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FORM 10-Q
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[X]
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended December 28, 2013
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[ ]
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from ________ to ________.
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Delaware
(State or Other Jurisdiction of Incorporation or Organization)
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94-2896096
(I.R.S. Employer I. D. No.)
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Large accelerated filer [x]
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Accelerated filer [ ]
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Non-accelerated filer [ ]
(Do not check if a smaller reporting company) |
Smaller reporting company [ ]
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PART I - FINANCIAL INFORMATION
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Page
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Item 1. Financial Statements (Unaudited)
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Condensed Consolidated Balance Sheets as of December 28, 2013 and June 29, 2013
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Condensed Consolidated Statements of Income for the Three and Six Months Ended December 28, 2013 and December 29, 2012
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Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended December 28, 2013 and December 29, 2012
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Condensed Consolidated Statements of Cash Flows for the Six Months Ended December 28, 2013 and December 29, 2012
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Notes to Condensed Consolidated Financial Statements
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
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Item 3. Quantitative and Qualitative Disclosures About Market Risk
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Item 4. Controls and Procedures
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PART II - OTHER INFORMATION
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Item 1. Legal Proceedings
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Item 1A. Risk Factors
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
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Item 3. Defaults Upon Senior Securities
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Item 4. Mine Safety Disclosures
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Item 5. Other Information
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Item 6. Exhibits
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SIGNATURES
|
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December 28,
2013 |
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June 29,
2013 |
||||
|
(in thousands)
|
||||||
ASSETS
|
|||||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
1,149,909
|
|
|
$
|
1,174,986
|
|
Short-term investments
|
—
|
|
|
25,060
|
|
||
Total cash, cash equivalents and short-term investments
|
1,149,909
|
|
|
1,200,046
|
|
||
Accounts receivable, net
|
288,285
|
|
|
285,438
|
|
||
Inventories
|
297,234
|
|
|
275,640
|
|
||
Deferred tax assets
|
69,154
|
|
|
82,173
|
|
||
Other current assets
|
85,554
|
|
|
96,609
|
|
||
Total current assets
|
1,890,136
|
|
|
1,939,906
|
|
||
Property, plant and equipment, net
|
1,372,393
|
|
|
1,373,124
|
|
||
Intangible assets, net
|
404,652
|
|
|
157,146
|
|
||
Goodwill
|
596,898
|
|
|
422,004
|
|
||
Other assets
|
42,803
|
|
|
43,730
|
|
||
TOTAL ASSETS
|
$
|
4,306,882
|
|
|
$
|
3,935,910
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|||||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
99,009
|
|
|
$
|
105,322
|
|
Income taxes payable
|
21,717
|
|
|
22,437
|
|
||
Accrued salary and related expenses
|
140,738
|
|
|
187,970
|
|
||
Accrued expenses
|
91,145
|
|
|
60,592
|
|
||
Current portion of long-term debt
|
2,965
|
|
|
2,015
|
|
||
Deferred revenue on shipments to distributors
|
25,542
|
|
|
26,557
|
|
||
Total current liabilities
|
381,116
|
|
|
404,893
|
|
||
Long-term debt
|
1,000,871
|
|
|
503,573
|
|
||
Income taxes payable
|
337,053
|
|
|
282,697
|
|
||
Deferred tax liabilities
|
202,435
|
|
|
206,855
|
|
||
Other liabilities
|
29,343
|
|
|
29,894
