Silicon Laboratories (SLAB) 10-K 1 Feb 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2022	Jan. 24, 2023	Jul. 01, 2022
Document and Entity Information
Entity Registrant Name	SILICON LABORATORIES INC.
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	000-29823
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	74-2793174
Entity Address, Address Line One	400 West Cesar Chavez
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78701
City Area Code	512
Local Phone Number	416-8500
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	SLAB
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 4.3
Entity Common Stock, Shares Outstanding		31,899,142
Entity Central Index Key	0001038074
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Austin, Texas

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Jan. 01, 2022
Current assets:
Cash and cash equivalents	$ 499,915	$ 1,074,623
Short-term investments	692,024	964,582
Accounts receivable, net	71,437	98,313
Inventories	100,417	49,307
Prepaid expenses and other current assets	97,570	51,748
Total current assets	1,461,363	2,238,573
Property and equipment, net	152,016	146,516
Goodwill	376,389	376,389
Other intangible assets, net	84,907	118,978
Other assets, net	94,753	77,839
Total assets	2,169,428	2,958,295
Current liabilities:
Accounts payable	89,860	47,327
Current portion of convertible debt, net		450,599
Deferred revenue and returns liability	6,780	13,849
Other current liabilities	89,136	157,052
Total current liabilities	185,776	668,827
Convertible debt, net	529,573
Other non-current liabilities	49,071	77,044
Total liabilities	764,420	745,871
Commitments and contingencies
Stockholders' equity:
Preferred stock - $0.0001 par value; 10,000 shares authorized; no shares issued
Common stock - $0.0001 par value; 250,000 shares authorized; 31,994 and 38,481 shares issued and outstanding at December 31, 2022 and January 1, 2022, respectively	3	4
Retained earnings	1,415,693	2,214,839
Accumulated other comprehensive loss	(10,688)	(2,419)
Total stockholders' equity	1,405,008	2,212,424
Total liabilities and stockholders' equity	$ 2,169,428	$ 2,958,295

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2022	Jan. 01, 2022
Consolidated Balance Sheets
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000	10,000
Preferred stock, shares issued	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	250,000	250,000
Common stock, shares issued	31,994	38,481
Common stock, shares outstanding	31,994	38,481

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Jan. 02, 2021
Consolidated Statements of Income
Revenues	$ 1,024,106	$ 720,860	$ 510,928
Cost of revenues	381,549	295,468	216,083
Gross profit	642,557	425,392	294,845
Operating expenses:
Research and development	332,326	273,208	235,185
Selling, general and administrative	190,971	185,022	166,748
Operating expenses	523,297	458,230	401,933
Operating income (loss)	119,260	(32,838)	(107,088)
Other income (expense):
Interest income and other, net	13,915	5,696	9,027
Interest expense	(6,723)	(31,033)	(34,142)
Income (loss) from continuing operations before income taxes	126,452	(58,175)	(132,203)
Provision (benefit) for income taxes	38,450	13,427	(14,602)
Equity-method earnings	3,400	13,728	2,116
Income (loss) from continuing operations	91,402	(57,874)	(115,485)
Income from discontinued operations, net of income taxes	0	2,175,273	128,016
Net income	$ 91,402	$ 2,117,399	$ 12,531
Basic earnings (loss) per share:
Continuing operations	$ 2.61	$ (1.35)	$ (2.64)
Net income	2.61	49.44	0.29
Diluted earnings (loss) per share:
Continuing operations	2.54	(1.35)	(2.64)
Net income	$ 2.54	$ 47.78	$ 0.28
Weighted-average common shares outstanding:
Basic	35,086	42,830	43,775
Diluted	36,042	44,315	44,372

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Jan. 02, 2021
Consolidated Statements of Comprehensive Income
Net income	$ 91,402	$ 2,117,399	$ 12,531
Net changes to available-for-sale securities:
Unrealized gains (losses) arising during the period	(12,562)	(4,338)	1,131
Reclassification for (gains) losses included in net income	2,088	(335)	(510)
Net changes to cash flow hedges:
Unrealized gains (losses) arising during the period	(4,110)	(598)	33
Reclassification for (gains) losses included in net income	4,110	(87)	825
Other comprehensive income (loss), before tax	(10,474)	(5,358)	1,479
Provision (benefit) for income taxes	(2,205)	(1,125)	311
Other comprehensive income (loss)	(8,269)	(4,233)	1,168
Comprehensive income	$ 83,133	$ 2,113,166	$ 13,699

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock Cumulative effect of adoption of accounting standard	Common Stock	Additional Paid-In Capital Cumulative effect of adoption of accounting standard	Additional Paid-In Capital	Retained Earnings Cumulative effect of adoption of accounting standard	Retained Earnings	Accumulated Other Comprehensive Income (Loss) Cumulative effect of adoption of accounting standard	Accumulated Other Comprehensive Income (Loss)	Cumulative effect of adoption of accounting standard	Total
Balance at Dec. 28, 2019		$ 4		$ 133,793	$ 525	$ 980,608		$ 646	$ 525	$ 1,115,051
Balance (in shares) at Dec. 28, 2019		43,496
Increase (Decrease) in Stockholders' Equity
Net income						12,531				12,531
Other comprehensive income (loss)								1,168		1,168
Stock issuances, net of shares withheld for taxes				(3,109)						(3,109)
Stock issuances, net of shares withheld for taxes (in shares)		639
Repurchases of common stock				(16,287)						(16,287)
Repurchases of common stock (in shares)		(210)
Stock-based compensation				60,065						60,065
Convertible debt activity				29,897						29,897
Balance at Jan. 02, 2021		$ 4		204,359		993,664		1,814		1,199,841
Balance (in shares) at Jan. 02, 2021		43,925
Increase (Decrease) in Stockholders' Equity
Net income						2,117,399				2,117,399
Other comprehensive income (loss)								(4,233)		(4,233)
Stock issuances, net of shares withheld for taxes				(8,056)						(8,056)
Stock issuances, net of shares withheld for taxes (in shares)		548
Repurchases of common stock				(253,820)		(896,224)				(1,150,044)
Repurchases of common stock (in shares)		(6,520)
Stock-based compensation				58,264						58,264
Convertible debt activity				(747)						(747)
Convertible debt activity (in shares)		528
Balance at Jan. 01, 2022		$ 4				2,214,839		(2,419)		$ 2,212,424
Balance (in shares) at Jan. 01, 2022		38,481								38,481
Increase (Decrease) in Stockholders' Equity
Net income						91,402				$ 91,402
Other comprehensive income (loss)								(8,269)		(8,269)
Stock issuances, net of shares withheld for taxes				(3,608)						(3,608)
Stock issuances, net of shares withheld for taxes (in shares)		387
Repurchases of common stock		$ (1)		(56,968)		(830,585)				(887,554)
Repurchases of common stock (in shares)		(6,874)
Stock-based compensation		$ 0		60,576		0		0		60,576
Balance at Dec. 31, 2022	$ 0	$ 3	$ 0	$ 0	$ (59,963)	$ 1,415,693	$ 0	$ (10,688)	$ (59,963)	$ 1,405,008
Balance (in shares) at Dec. 31, 2022		31,994								31,994

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Jan. 02, 2021
Operating Activities
Net income	$ 91,402	$ 2,117,399	$ 12,531
Adjustments to reconcile net income to net cash provided by (used in) operating activities of continuing operations:
Income from discontinued operations, net of income taxes	0	(2,175,273)	(128,016)
Depreciation of property and equipment	22,524	18,051	16,267
Amortization of other intangible assets	34,071	44,505	42,569
Amortization of debt discount and debt issuance costs	2,003	22,767	21,433
Loss on extinguishment of convertible debt	3	3,370	4,060
Stock-based compensation expense	60,510	56,842	49,454
Equity-method earnings	(3,400)	(13,728)	(2,116)
Deferred income taxes	(18,240)	(3,414)	(6,533)
Changes in operating assets and liabilities:
Accounts receivable	26,876	(3,144)	(17,612)
Inventories	(51,044)	(1,510)	9,148
Prepaid expenses and other assets	(31,240)	44,664	(50,664)
Accounts payable	36,797	(7,704)	15,263
Other current liabilities and income taxes	(12,738)	2,109	3,215
Deferred revenue and returns liability	(7,069)	863	(6,694)
Other non-current liabilities	(9,181)	(14,599)	28,856
Net cash provided by (used in) operating activities of continuing operations	141,274	91,198	(8,839)
Investing Activities
Purchases of marketable securities	(607,237)	(1,541,971)	(519,567)
Sales of marketable securities	223,354	250,075	164,968
Maturities of marketable securities	650,946	844,966	332,389
Purchases of property and equipment	(26,525)	(28,577)	(18,088)
Purchases of other assets		(1,158)	(1,210)
Acquisitions of businesses, net of cash acquired			(316,809)
Net cash provided by (used in) investing activities of continuing operations	240,538	(476,665)	(358,317)
Financing Activities
Proceeds from issuance of debt			845,000
Payments on debt	(21)	(140,572)	(624,737)
Repurchases of common stock	(883,424)	(1,150,044)	(16,287)
Payment of taxes withheld for vested stock awards	(15,387)	(22,239)	(18,124)
Proceeds from the issuance of common stock	11,779	14,183	15,015
Net cash provided by (used in) financing activities of continuing operations	(887,053)	(1,298,672)	200,867
Discontinued Operations
Operating activities	(69,467)	(191,642)	144,557
Investing activities	0	2,747,684	(2,694)
Net cash provided by (used in) discontinued operations	(69,467)	2,556,042	141,863
Increase (decrease) in cash and cash equivalents	(574,708)	871,903	(24,426)
Cash and cash equivalents at beginning of period	1,074,623	202,720	227,146
Cash and cash equivalents at end of period	499,915	1,074,623	202,720
Supplemental Disclosure of Cash Flow Information:
Interest paid	4,427	5,010	8,662
Income taxes paid	$ 132,005	$ 266,277	$ 7,217

Description of Business

Description of Business	12 Months Ended
	Dec. 31, 2022
Description of Business
Description of Business	1. Description of Business Silicon Laboratories Inc. (the “Company”), a Delaware corporation, is a leader in secure, intelligent wireless technology for a more connected world. Our integrated hardware and software platform, intuitive development tools, industry-leading ecosystem, and robust support help customers build advanced industrial, commercial, home, and life applications. The Company provides analog-intensive, mixed-signal solutions for use in a variety of electronic products in a broad range of applications for the Internet of Things (IoT) including connected home and security, industrial automation and control, smart metering, smart lighting, commercial building automation, consumer electronics, asset tracking and medical instrumentation. Within the semiconductor industry, the Company is known as a “fabless” company meaning that the integrated circuits (ICs) incorporated in its products are manufactured by third-party foundry semiconductor companies. On July 26, 2021, the Company sold its infrastructure and automotive business to Skyworks Solutions, Inc for $2.75 billion in cash. The financial results of the infrastructure and automotive business have been presented as discontinued operations in the Consolidated Financial Statements. See Note 3, Discontinued Operations

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Significant Accounting Policies
Significant Accounting Policies	2. Significant Accounting Policies Basis of Presentation and Principles of Consolidation The Company prepares financial statements on a 52- or 53-week fiscal year that ends on the Saturday closest to December 31. Fiscal 2022 and 2021 had 52 weeks. Fiscal 2020 had 53 weeks with the extra week occurring in the first quarter of the year. Fiscal 2022, 2021 and 2020 ended on December 31, 2022, January 1, 2022 and January 2, 2021, respectively. The accompanying Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Foreign Currency Transactions The Company’s foreign subsidiaries are considered to be extensions of the U.S. Company. The functional currency of the foreign subsidiaries is the U.S. dollar. Accordingly, gains and losses resulting from remeasuring transactions denominated in currencies other than U.S. dollars are included in interest income and other, net in the Consolidated Statements of Income. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Among the significant estimates affecting the financial statements are those related to inventories, goodwill, acquired intangible assets, other long-lived assets, revenue recognition, stock-based compensation and income taxes. Actual results could differ from those estimates, and such differences could be material to the financial statements. The Company periodically reviews the assumptions used in its financial statement estimates. Fair Value of Financial Instruments The fair values of the Company’s financial instruments are recorded using a hierarchical disclosure framework based upon the level of subjectivity of the inputs used in measuring assets and liabilities. The three levels are described below: Level 1 - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 - Inputs other than Level 1 that are directly or indirectly observable, such as quoted prices for similar assets or liabilities and quoted prices in less active markets. Level 3 - Inputs are unobservable for the asset or liability and are developed based on the best information available in the circumstances, which might include the Company’s own data. 2. Significant Accounting Policies (Continued) Cash and Cash Equivalents Cash and cash equivalents consist of cash deposits, money market funds and investments in debt securities with original maturities of ninety days or less when purchased. Investments The Company’s investments typically have original maturities greater than ninety days as of the date of purchase and are classified as available-for-sale securities. Investments in available-for-sale securities are reported at fair value, with unrealized gains and losses, net of tax, recorded as a component of accumulated other comprehensive loss in the Consolidated Balance Sheet. Investments in which the Company has the ability and intent, if necessary, to liquidate in order to support its current operations (including those with contractual maturities greater than one year from the date of purchase) are classified as short-term. The Company reviews its available-for-sale investments as of the end of each reporting period for declines in fair value based on the specific identification method. The Company records an allowance for credit loss when a decline in fair value is due to credit-related factors. The Company considers various factors in determining whether an investment is impaired, including the severity of the impairment, changes in underlying credit ratings, forecasted recovery, its intent to sell or the likelihood that it would be required to sell the investment before its anticipated recovery in market value and the probability that the scheduled cash payments will continue to be made. When the Company concludes that a credit-related impairment has occurred, the Company assesses whether it intends to sell the security or if it is more likely than not that it will be required to sell the security before recovery. If either of these two conditions is met, the Company recognizes a charge in earnings equal to the entire difference between the security’s amortized cost basis and its fair value. If the Company does not intend to sell a security and it is not more likely than not that it will be required to sell the security before recovery, the unrealized loss is separated into an amount representing the credit loss, which is recognized in earnings, and the amount related to all other factors, which is recorded in accumulated other comprehensive loss. In addition, the Company has made equity investments in non-publicly traded companies. Equity investments in which the Company does not have control, but has the ability to exercise significant influence over operating and financial policies, are accounted for using the equity method. The Company’s proportionate share of income or loss is recorded in equity-method earnings in the Consolidated Statements of Income. The Company has elected to use the measurement alternative under Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, Derivative Financial Instruments The Company uses derivative financial instruments to manage certain exposures to the variability of foreign currency exchange rates. The Company’s objective is to offset increases and decreases in expenses resulting from these exposures with gains and losses on the derivative contracts, thereby reducing volatility of earnings. The Company does not use derivative contracts for speculative or trading purposes. The Company recognizes derivatives, on a gross basis, in the Consolidated Balance Sheet at fair value. Cash flows from derivatives are classified according to the nature of the cash receipt or payment in the Consolidated Statement of Cash Flows. The Company also uses foreign currency forward contracts to reduce the earnings impact that exchange rate fluctuations have on non-U.S. dollar balance sheet exposures. The Company does not apply hedge accounting to these foreign currency forward contracts. 2. Significant Accounting Policies (Continued) Inventories Inventories are stated at the lower of cost, determined using the first-in, first-out method, or net realizable value. The Company writes down the carrying value of inventory to net realizable value for estimated obsolescence or unmarketable inventory based upon assumptions about the age of inventory, future demand and market conditions. Inventory impairment charges establish a new cost basis for inventory and charges are not subsequently reversed to income even if circumstances later suggest that increased carrying amounts are recoverable. Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the useful lives of the assets ranging from three The Company owns the facilities for its headquarters in Austin, Texas. The buildings are located on land which is leased through 2099 from a third party. The rents for these ground leases were prepaid for the term of the leases. The buildings and leasehold interest in ground leases are being depreciated on a straight-line basis over their estimated useful lives of 40 years and 86 years, respectively. Business Combinations The Company records business combinations using the acquisition method of accounting and, accordingly, allocates the fair value of acquisition consideration to the assets acquired and liabilities assumed based on their fair values at the acquisition date. The excess of the fair value of purchase consideration over the fair value of the assets acquired and liabilities assumed is recorded as goodwill. The results of operations of the businesses acquired are included in the Company’s consolidated results of operations beginning on the date of the acquisition. Long-Lived Assets Purchased intangible assets are stated at cost, net of accumulated amortization, and are amortized using the straight-line method over their estimated useful lives, ranging from five Long-lived assets “held and used” by the Company are reviewed for impairment whenever events or changes in circumstances indicate that their net book value may not be recoverable. When such factors and circumstances exist, the Company compares the projected undiscounted future cash flows associated with the related asset or group of assets over their estimated useful lives against their respective carrying amounts. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets and is recorded in the period in which the determination was made. The Company tests goodwill for impairment annually as of the first day of its fourth fiscal quarter and in interim periods if events occur that would indicate that the carrying value of goodwill may be impaired. The Company assesses goodwill for impairment by comparing the fair value of the reporting unit to its carrying amount. In determining fair value, several valuation methodologies are allowed, although quoted market prices are the best evidence of fair value. If the fair value of the reporting unit is less than its carrying amount, an impairment loss is recognized equal to that excess amount. ​ 2. Significant Accounting Policies (Continued) Leases At the commencement date of a lease, the Company recognizes a liability to make lease payments and an asset representing the right to use the underlying asset during the lease term. The lease liability is measured at the present value of lease payments over the lease term. As its leases typically do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date taking into consideration necessary adjustments for collateral, depending on the facts and circumstances of the lessee and the leased asset, and term to match the lease term. The right-of-use (“ROU”) asset is measured at cost, which includes the initial measurement of the lease liability and initial direct costs incurred by the Company and excludes lease incentives. Lease liabilities are recorded in other current liabilities and other non-current liabilities. ROU assets are recorded in other assets, net. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Operating lease costs are recognized on a straight-line basis over the lease term. Lease agreements that contain both lease and non-lease components are generally accounted for separately. Revenue Recognition Revenue is recognized when control of the promised goods or services is transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Substantially all of the Company’s contracts with customers contain a single performance obligation, the sale of mixed-signal integrated circuit (IC) products. This performance obligation is satisfied when control of the product is transferred to the customer, which typically occurs upon delivery. Unsatisfied performance obligations primarily represent contracts for products with future delivery dates. The Company has opted to not disclose the amount of unsatisfied performance obligations as these contracts have original expected durations of less than one year . The transaction price reflects the Company’s expectations about the consideration it will be entitled to receive from the customer and may include fixed or variable amounts. Variable consideration primarily includes sales made to distributors under agreements allowing certain rights of return, referred to as stock rotation, and credits issued to the distributor due to price protection. The Company estimates variable consideration at the most likely amount to which it expects to be entitled. The estimate is based on information available to the Company, including recent sales activity and pricing data. The Company applies a constraint to its variable consideration estimate which considers both the likelihood of a return and the amount of a potential price concession. Variable consideration that does not meet revenue recognition criteria is deferred. The Company records a right of return asset in prepaid expenses and other current assets for the costs of distributor inventory not meeting revenue recognition criteria. A corresponding deferred revenue and returns liability amount is recorded for unrecognized revenue associated with such costs. The Company’s products carry a one-year replacement warranty. Payments are typically due within 30 days of invoicing and do not include a significant financing component. Shipping and Handling Shipping and handling costs are classified as a component of cost of revenues in the Consolidated Statements of Income. Stock-Based Compensation The Company has stock-based compensation plans, which are more fully described in Note 16, Stock-Based Compensation 2. Significant Accounting Policies (Continued) Research and Development Research and development costs are expensed as incurred. Research and development expense consists primarily of personnel-related expenses, including stock-based compensation, as well as new product masks, external consulting and services costs, equipment tooling, equipment depreciation, amortization of intangible assets, and an allocated portion of our occupancy costs. Assets purchased to support the Company’s ongoing research and development activities are capitalized when related to products which have achieved technological feasibility or have an alternative future use, and are amortized over their estimated useful lives. Advertising Advertising costs are expensed as incurred. Advertising expenses were not material for any of the periods presented. Income Taxes The Company accounts for income taxes using the liability method whereby deferred tax asset and liability account balances are determined based on differences between the financial reporting and the tax bases of assets and liabilities and are measured using the enacted tax laws and related rates that will be in effect when the differences are expected to reverse. These differences result in deferred tax assets and liabilities, which are included in the Company’s Consolidated Balance Sheets. The Company then assesses the likelihood that the deferred tax assets will be realized. A valuation allowance is established against deferred tax assets to the extent the Company believes that it is more likely than not that the deferred tax assets will not be realized, taking into consideration the level of historical taxable income and projections for future taxable income over the periods in which the temporary differences are deductible. Uncertain tax positions must meet a more-likely-than-not threshold to be recognized in the financial statements and the tax benefits recognized are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon final settlement. See Note 18, Income Taxes Adoption of New Accounting Standard Convertible Instruments The Company adopted FASB ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40) ​ ​ ​ ​ ​ ​ ​ Increase Financial Statement Line Item (Decrease) Current portion of convertible debt, net ​ $ 76,991 Other non-current liabilities ​ $ (17,028) Retained earnings ​ $ (59,963) ​ The primary impact of the Company’s adoption of ASU 2020-06 was to increase the carrying value of its convertible debt, representing the unamortized debt discount, and reduce deferred tax liabilities related to convertible debt. The adoption reduced reported interest expense recorded in connection with convertible debt, which increased basic earnings per share and diluted earnings per share by $0.47 and $0.46, respectively, for the year ended December 31, 2022.

