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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Skyworks Solutions Inc | NASDAQ:SWKS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
4.03 | 4.49% | 93.7507 | 92.52 | 95.49 | 93.49 | 90.90 | 92.25 | 3,562,773 | 05:00:01 |
|
Delaware
|
04-2302115
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer Identification No.)
|
20 Sylvan Road, Woburn, Massachusetts
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01801
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(Address of principal executive offices)
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(Zip Code)
|
|
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Registrant’s telephone number, including area code:
(781) 376-3000
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Large Accelerated filer
þ
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Accelerated filer
¨
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Non-accelerated filer
¨
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Smaller reporting company
¨
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Emerging growth company
¨
|
|
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(Do not check if a smaller reporting company)
|
|
|
Class
|
|
Outstanding as of April 21, 2017
|
||
Common Stock, par value $.25 per share
|
|
|
184,524,549
|
|
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PAGE NO.
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Three Months Ended
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Six Months Ended
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||||||||||||
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March 31,
2017 |
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April 1,
2016 |
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March 31,
2017 |
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April 1,
2016 |
||||||||
Net revenue
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$
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851.7
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|
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$
|
775.1
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|
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$
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1,766.0
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|
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$
|
1,701.9
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Cost of goods sold
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426.3
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|
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384.7
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876.7
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839.4
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||||
Gross profit
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425.4
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390.4
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889.3
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862.5
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Operating expenses:
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Research and development
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89.4
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79.8
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171.4
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161.3
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Selling, general and administrative
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47.8
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44.0
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98.7
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95.7
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||||
Amortization of intangibles
|
7.0
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8.6
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15.5
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17.0
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||||
Restructuring and other charges
|
—
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0.3
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0.6
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|
0.3
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||||
Total operating expenses
|
144.2
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|
132.7
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|
286.2
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|
274.3
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||||
Operating income
|
281.2
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|
|
257.7
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|
|
603.1
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|
|
588.2
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||||
Other income (expense), net
|
0.2
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(2.6
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)
|
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(0.6
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)
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(3.4
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)
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||||
Merger termination fee
|
—
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—
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—
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88.5
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||||
Income before income taxes
|
281.4
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255.1
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|
|
602.5
|
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|
673.3
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|
||||
Provision for income taxes
|
56.5
|
|
|
47.0
|
|
|
119.8
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|
|
109.9
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||||
Net income
|
$
|
224.9
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$
|
208.1
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$
|
482.7
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$
|
563.4
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Earnings per share:
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||||||
Basic
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$
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1.22
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$
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1.09
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$
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2.61
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$
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2.96
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Diluted
|
$
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1.20
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$
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1.08
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$
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2.58
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$
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2.90
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Weighted average shares:
|
|
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||||||||
Basic
|
184.8
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|
190.2
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184.8
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190.3
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Diluted
|
187.1
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|
|
193.3
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|
|
187.2
|
|
|
194.0
|
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||||
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||||||||
Cash dividends declared and paid per share
|
$
|
0.28
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$
|
0.26
|
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$
|
0.56
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|
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$
|
0.52
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|
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Three Months Ended
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Six Months Ended
