Conexant Systems Inc - Annual Report of Employee Stock Plans (11-K)
30 Juin 2008 - 8:39PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
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þ
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ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended: December 31, 2007
OR
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o
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TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from
to
Commission file number: 000-24923
A. Full title of the plan and the address of the plan, if different from that of the issuer named below:
CONEXANT SYSTEMS, INC.
RETIREMENT SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
CONEXANT SYSTEMS, INC.
4000 MACARTHUR BLVD
NEWPORT BEACH, CALIFORNIA 92660-3095
CONEXANT SYSTEMS, INC. RETIREMENT SAVINGS PLAN
TABLE OF CONTENTS
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Page
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1
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FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED
DECEMBER 31, 2007 AND 2006:
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2
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3
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410
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SUPPLEMENTAL SCHEDULE:
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12
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NOTE: Other schedules required by Section 2520.103-10 the Department of Labors
Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974 are omitted because of the absence
of conditions under which they are required.
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13
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EXHIBIT 23.1
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Trustees and Participants of
Conexant Systems, Inc. Retirement Savings Plan
Newport Beach, California
We have audited the accompanying statements of net assets available for benefits of the Conexant
Systems, Inc. Retirement Savings Plan (the Plan) as of December 31, 2007 and 2006, and the
related statements of changes in net assets available for benefits for the years then ended. These
financial statements are the responsibility of the Plans management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with standards of the Public Company Accounting Oversight
Board (United States). These standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. The
Plan is not required to have, nor were we engaged to perform, an audit of its internal control over
financial reporting. Our audit included consideration of internal control over financial reporting
as a basis for designing audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the Plans internal control over
financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on
a test basis, evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material respects, the net assets
available for benefits of the Plan as of December 31, 2007 and 2006, and the changes in net assets
available for benefits for the years then ended in conformity with accounting principles generally
accepted in the United States of America.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements
taken as a whole. The supplemental schedule of assets (held at end of year) as of December 31,
2007, is presented for the purpose of additional analysis and is not a required part of the basic
financial statements, but is supplementary information required by the Department of Labors Rules
and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. The supplemental schedule is the responsibility of the Plans management. Such schedule has
been subjected to the auditing procedures applied in the audit of the basic 2007 financial
statement and, in our opinion, is fairly stated, in all material respects, when considered in
relation to the basic financial statements taken as a whole.
/s/ McKENNON, WILSON & MORGAN, LLP
Irvine, California
June 30, 2008
1
CONEXANT SYSTEMS, INC. RETIREMENT SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 2007 AND 2006
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2007
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2006
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ASSETS:
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Investmentsat fair value (Note 3):
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Cash and cash equivalents
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$
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248,194
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$
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223,919
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Conexant common stock fund
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7,650,767
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17,106,376
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Skyworks common stock fund
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3,883,200
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4,105,373
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Mindspeed common stock fund
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1,250,174
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2,472,495
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Shares of mutual funds
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186,618,706
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177,233,355
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Interest in collective trust
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15,411,580
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18,626,557
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Participant loans receivable
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1,166,147
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1,235,507
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Total investments
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216,228,768
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221,003,582
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Cash and cash equivalents non-interest bearing
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1,000
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Receivable for securities sold and other
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31,384
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6,085
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Total assets
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216,260,152
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221,010,667
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LIABILITIESPayable for excess contributions and other
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144,911
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11,149
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NET ASSETS AVAILABLE FOR BENEFITS AT FAIR VALUE
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216,115,241
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220,999,518
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Adjustment from fair value to contract value for fully
benefit-responsive investment contracts
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167,486
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187,210
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NET ASSETS AVAILABLE FOR BENEFITS
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$
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216,282,727
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$
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221,186,728
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See notes to financial statements.
2
CONEXANT SYSTEMS, INC. RETIREMENT SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006
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2007
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2006
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ADDITIONS:
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Investment income:
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Net (depreciation) appreciation in fair value of investments
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$
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(4,432,502
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$
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8,920,721
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Interest and dividends
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12,081,145
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12,239,657
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Total investment income
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7,648,643
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21,160,378
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Contributions:
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Participant
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11,533,423
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12,131,166
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Employer
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3,694,437
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4,330,420
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Rollover
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646,910
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1,399,156
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Total contributions
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15,874,770
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17,860,742
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Total additions
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23,523,413
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39,021,120
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DEDUCTIONS:
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Benefits paid and other distributions to participants
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(28,421,477
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(29,846,347
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Administrative fees and other deductions
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(5,937
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(9,360
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Total deductions
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(28,427,414
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(29,855,707
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NET (DECREASE) INCREASE
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(4,904,001
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9,165,413
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NET ASSETS AVAILABLE FOR BENEFITSBeginning
of year
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221,186,728
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212,021,315
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NET ASSETS AVAILABLE FOR BENEFITSEnd of year
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$
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216,282,727
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$
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221,186,728
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See notes to financial statements.