Discontinued Operations

Discontinued Operations	12 Months Ended
	Dec. 31, 2022
Discontinued Operations.
Discontinued Operations	3. Discontinued Operations On July 26, 2021, the Company sold its infrastructure and automotive business to Skyworks Solutions, Inc. for $2.75 billion in cash. The financial results of the infrastructure and automotive business, which are readily distinguishable from other components of the Company, have been presented as discontinued operations in the Consolidated Financial Statements because the sale represented a strategic shift for the Company. The following table presents the financial results of the infrastructure and automotive business (the “discontinued operations”) in the Company’s Consolidated Statements of Income (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ January 1, ​ January 2, ​ 2022 2021 Revenues ​ $ 233,918 ​ $ 375,749 Costs of revenues ​ 95,457 ​ ​ 143,068 Operating expenses ​ ​ 46,643 ​ ​ 87,293 Operating income from discontinued operations ​ 91,818 ​ ​ 145,388 Gain on sale of discontinued operations ​ ​ 2,423,161 ​ ​ — Income from discontinued operations before income taxes ​ ​ 2,514,979 ​ ​ 145,388 Provision for income taxes ​ 339,706 ​ ​ 17,372 Income from discontinued operations ​ $ 2,175,273 ​ $ 128,016 ​ ​ ​ ​ ​ ​ ​ Income from discontinued operations per share: ​ ​ ​ ​ Basic ​ $ 50.79 ​ $ 2.92 Diluted ​ $ 49.09 ​ $ 2.89 ​ Continuing Involvement In connection with the closing of the sale, the Company entered into certain ancillary agreements with Skyworks, including a Transition Services Agreement (“TSA”). Through the TSA, the Company has subleased certain premises to Skyworks and will provide or provides various temporary support services for three

Earnings (Loss) Per Share

Earnings (Loss) Per Share	12 Months Ended
	Dec. 31, 2022
Earnings (Loss) Per Share
Earnings (Loss) Per Share	4. Earnings (Loss) Per Share The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ December 31, ​ January 1, ​ January 2, ​ ​ 2022 2022 2021 Income (loss) from continuing operations ​ $ 91,402 ​ $ (57,874) ​ $ (115,485) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares used in computing basic earnings (loss) per share ​ ​ 35,086 ​ 42,830 ​ 43,775 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock-based awards and convertible debt ​ ​ 956 ​ — ​ — Shares used in computing diluted earnings (loss) per share ​ ​ 36,042 ​ 42,830 ​ 43,775 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (loss) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 2.61 ​ $ (1.35) ​ $ (2.64) Diluted ​ $ 2.54 ​ $ (1.35) ​ $ (2.64) ​ Diluted shares for fiscal 2021 and 2020 excluded 1.5 million and 0.6 million shares, respectively, due to the Company’s loss from continuing operations for the periods. The Company has irrevocably elected to settle the principal amount of its convertible senior notes in cash and intends to settle any excess value in shares in the event of a conversion. For fiscal 2022, 2021 and 2020 approximately 0.6 million shares, 1.0 million shares and 0.2 million shares, respectively, were included in the denominator for the calculation of diluted earnings per share. See Note 11, Debt

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2022
Fair Value of Financial Instruments
Fair Value of Financial Instruments	5. Fair Value of Financial Instruments The following summarizes the valuation of the Company’s financial instruments (in thousands). The tables do not include either cash on hand or assets and liabilities that are measured at historical cost or any basis other than fair value. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ ​ ​ ​ ​ at December 31, 2022 Using ​ ​ ​ ​ ​ Quoted Prices in ​ Significant Other ​ ​ ​ ​ ​ Active Markets for ​ Observable ​ ​ ​ ​ ​ Identical Assets ​ Inputs ​ ​ ​ Description (Level 1) (Level 2) Total Cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 310,969 ​ $ — ​ $ 310,969 Corporate debt securities ​ ​ — ​ ​ 3,249 ​ ​ 3,249 Total cash equivalents ​ $ 310,969 ​ $ 3,249 ​ $ 314,218 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt securities ​ $ — ​ $ 501,014 ​ $ 501,014 Government debt securities ​ ​ — ​ ​ 191,010 ​ ​ 191,010 Total short-term investments ​ $ — ​ $ 692,024 ​ $ 692,024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 310,969 ​ $ 695,273 ​ $ 1,006,242 ​ 5. Fair Value of Financial Instruments (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ ​ ​ ​ ​ at January 1, 2022 Using ​ ​ ​ ​ ​ Quoted Prices in ​ Significant Other ​ Significant ​ ​ ​ ​ ​ Active Markets for ​ Observable ​ Unobservable ​ ​ ​ ​ ​ Identical Assets ​ Inputs ​ Inputs ​ ​ ​ Description (Level 1) (Level 2) (Level 3) Total Cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 845,740 ​ $ — ​ $ — ​ $ 845,740 Corporate debt securities ​ ​ — ​ 3,552 ​ — ​ 3,552 Government debt securities ​ ​ — ​ ​ 2,950 ​ ​ — ​ ​ 2,950 Total cash equivalents ​ $ 845,740 ​ $ 6,502 ​ $ — ​ $ 852,242 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt securities ​ $ — ​ $ 773,461 ​ $ — ​ $ 773,461 Government debt securities ​ ​ 71,509 ​ ​ 119,612 ​ ​ — ​ ​ 191,121 Total short-term investments ​ $ 71,509 ​ $ 893,073 ​ $ — ​ $ 964,582 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other assets, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Auction rate securities ​ $ — ​ $ — ​ $ 4,980 ​ $ 4,980 Total ​ $ — ​ $ — ​ $ 4,980 ​ $ 4,980 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 917,249 ​ $ 899,575 ​ $ 4,980 ​ $ 1,821,804 ​ Valuation methodology The Company’s cash equivalents and short-term investments that are classified as Level 2 are valued using non-binding market consensus prices that are corroborated with observable market data; quoted market prices for similar instruments in active markets; quoted prices in less active markets; or pricing models, such as a discounted cash flow model, with all significant inputs derived from or corroborated with observable market data. Investments classified as Level 3 are valued using a discounted cash flow model. The assumptions used in preparing the discounted cash flow model include estimates for interest rates, amount of cash flows, expected holding periods of the securities and a discount to reflect the Company’s inability to liquidate the securities. The Company’s foreign currency derivative instruments are valued using discounted cash flow models. The assumptions used in preparing the valuation models include foreign exchange rates, forward and spot prices for currencies and market observable data of similar instruments. Contractual maturities of investments The Company’s available-for-sale investments are reported at fair value, with unrealized gains and losses, net of tax, recorded as a component of accumulated other comprehensive loss in the Consolidated Balance Sheet. The following summarizes the contractual underlying maturities of the Company’s available-for-sale investments at December 31, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair ​ ​ Cost ​ Value Due in one year or less ​ $ 462,096 ​ $ 454,957 Due after one year through ten years ​ ​ 243,957 ​ ​ 237,561 Due after ten years ​ ​ 2,755 ​ ​ 2,755 ​ ​ $ 708,808 ​ $ 695,273 ​ 5. Fair Value of Financial Instruments (Continued) Unrealized Gains and Losses The available-for-sale investments that were in a continuous unrealized loss position, aggregated by length of time that individual securities have been in a continuous loss position, were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less Than 12 Months ​ 12 Months or Greater ​ Total ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ Gross ​ ​ ​ ​ Gross ​ ​ Fair ​ Unrealized ​ Fair ​ Unrealized ​ Fair ​ Unrealized As of December 31, 2022 Value Losses Value Losses Value Losses Corporate debt securities ​ $ 307,085 ​ $ (5,297) ​ $ 185,467 ​ $ (4,090) ​ $ 492,552 ​ $ (9,387) Government debt securities ​ ​ 76,651 ​ ​ (626) ​ ​ 100,209 ​ ​ (3,541) ​ ​ 176,860 ​ ​ (4,167) ​ ​ $ 383,736 ​ $ (5,923) ​ $ 285,676 ​ $ (7,631) ​ $ 669,412 ​ $ (13,554) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less Than 12 Months ​ 12 Months or Greater ​ Total ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ Gross ​ ​ ​ ​ Gross ​ ​ Fair ​ Unrealized ​ Fair ​ Unrealized ​ Fair ​ Unrealized As of January 1, 2022 Value Losses Value Losses Value Losses Corporate debt securities ​ $ 418,917 ​ $ (1,451) ​ $ 326 ​ $ (1) ​ $ 419,243 ​ $ (1,452) Government debt securities ​ ​ 126,957 ​ ​ (750) ​ ​ — ​ ​ — ​ ​ 126,957 ​ ​ (750) Auction rate securities ​ ​ — ​ ​ — ​ ​ 4,980 ​ ​ (1,020) ​ ​ 4,980 ​ ​ (1,020) ​ ​ $ 545,874 ​ $ (2,201) ​ $ 5,306 ​ $ (1,021) ​ $ 551,180 ​ $ (3,222) ​ The gross unrealized losses as of December 31, 2022 were due primarily to changes in market interest rates. The gross unrealized losses as of January 1, 2022 were due primarily to changes in market interest rates and the illiquidity of the Company’s auction-rate securities. ​ The Company records an allowance for credit loss when a decline in investment market value is due to credit-related factors. When evaluating an investment for impairment, the Company reviews factors such as the severity of the impairment, changes in underlying credit ratings, forecasted recovery, the Company’s intent to sell or the likelihood that it would be required to sell the investment before its anticipated recovery in market value and the probability that the scheduled cash payments will continue to be made. As of December 31, 2022, there were no material declines in the market value of available-for-sale investments due to credit-related factors. At December 31, 2022 and January 1, 2022, there were no material unrealized gains associated with the Company’s available-for-sale investments. 5. Fair Value of Financial Instruments (Continued) Level 3 fair value measurements The following summarizes the activity in Level 3 financial instruments for the years ended December 31, 2022 and January 1, 2022 (in thousands): Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ December 31, ​ January 1, Auction Rate Securities 2022 2022 Beginning balance ​ $ 4,980 ​ $ 5,340 Sales (1) ​ ​ (6,000) ​ ​ — Loss recognized in earnings ​ ​ 300 ​ ​ — Gain (loss) included in other comprehensive income (loss) ​ 720 ​ (360) Ending balance ​ $ — ​ $ 4,980 (1) On May 31, 2022, the Company sold its prior remaining holding of auction-rate securities for $ 5.7 million. Fair values of other financial instruments The Company’s debt is recorded at cost, but is measured at fair value for disclosure purposes. The fair value of the Company’s convertible senior notes is determined using observable market prices. The notes are traded in less active markets and are therefore classified as a Level 2 fair value measurement. As of December 31, 2022 and January 1, 2022, the fair value of the notes was $671.9 million and $944.3 million, respectively. The Company’s other financial instruments, including cash, accounts receivable and accounts payable, are recorded at amounts that approximate their fair values due to their short maturities.

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2022
Derivative Financial Instruments
Derivative Financial Instruments	6. Derivative Financial Instruments The Company uses derivative financial instruments to manage certain exposures to the variability of foreign currency exchange rates. The Company’s objective is to offset increases and decreases in expenses resulting from these exposures with gains and losses on the derivative contracts, thereby reducing volatility of earnings. Cash Flow Hedges Foreign Currency Forward Contracts The Company may use foreign currency forward contracts to reduce the earnings impact that exchange rate fluctuations have on operating expenses denominated in currencies other than the U.S. dollar. Changes in the fair value of the contracts are recorded in accumulated other comprehensive loss in the Consolidated Balance Sheet and subsequently reclassified into earnings in the period during which the hedged transaction is recognized. The reclassified amount is reported in the same financial statement line item as the hedged item. If the foreign currency forward contracts are terminated or can no longer qualify as hedging instruments prior to maturity, the fair value of the contracts recorded in accumulated other comprehensive loss may be recognized in the Consolidated Statement of Income based on an assessment of the contracts at the time of termination. As of December 31, 2022, the Company held no such foreign currency forward contracts. The fair value of the contracts, contract gains or losses recognized in other comprehensive loss and amounts reclassified from accumulated other comprehensive loss into earnings were not material for any of the periods presented. ​ 6. Derivative Financial Instruments (Continued) Non-designated Hedges Foreign Currency Forward Contracts The Company may use foreign currency forward contracts to reduce the earnings impact that exchange rate fluctuations have on non-U.S. dollar balance sheet exposures. The Company recognizes gains and losses on the foreign currency forward contracts in interest income and other, net in the Consolidated Statement of Income in the same period as the remeasurement loss and gain of the related foreign currency denominated asset or liability. The Company does not apply hedge accounting to these foreign currency forward contracts. As of December 31, 2022, the Company held no such foreign currency forward contracts. The fair value of the foreign contracts and contract gains and losses recognized in income were not material for any of the periods presented.