|
||||||||||||
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March 31,
2017 |
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April 1,
2016 |
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March 31,
2017 |
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April 1,
2016 |
||||||||
Net income
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$
|
224.9
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$
|
208.1
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$
|
482.7
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$
|
563.4
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Other comprehensive income
|
|
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||||||||
Fair value of investments
|
—
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|
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—
|
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0.9
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|
|
—
|
|
||||
Foreign currency translation adjustment
|
(0.3
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)
|
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(0.3
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)
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0.7
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(0.3
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)
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||||
Comprehensive income
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$
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224.6
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$
|
207.8
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$
|
484.3
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$
|
563.1
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As of
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||||||
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March 31,
2017 |
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September 30,
2016 |
||||
ASSETS
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|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
1,406.9
|
|
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$
|
1,083.8
|
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Receivables, net of allowance for doubtful accounts of $0.6 and $0.5, respectively
|
368.8
|
|
|
416.6
|
|
||
Inventory
|
444.5
|
|
|
424.0
|
|
||
Other current assets
|
87.9
|
|
|
77.7
|
|
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Total current assets
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2,308.1
|
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2,002.1
|
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Property, plant and equipment, net
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800.4
|
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806.3
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Goodwill
|
881.8
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873.3
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Intangible assets, net
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67.9
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67.0
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Deferred tax assets, net
|
53.2
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|
54.1
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Other assets
|
55.4
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52.6
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Total assets
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$
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4,166.8
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$
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3,855.4
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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|
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Current liabilities:
|
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|
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Accounts payable
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$
|
163.8
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$
|
110.4
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Accrued compensation and benefits
|
50.9
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|
42.3
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Other current liabilities
|
52.2
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|
57.5
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Total current liabilities
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266.9
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210.2
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Long-term tax liabilities
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78.6
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71.8
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Other long-term liabilities
|
29.5
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32.0
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Total liabilities
|
375.0
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314.0
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Commitments and contingencies (
Note 7
)
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Stockholders’ equity:
|
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Preferred stock, no par value: 25.0 shares authorized, no shares issued
|
—
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—
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Common stock, $0.25 par value; 525.0 shares authorized; 225.1 shares issued and 184.5 shares outstanding as of March 31, 2017, and 222.5 shares issued and 184.9 shares outstanding as of September 30, 2016
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46.1
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|
|
46.2
|
|
||
Additional paid-in capital
|
2,802.2
|
|
|
2,686.0
|
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Treasury stock, at cost
|
(1,689.8
|
)
|
|
(1,443.5
|
)
|
||
Retained earnings
|
2,642.6
|
|
|
2,263.6
|
|
||
Accumulated other comprehensive loss
|
(9.3
|
)
|
|
(10.9
|
)
|
||
Total stockholders’ equity
|
3,791.8
|
|
|
3,541.4
|
|
||
Total liabilities and stockholders’ equity
|
$
|
4,166.8
|
|
|
$
|
3,855.4
|
|
|
Six Months Ended
|
||||||
|
March 31,
2017 |
|
April 1,
2016 |
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
482.7
|
|
|
$
|
563.4
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Share-based compensation
|
43.7
|
|
|
40.4
|
|
||
Depreciation
|
111.2
|
|
|
105.0
|
|
||
Amortization of intangible assets
|
15.5
|
|
|
17.0
|
|
||
Contribution of common shares to savings and retirement plans
|
7.2
|
|
|
11.3
|
|
||
Deferred income taxes
|
0.9
|
|
|
(0.2
|
)
|
||
Excess tax benefit from share-based compensation
|
(28.2
|
)
|
|
(41.6
|
)
|
||
Changes in assets and liabilities net of acquired balances:
|
|
|
|
|
|
||
Receivables, net
|
48.8
|
|
|
(0.5
|
)
|
||
Inventory
|
(21.3
|
)
|
|
(66.4
|
)
|
||
Other current and long-term assets
|
(18.1
|
)
|
|
(4.3
|
)
|
||
Accounts payable
|
53.2
|
|
|
(110.5
|
)
|
||
Other current and long-term liabilities
|
36.2
|
|
|
(13.8
|
)
|
||
Net cash provided by operating activities
|
731.8
|
|
|
499.8
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Capital expenditures
|
(105.0
|
)
|
|
(116.9
|
)
|
||
Payments for acquisitions, net of cash acquired
|
(13.7
|
)
|
|
—
|
|
||
Maturity of investments
|
3.2
|
|
|
—
|
|
||
Net cash used in investing activities
|
(115.5
|
)
|
|
(116.9
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Excess tax benefit from share-based compensation
|
28.2
|
|
|
41.6
|
|
||
Repurchase of common stock - payroll tax withholdings on equity awards
|
(44.6
|
)
|
|
(72.4
|
)
|
||
Repurchase of common stock - share repurchase program
|
(201.7
|
)
|
|
(135.1
|
)
|
||
Dividends paid
|
(104.1
|
)
|
|
(99.4
|
)
|
||
Net proceeds from exercise of stock options
|
31.9
|
|
|
16.3
|
|
||
Payments of contingent consideration
|
(2.9
|
)
|
|
—
|
|
||
Net cash used in financing activities
|
(293.2
|
)
|
|
(249.0
|
)
|
||
Net increase in cash and cash equivalents
|
323.1
|
|
|
133.9
|
|
||
Cash and cash equivalents at beginning of period
|
1,083.8
|
|
|
1,043.6
|
|
||
Cash and cash equivalents at end of period
|
$
|
1,406.9
|
|
|
$
|
1,177.5
|
|
Supplemental cash flow disclosures:
|
|
|
|
||||
Income taxes paid
|
$
|
82.0
|
|
|
$
|
107.3
|
|
•
|
Level 1 - Quoted prices in active markets for identical assets or liabilities.
