XML 40 R8.htm IDEA: XBRL DOCUMENT v2.4.1.9
Discontinued Operations
 12 Months Ended
Dec. 27, 2014
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 (KTC), a wholly owned subsidiary of the Company, 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). After adjustments for working capital items the final purchase price was $70.2 million of which $55.2 million was paid to the Company in 2013 and the remaining $15 million will be paid to the Company on the third anniversary of the Closing Date. Payment of the $15 million was recorded at its estimated discount value of $14.8 million and is 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 following table summarizes the results from discontinued operations:
 
 
 
December 28, 2013
 
December 29, 2012
Net product and research and development revenues
$
2.3

 
$
58.8

(Loss) gain from discontinued operations before income taxes
(0.2
)
 
4.5

(Provision) benefit for income taxes on discontinued operations
—

 
(1.7
)
Discontinued operations, net of tax
(0.2
)
 
2.8

Gain on sale, net of $13.1 million of tax
20.4

 
—

Income from discontinued operations, net of tax
$
20.2

 
$
2.8