Supplemental Information

Supplemental Information	12 Months Ended
	Dec. 31, 2022
Supplemental Information
Supplemental Information	7. Supplemental Information The following tables show the details of selected Consolidated Balance Sheet items (in thousands): ​ Inventories ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, January 1, ​ ​ 2022 ​ 2022 Work in progress ​ $ 75,112 ​ $ 36,078 Finished goods ​ 25,305 ​ 13,229 ​ ​ $ 100,417 ​ $ 49,307 ​ Property and Equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, January 1, ​ ​ 2022 ​ 2022 Buildings and improvements ​ $ 125,471 ​ $ 122,163 Equipment ​ 62,304 ​ 48,876 Computers and purchased software ​ 55,065 ​ 48,519 Leasehold interest in ground leases ​ 23,840 ​ 23,840 Leasehold improvements ​ 14,209 ​ 13,427 Furniture and fixtures ​ 9,909 ​ 10,794 ​ ​ 290,798 ​ 267,619 Accumulated depreciation ​ (138,782) ​ (121,103) ​ ​ $ 152,016 ​ $ 146,516 ​ Other Assets, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, January 1, ​ 2022 2022 Equity-method investment* ​ $ 27,478 ​ $ 24,078 Other ​ 67,275 ​ 53,761 ​ ​ $ 94,753 ​ $ 77,839 * The Company holds an 8 % equity interest in China Walden Venture Investments III, a limited partnership. ​ 7. Supplemental Information (Continued) Other Current Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, January 1, ​ ​ 2022 ​ 2022 Accrued compensation and benefits ​ $ 43,736 ​ $ 42,008 Income taxes payable ​ ​ 11,472 ​ ​ 73,771 Other ​ 33,928 ​ 41,273 ​ ​ $ 89,136 ​ $ 157,052 ​

Risks and Uncertainties

Risks and Uncertainties	12 Months Ended
	Dec. 31, 2022
Risks and Uncertainties
Risks and Uncertainties	8. Risks and Uncertainties Financial Instruments Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash equivalents, investments, accounts receivable and derivatives. The Company places its cash equivalents and investments primarily in municipal bonds, money market funds, corporate bonds, U.S. government securities, agency bonds, asset-back securities, variable rate demand notes, Yankee bonds and commercial paper. Concentrations of credit risk with respect to accounts receivable are primarily due to customers with large outstanding balances. The Company’s customers that accounted for greater than 10% of accounts receivable consisted of the following distributors: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ January 1, ​ 2022 2022 Arrow Electronics 29 % 28 % Edom Technology ​ * ​ 18 % ​ * Less than 10% of accounts receivable The Company performs periodic credit evaluations of its customers’ financial condition and generally requires no collateral from its customers. The Company provides an allowance for expected credit losses based upon the net amount expected to be collected on such receivables. Losses have not been significant for any of the periods presented. As a result of its use of derivative instruments, the Company is exposed to the risk that its counterparties will fail to meet their contractual obligations. To mitigate this counterparty credit risk, the Company has a policy to enter into contracts with only selected major financial institutions. The Company periodically reviews and re-assesses the creditworthiness of such counterparties based on a variety of factors. Distributor Advances On sales to distributors, the Company’s payment terms often require the distributor to initially pay amounts owed to the Company for an amount in excess of their ultimate cost. The Company’s sales price to its distributors may be higher than the amount that the distributors will ultimately owe the Company because distributors often negotiate price reductions after purchasing the product from the Company and such reductions are often significant. These negotiated price discounts are not granted until the distributor sells the product to the end customer, which may occur after the distributor has paid the original invoice amount to the Company. Payment of invoices prior to receiving an associated discount can have an adverse impact on the working capital of the Company’s distributors. Accordingly, the Company has entered into agreements with certain distributors whereby it advances cash to the distributors to reduce the distributor’s working capital requirements. The advance amounts are based on the distributor’s inventory balance, and are adjusted quarterly. Such amounts are recorded in prepaid expenses and other current assets in the Consolidated Balance Sheet. The terms of these advances are set forth in binding legal agreements and are unsecured, bear no interest on unsettled balances and are due upon demand. The agreements governing these advances can be cancelled by the Company at any time. 8. Risks and Uncertainties (Continued) Suppliers A significant portion of the Company’s products are fabricated by Taiwan Semiconductor Manufacturing Co. (TSMC) or Semiconductor Manufacturing International Corporation (SMIC). The inability of TSMC or SMIC to deliver wafers to the Company on a timely basis could impact the production of the Company’s products for a substantial period of time, which could have a material adverse effect on the Company’s business, financial condition, results of operations and cash flows. Customers The Company sells directly to end customers, distributors and contract manufacturers. Although the Company actually sells the products to, and is paid by, distributors and contract manufacturers, the Company refers to the end customer as its customer. None of the Company’s end customers accounted for greater than 10% of revenue during fiscal 2022, 2021 or 2020. The Company’s distributors that accounted for greater than 10% of revenue consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ January 1, ​ January 2, ​ 2022 2022 2021 Arrow Electronics 33 % 28 % 28 % Edom Technology 17 % 18 % 19 % Sekorm ​ * ​ 12 % 14 % * Less than 10% of revenue

Acquisition

Acquisition	12 Months Ended
	Dec. 31, 2022
Acquisition
Acquisition	9. Acquisition Redpine Signals On April 28, 2020, the Company acquired the Wi-Fi and Bluetooth business of Redpine Signals for $316.8 million. The Company believes the acquisition accelerated its roadmap for Wi-Fi and Bluetooth silicon and software solutions. ​ ​

Other Intangible Assets, Net

Other Intangible Assets, Net	12 Months Ended
	Dec. 31, 2022
Other Intangible Assets, Net
Other Intangible Assets, Net	10. Other Intangible Assets, Net ​ The gross carrying amount and accumulated amortization of other intangible assets, net are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization ​ December 31, 2022 ​ January 1, 2022 ​ ​ Period ​ Gross ​ Accumulated ​ Gross ​ Accumulated ​ (Years) Amount Amortization Amount Amortization Developed technology 8 ​ $ 211,217 ​ $ (126,424) ​ $ 238,092 ​ $ (124,337) Trademarks 12 ​ 910 ​ (796) ​ 11,471 ​ (8,740) Customer relationships — ​ — ​ — ​ 27,450 ​ (24,958) Total intangible assets ​ 8 ​ $ 212,127 ​ $ (127,220) ​ $ 277,013 ​ $ (158,035) ​ Gross intangible assets decreased $64.9 million in fiscal 2022 due to the removal of fully amortized assets. The following table presents details of intangible asset amortization expense recognized in the Consolidated Statements of Income (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ January 1, ​ January 2, ​ 2022 2022 2021 Research and development ​ $ 28,962 ​ $ 32,319 ​ $ 31,351 Selling, general and administrative ​ ​ 5,109 ​ 12,186 ​ 11,218 ​ ​ $ 34,071 ​ $ 44,505 ​ $ 42,569 ​ The estimated aggregate amortization expense for intangible assets subject to amortization for each of the five succeeding fiscal years is as follows (in thousands): ​ ​ ​ ​ ​ Fiscal Year ​ 2023 ​ $ 25,374 2024 ​ ​ 23,034 2025 ​ ​ 13,369 2026 ​ ​ 9,178 2027 ​ ​ 9,178 ​

Debt

Debt	12 Months Ended
	Dec. 31, 2022
Debt
Debt	11. Debt 0.625% Convertible Senior Notes On June 1, 2020, the Company completed a private placement of $535 million principal amount convertible senior notes (the “2025 Notes”). The 2025 Notes bear interest semi-annually at a rate of 0.625% per year and mature on June 15, 2025. The 2025 Notes are convertible at a conversion rate of 8.1980 shares of common stock per $1,000 principal amount of the 2025 Notes, or approximately 4.4 million shares of common stock, which is equivalent to a conversion price of $121.98 per share. The conversion rate is subject to adjustment under certain circumstances. Holders may convert the 2025 Notes under the following circumstances: during any calendar quarter after the calendar quarter ended on September 30, 2020 if the closing price of the Company’s common stock for at least 20 trading days in the 30 consecutive trading days ending on the last trading day of the preceding calendar quarter is greater than or equal to $159.51 per share, representing 130% of the conversion price of the 2025 Notes (“the Sales Price Trigger”); during the five business day period after any ten consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the closing sale price of our common stock and the conversion rate on each such trading day; if specified distributions or corporate events occur; if the 2025 Notes are called for redemption; or at any time after March 15, 2025. The Company may redeem all or any portion of the 2025 Notes, at its option, on or after June 20, 2023, if the last reported sale price of the Company’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days during any 30 consecutive trading day period. As of January 1, 2022, upon conversion, the 2025 Notes could be settled in cash, shares of the Company’s common stock or a combination of cash and shares, at the Company’s election. On January 2, 2022, the Company irrevocably elected cash settlement for the principal amount of the 2025 Notes. The Company intends to settle any excess value in shares in the event of a conversion. The 2025 Notes were classified as current liabilities at January 1, 2022 due to the Sales Price Trigger condition being met on January 1, 2022. The Sales Price Trigger condition was not met during fiscal 2022, therefore the net carrying amount of the 2025 Notes is now classified as a non-current liability. The principal balance of the 2025 Notes was initially separated into liability and equity components, and recorded at fair value. The excess of the principal amount of the liability component over its carrying amount represented the debt discount, which was amortized to interest expense over the term of the 2025 Notes using the effective interest method. With the Company’s adoption of ASU 2020-06 in fiscal 2022, the principal balance of the 2025 Notes is no longer separated between liability and equity components. This resulted in an increase to the carrying value of its convertible debt, representing the unamortized debt discount as of January 2, 2022, with an offsetting reduction in stockholders’ equity. The Company incurred debt issuance costs of $10.4 million, which were allocated to the liability and equity components in proportion to the allocation of the proceeds. Upon the adoption of ASU 2020-06, the equity component was reclassified to liabilities and remeasured to reflect cumulative amortization since the issuance of the 2025 Notes. The carrying amount of the 2025 Notes consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, January 1, ​ ​ 2022 ​ 2022 Liability component ​ ​ ​ Principal ​ $ 534,980 ​ $ 535,000 Unamortized debt discount ​ — ​ (78,519) Unamortized debt issuance costs ​ (5,407) ​ (5,882) Net carrying amount ​ $ 529,573 ​ $ 450,599 ​ ​ ​ ​ ​ ​ ​ Equity component ​ ​ ​ ​ Net carrying amount ​ $ — ​ $ 107,928 ​ The liability component of the 2025 Notes is recorded in convertible debt on the Consolidated Balance Sheet. Prior to the Company’s adoption of ASU 2020-06, the equity component of the 2025 Notes was recorded in stockholders’ equity. The effective interest rate for the liability component was 5.336%. As of December 31, 2022, the remaining period over which the debt issuance costs will be amortized was 2.5 years. 11. Debt (Continued) Interest expense related to the Company’s convertible debt was comprised of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, January 1, January 2, ​ ​ ​ 2022 ​ 2022 ​ 2021 Contractual interest expense ​ $ 3,346 ​ $ 3,662 ​ $ 5,530 Amortization of debt discount ​ ​ — ​ 21,112 ​ 19,375 Amortization of debt issuance costs ​ ​ 2,003 ​ 1,655 ​ 2,058 ​ ​ $ 5,349 ​ $ 26,429 ​ $ 26,963 ​ Credit Facility The Company and certain of its domestic subsidiaries (the “Guarantors”) have a $400 million revolving credit facility with a maturity date of August 7, 2024. The credit facility includes a $25 million letter of credit sublimit and a $10 million swingline loan sublimit. The Company also has an option to increase the size of the borrowing capacity by up to the greater of an aggregate of $250 million and 100% of EBITDA of the last four fiscal quarters, plus an amount that would not cause a secured leverage ratio (funded debt secured by assets/EBITDA) to exceed 3.25 to 1.00, subject to certain conditions. The credit facility, other than swingline loans, will bear interest at the Eurodollar rate plus an applicable margin or, at the option of the Company, a base rate (defined as the highest of the Wells Fargo prime rate, the Federal Funds rate plus 0.50% and the Eurodollar Base Rate plus 1.00%) plus an applicable margin. Swingline loans accrue interest at the base rate plus the applicable margin for base rate loans. The applicable margins for the Eurodollar rate loans range from 1.00% to 1.75% and for base rate loans range from 0.00% to 0.75%, depending in each case, on the leverage ratio as defined in the credit facility. The credit facility contains various conditions, covenants and representations with which the Company must be in compliance in order to borrow funds and to avoid an event of default, including financial covenants that the Company must maintain a net leverage ratio (funded indebtedness/EBITDA) of no more than 4.25 to 1, a secured leverage ratio of no more than 3.50 to 1, and a minimum interest coverage ratio (EBITDA/interest payments) of no less than 2.50 to 1. As of December 31, 2022, the Company was in compliance with all covenants of the credit facility. The Company’s obligations under the credit facility are guaranteed by the Guarantors and are secured by a security interest in substantially all assets of the Company and the Guarantors. As of December 31, 2022, no amounts were outstanding on the credit facility.

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Leases
Leases	12. Leases The Company leases certain facilities under operating lease agreements that expire at various dates through 2030. Some of these arrangements contain renewal options and require the Company to pay taxes, insurance and maintenance costs. Lease costs for operating leases were $7.3 million, $7.4 million and $5.6 million during fiscal 2022, 2021 and 2020, respectively. Supplemental Lease Information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consolidated Balance December 31, January 1, Balance Sheet Information (in thousands) ​ Sheet Classification ​ 2022 ​ 2022 Operating lease right-of-use assets ​ Other assets, net ​ $ 24,717 ​ $ 27,896 Operating lease liabilities ​ Other current liabilities ​ $ 6,281 ​ $ 6,653 Operating lease liabilities ​ Other non-current liabilities ​ $ 18,009 ​ $ 22,518 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ December 31, January 1, Cash Flow Information (in thousands) ​ 2022 ​ 2022 Cash paid for operating lease liabilities $ 7,518 ​ $ 7,138 Right-of-use assets obtained in exchange for operating lease obligations $ 3,198 ​ $ 6,335 ​ ​ ​ ​ ​ ​ ​ ​ December 31, January 1, Operating Lease Information ​ 2022 ​ 2022 Weighted-average remaining lease term 5.1 years ​ 5.9 years ​ Weighted-average discount rate 3.96 % 3.83 % ​ The maturities of operating lease liabilities as of December 31, 2022 were as follows (in thousands): ​ ​ ​ ​ ​ Fiscal Year ​ ​ 2023 ​ $ 7,058 2024 ​ ​ 5,882 2025 ​ ​ 4,490 2026 ​ ​ 3,221 2027 ​ ​ 2,438 Thereafter ​ ​ 4,706 Total lease payments ​ ​ 27,795 Less imputed interest ​ ​ (3,505) Total lease liabilities ​ $ 24,290 ​ Lease income The Company leases a portion of its headquarter facilities to other tenants. Lease income from operating leases was $6.2 million, $4.9 million and $3.2 million during fiscal 2022, 2021 and 2020, respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies
Commitments and Contingencies	13. Commitments and Contingencies Litigation The Company is involved in various legal proceedings that have arisen in the normal course of business. While the ultimate results cannot be predicted with certainty, the Company does not expect them to have a material adverse effect on its Consolidated Financial Statements. The patent infringement actions initiated by Bell Semiconductor, LLC were resolved in December 2022.

Share Repurchases

Share Repurchases	12 Months Ended
	Dec. 31, 2022
Share Repurchases
Share Repurchases	14. Share Repurchases The Company repurchased 6.9 million shares, 6.5 million shares and 0.2 million shares of its common stock for $887.6 million, $1.15 billion and $16.3 million during fiscal 2022, 2021 and 2020, respectively. Shares repurchased in fiscal 2021 included purchases of 4.0 million shares through a tender offer, 1.7 million shares through an accelerated share repurchase agreement and 0.8 million shares through the Company’s existing share repurchase program.

Revenues

Revenues	12 Months Ended
	Dec. 31, 2022
Revenues
Revenues	15. Revenues The Company groups its products as Industrial & Commercial or Home & Life based on the target markets they address. The following represents revenue by product category (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ December 31, ​ January 1, ​ January 2, ​ ​ 2022 2022 2021 Industrial & Commercial ​ $ 573,725 ​ $ 377,401 ​ $ 264,649 Home & Life ​ 450,381 ​ 343,459 ​ 246,279 ​ ​ $ 1,024,106 ​ $ 720,860 ​ $ 510,928 ​ A portion of the Company’s sales are made to distributors under agreements allowing certain rights of return and/or price protection related to the final selling price to the end customers. These factors impact the timing and uncertainty of revenues and cash flows. The Company recognized revenue of $30.1 million, $12.4 million and $11.5 million during fiscal 2022, 2021 and 2020, respectively, from performance obligations that were satisfied in previous reporting periods. The following disaggregates the Company’s revenue by sales channel (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ December 31, January 1, January 2, ​ 2022 2022 2021 Distributors ​ $ 829,373 ​ $ 584,010 ​ $ 416,606 Direct customers ​ ​ 194,733 ​ 136,850 ​ 94,322 ​ ​ $ 1,024,106 ​ $ 720,860 ​ $ 510,928 ​