|
•
|
Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-driven valuations in which all significant inputs are observable or can be derived principally from, or corroborated with, observable market data.
|
•
|
Level 3 - Fair value is derived from valuation techniques in which one or more significant inputs are unobservable, including assumptions and judgments made by the Company.
|
|
As of March 31, 2017
|
|
As of September 30, 2016
|
||||||||||||||||||||||||||||
|
|
|
Fair Value Measurements
|
|
|
|
Fair Value Measurements
|
||||||||||||||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Money market funds
|
$
|
494.6
|
|
|
$
|
494.6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
408.7
|
|
|
$
|
408.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Auction rate security
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.3
|
|
|
—
|
|
|
—
|
|
|
2.3
|
|
||||||||
Total
|
$
|
494.6
|
|
|
$
|
494.6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
411.0
|
|
|
$
|
408.7
|
|
|
$
|
—
|
|
|
$
|
2.3
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Contingent consideration liability recorded for business combinations
|
$
|
15.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
15.7
|
|
|
$
|
7.9
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7.9
|
|
Total
|
$
|
15.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
15.7
|
|
|
$
|
7.9
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7.9
|
|
|
Auction rate security
|
||
Balance as of September 30, 2016
|
$
|
2.3
|
|
Decreases in Level 3 assets
|
(2.3
|
)
|
|
Balance as of March 31, 2017
|
$
|
—
|
|
|
Contingent consideration
|
||
Balance as of September 30, 2016
|
$
|
7.9
|
|
Increases to Level 3 liabilities
|
10.7
|
|
|
Decreases to Level 3 liabilities
|
(2.9
|
)
|
|
Balance as of March 31, 2017
|
$
|
15.7
|
|
|
As of
|
||||||
|
March 31,
2017 |
|
September 30,
2016 |
||||
Raw materials
|
$
|
18.4
|
|
|
$
|
18.5
|
|
Work-in-process
|
273.7
|
|
|
255.5
|
|
||
Finished goods
|
140.3
|
|
|
140.4
|
|
||
Finished goods held on consignment by customers
|
12.1
|
|
|
9.6
|
|
||
Total inventory
|
$
|
444.5
|
|
|
$
|
424.0
|
|
|
As of
|
||||||
|
March 31,
2017 |
|
September 30,
2016 |
||||
Land and improvements
|
$
|
11.6
|
|
|
$
|
11.6
|
|
Buildings and improvements
|
137.1
|
|
|
133.5
|
|
||
Furniture and fixtures
|
30.4
|
|
|
29.5
|
|
||
Machinery and equipment
|
1,579.7
|
|
|
1,533.3
|
|
||
Construction in progress
|
114.6
|
|
|
59.9
|
|
||
Total property, plant and equipment, gross
|
1,873.4
|
|
|
1,767.8
|
|
||
Accumulated depreciation
|
(1,073.0
|
)
|
|
(961.5
|
)
|
||
Total property, plant and equipment, net
|
$
|
800.4
|
|
|
$
|
806.3
|
|
|
|
As of
|
|
As of
|
||||||||||||||||||||
|
Weighted Average Amortization Period (Years) |
March 31, 2017
|
|
September 30, 2016
|
||||||||||||||||||||
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Amount
