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XML - IDEA: XBRL DOCUMENT - MICROSEMI CORPR5.htm
XML - IDEA: XBRL DOCUMENT - MICROSEMI CORPR48.htm
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EX-32 - SECTION 906 CERTIFICATION OF CEO AND CFO - MICROSEMI CORPd277511dex32.htm
EX-31.1 - SECTION 302 CERTIFICATION OF CEO - MICROSEMI CORPd277511dex311.htm
EX-10.4 - FISCAL 2012 EXECUTIVE NON-EQUITY INCENTIVE PLAN - MICROSEMI CORPd277511dex104.htm
EX-31.2 - SECTION 302 CERTIFICATION OF CFO - MICROSEMI CORPd277511dex312.htm
EX-10.3 - FORM OF NOTICE OF PERFORMANCE STOCK UNIT AWARD - MICROSEMI CORPd277511dex103.htm
EXCEL - IDEA: XBRL DOCUMENT - MICROSEMI CORPFinancial_Report.xls
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10-Q - FORM 10-Q - MICROSEMI CORPd277511d10q.htm
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v2.4.0.6
PRESENTATION OF FINANCIAL INFORMATION
3 Months Ended
Jan. 01, 2012
PRESENTATION OF FINANCIAL INFORMATION

1. PRESENTATION OF FINANCIAL INFORMATION

The unaudited condensed consolidated financial statements include the accounts of Microsemi Corporation and its subsidiaries. Intercompany transactions have been eliminated in consolidation.

The consolidated financial information furnished herein is unaudited, but in the opinion of our management, includes all adjustments (all of which are normal or recurring adjustments) necessary for a fair statement of the results of operations for the periods indicated. The results of operations for the most recently reported quarter of the current fiscal year are not necessarily indicative of the results to be expected for the full year.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q, and therefore do not include all information and note disclosures necessary for a fair presentation of consolidated financial position, results of operations and cash flows in conformity with United States generally accepted accounting principles. The unaudited consolidated financial statements and notes must be read in conjunction with the consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the fiscal year ended October 2, 2011.

The unaudited consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles, which require us to make estimates and assumptions that may materially affect the reported amounts of assets and liabilities at the date of the unaudited consolidated financial statements and revenues and expenses during the periods reported. Actual results could differ materially from those estimates. Information with respect to our critical accounting policies that we believe could have the most significant effect on our reported results and require subjective or complex judgments is contained in the notes to the consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended October 2, 2011. In referencing a year, we are referring to the fiscal year ended on the Sunday closest to September 30.

Fair Value of Financial Assets and Liabilities

Accounting Standards Codification (“ASC”) 825 permits entities to elect the fair value option for certain financial assets and financial liabilities. For financial assets or financial liabilities for which an entity elects the fair value option, ASC 825 requires that the entity record the financial asset or financial liability at fair value rather than at historical cost with changes in fair value recorded in the income statement. ASC 825-25 requires that upfront costs and fees related to items for which the fair value option is elected shall be recognized in earnings as incurred and not deferred. As further discussed in Note 14, we elected the fair value option in accounting for the term loan balance outstanding as of October 2, 2011, but following the extinguishment of the term loan in conjunction with our acquisition of Zarlink Semiconductor, Inc., we did not elect the fair value option for the term loan balance outstanding as of January 1, 2012.

Measurement Period for the Acquisition of Actel Corporation

During the first quarter of 2012, we closed the measurement period for the acquisition of Actel Corporation that occurred in the prior year first quarter. We completed our evaluation of income tax-related information regarding facts and circumstances that existed as of the acquisition date. In accordance with ASC 805-10, we retrospectively adjusted the preliminary amounts previously reported and are now reporting the final amounts. In the balance sheet as of October 2, 2011, we have reflected a retrospective adjustment of $1.3 million that increased non-current deferred tax assets and retained earnings. This retrospective adjustment will be reflected in the income statement for the second quarter of 2011.