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2022
Stock-Based Compensation
Stock-Based Compensation	16. Stock-Based Compensation The Company has two active stock plans, the 2009 Stock Incentive Plan (the “2009 Plan”) and the 2009 Employee Stock Purchase Plan (the “2009 ESPP”) that have been amended and approved by shareholders from time to time. ● The 2009 Plan allows for grants of stock options, stock appreciation rights, performance shares, performance stock units, restricted stock units (RSUs), restricted stock awards (RSAs), performance-based stock units (PSUs) and other awards (collectively, “awards”). All awards deduct one share from the 2009 Plan shares available for issuance for each share granted. Awards granted under the 2009 Plan contain vesting provisions mostly ranging from three to four years . To the extent awards granted under the 2009 Plan terminate, expire, or lapse for any reason, or are settled in cash, shares subject to such awards will again be available for grant. ● The 2009 ESPP allows eligible employees to purchase a limited number of shares of the Company’s common stock at no less than 85% of the fair market value of a share of common stock at prescribed purchase intervals during an offering period. Each offering period is comprised of a series of one or more successive and/or overlapping purchase intervals and has a maximum term of 27 months . 2009 Plan The Company granted to its employees 0.5 million, 0.6 million and 0.7 million shares of full value awards from the 2009 Plan during fiscal 2022, 2021 and 2020, respectively. Full value awards include RSUs, MSUs awards and PSUs. MSUs provide the rights to acquire a number of shares of common stock for no cash consideration based upon achievement of specified levels of market conditions. The requisite measurement period for these MSUs is also the vesting period, which is generally three years. MSUs granted in 2020 measured the relative performance of the total stockholders’ return of the Company against that of a selected benchmarked group of companies. The Company granted no MSUs in fiscal 2022 and 2021 and 82,000 MSUs in fiscal 2020. PSUs provide for the rights to acquire a number of shares of common stock for no cash consideration based upon the achievement of specified revenue or profitability objectives during the year. The requisite performance period of these PSUs is approximately three years from the date of grant. The Company granted 52,078 and 116,809 PSUs in fiscal 2022 and 2021, respectively, and no PSUs in fiscal 2020. 2009 ESPP The rights to purchase common stock granted under the 2009 ESPP are intended to be treated as either (i) purchase rights granted under an “employee stock purchase plan,” as that term is defined in Section 423(b) of the Internal Revenue Code (the “423(b) Plan”), or (ii) purchase rights granted under an employee stock purchase plan that is not subject to the terms and conditions of Section 423(b) of the Internal Revenue Code (the “Non-423(b) Plan”). The Company will retain the discretion to grant purchase rights under either the 423(b) Plan or the Non-423(b) Plan. During fiscal 2022, 2021 and 2020, the Company issued 109,000, 146,000 and 177,000 shares, respectively, under the 2009 ESPP to its employees. The weighted-average fair value for purchase rights granted in fiscal 2022 under the 2009 ESPP was $37.70 per share. ​ 16. Stock-Based Compensation (Continued) Accounting for Stock-Based Compensation Stock-based compensation costs are based on the fair values on the date of grant for awards under the 2009 Plan, and on the date of enrollment for grants under the 2009 ESPP. The fair values of stock awards (such as RSUs, PSUs and RSAs) are estimated based on their intrinsic values. The fair values of MSUs are estimated using a Monte Carlo simulation. The fair values of stock options and grants under the 2009 ESPP are estimated using the Black-Scholes option-pricing model. The fair values of all such stock-based grants are generally amortized on a straight-line basis over the vesting period of the grants. The Company estimates potential forfeitures of stock grants and adjusts compensation cost recorded accordingly. The estimate of forfeitures will be adjusted over the requisite service period to the extent that actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures are recognized through a cumulative catch-up adjustment in the period of change and will also impact the amount of stock-based compensation expense to be recognized in future periods. The following table presents details of stock-based compensation costs recognized in the Consolidated Statements of Income (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ January 1, ​ January 2, ​ 2022 2022 2021 Cost of revenues ​ $ 1,152 ​ $ 964 ​ $ 970 Research and development ​ 32,860 ​ 24,986 ​ 23,359 Selling, general and administrative ​ 26,498 ​ 30,892 ​ 25,125 ​ ​ 60,510 ​ 56,842 ​ 49,454 Income tax benefit ​ (5,980) ​ (954) ​ (3,694) Share-based compensation – continuing operations ​ ​ 54,530 ​ ​ 55,888 ​ ​ 45,760 Share-based compensation – discontinued operations, net ​ ​ — ​ ​ (2,007) ​ ​ 10,715 Total ​ $ 54,530 ​ $ 53,881 ​ $ 56,475 ​ The Company recorded $7.8 million in selling, general and administrative expense during fiscal 2021 in connection with the modification of certain equity awards. The modifications were pursuant to employee terminations. There were no other significant modifications made to any stock grants during fiscal 2022, 2021 or 2020. The Company had approximately $121.5 million of total unrecognized compensation cost related to equity grants as of December 31, 2022 that is expected to be recognized over a weighted-average period of approximately 2.1 years. There were no significant stock-based compensation costs capitalized into assets in any of the periods presented. 16. Stock-Based Compensation (Continued) Fair value assumptions and stock awards activity The fair values estimated from the Black-Scholes option-pricing model for ESPP shares granted were calculated using the following assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ January 1, ​ January 2, ​ Employee Stock Purchase Plan 2022 2022 2021 ​ Expected volatility ​ 44 % 42 % 67 % Risk-free interest rate % ​ 3.18 % 0.05 % 0.15 % Expected term (in months) ​ 9 ​ 9 ​ 9 ​ Dividend yield ​ — ​ — ​ — ​ ​ The fair values estimated from the Monte Carlo simulation for MSUs were calculated using the following assumptions: ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ January 2, ​ MSUs 2021 Expected volatility 36 % Risk-free interest rate % 1.3 % Expected term (in years) 2.9 ​ Dividend yield — ​ ​ A summary of stock-based compensation activity with respect to fiscal 2022 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ Weighted-Average ​ Aggregate ​ ​ ​ ​ Average ​ Remaining ​ Intrinsic ​ ​ Shares ​ Exercise ​ Contractual Term ​ Value Stock Options (000s) Price (In Years) (000s) Outstanding at January 1, 2022 118 ​ $ 38.80 4.12 ​ $ 19,825 Outstanding at December 31, 2022 118 ​ $ 38.80 3.12 ​ $ 11,457 Vested at December 31, 2022 and expected to vest 118 ​ $ 38.80 3.12 ​ $ 11,457 Exercisable at December 31, 2022 118 ​ $ 38.80 3.12 ​ $ 11,457 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ Weighted-Average ​ Aggregate ​ ​ ​ ​ Average ​ Remaining ​ Intrinsic ​ ​ Shares ​ Grant Date ​ Vesting Term ​ Value RSAs and RSUs (000s) Fair Value (In Years) (000s) Outstanding at January 1, 2022 831 ​ $ 117.25 ​ ​ ​ ​ ​ Granted 487 ​ $ 144.40 ​ ​ ​ ​ ​ Vested or issued (378) ​ $ 110.12 ​ ​ ​ ​ ​ Cancelled or forfeited (43) ​ $ 134.92 ​ ​ ​ ​ ​ Outstanding at December 31, 2022 897 ​ $ 134.74 1.18 ​ $ 121,668 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at December 31, 2022 and expected to vest 825 ​ $ 134.22 1.18 ​ $ 111,979 ​ 16. Stock-Based Compensation (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- Weighted-Average ​ Aggregate ​ ​ ​ ​ Average ​ Remaining ​ Intrinsic ​ ​ Shares ​ Grant Date ​ Vesting Term ​ Value PSUs and MSUs (000s) Fair Value (In Years) (000s) Outstanding at January 1, 2022 246 $ 105.77 ​ ​ ​ ​ ​ Granted 52 ​ $ 160.97 ​ ​ ​ ​ ​ Vested or issued — ​ $ — ​ ​ ​ ​ ​ Cancelled or forfeited (73) ​ $ 54.77 ​ ​ ​ ​ ​ Outstanding at December 31, 2022 225 ​ $ 134.93 1.27 ​ $ 30,599 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at December 31, 2022 and expected to vest 329 $ 138.15 1.27 ​ $ 44,604 ​ The following summarizes the Company’s weighted average fair value at the date of grant: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ January 1, ​ January 2, ​ 2022 2022 2021 Per grant of RSAs and RSUs ​ $ 144.40 $ 135.28 $ 100.27 Per grant of PSUs and MSUs ​ $ 160.97 $ 145.11 $ 98.58 ​ The following summarizes the Company’s stock-based payment and stock option values (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ January 1, ​ January 2, ​ 2022 2022 2021 Intrinsic value of stock options exercised ​ $ — ​ $ 986 ​ $ 558 Intrinsic value of RSUs that vested ​ $ 57,621 ​ $ 76,654 ​ $ 48,534 Grant date fair value of RSUs that vested ​ $ 41,610 ​ $ 47,726 ​ $ 37,477 Intrinsic value of PSUs and MSUs that vested ​ $ — ​ $ 5,231 ​ $ 8,545 Grant date fair value of PSUs and MSUs that vested ​ $ — ​ $ 3,562 ​ $ 6,302 ​ As of December 31, 2022, the Company had reserved shares of common stock for future issuance as follows (in thousands): ​ ​ ​ ​ 2009 Plan 2,520 2009 ESPP 1,145 Total shares reserved 3,665 ​

Employee Benefit Plan

Employee Benefit Plan	12 Months Ended
	Dec. 31, 2022
Employee Benefit Plan
Employee Benefit Plan	17. Employee Benefit Plan The Company maintains a defined contribution or 401(k) Plan for its qualified U.S. employees. Participants may contribute a percentage of their compensation on a pre-tax basis, subject to a maximum annual contribution imposed by the Internal Revenue Code. The Company may make discretionary matching contributions as well as discretionary profit-sharing contributions to the 401(k) Plan. The Company contributed $3.2 million, $3.5 million and $4.2 million to the 401(k) Plan during fiscal 2022, 2021 and 2020, respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Taxes
Income Taxes	18. Income Taxes Income (loss) from continuing operations, inclusive of equity-method earnings and before income taxes, includes the following components (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ January 1, ​ January 2, ​ 2022 2022 ​ 2021 Domestic $ 32,088 $ (15,384) $ (55,988) Foreign ​ ​ 97,764 ​ (29,063) ​ (74,099) ​ ​ $ 129,852 ​ $ (44,447) ​ $ (130,087) ​ The provision (benefit) for income taxes consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ January 1, ​ January 2, ​ 2022 2022 2021 Current: Domestic ​ $ 52,834 ​ $ (12,630) ​ $ (9,740) Foreign ​ ​ 3,856 ​ 9,447 ​ 1,656 Total Current ​ ​ 56,690 ​ (3,183) ​ (8,084) Deferred: ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ ​ (17,728) ​ 17,873 ​ (4,031) Foreign ​ ​ (512) ​ (1,263) ​ (2,487) Total Deferred ​ ​ (18,240) ​ 16,610 ​ (6,518) Provision (benefit) for income taxes ​ $ 38,450 ​ $ 13,427 ​ $ (14,602) ​ The reconciliation of the federal statutory tax rate to the Company’s effective tax rate is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ January 1, ​ January 2, ​ 2022 2022 2021 Federal statutory rate 21.0 % 21.0 % 21.0 % Foreign tax rate benefit (6.2) ​ (16.4) ​ (11.1) ​ Research and development tax credits (5.3) ​ 0.1 ​ 4.2 ​ Return to provision adjustments ​ (2.0) ​ 0.8 ​ — ​ Excess tax benefit of stock-based compensation ​ (1.1) ​ 3.7 ​ 0.4 ​ Change in prior period valuation allowance ​ (0.3) ​ (10.5) ​ (0.3) ​ Net operating loss not benefited ​ — ​ (6.0) ​ — ​ Nondeductible (nontaxable) domestic items ​ 0.7 ​ (2.8) ​ (1.4) ​ State tax expense ​ 1.2 ​ (0.8) ​ (0.1) ​ Nondeductible officer compensation 2.0 ​ (10.3) ​ (1.7) ​ Nondeductible (nontaxable) foreign items ​ 4.4 ​ (7.2) ​ (0.2) ​ GILTI and Subpart F income ​ 16.5 ​ (2.4) ​ 0.6 ​ Other (1.3) ​ 0.6 ​ (0.2) ​ Effective tax rate 29.6 % (30.2) % 11.2 % ​ ​ 18. Income Taxes (Continued) The increase in the effective tax rate for fiscal 2022 was primarily due to the recognition of certain tax benefits for fiscal 2021 in discontinued operations under FASB ASU 2019-12, Simplifying the Accounting for Income Taxes, Under ASU 2019-12, the income tax benefit of a loss from continuing operations should be recognized in discontinued operations if the Company would be unable to benefit from the loss without considering the income from discontinued operations. As such, tax benefits associated with losses incurred for fiscal 2021 were recognized in discontinued operations. Additionally, for fiscal 2021 there was an increase in the beginning of year valuation allowance on deferred tax assets for state attribute carryforwards as a result of changes in state tax estimates, primarily due to the divestiture of the infrastructure and automotive business. In fiscal 2021, tax on the gain from the divestiture of the infrastructure and automotive business of $346.9 million was recorded in discontinued operations, as well as additional tax benefits associated with discontinued operations of $7.2 million. In fiscal 2022, the Company revised its estimate of tax on the gain from the divestiture and recorded an associated net tax benefit of $2.2 million, which comprises the majority of the return to provision adjustment in the effective tax rate. The Tax Cuts and Jobs Act (the “Act”) was enacted on December 22, 2017. Under the Act, research and experimental expenditures incurred for tax years beginning after December 31, 2021 must be capitalized and amortized ratably over five or fifteen years for tax purposes, depending on where the research activities are conducted. The Company has elected to treat global intangible low-taxed income (GILTI) as a period cost, so the capitalization of research and experimental costs in GILTI increases the Company’s provision for income taxes. Additionally, the Act required companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously deferred from U.S. income tax under U.S. tax law. The Company elected to pay the transition tax over the eight-year period provided in the Act. As of December 31, 2022, the unpaid balance of its transition tax obligation was $19.0 million, which is payable between April 2023 and April 2025. This was recorded as components of other current liabilities and other non-current liabilities in the Consolidated Balance Sheet in the amounts of $4.8 million and $14.2 million, respectively. 18. Income Taxes (Continued) Deferred Income Taxes Deferred tax assets and liabilities are recorded for the estimated tax impact of temporary differences between the tax basis and book basis of assets and liabilities. Significant components of the Company’s deferred taxes as of December 31, 2022 and January 1, 2022 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, January 1, ​ 2022 2022 Deferred tax assets: ​ ​ ​ ​ ​ ​ Capitalized research and development ​ $ 15,188 ​ $ 981 Tax credit carryforwards ​ ​ 13,334 ​ ​ 12,247 Intangible assets ​ ​ 7,938 ​ ​ 8,687 Accrued liabilities ​ 6,809 ​ 6,078 Deferred income on shipments to distributors ​ 6,726 ​ 4,588 Leases ​ ​ 5,517 ​ ​ 6,033 Net operating loss carryforwards ​ ​ 4,965 ​ ​ 5,803 Other ​ ​ 7,118 ​ ​ 3,199 ​ ​ 67,595 ​ 47,616 Less: Valuation allowance ​ (9,409) ​ (9,529) ​ ​ 58,186 ​ 38,087 Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Intangible assets ​ ​ 13,789 ​ ​ 14,479 Fixed assets ​ ​ 8,518 ​ ​ 8,692 Prepaid expenses and other ​ 5,460 ​ 6,049 Leases ​ ​ 5,189 ​ ​ 5,664 Unrealized gain on equity-method investment ​ ​ 4,120 ​ ​ 3,342 Debt ​ ​ 177 ​ ​ 16,399 ​ ​ 37,253 ​ 54,625 ​ ​ ​ ​ ​ ​ ​ Net deferred tax assets (liabilities) ​ $ 20,933 ​ $ (16,538) ​ As of December 31, 2022, the Company had federal net operating loss and research and development tax credit carryforwards of approximately $14.6 million and $1.6 million, respectively. These carryforwards expire in fiscal years 2023 through 2031. Recognition of these loss and credit carryforwards is subject to an annual limit, which may cause them to expire before they are used. The Company also had state loss, state tentative minimum tax credit, and state research and development tax credit carryforwards of approximately $29.3 million, $0.1 million, and $12.2 million, respectively. Certain of these carryforwards expire in fiscal years 2025 through 2036, and others do not expire. Recognition of some of these loss and credit carryforwards is subject to an annual limit, which may cause them to expire before they are used. ​ 18. Income Taxes (Continued) A valuation allowance is established against a deferred tax asset when it is more likely than not that the deferred tax asset will not be realized. The Company maintains a valuation allowance with respect to certain deferred tax assets relating to state research and development tax credits, state net operating loss carryforwards and state alternative minimum tax credits. The following table summarizes the activity related to the valuation allowance for deferred tax assets (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Additions ​ ​ ​ ​ ​ ​ Beginning of ​ Charged to ​ ​ ​ ​ Balance at ​ Period Expenses Deductions End of Period Year ended December 31, 2022 ​ $ 9,529 $ 792 $ (912) $ 9,409 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended January 1, 2022 ​ $ 5,311 $ 5,370 $ (1,152) $ 9,529 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended January 2, 2021 ​ $ 4,486 $ 847 $ (22) $ 5,311 ​ At the end of fiscal 2022, undistributed earnings of certain of the Company’s foreign subsidiaries of approximately $136.8 million are intended to be permanently reinvested outside the U.S. Accordingly, no provision for foreign withholding tax and state income taxes associated with a distribution of these earnings has been made. Determination of the amount of the unrecognized deferred tax liability on these unremitted earnings is not practicable. Uncertain Tax Positions The following table summarizes the activity related to gross unrecognized tax benefits (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ January 1, ​ January 2, ​ 2022 2022 2021 Beginning balance ​ $ 3,677 ​ $ 2,853 ​ $ 2,276 Additions based on tax positions related to current year ​ 872 ​ 830 ​ 577 Reductions based on tax positions related to prior years ​ ​ (6) ​ ​ (6) ​ ​ — Reductions for tax positions as a result of a lapse of the applicable statute of limitations ​ ​ (434) ​ ​ — ​ ​ — Ending balance ​ $ 4,109 ​ $ 3,677 ​ $ 2,853 ​ As of December 31, 2022, January 1, 2022 and January 2, 2021, the Company had gross unrecognized tax benefits, inclusive of interest, of $4.4 million, $3.9 million and $3.0 million, respectively, of which $4.4 million, $3.9 million and $2.1 million, respectively, would affect the effective tax rate if recognized. The Company recognizes interest and penalties related to unrecognized tax benefits in the provision for income taxes. These amounts were not material for any of the periods presented. Following the completion of the Norwegian Tax Administration (“NTA”) examination of the Company’s Norwegian subsidiary for income tax matters relating to fiscal years 2013 – 2016, the Company received an assessment from the NTA in December 2017 concerning an adjustment to its 2013 taxable income related to the pricing of an intercompany transaction. The Company is currently appealing the assessment. The adjustment to the pricing of the intercompany transaction results in approximately 141.3 million Norwegian kroner, or $14.3 million, additional Norwegian income tax. The Company disagrees with the NTA’s assessment and believes the Company’s position on this matter is more likely than not to be sustained. The Company plans to exhaust all available administrative remedies, and if unable to resolve this matter through administrative remedies with the NTA, the Company plans to pursue judicial remedies. The Company believes that it has accrued adequate reserves related to all matters contained in tax periods open to examination. Should the Company experience an unfavorable outcome in the NTA matter, however, such an outcome could have a material impact on its financial statements. 18. Income Taxes (Continued) Tax years 2015 through 2022 remain open to examination by the major taxing jurisdictions in which the Company operates. The Company is not currently under audit in any major taxing jurisdiction. The Company does not expect material changes to its gross unrecognized tax benefits in the next 12 months.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2022
Segment Information
Segment Information	19. Segment Information The Company has one operating segment, mixed-signal analog intensive products, consisting of numerous product areas. The Company’s chief operating decision maker is considered to be its Chief Executive Officer. The chief operating decision maker allocates resources and assesses performance of the business and other activities at the operating segment level. The Company groups its products into two categories, based on the target markets they address. See Note 15, Revenues Revenue is attributed to a geographic area based on the shipped-to location. The following summarizes the Company’s revenue by geographic area (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ January 1, ​ January 2, ​ 2022 2022 2021 United States ​ $ 176,379 ​ $ 97,471 ​ $ 59,458 China ​ 334,821 ​ 311,513 ​ 232,772 Taiwan ​ ​ 105,602 ​ ​ 68,196 ​ ​ 47,579 Rest of world ​ 407,304 ​ 243,680 ​ 171,119 Total ​ $ 1,024,106 ​ $ 720,860 ​ $ 510,928 ​ The following summarizes the Company’s property and equipment, net by geographic area (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ January 1, ​ 2022 2022 United States ​ $ 121,031 ​ $ 121,990 Rest of world ​ 30,985 ​ 24,526 Total ​ $ 152,016 ​ $ 146,516 ​