|
|
Gross
Carrying Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Amount
|
|||||||||||||
Customer relationships
|
5
|
$
|
78.5
|
|
|
$
|
(61.1
|
)
|
|
$
|
17.4
|
|
|
$
|
78.5
|
|
|
$
|
(57.7
|
)
|
|
$
|
20.8
|
|
Developed technology and other
|
5
|
150.2
|
|
|
(101.3
|
)
|
|
48.9
|
|
|
133.8
|
|
|
(89.2
|
)
|
|
44.6
|
|
||||||
Trademarks
|
Indefinite
|
1.6
|
|
|
—
|
|
|
1.6
|
|
|
1.6
|
|
|
—
|
|
|
1.6
|
|
||||||
Total intangible assets
|
|
$
|
230.3
|
|
|
$
|
(162.4
|
)
|
|
$
|
67.9
|
|
|
$
|
213.9
|
|
|
$
|
(146.9
|
)
|
|
$
|
67.0
|
|
|
Remaining 2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
Thereafter
|
||||||||||||
Amortization expense
|
$
|
11.4
|
|
|
$
|
14.3
|
|
|
$
|
12.6
|
|
|
$
|
10.7
|
|
|
$
|
8.5
|
|
|
$
|
8.8
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
March 31,
2017 |
|
April 1,
2016 |
|
March 31,
2017 |
|
April 1,
2016 |
||||||||
United States income taxes
|
$
|
51.7
|
|
|
$
|
39.8
|
|
|
$
|
108.2
|
|
|
$
|
93.6
|
|
Foreign income taxes
|
4.8
|
|
|
7.2
|
|
|
11.6
|
|
|
16.3
|
|
||||
Provision for income taxes
|
$
|
56.5
|
|
|
$
|
47.0
|
|
|
$
|
119.8
|
|
|
$
|
109.9
|
|
|
|
|
|
|
|
|
|
||||||||
Effective tax rate
|
20.1
|
%
|
|
18.4
|
%
|
|
19.9
|
%
|
|
16.3
|
%
|
|
Per share
|
|
Total
|
||||
First quarter
|
$
|
0.28
|
|
|
$
|
51.8
|
|
Second quarter
|
0.28
|
|
|
51.8
|
|
||
Total
|
$
|
0.56
|
|
|
$
|
103.6
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
March 31,
2017 |
|
April 1,
2016 |
|
March 31,
2017 |
|
April 1,
2016 |
||||||||
Cost of sales
|
$
|
3.4
|
|
|
$
|
3.2
|
|
|
$
|
7.2
|
|
|
$
|
7.2
|
|
Research and development
|
8.5
|
|
|
6.7
|
|
|
16.8
|
|
|
16.2
|
|
||||
Selling, general and administrative
|
10.2
|
|
|
7.2
|
|
|
19.7
|
|
|
17.0
|
|
||||
Total share-based compensation
|
$
|
22.1
|
|
|
$
|
17.1
|
|
|
$
|
43.7
|
|
|
$
|
40.4
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
March 31,
2017 |
|
April 1,
2016 |
|
March 31,
2017 |
|
April 1,
2016 |
||||||||
Net income
|
$
|
224.9
|
|
|
$
|
208.1
|
|
|
$
|
482.7
|
|
|
$
|
563.4
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding – basic
|
184.8
|
|
|
190.2
|
|
|
184.8
|
|
|
190.3
|
|
||||
Dilutive effect of equity based awards
|
2.3
|
|
|
3.1
|
|
|
2.4
|
|
|
3.7
|
|
||||
Weighted average shares outstanding – diluted
|
187.1
|
|
|
193.3
|
|
|
187.2
|
|
|
194.0
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income per share – basic
|
$
|
1.22
|
|
|
$
|
1.09
|
|
|
$
|
2.61
|
|
|
$
|
2.96
|
|
Net income per share – diluted
|
$
|
1.20
|
|
|
$
|
1.08
|
|
|
$
|
2.58
|
|
|
$
|
2.90
|
|
|
|
|
|
|
|
|
|
||||||||
Anti-dilutive common stock equivalents
|
1.0
|
|
|
2.1
|
|
|
1.2
|
|
|
1.4
|
|
Three months ended March 31, 2017
|
|
Balance at December 30, 2016
|
|
Current Charges
|
|
Cash Payments
|
|
Other
|
|
Balance at March 31, 2017
|
||||||||||
FY16 restructuring programs
