share and product revenue diversification as well
as the increased overall demand for our
wireless semiconductor products that support mobile internet, wireless infrastructure,
energy management and diversified analog applications.
Gross profit increased by $46.0 million or 250 basis points to 44.3% of net revenue for
the quarter ended December 31, 2010, as compared to the corresponding period in fiscal
2010. The increase in gross profit in aggregate dollars and as a percentage of net revenue
is primarily the result of improved product mix, continued factory process and productivity
enhancements, product end-to-end yield improvements, year-over-year material cost
reductions, margin-enhancing and demand driven capital expenditure investments, and the
aforementioned increase in net revenues.
Operating income increased by $34.8 million to 23.1% of
revenue, an 81.8% increase
over the corresponding period in fiscal 2010. The increase is primarily due to the
aforementioned increases in net revenue and gross margin along with a higher degree of
operating leverage as we maintained relatively constant operating expenditures.
In the quarter end December 31, 2010, we generated
$64.8 million in cash from operations and exited the quarter with $450.7 million in cash, cash equivalents and restricted
cash.
During the first fiscal quarter we paid down and terminated our $50.0 million Credit Facility
(see Note 7 of the Notes to Consolidated Financial Statements contained in
Item 1 in this Quarterly Report on Form 10-Q). Our net cash position,
after deducting debt,
was $425.6 million.
NET REVENUES
Three-months Ended
December 31,
January 1,
(dollars in thousands)
2010
Change
2010
Net revenues
$
335,120
36.7
%
$
245,138
We market and sell our products directly to Original Equipment Manufacturers (OEMs) of
communication electronic products, third-party Original Design Manufacturers (ODMs), contract
manufacturers, and indirectly through electronic components distributors. We periodically enter
into revenue generating arrangements that leverage our broad intellectual property portfolio by
licensing or selling our non-core patents or other intellectual property. We anticipate continuing
this intellectual property strategy in future periods.
We generated net revenue of $335.1 million for the quarter ended December 31, 2010, as compared to
net revenue of $245.1 million for the corresponding period in fiscal 2010, an increase of 36.7%.
The revenue growth was principally attributable to an increase in our overall market share and product
revenue diversification as well as the increased overall demand for our wireless semiconductor products that
support mobile internet, wireless infrastructure, energy management and diversified analog
applications.
Gross profit represents net revenues less cost of goods sold. Cost of goods sold consists primarily
of purchased materials, labor and overhead (including depreciation and equity based compensation
expense) associated with product manufacturing.
Gross profit increased by $46.0 million or 250 basis points to 44.3% of net revenue for the quarter
ended December 31, 2010, as compared to the corresponding period in fiscal 2010. The increase in
gross profit in aggregate dollars and as a percentage of net revenue is primarily the result of
improved product mix, continued factory process and productivity enhancements, product end-to-end
yield improvements, year-over-year material cost reductions, margin-enhancing and demand driven
capital expenditure investments, and the aforementioned increase in
net revenues. During the first quarter of fiscal 2010, we benefited
from higher contribution margins associated with the licensing and/or
sale of intellectual property.
RESEARCH AND DEVELOPMENT
Three-months Ended
December 31,
January 1,
(dollars in thousands)
2010
Change
2010
Research and development
$
38,543
21.2
%
$
31,789
% of net revenues
11.5
%
13.0
%
Research and development expenses consist principally of direct personnel costs, costs for
pre-production evaluation and testing of new devices, masks and engineering prototypes, equity
based compensation expense and design and test tool costs.
The 21.2% increase in research and development expenses for the quarter ended December 31, 2010
when compared to the corresponding period in fiscal 2010 is principally attributable to
growth in the number of our employees
and related compensation costs. In addition, we increased our design activity resulting in
higher mask, prototype and materials costs in support of increased product development for our
target markets. Research and development expenses decreased as a percentage of net revenue for
fiscal quarter as a result of the aforementioned increase in net revenue.
SELLING, GENERAL AND ADMINISTRATIVE
Three-months Ended
December 31,
January 1,
(dollars in thousands)
2010
Change
2010
Selling, general and administrative
$
31,051
16.2
%
$
26,731
% of net revenues
9.3
%
10.9
%
Selling, general and administrative expenses include legal, accounting, treasury, human resources,
information systems, customer service, bad debt expense, sales commissions, share-based
compensation expense, advertising, marketing and other costs.
The increase in selling, general and administrative expenses for the quarter ended December 31,
2010 as compared to the corresponding period in fiscal 2010 is principally due to
growth in the number of our employees
and related compensation expense. In addition, share-based
compensation expense which increased primarily
as a result of our increased stock price during the fiscal quarter as
compared to the prior year.
Selling, general and administrative expenses as a percentage of net revenues decreased for the
quarter ended December 31, 2010, as compared to the corresponding period in the prior fiscal year,
due to the aforementioned increase in revenue.
The slight increase in amortization expense during the quarter ended December 31, 2010, as compared
to the corresponding period in fiscal 2010, was due to intangible asset acquisitions and subsequent
amortization during the fiscal quarter.
INTEREST EXPENSE
Three-months Ended
December 31,
January 1,
(dollars in thousands)
2010
Change
2010
Interest expense
$
537
(65.8
)%
$
1,569
% of net revenues
0.2
%
0.6
%
Interest expense is comprised principally of interest expense related to our 2007 Convertible Notes
which have been calculated under ASC 470-20 Debt, Debt with Conversion and Other Options.
The decrease in interest expense for the quarter ended December 31, 2010, when compared to the
corresponding period in fiscal 2010, was due to a decline in interest expense and amortization of
discount associated with the early retirement of
a portion of
the 2007 Convertible Notes during fiscal 2010 and
our pay-down of the entire $50.0 million balance of our Credit Facility
(see Note 7 of the Notes to Consolidated Financial Statements contained
in Item 1 in this Quarterly Report on Form 10-Q)
during the quarter
ended December 31, 2010.
PROVISION FOR INCOME TAXES
Three-months Ended
December 31,
January 1,
(dollars in thousands)
2010
Change
2010
Provision for income taxes
$
15,868
24.0
%
$
12,792
% of net revenues
4.7
%
5.2
%
The provision for income taxes increased 24.0% to $15.9 million ($15.2 million and $0.7 million for
United States and foreign income taxes, respectively) for the quarter ended December 31, 2010 as
compared to the corresponding period in fiscal 2010.
The effective tax rate for the quarter ended December 31, 2010 was 20.7% as compared to 31.4% when
compared to the corresponding period in fiscal 2010. The difference between our current period
effective tax rate of 20.7% and the federal statutory rate of 35% is principally due to the
recognition of foreign earnings in lower tax jurisdictions and the recognition of research and
development tax credits. As a result of the enactment of the Tax Relief Act of 2010 which
retroactively reinstated and extended the research and development tax credit, $4.4 million of
federal research and development tax credits which were earned in fiscal year 2010 reduced our tax
rate from 26.5% to 20.7% during the quarter-ended December 31, 2010.
LIQUIDITY AND CAPITAL RESOURCES
Cash Provided and Used
Three-months Ended
December 31,
January 1,
(dollars in thousands)
2010
2010
Cash and
cash equivalents at beginning of period (1)
$
453,257
$
364,221
Net cash provided by operating activities
64,822
53,012
Net cash used in investing activities
(36,970
)
(15,679
)
Net cash used in financing activities
(31,055
)
(5,227
)
Cash and cash equivalents at end of period (1)
$
450,054
$
396,327
(1)
Cash and cash equivalents do not include restricted cash
balances.
Cash provided from operating activities is net income adjusted for certain non-cash items and
changes in certain assets and liabilities. For the quarter ended December 31, 2010 we generated
$64.8 million in cash flow from operations, an increase of $11.8 million when compared to the $53.0
million generated in the corresponding period in fiscal 2010. For the quarter ended December 31,
2010, net income increased by $32.9 million to $60.9 million when compared to the corresponding
period in fiscal 2010. The increase in net income for the quarter was primarily offset by changes
in non-cash items and by our investments in working capital as a result of higher business
activity. Specifically, the working capital increase was due to the increases in accounts
receivable and inventory of $25.6 million and $17.0 million, respectively, which was partially
offset by an increase in accounts payable of $8.6 million during the fiscal quarter.
Cash Flow from Investing Activities:
Cash flow from investing activities consists primarily of capital expenditures and acquisitions.
We had net cash outflows of $37.0 million for the quarter ended December 31, 2010, compared to
$15.7 million for the corresponding period in fiscal 2010. The increase is primarily due to higher
capital expenditures during the quarter.
Cash Flow from Financing Activities:
Cash flows from financing activities consist primarily of cash transactions related to debt and
equity. During the quarter ended December 31, 2010, we had net
cash outflows of $31.0 million,
compared to $5.2 million for the corresponding period in fiscal 2010. Specifically, we had the
following significant uses of cash:
$50.0 million related to the complete pay-off and termination of the Credit Facility
$18.4 million related to payroll tax withholdings on the vesting of employee
performance and restricted stock awards
$18.2 million related to our repurchase of 786,400
shares of our common stock pursuant to the share repurchase program
approved by our Board of Directors on August 3, 2010
These uses
of cash were partially offset by the net proceeds from employee stock option exercises of $43.1
million for the quarter ended December 31, 2010.
Liquidity:
Cash and cash equivalent balances decreased to $450.0 million at December 31, 2010 from $453.3
million at October 1, 2010. Our net cash position, after deducting our debt,
increased by $41.0 million to $425.6 million at December 31, 2010 from $384.6 million at October 1,
2010. Based on our historical results of operations, we expect our existing sources of liquidity,
together with cash expected to be generated from operations, will be sufficient to fund our
research and development, capital expenditures, debt obligations, working capital and other cash
requirements for at least the next 12 months. However, we cannot be certain that the capital
required to fund these expenses will be available in the future. In addition, any strategic
investments and acquisitions that we may make may require additional capital resources. If we are
unable to obtain sufficient capital to meet our capital needs on a timely basis and on favorable
terms, our business and operations could be materially adversely affected.
Our invested cash balances primarily consist of money market funds and repurchase agreements where
the underlying securities primarily consist of United States treasury obligations, United States
agency obligations, overnight repurchase agreements backed by United States treasuries and/or
United States agency obligations and highly rated commercial paper. Our invested cash balances also
include certificates of deposit. At December 31, 2010, we also held a $3.2 million par value
auction rate security with a carrying value of $2.3 million. We continue to monitor the liquidity
and accounting classification of this security. If in a future period we determine that the
impairment is other than temporary, we will impair the security to its fair value and charge the
loss to earnings.
CONTRACTUAL OBLIGATIONS
Our contractual obligations disclosure in our annual report on Form 10-K for the year ended October
1, 2010 has not materially changed since we filed that report, with the exception that we paid off
and terminated the
Credit
Facility. Our long-term borrowing arrangements are more fully
described in Note 7 of the Notes to Consolidated Financial Statements continued in Item 1 in this Quarterly Report on Form 10-Q.
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
ASU 2009-13 and ASU 2009-14
In September 2009, the FASB reached a consensus on Accounting Standards Update (ASU) -
2009-13-Revenue Recognition (ASC 605) Multiple-Deliverable Revenue Arrangements (ASU
2009-13) and ASU 2009-14- Software (ASC 985) Certain Revenue Arrangements That Include
Software Elements (ASU 2009-14). ASU 2009-13 modifies the requirements that must be met for an
entity to recognize revenue from the sale of a delivered item that is part of a multiple-element
arrangement when other items have not yet been delivered. ASU 2009-13 eliminates the requirement
that all undelivered elements must have either: i) Vendor Specific Objective Evidence or VSOE or
ii) third-party evidence, or TPE, before an entity can recognize the portion of an overall
arrangement consideration that is attributable to items that already have been delivered. In the
absence of VSOE or TPE of the standalone selling price for one or more delivered or undelivered
elements in a multiple-element arrangement, entities will be required to estimate the selling
prices of those elements. Overall arrangement consideration will be allocated to each element (both
delivered and undelivered items) based on their relative selling prices, regardless of whether
those selling prices are evidenced by VSOE or TPE or are based on the entitys estimated selling
price. The residual method of allocating arrangement consideration has been eliminated. ASU 2009-14
modifies the software revenue recognition guidance to exclude from its scope tangible products that
contain both software and non-software components that function together to deliver a products
essential functionality. These new updates are effective for revenue arrangements entered into or
materially modified in fiscal years beginning on or after June 15, 2010. The adoption of ASU
2009-13 and 2009-14 did not have an effect on our consolidated financial position and results of
operations or statement of cash flows.
OFF-BALANCE SHEET ARRANGEMENTS
We have no significant contractual obligations not fully recorded on our consolidated balance sheet
or fully disclosed in the notes to our consolidated financial statements. We have no material
off-balance sheet arrangements as defined in SEC Regulation S-K- 303(a)(4)(ii).
Item 3. Quantitative and Qualitative Disclosures about Market Risk
We are subject to foreign currency, investment, market and interest rate risks as described
below:
Investment, Market and Interest Rate Risk
Our exposure to interest and market risk relates principally to our investment portfolio, which as
of December 31, 2010 consisted of the following (in millions):
Cash and cash equivalents (time deposits, overnight repurchase
agreements and money market funds)
$
450.0
Restricted cash (certificates of deposit)
0.7
Available for sale securities (auction rate securities)
2.3
Total
$
453.0
The main objective of our investment activities is the liquidity and preservation of capital.
Credit risk associated with our investments is not significant as our investment policy prescribes
high credit quality standards and limits the amount of credit exposure to any one issuer. We do
not use derivative instruments for trading, speculative or investment purposes; however, we may use
derivatives in the future.
In general, our cash and cash equivalent investments have short-term maturity periods which dampen
the impact of significant market or interest rate risk. We are, however, subject to overall
financial market risks, such as changes in market liquidity, credit quality and interest rates.
Available for sale securities of $2.3 million carry a longer maturity period (contractual
maturities exceed ten years).
Our long-term debt at December 31, 2010 consists of $26.7 million aggregate principal amount of
2007 Convertible Notes. These 2007 Convertible Notes contain cash settlement provisions, which
permit the application of the treasury stock method in determining potential share dilution of the
conversion spread should the share price of the Companys common stock exceed $9.52. It has been
the Companys historical practice to cash settle the principal and interest components of
convertible debt instruments, and it is our intention to continue to do so in the future, including
settlement of the 2007 Convertible Notes due in March 2012.
We do not believe that investments or interest rate risk are material to our business or results of
operations.
Exchange Rate Risk
Substantially all sales to customers and arrangements with third-party manufacturers provide for
pricing and payment in United States dollars, thereby reducing the impact of foreign exchange rate
fluctuations on our results. A small percentage of our international operational expenses are
denominated in foreign currencies. Exchange rate volatility could negatively or positively impact
those operating costs. Increases in the value of the United States dollar relative to other
currencies could make our products more expensive, which could negatively impact our ability to
compete. Conversely, decreases in the value of the United States dollar relative to other
currencies could result in our suppliers raising their prices to continue doing business with us.
Fluctuations in currency exchange rates could have a greater effect on our business in the future
to the extent our expenses increasingly become denominated in foreign currencies.
Item 4. Controls and Procedures
(a)
Evaluation of disclosure controls and procedures.