|
|
||
Total liabilities
|
1,950,818
|
|
|
1,427,912
|
|
||
|
|
|
|
||||
Commitments and contingencies (Note 11)
|
|
|
|
|
|
||
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
||||
Common stock and capital in excess of par value
|
283
|
|
|
288
|
|
||
Retained earnings
|
2,368,350
|
|
|
2,523,457
|
|
||
Accumulated other comprehensive loss
|
(12,569
|
)
|
|
(15,747
|
)
|
||
Total stockholders’ equity
|
2,356,064
|
|
|
2,507,998
|
|
||
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY
|
$
|
4,306,882
|
|
|
$
|
3,935,910
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
December 28,
2013 |
|
December 29,
2012 |
|
December 28,
2013 |
|
December 29,
2012 |
||||||||
|
(in thousands, except per share data)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Net revenues
|
$
|
620,274
|
|
|
$
|
605,306
|
|
|
$
|
1,205,515
|
|
|
$
|
1,228,381
|
|
Cost of goods sold
|
291,602
|
|
|
241,931
|
|
|
529,647
|
|
|
479,315
|
|
||||
Gross margin
|
328,672
|
|
|
363,375
|
|
|
675,868
|
|
|
749,066
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Research and development
|
142,971
|
|
|
135,742
|
|
|
272,873
|
|
|
268,672
|
|
||||
Selling, general and administrative
|
83,471
|
|
|
80,058
|
|
|
160,901
|
|
|
160,245
|
|
||||
Intangible asset amortization
|
4,968
|
|
|
3,903
|
|
|
8,404
|
|
|
7,952
|
|
||||
Impairment of long-lived assets
|
5,197
|
|
|
22,222
|
|
|
5,197
|
|
|
24,929
|
|
||||
Severance and restructuring expenses
|
10,227
|
|
|
2,236
|
|
|
15,774
|
|
|
2,236
|
|
||||
Acquisition-related costs
|
4,137
|
|
|
—
|
|
|
7,071
|
|
|
—
|
|
||||
Other operating expenses (income), net
|
7,307
|
|
|
1,666
|
|
|
6,645
|
|
|
2,081
|
|
||||
Total operating expenses
|
258,278
|
|
|
245,827
|
|
|
476,865
|
|
|
466,115
|
|
||||
Operating income
|
70,394
|
|
|
117,548
|
|
|
199,003
|
|
|
282,951
|
|
||||
Interest and other income (expense), net
|
(5,833
|
)
|
|
(2,798
|
)
|
|
(9,296
|
)
|
|
(8,540
|
)
|
||||
Income before provision for income taxes
|
64,561
|
|
|
114,750
|
|
|
189,707
|
|
|
274,411
|
|
||||
Provision for income taxes
|
20,208
|
|
|
38,128
|
|
|
42,234
|
|
|
69,901
|
|
||||
Net income
|
$
|
44,353
|
|
|
$
|
76,622
|
|
|
$
|
147,473
|
|
|
$
|
204,510
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.16
|
|
|
$
|
0.26
|
|
|
$
|
0.52
|
|
|
$
|
0.70
|
|
Diluted
|
$
|
0.15
|
|
|
$
|
0.26
|
|
|
$
|
0.51
|
|
|
$
|
0.68
|
|
|
|
|
|
|
|
|
|
||||||||
Shares used in the calculation of earnings per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
282,664
|
|
|
292,075
|
|
|
283,659
|
|
|
292,143
|
|
||||
Diluted
|
288,565
|
|
|
298,759
|
|
|
289,371
|
|
|
298,704
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Dividends paid per share
|
$
|
0.26
|
|
|
$
|
0.24
|
|
|
$
|
0.52
|
|
|
$
|
0.48
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
December 28,
2013 |
|
December 29,
2012 |
|
December 28,
2013 |
|
December 29,
2012 |
||||||||
|
(in thousands)
|
||||||||||||||
Net income
|
$
|
44,353
|
|
|
$
|
76,622
|
|
|
$
|
147,473
|
|
|
$
|
204,510
|
|
Other comprehensive income, net of tax:
|
|
|
|
|
|
|
|
||||||||
Change in net unrealized gains and losses on available-for-sale securities
|
(15
|
)
|
|
(67
|
)
|
|
(23
|
)
|
|
(102
|
)
|
||||
Change in net unrealized gains and losses on cash flow hedges
|
(667
|
)
|
|
(202
|
)
|
|
557
|
|
|
383
|
|
||||
Change in net unrealized gains and losses on post-retirement benefits
|
283
|
|
|
203
|
|
|
567
|
|
|
1,254
|
|
||||
Tax effect of the unrealized exchange gains and losses on long-term intercompany receivables
|
1,939
|
|
|
(466
|
)
|
|
2,077
|
|
|
(1,548
|
)
|
||||
Other comprehensive income (loss)
|
1,540
|
|
|
(532
|
)
|
|
3,178
|
|
|
(13
|
)
|
||||
Total comprehensive income
|
$
|
45,893
|
|
|
$
|
76,090
|
|
|
$
|
150,651
|
|
|
$
|
204,497
|
|
|
Six Months Ended
|
||||||
|
December 28,
2013 |
|
December 29,
2012 |
||||
|
(in thousands)
|
||||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
147,473
|
|
|
$
|
204,510
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Stock-based compensation
|
41,609
|
|
|
45,342
|
|
||
Depreciation and amortization
|
115,537
|
|
|
105,554
|
|
||
Deferred taxes
|
13,824
|
|
|
9,793
|
|
||
Loss (gain) from sale of property, plant and equipment
|
301
|
|
|
(139
|
)
|
||
Tax benefit (shortfall) related to stock-based compensation
|
(4,214
|
)
|
|
6,522
|
|
||
Impairment of long lived assets
|
5,197