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Employee severance costs
|
|
$
|
0.8
|
|
|
$
|
—
|
|
|
$
|
(0.6
|
)
|
|
$
|
—
|
|
|
$
|
0.2
|
|
Other restructuring programs
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Employee severance costs, lease and other contractual obligations
|
|
0.6
|
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
0.5
|
|
|||||
Total
|
|
$
|
1.4
|
|
|
$
|
—
|
|
|
$
|
(0.7
|
)
|
|
$
|
—
|
|
|
$
|
0.7
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Six months ended March 31, 2017
|
|
Balance at September 30, 2016
|
|
Current Charges
|
|
Cash Payments
|
|
Other
|
|
Balance at March 31, 2017
|
||||||||||
FY16 restructuring programs
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Employee severance costs
|
|
$
|
2.4
|
|
|
$
|
—
|
|
|
$
|
(2.2
|
)
|
|
$
|
—
|
|
|
$
|
0.2
|
|
Other restructuring programs
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Employee severance costs, lease and other contractual obligations
|
|
—
|
|
|
0.6
|
|
|
(0.1
|
)
|
|
—
|
|
|
0.5
|
|
|||||
Total
|
|
$
|
2.4
|
|
|
$
|
0.6
|
|
|
$
|
(2.3
|
)
|
|
$
|
—
|
|
|
$
|
0.7
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
March 31,
2017 |
|
April 1,
2016 |
|
March 31,
2017 |
|
April 1,
2016 |
||||
Net revenue
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
Cost of goods sold
|
50.1
|
|
|
49.6
|
|
|
49.6
|
|
|
49.3
|
|
Gross profit
|
49.9
|
|
|
50.4
|
|
|
50.4
|
|
|
50.7
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
||
Research and development
|
10.5
|
|
|
10.3
|
|
|
9.7
|
|
|
9.5
|
|
Selling, general and administrative
|
5.6
|
|
|
5.7
|
|
|
5.6
|
|
|
5.6
|
|
Amortization of intangibles
|
0.8
|
|
|
1.1
|
|
|
0.9
|
|
|
1.0
|
|
Restructuring and other charges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total operating expenses
|
16.9
|
|
|
17.1
|
|
|
16.2
|
|
|
16.1
|
|
Operating income
|
33.0
|
|
|
33.3
|
|
|
34.2
|
|
|
34.6
|
|
Other income (expense), net
|
—
|
|
|
(0.3
|
)
|
|
—
|
|
|
(0.2
|
)
|
Merger termination fee
|
—
|
|
|
—
|
|
|
—
|
|
|
5.2
|
|
Income before income taxes
|
33.0
|
|
|
33.0
|
|
|
34.2
|
|
|
39.6
|
|
Provision for income taxes
|
6.6
|
|
|
6.1
|
|
|
6.8
|
|
|
6.5
|
|
Net income
|
26.4
|
%
|
|
26.9
|
%
|
|
27.4
|
%
|
|
33.1
|
%
|
•
|
Net revenue increased by 3.8% to $1,766.0 million for the six months ended
March 31, 2017
, as compared with the corresponding period in fiscal year 2016. This increase in revenue was primarily driven by our success in capturing a higher share of the increasing radio frequency and analog content per device as smartphone models continue to evolve, increased strength in emerging markets due to the adoption of 3G and 4G technologies, the increasing number of applications for the Internet of Things, and our expanding analog product portfolio supporting new vertical markets including automotive, industrial, medical and military.