Our management, with the participation of our chief executive officer and chief financial officer,
evaluated the effectiveness of our disclosure controls and procedures as of December 31, 2010. The
term disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the
Exchange Act, means controls and other procedures of a company that are designed to ensure that
information required to be disclosed by a company in the reports that it files or submits under the
Exchange Act is recorded, processed, summarized and reported, within the time periods specified in
the SECs rules and forms. Disclosure controls and procedures include, without limitation, controls
and procedures designed to ensure that information required to be disclosed by a company in the
reports that it files or submits under the Exchange Act is accumulated and communicated to the
companys management, including its principal executive and principal financial officers, as
appropriate to allow timely decisions regarding required disclosure. Management recognizes that any
controls and procedures, no matter how well designed and operated, can provide only reasonable
assurance of achieving their objectives, and management necessarily applies its judgment in
evaluating the cost-benefit relationship of possible controls and procedures. Based on managements
evaluation of our disclosure controls and procedures as of December 31, 2010, our chief executive
officer and chief financial officer concluded that, as of such date, our disclosure controls and
procedures were effective at the reasonable assurance level.
(b) Changes in internal controls over financial reporting.
No changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and
15d-15(f) of the Exchange Act) occurred during the quarter ended December 31, 2010 that have
materially affected, or are reasonably likely to materially affect, the Companys internal control
over financial reporting.
There have been no significant changes in the risk factors disclosed in Item 1A of our Annual
Report on Form 10-K for the year ended October 1, 2010.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
The following table provides information regarding repurchases of common stock made by us
during the quarter ended December 31, 2010:
Maximum Number (or
Approximately
Total Number of
Dollar Value) of
Shares Purchased as
Shares that May Yet
Part of Publicly
Be Purchased Under
Total Number of
Average Price Paid
Announced Plans or
the Plans or
Period
Shares Purchased
per Share
Programs (1)
Programs
10/02/10 10/29/10
5,134
(2)
$
21.14
$200.0 million
10/30/10 11/26/10
1,538,997
(3)
$
23.46
786,400
$181.8 million
11/27/10 12/31/10
15,428
(2)
$
27.07
$181.8 million
(1)
On August 3, 2010 the Board of Directors approved a share
repurchase program, pursuant to which the Company is authorized to
repurchase up to $200.0 million of the Companys common stock
from time to time on the open market or in privately negotiated
transactions as permitted by securities laws and other legal
requirements. The repurchase program is set to expire on August 3, 2012;
however, it may be suspended or discontinued at any time prior to August 3, 2012. The
repurchase program will be funded using the Companys working
capital.
(2)
Shares of common stock reported in the table above were repurchased by the Company at the
fair market value of the common stock as of the period stated above, in connection with the
satisfaction of tax withholding obligations under restricted stock agreements between the
Company and certain of its employees.
(3)
786,400 shares were repurchased at an average of $23.15 as part of our share repurchase
program. 752,597 shares were repurchased with an average price of $23.79 per share in
connection with the satisfaction of tax withholding obligations under restricted stock
agreements between the Company and certain of its employees.
Item 6. Exhibits
Number
Description
10.II*
Fiscal 2011 Executive Incentive Compensation Plan
10.KK*
Amendment dated November 23, 2010 to Amended and Restated Change in
Control/Severance Agreement, dated January 22, 2008, between the
Company and David J. Aldrich
10.MM*
Termination and Settlement Letter
Agreement, dated December 17, 2010 related to Credit and Security
Agreement, dated as of July 15, 2003, by and between Skyworks USA,
Inc. and Wells Fargo Bank, N.A., Servicing Agreement, dated as of
July 15, 2003, by and between the Company and Skyworks USA, Inc.
and Receivables Purchase Agreement, dated as of July 15, 2003, by
and between Skyworks USA, Inc. and the Company
31.1*
Certification of the Companys Chief Executive Officer pursuant to
Securities Exchange Act of 1934, as amended, Rules 13a- 14(a) and
15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002
31.2*
Certification of the Companys Chief Financial Officer pursuant to
Securities Exchange Act of 1934, as amended, Rules 13a-14(a) and
15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002
32.1*
Certification of the Companys Chief Executive Officer pursuant to
18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
32.2*
Certification of the Companys Chief Financial Officer pursuant to
18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned thereunto duly authorized.
SKYWORKS SOLUTIONS, INC.
Date: February 8, 2011
By:
/s/ David J. Aldrich
David J. Aldrich, President and Chief
Executive Officer (Principal Executive Officer)
By:
/s/ Donald W. Palette
Donald W. Palette, Chief Financial Officer
Vice President (Principal Accounting and Financial Officer)
Amendment dated November 23, 2010 to Amended and Restated Change in
Control/Severance Agreement, dated January 22, 2008, between the
Company and David J. Aldrich
10.MM
Termination and Settlement Letter
Agreement, dated December 17, 2010, related to Credit and Security
Agreement, dated as of July 15, 2003, by and between Skyworks USA,
Inc. and Wells Fargo Bank, N.A., Servicing Agreement, dated as of
July 15, 2003, by and between the Company and Skyworks USA, Inc. and
Receivables Purchase Agreement, dated as of July 15, 2003, by and
between Skyworks USA, Inc. and the Company
31.1
Certification of the Companys Chief Executive Officer pursuant to
Securities Exchange Act of 1934, as amended, Rules 13a- 14(a) and
15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002
31.2
Certification of the Companys Chief Financial Officer pursuant to
Securities Exchange Act of 1934, as amended, Rules 13a-14(a) and
15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002
32.1
Certification of the Companys Chief Executive Officer pursuant to
18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
32.2
Certification of the Companys Chief Financial Officer pursuant to
18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
23
EX-10.II
2
a57989exv10wii.htm
EX-10.II
exv10wii
Exhibit 10.II
FY11 Executive Incentive Plan
(First Half)
1.
Purpose: The FY11 Executive Incentive Plan (theFY11 Plan) is designed to reward key
management for achieving certain financial and business objectives.
2.
Plan Period: The FY11 Plan covers the period from October 2, 2010 through September 30,
2011.
3.
Eligibility: This program applies to the Chief Executive Officer and his direct reporting
senior executives. Other key employees may be added based upon the recommendation of the
Chief Executive Officer and subsequent approval of the Compensation Committee. Those
employees not covered by this plan may be eligible for other programs established by Skyworks.
4.
Incentive Targets: Participants are eligible to earn a percentage of their base salary for
attaining certain performance objectives. Nominal, target and stretch incentive awards have
been established as follows (shown as a percentage of the participants base salary):
Incentive
Incentive
Incentive
Name
At Nominal
At Target
At Stretch
CEO
50.0
%
100.0
%
200.0
%
CFO, VP Sales, FES Business Unit
General Manager, VP Ops
35.0
%
70.0
%
140.0
%
Other VPs
27.5
%
55.0
%
110.0
%
Special Participants
20.0
%
40.0
%
80.0
%
5.
FY11 Metrics: The performance metrics for FY11 are as follows:
1st Half Financial (2nd Half TBD)
Metric
Nominal
Target
Stretch
Revenue
REDACTED
REDACTED
REDACTED
Gross Margin %
REDACTED
REDACTED
REDACTED
Operating Income Margin (%)
REDACTED
REDACTED
REDACTED
Cash (Inventory Turns)
REDACTED
REDACTED
REDACTED
FES Revenue
REDACTED
REDACTED
REDACTED
FES OI%
REDACTED
REDACTED
REDACTED
AC Revenue
REDACTED
REDACTED
REDACTED
AC OI%
REDACTED
REDACTED
REDACTED
VMS & MC Revenue
REDACTED
REDACTED
REDACTED
VMS & MC OI%
REDACTED
REDACTED
REDACTED
REDACTED Units
REDACTED
REDACTED
REDACTED
1st Half Customer Satisfaction (2nd Half TBD)
Metric
Weight
Nominal
Target
Stretch
On-Time Delivery
50
%
REDACTED
REDACTED
REDACTED
Returned Material $ Reduction
50
%
REDACTED
REDACTED
REDACTED
Performance periods are semi-annual. The individual metrics above are for normal
operations and any extraordinary events and/or charges will be brought to the Compensation
Committee for review and approval. Metrics will be weighted based on performance for the
first and second half of FY11 as follows:
Inventory
Customer
BU
BU
REDACTED
Division
Revenue
GM%
OI%
Turns
Satisfaction
Revenue
OI%
Units
REDACTED
n/a
n/a
20
%
n/a
10
%
30
%
20
%
20
%
REDACTED
n/a
n/a
30
%
n/a
10
%
30
%
30
%
n/a
REDACTED
30
%
20
%
30
%
10
%
10
%
n/a
n/a
n/a
REDACTED
20
%
20
%
n/a
n/a
n/a
20
%
20
%
20
%
Other Executives2
30
%
20
%
30
%
10
%
10
%
n/a
n/a
n/a
1
BU metrics are combined VMS and MC
2
Includes CEO, CFO, VP General Counsel, VP HR, VP Quality, VP Corp. Dev.
2 of 3
FY11 EIP (1st Half)
How the Plan Works: Upon completion of the first six months of the Fiscal Year, the Chief
Executive Officer will provide the Compensation Committee with recommendations for incentive award
payments to the named participants of the plan. The Committee will review the recommendations and
approve the actual amount to be paid to each participant. The Committee will rely upon the CEO for
the appropriate distribution of the authorized incentive pool. The same process will occur for the
2nd 6 months of the Fiscal Year. All incentive award payments under the FY11 Plan, if earned, will
be paid by March 15th of the calendar year following the end of the fiscal year in which the
performance occurs.
6.
Administration: Actual performance between the Nominal and Target metrics will be paid on a
linear sliding scale beginning at the Nominal percentage and moving up to the Target
percentage. The same linear scale will apply for performance between Target and Stretch
metrics. In order to fund the incentive plans and insure the overall Companys financial
performance, the following terms apply.
No incentive award will be paid unless the Company meets its Nominal
operating income margin goal after accounting for any incentive award payments.
Payout for the first six month performance period will be capped at 80% of
earnings with 20% being held back until the end of the fiscal year based on sustained
performance.
Incentive payments will be processed in a timely manner at the completion
of each six month performance period. Skyworks CEO, subject to approval by the
Compensation Committee, retains discretion to award below nominal or above Stretch and
to modify all individual incentive payments to ensure equitable distribution of
incentives; such modifications may include, but are not limited to, the delivery of
equity or similar instruments in lieu of cash payments.
Any payout shall be conditioned upon the Participants employment by the
Company on the date of payment; provided, however, that the Compensation Committee may
make exceptions to this requirement, in its sole discretion, including, without
limitation, in the case of a participants termination of employment, retirement, death
or disability.
7.
Taxes: All awards are subject to federal, state, local and social security taxes. Payments
under this Plan will not affect the base salary, which is used as the basis for Skyworks
benefits program.
8.
Amendments: The Company reserves the right to amend or terminate the FY11 Plan at any time
in its sole discretion.
3 of 3
FY11 EIP (1st Half)
EX-10.KK
3
a57989exv10wkk.htm
EX-10.KK
exv10wkk
Exhibit 10.KK
November 23, 2010
Re: Amended and Restated Change of Control / Severance Agreement
Dear Dave:
This letter sets out the severance arrangements concerning your employment with Skyworks Solutions,
Inc. (Skyworks).
1.
Termination of Employment Related to Change of Control
1.1
If: (i) a Change of Control occurs while you are employed by Skyworks as Chief Executive
Officer, and (ii) your employment with Skyworks is terminated within two (2) years after the
Change of Control, by Skyworks without Cause (as defined below) or by you for any reason, then
you will receive the benefits provided in Section 1.3 below.
1.2
Change of Control means an event or occurrence set forth in any one or more of subsections
(a) through (d) below (including an event or occurrence that constitutes a Change of Control
under one of such subsections but is specifically exempted from another such subsection):
(a) the acquisition by an individual, entity or group (within the meaning of Section
13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the Exchange
Act)) (a Person) of beneficial ownership of any capital stock of Skyworks if, after such
acquisition, such Person beneficially owns (within the meaning of Rule 13d-3 promulgated
under the Exchange Act) 40% or more of either (x) the then-outstanding shares of common
stock of Skyworks (the Outstanding Company Common Stock) or (y) the combined voting power
of the then-outstanding securities of Skyworks entitled to vote generally in the election of
directors (the Outstanding Company Voting Securities); provided, however, that for
purposes of this subsection (a), the following acquisitions shall not constitute a Change of
Control: (i) any acquisition directly from Skyworks (excluding an acquisition pursuant to
the exercise, conversion or exchange of any security exercisable for, convertible into or
exchangeable for common stock or
voting securities of Skyworks, unless the Person exercising, converting or exchanging
such security acquired such security directly from Skyworks or an underwriter or agent of
Skyworks), (ii) any acquisition by Skyworks, (iii) any acquisition by any employee benefit
plan (or related trust) sponsored or maintained by Skyworks or any corporation controlled by
Skyworks, or (iv) any acquisition by any corporation pursuant to a transaction which
complies with clauses (i) and (ii) of subsection (c) of this Section 1.2; or
(b) such time as the Continuing Directors (as defined below) do not constitute a
majority of the Board of Directors of Skyworks (the Board)(or, if applicable, the Board of
Directors of a successor corporation to Skyworks), where the term Continuing Director
means at any date a member of the Board (i) who was a member of the Board on the date of
the execution of this Agreement or (ii) who was nominated or elected subsequent to such date
by at least a majority of the directors who were Continuing Directors at the time of such
nomination or election or whose election to the Board was recommended or endorsed by at
least a majority of the directors who were Continuing Directors at the time of such
nomination or election; provided, however, that there shall be excluded from
this clause (ii) any individual whose initial assumption of office occurred as a result of
an actual or threatened election contest with respect to the election or removal of
directors or other actual or threatened solicitation of proxies or consents, by or on behalf
of a person other than the Board; or
(c) the consummation of a merger, consolidation, reorganization, recapitalization or
statutory share exchange involving Skyworks or a sale or other disposition of all or
substantially all of the assets of Skyworks in one or a series of transactions (a Business
Combination), unless, immediately following such Business Combination, each of the
following two conditions is satisfied: (i) all or substantially all of the individuals and
entities who were the beneficial owners of the Outstanding Company Common Stock and
Outstanding Company Voting Securities immediately prior to such Business Combination
beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of
common stock and the combined voting power of the then-outstanding securities entitled to
vote generally in the election of directors, respectively, of the resulting or acquiring
corporation in such Business Combination (which shall include, without limitation, a
corporation which as a result of such transaction owns Skyworks or substantially all of
Skyworks assets either directly or through one or more subsidiaries) (such resulting or
acquiring corporation is referred to herein as the Acquiring Corporation) in substantially
the same proportions as their ownership, immediately prior to such Business Combination, of
the Outstanding Company Common Stock and Outstanding Company Voting Securities,
respectively; and (ii) no Person (excluding any employee benefit plan (or related trust)
maintained or sponsored by Skyworks or by the Acquiring Corporation) beneficially owns,
directly or indirectly, 40% or more of the then outstanding shares of common stock of the
Acquiring Corporation, or of the combined voting power of the then-outstanding securities of
such corporation entitled to vote generally in the election of directors (except to the
extent that such ownership existed prior to the Business Combination); or
(d) approval by the stockholders of Skyworks of a complete liquidation or dissolution
of Skyworks.
1.3
Subject to the provisions of Sections 7 and 8, (i) on the Payment Date (as defined below) (or
such later date as may be required by Section 7), Skyworks will pay you a lump sum equal to
two and one-half (21/2) times the sum of (a) your rate of annual base salary in effect
immediately prior to the Change of Control and (b) the greater of (1) the average of your
three most recent annual cash bonuses received prior to the year in which the Change of
Control occurs, whether or not includable in gross income for federal income tax purposes, and
(2) your target annual cash bonus opportunity for the year in which the Change of Control
occurs (without regard to the relative achievement of any performance milestones which would
otherwise impact payment of the target bonus); and (ii) on the Payment Date, the exercise
period of all of your then outstanding Skyworks stock options shall be extended so that such
options remain exercisable for a period of thirty (30) months after the termination date (or,
if earlier, until the last day of the full option term), subject to their other terms and
conditions; and (iii) effective as of the Payment Date, Skyworks will provide you medical
benefits substantially the same as those provided to you at the time of termination for a
period of eighteen (18) months after the date of termination.