|
|
|
24,929
|
|
||
Excess tax benefit from stock-based compensation
|
(4,156
|
)
|
|
(11,834
|
)
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
20,606
|
|
|
52,916
|
|
||
Inventories
|
11,729
|
|
|
(15,445
|
)
|
||
Other current assets
|
11,784
|
|
|
(3,748
|
)
|
||
Accounts payable
|
(12,414
|
)
|
|
(36,002
|
)
|
||
Income taxes payable
|
30,395
|
|
|
47,938
|
|
||
Deferred revenue on shipments to distributors
|
(1,015
|
)
|
|
(918
|
)
|
||
All other accrued liabilities
|
(46,331
|
)
|
|
(37,576
|
)
|
||
Net cash provided by (used in) operating activities
|
330,325
|
|
|
391,842
|
|
||
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
||||
Purchase of property, plant and equipment
|
(82,462
|
)
|
|
(112,805
|
)
|
||
Proceeds from sale of property, plant and equipment
|
3,048
|
|
|
4,459
|
|
||
Payments in connection with business acquisition, net of cash acquired
|
(453,506
|
)
|
|
—
|
|
||
Proceeds from maturity of available-for-sale securities
|
27,000
|
|
|
—
|
|
||
Net cash provided by (used in) investing activities
|
(505,920
|
)
|
|
(108,346
|
)
|
||
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
||||
Excess tax benefit from stock-based compensation
|
4,156
|
|
|
11,834
|
|
||
Contingent consideration paid
|
(4,601
|
)
|
|
(7,476
|
)
|
||
Repayment of notes payable
|
(1,839
|
)
|
|
(298
|
)
|
||
Issuance of debt
|
497,895
|
|
|
—
|
|
||
Debt issuance cost
|
(3,431
|
)
|
|
—
|
|
||
Net issuance of restricted stock units
|
(14,072
|
)
|
|
(13,645
|
)
|
||
Proceeds from stock options exercised
|
13,869
|
|
|
39,214
|
|
||
Issuance of ESPP shares under employee stock purchase program
|
19,096
|
|
|
16,768
|
|
||
Repurchase of common stock
|
(213,487
|
)
|
|
(115,584
|
)
|
||
Dividends paid
|
(147,068
|
)
|
|
(140,262
|
)
|
||
Net cash provided by (used in) financing activities
|
150,518
|
|
|
(209,449
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
(25,077
|
)
|
|
74,047
|
|
||
Cash and cash equivalents:
|
|
|
|
||||
Beginning of period
|
1,174,986
|
|
|
881,060
|
|
||
End of period
|
$
|
1,149,909
|
|
|
$
|
955,107
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
||||
Cash paid (refunded), net during the period for income taxes
|
$
|
(17,269
|
)
|
|
$
|
7,397
|
|
Cash paid for interest
|
$
|
8,316
|
|
|
$
|
5,282
|
|
Noncash financing and investing activities:
|
|
|
|
||||
Accounts payable related to property, plant and equipment purchases
|
$
|
13,058
|
|
|
$
|
25,490
|
|
|
December 28,
2013 |
|
June 29,
2013 |
||||
Accounts Receivable:
|
(in thousands)
|
||||||
Accounts receivable
|
$
|
305,260
|
|
|
$
|
299,083
|
|
Returns and allowances
|
(16,975
|
)
|
|
(13,645
|
)
|
||
|
$
|
288,285
|
|
|
$
|
285,438
|
|
|
December 28,
2013 |
|
June 29,
2013 |
||||
Inventories:
|
(in thousands)
|
||||||
Raw materials
|
$
|
17,180
|
|
|
$
|
14,055
|
|
Work-in-process
|
203,198
|
|
|
184,511
|
|
||
Finished goods
|
76,856
|
|
|
77,074
|
|
||
|
$
|
297,234
|
|
|
$
|
275,640
|
|
|
December 28,
2013 |
|
June 29,
2013 |
||||
Property, plant and equipment:
|
(in thousands)
|
||||||
Land
|
$
|
62,093
|
|
|
$
|
62,093
|
|
Buildings and building improvements
|
368,393
|
|
|
364,037
|
|
||
Machinery and equipment
|
2,136,270
|
|
|
2,099,301
|
|
||
|
2,566,756
|
|
|
2,525,431
|
|
||
Less: accumulated depreciation and amortization
|
(1,194,363
|
)
|
|
(1,152,307
|
)
|
||
|
$
|
1,372,393
|
|
|
$
|
1,373,124
|
|
|
As of December 28, 2013
|
|
As of June 29, 2013
|
||||||||||||||||||||||||||||
|
Fair Value
Measurements Using
|
|
Total
Balance
|
|
Fair Value
Measurements Using
|
|
Total
Balance |
||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
||||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Money market funds (1)
|
$
|
696,732
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
696,732
|
|
|
$
|
402,513
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
402,513
|
|
Certificates of deposit (1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
77
|
|
|
—
|
|
|
77
|
|
||||||||
Government agency securities (2)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25,060
|
|
|
—
|
|
|
25,060
|
|
||||||||
Foreign currency forward contracts (3)
|
—
|
|
|
521
|
|
|
—
|
|
|
521
|
|
|
—
|
|
|
187
|
|
|
—
|
|
|
187
|
|
||||||||
Total Assets
|
$
|
696,732
|
|
|
$
|
521
|
|
|
$
|
—
|
|
|
$
|
697,253
|
|
|
$
|
402,513
|
|
|
$
|
25,324
|
|
|
$
|
—
|
|
|
$
|
427,837