3
CONEXANT SYSTEMS, INC. RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006
1.
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DESCRIPTION OF PLAN
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Effective January 1, 1999, Conexant Systems, Inc. (the Company or Plan Sponsor) adopted the
Conexant Systems, Inc. Retirement Savings Plan (the Plan). The following description of the
Plan provides only general information. Participants should refer to the Plan document for a
more complete description of the Plans provisions.
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General
The Plan is a defined-contribution plan designed to qualify under Internal Revenue
Code (the Code) Section 401(a). The Plan covers substantially all employees of the Company.
The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974
(ERISA). At December 31, 2007, the Plan had 3,379 participants.
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Fidelity Investments Institutional Operations Company, Inc. provides recordkeeping services to
the Plan in its capacity as agent for the trustee, Fidelity Management Trust Company
(Fidelity), pursuant to the terms of the trust agreement between Conexant Systems, Inc. Trust
(the Trust) and Fidelity. All of the Plans assets are kept in the Trust. As of December 31,
2007 and 2006, the Plan owned 100%, of the total net assets available for benefits in the
Trust. Net assets of the Trust and Plan-specific expenses are allocated to the Plan based on
specific identification. Net investment income, gains and losses, and general expenses are
allocated based on the Plans proportional share of net assets in the Trust.
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Contributions
Effective April 2006, the Plan was amended to provide for employees to
contribute up to 35% of base compensation through payroll deductions on a pre-tax, post-tax, or
combination basis, up to the annual maximum pre-tax dollar limit established by the IRS
($15,500 and $15,000 for the 2007 and 2006 plan years, respectively). Prior to April 2006, the
Plan provided for employees to contribute up to 17% of base compensation. Participants direct
the investment of their contributions into various investment options offered by the Plan. The
Plan currently offers 28 mutual funds, an interest in a collective trust, the Conexant Stock
Fund, Skyworks Stock Fund, and the Mindspeed Stock Fund as investment options for participants.
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The Company has a fixed matching contribution and a discretionary profit-sharing contribution.
The discretionary profit-sharing contribution is to be determined by the Employee Benefit Plan
Committee, in its sole discretion, based upon the financial performance of the Company. The
discretionary profit-sharing contribution is to be allocated to all eligible participants
employed on the last day of the plan year on a pro-rata basis based on each participants
compensation.
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The Company matches 66.66% on the first 6% of eligible contributions made to the Plan in cash
and contributions are allocated based on participant investment elections in effect at the time
of the Company matching contribution.
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Rollovers
Participants may at any time elect to rollover amounts from other qualified plans,
individual retirement accounts, tax-deferred annuities, or Code Section 457 governmental plans.
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Participant Accounts
Each participants account reflects the participants contributions, the
Companys matching contributions, an allocation of Plan earnings (losses), and an allocation
of administrative expenses. Administrative expenses are equally allocated to all participants.
Participants are permitted at any time to transfer all or a portion of the value of their
interest in the Plans investment funds into one or more of the
other investment funds except for funds for which contributions are
no longer allowed.
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Vesting
The Company matching contributions and related earnings thereon will vest as follows:
40% after two years of service, 70% after three years of service, and 100% after four years of
service, or in the event of death, disability, or the attainment of age 60.
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Payment of Benefits
Balances may be withdrawn when participants become disabled, die, retire,
or terminate employment. Balances may be kept in the Plan, in any of the Plans investment
options, if the participant balance is greater than $1,000. Upon retirement, a participant may elect to
receive a lump-sum amount or 10 or fewer annual installments equal to the value of his or her
account.
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Forfeited Accounts
Forfeitures are used to reduce future employer contributions and/or
administrative expenses. Certain forfeitures may be restored if the participant is reemployed
before accruing the later of (a) the number of years of service earned before termination of
employment; or (b) five years after termination of employment, as defined in the Plan. For the
years ended December 31, 2007 and 2006, employer contributions were reduced by $460,435 and
$181,900, respectively, by forfeited nonvested accounts.