1.4
If any excise tax (the Excise Tax) under Section 4999 of the Internal Revenue Code of 1986
(the Code) is payable by you by reason of the occurrence of a change in the ownership or
effective control of Skyworks or a change in the ownership of a substantial portion of the
assets of Skyworks, determined in accordance with Section 280G(b)(2) of the Code, then
Skyworks shall pay you, in addition to the amount payable under Section 1.3, an amount (the
Gross-Up Payment) equal to the sum of the Excise Tax and the amount necessary to pay all
additional taxes imposed on (or economically borne by) you (including the Excise Tax, state
and federal income taxes and all applicable employment taxes) attributable to the receipt of
the Gross-Up Payment. For purposes of the preceding sentence, all taxes attributed to the
receipt of the Gross-Up Payment shall be computed assuming the application of the maximum tax
rate provided by law. Notwithstanding anything contained in this letter to the contrary, any
Gross-Up Payment shall be paid no later than the last day of the calendar year following the
calendar year in which you remit the Excise Tax.
2.
Termination Without Cause or for Good Reason
2.1
If, while you are employed by Skyworks as Chief Executive Officer, (i) your employment with
Skyworks is terminated by Skyworks without Cause, or (ii) you terminate your employment with
Skyworks for Good Reason, then you will receive the benefits specified in Section 2.4 below.
If your employment is terminated by Skyworks for Cause or by you without Good Reason, you will
not be entitled to receive the benefits specified in Section 2.4 below. This Section 2.1
shall not apply if you are entitled to receive the benefits set forth in Section 1.3 above.
2.2
Cause means: (i) deliberate dishonesty significantly detrimental to the best interests of
Skyworks or any subsidiary or affiliate; (ii) conduct on your part constituting an act of
moral turpitude; (iii) willful disloyalty to Skyworks or refusal or failure to obey the
directions of the Board; (iv) incompetent performance or substantial or continuing inattention
to or neglect of duties assigned to you. Any determination of Cause must be made by the full
Board at a meeting duly called, with you present and voting and, if you wish, with your legal
counsel present.
2.3
Good Reason means (i) a material diminution in your authority, duties or responsibility
from those in effect on the date of this agreement; (ii) a material diminution in your base
salary as in effect on the date hereof or as the same may be increased from time to time;
(iii) a requirement that you report to a corporate officer or employee instead of reporting
directly to the Board; (iv) a material diminution in the budget over which the you retain
authority; (v) a material change in your office location as in effect on the date hereof; and
(vi) any material breach of this agreement by Skyworks; provided, however, that a termination
for Good Reason can occur only if (i) you have given Skyworks a notice of the existence of a
condition giving rise to Good Reason and Skyworks has not cured the condition giving rise to
Good Reason within thirty (30) days after receipt of such notice, and (ii) such notice is
given within ninety (90) days after the initial occurrence of the condition giving rise to
Good Reason and further provided that a termination for Good Reason shall occur 30 days after
such failure to cure.
2.4
Subject to the provisions of Sections 7 and 8, (i) on the Payment Date (or such later date as
may be required by Section 7), Skyworks will pay you a lump sum equal to two (2) times the sum
of (a) your rate of annual base salary in effect immediately prior to such termination and (b)
the greater of (1) the average of your three most recent annual cash bonuses received prior to
the year in which the termination of employment occurs, whether or not includable in gross
income for federal income tax purposes, and (2) your target annual cash bonus opportunity for
the year in which the termination of employment occurs (without regard to the relative
achievement of any performance milestones which would otherwise impact payment of the target
bonus); and (ii) (A) on the Payment Date, all of your Skyworks stock options will become
immediately exercisable and, except as otherwise stated in this agreement, the exercise period
of such options shall be extended so that such options remain exercisable for a period of two
(2) years after the termination date, subject to their other terms and conditions, (B) each
outstanding restricted stock award shall become immediately vested and free from restrictions
as of the Payment Date and (C), you will be entitled to receive the number of performance
shares that you would have earned had you remained employed through the end of the applicable
performance period, and such shares shall be issued to you within 10 days of the end of the
applicable performance period.
3.
Voluntary Termination
Notwithstanding anything in this letter to the contrary, you may voluntarily terminate your
employment for any reason on or after the date of this letter agreement (a
Voluntary Election) and in such event you shall be entitled to receive the benefits set
forth in Section 2.4 at the time and in the manner set forth in such section; provided
however, that any benefits provided under Section 2.4 shall be reduced by a Voluntary
Election Surcharge. The Voluntary Election Surcharge shall cause to be forfeited by you
all tranches of stock options, stock appreciation rights, restricted stock, and any other
award relating to the stock of Skyworks, which were both (a) granted to you in the eighteen
(18) month period prior to the Voluntary Election, and (b) scheduled to vest more than two
(2) years from the Voluntary Election. To obtain the benefits described in this Section 3,
you must (i) provide the Board with no fewer than ninety (90) days advance written notice of
your intended Voluntary Election and a succession plan shall be in place, and (ii) you must
remain available, in each case in the sole discretion of the Board and upon terms decided by
the Board, to continue to serve as a member of the Board and as the Chairman of one Board
committee for up to two (2) years following the Voluntary Election.
4.
Effect of Change of Control on Equity Awards
If a Change of Control occurs during the term of this Agreement, immediately prior to such
transaction constituting such Change of Control, (i) all of your then unvested Skyworks
stock options shall become immediately vested and exercisable; (ii) any restrictions on each
outstanding restricted stock award shall lapse and such award shall become immediately
vested; and, (iii) each outstanding performance share award shall be deemed earned as to the
greater of (a) the Target level of shares for such award or (b) the number of shares that
would have been earned pursuant to the terms of such award as of the day prior to the date
of such Change of Control, and such shares shall be issued by the Company to you immediately
prior to such Change of Control transaction.
5.
Non-Competition; Non-Solicitation
During the term of your employment with Skyworks and for the first twenty-four (24) months
after the date on which your employment with Skyworks is voluntarily or involuntarily
terminated, by yourself or by the Company, and with or without cause (the Noncompete
Period), you will not engage in any employment, consulting or other activity that competes
with the business of Skyworks or any subsidiary or affiliate of Skyworks (collectively,
Skyworks and Affiliates). You acknowledge and agree that your direct or indirect
participation in the conduct of a competing business alone or with any other person will
materially impair the business and prospects of Skyworks and Affiliates. During the
Noncompete Period, you will not (i) attempt to hire any director, officer, employee or agent
of Skyworks and Affiliates, (ii) assist in such hiring by any other person, (iii) encourage
any person to terminate his or her employment or business relationship with Skyworks, (iv)
encourage any customer or supplier of Skyworks to terminate its relationship with Skyworks,
or (v) obtain, or assist in obtaining, for your own benefit (other than indirectly as an
employee of Skyworks and Affiliates) any customer of Skyworks and Affiliates. If any of the
restrictions in this Section 5 are adjudicated to be excessively broad as to scope,
geographic area, time or otherwise, said
restriction shall be reduced to the extent necessary to make the restriction reasonable and
shall be binding on you as so reduced. Any provisions of this section not so reduced will
remain in full force and effect.
It is understood that during the Noncompete Period, you will make yourself available to
Skyworks and Affiliates for consultation on behalf of Skyworks and Affiliates, upon
reasonable request and at a reasonable rate of compensation and at reasonable times and
places in light of any commitment you may have to a new employer.
You understand and acknowledge that the remedies of Skyworks and Affiliates at law for
breach of any of the restrictions in this Section are inadequate and that any such breach
will cause irreparable harm to Skyworks. You therefore agree that in addition and as a
supplement to such other rights and remedies as may exist in Skyworks favor, Skyworks may
apply to any court having jurisdiction to enforce the specific performance of the
restrictions in this Section, and may apply for injunctive relief against any act which
would violate those restrictions.
6.
Death or Disability
In the event of your death at any time during your employment by Skyworks, all of your then
outstanding Company stock options, whether or not by their terms then exercisable, will
become immediately exercisable and remain exercisable for a period of one year thereafter,
subject to their other terms and conditions.
In the event of your disability at any time during your employment by Skyworks, all of your
then outstanding Company stock options, whether or not by their terms then exercisable, will
become immediately exercisable and remain exercisable so long as you remain an employee or
officer of Skyworks and for a period of one year thereafter, subject to their other terms
and conditions.
7.
Miscellaneous
All claims by you for benefits under the Agreement shall be directed to and determined by
the Board and shall be in writing. Any denial by the Board of a claim for benefits under
this Agreement shall be delivered to you in writing and shall set forth the specific reasons
for the denial and the specific provisions of this Agreement relied upon. The Board shall
afford a reasonable opportunity to you for a review of the decision denying a claim. Any
further dispute or controversy arising under or in connection with this Agreement shall be
settled exclusively by arbitration in Boston, Massachusetts, in accordance with the rules of
the American Arbitration Association then in effect. Judgment may be entered on the
arbitrators award in any court having jurisdiction. Skyworks agrees to pay as incurred, to
the full extent permitted by law, all legal, accounting and other fees and expenses which
you may reasonably incur as a result of any claim or contest (regardless of the outcome
thereof) by Skyworks, you or others regarding the validity or enforceability of, or
liability under, any provision of this
Agreement or any guarantee of performance thereof (including as a result of any contest by
you regarding the amount of any payment or benefits pursuant to this Agreement), plus in
each case interest on any delayed payment at the applicable Federal rate provided for in
Section 7872(f)(2)(A) of the Code. Notwithstanding anything in this letter to the contrary,
(a) the reimbursement of a fee or expense pursuant this Section 7 shall be provided not
later than the calendar year following the calendar year in which the fee or expense was
incurred, (b) the amount of fees and expenses eligible for reimbursement during any calendar
year may not affect the amount of fees and expenses eligible for reimbursement in any other
calendar year, (c) the right to reimbursement under this Section 7 is not subject to
liquidation or exchange for another benefit and (d) the obligation of Skyworks under this
Section 7 shall survive the termination for any reason of this agreement and shall remain in
effect until the applicable statute of limitation has expired with respect to any claim or
contest (regardless of the outcome thereof) by Skyworks, you or others regarding the
validity or enforceability of, or liability under, any provision of this Agreement or any
guarantee of performance thereof (including as a result of any contest by you regarding the
amount of any payment or benefits pursuant to this Agreement).
Notwithstanding anything in this letter to the contrary, no provision of this letter will
operate to extend the term of any above water option beyond the earlier of (a) the term
originally stated in the applicable option grant or option agreement and (b) the
10th anniversary of the option grant date. For this purpose, the term above
water option means a stock option that has a per-share exercise price that is less than the
per-share fair market value of a share underlying the option at the time of the extension.
If you are a specified employee as defined in Section 409A(a)(2)(B)(i) of the Code as of
the date of your employment termination, the commencement of the delivery of any payments
under Section 1.3 or 2.4 (whether or not pursuant to Section 3) and any other payments under
this Agreement that constitute deferred compensation payable upon separation from service
will not be paid until the first business day after the date that is six (6) months
following the date of your employment termination or, if you die during such six (6) month
period, on the first business day after the date of your death (such delay, the Six Month
Delay). The first payment that can be made shall include the cumulative amount of any
amounts that could not be paid during such six (6) month period.
Except as expressly provided in this Section 7, neither you nor Skyworks shall have the
right to accelerate or to defer the delivery of the payments to be made under this
Agreement. Each payment under Section 1.3 or 2.4 (whether or not pursuant to Section 3)
shall be treated as a separate payment within the meaning of Section 409A of the Code.
Notwithstanding anything in this letter to the contrary, references in Sections 1.3, 2.4 and
3 to employment termination shall be interpreted to mean separation from service, as that
term is used in Section 409A and related regulations. Accordingly, payments under Sections
1.3, 2.4 or 3 of this agreement shall not be made unless a
separation from service (as that term is used in Section 409A and related regulations) shall
have occurred.
Skyworks may withhold (or cause to be withheld) from any payments made under this agreement
all federal, state, city or other taxes as shall be required to be withheld pursuant to any
law or governmental regulation or ruling.
This agreement contains the entire understanding of the parties concerning its subject
matter, and if there is any conflict between the terms of this Agreement and the terms of
any other agreement (including but not limited to an equity award held by you or the
applicable plan under which such award was issued), the terms of this Agreement shall
govern. You shall not be eligible to receive severance or similar payments under any
severance plan, program or policy maintained by the Company. This agreement may be modified
only by a written instrument executed by both parties. This agreement replaces and
supersedes all prior agreements relating to your employment or severance, including without
limitation the letter agreement between you and Alpha Industries, Inc. dated April 1, 2001,
the letter agreement between you and Skyworks dated May 26, 2005 and the letter agreement
between you and Skyworks dated January 22, 2008. This agreement will be governed by and
construed in accordance with the laws of the Commonwealth of Massachusetts.
8.
Release
Skyworks shall have no obligation to make any payments or provide any benefits pursuant to
Section 1.3, Section 2.4 or Section 3, as applicable, unless (i) you agree to sign and
deliver to the General Counsel of Skyworks a release of claims in substantially the form
attached hereto as Exhibit A (the Release) and (ii) the Release has become non-revocable
by the sixtieth (60th) day following the date of termination of your employment. The
payments and benefits pursuant to Section 1.3, 2.4 and 3 shall be paid or commence on the
first payroll date following the date that the waiver and release becomes effective (the
Payment Date). Notwithstanding the foregoing, if the 60th day following the
date of termination occurs in the calendar year following the date of termination, then the
Payment Date shall be no earlier than January 1 of such subsequent calendar year. For the
avoidance of doubt, if the Six Month Delay applies to your payments and benefits, then
payments and benefits pursuant to Section 1.3, 2.4 and 3 shall be paid at the time set forth
in Section 7 hereof.
9.
Term
This agreement, as amended and restated, shall become effective on November 23, 2010, and
shall remain in effect for an initial term (the Initial Term) ending January 22, 2014 (the
Ending Date); provided, however, that (i) if your employment terminates prior to the
Ending Date, this agreement shall remain in effect until all of your and Skyworks
obligations hereunder have been fully satisfied and (ii) if a Change of Control occurs prior
to the Ending Date, this agreement shall remain in effect until the latest to occur of
(a) the Ending Date; (b) the second anniversary of the Change of Control; or, if your
employment terminates prior to the occurrence of the Ending Date or the second anniversary
of the Change of Control, (c) the date that all of your and Skyworks obligations hereunder
have been fully satisfied; and, provided, further, however, this agreement shall renew
automatically on the Ending Date for up to five (5) additional one (1) year periods (each,
an Additional Term) unless, at least ninety (90) days prior to the end of the Initial Term
or the then-current Additional Term of the agreement, as applicable, either party provides
written notice to the other party that the agreement should not be extended; provided that
(x) if your employment terminates during any Additional Term, this agreement shall remain in
effect until all of your and Skyworks obligations hereunder have been fully satisfied and
(y) if a Change of Control occurs prior to the end of any Additional Term, this agreement
shall remain in effect until the latest to occur of (A) the end of the Additional Term, (B)
the second anniversary of the Change of Control; or if your employment terminates prior to
the occurrence of the end of the Additional Term or the second anniversary of the Change of
Control, (C) the date that all of your and Skyworks obligations hereunder have been fully
satisfied.
Please sign both copies of this letter and return one to Skyworks.
