Impairment of Long-Lived Assets (Notes) |
6 Months Ended |
|---|---|
Dec. 26, 2015 | |
| Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
| Property, Plant and Equipment Disclosure [Text Block] | IMPAIRMENT OF LONG-LIVED ASSETS Fiscal year 2016: During the first quarter of fiscal year 2016, the Company recorded a $157.7 million impairment of long-lived assets associated with the Company's wafer manufacturing facility in San Antonio, Texas which was classified as held for sale and written down to fair value, less cost to sell. The Company reached its conclusion regarding the asset impairment after conducting an evaluation of assets' fair values. The fair value of the land, buildings and equipment was determined after consideration of expected discounted future cash flows attributable to the assets and outside appraisals. The Company signed an agreement with TJ Texas, Inc., a wholly-owned subsidiary of Tower Semiconductor Ltd., for the sale of the semiconductor wafer fabrication facility in San Antonio, Texas on November 18, 2015. In addition, the San Jose wafer fabrication facility was classified as held for sale during the first quarter of fiscal year 2016, but no impairment charge was recorded as the carrying value of the associated assets approximated the fair value, less cost to sell. The fair value of the land, buildings and equipment was determined after consideration of outside appraisals, quoted market prices of similar equipment and offers received. The Company completed the sale of this facility in the second quarter of fiscal year 2016 for approximately $39.0 million resulting in a gain of $3.8 million. During the second quarter of fiscal year 2016, the Company classified certain business units, including associated tangible, intangible assets and goodwill, as held for sale but no impairment charge was recorded as the carrying value of each of the business units' associated assets approximates or is less than the fair value, less cost to sell. The fair values of the assets were determined after consideration of offers received. The Company plans on completing these sales during fiscal year 2016. Fiscal year 2015: During the three and six months ended December 27, 2014, the Company recorded $50.7 million and $61.0 million, respectively, in impairment of long-lived assets in the Company’s Condensed Consolidated Statements of Income. The impairment was primarily related to the write down of equipment relating to the Sensing Solutions reporting unit of $45.2 million. The Company reached its conclusion regarding the asset impairment after concluding that the undiscounted cash flows fell below the net book value of the net assets of the Sensing Solutions reporting unit (the asset group). As a result, the Company reduced the assets to their fair value after conducting an evaluation of each asset’s alternative use, the condition of the asset and the current market pricing and demand. The impairment was also related to used fabrication tools identified by the Company as obsolete in the three months ended December 27, 2014 due to the transition to newer technologies. The Company reached its conclusion regarding the asset impairment after conducting an evaluation of alternative use, the condition of the assets and current market demand. |