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Significant Accounting Policies
Foreign Currency Transactions	Foreign Currency Transactions The Company’s foreign subsidiaries are considered to be extensions of the U.S. Company. The functional currency of the foreign subsidiaries is the U.S. dollar. Accordingly, gains and losses resulting from remeasuring transactions denominated in currencies other than U.S. dollars are included in interest income and other, net in the Consolidated Statements of Income.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Among the significant estimates affecting the financial statements are those related to inventories, goodwill, acquired intangible assets, other long-lived assets, revenue recognition, stock-based compensation and income taxes. Actual results could differ from those estimates, and such differences could be material to the financial statements. The Company periodically reviews the assumptions used in its financial statement estimates.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The fair values of the Company’s financial instruments are recorded using a hierarchical disclosure framework based upon the level of subjectivity of the inputs used in measuring assets and liabilities. The three levels are described below: Level 1 - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 - Inputs other than Level 1 that are directly or indirectly observable, such as quoted prices for similar assets or liabilities and quoted prices in less active markets. Level 3 - Inputs are unobservable for the asset or liability and are developed based on the best information available in the circumstances, which might include the Company’s own data.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash deposits, money market funds and investments in debt securities with original maturities of ninety days or less when purchased.
Investments	Investments The Company’s investments typically have original maturities greater than ninety days as of the date of purchase and are classified as available-for-sale securities. Investments in available-for-sale securities are reported at fair value, with unrealized gains and losses, net of tax, recorded as a component of accumulated other comprehensive loss in the Consolidated Balance Sheet. Investments in which the Company has the ability and intent, if necessary, to liquidate in order to support its current operations (including those with contractual maturities greater than one year from the date of purchase) are classified as short-term. The Company reviews its available-for-sale investments as of the end of each reporting period for declines in fair value based on the specific identification method. The Company records an allowance for credit loss when a decline in fair value is due to credit-related factors. The Company considers various factors in determining whether an investment is impaired, including the severity of the impairment, changes in underlying credit ratings, forecasted recovery, its intent to sell or the likelihood that it would be required to sell the investment before its anticipated recovery in market value and the probability that the scheduled cash payments will continue to be made. When the Company concludes that a credit-related impairment has occurred, the Company assesses whether it intends to sell the security or if it is more likely than not that it will be required to sell the security before recovery. If either of these two conditions is met, the Company recognizes a charge in earnings equal to the entire difference between the security’s amortized cost basis and its fair value. If the Company does not intend to sell a security and it is not more likely than not that it will be required to sell the security before recovery, the unrealized loss is separated into an amount representing the credit loss, which is recognized in earnings, and the amount related to all other factors, which is recorded in accumulated other comprehensive loss. In addition, the Company has made equity investments in non-publicly traded companies. Equity investments in which the Company does not have control, but has the ability to exercise significant influence over operating and financial policies, are accounted for using the equity method. The Company’s proportionate share of income or loss is recorded in equity-method earnings in the Consolidated Statements of Income. The Company has elected to use the measurement alternative under Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments,
Derivative Financial Instruments	Derivative Financial Instruments The Company uses derivative financial instruments to manage certain exposures to the variability of foreign currency exchange rates. The Company’s objective is to offset increases and decreases in expenses resulting from these exposures with gains and losses on the derivative contracts, thereby reducing volatility of earnings. The Company does not use derivative contracts for speculative or trading purposes. The Company recognizes derivatives, on a gross basis, in the Consolidated Balance Sheet at fair value. Cash flows from derivatives are classified according to the nature of the cash receipt or payment in the Consolidated Statement of Cash Flows. The Company also uses foreign currency forward contracts to reduce the earnings impact that exchange rate fluctuations have on non-U.S. dollar balance sheet exposures. The Company does not apply hedge accounting to these foreign currency forward contracts.
Inventories	Inventories Inventories are stated at the lower of cost, determined using the first-in, first-out method, or net realizable value. The Company writes down the carrying value of inventory to net realizable value for estimated obsolescence or unmarketable inventory based upon assumptions about the age of inventory, future demand and market conditions. Inventory impairment charges establish a new cost basis for inventory and charges are not subsequently reversed to income even if circumstances later suggest that increased carrying amounts are recoverable.
Property and Equipment	Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the useful lives of the assets ranging from three The Company owns the facilities for its headquarters in Austin, Texas. The buildings are located on land which is leased through 2099 from a third party. The rents for these ground leases were prepaid for the term of the leases. The buildings and leasehold interest in ground leases are being depreciated on a straight-line basis over their estimated useful lives of 40 years and 86 years, respectively.
Business Combinations	Business Combinations The Company records business combinations using the acquisition method of accounting and, accordingly, allocates the fair value of acquisition consideration to the assets acquired and liabilities assumed based on their fair values at the acquisition date. The excess of the fair value of purchase consideration over the fair value of the assets acquired and liabilities assumed is recorded as goodwill. The results of operations of the businesses acquired are included in the Company’s consolidated results of operations beginning on the date of the acquisition.
Long-Lived Assets	Long-Lived Assets Purchased intangible assets are stated at cost, net of accumulated amortization, and are amortized using the straight-line method over their estimated useful lives, ranging from five Long-lived assets “held and used” by the Company are reviewed for impairment whenever events or changes in circumstances indicate that their net book value may not be recoverable. When such factors and circumstances exist, the Company compares the projected undiscounted future cash flows associated with the related asset or group of assets over their estimated useful lives against their respective carrying amounts. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets and is recorded in the period in which the determination was made. The Company tests goodwill for impairment annually as of the first day of its fourth fiscal quarter and in interim periods if events occur that would indicate that the carrying value of goodwill may be impaired. The Company assesses goodwill for impairment by comparing the fair value of the reporting unit to its carrying amount. In determining fair value, several valuation methodologies are allowed, although quoted market prices are the best evidence of fair value. If the fair value of the reporting unit is less than its carrying amount, an impairment loss is recognized equal to that excess amount.
Leases	Leases At the commencement date of a lease, the Company recognizes a liability to make lease payments and an asset representing the right to use the underlying asset during the lease term. The lease liability is measured at the present value of lease payments over the lease term. As its leases typically do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date taking into consideration necessary adjustments for collateral, depending on the facts and circumstances of the lessee and the leased asset, and term to match the lease term. The right-of-use (“ROU”) asset is measured at cost, which includes the initial measurement of the lease liability and initial direct costs incurred by the Company and excludes lease incentives. Lease liabilities are recorded in other current liabilities and other non-current liabilities. ROU assets are recorded in other assets, net. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Operating lease costs are recognized on a straight-line basis over the lease term. Lease agreements that contain both lease and non-lease components are generally accounted for separately.
Revenue Recognition	Revenue Recognition Revenue is recognized when control of the promised goods or services is transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Substantially all of the Company’s contracts with customers contain a single performance obligation, the sale of mixed-signal integrated circuit (IC) products. This performance obligation is satisfied when control of the product is transferred to the customer, which typically occurs upon delivery. Unsatisfied performance obligations primarily represent contracts for products with future delivery dates. The Company has opted to not disclose the amount of unsatisfied performance obligations as these contracts have original expected durations of less than one year . The transaction price reflects the Company’s expectations about the consideration it will be entitled to receive from the customer and may include fixed or variable amounts. Variable consideration primarily includes sales made to distributors under agreements allowing certain rights of return, referred to as stock rotation, and credits issued to the distributor due to price protection. The Company estimates variable consideration at the most likely amount to which it expects to be entitled. The estimate is based on information available to the Company, including recent sales activity and pricing data. The Company applies a constraint to its variable consideration estimate which considers both the likelihood of a return and the amount of a potential price concession. Variable consideration that does not meet revenue recognition criteria is deferred. The Company records a right of return asset in prepaid expenses and other current assets for the costs of distributor inventory not meeting revenue recognition criteria. A corresponding deferred revenue and returns liability amount is recorded for unrecognized revenue associated with such costs. The Company’s products carry a one-year replacement warranty. Payments are typically due within 30 days of invoicing and do not include a significant financing component.
Shipping and Handling	Shipping and Handling Shipping and handling costs are classified as a component of cost of revenues in the Consolidated Statements of Income.
Stock-Based Compensation	Stock-Based Compensation The Company has stock-based compensation plans, which are more fully described in Note 16, Stock-Based Compensation
Research and Development	2. Significant Accounting Policies (Continued) Research and Development Research and development costs are expensed as incurred. Research and development expense consists primarily of personnel-related expenses, including stock-based compensation, as well as new product masks, external consulting and services costs, equipment tooling, equipment depreciation, amortization of intangible assets, and an allocated portion of our occupancy costs. Assets purchased to support the Company’s ongoing research and development activities are capitalized when related to products which have achieved technological feasibility or have an alternative future use, and are amortized over their estimated useful lives.
Advertising	Advertising Advertising costs are expensed as incurred. Advertising expenses were not material for any of the periods presented.
Income Taxes	Income Taxes The Company accounts for income taxes using the liability method whereby deferred tax asset and liability account balances are determined based on differences between the financial reporting and the tax bases of assets and liabilities and are measured using the enacted tax laws and related rates that will be in effect when the differences are expected to reverse. These differences result in deferred tax assets and liabilities, which are included in the Company’s Consolidated Balance Sheets. The Company then assesses the likelihood that the deferred tax assets will be realized. A valuation allowance is established against deferred tax assets to the extent the Company believes that it is more likely than not that the deferred tax assets will not be realized, taking into consideration the level of historical taxable income and projections for future taxable income over the periods in which the temporary differences are deductible. Uncertain tax positions must meet a more-likely-than-not threshold to be recognized in the financial statements and the tax benefits recognized are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon final settlement. See Note 18, Income Taxes
Adoption of New Accounting Standard - Convertible Instruments	Adoption of New Accounting Standard Convertible Instruments The Company adopted FASB ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40) ​ ​ ​ ​ ​ ​ ​ Increase Financial Statement Line Item (Decrease) Current portion of convertible debt, net ​ $ 76,991 Other non-current liabilities ​ $ (17,028) Retained earnings ​ $ (59,963) ​ The primary impact of the Company’s adoption of ASU 2020-06 was to increase the carrying value of its convertible debt, representing the unamortized debt discount, and reduce deferred tax liabilities related to convertible debt. The adoption reduced reported interest expense recorded in connection with convertible debt, which increased basic earnings per share and diluted earnings per share by $0.47 and $0.46, respectively, for the year ended December 31, 2022.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Significant Accounting Policies
Schedule of material changes recorded in connection with the cumulative-effect adjustment	The following reflects the material changes recorded in connection with the cumulative-effect adjustment (in thousands): ​ ​ ​ ​ ​ ​ ​ Increase Financial Statement Line Item (Decrease) Current portion of convertible debt, net ​ $ 76,991 Other non-current liabilities ​ $ (17,028) Retained earnings ​ $ (59,963) ​

Discontinued Operations (Tables

Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2022
Discontinued Operations.
Schedule of financial results, assets and liabilities from discontinued operations	The following table presents the financial results of the infrastructure and automotive business (the “discontinued operations”) in the Company’s Consolidated Statements of Income (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ January 1, ​ January 2, ​ 2022 2021 Revenues ​ $ 233,918 ​ $ 375,749 Costs of revenues ​ 95,457 ​ ​ 143,068 Operating expenses ​ ​ 46,643 ​ ​ 87,293 Operating income from discontinued operations ​ 91,818 ​ ​ 145,388 Gain on sale of discontinued operations ​ ​ 2,423,161 ​ ​ — Income from discontinued operations before income taxes ​ ​ 2,514,979 ​ ​ 145,388 Provision for income taxes ​ 339,706 ​ ​ 17,372 Income from discontinued operations ​ $ 2,175,273 ​ $ 128,016 ​ ​ ​ ​ ​ ​ ​ Income from discontinued operations per share: ​ ​ ​ ​ Basic ​ $ 50.79 ​ $ 2.92 Diluted ​ $ 49.09 ​ $ 2.89 ​

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings (Loss) Per Share
Schedule of computation of basic and diluted earnings (loss) per share	The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ December 31, ​ January 1, ​ January 2, ​ ​ 2022 2022 2021 Income (loss) from continuing operations ​ $ 91,402 ​ $ (57,874) ​ $ (115,485) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares used in computing basic earnings (loss) per share ​ ​ 35,086 ​ 42,830 ​ 43,775 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock-based awards and convertible debt ​ ​ 956 ​ — ​ — Shares used in computing diluted earnings (loss) per share ​ ​ 36,042 ​ 42,830 ​ 43,775 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (loss) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 2.61 ​ $ (1.35) ​ $ (2.64) Diluted ​ $ 2.54 ​ $ (1.35) ​ $ (2.64)

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value of Financial Instruments
Summary of valuation of the financial instruments	The following summarizes the valuation of the Company’s financial instruments (in thousands). The tables do not include either cash on hand or assets and liabilities that are measured at historical cost or any basis other than fair value. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ ​ ​ ​ ​ at December 31, 2022 Using ​ ​ ​ ​ ​ Quoted Prices in ​ Significant Other ​ ​ ​ ​ ​ Active Markets for ​ Observable ​ ​ ​ ​ ​ Identical Assets ​ Inputs ​ ​ ​ Description (Level 1) (Level 2) Total Cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 310,969 ​ $ — ​ $ 310,969 Corporate debt securities ​ ​ — ​ ​ 3,249 ​ ​ 3,249 Total cash equivalents ​ $ 310,969 ​ $ 3,249 ​ $ 314,218 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt securities ​ $ — ​ $ 501,014 ​ $ 501,014 Government debt securities ​ ​ — ​ ​ 191,010 ​ ​ 191,010 Total short-term investments ​ $ — ​ $ 692,024 ​ $ 692,024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 310,969 ​ $ 695,273 ​ $ 1,006,242 ​ 5. Fair Value of Financial Instruments (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ ​ ​ ​ ​ at January 1, 2022 Using ​ ​ ​ ​ ​ Quoted Prices in ​ Significant Other ​ Significant ​ ​ ​ ​ ​ Active Markets for ​ Observable ​ Unobservable ​ ​ ​ ​ ​ Identical Assets ​ Inputs ​ Inputs ​ ​ ​ Description (Level 1) (Level 2) (Level 3) Total Cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 845,740 ​ $ — ​ $ — ​ $ 845,740 Corporate debt securities ​ ​ — ​ 3,552 ​ — ​ 3,552 Government debt securities ​ ​ — ​ ​ 2,950 ​ ​ — ​ ​ 2,950 Total cash equivalents ​ $ 845,740 ​ $ 6,502 ​ $ — ​ $ 852,242 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt securities ​ $ — ​ $ 773,461 ​ $ — ​ $ 773,461 Government debt securities ​ ​ 71,509 ​ ​ 119,612 ​ ​ — ​ ​ 191,121 Total short-term investments ​ $ 71,509 ​ $ 893,073 ​ $ — ​ $ 964,582 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other assets, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Auction rate securities ​ $ — ​ $ — ​ $ 4,980 ​ $ 4,980 Total ​ $ — ​ $ — ​ $ 4,980 ​ $ 4,980 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 917,249 ​ $ 899,575 ​ $ 4,980 ​ $ 1,821,804
Schedule of maturities of the Company's available-for-sale investments and money market funds	The following summarizes the contractual underlying maturities of the Company’s available-for-sale investments at December 31, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair ​ ​ Cost ​ Value Due in one year or less ​ $ 462,096 ​ $ 454,957 Due after one year through ten years ​ ​ 243,957 ​ ​ 237,561 Due after ten years ​ ​ 2,755 ​ ​ 2,755 ​ ​ $ 708,808 ​ $ 695,273 ​ 5. Fair Value of Financial Instruments (Continued)
Schedule of available-for-sale investments in continuous unrealized loss position	The available-for-sale investments that were in a continuous unrealized loss position, aggregated by length of time that individual securities have been in a continuous loss position, were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less Than 12 Months ​ 12 Months or Greater ​ Total ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ Gross ​ ​ ​ ​ Gross ​ ​ Fair ​ Unrealized ​ Fair ​ Unrealized ​ Fair ​ Unrealized As of December 31, 2022 Value Losses Value Losses Value Losses Corporate debt securities ​ $ 307,085 ​ $ (5,297) ​ $ 185,467 ​ $ (4,090) ​ $ 492,552 ​ $ (9,387) Government debt securities ​ ​ 76,651 ​ ​ (626) ​ ​ 100,209 ​ ​ (3,541) ​ ​ 176,860 ​ ​ (4,167) ​ ​ $ 383,736 ​ $ (5,923) ​ $ 285,676 ​ $ (7,631) ​ $ 669,412 ​ $ (13,554) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less Than 12 Months ​ 12 Months or Greater ​ Total ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ Gross ​ ​ ​ ​ Gross ​ ​ Fair ​ Unrealized ​ Fair ​ Unrealized ​ Fair ​ Unrealized As of January 1, 2022 Value Losses Value Losses Value Losses Corporate debt securities ​ $ 418,917 ​ $ (1,451) ​ $ 326 ​ $ (1) ​ $ 419,243 ​ $ (1,452) Government debt securities ​ ​ 126,957 ​ ​ (750) ​ ​ — ​ ​ — ​ ​ 126,957 ​ ​ (750) Auction rate securities ​ ​ — ​ ​ — ​ ​ 4,980 ​ ​ (1,020) ​ ​ 4,980 ​ ​ (1,020) ​ ​ $ 545,874 ​ $ (2,201) ​ $ 5,306 ​ $ (1,021) ​ $ 551,180 ​ $ (3,222)
Summary of activity in Level 3 financial instruments	The following summarizes the activity in Level 3 financial instruments for the years ended December 31, 2022 and January 1, 2022 (in thousands): Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ December 31, ​ January 1, Auction Rate Securities 2022 2022 Beginning balance ​ $ 4,980 ​ $ 5,340 Sales (1) ​ ​ (6,000) ​ ​ — Loss recognized in earnings ​ ​ 300 ​ ​ — Gain (loss) included in other comprehensive income (loss) ​ 720 ​ (360) Ending balance ​ $ — ​ $ 4,980 (1) On May 31, 2022, the Company sold its prior remaining holding of auction-rate securities for $ 5.7 million.