Sincerely,
AGREED TO:
/s/ Timothy R. Furey
/s/ David J. Aldrich
Timothy R. Furey
David J. Aldrich
Chairman of the Compensation Committee
Date: November 23, 2010
EXHIBIT A
Form of Release of Claims
In consideration for receiving benefits pursuant to either, as applicable, Section 1.3, Section 2.4
or Section 3 of the Change in Control/Severance Agreement dated November 23, 2010 between you and
Skyworks Solutions, Inc. (the Company) (the Agreement), you, on behalf of yourself and your
representatives, agents, estate, heirs, successors and assigns, agree to and do hereby forever
waive, release and discharge the Company, and each of its affiliated or related entities, parents,
subsidiaries, predecessors, successors, assigns, divisions, owners, stockholders, partners,
directors, officers, attorneys, insurers, benefit plans, employees and agents, whether previously
or hereinafter affiliated in any manner, as well as all persons or entities acting by, through, or
in concert with any of them (collectively, the Released Parties), from any and all claims, debts,
contracts, obligations, promises, controversies, agreements, liabilities, demands, wage claims,
expenses, charges of discrimination, harassment or retaliation, disputes, agreements, damages,
attorneys fees, or complaints of any nature whatsoever, whether or not now known, suspected,
claimed, matured or unmatured, existing or contingent, from the beginning of time until the moment
you have signed this Agreement, against the Released Parties (whether directly or indirectly), or
any of them, by reason of any act, event or omission concerning any matter, cause or thing,
including, without limiting the generality of the foregoing, any claims related to or arising out
of (i) your employment or its termination, (ii) any contract or agreement (express or implied)
between you and any of the Released Parties, (iii) any tort or tort-type claim, (iv) any federal,
state or governmental constitution, statute, regulation or ordinance, including but not limited to
the U.S. Constitution; Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act
of 1991; the Age Discrimination in Employment Act of 1967, as amended (including the Older Workers
Benefit Protection Act); the Equal Pay Act of 1963, as amended; the Americans With Disabilities Act
of 1990; the Family and Medical Leave Act of 1993; the Worker Adjustment Retraining and
Notification Act; the Employee Retirement Income Security Act of 1974; the Fair Labor Standards
Act; any applicable Executive Order Programs; any similar state or local statutes or laws; and any
other federal, state, or local civil or human rights law, (v) any public policy, contract or tort
law, or under common law, (vi) any policies, practices or procedures of the Company, (vii) any
claim for wrongful discharge, breach of contract, infliction of emotional distress, defamation,
(vii) any claim for costs, fees, or other expenses, including attorneys fees incurred in these
matters, (viii) any impairment of your ability to obtain subsequent employment, and (ix) any
permanent or temporary disability or loss of future earnings.
For the purpose of implementing a full and complete release and discharge of the Released Parties,
you expressly acknowledge that this Agreement is intended to include and does include in its
effect, without limitation, all claims which you do not know or suspect to exist in your favor
against the Released Parties, or any of them, at the moment of execution hereof, and that this
Agreement expressly contemplates the extinguishment of all such claims.
BY SIGNING THIS GENERAL RELEASE, YOU REPRESENT AND AGREE THAT:
YOU UNDERSTAND ALL OF ITS TERMS AND KNOW THAT YOU ARE GIVING UP IMPORTANT RIGHTS, INCLUDING
BUT NOT LIMITED TO, RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS
AMENDED, TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED; THE EQUAL PAY ACT OF 1963,
THE
AMERICANS WITH DISABILITIES ACT OF 1990; AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED;
YOU HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND YOU HAVE EITHER
DONE SO OR, AFTER CAREFUL READING AND CONSIDERATION, YOU HAVE CHOSEN NOT TO DO SO OF YOUR
OWN VOLITION;
YOU HAVE HAD AT LEAST 21 DAYS: (A) FROM THE DATE OF YOUR RECEIPT OF THIS RELEASE
SUBSTANTIALLY IN ITS FINAL FORM ON _______________ __, _____; AND (B) TO CONSIDER IT AND THE
CHANGES MADE SINCE THE _______________ __, _____ VERSION OF THIS RELEASE AND SUCH CHANGES
ARE NOT MATERIAL AND WILL NOT RESTART THE REQUIRED 21-DAY PERIOD; AND
YOU UNDERSTAND THAT YOU HAVE SEVEN DAYS AFTER THE EXECUTION OF THIS RELEASE TO REVOKE IT AND
THAT THIS RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS
EXPIRED.
Agreed:
Date:
Acknowledged: SKYWORKS SOLUTIONS, INC.
By:
GENERAL COUNSEL
Date:
EX-10.MM
4
a57989exv10wmm.htm
EX-10.MM
exv10wmm
EXHIBIT 10.MM
WELLS FARGO BANK, N.A.
(Successor-by-merger to Wachovia Bank, National Association)
December 17, 2010
Skyworks Solutions, Inc.
Skyworks USA, Inc.
20 Sylvan Road
Woburn, MA 01801
Re: Termination of Program and Settlement Program Documents
Ladies and Gentlemen:
This letter relates to:
(a) That certain Credit and Security Agreement dated as of July 15, 2003, by and between
Skyworks USA, Inc. (Purchaser), and Wells Fargo Bank, N.A. (successor-by-merger to
Wachovia Bank, National Association), as Lender (as the same has been or may be amended,
restated, supplemented, or otherwise modified from time to time the Credit Agreement);
(b) That certain Receivables Purchase Agreement dated as of July 15, 2003, by and between
Purchaser and Skyworks Solutions, Inc. (Seller) (as the same may be amended, restated,
supplemented, or otherwise modified from time to time, the Purchase Agreement); and
(c) That certain Servicing Agreement dated as of July 15, 2003, by and between Purchaser and
Seller (as the same may be amended, restated, supplemented, or otherwise modified from time to
time, the Servicing Agreement).
Capitalized terms used herein have the meanings ascribed thereto in the Credit Agreement. The
term Effective Date means the date of this letter agreement.
Purchaser, Seller, and Lender have agreed to terminate the Program on and subject to the terms
and conditions of this letter.
A. SUMMARY OF TRANSACTIONS
On the Effective Date and subject to the terms and conditions of this letter:
(1) The Purchase Agreement and the Subordinated Note will terminate as provided in Section B,
below.
(2) The Servicing Agreement will terminate as provided in Section C, below.
(3) The Credit Agreement and the Commitment will terminate as provided in Section D, below.
(4) Purchaser will pay all outstanding Obligations to Lender as provided in Section D, below.
B. TERMINATION OF PURCHASE AGREEMENT
On the Effective Date, (1) Sellers obligations to sell Receivables to Purchaser, and
Purchasers obligations to purchase any Receivables from Seller, shall cease and terminate, (2)
after giving effect to each of the transactions contemplated in this letter agreement, the Purchase
Agreement shall be deemed terminated and of no further force and effect, other than with respect to
those provisions which, by their terms, survive termination and (3) the Subordinated Note, dated
July 15, 2003, in the original principal amount of $7,500,000 shall be deemed paid in full and
terminated.
C. TERMINATION OF SERVICING AGREEMENT
On the Effective Date, the Servicing Agreement shall be deemed terminated and of no further
force and effect, other than with respect to those provisions which, by their terms, survive
termination. Any outstanding liabilities or obligations owing under the Servicing Agreement shall
be settled between Purchaser and Seller in the manner determined between them in separate writings.
D. TERMINATION OF CREDIT AGREEMENT AND COMMITMENT
On the Effective Date, the Commitment will be deemed terminated, and Lender shall have no
obligation to make any further Advances to Purchaser thereunder.
As of the Effective Date, Seller has a certificate of deposit maintained at Lender (account
no. REDACTED) (the CD). On the Effective Date, Lender will cease to have any
interest in the CD pursuant to any of the Program Documents, and the CD will continue in accordance
with its terms. Any redemption, renewal, or other disposition of the CD or the funds represented
thereby will, on and after the Effective Date, be governed by the terms of the CD and the
agreements relating thereto.
On the Effective Date, the Purchaser shall pay to Lender all Obligations owing under the
Credit Agreement, calculated as follows:
(1) Aggregate Advances:
$
(2) Accrued and Unpaid Interest:
$
(3) Program Fees:
$
(4) Attorneys Fees and Expenses:
$
4,000
(5) Other Reimbursable Costs:
$
TOTAL (the
Lender Total):
$
4,000
Purchaser agrees that it will pay the Lender Total to Jones Day, counsel to Lender, in
accordance with the following instructions (which payment shall, for purposes of this letter
agreement, be referred to as Lender Payment):
2
Bank Name:
Wachovia Bank, National Association
Account Name:
Jones Day
Account Number:
REDACTED
ABA Routing Number:
REDACTED
Reference:
Please contact Wayne Webb at (404) 581-8561
after the funds have been transferred. Please identify for payment of Wachovia/Skyworks CAM No. REDACTED.
On the Effective Date and after Purchaser makes the Lender Payment, the Obligations will be
deemed satisfied in full and the Credit Agreement will be deemed terminated and of no further force
and effect, in each case other than with respect to those provisions which, by their terms, survive
termination.
In connection with the termination of the Credit Agreement, Purchaser, Seller, and Lender
agree that, in determining the Lender Total, Purchaser may have been given credit for collections
and payments (whether in the form of a check, draft, instrument, item, wire, ACH transfer, or other
remittance or form of payment) which may subsequently be dishonored, returned, reversed, or
otherwise unpaid or which Lender must disgorge, return, or repay (all of such collections and
payments, if and to the extent dishonored, returned, reversed, unpaid, disgorged, returned, or
repaid, Returned Items). Each of Seller and Purchaser will indemnify and hold harmless
Lender from all losses, costs (including, without limitation, reasonable attorneys fees) and claims
arising on account of any Returned Item and will pay Lender on demand from time to time the amount
of each such Returned Item. For its part, Seller acknowledges and agrees that Lender would not
consent to the termination of the Program as provided herein but for, among other things, Sellers
agreement of indemnity set forth in this paragraph.
Upon receipt by Jones Day of the Lender Payment, (1) within a reasonable period of time
following the Effective Date, not to exceed five Business Days, the Note will be marked PAID and
returned to Purchaser; (2) all collateral security securing the Obligations is released; (3) all
mortgages, collateral assignments, and other Liens securing the Obligations (whether recorded in
public or private books and records or otherwise) is released, terminated, and reassigned; (4)
Seller, Purchaser, and their respective designees, at their own cost and expense, are authorized to
file termination statements to terminate (a) that certain UCC-1 financing statement in the
Secretary of State of the State of Delaware (the DE Office) no. REDACTED and (b) that certain
UCC-1 financing statement in the DE Office no. REDACTED; and (5) Lender will, at Sellers cost and
expense, take such other actions as Seller or Purchaser reasonably requests Lender to take to
further effect the transactions contemplated in this letter agreement.
E. NOTICE TO UNDERWRITER
Lender hereby acknowledges and agrees that the Underwriter has previously been notified of the
termination of the Program, effective as of October 14, 2010, and that Lender will have no interest
in and to the Policy after Jones Days receipt of the Lender Payment. For purposes of
clarification, Lender agrees that all of its right, title, or interest in and to the Policy shall
automatically terminate upon Jones Days receipt of the Lender Payment.
3
F. TERMINATION OF DEPOSIT ACCOUNT CONTROL AGREEMENT; POST-TERMINATION CASH MANAGEMENT
ARRANGEMENTS
Upon receipt by Jones Day of the Lender Payment, that certain Control Agreement for
Notification and Acknowledgment of Pledge or Security Interest in Accounts (the DACA)
dated as of July 15, 2003, among Wachovia Bank, National Association (as Depository
Bank), Lender, and Purchaser, shall, without further action, be deemed terminated and of no
further force and effect (the terms thereof notwithstanding), other than with respect to those of
its provisions which, by their terms, survive termination. Lender makes this agreement as to the
DACA as Secured Party and as Depository Bank under the DACA. Each of Lender (in its capacity
as Secured Party and Depository Bank) and Purchaser (in its capacity as Borrower) hereby waives the
notice requirements set forth in the DACA regarding termination thereof, subject to the terms and
conditions of this letter agreement.
Seller and Purchaser agree that any other agreements, instruments, or writings regarding any
of their respective deposit accounts at Lender and any lockbox or other bank products or services
provided by Lender (other than the DACA) shall remain in full force and effect until amended,
terminated, or superseded by agreement between Purchaser and Lender, and Seller and Purchaser shall
continue to abide by and comply therewith, notwithstanding the agreements set forth in this
Agreement, until such agreements are terminated in accordance with their terms. At Purchaser and
Sellers request, Lender agrees that it will continue (1) to operate the Lockbox and to process
collections delivered thereto in accordance with the Lockbox Agreement in the manner which existed
immediately before the Effective Date; and (2) from and after the Effective Date, and following
receipt by Jones Day of the Lender Payment, Lender will cooperate with Seller and Purchaser to
transfer any funds on deposit in the USA Account as Purchaser may hereafter instruct Lender in
writing.
Purchaser and Seller agree to pay Lender the fees and costs for such services in accordance
with the Lockbox Agreement and the other standing agreements relating to the Lockbox and the
Purchasers Account or, if no provision for such fees and costs are provided for such agreements,
on customary and standard terms and rates offered by Lender to other customers which are of similar
size and standing as Seller. After the Effective Date, any of Seller, Purchaser, and Lender may,
by not less than 10 days prior written notice to the other parties, terminate any arrangements set
forth in this Section F, unless other written agreements regarding such services have been agreed
to, in which case such other written agreements shall control the rights each party has to
terminate such arrangements.
G. MISCELLANEOUS
Seller and Purchaser each agrees that, upon the Effective Date and after giving effect to all
transactions contemplated in this letter agreement, each of them releases Lender and its affiliates
and subsidiaries and their respective officers, directors, employees, shareholders, agents, and
representatives as well as their respective successors and assigns from any and all claims,
obligations, rights, causes of action, and liabilities, of whatever kind or nature, whether known
or unknown, whether foreseen or unforeseen, arising on or before the date hereof, which either of
them ever had, now have, or hereafter can, shall or may have for, upon or by reason of
4
any matter, cause or thing whatsoever, which are based upon, arise under or are related to the
Program (other than any based upon, arising under or related to this letter agreement.
This letter agreement shall not be effective unless and until each party hereto shall have
executed and delivered a copy hereof as provided herein. If the Lender Payment does not occur on
or before 4:00 p.m., Charlotte, North Carolina, time, on the date of this letter, this letter shall
be of no force and effect.
This letter agreement may be executed in any number of counterparts, each of which shall be an
original, and all of which, when taken together, shall constitute one agreement. Delivery of an
executed signature page of this letter agreement by facsimile transmission or Adobe Corporations
Portable Document Format (or PDF) shall be effective as delivery of a manually executed counterpart
hereof; provided that such facsimile or PDF transmission shall be promptly followed by the original
thereof.
[CONTINUED ON FOLLOWING PAGES.]
5
If Seller and Purchaser are in agreement with this letter, please indicate such agreement in
the spaces provided below and return an executed copy of it to Lender via fax or PDF to Lenders
counsel (Tim Bratcher 404-581-8330 or tbratcher@jonesday.com) and, subsequently, provide three
originals to Tim Bratcher at Jones Day, 1420 Peachtree Street, Atlanta, GA 30309, Attn: Timothy W.
Bratcher.
Sincerely,
WELLS FARGO BANK, N.A. (successor-by-merger to
Wachovia Bank, National Association)
By:
/s/ Brian J. Fulk
Name:
Brian J. Fulk
Title:
Senior Vice President
[Termination of Program and Settlement Program Documents]
ACKNOWLEDGED AND AGREED AS
OF THE DATE FIRST ABOVE WRITTEN:
SKYWORKS SOLUTIONS, INC.
By:
/s/ Robert J. Terry
Name:
Robert J. Terry
Title:
Assistant General
Counsel and Assistant Secretary
SKYWORKS USA, INC.