|
•
|
Our ending cash and cash equivalents balance increased 29.8% to $1,406.9 million as of
March 31, 2017
, from $1,083.8 million as of September 30, 2016. This increase in cash and cash equivalents was primarily the result of cash generated from operations of $731.8 million for the six months ended March 31, 2017, partially offset by increased returns to stockholders through the repurchase of 2.4 million shares of common stock for $201.7 million and dividend payments of $104.1 million, as well as capital expenditures of $105.0 million during the six months ended March 31, 2017.
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
March 31,
2017 |
Change
|
April 1,
2016 |
|
March 31,
2017 |
Change
|
April 1,
2016 |
||||||||
(dollars in millions)
|
|
|
|
|
|
|
|
||||||||
Net revenue
|
$
|
851.7
|
|
9.9%
|
$
|
775.1
|
|
|
$
|
1,766.0
|
|
3.8%
|
$
|
1,701.9
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
March 31,
2017 |
Change
|
April 1,
2016 |
|
March 31,
2017 |
Change
|
April 1,
2016 |
||||||||
(dollars in millions)
|
|
|
|
|
|
|
|
||||||||
Gross profit
|
$
|
425.4
|
|
9.0%
|
$
|
390.4
|
|
|
$
|
889.3
|
|
3.1%
|
$
|
862.5
|
|
% of net revenue
|
49.9
|
%
|
|
50.4
|
%
|
|
50.4
|
%
|
|
50.7
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
March 31,
2017 |
Change
|
April 1,
2016 |
|
March 31,
2017 |
Change
|
April 1,
2016 |
||||||||
(dollars in millions)
|
|
|
|
|
|
|
|
||||||||
Research and development
|
$
|
89.4
|
|
12.0%
|
$
|
79.8
|
|
|
$
|
171.4
|
|
6.3%
|
$
|
161.3
|
|
% of net revenue
|
10.5
|
%
|
|
10.3
|
%
|
|
9.7
|
%
|
|
9.5
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
March 31,
2017 |
Change
|
April 1,
2016 |
|
March 31,
2017 |
Change
|
April 1,
2016 |
||||||||
(dollars in millions)
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative
|
$
|
47.8
|
|
8.6%
|
$
|
44.0
|
|
|
$
|
98.7
|
|
3.1%
|
$
|
95.7
|
|
% of net revenue
|
5.6
|
%
|
|
5.7
|
%
|
|
5.6
|
%
|
|
5.6
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
March 31,
2017 |
Change
|
April 1,
2016 |
|
March 31,
2017 |
Change
|
April 1,
2016 |
||||||||
(dollars in millions)
|
|
|
|
|
|
|
|
||||||||
Amortization of intangibles
|
$
|
7.0
|
|
(18.6)%
|
$
|
8.6
|
|
|
$
|
15.5
|
|
(8.8)%
|
$
|
17.0
|
|
% of net revenue
|
0.8
|
%
|
|
1.1
|
%
|
|
0.9
|
%
|
|
1.0
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||
|
March 31,
2017 |
Change
|
April 1,
2016 |
|
March 31,
2017 |
Change
|
April 1,
2016 |
||||||||||
(dollars in millions)
|
|
|
|
|
|
|
|
||||||||||
Restructuring and other charges
|
$
|
—
|
|
(100.0
|
)%
|
$
|
0.3
|
|
|
$
|
0.6
|
|
100.0
|
%
|
$
|
0.3
|
|
% of net revenue
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||
|
March 31,
2017 |
Change
|
April 1,
2016 |
|
March 31,
2017 |
Change
|
April 1,
2016 |
||||||
(dollars in millions)
|
|
|
|
|
|
|
|
||||||
Merger termination fee
|
—
|
|
—
|
%
|
—
|
|
|
—
|
|
(100.0
|
)%
|
88.5
|
|
% of net revenue
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
5.2
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
March 31,