Supplemental Information (Table

Supplemental Information (Tables)	12 Months Ended
	Dec. 31, 2022
Supplemental Information
Schedule of Inventories	The following tables show the details of selected Consolidated Balance Sheet items (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, January 1, ​ ​ 2022 ​ 2022 Work in progress ​ $ 75,112 ​ $ 36,078 Finished goods ​ 25,305 ​ 13,229 ​ ​ $ 100,417 ​ $ 49,307
Schedule of Property and Equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, January 1, ​ ​ 2022 ​ 2022 Buildings and improvements ​ $ 125,471 ​ $ 122,163 Equipment ​ 62,304 ​ 48,876 Computers and purchased software ​ 55,065 ​ 48,519 Leasehold interest in ground leases ​ 23,840 ​ 23,840 Leasehold improvements ​ 14,209 ​ 13,427 Furniture and fixtures ​ 9,909 ​ 10,794 ​ ​ 290,798 ​ 267,619 Accumulated depreciation ​ (138,782) ​ (121,103) ​ ​ $ 152,016 ​ $ 146,516
Schedule of Other Assets, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, January 1, ​ 2022 2022 Equity-method investment* ​ $ 27,478 ​ $ 24,078 Other ​ 67,275 ​ 53,761 ​ ​ $ 94,753 ​ $ 77,839 * The Company holds an 8 % equity interest in China Walden Venture Investments III, a limited partnership.
Schedule of Other Current Liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, January 1, ​ ​ 2022 ​ 2022 Accrued compensation and benefits ​ $ 43,736 ​ $ 42,008 Income taxes payable ​ ​ 11,472 ​ ​ 73,771 Other ​ 33,928 ​ 41,273 ​ ​ $ 89,136 ​ $ 157,052

Risks and Uncertainties (Tables

Risks and Uncertainties (Tables)	12 Months Ended
	Dec. 31, 2022
Accounts receivable
Schedule of concentration risk	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ January 1, ​ 2022 2022 Arrow Electronics 29 % 28 % Edom Technology ​ * ​ 18 % ​ * Less than 10% of accounts receivable
Revenue
Schedule of concentration risk	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ January 1, ​ January 2, ​ 2022 2022 2021 Arrow Electronics 33 % 28 % 28 % Edom Technology 17 % 18 % 19 % Sekorm ​ * ​ 12 % 14 % * Less than 10% of revenue

Other Intangible Assets, Net (T

Other Intangible Assets, Net (Tables)	12 Months Ended
	Dec. 31, 2022
Other Intangible Assets, Net
Schedule of gross carrying amount and accumulated amortization of other intangible assets	The gross carrying amount and accumulated amortization of other intangible assets, net are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization ​ December 31, 2022 ​ January 1, 2022 ​ ​ Period ​ Gross ​ Accumulated ​ Gross ​ Accumulated ​ (Years) Amount Amortization Amount Amortization Developed technology 8 ​ $ 211,217 ​ $ (126,424) ​ $ 238,092 ​ $ (124,337) Trademarks 12 ​ 910 ​ (796) ​ 11,471 ​ (8,740) Customer relationships — ​ — ​ — ​ 27,450 ​ (24,958) Total intangible assets ​ 8 ​ $ 212,127 ​ $ (127,220) ​ $ 277,013 ​ $ (158,035)
Schedule of amortization expense of intangible assets	The following table presents details of intangible asset amortization expense recognized in the Consolidated Statements of Income (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ January 1, ​ January 2, ​ 2022 2022 2021 Research and development ​ $ 28,962 ​ $ 32,319 ​ $ 31,351 Selling, general and administrative ​ ​ 5,109 ​ 12,186 ​ 11,218 ​ ​ $ 34,071 ​ $ 44,505 ​ $ 42,569 ​
Schedule of estimated aggregate amortization expense for intangible assets subject to amortization	The estimated aggregate amortization expense for intangible assets subject to amortization for each of the five succeeding fiscal years is as follows (in thousands): ​ ​ ​ ​ ​ Fiscal Year ​ 2023 ​ $ 25,374 2024 ​ ​ 23,034 2025 ​ ​ 13,369 2026 ​ ​ 9,178 2027 ​ ​ 9,178

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2022
Debt
Summary of information about the equity and liability components of convertible debt	The carrying amount of the 2025 Notes consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, January 1, ​ ​ 2022 ​ 2022 Liability component ​ ​ ​ Principal ​ $ 534,980 ​ $ 535,000 Unamortized debt discount ​ — ​ (78,519) Unamortized debt issuance costs ​ (5,407) ​ (5,882) Net carrying amount ​ $ 529,573 ​ $ 450,599 ​ ​ ​ ​ ​ ​ ​ Equity component ​ ​ ​ ​ Net carrying amount ​ $ — ​ $ 107,928 ​
Schedule of components of interest expense	11. Debt (Continued) Interest expense related to the Company’s convertible debt was comprised of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, January 1, January 2, ​ ​ ​ 2022 ​ 2022 ​ 2021 Contractual interest expense ​ $ 3,346 ​ $ 3,662 ​ $ 5,530 Amortization of debt discount ​ ​ — ​ 21,112 ​ 19,375 Amortization of debt issuance costs ​ ​ 2,003 ​ 1,655 ​ 2,058 ​ ​ $ 5,349 ​ $ 26,429 ​ $ 26,963

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Leases
Summary of supplemental lease information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consolidated Balance December 31, January 1, Balance Sheet Information (in thousands) ​ Sheet Classification ​ 2022 ​ 2022 Operating lease right-of-use assets ​ Other assets, net ​ $ 24,717 ​ $ 27,896 Operating lease liabilities ​ Other current liabilities ​ $ 6,281 ​ $ 6,653 Operating lease liabilities ​ Other non-current liabilities ​ $ 18,009 ​ $ 22,518 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ December 31, January 1, Cash Flow Information (in thousands) ​ 2022 ​ 2022 Cash paid for operating lease liabilities $ 7,518 ​ $ 7,138 Right-of-use assets obtained in exchange for operating lease obligations $ 3,198 ​ $ 6,335 ​ ​ ​ ​ ​ ​ ​ ​ December 31, January 1, Operating Lease Information ​ 2022 ​ 2022 Weighted-average remaining lease term 5.1 years ​ 5.9 years ​ Weighted-average discount rate 3.96 % 3.83 %
Schedule of maturities of operating lease liabilities	The maturities of operating lease liabilities as of December 31, 2022 were as follows (in thousands): ​ ​ ​ ​ ​ Fiscal Year ​ ​ 2023 ​ $ 7,058 2024 ​ ​ 5,882 2025 ​ ​ 4,490 2026 ​ ​ 3,221 2027 ​ ​ 2,438 Thereafter ​ ​ 4,706 Total lease payments ​ ​ 27,795 Less imputed interest ​ ​ (3,505) Total lease liabilities ​ $ 24,290

Revenues (Tables)

Revenues (Tables)	12 Months Ended
	Dec. 31, 2022
Revenues
Schedule of disaggregation of revenue	The following represents revenue by product category (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ December 31, ​ January 1, ​ January 2, ​ ​ 2022 2022 2021 Industrial & Commercial ​ $ 573,725 ​ $ 377,401 ​ $ 264,649 Home & Life ​ 450,381 ​ 343,459 ​ 246,279 ​ ​ $ 1,024,106 ​ $ 720,860 ​ $ 510,928 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ December 31, January 1, January 2, ​ 2022 2022 2021 Distributors ​ $ 829,373 ​ $ 584,010 ​ $ 416,606 Direct customers ​ ​ 194,733 ​ 136,850 ​ 94,322 ​ ​ $ 1,024,106 ​ $ 720,860 ​ $ 510,928

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2022
Stock-Based Compensation
Schedule of stock-based compensation costs recognized in the Condensed Consolidated Statements of Income	The following table presents details of stock-based compensation costs recognized in the Consolidated Statements of Income (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ January 1, ​ January 2, ​ 2022 2022 2021 Cost of revenues ​ $ 1,152 ​ $ 964 ​ $ 970 Research and development ​ 32,860 ​ 24,986 ​ 23,359 Selling, general and administrative ​ 26,498 ​ 30,892 ​ 25,125 ​ ​ 60,510 ​ 56,842 ​ 49,454 Income tax benefit ​ (5,980) ​ (954) ​ (3,694) Share-based compensation – continuing operations ​ ​ 54,530 ​ ​ 55,888 ​ ​ 45,760 Share-based compensation – discontinued operations, net ​ ​ — ​ ​ (2,007) ​ ​ 10,715 Total ​ $ 54,530 ​ $ 53,881 ​ $ 56,475 ​
Summary of assumptions used to estimate fair values for ESPP	The fair values estimated from the Black-Scholes option-pricing model for ESPP shares granted were calculated using the following assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ January 1, ​ January 2, ​ Employee Stock Purchase Plan 2022 2022 2021 ​ Expected volatility ​ 44 % 42 % 67 % Risk-free interest rate % ​ 3.18 % 0.05 % 0.15 % Expected term (in months) ​ 9 ​ 9 ​ 9 ​ Dividend yield ​ — ​ — ​ — ​
Summary of assumptions used to estimate fair values for MSUs	The fair values estimated from the Monte Carlo simulation for MSUs were calculated using the following assumptions: ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ January 2, ​ MSUs 2021 Expected volatility 36 % Risk-free interest rate % 1.3 % Expected term (in years) 2.9 ​ Dividend yield — ​
Summary of stock-based compensation activity, options	A summary of stock-based compensation activity with respect to fiscal 2022 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ Weighted-Average ​ Aggregate ​ ​ ​ ​ Average ​ Remaining ​ Intrinsic ​ ​ Shares ​ Exercise ​ Contractual Term ​ Value Stock Options (000s) Price (In Years) (000s) Outstanding at January 1, 2022 118 ​ $ 38.80 4.12 ​ $ 19,825 Outstanding at December 31, 2022 118 ​ $ 38.80 3.12 ​ $ 11,457 Vested at December 31, 2022 and expected to vest 118 ​ $ 38.80 3.12 ​ $ 11,457 Exercisable at December 31, 2022 118 ​ $ 38.80 3.12 ​ $ 11,457
Summary of stock-based compensation activity, RSAs and RSUs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ Weighted-Average ​ Aggregate ​ ​ ​ ​ Average ​ Remaining ​ Intrinsic ​ ​ Shares ​ Grant Date ​ Vesting Term ​ Value RSAs and RSUs (000s) Fair Value (In Years) (000s) Outstanding at January 1, 2022 831 ​ $ 117.25 ​ ​ ​ ​ ​ Granted 487 ​ $ 144.40 ​ ​ ​ ​ ​ Vested or issued (378) ​ $ 110.12 ​ ​ ​ ​ ​ Cancelled or forfeited (43) ​ $ 134.92 ​ ​ ​ ​ ​ Outstanding at December 31, 2022 897 ​ $ 134.74 1.18 ​ $ 121,668 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at December 31, 2022 and expected to vest 825 ​ $ 134.22 1.18 ​ $ 111,979
Summary of stock-based compensation activity, PSUs and MSUs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- Weighted-Average ​ Aggregate ​ ​ ​ ​ Average ​ Remaining ​ Intrinsic ​ ​ Shares ​ Grant Date ​ Vesting Term ​ Value PSUs and MSUs (000s) Fair Value (In Years) (000s) Outstanding at January 1, 2022 246 $ 105.77 ​ ​ ​ ​ ​ Granted 52 ​ $ 160.97 ​ ​ ​ ​ ​ Vested or issued — ​ $ — ​ ​ ​ ​ ​ Cancelled or forfeited (73) ​ $ 54.77 ​ ​ ​ ​ ​ Outstanding at December 31, 2022 225 ​ $ 134.93 1.27 ​ $ 30,599 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at December 31, 2022 and expected to vest 329 $ 138.15 1.27 ​ $ 44,604
Summary of weighted average fair value at the date of grant	The following summarizes the Company’s weighted average fair value at the date of grant: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ January 1, ​ January 2, ​ 2022 2022 2021 Per grant of RSAs and RSUs ​ $ 144.40 $ 135.28 $ 100.27 Per grant of PSUs and MSUs ​ $ 160.97 $ 145.11 $ 98.58
Summary of stock-based payment and stock option values	The following summarizes the Company’s stock-based payment and stock option values (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ January 1, ​ January 2, ​ 2022 2022 2021 Intrinsic value of stock options exercised ​ $ — ​ $ 986 ​ $ 558 Intrinsic value of RSUs that vested ​ $ 57,621 ​ $ 76,654 ​ $ 48,534 Grant date fair value of RSUs that vested ​ $ 41,610 ​ $ 47,726 ​ $ 37,477 Intrinsic value of PSUs and MSUs that vested ​ $ — ​ $ 5,231 ​ $ 8,545 Grant date fair value of PSUs and MSUs that vested ​ $ — ​ $ 3,562 ​ $ 6,302
Summary of shares reserved of common stock for future issuance	As of December 31, 2022, the Company had reserved shares of common stock for future issuance as follows (in thousands): ​ ​ ​ ​ 2009 Plan 2,520 2009 ESPP 1,145 Total shares reserved 3,665

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Taxes
Schedule of Income (loss) from continuing operations, inclusive of equity-method earnings and before income taxes	Income (loss) from continuing operations, inclusive of equity-method earnings and before income taxes, includes the following components (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ January 1, ​ January 2, ​ 2022 2022 ​ 2021 Domestic $ 32,088 $ (15,384) $ (55,988) Foreign ​ ​ 97,764 ​ (29,063) ​ (74,099) ​ ​ $ 129,852 ​ $ (44,447) ​ $ (130,087)
Schedule of provision (benefit) for income taxes	The provision (benefit) for income taxes consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ January 1, ​ January 2, ​ 2022 2022 2021 Current: Domestic ​ $ 52,834 ​ $ (12,630) ​ $ (9,740) Foreign ​ ​ 3,856 ​ 9,447 ​ 1,656 Total Current ​ ​ 56,690 ​ (3,183) ​ (8,084) Deferred: ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ ​ (17,728) ​ 17,873 ​ (4,031) Foreign ​ ​ (512) ​ (1,263) ​ (2,487) Total Deferred ​ ​ (18,240) ​ 16,610 ​ (6,518) Provision (benefit) for income taxes ​ $ 38,450 ​ $ 13,427 ​ $ (14,602)
Schedule of reconciliation of federal statutory tax rate to effective tax rate	The reconciliation of the federal statutory tax rate to the Company’s effective tax rate is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ January 1, ​ January 2, ​ 2022 2022 2021 Federal statutory rate 21.0 % 21.0 % 21.0 % Foreign tax rate benefit (6.2) ​ (16.4) ​ (11.1) ​ Research and development tax credits (5.3) ​ 0.1 ​ 4.2 ​ Return to provision adjustments ​ (2.0) ​ 0.8 ​ — ​ Excess tax benefit of stock-based compensation ​ (1.1) ​ 3.7 ​ 0.4 ​ Change in prior period valuation allowance ​ (0.3) ​ (10.5) ​ (0.3) ​ Net operating loss not benefited ​ — ​ (6.0) ​ — ​ Nondeductible (nontaxable) domestic items ​ 0.7 ​ (2.8) ​ (1.4) ​ State tax expense ​ 1.2 ​ (0.8) ​ (0.1) ​ Nondeductible officer compensation 2.0 ​ (10.3) ​ (1.7) ​ Nondeductible (nontaxable) foreign items ​ 4.4 ​ (7.2) ​ (0.2) ​ GILTI and Subpart F income ​ 16.5 ​ (2.4) ​ 0.6 ​ Other (1.3) ​ 0.6 ​ (0.2) ​ Effective tax rate 29.6 % (30.2) % 11.2 %
Schedule of significant components of deferred taxes	Significant components of the Company’s deferred taxes as of December 31, 2022 and January 1, 2022 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, January 1, ​ 2022 2022 Deferred tax assets: ​ ​ ​ ​ ​ ​ Capitalized research and development ​ $ 15,188 ​ $ 981 Tax credit carryforwards ​ ​ 13,334 ​ ​ 12,247 Intangible assets ​ ​ 7,938 ​ ​ 8,687 Accrued liabilities ​ 6,809 ​ 6,078 Deferred income on shipments to distributors ​ 6,726 ​ 4,588 Leases ​ ​ 5,517 ​ ​ 6,033 Net operating loss carryforwards ​ ​ 4,965 ​ ​ 5,803 Other ​ ​ 7,118 ​ ​ 3,199 ​ ​ 67,595 ​ 47,616 Less: Valuation allowance ​ (9,409) ​ (9,529) ​ ​ 58,186 ​ 38,087 Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Intangible assets ​ ​ 13,789 ​ ​ 14,479 Fixed assets ​ ​ 8,518 ​ ​ 8,692 Prepaid expenses and other ​ 5,460 ​ 6,049 Leases ​ ​ 5,189 ​ ​ 5,664 Unrealized gain on equity-method investment ​ ​ 4,120 ​ ​ 3,342 Debt ​ ​ 177 ​ ​ 16,399 ​ ​ 37,253 ​ 54,625 ​ ​ ​ ​ ​ ​ ​ Net deferred tax assets (liabilities) ​ $ 20,933 ​ $ (16,538)
Schedule of valuation allowance	The following table summarizes the activity related to the valuation allowance for deferred tax assets (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Additions ​ ​ ​ ​ ​ ​ Beginning of ​ Charged to ​ ​ ​ ​ Balance at ​ Period Expenses Deductions End of Period Year ended December 31, 2022 ​ $ 9,529 $ 792 $ (912) $ 9,409 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended January 1, 2022 ​ $ 5,311 $ 5,370 $ (1,152) $ 9,529 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended January 2, 2021 ​ $ 4,486 $ 847 $ (22) $ 5,311
Schedule of activity related to gross unrecognized tax benefits	The following table summarizes the activity related to gross unrecognized tax benefits (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ January 1, ​ January 2, ​ 2022 2022 2021 Beginning balance ​ $ 3,677 ​ $ 2,853 ​ $ 2,276 Additions based on tax positions related to current year ​ 872 ​ 830 ​ 577 Reductions based on tax positions related to prior years ​ ​ (6) ​ ​ (6) ​ ​ — Reductions for tax positions as a result of a lapse of the applicable statute of limitations ​ ​ (434) ​ ​ — ​ ​ — Ending balance ​ $ 4,109 ​ $ 3,677 ​ $ 2,853