By:
Name
/s/ Brian Harrison
Brian Harrison
Title:
Vice President
[Termination of Program and Settlement Program Documents]
EX-31.1
5
a57989exv31w1.htm
EX-31.1
exv31w1
EXHIBIT 31.1
CERTIFICATION OF THE CEO PURSUANT TO SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, RULES
13a-14(a) AND 15d-14(a) AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, David J. Aldrich, certify that:
1.
I have reviewed this quarterly report on Form 10-Q of Skyworks Solutions, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrants other certifying officer and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)
designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us
by others within those entities, particularly during the period in which this report is
being prepared;
b)
designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted
accounting principles;
c)
evaluated the effectiveness of the registrants disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of the end of the period covered by this report based on such
evaluation; and,
d)
disclosed in this report any change in the registrants internal control over
financial reporting that occurred during the registrants most recent fiscal quarter (the
registrants fourth quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrants internal control over
financial reporting; and
5.
The registrants other certifying officer and I have disclosed, based on our most
recent evaluation of internal control over financial reporting, to the registrants
auditors and the audit committee of the registrants board of directors (or persons
performing the equivalent functions):
a)
all significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to adversely affect
the registrants ability to record, process, summarize and report financial information;
and,
b)
any fraud, whether or not material, that involves management or other employees who
have a significant role in the registrants internal control over financial reporting.
Date: February 8, 2011
/s/ David J. Aldrich
David J. Aldrich
Chief Executive Officer
President
EX-31.2
6
a57989exv31w2.htm
EX-31.2
exv31w2
EXHIBIT 31.2
CERTIFICATION OF THE CFO PURSUANT TO SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, RULES
13a-14(a) AND 15d-14(a) AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Donald W. Palette, certify that:
1.
I have reviewed this quarterly report on Form 10-Q of Skyworks Solutions, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrants other certifying officer and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)
designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us
by others within those entities, particularly during the period in which this report is
being prepared;
b)
designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted
accounting principles;
c)
evaluated the effectiveness of the registrants disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of the end of the period covered by this report based on such
evaluation; and,
d)
disclosed in this report any change in the registrants internal control over
financial reporting that occurred during the registrants most recent fiscal quarter (the
registrants fourth quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrants internal control over
financial reporting; and
5.
The registrants other certifying officer and I have disclosed, based on our most
recent evaluation of internal control over financial reporting, to the registrants
auditors and the audit committee of the registrants board of directors (or persons
performing the equivalent functions):
a)
all significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to adversely affect
the registrants ability to record, process, summarize and report financial information;
and,
b)
any fraud, whether or not material, that involves management or other employees who
have a significant role in the registrants internal control over financial reporting.
Date: February 8, 2011
/s/ Donald W. Palette
Donald W. Palette
Chief Financial Officer
Vice President
EX-32.1
7
a57989exv32w1.htm
EX-32.1
exv32w1
EXHIBIT 32.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002
In connection with the quarterly report of Skyworks Solutions, Inc. (the Company) on Form 10-Q
for the period ending December 31, 2010 as filed with the Securities and Exchange Commission on the
date hereof (the Report), I, David J. Aldrich, Chief Executive Officer of the Company, certify,
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002, that:
(1)
The Report fully complies with the requirements of Section 13(a) or 15(d) of the
Securities Exchange Act of 1934; and
(2)
The information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Company.
A signed original of this written statement required by Section 906 has been provided to the
Company and will be retained by the Company and furnished to the Securities and Exchange Commission
or its staff upon request.
/s/ David J. Aldrich
David J. Aldrich
Chief Executive Officer
President
Date: February 8, 2011
EX-32.2
8
a57989exv32w2.htm
EX-32.2
exv32w2
EXHIBIT 32.2
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002
In connection with the quarterly report of Skyworks Solutions, Inc. (the Company) on Form 10-Q
for the period ending December 31, 2010 as filed with the Securities and Exchange Commission on the
date hereof (the Report), I, Donald W. Palette, Chief Financial Officer of the Company, certify,
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002, that:
(1)
The Report fully complies with the requirements of Section 13(a) or 15(d) of the
Securities Exchange Act of 1934; and
(2)
The information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Company.
A signed original of this written statement required by Section 906 has been provided to the
Company and will be retained by the Company and furnished to the Securities and Exchange Commission
or its staff upon request.
/s/ Donald W. Palette
Donald W. Palette
Chief Financial Officer
Vice President
Date: February 8, 2011
EX-101.INS
9
swks-20101231.xml
EX-101 INSTANCE DOCUMENT
00000041272009-10-032010-10-0100000041272010-01-0100000041272009-10-0200000041272010-12-3100000041272010-10-0100000041272009-10-032010-01-0100000041272010-04-0200000041272011-01-2700000041272010-10-022010-12-31iso4217:USDxbrli:sharesxbrli:sharesiso4217:USD<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 1 - us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-->
<div align="left" style="font-family: 'Times New Roman',Times,serif">
<div align="center" style="font-size: 10pt; margin-top: 0pt"><b></b>
</div>
<div align="left">
</div>
<!-- xbrl,ns -->
<!-- xbrl,nx -->
<div align="center" style="font-size: 10pt; margin-top: 0pt"><b></b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Skyworks Solutions, Inc. together with its consolidated subsidiaries, (“Skyworks” or the “Company”)
is an innovator of high reliability analog and mixed signal semiconductors. Leveraging core
technologies, Skyworks offers diverse standard and custom linear products supporting automotive,
broadband, cellular infrastructure, energy management, industrial, medical, military and cellular
handset applications. The Company’s portfolio includes amplifiers, attenuators, detectors, diodes,
directional couplers, front-end modules, hybrids, infrastructure RF subsystems,
mixers/demodulators, phase shifters, PLLs/synthesizers/VCOs, power dividers/combiners, receivers,
switches and technical ceramics.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The accompanying unaudited interim consolidated financial statements have been prepared pursuant to
the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim
financial reporting. Certain information and footnote disclosures, normally included in annual
consolidated financial statements prepared in accordance with accounting principles generally
accepted in the United States of America (“GAAP”), have been condensed or omitted pursuant to those
rules and regulations. However, in the opinion of management, the financial information reflects
all adjustments, consisting of adjustments of a normal recurring nature necessary to present fairly
the financial position, results of operations, and cash flows of the Company for the periods
presented. The results of operations for the quarter ended December 31, 2010 are not necessarily
indicative of the results to be expected for the full year. This information should be read in
conjunction with the Company’s financial statements and notes thereto contained in the Company’s
Form 10-K for the fiscal year ended October 1, 2010 as filed with the SEC.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Company evaluates its estimates on an ongoing basis using historical experience and other
factors, including the current economic environment. The current volatility in the capital markets
and the global economy has increased the uncertainty in our estimates, including our estimates
impacting marketable securities and long-lived assets. Significant judgment is required in
determining the fair value of marketable securities in inactive markets as well as determining when
declines in fair value constitute an other-than-temporary impairment. In addition, significant
judgment is required in determining whether a potential indicator of impairment of our long-lived
assets exists and in estimating future cash flows for any necessary impairment tests. As future
events unfold and their effects cannot be determined with precision, actual results could differ
significantly from management’s estimates.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Company has evaluated subsequent events through the date of issuance of these unaudited
consolidated financial statements. During this period, the Company did not have any material
subsequent events.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Company’s fiscal year ends each year on the Friday closest to September 30. Fiscal 2011
consists of 52 weeks and ends on September 30, 2011. Fiscal 2010 consisted of 52 weeks and ended
on October 1, 2010. The first quarters of fiscal 2011 and fiscal 2010 each consisted of 13 weeks
and ended on December 31, 2010 and January 1, 2010, respectively.
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 2 - us-gaap:AvailableForSaleSecuritiesTextBlock-->
<div align="left" style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>2. MARKETABLE SECURITIES</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Company accounts for its investment in accordance with ASC 320 — <i>Investments-Debt and Equity
Securities </i>(“ASC 320”), and classifies them as “available for sale”. At December 31, 2010, these
securities consisted of $3.2 million par value auction rate securities (“ARS”) with a carrying
value of $2.3 million. The Company closely monitors and evaluates the appropriate accounting
treatment in each reporting period for the ARS.
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 3 - us-gaap:FairValueDisclosuresTextBlock-->
<div align="left" style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>3. FINANCIAL INSTRUMENTS</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">In accordance with ASC 820 — <i>Fair Value Measurements and Disclosure </i>(“ASC 820”), the Company
groups its financial assets and liabilities measured at fair value on a recurring basis in three
levels, based on the markets in which the assets and liabilities are traded and the reliability of
the assumptions used to determine fair value. These levels are:
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"><b>•</b></td>
<td width="1%"> </td>
<td>Level 1 — Valuation is based upon quoted market price for identical
instruments traded in active markets.</td>
</tr>
<tr>
<td style="font-size: 6pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"><b>•</b></td>
<td width="1%"> </td>
<td>Level 2 — Valuation is based on quoted market 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.</td>
</tr>
<tr>
<td style="font-size: 6pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"><b>•</b></td>
<td width="1%"> </td>
<td>Level 3 — Valuation is generated from model-based techniques that use
significant assumptions not observable in the market. Valuation
techniques include use of discounted cash flow models and similar
techniques.</td>
</tr>
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Company has cash equivalents classified as Level 1 and has no Level 2 securities. The Company’s
ARS, discussed in Note 2, Marketable Securities, is classified as a Level 3 asset. There have been
no transfers between Level 1, Level 2 or Level 3 assets during the quarter ended December 31, 2010.
There have been no purchases, sales, issuances or settlements of the marketable securities
classified as Level 3 during the quarter ended December 31, 2010.
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Financial Instruments Measured at Fair Value on a Recurring Basis</i>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The following table presents the balances of cash equivalents and marketable securities measured at
fair value on a recurring basis as of December 31, 2010 (in thousands):
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="41%"> </td>
<td width="5%"> </td>
<td width="4%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="10" style="border-bottom: 1px solid #000000"><b>Fair Value Measurements</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Quoted Prices in</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Significant</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Significant</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Active Markets for</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Other Observable</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Unobservable</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Identical Assets</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Inputs</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Inputs</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Total</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>(Level 1)</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>(Level 2)</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>(Level 3)</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Cash equivalents:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Money market/repurchase agreements
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">430,299</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">430,299</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Auction rate securities
</div></td>
<td> </td>
<td> </td>
<td align="right">2,288</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,288</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Total
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">432,587</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">430,299</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">2,288</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Non-Financial Assets Measured at Fair Value on a Nonrecurring Basis</i>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Company’s non-financial assets, such as goodwill, intangible assets, and other long lived
assets resulting from business combinations are measured at fair value at the date of acquisition
and subsequently re-measured if there is an indicator of impairment. There were no indicators of
impairment identified during the quarter ended December 31, 2010.
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 4 - us-gaap:InventoryDisclosureTextBlock-->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>4. INVENTORIES</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Inventories consist of the following (in thousands):
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="68%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>As of</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>December 31,</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>October 1,</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>2010</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="7" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Raw materials
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">12,941</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">16,108</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Work-in-process
</div></td>
<td> </td>
<td> </td>
<td align="right">74,257</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">74,701</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Finished goods
</div></td>
<td> </td>
<td> </td>
<td align="right">44,150</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">20,209</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Finished goods held on consignment by
customers
</div></td>
<td> </td>
<td> </td>
<td align="right">11,115</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">14,041</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total inventories
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">142,463</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">125,059</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 5 - us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock-->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>5. PROPERTY, PLANT AND EQUIPMENT</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Property, plant and equipment consist of the following (in thousands):
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="66%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="6%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="6%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>As of</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>December 31,</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>October 1,</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>2010</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="7" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Land
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">9,423</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">9,423</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Land and leasehold improvements
</div></td>
<td> </td>
<td> </td>
<td align="right">5,559</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5,475</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Buildings
</div></td>
<td> </td>
<td> </td>
<td align="right">43,123</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">42,918</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Furniture and fixtures
</div></td>
<td> </td>
<td> </td>
<td align="right">24,668</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">24,784</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Machinery and equipment
</div></td>
<td> </td>
<td> </td>
<td align="right">485,709</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">455,157</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Construction in progress
</div></td>
<td> </td>
<td> </td>
<td align="right">30,987</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">28,901</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total property, plant and equipment, gross
</div></td>
<td> </td>
<td> </td>
<td align="right">599,469</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">566,658</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Accumulated depreciation and amortization
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(375,656</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">   (362,295</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total property, plant and equipment, net
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">223,813</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">204,363</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 6 - us-gaap:GoodwillAndIntangibleAssetsDisclosureTextBlock-->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>6. GOODWILL AND INTANGIBLE ASSETS</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Goodwill and intangible assets consist of the following (in thousands):
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="20%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%">    </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%">    </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%">    </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Weighted</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="10"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="10"> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Average</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="10"><b>As of</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="10"><b>As of</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Amortization</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="10" style="border-bottom: 1px solid #000000"><b>December 31, 2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="10" style="border-bottom: 1px solid #000000"><b>October 1, 2010</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Period</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Gross</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Net</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Gross</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Net</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Remaining</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Carrying</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Accumulated</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Carrying</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Carrying</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Accumulated</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Carrying</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>(Years)</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Amount</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Amortization</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Amount</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Amount</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Amortization</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Amount</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td colspan="11" align="left" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td colspan="11" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Goodwill
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">  485,544</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">  485,544</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">  485,587</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">  485,587</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Amortized intangible assets
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Developed technology
</div></td>
<td> </td>
<td> </td>
<td align="center">2.0</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">16,150</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left">$</td>
<td align="right">(11,519</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">4,631</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">14,150</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left">$</td>
<td align="right">(10,862</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td align="left">$</td>
<td align="right">3,288</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Customer relationships
</div></td>
<td> </td>
<td> </td>
<td align="center">1.7</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">21,510</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(16,637</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">4,873</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">21,510</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(15,894</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">5,616</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Patents and other
</div></td>
<td> </td>
<td> </td>
<td align="center">2.7</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">8,316</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(5,832</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">2,484</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5,966</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(5,630</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">336</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">45,976</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(33,988</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">11,988</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">41,626</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(32,386</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">9,240</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Unamortized intangible assets
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Trademarks
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,269</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,269</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,269</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,269</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total intangible assets
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">49,245</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left">$</td>
<td align="right">(33,988</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td align="left">$</td>
<td align="right">15,257</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">44,895</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left">$</td>
<td align="right">(32,386</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td align="left">$</td>
<td align="right">12,509</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Amortization
expense related to intangible assets was $1.6 million and $1.5 million
for the quarters ended December 31, 2010 and January 1, 2010,
