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Subsequent Events | 12 Months Ended
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Jun. 27, 2020
Subsequent Events [Abstract] |
Subsequent Events |
14. | Subsequent Events
Acquisitions On July 2, 2020, we entered into definitive agreements with Broadcom to acquire certain assets and assume certain liabilities of, and obtain non-exclusive licenses relating to, Broadcom’s existing Wi-Fi, Bluetooth and GPS/GNSS products and business in the IoT market, for aggregate consideration of $250 million in cash which closed on July 23, 2020. We also entered into certain transition agreements with Broadcom for a period of three years. We acquired these assets and assumed certain liabilities from Broadcom in order to obtain wireless connectivity technology which will enhance our current IoT business. This acquisition will be accounted for using the purchase method of accounting in accordance with the business acquisition guidance. On July 17, 2020, we entered into a definitive agreement to acquire DisplayLink Corporation, a leader in high-performance video compression technology, for $305 million in cash. The acquisition closed on July 31, 2020. The intent of this acquisition is to obtain performance video compression technology which will further enhance our current IoT business. This acquisition will be accounted for using the purchase method of accounting in accordance with the business acquisition guidance. Export Administration Regulation On August 17, 2020, the Bureau of Industry and Security of the U.S. Department of Commerce issued final rules that further restrict access by Huawei Technologies (Huawei) and its non-U.S. affiliates on the Entity List to items produced domestically and abroad from U.S. technology and software. The final rules may prevent us from selling products to Huawei entities without a license issued subject to the Export Administration Regulation (EAR). We anticipate applying for an EAR export license, but it is unclear if an EAR export license will be granted. Further, even if we are unaffected by the rule or are able to obtain an export license, Huawei may not be able to source other components from U.S. suppliers, which could indirectly negatively impact Huawei’s demand for our products. At this time, we believe the new rules will not materially impact revenue in our September 2020 quarter, while the longer-term revenue impact remains unclear. During our most recently completed fiscal quarter, June 2020, our direct and indirect sales to Huawei represented less than 10% of our revenue. See Item 1A. Risk Factors for further discussion of the potential for changes to import, export and economic sanction laws that may adversely affect our operating results.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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