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2022
Segment Information
Schedule of revenue attributed to geographic area based on shipped-to location	. The following summarizes the Company’s revenue by geographic area (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ January 1, ​ January 2, ​ 2022 2022 2021 United States ​ $ 176,379 ​ $ 97,471 ​ $ 59,458 China ​ 334,821 ​ 311,513 ​ 232,772 Taiwan ​ ​ 105,602 ​ ​ 68,196 ​ ​ 47,579 Rest of world ​ 407,304 ​ 243,680 ​ 171,119 Total ​ $ 1,024,106 ​ $ 720,860 ​ $ 510,928
Schedule of property and equipment, net by geographic area	The following summarizes the Company’s property and equipment, net by geographic area (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ January 1, ​ 2022 2022 United States ​ $ 121,031 ​ $ 121,990 Rest of world ​ 30,985 ​ 24,526 Total ​ $ 152,016 ​ $ 146,516

Description of Business (Detail

Description of Business (Details) $ in Millions	Jul. 26, 2021 USD ($)
Discontinued Operations, Disposed of by Sale | Infrastructure and automotive business
Description of Business
Asset purchase agreement sale amount	$ 2,750

Significant Accounting Polici_4

Significant Accounting Policies - Basis of Presentation and Principles of Consolidation (Details)	12 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Jan. 02, 2021
Significant Accounting Policies
Length of fiscal year	364 days	364 days	371 days
Minimum
Significant Accounting Policies
Length of fiscal year	364 days
Maximum
Significant Accounting Policies
Length of fiscal year	371 days

Significant Accounting Polici_5

Significant Accounting Policies - Property and Equipment, Long-Lived Assets and Leases (Details)	12 Months Ended
	Dec. 31, 2022	Jan. 01, 2022
Leases
Operating lease right-of-use assets, Statement of Financial Position	Other assets, net	Other assets, net
Operating lease liabilities, Statement of Financial Position	us-gaap:LiabilitiesOtherThanLongtermDebtNoncurrent, Other current liabilities	us-gaap:LiabilitiesOtherThanLongtermDebtNoncurrent, Other current liabilities
Minimum
Property and Equipment
Useful life, Property and Equipment	3 years
Long-Lived Assets
Useful life, Intangible assets	5 years
Maximum
Property and Equipment
Useful life, Property and Equipment	15 years
Long-Lived Assets
Useful life, Intangible assets	12 years
Buildings
Property and Equipment
Useful life, Property and Equipment	40 years
Leasehold interest in ground leases
Property and Equipment
Useful life, Property and Equipment	86 years

Significant Accounting Polici_6

Significant Accounting Policies - Revenue Recognition (Details)	12 Months Ended
	Dec. 31, 2022
Revenue Recognition
Product replacement warranty	1 year

Significant Accounting Polici_7

Significant Accounting Policies - Adoption of New Accounting Standards (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Jan. 02, 2021	Jan. 02, 2022
Significant Accounting Policies
Current portion of convertible debt, net		$ 450,599
Other non-current liabilities	$ 49,071	77,044
Retained earnings	$ 1,415,693	$ 2,214,839
Basic (in dollars per share)	$ 2.61	$ 49.44	$ 0.29
Diluted (in dollars per share)	2.54	$ 47.78	$ 0.28
ASU 2020-06 | Cumulative effect of adoption of accounting standard
Significant Accounting Policies
Current portion of convertible debt, net				$ 76,991
Other non-current liabilities				(17,028)
Retained earnings				$ (59,963)
Basic (in dollars per share)	0.47
Diluted (in dollars per share)	$ 0.46

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Jan. 02, 2021	Jul. 26, 2021
Infrastructure and automotive business
Income from discontinued operations, net of income taxes
Gain on sale of discontinued operations		$ 346,900
Discontinued Operations, Disposed of by Sale | Transition Services Agreement
Continuing Involvement
TSA fees	$ 5,200
Discontinued Operations, Disposed of by Sale | Infrastructure and automotive business
Discontinued Operations
Asset purchase agreement sale amount				$ 2,750,000
Income from discontinued operations, net of income taxes
Revenues		233,918	$ 375,749
Costs of revenues		95,457	143,068
Operating expenses		46,643	87,293
Operating income from discontinued operations		91,818	145,388
Gain on sale of discontinued operations		2,423,161
Income from discontinued operations before income taxes		2,514,979	145,388
Provision for income taxes		339,706	17,372
Income from discontinued operations		$ 2,175,273	$ 128,016
Income from discontinued operations per share:
Basic		$ 50.79	$ 2.92
Diluted		$ 49.09	$ 2.89
Discontinued Operations, Disposed of by Sale | Infrastructure and automotive business | Minimum
Continuing Involvement
Term of continuing involvement	3 months
Discontinued Operations, Disposed of by Sale | Infrastructure and automotive business | Maximum
Continuing Involvement
Term of continuing involvement	18 months

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Jan. 02, 2021
Earnings (Loss) Per Share
Income (loss) from continuing operations	$ 91,402	$ (57,874)	$ (115,485)
Shares used in computing basic earnings (loss) per share	35,086	42,830	43,775
Effect of dilutive securities:
Stock-based awards and convertible debt	956
Shares used in computing diluted earnings (loss) per share	36,042	42,830	43,775
Basic	$ 2.61	$ (1.35)	$ (2.64)
Diluted	$ 2.54	$ (1.35)	$ (2.64)
Income (loss) per share:
Shares excluded from calculation of diluted shares due to loss from continuing operations		1,500	600
Shares attributable to dilutive effect of conversion of debt securities	600	1,000	200

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Summary of financial instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jan. 01, 2022
Fair Value of Financial Instruments
Short-term investments	$ 692,024	$ 964,582
Recurring
Fair Value of Financial Instruments
Cash equivalents	314,218	852,242
Short-term investments	692,024	964,582
Other assets, net		4,980
Total	1,006,242	1,821,804
Recurring | Money market funds
Fair Value of Financial Instruments
Cash equivalents	310,969	845,740
Recurring | Corporate debt securities
Fair Value of Financial Instruments
Cash equivalents	3,249	3,552
Short-term investments	501,014	773,461
Recurring | Government debt securities
Fair Value of Financial Instruments
Cash equivalents		2,950
Short-term investments	191,010	191,121
Recurring | Auction rate securities
Fair Value of Financial Instruments
Other assets, net		4,980
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value of Financial Instruments
Cash equivalents	310,969	845,740
Short-term investments		71,509
Total	310,969	917,249
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Money market funds
Fair Value of Financial Instruments
Cash equivalents	310,969	845,740
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Government debt securities
Fair Value of Financial Instruments
Short-term investments		71,509
Recurring | Significant Other Observable Inputs (Level 2)
Fair Value of Financial Instruments
Cash equivalents	3,249	6,502
Short-term investments	692,024	893,073
Total	695,273	899,575
Recurring | Significant Other Observable Inputs (Level 2) | Corporate debt securities
Fair Value of Financial Instruments
Cash equivalents	3,249	3,552
Short-term investments	501,014	773,461
Recurring | Significant Other Observable Inputs (Level 2) | Government debt securities
Fair Value of Financial Instruments
Cash equivalents		2,950
Short-term investments	$ 191,010	119,612
Recurring | Significant Unobservable Inputs (Level 3)
Fair Value of Financial Instruments
Other assets, net		4,980
Total		4,980
Recurring | Significant Unobservable Inputs (Level 3) | Auction rate securities
Fair Value of Financial Instruments
Other assets, net		$ 4,980

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Contractual maturities of investments (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Cost
Due in one year or less, Cost	$ 462,096
Due after one year through ten years, Cost	243,957
Due after ten years, Cost	2,755
Total Cost	708,808
Fair Value
Due in one year or less, Fair Value	454,957
Due after one year through ten years, Fair Value	237,561
Due after ten years, Fair Value	2,755
Total Fair Value	$ 695,273

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Unrealized Gains and Losses (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jan. 01, 2022
Continuous unrealized loss position, Fair Value
Fair value of available-for-sale securities, continuous loss position for less than twelve months	$ 383,736	$ 545,874
Fair value of available-for-sale securities, continuous loss position for twelve months or greater	285,676	5,306
Total fair value of available-for-sale securities, continuous loss position	669,412	551,180
Continuous unrealized loss position, Gross Unrealized Losses
Available-for-sale securities, continuous loss position for less than 12 months, gross unrealized losses	(5,923)	(2,201)
Available-for-sale securities, continuous loss position for 12 months or greater, gross unrealized losses	(7,631)	(1,021)
Available-for-sale securities, total gross unrealized losses	(13,554)	(3,222)
Government debt securities
Continuous unrealized loss position, Fair Value
Fair value of available-for-sale securities, continuous loss position for less than twelve months	76,651	126,957
Fair value of available-for-sale securities, continuous loss position for twelve months or greater	100,209
Total fair value of available-for-sale securities, continuous loss position	176,860	126,957
Continuous unrealized loss position, Gross Unrealized Losses
Available-for-sale securities, continuous loss position for less than 12 months, gross unrealized losses	(626)	(750)
Available-for-sale securities, continuous loss position for 12 months or greater, gross unrealized losses	(3,541)
Available-for-sale securities, total gross unrealized losses	(4,167)	(750)
Corporate debt securities
Continuous unrealized loss position, Fair Value
Fair value of available-for-sale securities, continuous loss position for less than twelve months	307,085	418,917
Fair value of available-for-sale securities, continuous loss position for twelve months or greater	185,467	326
Total fair value of available-for-sale securities, continuous loss position	492,552	419,243
Continuous unrealized loss position, Gross Unrealized Losses
Available-for-sale securities, continuous loss position for less than 12 months, gross unrealized losses	(5,297)	(1,451)
Available-for-sale securities, continuous loss position for 12 months or greater, gross unrealized losses	(4,090)	(1)
Available-for-sale securities, total gross unrealized losses	$ (9,387)	(1,452)
Auction rate securities
Continuous unrealized loss position, Fair Value
Fair value of available-for-sale securities, continuous loss position for twelve months or greater		4,980
Total fair value of available-for-sale securities, continuous loss position		4,980
Continuous unrealized loss position, Gross Unrealized Losses
Available-for-sale securities, continuous loss position for 12 months or greater, gross unrealized losses		(1,020)
Available-for-sale securities, total gross unrealized losses		$ (1,020)

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Auction rate securities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jan. 01, 2022	Jan. 02, 2021
Fair Value of Financial Instruments
Fair value balance at the end of the period	$ 0	$ 4,980	$ 5,340

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Activity in Level 3 financial instruments (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2022	Dec. 31, 2022	Jan. 01, 2022
Fair value assets reconciliation of changes
Beginning balance		$ 4,980	$ 5,340
Sales		(6,000)
Loss recognized in earnings		$ 300
Loss recognized in earnings, Statements of Income location		Interest income and other, net
Gain (loss) included in other comprehensive income (loss)		$ 720	(360)
Gain (loss) included in other comprehensive income (loss), Statements of Comprehensive Income location		Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax
Ending balance		$ 0	$ 4,980
Significant Unobservable Inputs (Level 3) | Recurring | Auction rate securities
Fair value assets reconciliation of changes
Sales	$ (5,700)

Fair Value of Financial Instr_8

Fair Value of Financial Instruments - Fair values of other financial instruments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Jan. 01, 2022
Convertible Senior Notes
Fair Value of Financial Instruments
Fair value of debt	$ 671.9	$ 944.3

Supplemental Information (Detai

Supplemental Information (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jan. 01, 2022
Inventories
Work in progress	$ 75,112	$ 36,078
Finished goods	25,305	13,229
Inventories	100,417	49,307
Property and Equipment
Property and equipment, gross	290,798	267,619
Accumulated depreciation	(138,782)	(121,103)
Total Property and Equipment, net	152,016	146,516
Other Assets, net
Equity-method investment	27,478	24,078
Other	67,275	53,761
Total Other Assets, net	94,753	77,839
Other Current Liabilities
Accrued compensation and benefits	43,736	42,008
Income taxes payable	11,472	73,771
Other	33,928	41,273
Total Other Current Liabilities	$ 89,136	157,052
China Walden Venture Investments III
Other Assets, net
Percentage of equity interest held	8%
Buildings and improvements
Property and Equipment
Property and equipment, gross	$ 125,471	122,163
Equipment
Property and Equipment
Property and equipment, gross	62,304	48,876
Computers and purchased software
Property and Equipment
Property and equipment, gross	55,065	48,519
Leasehold interest in ground leases
Property and Equipment
Property and equipment, gross	23,840	23,840
Leasehold improvements
Property and Equipment
Property and equipment, gross	14,209	13,427
Furniture and fixtures
Property and Equipment
Property and equipment, gross	$ 9,909	$ 10,794

Risks and Uncertainties (Detail

Risks and Uncertainties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Jan. 02, 2021
Risks and Uncertainties
Equity method investments	$ 27,478	$ 24,078
Accounts receivable | Customers | Arrow Electronics
Risks and Uncertainties
Concentrations of credit risk (as a percent)	29%	28%
Accounts receivable | Customers | Edom Technology
Risks and Uncertainties
Concentrations of credit risk (as a percent)		18%
Revenue | Distributors | Arrow Electronics
Risks and Uncertainties
Concentrations of credit risk (as a percent)	33%	28%	28%
Revenue | Distributors | Edom Technology
Risks and Uncertainties
Concentrations of credit risk (as a percent)	17%	18%	19%
Revenue | Distributors | Sekorm
Risks and Uncertainties
Concentrations of credit risk (as a percent)		12%	14%

Acquisition (Details)

Acquisition (Details) $ in Millions	Apr. 28, 2020 USD ($)
Redpine Signals
Acquisition
Purchase price	$ 316.8

Other Intangible Assets, Net- G

Other Intangible Assets, Net- Gross carrying amount and accumulated amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Jan. 01, 2022
Other Intangible Assets, Net
Gross Amount	$ 212,127	$ 277,013
Accumulated Amortization	(127,220)	(158,035)
Decrease in gross intangible assets due to the assets were fully amortized	$ 64,900
Weighted Average
Other Intangible Assets, Net
Weighted-Average Amortization Period (Years)	8 years
Developed technology
Other Intangible Assets, Net
Gross Amount	$ 211,217	238,092
Accumulated Amortization	$ (126,424)	(124,337)
Developed technology | Weighted Average
Other Intangible Assets, Net
Weighted-Average Amortization Period (Years)	8 years
Trademarks
Other Intangible Assets, Net
Gross Amount	$ 910	11,471
Accumulated Amortization	$ (796)	(8,740)
Trademarks | Weighted Average
Other Intangible Assets, Net
Weighted-Average Amortization Period (Years)	12 years
Customer relationships
Other Intangible Assets, Net
Gross Amount		27,450
Accumulated Amortization		$ (24,958)

Other Intangible Assets, Net -

Other Intangible Assets, Net - Amortization Expense For Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Jan. 02, 2021
Other Intangible Assets, Net
Intangible asset amortization expense	$ 34,071	$ 44,505	$ 42,569
Research and development
Other Intangible Assets, Net
Intangible asset amortization expense	28,962	32,319	31,351
Selling, general and administrative
Other Intangible Assets, Net
Intangible asset amortization expense	$ 5,109	$ 12,186	$ 11,218

Other Intangible Assets, Net _2

Other Intangible Assets, Net - Estimated aggregate amortization expense (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Estimated aggregate amortization expense for intangible assets subject to amortization
2023	$ 25,374
2024	23,034
2025	13,369
2026	9,178
2027	$ 9,178

Debt - Convertible Senior Notes

Debt - Convertible Senior Notes (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Jun. 01, 2020 USD ($) D $ / shares	Dec. 31, 2022 USD ($)	Jan. 01, 2022 USD ($)	Jan. 02, 2021 USD ($)
Debt
Loss on debt extinguishment | $		$ (3)	$ (3,370)	$ (4,060)
0.625% Convertible Senior Notes (2025 Notes)
Debt
Principal amount | $	$ 535,000
Interest rate per annum	0.625%
Conversion rate, shares per $1,000 principal	8.1980
Conversion, number of shares of common stock | $	4,400
Initial conversion price | $ / shares	$ 121.98
Debt issuance costs | $	$ 10,400
0.625% Convertible Senior Notes (2025 Notes) | Conversion of Notes, Holders
Debt
Number of trading days within 30 trading day period	20
Number of consecutive trading days	30
Stock price trigger per share | $ / shares	$ 159.51
Stock price trigger, as a percentage of conversion price	130%
Number of consecutive business days after the 10 consecutive trading day period	5
Number of consecutive trading days before the five consecutive business days	10
Maximum threshold stock price, as a percentage of conversion price	98%
0.625% Convertible Senior Notes (2025 Notes) | Conversion of Notes, Company
Debt
Stock price trigger, as a percentage of conversion price	130%
Number of consecutive business days after the 10 consecutive trading day period	20
Number of consecutive trading days before the five consecutive business days	30

Debt - Convertible Debt, Net (D

Debt - Convertible Debt, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Jan. 01, 2022
0.625% Convertible Senior Notes (2025 Notes)
Equity component
Effective interest rate	5.336%
Amortization period of debt discount and debt issuance costs	2 years 6 months
Convertible Senior Notes
Liability component
Principal	$ 534,980	$ 535,000
Unamortized debt discount		(78,519)
Unamortized debt issuance costs	(5,407)	(5,882)
Net carrying amount	$ 529,573	450,599
Equity component
Net carrying amount		$ 107,928

Debt - Interest expense (Detail

Debt - Interest expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Jan. 02, 2021
Interest expense related to the notes
Interest Expense, Total	$ 6,723	$ 31,033	$ 34,142
Convertible Senior Notes
Interest expense related to the notes
Contractual interest expense	3,346	3,662	5,530
Amortization of debt discount		21,112	19,375
Amortization of debt issuance costs	2,003	1,655	2,058
Interest Expense, Total	$ 5,349	$ 26,429	$ 26,963