respectively.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The changes in the gross carrying amount of goodwill and intangible assets are as follows (in
thousands):
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="28%"> </td>
<td width="5%"> </td>
<td width="1%">    </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%">    </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="22" style="border-bottom: 1px solid #000000"><b>Goodwill and Intangible Assets</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Developed</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Customer</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Patents and</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Goodwill</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Technology</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Relationships</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Other</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Trademarks</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Total</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Balance as of October 1, 2010
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">  485,587</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">14,150</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">21,510</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">5,966</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3,269</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">  530,482</td>
<td> </td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap">
<div style="margin-left:30px; text-indent:-15px">Additions (deductions) during period
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(43</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">2,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,350</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4,307</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Balance as of December 31, 2010
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">485,544</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">16,150</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">21,510</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">8,316</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3,269</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">534,789</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Company tests its goodwill for impairment annually as of the first day of its fourth
fiscal quarter and in interim periods if certain events occur indicating that the carrying value of
goodwill may be impaired. There were no indicators of impairment noted during the quarter ended
December 31, 2010.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Annual amortization expense related to intangible assets for the next five years is expected to be
as follows (in thousands):
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="40%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2011</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2012</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2013</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2014</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2015</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Amortization expense
</div></td>
<td> </td>
<td align="right">$</td>
<td align="right">6,636</td>
<td> </td>
<td> </td>
<td align="right">$</td>
<td align="right">5,405</td>
<td> </td>
<td> </td>
<td align="right">$</td>
<td align="right">1,549</td>
<td> </td>
<td> </td>
<td align="right">$</td>
<td align="right">      —</td>
<td> </td>
<td> </td>
<td align="right">$</td>
<td align="right">      —</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
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<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>7. BORROWING ARRANGEMENTS</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt"><b>Long-Term Debt</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Long-term debt consists of convertible notes with a carrying value of $25.1 million and
$24.7 million for the quarters ended December 31, 2010 and October 1, 2010, respectively.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">On March 2, 2007, the Company issued $200.0 million aggregate principal amount of convertible
subordinated notes (“2007 Convertible Notes”). The offering contained two tranches. The first
tranche consisted of $100.0 million of 1.25% convertible subordinated notes due March 2010 (the
“1.25% Notes”) which have been retired. The second tranche consisted of $100.0 million aggregate
principal amount of 1.50% convertible subordinated notes due March 2012 (the “1.50% Notes”). The
Company pays interest in cash semi-annually in arrears on March 1 and September 1 of each year on
the 1.50% Notes. The conversion price of the 1.50% Notes is 105.0696 shares per $1,000 principal
amount of notes to be redeemed, which is the equivalent of a conversion price of approximately
$9.52 per share, plus accrued and unpaid interest, if any, to the conversion date. Holders of the
1.50% Notes may require the Company to repurchase the 1.50% Notes upon a change in
control of the Company.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Holders may convert the 1.50% Notes at any time on or prior to the close of
business on the final maturity date. If a holder of a
1.50% Note elects to convert such Notes at maturity, the Company may
continue to choose to deliver to the holder either cash, shares of its common
stock or a combination of cash and shares of its common stock to settle the
conversion. This cash settlement provision permits the application of the treasury stock method in determining potential
share dilution of the conversion spread should the share price of the
Company’s common stock exceed $9.52. It has been the Company’s
historical practice to cash settle the principal and interest components
of convertible debt instruments, and it is the Company’s intention to continue to do so in
the future, including with respect to the 1.50% Notes.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">On October 3, 2009, the Company adopted ASC 470-20 — <i>Debt, Debt with Conversions and Other Options</i>
(“ASC 470-20”). ASC 470-20 applies to the Company’s 2007 Convertible Notes. Using a
non-convertible borrowing rate of 6.86%, the Company estimated the fair value of the liability
component of the $100.0 million aggregate principal amount of the 1.50% Notes to be $77.3 million
on October 3, 2009. As of the issuance date, the difference between the fair value of the liability
component of the 1.50% Notes and the corresponding aggregate principal amount of such notes, which
is equal to the fair value of the equity component of the 1.50% Notes ($22.7 million), was
retrospectively recorded as a debt discount and as an increase to additional paid-in capital, net
of tax. The discount of the liability component of the 1.50% Notes is being amortized over the
remaining life of the instrument.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The following tables provide additional information about the Company’s 1.50% Notes (in
thousands):
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000"><b>As of</b></td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>December 31,</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>October 1,</b></td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>2010</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>2010</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="7" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Equity component of the convertible notes
outstanding
</div></td>
<td> </td>
<td align="right">$</td>
<td align="right">6,061</td>
<td> </td>
<td> </td>
<td align="right">$</td>
<td align="right">6,061</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Principal amount of the convertible notes
</div></td>
<td> </td>
<td> </td>
<td align="right">26,677</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">26,677</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Unamortized discount of the liability component
</div></td>
<td> </td>
<td> </td>
<td align="right">1,606</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,934</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Net carrying amount of the liability component
</div></td>
<td> </td>
<td> </td>
<td align="right">25,071</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">24,743</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000"><b>Three-months Ended</b></td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>December 31,</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>January 1,</b></td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>2010</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>2010</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="7" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Effective interest rate on the liability component
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">6.86</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">6.86</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Cash interest expense recognized (contractual interest)
</div></td>
<td> </td>
<td align="right">$</td>
<td align="right">100</td>
<td> </td>
<td> </td>
<td align="right">$</td>
<td align="right">279</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Effective interest expense recognized
</div></td>
<td> </td>
<td align="right">$</td>
<td align="right">328</td>
<td> </td>
<td> </td>
<td align="right">$</td>
<td align="right">989</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The remaining unamortized discount on the 1.50% Notes will be amortized over the next fourteen
months. As of December 31, 2010, the “if converted” value of the remaining 1.50% Notes exceeds the
related principal amount by approximately $53.5 million. As of both December 31, 2010 and October
1, 2010, the number of shares underlying the remaining 1.50% Notes was 2.8 million.
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>Short-Term Debt</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">On July 15, 2003, the Company entered into a receivables purchase
agreement under which it agreed to sell from time to time certain of its
accounts receivable to Skyworks USA, Inc. (“Skyworks USA”), a
wholly-owned special purpose entity that is consolidated for accounting
purposes. Concurrently, Skyworks USA entered into an agreement with
Wachovia Bank, N.A. providing for a $50.0 million credit facility (the
“Credit Facility”) secured by the purchased accounts receivable. The
Company’s short term debt balance as of October 1, 2010 was $50.0 million.
The Company paid down the entire $50.0 million balance and terminated
the Credit Facility and all associated agreements
during the quarter ended December 31, 2010.
</div>
</div>
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<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>8. INCOME TAXES</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The provision for income taxes for the quarter ended December 31, 2010 consisted of $15.2 million
and $0.7 million of United States and foreign income taxes,
respectively, as compared to $12.5
million and $0.3 million for United States and foreign income taxes, respectively, for the quarter
ended January 1, 2010. For the quarter ended December 31, 2010, the difference between the
Company’s effective tax rate and the 35% federal statutory rate resulted primarily from foreign
earnings taxed at rates lower than the federal statutory rate and the recognition of research and
development tax credits earned. In December 2010, the United States Congress enacted legislation to retroactively extend the
federal research and development tax credit. As a result, the Company recognized $4.4
million of federal research and development tax credits in the quarter ended December 31, 2010, which were earned in the fiscal year ended October 1, 2010,
reducing our tax rate from 26.5% to 20.7%. For the quarter ended January 1, 2010, the difference
between the Company’s effective tax rate and the 35% federal statutory rate resulted primarily from
foreign earnings taxed at rates lower than the United States federal statutory rate.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">During the
quarter ended December 31, 2010, the Company expanded its presence in Asia by launching operations in Singapore.
The Company operates under a tax holiday in Singapore, which is effective through September 30,
2020. The tax holiday is conditional upon the Company’s compliance in meeting certain employment
and investment thresholds.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">In accordance with ASC 740 — <i>Income Taxes </i>(“ASC 740”)<i>, </i>management has determined that it is more
likely than not that a portion of the Company’s historic and current year income tax benefits will not be
realized. Accordingly, as of December 31, 2010, the Company has maintained a valuation allowance of $24.0
million related to the Company’s United States deferred tax assets, primarily related to the Company’s state tax
research and experimentation credits. Deferred tax assets have been recognized for foreign
operations when management believes that it is more likely than not that they will be recovered
during the carryforward period. We have also previously determined that it is more likely than not
that a portion of the Company’s foreign income tax benefits will not be realized and maintain a valuation
allowance of $1.6 million related to the Company’s foreign deferred tax assets.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Realization of benefits from the Company’s deferred tax asset is dependent upon generating United States
source taxable income in the future, which may result in the existing valuation reserve being
reversed to the extent that the related deferred tax assets no longer require a valuation allowance
under the provisions of ASC 740.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Company will continue to evaluate its valuation allowance in future periods and depending upon
the outcome of that assessment, additional amounts could be reversed or recorded and recognized as
an adjustment to income tax benefit or expense. Such adjustments could cause our effective income
tax rate to vary in future periods. The Company will need to generate $168.2 million of United States
federal taxable income in future years to utilize all of the Company’s net operating loss carryforwards, research and
experimentation tax credit carryforwards, and deferred income tax temporary differences as of
December 31, 2010.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">During the
quarter ended December 31, 2010, there was an increase in the Company’s gross unrecognized
tax benefits of $2.4 million. The Company’s gross unrecognized tax benefits totaled $22.3 million as of
December 31, 2010. Of the total
unrecognized tax benefits at December 31, 2010, $13.3 million
would impact the effective tax rate, if recognized. The remaining unrecognized tax benefits would
not impact the effective tax rate, if recognized, due to the Company’s valuation allowance and certain
positions which were required to be deferred. There are no positions which we anticipate could
change within the next twelve months. The Company did not incur any significant accrued interest
or penalties related to unrecognized tax benefits during the quarter ended December 31, 2010.
The Company’s policy is to recognize accrued interest and penalties, if incurred, on any
unrecognized tax benefits as a component of income tax expense.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The
Company’s major tax jurisdictions as of December 31, 2010 are the United States federal jurisdiction,
and the United States state jurisdictions of California
and Iowa. For the United States, the Company has open tax years dating back to fiscal year 1998 due
to the carry forward of tax attributes. For California and Iowa, the Company has open tax years
dating back to fiscal year 2002 due to the carry forward of tax attributes.
</div>
</div>
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<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>9. COMMITMENTS AND CONTINGENCIES</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt"><b>Legal Matters</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">From time to time, various lawsuits, claims and proceedings have been, and may in the future be,
instituted or asserted against the Company, including those pertaining to patent infringement,
intellectual property, environmental, product liability, safety and health, employment and
contractual matters.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Additionally, the semiconductor industry is characterized by vigorous protection and pursuit of
intellectual property rights. From time to time, third parties have asserted and may in the future
assert patent, copyright, trademark and other intellectual property rights to technologies that are
important to the Company’s business and have demanded and may in the future demand that the Company
license their technology. The outcome of any such litigation cannot be predicted with certainty and
some such lawsuits, claims or proceedings may be disposed of unfavorably to the Company. Generally
speaking, intellectual property disputes often have a risk of injunctive relief, which, if imposed
against the Company, could materially and adversely affect the Company’s financial condition, or
results of operations. From time to time the Company is also involved in legal proceedings in the
ordinary course of business.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Company believes there is no litigation pending that will have, individually or in the
aggregate, a material adverse effect on its business.
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>Guarantees and Indemnifications</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Company has made no contractual guarantees for the benefit of third parties. However, the
Company generally indemnifies its customers from third-party intellectual property infringement
litigation claims related to its products, and, on occasion, also provides other indemnities
related to product sales. In connection with certain facility leases, the Company has indemnified
its lessors for certain claims arising from the facility or the lease.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Company indemnifies its directors and officers to the maximum extent permitted under the laws
of the state of Delaware. The duration of the indemnities varies, and in many cases is indefinite.
The indemnities to customers in connection with product sales generally are subject to limits based
upon the amount of the related product sales and in many cases are subject to geographic and other
restrictions. In certain instances, the Company’s indemnities do not provide for any limitation of
the maximum potential future payments the Company could be obligated to make. The Company has not
recorded any liability for these indemnities in the accompanying consolidated balance sheets and
does not expect that such obligations will have a material adverse impact on its financial
condition or results of operations.
</div>
</div>
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<!-- Begin Block Tagged Note 10 - swks:SegmentInformationTextBlock-->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>10. SEGMENT INFORMATION</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">In accordance with ASC 280-<i>Segment Reporting </i>(“ASC 280”), the Company has one reportable operating
segment which designs, develops, manufactures and markets proprietary semiconductor products,
including intellectual property. ASC 280 establishes standards for the way public business
enterprises report information about operating
segments in annual financial statements and in interim reports to shareholders. The method for
determining what information to report is based on management’s use of financial information for
the purposes of assessing
performance and making operating decisions. In evaluating financial
performance and making operating decisions, management primarily uses consolidated net revenue,
gross profit, operating profit and earnings per share. The Company’s business units share similar
economic characteristics, long term business models, research and development expenses and selling,
general and administrative expenses. Furthermore, the Company’s chief decision makers base
operating decisions on consolidated financial information. As of December 31, 2010, there has been
no change and the Company continues to consider itself to have one reportable operating segment.
The Company will re-assess its conclusions at least annually.
</div>
</div>
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<!-- Begin Block Tagged Note 11 - us-gaap:PensionAndOtherPostretirementBenefitsDisclosureTextBlock-->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>11. EMPLOYEE STOCK BENEFIT PLANS</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Stock based compensation expense consists of expense related to our unvested grants of employee
stock options and awards in accordance with ASC 718 — <i>Compensation-Stock Compensation </i>(“ASC 718”).
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The following table summarizes share-based compensation expense related to employee stock options,
restricted stock grants, performance stock grants, management incentive compensation, and employee
stock purchase plan under ASC 718 for the quarter ended December 31, 2010 and January 1,
2010, as follows:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Three-months Ended</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>December 31,</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>January 1,</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td nowrap="nowrap" align="left"><b>(In thousands)</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>2010</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="7" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Stock options
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">3,840</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3,035</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Non-vested restricted stock with service and market conditions
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">658</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Non-vested restricted stock with service conditions
</div></td>
<td> </td>
<td> </td>
<td align="right">469</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">207</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Non-vested performance shares
</div></td>
<td> </td>
<td> </td>
<td align="right">7,307</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,867</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Management incentive plan stock awards
</div></td>
<td> </td>
<td> </td>
<td align="right">1,044</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">883</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Employee stock purchase plan
</div></td>
<td> </td>
<td> </td>
<td align="right">621</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">434</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total share-based compensation expense
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">13,281</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">8,084</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Company utilized the following weighted average assumptions in calculating its share-based
compensation expense using the <br />
Black-Scholes model at December 31, 2010 and January 1, 2010:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000"><b>Three-months Ended</b></td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>December 31,</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>January 1,</b></td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>2010</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>2010</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="7" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Expected volatility
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">49.26</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">56.19</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Risk free interest rate (7 year contractual life options)
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">1.00</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">1.85</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Dividend yield
</div></td>
<td> </td>
<td> </td>
<td align="right">0.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">0.00</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Expected option life (7 year contractual life options)
</div></td>
<td> </td>
<td> </td>
<td align="right">4.10</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4.23</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
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<!-- Begin Block Tagged Note 12 - us-gaap:ComprehensiveIncomeNoteTextBlock-->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>12. ACCUMULATED OTHER COMPREHENSIVE LOSS</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Company accounts for comprehensive loss in accordance with the provisions of ASC 220 —
<i>Comprehensive Income </i>(“ASC 220”). ASC 220 is a financial statement presentation standard that
requires the Company to disclose non-owner changes included in equity but not included in net
income or loss. Accumulated other comprehensive loss presented in the financial statements consists
of adjustments to the Company’s auction rate securities and minimum pension liability. There were
no changes in the value of the auction rate securities or pension liability during the quarter
ended December 31, 2010.
