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Discontinued Operations
 12 Months Ended
Dec. 29, 2012
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
Discontinued Operations
On January 16, 2013 (the Closing Date) the Company sold its III-V product line, including all of the outstanding equity interest in KTC Wireless, LLC, a wholly owned subsidiary of the Company that held the Company's investment in KTC, to IQE KC, LLC (IQE) and IQE plc (Parent, and collectively with IQE, the Buyer) pursuant to a Purchase Agreement (the Purchase Agreement) entered into on January 10, 2013 for an aggregate purchase price of approximately $75 million, subject to certain adjustments, including working capital adjustments and escrow (the Sale). Of the total consideration, $55 million was paid to the Company in January 2013 and $5 million was held in escrow pending a final determination of the working capital on the Closing Date. Under the terms of the Purchase Agreement the remaining $15 million will be paid to the Company on the third anniversary of the Closing Date. Payment of the $15 million is also secured by liens on certain assets of the business sold.
The operating results of the III-V product line prior to the sale are reported within Income from discontinued operations, net of tax, in the consolidated statement of operations and have been excluded from segment results. The assets and liabilities associated with the III-V product line are presented as Current assets held for sale, Noncurrent assets held for sale, Current liabilities held for sale and Noncurrent liabilities held for sale in the Consolidated Balance Sheet as of December 29, 2012.
The following table summarizes the results from discontinued operations:
 
Fiscal Years Ended (in millions)
 
December 29, 2012
 
December 31, 2011
 
December 25, 2010
Net product and research and development revenues
$
58.8

 
$
66.5

 
$
62.2

Income from discontinued operations before income taxes
$
4.5

 
$
5.9

 
$
7.6

(Provision) benefit for income taxes on discontinued operations
(1.7
)
 
3.8

 
(0.3
)
Income from discontinued operations, net of tax
$
2.8

  
$
9.7

 
$
7.3


The following table summarizes the assets and the liabilities held for sale in the Company's consolidated balance sheet as of December 29, 2012:

 
 
(in millions)
Current assets
  
 
     Cash and equivalents
 
$
2.4

     Accounts receivable, net of allowance of $0.1 million
  
7.6

     Accounts receivable from unconsolidated affiliates
 
0.6

     Inventory
  
10.6

     Prepaid taxes
 
0.2

     Prepaid expenses and other current assets
  
0.2

           Total current assets held for sale
  
21.6

Property, plant and equipment, net
 
25.7

Deferred tax assets
 
3.3

Other assets
 
0.1

           Total noncurrent assets held for sale
  
29.1

           Total assets held for sale
 
$
50.7

Current liabilities
  
 
     Accounts payable
 
$
3.7

     Accrued payroll and expenses
 
1.8

     Accrued warranty
 
0.2

     Other accrued liabilities
 
1.4

           Total current liabilities held for sale
  
$
7.1

Total noncurrent liabilities held for sale
 
$
0.6