Debt - Credit Facility (Details

Debt - Credit Facility (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Credit Facility
Debt
Amount outstanding	$ 0
Credit Facility | Scenario: Company's option to increase borrowing capacity
Debt
Additional increase in borrowing capacity of the line of credit available at the entity's option	$ 250
Additional increase in borrowing capacity based on EBITDA (as a percent)	100%
Maximum secured leverage ratio	3.25
Credit Facility | Scenario: Credit facility debt covenants
Debt
Maximum net leverage ratio	4.25
Maximum secured leverage ratio	3.50
Minimum interest coverage ratio	2.50
Revolving Credit Facility
Debt
Maximum borrowing capacity	$ 400
Revolving credit facility, other than swingline loans | Federal Funds
Debt
Interest rate margin (as a percent)	0.50%
Revolving credit facility, other than swingline loans | Eurodollar Rate
Debt
Interest rate margin (as a percent)	1%
Letter of Credit
Debt
Maximum borrowing capacity	$ 25
Swingline Loans
Debt
Maximum borrowing capacity	$ 10
Swingline Loans | Eurodollar Rate | Minimum
Debt
Interest rate margin (as a percent)	1%
Swingline Loans | Eurodollar Rate | Maximum
Debt
Interest rate margin (as a percent)	1.75%
Swingline Loans | Base Rate | Minimum
Debt
Interest rate margin (as a percent)	0%
Swingline Loans | Base Rate | Maximum
Debt
Interest rate margin (as a percent)	0.75%

Leases - Supplemental Lease Inf

Leases - Supplemental Lease Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Jan. 02, 2021
Leases
Operating lease costs	$ 7,300	$ 7,400	$ 5,600
Balance Sheet Information
Operating lease right-of-use assets	$ 24,717	$ 27,896
Operating lease right-of-use assets, Statement of Financial Position	Other assets, net	Other assets, net
Operating lease liabilities, Current	$ 6,281	$ 6,653
Operating lease liabilities, Current, Statement of Financial Position	Other current liabilities	Other current liabilities
Operating lease liabilities, Non current	$ 18,009	$ 22,518
Operating lease liabilities, Noncurrent, Statement of Financial Position	Other non-current liabilities	Other non-current liabilities
Cash Flow Information
Cash paid for operating lease liabilities	$ 7,518	$ 7,138
Right-of-use assets obtained in exchange for operating lease obligations	$ 3,198	$ 6,335
Operating Lease Information
Weighted-average remaining lease term	5 years 1 month 6 days	5 years 10 months 24 days
Weighted-average discount rate	3.96%	3.83%

Leases - Maturities of operatin

Leases - Maturities of operating lease liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Jan. 02, 2021
Leases
2021	$ 7,058
2022	5,882
2023	4,490
2024	3,221
2025	2,438
Thereafter	4,706
Total lease payments	27,795
Less imputed interest	(3,505)
Total lease liabilities	$ 24,290
Operating lease liabilities, Statement of Financial Position	us-gaap:LiabilitiesOtherThanLongtermDebtNoncurrent, Other current liabilities	us-gaap:LiabilitiesOtherThanLongtermDebtNoncurrent, Other current liabilities
Lease income from operating leases	$ 6,200	$ 4,900	$ 3,200
Lease income, Statements of Income location	Selling, general and administrative	Selling, general and administrative	Selling, general and administrative

Share Repurchases (Details)

Share Repurchases (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Jan. 02, 2021
Share Repurchase Programs
Value of shares repurchased	$ 887,554	$ 1,150,044	$ 16,287
Common Stock
Share Repurchase Programs
Number of shares repurchased	6,874	6,520	210
Value of shares repurchased	$ 1
Share Repurchase Program | Common Stock
Share Repurchase Programs
Number of shares repurchased	6,900	6,500	200
Value of shares repurchased	$ 887,600	$ 1,150,000	$ 16,300
Share Repurchases through Tender Offer | Common Stock
Share Repurchase Programs
Number of shares repurchased		4,000
Accelerated Share Repurchase | Common Stock
Share Repurchase Programs
Number of shares repurchased		1,700
Existing share repurchase program | Common Stock
Share Repurchase Programs
Number of shares repurchased		800

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Jan. 02, 2021
Revenues
Revenues	$ 1,024,106	$ 720,860	$ 510,928
Revenue from performance obligations that were satisfied in previous reporting periods	30,100	12,400	11,500
Distributors
Revenues
Revenues	829,373	584,010	416,606
Direct customers
Revenues
Revenues	194,733	136,850	94,322
Industrial & Commercial
Revenues
Revenues	573,725	377,401	264,649
Home & Life
Revenues
Revenues	$ 450,381	$ 343,459	$ 246,279

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of plans (Details)	12 Months Ended
	Dec. 31, 2022 shares
2009 Stock Incentive Plan
Stock-Based Compensation
Number of available shares deducted for each share granted	1
2009 Stock Incentive Plan | Minimum
Stock-Based Compensation
Award vesting period	3 years
2009 Stock Incentive Plan | Maximum
Stock-Based Compensation
Award vesting period	4 years
2009 Employee Stock Purchase Plan
Stock-Based Compensation
Percentage of purchase price of shares on fair value	85%
2009 Employee Stock Purchase Plan | Maximum
Stock-Based Compensation
Term of award	27 months

Stock-Based Compensation - 2009

Stock-Based Compensation - 2009 Plan (Details) - 2009 Stock Incentive Plan - USD ($)	12 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Jan. 02, 2021
Full value awards
Stock-Based Compensation
Stock options granted (in shares)	500,000	600,000	700,000
MSUs
Stock-Based Compensation
Cash consideration based upon achievement of specified levels of market conditions	$ 0
Award vesting period	3 years
Number of equity awards granted	0	0	82,000,000
PSUs
Stock-Based Compensation
Cash consideration based upon achievement of specified levels of market conditions	$ 0
Award vesting period	3 years
Number of equity awards granted	52,078,000	116,809,000	0

Stock-Based Compensation - 20_2

Stock-Based Compensation - 2009 ESPP (Details) - 2009 Employee Stock Purchase Plan - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Jan. 02, 2021
Stock-Based Compensation
Shares issued to employees under the plan	109,000	146,000	177,000
Weighted average fair value for purchase rights granted (in dollars per share)	$ 37.70

Stock-Based Compensation - Acco

Stock-Based Compensation - Accounting for Stock Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Jan. 02, 2021
Stock-Based Compensation
Stock-based compensation cost	$ 60,510	$ 56,842	$ 49,454
Income tax benefit	(5,980)	(954)	(3,694)
Share based compensation costs after tax	54,530	53,881	56,475
Total unrecognized compensation costs related to awards	$ 121,500
Weighted-average period of recognition of unrecognized compensation costs	2 years 1 month 6 days
Continuing operations
Stock-Based Compensation
Share based compensation costs after tax	$ 54,530	55,888	45,760
Discontinued operations
Stock-Based Compensation
Share based compensation costs after tax		(2,007)	10,715
Cost of revenues
Stock-Based Compensation
Stock-based compensation cost	1,152	964	970
Research and development
Stock-Based Compensation
Stock-based compensation cost	32,860	24,986	23,359
Selling, general and administrative
Stock-Based Compensation
Stock-based compensation cost	$ 26,498	30,892	$ 25,125
Expenses attributable to modification of equity awards		$ 7,800

Stock-Based Compensation - Fair

Stock-Based Compensation - Fair value assumptions (Details)	12 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Jan. 02, 2021
MSUs
Fair value assumptions
Expected volatility (as a percent)			36%
Risk-free interest rate %			1.30%
Expected term			2 years 10 months 24 days
Dividend yield (as a percent)			0%
2009 Employee Stock Purchase Plan
Fair value assumptions
Expected volatility (as a percent)	44%	42%	67%
Risk-free interest rate %	3.18%	0.05%	0.15%
Expected term	9 months	9 months	9 months
Dividend yield (as a percent)	0%	0%	0%

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock awards activity (Details) - Stock options - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Jan. 01, 2022
Shares
Outstanding at the beginning of the year (in shares)	118
Outstanding at the end of the year (in shares)	118	118
Vested and expected to vest at the end of the year (in shares)	118
Exercisable at the end of the year (in shares)	118
Weighted-Average Exercise Price
Outstanding at the beginning of the year (in dollars per share)	$ 38.80
Outstanding at the end of the year (in dollars per share)	38.80	$ 38.80
Vested and expected to vest at the end of the year (in dollars per share)	38.80
Exercisable at the end of the year (in dollars per share)	$ 38.80
Weighted-Average Remaining Contractual Term (In years)
Outstanding at the end of the year	3 years 1 month 13 days	4 years 1 month 13 days
Vested and expected to vest at the end of the year	3 years 1 month 13 days
Exercisable at the end of the year	3 years 1 month 13 days
Aggregate Intrinsic Value
Outstanding at the end of the year (in dollars)	$ 11,457	$ 19,825
Vested and expected to vest at the end of the year (in dollars)	11,457
Options exercisable at the end of the year (in dollars)	$ 11,457

Stock-Based Compensation - RSAs

Stock-Based Compensation - RSAs and RSUs, PSUs and MSUs activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Jan. 02, 2021
RSAs and RSUs
Shares
Outstanding at the beginning the of year (in shares)	831
Granted (in shares)	487
Vested or issued (in shares)	(378)
Cancelled or forfeited (in shares)	(43)
Outstanding at the end of the year (in shares)	897	831
Outstanding at the end of the year and expected to vest (in shares)	825
Weighted-Average Grant Date Fair Value
Outstanding at the beginning of the year (in dollars per share)	$ 117.25
Granted (in dollars per share)	144.40	$ 135.28	$ 100.27
Vested Earned or issued (in dollars per share)	110.12
Cancelled or forfeited (in dollars per share)	134.92
Outstanding at the end of the year (in dollars per share)	134.74	$ 117.25
Outstanding at the end of the year and expected to vest (in dollars per share)	$ 134.22
Weighted-Average Remaining Vesting Term
Outstanding at the end of year	1 year 2 months 4 days
Outstanding at the end of year and expected to vest	1 year 2 months 4 days
Aggregate Intrinsic Value
Outstanding at the end of the year (in dollars)	$ 121,668
Outstanding at the end of the year and expected to vest (in dollars)	$ 111,979
PSUs and MSUs
Shares
Outstanding at the beginning the of year (in shares)	246
Granted (in shares)	52
Cancelled or forfeited (in shares)	(73)
Outstanding at the end of the year (in shares)	225	246
Outstanding at the end of the year and expected to vest (in shares)	329
Weighted-Average Grant Date Fair Value
Outstanding at the beginning of the year (in dollars per share)	$ 105.77
Granted (in dollars per share)	160.97	$ 145.11	$ 98.58
Cancelled or forfeited (in dollars per share)		54.77
Outstanding at the end of the year (in dollars per share)	134.93	$ 105.77
Outstanding at the end of the year and expected to vest (in dollars per share)	$ 138.15
Weighted-Average Remaining Vesting Term
Outstanding at the end of year	1 year 3 months 7 days
Outstanding at the end of year and expected to vest	1 year 3 months 7 days
Aggregate Intrinsic Value
Outstanding at the end of the year (in dollars)	$ 30,599
Outstanding at the end of the year and expected to vest (in dollars)	$ 44,604

Stock-Based Compensation - Weig

Stock-Based Compensation - Weighted average fair value at grant date (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Jan. 02, 2021
RSAs and RSUs
Stock-Based Compensation
Equity award, weighted average fair value at grant date	$ 144.40	$ 135.28	$ 100.27
PSUs and MSUs
Stock-Based Compensation
Equity award, weighted average fair value at grant date	$ 160.97	$ 145.11	$ 98.58

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of stock-based payment and stock option values (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Jan. 02, 2021
Stock options
Stock-Based Compensation
Intrinsic value of stock options exercised		$ 986	$ 558
RSUs
Stock-Based Compensation
Intrinsic value of equity awards that vested	$ 57,621	76,654	48,534
Grant date fair value of equity awards that vested	$ 41,610	47,726	37,477
PSUs and MSUs
Stock-Based Compensation
Intrinsic value of equity awards that vested		5,231	8,545
Grant date fair value of equity awards that vested		$ 3,562	$ 6,302

Stock-Based Compensation - Shar

Stock-Based Compensation - Shares reserved for future issuance (Details) shares in Thousands	Dec. 31, 2022 shares
Stock-Based Compensation
Common stock shares reserved for future issuance	3,665
2009 Plan
Stock-Based Compensation
Common stock shares reserved for future issuance	2,520
2009 ESPP
Stock-Based Compensation
Common stock shares reserved for future issuance	1,145

Employee Benefit Plan (Details)

Employee Benefit Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Jan. 02, 2021
Employee Benefit Plan
Contributions made to the 401(k) Plan	$ 3.2	$ 3.5	$ 4.2

Income Taxes - Income (loss) fr

Income Taxes - Income (loss) from continuing operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Jan. 02, 2021
Income before income taxes
Domestic	$ 32,088	$ (15,384)	$ (55,988)
Foreign	97,764	(29,063)	(74,099)
Loss from continuing operations before income taxes	129,852	(44,447)	(130,087)
Current:
Domestic	52,834	(12,630)	(9,740)
Foreign	3,856	9,447	1,656
Total Current	56,690	(3,183)	(8,084)
Deferred:
Domestic	(17,728)	17,873	(4,031)
Foreign	(512)	(1,263)	(2,487)
Total Deferred	(18,240)	16,610	(6,518)
Provision (benefit) for income taxes	$ 38,450	$ 13,427	$ (14,602)

Income Taxes - Tax rate reconci

Income Taxes - Tax rate reconciliation (Details)	12 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Jan. 02, 2021
Reconciliation of federal statutory tax rate to effective tax rate
Federal statutory rate	21%	21%	21%
Foreign tax rate benefit	(6.20%)	(16.40%)	(11.10%)
Research and development tax credits	(5.30%)	0.10%	4.20%
Return to provision adjustments	(2.00%)	0.80%
Excess tax benefit of stock-based compensation	(1.10%)	3.70%	0.40%
Change in prior period valuation allowance	(0.30%)	(10.50%)	(0.30%)
Net operating loss not benefited		(6.00%)
Nondeductible (nontaxable) domestic items	0.70%	(2.80%)	(1.40%)
State tax expense	1.20%	(0.80%)	(0.10%)
Nondeductible officer compensation	2%	(10.30%)	(1.70%)
Nondeductible (nontaxable) foreign items	4.40%	(7.20%)	(0.20%)
GILTI and Subpart F Income	16.50%	(2.40%)	0.60%
Other	(1.30%)	0.60%	(0.20%)
Effective tax rate	29.60%	(30.20%)	11.20%

Income Taxes - Deferred Income

Income Taxes - Deferred Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jan. 01, 2022
Deferred tax assets:
Capitalized research and development	$ 15,188	$ 981
Tax credit carryforwards	13,334	12,247
Intangible assets	7,938	8,687
Accrued liabilities	6,809	6,078
Deferred income on shipments to distributors	6,726	4,588
Leases	5,517	6,033
Net operating loss carryforwards	4,965	5,803
Other	7,118	3,199
Deferred tax assets	67,595	47,616
Less: Valuation allowance	(9,409)	(9,529)
Deferred tax assets, net	58,186	38,087
Deferred tax liabilities:
Intangible assets	13,789	14,479
Fixed assets	8,518	8,692
Prepaid expenses and other	5,460	6,049
Leases	5,189	5,664
Unrealized gain on equity method investment	4,120	3,342
Debt	177	16,399
Deferred tax liabilities	37,253	54,625
Net deferred tax liabilities		$ (16,538)
Net deferred tax assets (liabilities)	$ 20,933

Income Taxes - Valuation allowa

Income Taxes - Valuation allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Jan. 02, 2021
Changes in the valuation allowance for deferred tax assets
Balance at Beginning of Period	$ 9,529	$ 5,311	$ 4,486
Additions Charged to Expenses	792	5,370	847
Deductions	(912)	(1,152)	(22)
Balance at End of Period	9,409	$ 9,529	$ 5,311
Undistributed earnings of foreign subsidiaries	136,800
Provision for foreign withholding tax and state income taxes	$ 0

Income Taxes - Unrecognized tax

Income Taxes - Unrecognized tax benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Jan. 02, 2021
Summary of the activity related to gross unrecognized tax benefits
Beginning balance	$ 3,677	$ 2,853	$ 2,276
Additions based on tax positions related to current year	872	830	577
Reductions based on tax positions related to prior years	(6)	(6)
Reductions for tax positions as a result of a lapse of the applicable statute of limitations	(434)
Ending balance	4,109	3,677	2,853
Unrecognized tax benefits, other disclosures
Gross unrecognized tax benefits, inclusive of interest	4,400	3,900	3,000
Gross unrecognized tax benefits which would affect the effective tax rate if recognized	$ 4,400	$ 3,900	$ 2,100

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) kr in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 NOK (kr)	Jan. 01, 2022 USD ($)
Income Taxes
Transition Tax obligation	$ 19
Infrastructure and automotive business
Income Taxes
Gain from the divestiture of business			$ 346.9
Tax effect from gain from the divestiture of business	2.2		$ 7.2
Other current liabilities
Income Taxes
Transition Tax obligation	4.8
Other non-current liabilities
Income Taxes
Transition Tax obligation	14.2
Norwegian Tax Administration | 2013
Income Taxes
Estimate of additional income tax expense	14.3	kr 141.3
Federal
Income Taxes
Operating Loss Carryforwards	14.6
Federal | Research and development tax credit
Income Taxes
Tax credit carryforwards	1.6
State
Income Taxes
Operating Loss Carryforwards	29.3
State | Tentative minimum tax credit
Income Taxes
Tax credit carryforwards	0.1
State | Research and development tax credit
Income Taxes
Tax credit carryforwards	$ 12.2

Segment Information (Details)

Segment Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) segment	Jan. 01, 2022 USD ($)	Jan. 02, 2021 USD ($)
Segment Information
Number of operating segments | segment	1
Revenues	$ 1,024,106	$ 720,860	$ 510,928
Property and equipment, net	152,016	146,516
United States
Segment Information
Revenues	176,379	97,471	59,458
Property and equipment, net	121,031	121,990
China
Segment Information
Revenues	334,821	311,513	232,772
Taiwan
Segment Information
Revenues	105,602	68,196	47,579
Rest of world
Segment Information
Revenues	407,304	243,680	$ 171,119
Property and equipment, net	$ 30,985	$ 24,526