Adaptec 2008 Annual Report Download - page 51
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PMC-Sierra, Inc.
CONSOLIDATED BALANCE SHEETS
(in thousands, except par value)
December 28,
2008
December 30,
2007
ASSETS:
Current assets:
Cash and cash equivalents ........................................... $ 97,839 $ 364,922
Short-term investments ............................................. 209,685 —
Accounts receivable, net of allowance for doubtful accounts of $1,148 (2007—
$1,546) ........................................................ 40,191 39,362
Inventories, net .................................................... 34,003 34,246
Prepaid expenses and other current assets ............................... 9,326 16,229
Income taxes receivable ............................................. 357 2,365
Deferred tax assets ................................................. 3,949 37
Total current assets ............................................ 395,350 457,161
Goodwill ............................................................ 396,144 398,418
Intangible assets, net ................................................... 153,956 187,126
Property and equipment, net ............................................. 15,858 18,725
Investments and other assets ............................................. 3,865 10,747
Deposits for wafer fabrication capacity ..................................... 5,145 5,145
Deferred tax assets ..................................................... — 54,676
$ 970,318 $1,131,998
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Current liabilities:
Accounts payable .................................................. $ 17,066 $ 24,011
Accrued liabilities ................................................. 51,390 53,617
Deferred income taxes .............................................. 2,042 2,787
Liability for unrecognized tax benefit .................................. 23,398 71,586
Accrued restructuring costs .......................................... 5,938 10,911
Deferred income ................................................... 11,200 13,674
Total current liabilities .......................................... 111,034 176,586
Long-term obligations .................................................. 503 958
2.25% Senior convertible notes due October 15, 2025 ......................... 68,340 225,000
Deferred taxes and other tax liabilities ..................................... 17,806 23,023
Liability for unrecognized tax benefit ...................................... 3,352 107,764
PMC special shares convertible into 2,045 (2007—2,065) shares of common
stock .............................................................. 2,655 2,671
Commitments and contingencies (Note 11)
Stockholders’ equity:
Common stock, par value $.001: 900,000 shares authorized; 221,335 shares
issued and outstanding (2007—217,285) ............................. 241 237
Additional paid in capital ............................................ 1,436,306 1,394,946
Accumulated other comprehensive income (loss) ......................... (3,218) 1,437
Accumulated deficit ................................................ (666,701) (800,624)
Total stockholders’ equity ....................................... 766,628 595,996
$ 970,318 $1,131,998
See notes to the consolidated financial statements.
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