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Foreign currency forward contracts (4)
|
$
|
—
|
|
|
$
|
838
|
|
|
$
|
—
|
|
|
$
|
838
|
|
|
$
|
—
|
|
|
$
|
1,419
|
|
|
$
|
—
|
|
|
$
|
1,419
|
|
Contingent Consideration (4)
|
—
|
|
|
—
|
|
|
5,469
|
|
|
5,469
|
|
|
—
|
|
|
—
|
|
|
8,577
|
|
|
8,577
|
|
||||||||
Total Liabilities
|
$
|
—
|
|
|
$
|
838
|
|
|
$
|
5,469
|
|
|
$
|
6,307
|
|
|
$
|
—
|
|
|
$
|
1,419
|
|
|
$
|
8,577
|
|
|
$
|
9,996
|
|
Fair Value Measured and Recorded Using Significant Unobservable Inputs (Level 3)
|
||||||||
|
|
|
|
|
||||
|
|
December 28,
2013 |
|
December 29,
2012 |
||||
Contingent Consideration
|
|
(in thousands)
|
||||||
Beginning balance
|
|
$
|
8,577
|
|
|
$
|
17,737
|
|
Total gains or losses (realized and unrealized):
|
|
|
|
|
||||
Included in earnings
|
|
1,493
|
|
|
2,334
|
|
||
Payments
|
|
(4,601
|
)
|
|
(7,476
|
)
|
||
Ending balance
|
|
$
|
5,469
|
|
|
$
|
12,595
|
|
|
|
|
|
|
||||
Changes in unrealized losses (gains) included in earnings related to liabilities still held as of period end
|
|
$
|
1,493
|
|
|
$
|
2,334
|
|
|
December 28, 2013
|
|
June 29, 2013
|
||||||||||||||||||||||||||||
|
Amortized Cost
|
|
Gross Unrealized Gain
|
|
Gross Unrealized Loss
|
|
Estimated Fair Value
|
|
Amortized Cost
|
|
Gross Unrealized Gain
|
|
Gross Unrealized Loss
|
|
Estimated Fair Value
|
||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||||||||||
Available-for-sale investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Government agency securities
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
25,024
|
|
|
$
|
36
|
|
|
$
|
—
|
|
|
$
|
25,060
|
|
Total available-for-sale investments
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
25,024
|
|
|
$
|
36
|
|
|
$
|
—
|
|
|
$
|
25,060
|
|
|
December 28,
2013 |
|
June 29,
2013 |
||||
|
(in thousands)
|
||||||
3.375% fixed rate notes due March 2023
|
$
|
500,000
|
|
|
$
|
500,000
|
|
2.5% fixed rate notes due November 2018
|
500,000
|
|
|
—
|
|
||
Notes denominated in Euro
|
|
|
|
||||
Term fixed rate notes (2.0%-2.5%) due up to September 2015
|
2,965
|
|
|
4,804
|
|
||
Amortizing floating rate notes (EURIBOR plus 1.5%) due up to June 2014
|
871
|
|
|
784
|
|
||
Total
|
1,003,836
|
|
|
505,588
|
|
||
Less: Current portion
|
(2,965
|
)
|
|
(2,015
|
)
|
||
Total long-term debt
|
$
|
1,000,871
|
|
|
$
|
503,573
|
|
|
Three Months Ended
|
||||||||||||||||||||||||||||||
|
December 28, 2013
|
|
December 29, 2012
|
||||||||||||||||||||||||||||
|
Stock Options
|
|
Restricted Stock Units
|
|
Employee Stock Purchase Plan
|
|
Total
|
|
Stock Options
|
|
Restricted Stock Units
|
|
Employee Stock Purchase Plan
|
|
Total
|
||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||||||||||
Cost of goods sold
|
$
|
438
|
|
|
$
|
2,395
|
|
|
$
|
533
|
|
|
$
|
3,366
|
|
|
$
|
477
|
|
|
$
|
2,572
|
|
|
$
|
634
|
|
|
$
|
3,683
|
|
Research and development
|
2,616
|
|
|
8,728
|
|
|
1,153
|
|
|
12,497
|
|
|
2,288
|
|
|
8,401
|
|
|
1,451
|
|
|
12,140
|
|
||||||||
Selling, general and administrative
|
1,476
|
|
|
4,996
|
|
|
534
|
|
|
7,006
|
|
|
1,286
|
|
|
5,152
|
|
|
584
|
|
|
7,022
|
|
||||||||
Pre-tax stock-based compensation expense
|
$
|
4,530
|
|
|
$
|
16,119
|
|
|
$
|
2,220
|
|
|
$
|
22,869
|
|
|
$
|
4,051
|
|
|
$
|
16,125
|
|
|
$
|
2,669
|
|
|
$
|
22,845
|
|
Less: income tax effect
|
|
|
|
|
|
|
3,749
|
|
|
|
|
|
|
|
|
3,938
|
|
||||||||||||||
Net stock-based compensation expense
|
|
|
|
|
|
|
|
|
$
|
19,120
|
|
|
|
|
|
|
|
|
$
|
18,907
|
|
|
Six Months Ended
|
||||||||||||||||||||||||||||||
|
December 28, 2013
|
|
December 29, 2012
|
||||||||||||||||||||||||||||
|
Stock Options
|
|
Restricted Stock Units
|
|
Employee Stock Purchase Plan
|
|
Total
|
|
Stock Options
|
|
Restricted Stock Units
|
|
Employee Stock Purchase Plan
|
|
Total
|
||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||||||||||
Cost of goods sold
|
$
|
787
|
|
|
$
|
4,313
|
|
|
$
|
1,008
|
|
|
$
|
6,108
|
|
|
$
|
875
|
|
|
$
|
4,743
|
|
|
$
|
1,053
|
|
|
$
|
6,671
|
|
Research and development
|
4,452
|
|
|
15,168
|
|
|
2,475
|
|
|
22,095
|
|
|
4,117
|
|
|
17,611
|
|
|
2,735
|
|
|
24,463
|
|
||||||||
Selling, general and administrative
|
2,740
|
|
|
9,523
|
|
|
1,143
|
|
|
13,406
|
|
|
2,841
|
|
|
10,271
|
|
|
1,096
|
|
|
14,208
|
|
||||||||
Pre-tax stock-based compensation expense
|
$
|
7,979
|
|
|
$
|
29,004
|
|
|
$
|
4,626
|
|
|
$
|
41,609
|
|
|
$
|
7,833
|
|
|
$
|
32,625
|
|
|
$
|
4,884
|
|
|
$
|
45,342
|
|
Less: income tax effect
|
|
|
|
|
|
|
6,478
|
|
|
|
|
|
|
|
|
8,770
|
|
||||||||||||||
Net stock-based compensation expense
|
|
|
|
|
|
|
$
|
35,131
|
|
|
|
|
|
|
|
|
$
|
36,572
|
|
|
Stock Options (1)
|
||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
December 28,
2013 |
|
December 29,
2012 |
|
December 28,
2013 |
|
December 29,
2012 |
||||
Expected holding period (in years)
|
5.0
|
|
|
5.1
|
|
|
5.3
|
|
|
5.4
|
|
Risk-free interest rate
|
1.5
|
%
|
|
0.7
|
%
|
|
1.4
|
%
|
|
0.7
|
%
|
Expected stock price volatility
|
34.1
|
%
|
|
37.6
|
%
|
|
34.9
|
%
|
|
37.8
|
%
|
Dividend yield
|
3.7
|
%
|
|
3.6
|
%
|
|
3.2
|
%
|
|
3.3
|
%
|
|
Number of
Shares
|
|
Weighted Average Exercise Price
|
|
Weighted Average Remaining Contractual Term (in Years)
|
|
Aggregate Intrinsic Value (1)
|
|||||
Balance at June 29, 2013
|
20,081,339
|
|
|
$
|
26.00
|
|
|
|
|
|
||
Options Granted
|
2,671,444
|
|
|
27.11
|
|
|
|
|
|
|||
Volterra substitute options granted
|
673,185
|
|
|
22.26
|
|
|
|
|
|
|||
Options Exercised
|
(739,949
|
)
|
|
16.21
|
|
|
|
|
|
|||
Options Cancelled
|
(2,365,894
|
)
|
|
32.51
|
|
|
|
|
|
|||
Balance at December 28, 2013
|
20,320,125
|
|
|
$
|
25.62
|
|
|
3.7
|
|
$
|
96,469,224
|
|
Exercisable, December 28, 2013
|
9,202,394
|
|
|
$
|
27.62
|
|
|
1.9
|
|
$
|
51,039,289
|
|
Vested and expected to vest, December 28, 2013
|
18,917,227
|
|
|
$
|
25.59
|
|
|
3.6
|
|
$
|
93,908,211
|
|
(1)
|
Aggregate intrinsic value represents the difference between the exercise price and the closing price per share of the Company’s common stock on December 27, 2013, the last business day preceding the fiscal quarter-end, multiplied by the number of options outstanding, exercisable or vested and expected to vest as of December 28, 2013.
|
|
Number of
Shares
|
|
Weighted Average
Remaining Contractual Term (in Years) |
|
Aggregate Intrinsic
Value (1)
|
|||
Balance at June 29, 2013
|
7,965,532
|
|
|
|
|
|
||
Restricted stock units granted
|
2,529,831
|
|
|
|
|
|
||
Volterra substitute restricted stock units granted
|
418,955
|
|
|
|
|
|
||
Restricted stock units released
|
(1,411,774
|
)
|
|
|
|
|
||
Restricted stock units cancelled
|
(459,152
|
)
|
|
|
|
|
||
Balance at December 28, 2013
|
9,043,392
|
|
|
2.9
|
|
$
|
259,214,755
|
|
Outstanding and expected to vest, December 28, 2013
|
8,080,689
|
|
|
2.8
|
|
$
|
225,693,652
|
|
(1)
|
Aggregate intrinsic value for RSUs represents the closing price per share of the Company’s common stock on December 27, 2013, the last business day preceding the fiscal quarter-end, multiplied by the number of RSUs outstanding or expected to vest as of December 28, 2013.
|
|
ESPP
|
||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
December 28,
2013 |
|
December 29,
2012 |
|
December 28,
2013 |
|
December 29,
2012 |
||||
Expected holding period (in years)
|
0.5
|
|
|
0.5
|
|
|
0.5
|
|
|
0.5
|
|
Risk-free interest rate
|
0.1
|
%
|
|
0.1
|
%
|
|
0.1
|
%
|
|
0.1
|
%
|
Expected stock price volatility
|
21.7
|
%
|
|
26.1
|
%
|
|
21.7
|
%
|
|
26.1
|
%
|
Dividend yield
|
3.7
|
%
|
|
3.6
|
%
|
|
3.7
|
%
|
|
3.6
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
December 28,
2013 |
|
December 29,
2012 |
|
December 28,
2013 |
|
December 29,
2012 |
||||||||
|
(in thousands, except per share data)
|
||||||||||||||
Numerator for basic earnings per share and diluted earnings per share
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
44,353
|
|
|
$
|
76,622
|
|
|
$
|
147,473
|
|
|
$
|
204,510
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator for basic earnings per share
|
282,664
|
|
|
292,075
|
|
|
283,659
|
|
|
292,143
|
|
||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
||||||||
Stock options, ESPP and RSUs
|
5,901
|
|
|
6,684
|
|
|
5,712
|
|
|
6,561
|
|
||||
Denominator for diluted earnings per share
|
288,565
|
|
|
298,759
|
|
|
289,371
|
|
|
298,704
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Earnings per share
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.16
|
|
|
$
|
0.26
|
|
|
$
|
0.52
|
|
|
$
|
0.70
|
|
Diluted
|
$
|
0.15
|
|
|
$
|
0.26
|
|
|
$
|
0.51
|
|
|
$
|
0.68
|
|
•
|
the nature of products and services;
|
•
|
the nature of the production processes;
|
•
|
the type or class of customer for their products and services; and
|
•
|
the methods used to distribute their products or provide their services.