</div>
</div>
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<!-- Begin Block Tagged Note 13 - us-gaap:ScheduleOfTreasuryStockByClassTextBlock-->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>13. COMMON STOCK REPURCHASE</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">On August 3, 2010 the Board of Directors approved a stock repurchase program, pursuant to which the
Company is authorized to repurchase up to $200.0 million of the Company’s common stock from time to
time on the open market or in privately negotiated transactions as permitted by securities laws and
other legal requirements. The Company paid approximately $18.2 million in connection with the
repurchase of 786,400 shares of its common
stock during the first quarter ended December 31, 2010 (paying an average price of $23.15 per share). As of
December 31, 2010, $181.8 million remained available under the existing share repurchase
authorization.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
</div>
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<!-- Begin Block Tagged Note 14 - us-gaap:EarningsPerShareTextBlock-->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>14. EARNINGS PER SHARE</b>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Three-months Ended</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>December 31,</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>January 1,</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td nowrap="nowrap" align="left" style="border-bottom: 0px solid #000000"><b>(In thousands, except per share amounts)</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>2010</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="7" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Net income
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">60,868</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">28,010</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Weighted average shares outstanding — basic
</div></td>
<td> </td>
<td> </td>
<td align="right">180,706</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">172,717</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Effect of dilutive convertible debt
</div></td>
<td> </td>
<td> </td>
<td align="right">1,713</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,988</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Effect of dilutive share-based awards
</div></td>
<td> </td>
<td> </td>
<td align="right">6,122</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4,699</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Weighted average shares outstanding — diluted
</div></td>
<td> </td>
<td> </td>
<td align="right">188,541</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">179,404</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Net income per share — basic
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">0.34</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">0.16</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Effect of dilutive convertible debt
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Effect of dilutive share-based awards
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(0.02</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Net income per share — diluted
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">0.32</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">0.16</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Basic earnings per share is calculated by dividing net income by the weighted average number of
common shares outstanding. Diluted earnings per share includes the dilutive effect of equity based
awards and the 2007 Convertible Notes using the treasury stock method.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Equity based awards exercisable for approximately 1.7 million shares and 6.1 million shares were
outstanding but not included in the computation of earnings per share for the quarter ended
December 31, 2010 and January 1, 2010, respectively, as their effect would have been
anti-dilutive.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The
remaining $26.7 million in aggregate principal balance of the
1.50% Notes
contains a cash settlement provision, which permit the application of the treasury stock method in
determining potential share dilution of the conversion spread should the share price of the
Company’s common stock exceed $9.52. As of December 31, 2010, there were 1.7 million shares
included in the calculation of diluted earnings per share as a result of this conversion feature.
It has been the Company’s historical practice to cash settle the
principal and interest
components of convertible debt instruments, and it is the Company’s intention to continue to do so in the
future, including settlement of the 1.50% Notes due in March 2012.
</div>
</div>
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<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>6. GOODWILL AND INTANGIBLE ASSETS</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Goodwill and intangible assets consist of the following (in thousands):
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="20%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%">    </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%">    </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%">    </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Weighted</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="10"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="10"> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Average</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="10"><b>As of</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="10"><b>As of</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Amortization</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="10" style="border-bottom: 1px solid #000000"><b>December 31, 2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="10" style="border-bottom: 1px solid #000000"><b>October 1, 2010</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Period</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Gross</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Net</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Gross</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Net</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Remaining</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Carrying</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Accumulated</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Carrying</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Carrying</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Accumulated</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Carrying</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>(Years)</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Amount</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Amortization</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Amount</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Amount</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Amortization</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Amount</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td colspan="11" align="left" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td colspan="11" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Goodwill
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">  485,544</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">  485,544</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">  485,587</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">  485,587</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Amortized intangible assets
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Developed technology
</div></td>
<td> </td>
<td> </td>
<td align="center">2.0</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">16,150</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left">$</td>
<td align="right">(11,519</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">4,631</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">14,150</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left">$</td>
<td align="right">(10,862</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td align="left">$</td>
<td align="right">3,288</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Customer relationships
</div></td>
<td> </td>
<td> </td>
<td align="center">1.7</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">21,510</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(16,637</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">4,873</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">21,510</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(15,894</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">5,616</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Patents and other
</div></td>
<td> </td>
<td> </td>
<td align="center">2.7</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">8,316</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(5,832</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">2,484</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5,966</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(5,630</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">336</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">45,976</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(33,988</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">11,988</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">41,626</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(32,386</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">9,240</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Unamortized intangible assets
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Trademarks
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,269</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,269</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,269</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,269</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total intangible assets
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">49,245</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left">$</td>
<td align="right">(33,988</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td align="left">$</td>
<td align="right">15,257</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">44,895</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left">$</td>
<td align="right">(32,386</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td align="left">$</td>
<td align="right">12,509</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Amortization
expense related to intangible assets was $1.6 million and $1.5 million
for the quarters ended December 31, 2010 and January 1, 2010,
respectively.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The changes in the gross carrying amount of goodwill and intangible assets are as follows (in
thousands):
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="28%"> </td>
<td width="5%"> </td>
<td width="1%">    </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%">    </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="22" style="border-bottom: 1px solid #000000"><b>Goodwill and Intangible Assets</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Developed</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Customer</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Patents and</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Goodwill</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Technology</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Relationships</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Other</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Trademarks</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Total</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Balance as of October 1, 2010
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">  485,587</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">14,150</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">21,510</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">5,966</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3,269</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">  530,482</td>
<td> </td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap">
<div style="margin-left:30px; text-indent:-15px">Additions (deductions) during period
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(43</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">2,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,350</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4,307</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Balance as of December 31, 2010
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">485,544</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">16,150</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">21,510</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">8,316</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3,269</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">534,789</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Company tests its goodwill for impairment annually as of the first day of its fourth
fiscal quarter and in interim periods if certain events occur indicating that the carrying value of
goodwill may be impaired. There were no indicators of impairment noted during the quarter ended
December 31, 2010.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Annual amortization expense related to intangible assets for the next five years is expected to be
as follows (in thousands):
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="40%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2011</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2012</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2013</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2014</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2015</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Amortization expense
</div></td>
<td> </td>
<td align="right">$</td>
<td align="right">6,636</td>
<td> </td>
<td> </td>
<td align="right">$</td>
<td align="right">5,405</td>
<td> </td>
<td> </td>
<td align="right">$</td>
<td align="right">1,549</td>
<td> </td>
<td> </td>
<td align="right">$</td>
<td align="right">      —</td>
<td> </td>
<td> </td>
<td align="right">$</td>
<td align="right">      —</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringDiscloses the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and writte
n off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain or loss on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. Fo
r each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. This element may be used as a single block of text to incl
ude the entire intangible asset disclosure including data and tables.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 42, 43, 44, 45, 46, 47
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<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>5. PROPERTY, PLANT AND EQUIPMENT</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Property, plant and equipment consist of the following (in thousands):
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="66%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="6%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="6%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>As of</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>December 31,</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>October 1,</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>2010</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="7" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Land
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">9,423</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">9,423</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Land and leasehold improvements
</div></td>
<td> </td>
<td> </td>
<td align="right">5,559</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5,475</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Buildings
</div></td>
<td> </td>
<td> </td>
<td align="right">43,123</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">42,918</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Furniture and fixtures
</div></td>
<td> </td>
<td> </td>
<td align="right">24,668</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">24,784</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Machinery and equipment
</div></td>
<td> </td>
<td> </td>
<td align="right">485,709</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">455,157</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Construction in progress
</div></td>
<td> </td>
<td> </td>
<td align="right">30,987</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">28,901</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total property, plant and equipment, gross
</div></td>
<td> </td>
<td> </td>
<td align="right">599,469</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">566,658</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Accumulated depreciation and amortization
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(375,656</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">   (362,295</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total property, plant and equipment, net
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">223,813</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">204,363</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringDisclosure of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, building and production equipment. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization e
xpense and useful lives, income statement disclosures, assets held for sale and public utility disclosures. This element may be used as a single block of text to include the entire PPE disclosure, including data and tables.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 5
falsefalse12Property, Plant and EquipmentUnKnownUnKnownUnKnownUnKnownfalsetrueXML
20
R8.xml
IDEA: Financial Instruments
2.2.0.25falsefalse0203 - Disclosure - Financial Instrumentstruefalsefalse1falsefalseUSDfalsefalse10/2/2010 - 12/31/2010
USD ($)
USD ($) / shares
$Oct-02-2010_Dec-31-2010http://www.sec.gov/CIK0000004127duration2010-10-02T00:00:002010-12-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0swks_FinancialInstrumentsAbstractswksfalsenadurationFinancial Instruments.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypest
ringFinancial Instruments.falsefalse3false0us-gaap_FairValueDisclosuresTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 3 - us-gaap:FairValueDisclosuresTextBlock-->
<div align="left" style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>3. FINANCIAL INSTRUMENTS</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">In accordance with ASC 820 — <i>Fair Value Measurements and Disclosure </i>(“ASC 820”), the Company
groups its financial assets and liabilities measured at fair value on a recurring basis in three
levels, based on the markets in which the assets and liabilities are traded and the reliability of
the assumptions used to determine fair value. These levels are:
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"><b>•</b></td>
<td width="1%"> </td>
<td>Level 1 — Valuation is based upon quoted market price for identical
instruments traded in active markets.</td>
</tr>
<tr>
<td style="font-size: 6pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"><b>•</b></td>
<td width="1%"> </td>
<td>Level 2 — Valuation is based on quoted market 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.</td>
</tr>
<tr>
<td style="font-size: 6pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"><b>•</b></td>
<td width="1%"> </td>
<td>Level 3 — Valuation is generated from model-based techniques that use
significant assumptions not observable in the market. Valuation
techniques include use of discounted cash flow models and similar
techniques.</td>
</tr>
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Company has cash equivalents classified as Level 1 and has no Level 2 securities. The Company’s
ARS, discussed in Note 2, Marketable Securities, is classified as a Level 3 asset. There have been
no transfers between Level 1, Level 2 or Level 3 assets during the quarter ended December 31, 2010.
There have been no purchases, sales, issuances or settlements of the marketable securities
classified as Level 3 during the quarter ended December 31, 2010.
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Financial Instruments Measured at Fair Value on a Recurring Basis</i>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The following table presents the balances of cash equivalents and marketable securities measured at
fair value on a recurring basis as of December 31, 2010 (in thousands):
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="41%"> </td>
<td width="5%"> </td>
<td width="4%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="10" style="border-bottom: 1px solid #000000"><b>Fair Value Measurements</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Quoted Prices in</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Significant</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Significant</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Active Markets for</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Other Observable</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Unobservable</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Identical Assets</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Inputs</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Inputs</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Total</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>(Level 1)</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>(Level 2)</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>(Level 3)</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Cash equivalents:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Money market/repurchase agreements
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">430,299</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">430,299</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Auction rate securities
</div></td>
<td> </td>
<td> </td>
<td align="right">2,288</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,288</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Total
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">432,587</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">430,299</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">2,288</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Non-Financial Assets Measured at Fair Value on a Nonrecurring Basis</i>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Company’s non-financial assets, such as goodwill, intangible assets, and other long lived
assets resulting from business combinations are measured at fair value at the date of acquisition
and subsequently re-measured if there is an indicator of impairment. There were no indicators of
impairment identified during the quarter ended December 31, 2010.
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringThis item represents the complete disclosure regarding the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value,
disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the Company is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risk is are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to
understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15C, 15D
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-Subparagraph a-d
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 28
falsefalse12Financial InstrumentsUnKnownUnKnownUnKnownUnKnownfalsetrueXML
21
R18.xml
IDEA: Common Stock Repurchase
2.2.0.25falsefalse0213 - Disclosure - Common Stock Repurchasetruefalsefalse1falsefalseUSDfalsefalse10/2/2010 - 12/31/2010
USD ($)
USD ($) / shares
$Oct-02-2010_Dec-31-2010http://www.sec.gov/CIK0000004127duration2010-10-02T00:00:002010-12-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_TreasuryStockNoteDisclosureAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalse3false0us-gaap_ScheduleOfTreasuryStockByClassTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 13 - us-gaap:ScheduleOfTreasuryStockByClassTextBlock-->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>13. COMMON STOCK REPURCHASE</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">On August 3, 2010 the Board of Directors approved a stock repurchase program, pursuant to which the
Company is authorized to repurchase up to $200.0 million of the Company’s common stock from time to
time on the open market or in privately negotiated transactions as permitted by securities laws and
other legal requirements. The Company paid approximately $18.2 million in connection with the
repurchase of 786,400 shares of its common
stock during the first quarter ended December 31, 2010 (paying an average price of $23.15 per share). As of
December 31, 2010, $181.8 million remained available under the existing share repurchase
authorization.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
</div>
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IDEA: Borrowing Arrangements
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<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>7. BORROWING ARRANGEMENTS</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt"><b>Long-Term Debt</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Long-term debt consists of convertible notes with a carrying value of $25.1 million and
$24.7 million for the quarters ended December 31, 2010 and October 1, 2010, respectively.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">On March 2, 2007, the Company issued $200.0 million aggregate principal amount of convertible
subordinated notes (“2007 Convertible Notes”). The offering contained two tranches. The first
tranche consisted of $100.0 million of 1.25% convertible subordinated notes due March 2010 (the
“1.25% Notes”) which have been retired. The second tranche consisted of $100.0 million aggregate
principal amount of 1.50% convertible subordinated notes due March 2012 (the “1.50% Notes”). The
Company pays interest in cash semi-annually in arrears on March 1 and September 1 of each year on
the 1.50% Notes. The conversion price of the 1.50% Notes is 105.0696 shares per $1,000 principal
amount of notes to be redeemed, which is the equivalent of a conversion price of approximately
$9.52 per share, plus accrued and unpaid interest, if any, to the conversion date. Holders of the
1.50% Notes may require the Company to repurchase the 1.50% Notes upon a change in
control of the Company.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Holders may convert the 1.50% Notes at any time on or prior to the close of
business on the final maturity date. If a holder of a
1.50% Note elects to convert such Notes at maturity, the Company may
continue to choose to deliver to the holder either cash, shares of its common
stock or a combination of cash and shares of its common stock to settle the
conversion. This cash settlement provision permits the application of the treasury stock method in determining potential
share dilution of the conversion spread should the share price of the
Company’s common stock exceed $9.52. It has been the Company’s
historical practice to cash settle the principal and interest components
of convertible debt instruments, and it is the Company’s intention to continue to do so in
the future, including with respect to the 1.50% Notes.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">On October 3, 2009, the Company adopted ASC 470-20 — <i>Debt, Debt with Conversions and Other Options</i>
(“ASC 470-20”). ASC 470-20 applies to the Company’s 2007 Convertible Notes. Using a
non-convertible borrowing rate of 6.86%, the Company estimated the fair value of the liability
component of the $100.0 million aggregate principal amount of the 1.50% Notes to be $77.3 million
on October 3, 2009. As of the issuance date, the difference between the fair value of the liability
component of the 1.50% Notes and the corresponding aggregate principal amount of such notes, which
is equal to the fair value of the equity component of the 1.50% Notes ($22.7 million), was
retrospectively recorded as a debt discount and as an increase to additional paid-in capital, net
of tax. The discount of the liability component of the 1.50% Notes is being amortized over the
remaining life of the instrument.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The following tables provide additional information about the Company’s 1.50% Notes (in
thousands):
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000"><b>As of</b></td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>December 31,</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>October 1,</b></td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>2010</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>2010</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="7" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Equity component of the convertible notes
outstanding
</div></td>
<td> </td>
<td align="right">$</td>
<td align="right">6,061</td>
<td> </td>
<td> </td>
<td align="right">$</td>
<td align="right">6,061</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Principal amount of the convertible notes
</div></td>
<td> </td>
<td> </td>
<td align="right">26,677</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">26,677</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Unamortized discount of the liability component
</div></td>
<td> </td>
<td> </td>
<td align="right">1,606</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,934</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Net carrying amount of the liability component
</div></td>
<td> </td>
<td> </td>
<td align="right">25,071</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">24,743</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000"><b>Three-months Ended</b></td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>December 31,</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>January 1,</b></td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>2010</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>2010</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="7" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Effective interest rate on the liability component
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">6.86</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">6.86</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Cash interest expense recognized (contractual interest)
</div></td>
<td> </td>
<td align="right">$</td>
<td align="right">100</td>
<td> </td>
<td> </td>
<td align="right">$</td>
<td align="right">279</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Effective interest expense recognized
</div></td>
<td> </td>
<td align="right">$</td>
<td align="right">328</td>
<td> </td>
<td> </td>
<td align="right">$</td>
<td align="right">989</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The remaining unamortized discount on the 1.50% Notes will be amortized over the next fourteen
months. As of December 31, 2010, the “if converted” value of the remaining 1.50% Notes exceeds the
related principal amount by approximately $53.5 million. As of both December 31, 2010 and October
1, 2010, the number of shares underlying the remaining 1.50% Notes was 2.8 million.
