v3.8.0.1
Balance Sheet Components
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3 Months Ended |
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Balance Sheet Related Disclosures [Abstract] |
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Balance Sheet Components |
Balance Sheet Components
Available-for-sale short-term investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of | | | | | | Cost | | Unrealized Gains | | Unrealized Losses | | Estimated Fair Value | | Cost | | Unrealized Gains | | Unrealized Losses | | Estimated Fair Value | | (In thousands) | U.S. treasuries | $ | 125,184 |
| | $ | — |
| | $ | (184 | ) | | $ | 125,000 |
| | $ | 124,816 |
| | $ | — |
| | $ | (146 | ) | | $ | 124,670 |
| Certificates of deposit | 161 |
| | — |
| | — |
| | 161 |
| | 162 |
| | — |
| | — |
| | 162 |
| Total | $ | 125,345 |
| | $ | — |
| | $ | (184 | ) | | $ | 125,161 |
| | $ | 124,978 |
| | $ | — |
| | $ | (146 | ) | | $ | 124,832 |
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The Company’s short-term investments are primarily comprised of marketable securities that are classified as available-for-sale and consist of government securities with an original maturity or remaining maturity at the time of purchase of greater than three months and no more than twelve months. Accordingly, none of the available-for-sale securities have unrealized losses greater than twelve months.
Equity investments without readily determinable fair values
As noted above, the Company adopted ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities" on January 1, 2018. The Company's equity investments without determinable fair values was $3.1 million as of April 1, 2018 and $4.5 million as of December 31, 2017, and are included in Other non-current assets in the unaudited condensed consolidated balance sheets. The Company does not have a controlling interest or the ability to exercise significant influence over these investees and these investments do not have readily determinable fair values. Equity investments without readily determinable fair values are accounted for at cost, less impairment and adjusted for subsequent observable price changes obtained from orderly transactions for identical or similar investments issued by the same investee. Such changes in the basis of the equity investment are recognized in Other income (expense), net in the unaudited condensed consolidated statements of operations. $1.4 million of impairments was recognized during the three months ended April 1, 2018 and there were no impairments recognized during the three months ended April 2, 2017.
Accounts receivable, net | | | | | | | | | | As of | | | | | | (In thousands) | Gross accounts receivable | $ | 318,358 |
| | $ | 437,891 |
| Allowance for doubtful accounts | (1,256 | ) | | (1,257 | ) | Allowance for sales returns | — |
| * | (20,189 | ) | Allowance for price protection | — |
| * | (3,647 | ) | Total allowances | (1,256 | ) | | (25,093 | ) | Total accounts receivable, net | $ | 317,102 |
| | $ | 412,798 |
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_________________________ * Upon adoption of ASC 606, allowances for sales returns and price protection were reclassified to current liabilities as these reserve balances are considered refund liabilities. Refer to Note 3. Revenue Recognition, for additional information on the adoption impact.
Inventories | | | | | | | | | | As of | | | | | | (In thousands) | Raw materials | $ | 3,982 |
| | $ | 4,465 |
| Work in process | 3 |
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| — |
| Finished goods | 262,360 |
| | 241,429 |
| Total inventories | $ | 266,345 |
| | $ | 245,894 |
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The Company records provisions for excess and obsolete inventory based on assumptions about future demand and market conditions. While management believes the estimates and assumptions underlying its current forecasts are reasonable, there is risk that additional charges may be necessary if current forecasts are greater than actual demand.
Property and equipment, net | | | | | | | | | | As of | | | | | | (In thousands) | Computer equipment | $ | 10,135 |
| | $ | 10,114 |
| Furniture, fixtures and leasehold improvements | 21,452 |
| | 21,640 |
| Software | 29,193 |
| | 28,997 |
| Machinery and equipment | 63,422 |
| | 62,490 |
| Total property and equipment, gross | 124,202 |
| | 123,241 |
| Accumulated depreciation and amortization | (104,423 | ) | | (102,581 | ) | Total property and equipment, net | $ | 19,779 |
| | $ | 20,660 |
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Depreciation and amortization expense pertaining to property and equipment was $3.3 million for the three months ended April 1, 2018 and $3.4 million for the three months ended April 2, 2017.
Intangibles, net | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Gross | | Accumulated Amortization | | Net | | Gross | | Accumulated Amortization | | Net | | (In thousands) | Technology | $ | 66,599 |
| | $ | (62,724 | ) | | $ | 3,875 |
| | $ | 66,599 |
| | $ | (62,172 | ) | | $ | 4,427 |
| | 56,500 |
| | (39,186 | ) | | 17,314 |
| | 56,500 |
| | (37,430 | ) | | 19,070 |
| Other | 11,045 |
| | (9,785 | ) | | 1,260 |
| | 11,045 |
| | (9,554 | ) | | 1,491 |
| Total intangibles, net | $ | 134,144 |
| | $ | (111,695 | ) | | $ | 22,449 |
| | $ | 134,144 |
| | $ | (109,156 | ) | | $ | 24,988 |
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Amortization of intangibles was $2.5 million for the three months ended April 1, 2018 and $4.5 million for the three months ended April 2, 2017.
As of April 1, 2018, estimated amortization expense related to finite-lived intangibles for the remaining years is as follows (in thousands): | | | | | 2018 (remaining nine months) | $ | 6,857 |
| 2019 | 7,544 |
| 2020 | 6,622 |
| 2021 | 1,413 |
| 2022 | 13 |
| Total estimated amortization expense | $ | 22,449 |
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Other non-current assets | | | | | | | | | | As of | | | | | | (In thousands) | Non-current deferred income taxes | $ | 74,754 |
| | $ | 49,468 |
| Other | 11,199 |
| | 12,321 |
| Total other non-current assets | $ | 85,953 |
| | $ | 61,789 |
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Other accrued liabilities | | | | | | | | | | As of | | | | | | (In thousands) | Sales and marketing | $ | 95,299 |
| | $ | 96,153 |
| Warranty obligation | 18,978 |
| * | 75,824 |
| Sales returns | 73,562 |
| * | — |
| Freight | 7,790 |
| | 10,567 |
| Other | 43,632 |
| | 39,926 |
| Total other accrued liabilities | $ | 239,261 |
| | $ | 222,470 |
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_________________________ * Upon adoption of ASC 606 on January 1, 2018, certain warranty reserve balances totaling $57.9 million were reclassified to sales returns as these liabilities are payable to the Company's customers and settled in cash or by credit on account. Under ASC 606, these amounts are to be accounted for as sales with right of return.
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- DefinitionThe entire disclosures of supplemental information, including descriptions and amounts, related to the balance sheet, income statement, and/or cash flow statement.
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