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Plan Termination
Although it has not expressed any intent to do so, the Company has the right
under the Plan to discontinue contributions at any time and to amend or terminate the Plan
subject to the provisions of ERISA.
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Participant Loans Receivable
Participants who are active employees of the Company may borrow
up to the lesser of 50% of their account balance in the Plan or $50,000. The minimum loan is
$1,000. Loans are repayable ratably through biweekly payroll deductions over a period not to
exceed five years, except for loans for the purchase or construction of a participants
principal residence, which provide for repayment over a reasonable period of time that may not
exceed 10 years. Loans bear interest at the prime rate, as published by the
Wall Street Journal
on the last day of the preceding quarter in which the loan funds, plus 1% (7.25% at December
31, 2007). Loans bear interest at rates ranging from 5% to 10.5% at December 31, 2007 and 2006
and mature between January 2008 and June 2014. There were no material loans in default
outstanding at December 31, 2007 and 2006.
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2.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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Basis of Accounting and Presentation
The accompanying financial statements have been prepared
in accordance with accounting principles generally accepted in the United States of America.
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Use of Estimates
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets, liabilities, and changes
therein and disclosure of contingent assets and liabilities. Actual results could differ from
those estimates.
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Fully Benefit-Responsive Investment Contracts
Effective January 1, 2006, the Plan adopted the provisions
of FASB Staff Position (FSP) AAG INV-1 and SOP 94-4-1,
Reporting of Fully Benefit-Responsive
Investment Contracts Held by Certain Investment Companies Subject to the AICPA Investment
Company Guide and Defined-Contribution Health and Welfare and Pension Plans,
with respect to
fully benefit-responsive investment contracts held by the Fidelity Managed Income Portfolio (the Fund),
which is provided as an investment option to participants in the Plan.
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As provided in the FSP, an investment contract is generally permitted to be valued at contract
value, rather than fair value, to the extent it is fully benefit-responsive. As also provided
for by the FSP, the fully benefit-responsive investment contracts are included at fair value in
the investments of the Plan and are adjusted to contract value in the statements of net assets
available for benefits (see Notes 3 and 4).
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Risks and Uncertainties
The Plan utilizes various investment instruments, including stocks,
bonds, fixed-income securities and mutual funds. Investment securities, in general, are exposed
to various risks, such as interest rate, credit, and overall market volatility. Due to the
level of risk associated with certain investment securities, it is reasonably possible that
changes in the values of investment securities will occur in the near term and that such
changes could materially affect the amounts reported in the financial statements.
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New Accounting Pronouncements
In September 2006, the FASB issued SFAS No. 157
Fair Value
Measurements,
which defines fair value, establishes a framework for consistently measuring fair
value under generally accepted accounting principles, and expands disclosures about fair value
measurements. The provisions of SFAS No. 157 will be applied prospectively. The statements
provisions effective as of January 1, 2008, do not have a material effect on the Plans
statement of net assets available for benefits and statement of changes in net assets available
for benefits. Management does not believe that the remaining provisions will have a material
effect on the Plans financial statements when they become effective on January 1, 2009.
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Investment Valuation and Income Recognition
The Plans investments are stated at fair value,
except for the Fund which is stated at contract value. The Plans investments are valued at
their quoted market price from national securities exchanges. Participant loans are valued at
the outstanding loan balances, which approximates fair value.
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Purchases and sales of securities are recorded on a trade-date basis. Dividends are recorded on
the ex-dividend date.
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Payment of Benefits
Benefits are recorded when paid. There were no outstanding payments
allocated to the accounts of persons who have elected to withdraw from the Plan as of December
31, 2007 and 2006.
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Expenses
Certain expenses such as loan fees and transaction costs are paid directly out of
individual participant funds. All other expenses including administrative fees and audit fees
are paid by the Company. Administrative expenses charged to the Plan are reflected in the
accompanying statements of changes in net assets available for benefits.
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Excess Contributions Payable
The Plan is required to return contributions received during the
Plan year in excess of the Codes limits.
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3.