|
•
|
the sale of analog and mixed signal integrated circuits is the primary source of revenue for each of the Company’s three operating segments;
|
•
|
the integrated circuits sold by each of the Company’s operating segments are manufactured using similar semiconductor manufacturing processes;
|
•
|
the integrated circuits marketed by each of the Company’s operating segments are sold to the same types of customers; and
|
•
|
all of the Company’s integrated circuits are sold through a centralized sales force and common wholesale distributors.
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
December 28,
2013 |
|
December 29,
2012 |
|
December 28,
2013 |
|
December 29,
2012 |
||||||||
|
|
(in thousands)
|
||||||||||||||
United States
|
|
$
|
83,039
|
|
|
$
|
62,860
|
|
|
$
|
172,138
|
|
|
$
|
121,981
|
|
China
|
|
271,311
|
|
|
266,479
|
|
|
505,209
|
|
|
541,384
|
|
||||
Korea
|
|
33,726
|
|
|
56,616
|
|
|
68,762
|
|
|
120,995
|
|
||||
Rest of Asia
|
|
145,221
|
|
|
137,246
|
|
|
283,567
|
|
|
274,673
|
|
||||
Europe
|
|
73,401
|
|
|
66,941
|
|
|
146,027
|
|
|
137,848
|
|
||||
Rest of World
|
|
13,576
|
|
|
15,164
|
|
|
29,812
|
|
|
31,500
|
|
||||
|
|
$
|
620,274
|
|
|
$
|
605,306
|
|
|
$
|
1,205,515
|
|
|
$
|
1,228,381
|
|
|
December 28,
2013 |
|
June 29,
2013 |
||||
|
(in thousands)
|
||||||
United States
|
$
|
1,071,426
|
|
|
$
|
1,058,579
|
|
Philippines
|
179,229
|
|
|
183,671
|
|
||
Thailand
|
70,155
|
|
|
76,708
|
|
||
Rest of World
|
51,583
|
|
|
54,166
|
|
||
|
$
|
1,372,393
|
|
|
$
|
1,373,124
|
|
(in thousands)
|
Unrealized gain (loss) on intercompany receivables
|
|
Unrealized gain (loss) on post-retirement benefits
|
|
Cumulative translation adjustment
|
|
Unrealized gain (loss) on cash flow hedges
|
|
Unrealized gain (loss) on available-for-sale securities
|
|
Total
|
||||||||||||
June 29, 2013
|
$
|
(7,401
|
)
|
|
$
|
(5,838
|
)
|
|
$
|
(1,527
|
)
|
|
$
|
(1,004
|
)
|
|
$
|
23
|
|
|
$
|
(15,747
|
)
|
Other comprehensive income (loss) before reclassifications
|
—
|
|
|
—
|
|
|
—
|
|
|
(356
|
)
|
|
(36
|
)
|
|
(392
|
)
|
||||||
Amounts reclassified out of accumulated other comprehensive income (loss)
|
—
|
|
|
717
|
|
|
—
|
|
|
1,060
|
|
|
—
|
|
|
1,777
|
|
||||||
Tax effects
|
2,077
|
|
|
(150
|
)
|
|
—
|
|
|
(147
|
)
|
|
13
|
|
|
1,793
|
|
||||||
Other comprehensive income (loss)
|
2,077
|
|
|
567
|
|
|
—
|
|
|
557
|
|
|
(23
|
)
|
|
3,178
|
|
||||||
December 28, 2013
|
$
|
(5,324
|
)
|
|
$
|
(5,271
|
)
|
|
$
|
(1,527
|
)
|
|
$
|
(447
|
)
|
|
$
|
—
|
|
|
$
|
(12,569
|
)
|
|
(in thousands)
|
||
Product warranty liability at June 29, 2013
|
$
|
3,075
|
|
Accruals assumed from acquisition
|
13,911
|
|
|
Accruals for warranties issued
|
18,274
|
|
|
Payments
|
(8,759
|
)
|
|
Changes in estimate
|
(67
|
)
|
|
Product warranty liability at December 28, 2013
|
$
|
26,434
|
|
|
|
(in thousands)
|
||
Cash consideration for 100% of outstanding common stock of Volterra at $23 per share
|
|
$
|
593,250
|
|
Cash consideration for vested options settlement
|
|
21,756
|
|
|
Total preliminary purchase price
|
|
$
|
615,006
|
|
|
Volterra
|
||
|
(in thousands)
|
||
Cash and cash equivalents and short-term investments
|
$
|
163,500
|
|
Accounts receivable
|
23,453
|
|
|
Inventories
|
33,339
|
|
|
Other tangible assets
|
17,151
|
|
|
Accrued expenses
|
(35,343
|
)
|
|
Income taxes payable
|
(23,241
|
)
|
|
Other liabilities assumed
|
(20,149
|
)
|
|
Net tangible assets
|
158,710
|
|
|
Amortizable intangible assets
|
226,900
|
|
|
In-process research and development ("IPR&D")
|
56,200
|
|
|
Goodwill
|
174,894
|
|
|
Substitution of stock-based compensation awards
|
(1,698