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>Short-Term Debt</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">On July 15, 2003, the Company entered into a receivables purchase
agreement under which it agreed to sell from time to time certain of its
accounts receivable to Skyworks USA, Inc. (“Skyworks USA”), a
wholly-owned special purpose entity that is consolidated for accounting
purposes. Concurrently, Skyworks USA entered into an agreement with
Wachovia Bank, N.A. providing for a $50.0 million credit facility (the
“Credit Facility”) secured by the purchased accounts receivable. The
Company’s short term debt balance as of October 1, 2010 was $50.0 million.
The Company paid down the entire $50.0 million balance and terminated
the Credit Facility and all associated agreements
during the quarter ended December 31, 2010.
</div>
</div>
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R14.xml
IDEA: Commitments And Contingencies
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<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>9. COMMITMENTS AND CONTINGENCIES</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt"><b>Legal Matters</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">From time to time, various lawsuits, claims and proceedings have been, and may in the future be,
instituted or asserted against the Company, including those pertaining to patent infringement,
intellectual property, environmental, product liability, safety and health, employment and
contractual matters.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Additionally, the semiconductor industry is characterized by vigorous protection and pursuit of
intellectual property rights. From time to time, third parties have asserted and may in the future
assert patent, copyright, trademark and other intellectual property rights to technologies that are
important to the Company’s business and have demanded and may in the future demand that the Company
license their technology. The outcome of any such litigation cannot be predicted with certainty and
some such lawsuits, claims or proceedings may be disposed of unfavorably to the Company. Generally
speaking, intellectual property disputes often have a risk of injunctive relief, which, if imposed
against the Company, could materially and adversely affect the Company’s financial condition, or
results of operations. From time to time the Company is also involved in legal proceedings in the
ordinary course of business.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Company believes there is no litigation pending that will have, individually or in the
aggregate, a material adverse effect on its business.
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>Guarantees and Indemnifications</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Company has made no contractual guarantees for the benefit of third parties. However, the
Company generally indemnifies its customers from third-party intellectual property infringement
litigation claims related to its products, and, on occasion, also provides other indemnities
related to product sales. In connection with certain facility leases, the Company has indemnified
its lessors for certain claims arising from the facility or the lease.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Company indemnifies its directors and officers to the maximum extent permitted under the laws
of the state of Delaware. The duration of the indemnities varies, and in many cases is indefinite.
The indemnities to customers in connection with product sales generally are subject to limits based
upon the amount of the related product sales and in many cases are subject to geographic and other
restrictions. In certain instances, the Company’s indemnities do not provide for any limitation of
the maximum potential future payments the Company could be obligated to make. The Company has not
recorded any liability for these indemnities in the accompanying consolidated balance sheets and
does not expect that such obligations will have a material adverse impact on its financial
condition or results of operations.
</div>
</div>
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R15.xml
IDEA: Segment Information
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USD ($)
USD ($) / shares
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<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>10. SEGMENT INFORMATION</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">In accordance with ASC 280-<i>Segment Reporting </i>(“ASC 280”), the Company has one reportable operating
segment which designs, develops, manufactures and markets proprietary semiconductor products,
including intellectual property. ASC 280 establishes standards for the way public business
enterprises report information about operating
segments in annual financial statements and in interim reports to shareholders. The method for
determining what information to report is based on management’s use of financial information for
the purposes of assessing
performance and making operating decisions. In evaluating financial
performance and making operating decisions, management primarily uses consolidated net revenue,
gross profit, operating profit and earnings per share. The Company’s business units share similar
economic characteristics, long term business models, research and development expenses and selling,
general and administrative expenses. Furthermore, the Company’s chief decision makers base
operating decisions on consolidated financial information. As of December 31, 2010, there has been
no change and the Company continues to consider itself to have one reportable operating segment.
The Company will re-assess its conclusions at least annually.
</div>
</div>
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-Name Regulation S-X (SX)
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27
R16.xml
IDEA: Employee Stock Benefit Plans
2.2.0.25falsefalse0211 - Disclosure - Employee Stock Benefit Planstruefalsefalse1falsefalseUSDfalsefalse10/2/2010 - 12/31/2010
USD ($)
USD ($) / shares
$Oct-02-2010_Dec-31-2010http://www.sec.gov/CIK0000004127duration2010-10-02T00:00:002010-12-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_PensionAndOtherPostretirementBenefitExpenseAbstractus-gaaptruenadurationNo definition available.falsefals
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<!-- Begin Block Tagged Note 11 - us-gaap:PensionAndOtherPostretirementBenefitsDisclosureTextBlock-->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>11. EMPLOYEE STOCK BENEFIT PLANS</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Stock based compensation expense consists of expense related to our unvested grants of employee
stock options and awards in accordance with ASC 718 — <i>Compensation-Stock Compensation </i>(“ASC 718”).
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The following table summarizes share-based compensation expense related to employee stock options,
restricted stock grants, performance stock grants, management incentive compensation, and employee
stock purchase plan under ASC 718 for the quarter ended December 31, 2010 and January 1,
2010, as follows:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Three-months Ended</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>December 31,</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>January 1,</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td nowrap="nowrap" align="left"><b>(In thousands)</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>2010</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="7" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Stock options
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">3,840</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3,035</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Non-vested restricted stock with service and market conditions
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">658</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Non-vested restricted stock with service conditions
</div></td>
<td> </td>
<td> </td>
<td align="right">469</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">207</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Non-vested performance shares
</div></td>
<td> </td>
<td> </td>
<td align="right">7,307</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,867</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Management incentive plan stock awards
</div></td>
<td> </td>
<td> </td>
<td align="right">1,044</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">883</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Employee stock purchase plan
</div></td>
<td> </td>
<td> </td>
<td align="right">621</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">434</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total share-based compensation expense
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">13,281</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">8,084</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Company utilized the following weighted average assumptions in calculating its share-based
compensation expense using the <br />
Black-Scholes model at December 31, 2010 and January 1, 2010:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000"><b>Three-months Ended</b></td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>December 31,</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>January 1,</b></td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>2010</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>2010</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="7" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Expected volatility
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">49.26</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">56.19</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Risk free interest rate (7 year contractual life options)
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">1.00</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">1.85</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Dividend yield
</div></td>
<td> </td>
<td> </td>
<td align="right">0.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">0.00</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Expected option life (7 year contractual life options)
</div></td>
<td> </td>
<td> </td>
<td align="right">4.10</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4.23</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringDescription containing the entire pension and other postretirement benefits disclosure as a single block of text.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS106-2
-Paragraph 20, 21, 22
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5, 6, 7, 8
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-Number 87
-Paragraph 264
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-Number FAS88
-Paragraph 63
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-Number 158
-Paragraph 7, 21, 22
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-Paragraph 5
-Subparagraph b
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-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 30
-Paragraph 26
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-Number 106
-Paragraph 518
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-Name Emerging Issues Task Force (EITF)
-Number 03-2
-Paragraph 8
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-Number 132R
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falsefalse12Employee Stock Benefit PlansUnKnownUnKnownUnKnownUnKnownfalsetrueXML
28
R9.xml
IDEA: Inventories
2.2.0.25falsefalse0204 - Disclosure - Inventoriestruefalsefalse1falsefalseUSDfalsefalse10/2/2010 - 12/31/2010
USD ($)
USD ($) / shares
$Oct-02-2010_Dec-31-2010http://www.sec.gov/CIK0000004127duration2010-10-02T00:00:002010-12-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_InventoryNetAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestr
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<!-- Begin Block Tagged Note 4 - us-gaap:InventoryDisclosureTextBlock-->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>4. INVENTORIES</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Inventories consist of the following (in thousands):
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="68%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>As of</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>December 31,</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>October 1,</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>2010</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="7" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Raw materials
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">12,941</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">16,108</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Work-in-process
</div></td>
<td> </td>
<td> </td>
<td align="right">74,257</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">74,701</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Finished goods
</div></td>
<td> </td>
<td> </td>
<td align="right">44,150</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">20,209</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Finished goods held on consignment by
customers
</div></td>
<td> </td>
<td> </td>
<td align="right">11,115</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">14,041</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total inventories
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">142,463</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">125,059</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
</div>
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<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Skyworks Solutions, Inc. together with its consolidated subsidiaries, (“Skyworks” or the “Company”)
is an innovator of high reliability analog and mixed signal semiconductors. Leveraging core
technologies, Skyworks offers diverse standard and custom linear products supporting automotive,
broadband, cellular infrastructure, energy management, industrial, medical, military and cellular
handset applications. The Company’s portfolio includes amplifiers, attenuators, detectors, diodes,
directional couplers, front-end modules, hybrids, infrastructure RF subsystems,
mixers/demodulators, phase shifters, PLLs/synthesizers/VCOs, power dividers/combiners, receivers,
switches and technical ceramics.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The accompanying unaudited interim consolidated financial statements have been prepared pursuant to
the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim
financial reporting. Certain information and footnote disclosures, normally included in annual
consolidated financial statements prepared in accordance with accounting principles generally
accepted in the United States of America (“GAAP”), have been condensed or omitted pursuant to those
rules and regulations. However, in the opinion of management, the financial information reflects
all adjustments, consisting of adjustments of a normal recurring nature necessary to present fairly
the financial position, results of operations, and cash flows of the Company for the periods
presented. The results of operations for the quarter ended December 31, 2010 are not necessarily
indicative of the results to be expected for the full year. This information should be read in
conjunction with the Company’s financial statements and notes thereto contained in the Company’s
Form 10-K for the fiscal year ended October 1, 2010 as filed with the SEC.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Company evaluates its estimates on an ongoing basis using historical experience and other
factors, including the current economic environment. The current volatility in the capital markets
and the global economy has increased the uncertainty in our estimates, including our estimates
impacting marketable securities and long-lived assets. Significant judgment is required in
determining the fair value of marketable securities in inactive markets as well as determining when
declines in fair value constitute an other-than-temporary impairment. In addition, significant
judgment is required in determining whether a potential indicator of impairment of our long-lived
assets exists and in estimating future cash flows for any necessary impairment tests. As future
events unfold and their effects cannot be determined with precision, actual results could differ
significantly from management’s estimates.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Company has evaluated subsequent events through the date of issuance of these unaudited
consolidated financial statements. During this period, the Company did not have any material
subsequent events.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Company’s fiscal year ends each year on the Friday closest to September 30. Fiscal 2011
consists of 52 weeks and ends on September 30, 2011. Fiscal 2010 consisted of 52 weeks and ended
on October 1, 2010. The first quarters of fiscal 2011 and fiscal 2010 each consisted of 13 weeks
and ended on December 31, 2010 and January 1, 2010, respectively.
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-Name Emerging Issues Task Force (EITF)
-Number 00-15
-Paragraph 3
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-Number 95
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31
defnref.xml
IDEA: XBRL DOCUMENT
No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.Segment Information.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.Contribution of common shares to savings and retirement plans.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.Repurchase of common stock ? payroll tax withholdings.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.These amounts represent the difference between the fair value of consideration delivered to bondholders, less the sum of the carrying value of the debt and the gain/loss recognized on any retirements of convertible debt which occurred in this period pursuant to ASC 470-20.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.Amortization for intangibles assets.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.XML
32
R13.xml
IDEA: Income Taxes
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USD ($)
USD ($) / shares
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<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>8. INCOME TAXES</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The provision for income taxes for the quarter ended December 31, 2010 consisted of $15.2 million
and $0.7 million of United States and foreign income taxes,
respectively, as compared to $12.5
million and $0.3 million for United States and foreign income taxes, respectively, for the quarter
ended January 1, 2010. For the quarter ended December 31, 2010, the difference between the
Company’s effective tax rate and the 35% federal statutory rate resulted primarily from foreign
earnings taxed at rates lower than the federal statutory rate and the recognition of research and
development tax credits earned. In December 2010, the United States Congress enacted legislation to retroactively extend the
federal research and development tax credit. As a result, the Company recognized $4.4
million of federal research and development tax credits in the quarter ended December 31, 2010, which were earned in the fiscal year ended October 1, 2010,
reducing our tax rate from 26.5% to 20.7%. For the quarter ended January 1, 2010, the difference
between the Company’s effective tax rate and the 35% federal statutory rate resulted primarily from
foreign earnings taxed at rates lower than the United States federal statutory rate.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">During the
quarter ended December 31, 2010, the Company expanded its presence in Asia by launching operations in Singapore.
The Company operates under a tax holiday in Singapore, which is effective through September 30,
2020. The tax holiday is conditional upon the Company’s compliance in meeting certain employment
and investment thresholds.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">In accordance with ASC 740 — <i>Income Taxes </i>(“ASC 740”)<i>, </i>management has determined that it is more
likely than not that a portion of the Company’s historic and current year income tax benefits will not be
realized. Accordingly, as of December 31, 2010, the Company has maintained a valuation allowance of $24.0
million related to the Company’s United States deferred tax assets, primarily related to the Company’s state tax
research and experimentation credits. Deferred tax assets have been recognized for foreign
operations when management believes that it is more likely than not that they will be recovered
during the carryforward period. We have also previously determined that it is more likely than not
that a portion of the Company’s foreign income tax benefits will not be realized and maintain a valuation
allowance of $1.6 million related to the Company’s foreign deferred tax assets.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Realization of benefits from the Company’s deferred tax asset is dependent upon generating United States
source taxable income in the future, which may result in the existing valuation reserve being
reversed to the extent that the related deferred tax assets no longer require a valuation allowance
under the provisions of ASC 740.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Company will continue to evaluate its valuation allowance in future periods and depending upon
the outcome of that assessment, additional amounts could be reversed or recorded and recognized as
an adjustment to income tax benefit or expense. Such adjustments could cause our effective income
tax rate to vary in future periods. The Company will need to generate $168.2 million of United States
federal taxable income in future years to utilize all of the Company’s net operating loss carryforwards, research and
experimentation tax credit carryforwards, and deferred income tax temporary differences as of
December 31, 2010.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">During the
quarter ended December 31, 2010, there was an increase in the Company’s gross unrecognized
tax benefits of $2.4 million. The Company’s gross unrecognized tax benefits totaled $22.3 million as of
December 31, 2010. Of the total
unrecognized tax benefits at December 31, 2010, $13.3 million
would impact the effective tax rate, if recognized. The remaining unrecognized tax benefits would
not impact the effective tax rate, if recognized, due to the Company’s valuation allowance and certain
positions which were required to be deferred. There are no positions which we anticipate could
change within the next twelve months. The Company did not incur any significant accrued interest
or penalties related to unrecognized tax benefits during the quarter ended December 31, 2010.
The Company’s policy is to recognize accrued interest and penalties, if incurred, on any
unrecognized tax benefits as a component of income tax expense.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The
Company’s major tax jurisdictions as of December 31, 2010 are the United States federal jurisdiction,
and the United States state jurisdictions of California
and Iowa. For the United States, the Company has open tax years dating back to fiscal year 1998 due
to the carry forward of tax attributes. For California and Iowa, the Company has open tax years
dating back to fiscal year 2002 due to the carry forward of tax attributes.
</div>
</div>
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33
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