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INVESTMENTS
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The Plans investments that represented 5% or more of the Plans net assets available for
benefits at fair value as of December 31, 2007 and 2006, are as follows:
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2007
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2006
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Conexant Common Stock Fund
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$
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7,650,767
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$
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17,106,376
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Fidelity Contrafund
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20,710,821
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17,477,209
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Fidelity Diversified International
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29,920,032
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25,065,736
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Fidelity Mid-Cap Stock
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13,118,732
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13,505,245
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Fidelity Freedom 2020
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12,970,104
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12,395,474
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Fidelity Retirement Money Market
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16,094,663
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16,450,352
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Spartan U.S. Equity Index
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20,598,698
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22,303,133
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Fidelity Managed Income Portfolio (stable value)
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15,579,066
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18,626,557
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7
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The Plans investments appreciated (depreciated) in value
(including gains and losses on investments held, bought and sold) during the years ended December 31, 2007 and 2006 as follows:
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2007
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2006
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Conexant Common Stock Fund
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$
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(9,758,225
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$
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(1,073,106
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Skyworks Common Stock Fund
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722,115
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1,320,887
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Mindspeed Common Stock Fund
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(714,396
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(450,120
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Mutual funds and other investments
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5,318,004
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9,123,060
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$
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(4,432,502
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$
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8,920,721
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The Fund holds investments in underlying assets (typically fixed-income securities or bond
funds and may include derivative instruments such as futures contracts and swap agreements) and
enters into wrapper contracts issued by third parties. A wrapper contract (or wrap or
synthetic wrap) is an agreement by another party, such as a bank or insurer, to make payments
to the fund in certain circumstances. Wrap contracts are designed to allow a stable value fund
to maintain a constant net asset value and to protect the fund in extreme circumstances. It is
the policy of the Fund to use its best efforts to maintain a stable net asset value of $1.00
per unit; although there is no guarantee that the Fund will be able to maintain this value.
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The Fund is presented at the estimated fair value, which has been determined based on the unit
value of the Fund as of the close of the New York Stock Exchange, on the statements of net
assets available for benefits and is adjusted to contract value to arrive at net assets
available for benefits. The fair value equals the total of the fair value of the underlying
assets plus the total wrap rebid value. The wrap rebid value was immaterial at December 31,
2007 and 2006, respectively.
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4.
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RECONCILIATON OF FINANCIAL STATEMENTS TO FORM 5500
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The following is a reconciliation of net assets available for benefits per the financial
statements at December 31, 2007 to Form 5500:
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2007
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Net assets available for benefits per the financial
statements
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$
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216,282,727
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Less: Adjustment from fair value to contract value for
fully
benefit-responsive investment contracts
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(167,486
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Net assets available for benefits per Form 5500
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$
|
216,115,241
|
|
|
|
|
|
|
|
The following is a reconciliation of the net decrease in net assets available for benefits per
the financial statements for the year ended December 31, 2007 to Form 5500:
|
|
|
|
|
|
|
|
2007
|
|
|
|
|
|
|
Net decrease in net assets available for benefits
|
|
$
|
(4,904,001
|
)
|
|
|
|
|
|
Less Net adjustment from fair value to contract value for fully
benefit-responsive investment contracts
|
|
|
19,724
|
|
|
|
|
|
|
Net decrease in net assets per Form 5500
|
|
$
|
(4,884,277
|
)
|
|
|
|
|
8
5.
|
|
FEDERAL INCOME TAX STATUS
|
|
|
|
The IRS has determined and informed the Company by a letter dated December 13, 2000, that the
Plan and related trust were designed in accordance with the applicable regulations of the Code.
The Plan has been amended since receiving the determination letter; however, the Company and
the Plan administrator believe that the Plan is currently designed and operated in compliance
with the applicable requirements of the Code and that the Plan and related trust continue to be
tax-exempt. Therefore, no provision for income taxes has been included in the Plans financial
statements.
|
|
6.
|
|
EXEMPT PARTY-IN-INTEREST TRANSACTIONS
|
|
|
|
Certain Plan investments are shares of mutual funds managed by an affiliate of Fidelity.