2017 |
Change
|
April 1,
2016 |
|
March 31,
2017 |
Change
|
April 1,
2016 |
||||||||
(dollars in millions)
|
|
|
|
|
|
|
|
||||||||
Provision for income taxes
|
$
|
56.5
|
|
20.2%
|
$
|
47.0
|
|
|
$
|
119.8
|
|
9.0%
|
$
|
109.9
|
|
% of net revenue
|
6.6
|
%
|
|
6.1
|
%
|
|
6.8
|
%
|
|
6.5
|
%
|
|
Six Months Ended
|
||||||
(in millions)
|
March 31,
2017 |
|
April 1,
2016 |
||||
Cash and cash equivalents at beginning of period
|
$
|
1,083.8
|
|
|
$
|
1,043.6
|
|
Net cash provided by operating activities
|
731.8
|
|
|
499.8
|
|
||
Net cash used in investing activities
|
(115.5
|
)
|
|
(116.9
|
)
|
||
Net cash used in financing activities
|
(293.2
|
)
|
|
(249.0
|
)
|
||
Cash and cash equivalents at end of period
|
$
|
1,406.9
|
|
|
$
|
1,177.5
|
|
•
|
$201.7 million
related to our repurchase of
2.4 million
shares of our common stock pursuant to the share repurchase programs approved by our Board of Directors on January 19, 2017, and July 19, 2016;
|
•
|
$104.1 million
related to the payment of cash dividends on our common stock; and
|
•
|
$44.6 million
related to the minimum statutory payroll tax withholdings payments on the vesting of employee performance and restricted stock awards.
|
Period
|
Total Number of Shares Purchased
|
Average Price Paid per Share
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)
|
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (1) (3)
|
12/31/16-1/27/17
|
1,034 (2)
|
$76.04
|
—
|
$500.0 million
|
1/28/17-2/24/17
|
1,592 (2)
|
$92.22
|
—
|
$500.0 million
|
2/25/17-3/31/17
|
1,000,084 (3)
|
$95.23
|
1,000,000
|
$404.8 million
|
Total
|
1,002,710
|
|
|
|
Exhibit
Number
|
Exhibit Description
|
Form
|
Incorporated by Reference
|
Filed Herewith
|
||
File No.
|
Exhibit
|
Filing Date
|
||||
|
|
|
|
|
|
|
3.1
|
|
8-K
|
001-05506
|
3.1
|
2/3/2017
|
|
|
|
|
|
|
|
|
10.1
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
31.1
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
31.2
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
32.1
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
32.2
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
101.INS
|
XBRL Instance Document
|
|
|
|
|
X
|
|
|
|
|
|
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
|
X
|
|
|
|
|
|
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
|
X
|
|
|
|
|
|
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
|
X
|
|
|
|
|
|
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
|
X
|
|
|
|
|
|
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
X
|
|
|
|
|
|
|
SKYWORKS SOLUTIONS, INC.
|
|
|
|
|
|
Date:
|
May 3, 2017
|
By:
|
/s/ Liam K. Griffin
|
|
|
|
Liam K. Griffin
|
|
|
|
President and Chief Executive Officer
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
By:
|
/s/ Kris Sennesael
|
|
|
|
Kris Sennesael
|
|
|
|
Senior Vice President and Chief Financial Officer
|
|
|
|
(Principal Accounting and Financial Officer)
|
1 Year Skyworks Solutions Chart |
1 Month Skyworks Solutions Chart |
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