XML 49 R18.htm IDEA: XBRL DOCUMENT
v2.3.0.15

Acquisitions (Tables) | 3 Months Ended
--- | ---
Sep. 25, 2011
Business Combinations [Abstract] |
Schedule of business acquisition total purchase price | The total purchase price for this acquisition 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 |
Total purchase price | $ | 668,266 |
(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.
Schedule of purchase price preliminary allocation | The purchase price for this acquisition has been preliminarily allocated to the assets acquired and liabilities assumed based on their estimated fair values as follows (in thousands):
Tangible assets: |
Cash and cash equivalents | $ | 3,081 |
Accounts receivable | 25,698 |
Inventories | 39,330 |
Property and equipment | 45,946 |
Other assets | 4,727 |
Total tangible assets | $ | 118,782 |
Intangible assets: |
Developed technology | $ | 96,300 |
Customer relationships | 84,820 |
Trade names | 82,950 |
In-process research & development | 15,050 |
Non-compete agreements | 9,800 |
Goodwill | 287,431 |
Total intangible assets | $ | 576,351 |
Liabilities assumed: |
Accounts payable | $ | 12,943 |
Accrued expenses and liabilities | 10,116 |
Warranty liabilities | 2,600 |
Other long-term liabilities | 1,208 |
Total liabilities assumed | $ | 26,867 |
Net assets acquired | 668,266 |
Schedule of identfiable assets acquired | The identifiable 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) | 81,520 |  | -
Trade names (definite lived) | 1,430 |  | 3
In-process research and development (1) | 15,050 |  | 6 to 7
Non-compete agreements | 9,800 |  | 5
Total identifiable assets | $ | 288,920 |  |
(1) Initially, in-process research and development ("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.
Schedule of revenue and net income of acquired company in parent's company consolidated statements of income | The amounts of revenue and net income of Ruud Lighting in the Company's Consolidated Statements of Income from and including August 17, 2011 to September 25, 2011 are as follows (in thousands, except per share data):
| Amounts
Revenue | $ | 22,343 |
Loss from operations | (522 | )
Net loss | (664 | )
Basic net loss per share | $ | (0.01 | )
Diluted net loss per share | $ | (0.01 | )
Schedule of pro forma information of parent company consolidated results of operations | The following unaudited pro forma information presents a summary of the Company's consolidated results of operations as if the Ruud Lighting transaction occurred at the beginning of the fiscal year for the period presented (in thousands, except per share data):
| Three Months Ended
| September 25, 2011 | September 26, 2010
Revenue | $ | 299,312 |  | $ | 310,296 |
Income from operations | 8,788 |  | 68,146 |
Net income | 8,853 |  | 53,602 |
Earnings per share, basic | $ | 0.08 |  | $ | 0.47 |
Earnings per share, diluted | $ | 0.08 |  | $ | 0.46 |

X
- Definition Business Acquisition, Financial Information of Acquired Company Included in Consolidated Statements of Parent Company [Table Text Block] + Details
Name: | cree_BusinessAcquisitionFinancialInformationOfAcquiredCompanyIncludedInConsolidatedStatementsOfParentCompanyTableTextBlock
Namespace Prefix: | cree
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination, by major class (assets that can be grouped together because they are similar, either by their nature or by their use in operations of the entity) and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period. + Details
Name: | cree_ScheduleOfIntangibleAssetsAcquiredAsPartOfBusinessCombinationTableTextBlock
Namespace Prefix: | cree
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=6909870&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141 -Paragraph 54 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141 -Paragraph 55 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141R -Paragraph 68 -Subparagraph r(2, 3) -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_BusinessCombinationsAbstract
Namespace Prefix: | us-gaap
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141R -Appendix F -Paragraph F4 -Subparagraph e Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6909870&loc=d3e1392-128463 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141 -Paragraph 51 -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6909870&loc=d3e1486-128463 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141 -Paragraph 52 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141R -Paragraph 68 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
Name: | us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
Namespace Prefix: | us-gaap
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of all of the fair values of the purchase price and assets and liabilities acquired in a business combination. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 805 -SubTopic 30 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 1 -Section 50 -URI http://asc.fasb.org/extlink&oid=6911361&loc=d3e6927-128479 + Details
Name: | us-gaap_ScheduleOfPurchasePriceAllocationTableTextBlock
Namespace Prefix: | us-gaap
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration