Acquisitions (Tables)
 12 Months Ended
Jun. 24, 2012
Business Acquisition, Entity Acquired and Reason for Acquisition [Abstract]  
Schedule of Initial Purchase Price Allocation
The total purchase price for the acquisitions is as follows (in thousands):

Cash consideration paid to stockholders

$372,235

Fair value of common stock issued by the Company (1)
211,040

Fair value of debt paid on behalf of stockholders
84,991

Post-closing adjustments (2) (3) (4) (5)
(2,260
)
Total purchase price

$666,006


(1) Represents 6,074,833 shares of the Company's common stock at $34.74 per share, the closing share price on August 17, 2011. The shares are subject to certain transfer restrictions under the Stock Purchase Agreement that will generally lapse with respect to 25% of the shares held (i) at the completion of the consecutive six-month period following the date of the closing of the transaction; and, (ii) at the completion of each of the following three successive six-month periods, such that all restrictions will lapse by the second anniversary of the closing.
(2) In accordance with the Stock Purchase Agreement, the post-closing working capital adjustment was composed of approximately $1.0 million in cash and the return of 15,895 shares of the Company's common stock from escrow during the fourth quarter of fiscal 2012.
(3) In accordance with the Stock Purchase Agreement, the sellers have certain post-closing indemnification obligations to the Company. During the fourth quarter of fiscal 2012, the Company received approximately $0.3 million in cash and the return of 5,069 shares of the Company's common stock from escrow in connection with these indemnification obligations.
(4) The Company recovered approximately $0.4 million in insurance proceeds related to liabilities assumed in the acquisition during the fourth quarter of fiscal 2012.
(5) The Company paid approximately $0.2 million related to pre-closing taxes during the fourth quarter of fiscal 2012.
Schedule of Purchase Price Allocated to the Assets Acquired and Liabilities Assumed
The following table presents the allocation of the purchase price for this acquisition to the assets acquired and liabilities assumed based on their estimated fair values and resulting residual goodwill (in thousands):
 
August 17, 2011 (as initially reported)
Measurement Period Adjustments
August 17, 2011 (as adjusted)
Tangible assets:
 
 
 
Cash and cash equivalents

$3,081


$—


$3,081

Accounts receivable
25,698

(375
)
25,323

Inventories
39,330

(461
)
38,869

Property and equipment
45,946

(233
)
45,713

Other assets
4,727

—

4,727

Total tangible assets

$118,782


($1,069
)

$117,713

Intangible assets:
 
 
 
Developed technology
$
96,300

$
—

$
96,300

Customer relationships
84,820

—

84,820

Trade names
82,950

—

82,950

In-process research & development
15,050

—

15,050

Non-compete agreements
9,800

—

9,800

Goodwill
287,431

2,734

290,165

Total intangible assets

$576,351


$2,734


$579,085

Liabilities assumed:
 
 
 
Accounts payable
$
12,943

$
—

$
12,943

Accrued expenses and liabilities
10,116

902

11,018

Warranty liabilities
2,600

3,023

5,623

Other long-term liabilities
1,208

—

1,208

Total liabilities assumed

$26,867


$3,925


$30,792

Net assets acquired

$668,266


($2,260
)

$666,006
Schedule of Identifiable Assets Acquired as a Result of Acquisition
The identifiable intangible assets acquired as a result of the acquisition will be amortized over their respective estimated useful lives as follows (in thousands, except for years):
 
Asset Amount
 
Estimated Life in Years
Developed technology

$96,300

 
7 to 10
Customer relationships
84,820

 
7 to 20
Trade names (indefinite lived)
82,880

 
-
Trade names (definite lived)
70

 
3
In-process research and development(1)
15,050

 
6 to 7
Non-compete agreements
9,800

 
5
Total identifiable intangible assets

$288,920

 
 

(1) Initially, IPR&D is classified as indefinite-lived assets until completion or abandonment. Therefore, amortization of IPR&D does not begin until the technological and market risk(s) no longer exist. During the interim, IPR&D intangibles are subject to annual testing for impairment or when there are indicators of impairment.
Business Acquisition, Financial Information of Acquired Company Included in Consolidated Statements of Parent Company [Table Text Block]
The results of Ruud Lighting reflected in the Company's Consolidated Statements of Income for the year ended June 24, 2012 from the date of acquisition (August 17, 2011) is as follows (in thousands, except per share data):
 
Since acquisition date to
 
June 24,
2012
Revenue

$204,353

Operating Loss
(1,985
)
Net Loss
(2,334
)
Basic net loss per share

($0.02
)
Diluted net loss per share

($0.02
)
Amortization expense related to identifiable intangible assets associated with the Ruud Lighting acquisition, included in the table above, was $17.4 million, for the year ended June 24, 2012.
The following supplemental pro forma information (in thousands, except per share data) presents the consolidated financial results as if the Ruud Lighting transactions had occurred at the beginning of the 2011 fiscal year.
 
For the Years Ended
 
June 24,
2012
 
June 26,
2011
Revenue

$1,194,990

 

$1,184,765

Operating Income
37,551

 
154,765

Net income
42,399

 
134,768

Earnings per share, basic

$0.37

 

$1.18

Earnings per share, diluted

$0.37

 

$1.16