Fidelity is the trustee as defined by the Plan, and therefore, these transactions qualify as
party-in-interest transactions. Administrative fees paid by the Plan for investment management
services amounted to $5,937 and $9,360 for the years ended December 31, 2007 and 2006,
respectively.
|
|
|
|
At December 31, 2007 and 2006, the Plan held 9,217,792 and 8,385,478 shares, respectively, of
common stock of Conexant Systems, Inc., the sponsoring employer, with a cost basis of
$21,667,854 and $24,149,355, respectively. During the years ended December 31, 2007 and 2006,
the Plan recorded no dividend income.
|
|
7.
|
|
LEGAL MATTER
|
|
|
|
In February 2005, the Company and certain of its current and former officers and the Companys
Employee Benefits Plan Committee were named as defendants in Graden v. Conexant, et al., a
lawsuit filed on behalf of all persons who were participants in the Companys 401(k) Plan
(Plan) during a specified class period. This suit was filed in the U.S. District Court for New
Jersey and alleges that the defendants breached their fiduciary duties under the Employee
Retirement Income Security Act, as amended, to the Plan and the participants in the Plan. The
plaintiff filed an amended complaint on August 11, 2005. On October 12, 2005, the defendants
filed a motion to dismiss this case. The plaintiff responded to the motion to dismiss on
December 30, 2005, and the defendants reply was filed on February 17, 2006. On March 31, 2006,
the judge dismissed this case and ordered it closed. Plaintiff filed a notice of appeal on
April 17, 2006. The appellate argument was held on April 19, 2007. On July 31, 2007 the United
States Court of Appeals for the Third Circuit vacated the District Courts order dismissing
Gradens complaint and remanded the case for further proceedings. On November 17, 2007,
defendants filed a Renewed Motion to Dismiss in the U.S. District Court for New Jersey.
Plaintiff filed his Opposition on February 8, 2008; and, defendants filed their Reply on March
10, 2008. On December 4, 2007 defendants also filed a petition for certiorari in the U.S.
Supreme Court with respect to the Third Circuit Court of Apeals ruling, which petition was
denied on March 3, 2008.
|
9
8.
|
|
SUBSEQUENT EVENTS
|
|
|
|
Effective December 31, 2007, the Plan no longer offered seven funds to plan participants,
including: Conexant Systems Stock Fund, Skyworks Stock Fund, Mindspeed Stock Fund, Fidelity
Magellan Fund, Fidelity Intermediate Government Income Fund, Ariel Fund and Oakmark Select Fund
Class 1. The Company communicated the timing and discontinued funds to employees prior to the
December 31, 2007 year end. Participants contributing to the discontinued funds through
payroll deductions were encouraged to make an investment election change prior to December 31,
2007. In the event an allocation change was not made by a participant as of December 31, 2007,
the contribution would automatically default to an assigned investment fund instead of the
discontinued fund. If the participant did not elect to re-allocate a discontinued funds
balance as of March 31, 2008, the balance of the discontinued fund was automatically
transferred to the assigned default investment option except for the
Conexant Systems Stock Fund which continues to contain discontinued
fund balances that were not re-allocated.
|
|
|
|
Effective January 2, 2008, the Spartan Extended Market Index Fun Investor Class and the
Pennsylvania Mutual Fund Investment Class were added to the Plan.
|
|
|
|
Effective January 2, 2008, share class for the Van Kampen Growth and Income Fund was changed
from Class A shares to Class I shares.
|
|
|
|
On April 29, 2008, the Company announced that it signed a material definitive agreement to sell
its Broadband Media Processing product lines to NXP Semiconductors. As a result of
transaction, which is expected to close in July 2008, there will be a partial termination of
the Plan. The Company estimates that 230 to 240 employees will become 100% vested and withdraw
from the Plan as a result of the transaction. The Company believes that the transaction will
not adversely affect the Plan.