|
)
|
|
Total purchase price
|
$
|
615,006
|
|
|
Volterra acquisition
|
||||
|
Fair value
( in thousands)
|
|
Weighted average useful life (in years)
|
||
Intellectual property
|
$
|
192,500
|
|
|
4.9
|
Customer relationships
|
24,600
|
|
|
9.6
|
|
Trade name
|
6,400
|
|
|
4.0
|
|
Backlog
|
900
|
|
|
0.4
|
|
Patents
|
2,500
|
|
|
4.8
|
|
Total amortizable intangible assets
|
$
|
226,900
|
|
|
|
|
Goodwill
|
||
|
(in thousands)
|
||
Balance at June 29, 2013
|
$
|
422,004
|
|
Volterra acquisition
|
174,894
|
|
|
Balance at December 28, 2013
|
$
|
596,898
|
|
Asset
|
|
Life
|
Intellectual property
|
|
3 months-10 years
|
Customer relationships
|
|
5-10 years
|
Trade name
|
|
3-4 years
|
Backlog
|
|
4 months
|
Patents
|
|
5 years
|
|
December 28, 2013
|
|
June 29, 2013
|
||||||||||||||||||||
|
Original
Cost
|
|
Accumulated
Amortization
|
|
Net
|
|
Original
Cost
|
|
Accumulated
Amortization
|
|
Net
|
||||||||||||
|
(in thousands)
|
||||||||||||||||||||||
Intellectual property
|
$
|
426,362
|
|
|
$
|
164,174
|
|
|
$
|
262,188
|
|
|
$
|
230,562
|
|
|
$
|
136,870
|
|
|
$
|
93,692
|
|
Customer relationships
|
119,830
|
|
|
61,477
|
|
|
58,353
|
|
|
95,230
|
|
|
54,308
|
|
|
40,922
|
|
||||||
Trade name
|
8,500
|
|
|
2,402
|
|
|
6,098
|
|
|
2,100
|
|
|
1,950
|
|
|
150
|
|
||||||
Backlog
|
900
|
|
|
542
|
|
|
358
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Patent
|
2,500
|
|
|
127
|
|
|
2,373
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total amortizable purchased intangible assets
|
558,092
|
|
|
228,722
|
|
|
329,370
|
|
|
327,892
|
|
|
193,128
|
|
|
134,764
|
|
||||||
IPR&D
|
75,282
|
|
|
—
|
|
|
75,282
|
|
|
22,382
|
|
|
—
|
|
|
22,382
|
|
||||||
Total purchased intangible assets
|
$
|
633,374
|
|
|
$
|
228,722
|
|
|
$
|
404,652
|
|
|
$
|
350,274
|
|
|
$
|
193,128
|
|
|
$
|
157,146
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
December 28,
2013 |
|
December 29,
2012 |
|
December 28,
2013 |
|
December 29,
2012 |
||||||||
|
(in thousands)
|
||||||||||||||
Cost of goods sold
|
$
|
19,098
|
|
|
$
|
8,986
|
|
|
$
|
27,190
|
|
|
$
|
18,440
|
|
Intangible asset amortization
|
4,968
|
|
|
3,903
|
|
|
8,404
|
|
|
7,952
|
|
||||
Total intangible asset amortization expenses
|
$
|
24,066
|
|
|
$
|
12,889
|
|
|
$
|
35,594
|
|
|
$
|
26,392
|
|
Fiscal Year
|
|
Amount
|
||
|
|
(in thousands)
|
||
Remaining six months of 2014
|
|
$
|
44,592
|
|
2015
|
|
87,698
|
|
|
2016
|
|
71,146
|
|
|
2017
|
|
59,241
|
|
|
2018
|
|
41,789
|
|
|
2019
|
|
13,838
|
|
|
Thereafter
|
|
11,066
|
|
|
Total intangible assets
|
|
$
|
329,370
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
December 28,
2013 |
|
December 29,
2012 |
|
December 28,
2013 |
|
December 29,
2012 |
||||
|
|
||||||||||
Net revenues
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
Cost of goods sold
|
47.0
|
%
|
|
40.0
|
%
|
|
43.9
|
%
|
|
39.0
|
%
|
Gross margin
|
53.0
|
%
|
|
60.0
|
%
|
|
56.1
|
%
|
|
61.0
|
%
|
Operating expenses:
|
|
|
|
|
|
|
|
||||
Research and development
|
23.0
|
%
|
|
22.4
|
%
|
|
22.6
|
%
|
|
21.9
|
%
|
Selling, general and administrative
|
13.5
|
%
|
|
13.2
|
%
|
|
13.3
|
%
|
|
13.0
|
%
|
Intangible asset amortization
|
0.8
|
%
|
|
0.6
|
%
|
|
0.7
|
%
|
|
0.6
|
%
|
Impairment of long-lived assets
|
0.8
|
%
|
|
3.7
|
%
|
|
0.4
|
%
|
|
2.0
|
%
|
Severance and restructuring expenses
|
1.6
|
%
|
|
0.4
|
%
|
|
1.3
|
%
|
|
0.2
|
%
|
Acquisition-related costs
|
0.7
|
%
|
|
—
|
%
|
|
0.6
|
%
|
|
—
|
%
|
Other operating expenses (income), net
|
1.3
|
%
|
|
0.3
|
%
|
|
0.6
|
%
|
|
0.2
|
%
|
Total operating expenses
|
41.7
|
%
|
|
40.6
|
%
|
|
39.5
|
%
|
|
37.9
|
%
|
Operating income
|
11.3
|
%
