| PMC-Sierra, Inc. | ||||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||||
| (in thousands) | ||||||||||||
| (unaudited) | ||||||||||||
| September 27, | December 28, | |||||||||||
| 2014 | 2013 | |||||||||||
| ASSETS: | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | $ | 89,940 | $ | 100,038 | ||||||||
| Short-term investments | 35,419 | 10,894 | ||||||||||
| Cash, cash equivalents and short-term investments | 125,359 | 110,932 | ||||||||||
| Accounts receivable, net | 57,013 | 56,112 | ||||||||||
| Inventories, net | 34,588 | 31,074 | ||||||||||
| Prepaid expenses and other current assets | 16,304 | 19,855 | ||||||||||
| Income tax receivable | 3,673 | 2,640 | ||||||||||
| Prepaid tax expense | 2,749 | 5,695 | ||||||||||
|
Deferred tax assets (1) |
3,328 | 43,131 | ||||||||||
| Total current assets | 243,014 | 269,439 | ||||||||||
| Investment securities | 103,101 | 103,391 | ||||||||||
| Investments and other assets | 8,190 | 10,750 | ||||||||||
| Prepaid tax expense | 93 | 93 | ||||||||||
| Property and equipment, net | 38,730 | 39,149 | ||||||||||
| Goodwill and other intangible assets, net | 439,120 | 425,823 | ||||||||||
|
Deferred tax assets (1) |
1,557 | 1,306 | ||||||||||
| $ | 833,805 | $ | 849,951 | |||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||||||||||
| Current liabilities: | ||||||||||||
| Accounts payable | $ | 19,092 | $ | 23,173 | ||||||||
| Accrued liabilities | 72,360 | 64,257 | ||||||||||
| Credit facility | - | 30,000 | ||||||||||
| Income taxes payable | 2,983 | 632 | ||||||||||
| Liability for unrecognized tax benefit (1) | 21,394 | 54,127 | ||||||||||
| Deferred income taxes | 9 | 71 | ||||||||||
| Deferred income | 5,501 | 7,481 | ||||||||||
| Total current liabilities | 121,339 | 179,741 | ||||||||||
| Long-term obligations | 35,982 | 11,108 | ||||||||||
| Deferred income taxes | 49,183 | 43,143 | ||||||||||
|
Liability for unrecognized tax benefit (1) |
18,621 | 27,947 | ||||||||||
|
PMC special shares convertible into 1,016 (2013 - 1,019) shares of common stock |
1,180 | 1,188 | ||||||||||
| Stockholders' equity: | ||||||||||||
| Common stock and additional paid in capital | 1,577,573 | 1,550,385 | ||||||||||
| Accumulated other comprehensive loss | (780 | ) | (526 | ) | ||||||||
| Accumulated deficit | (969,293 | ) | (963,035 | ) | ||||||||
| Total stockholders' equity | 607,500 | 586,824 | ||||||||||
| $ | 833,805 | $ | 849,951 | |||||||||
| (1) Effective from the beginning of the first quarter of 2014, the Company adopted Financial Accounting Standards Board's Accounting Standards Update (“ASU”) No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or Tax Credit Carryforward Exists.” Approximately $44 million of deferred tax assets of a foreign subsidiary were derecognized along with the related liability for unrecognized tax benefits as a result of this presentation adoption, with no impact to the Condensed Consolidated Statements of Operations. |