|
******
10
CONEXANT SYSTEMS, INC. RETIREMENT SAVINGS PLAN
FORM 5500, SCHEDULE H, PART IV, LINE 4(i)
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 31, 2007
|
|
|
|
|
|
|
|
|
(a)
|
|
(b)
|
|
(c)
|
|
(d)
|
|
|
Identity of
|
|
Description of Investment,
|
|
|
|
|
Issue, Borrower,
|
|
Including Maturity Date,
|
|
|
|
|
Lessor, or Similar
|
|
Rate of Interest, Collateral,
|
|
Current
|
|
|
Party
|
|
Par, or Maturity Value
|
|
Value
|
|
|
|
Cash and cash equilalents
|
|
Cash
|
|
$
|
248,194
|
|
*
|
|
Conexant Common Stock Fund
|
|
Common Stock (9,217,791
shares)
|
|
|
7,650,767
|
|
|
|
Skyworks Common Stock Fund
|
|
Common Stock (456,847 shares)
|
|
|
3,883,200
|
|
|
|
Mindspeed Common Stock Fund
|
|
Common Stock (1,024,733 shares)
|
|
|
1,250,174
|
|
|
|
Oakmark Select I
|
|
Mutual fund
|
|
|
2,551,802
|
|
|
|
Baron Growth
|
|
Mutual fund
|
|
|
9,717,223
|
|
|
|
Ariel Fund
|
|
Mutual fund
|
|
|
1,909,313
|
|
|
|
VK Growth & Income Fund
|
|
Mutual fund
|
|
|
2,605,705
|
|
*
|
|
Fidelity Low Price Stock Fund
|
|
Mutual fund
|
|
|
5,491,563
|
|
*
|
|
Fidelity Growth Company
|
|
Mutual fund
|
|
|
6,909,831
|
|
*
|
|
Fidelity OTC Portfolio
|
|
Mutual fund
|
|
|
2,719,933
|
|
*
|
|
Fidelity Equity Income
|
|
Mutual fund
|
|
|
8,453,045
|
|
*
|
|
Fidelity Contrafund
|
|
Mutual fund
|
|
|
20,710,821
|
|
*
|
|
Fidelity Diversified international
|
|
Mutual fund
|
|
|
29,920,032
|
|
*
|
|
Fidelity Magellan
|
|
Mutual fund
|
|
|
8,032,041
|
|
*
|
|
Fidelity Mid-Cap Stock
|
|
Mutual fund
|
|
|
13,118,732
|
|
*
|
|
Fidelity Freedom Income
|
|
Mutual fund
|
|
|
978,548
|
|
*
|
|
Fidelity Freedom 2000
|
|
Mutual fund
|
|
|
607,098
|
|
*
|
|
Fidelity Freedom 2005
|
|
Mutual fund
|
|
|
67,974
|
|
*
|
|
Fidelity Freedom 2010
|
|
Mutual fund
|
|
|
3,395,692
|
|
*
|
|
Fidelity Freedom 2015
|
|
Mutual fund
|
|
|
737,010
|
|
*
|
|
Fidelity Freedom 2020
|
|
Mutual fund
|
|
|
12,970,104
|
|
*
|
|
Fidelity Freedom 2025
|
|
Mutual fund
|
|
|
1,109,255
|
|
*
|
|
Fidelity Freedom 2030
|
|
Mutual fund
|
|
|
6,046,311
|
|
*
|
|
Fidelity Freedom 2035
|
|
Mutual fund
|
|
|
519,979
|
|
*
|
|
Fidelity Freedom 2040
|
|
Mutual fund
|
|
|
1,376,270
|
|
*
|
|
Fidelity Freedom 2045
|
|
Mutual fund
|
|
|
32,630
|
|
*
|
|
Fidelity Freedom 2050
|
|
Mutual fund
|
|
|
199,853
|
|
*
|
|
Fidelity U.S. Bond Index
|
|
Mutual fund
|
|
|
7,337,779
|
|
*
|
|
Fidelity Intermediate Govt.
|
|
Mutual fund
|
|
|
2,406,801
|
|
*
|
|
Fidelity Retirement Money Market
|
|
Mutual fund
|
|
|
16,094,663
|
|
|
|
Spartan U.S. Equity Index
|
|
Mutual fund
|
|
|
20,598,698
|
|
*
|
|
Fidelity Managed Income portfolio (stable
value)
|
|
Common collective trust
|
|
|
15,411,580
|
|
*
|
|
Participant loans receivable
|
|
Bearing interest from 5.00% to
10.50% and maturing between
January 2008 and June 2014
|
|
|
1,166,147
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
216,228,768
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Identified as a party-in-interest to the Plan.
|
|
|
|
|
|
|
12
SIGNATURE
The Plan.
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or
other persons who administer the employee benefit plan) have duly caused this annual report to be
signed on its behalf by the undersigned hereunto duly authorized.
|
|
|
|
|
|
CONEXANT SYSTEMS, INC. RETIREMENT SAVINGS PLAN
|
|
Date: June 30, 2008
|
By:
|
/s/ Karen Roscher
|
|
|
|
Karen Roscher
|
|
|
|
Senior Vice President and Chief Financial Officer
of Conexant Systems, Inc. and Member of the
Plan Committee
|
|
|
13
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