|
|
19.4
|
%
|
|
16.6
|
%
|
|
23.1
|
%
|
Interest and other income (expense), net
|
(0.9
|
)%
|
|
(0.5
|
)%
|
|
(0.8
|
)%
|
|
(0.7
|
)%
|
Income before provision for income taxes
|
10.4
|
%
|
|
18.9
|
%
|
|
15.8
|
%
|
|
22.4
|
%
|
Provision for income taxes
|
3.3
|
%
|
|
6.3
|
%
|
|
3.5
|
%
|
|
5.7
|
%
|
Net income
|
7.1
|
%
|
|
12.6
|
%
|
|
12.3
|
%
|
|
16.7
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
December 28,
2013 |
|
December 29,
2012 |
|
December 28,
2013 |
|
December 29,
2012 |
||||
|
|
|
|
|
|
||||||
Cost of goods sold
|
0.5
|
%
|
|
0.6
|
%
|
|
0.5
|
%
|
|
0.5
|
%
|
Research and development
|
2.0
|
%
|
|
2.0
|
%
|
|
1.8
|
%
|
|
2.0
|
%
|
Selling, general and administrative
|
1.1
|
%
|
|
1.2
|
%
|
|
1.1
|
%
|
|
1.2
|
%
|
|
3.6
|
%
|
|
3.8
|
%
|
|
3.4
|
%
|
|
3.7
|
%
|
|
Six Months Ended
|
||||||
|
December 28,
2013 |
|
December 29,
2012 |
||||
|
(in thousands)
|
||||||
Net cash provided by (used in) operating activities
|
$
|
330,325
|
|
|
$
|
391,842
|
|
Net cash provided by (used in) investing activities
|
(505,920
|
)
|
|
(108,346
|
)
|
||
Net cash provided by (used in) financing activities
|
150,518
|
|
|
(209,449
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
$
|
(25,077
|
)
|
|
$
|
74,047
|
|
|
Issuer Repurchases of Equity Securities
|
||||||||||||
|
(in thousands, except per share amounts)
|
||||||||||||
|
Total Number of Shares Purchased
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
|
Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs
|
||||||
Sep. 29, 2013 - Oct. 26, 2013
|
624
|
|
|
$
|
29.78
|
|
|
624
|
|
|
$
|
894,212
|
|
Oct. 27, 2013 - Nov. 23, 2013
|
651
|
|
|
29.32
|
|
|
651
|
|
|
875,125
|
|
||
Nov. 24, 2013 - Dec. 28, 2013
|
759
|
|
|
28.23
|
|
|
759
|
|
|
853,695
|
|
||
Total for the quarter
|
2,034
|
|
|
$
|
29.06
|
|
|
2,034
|
|
|
$
|
853,695
|
|
1.1
|
Underwriting Agreement, dated November 14, 2013, between Maxim Integrated Products, Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. LLC, in their capacities as representatives of the several underwriters named therein (1)
|
4.1
|
Third Supplemental Indenture, dated as of November 21, 2013, between Maxim Integrated Products, Inc. and Wells Fargo Bank, National Association, as trustee (2)
|
10.3
|
The Company's 1996 Stock Incentive Plan, as amended and restated
(A)
|
31.1
|
Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) of the Securities Exchange Act
|
31.2
|
Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) and 15d-14(a) of the Securities Exchange Act
|
32.1
|
Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350 (3)
|
32.2
|
Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 (3)
|
101.INS
|
XBRL Instance Document
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
(1) Incorporated by reference to the Company’s Current Report on Form 8-K filed with the SEC on November 15, 2013.
|
||||
(2) Incorporated by reference to the Company’s Current Report on Form 8-K filed with the SEC on November 21, 2013.
|
||||
(3) This exhibit is being furnished rather than filed and shall not be deemed incorporated by reference into any filing, in accordance with Item 601 of Regulation S-K.
|
||||
(A) Management contract or compensatory plan or arrangement.
|
February 3, 2014
|
|
MAXIM INTEGRATED PRODUCTS, INC.
|
|
|
|
|
|
By:/s/ David A. Caron
|
|
|
|
|
|
David A. Caron
|
|
|
Vice Pres
ident and Principal Accounting O
fficer
|
|
|
(Chief Accounting Officer and Duly Authorized Officer)
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
Customers
Customer name | Ticker |
---|---|
IES Holdings, Inc. | IESC |
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|