Cover Page
Cover Page - shares | 9 Months Ended | |
Jan. 02, 2021 | Jan. 25, 2021 | |
Cover [Abstract] | ||
Document Transition Report | false | |
Document Quarterly Report | true | |
Title of 12(b) Security | Common Stock, $0.0001 par value | |
Entity Current Reporting Status | Yes | |
Entity Incorporation, State or Country Code | DE | |
Entity Registrant Name | Qorvo, Inc. | |
City Area Code | 336 | |
Entity Central Index Key | 0001604778 | |
Document Type | 10-Q | |
Document Period End Date | Jan. 2, 2021 | |
Entity File Number | 001-36801 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --04-03 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 113,262,707 | |
Entity Address, Address Line One | 7628 Thorndike Road | |
Local Phone Number | 664-1233 | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Trading Symbol | QRVO | |
Security Exchange Name | NASDAQ | |
Entity Tax Identification Number | 46-5288992 | |
Entity Address, City or Town | Greensboro, | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 27409-9421 | |
Document Fiscal Year Focus | 2021 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jan. 02, 2021 | Mar. 28, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 1,234,415 | $ 714,939 |
Accounts receivable, net of allowance of $560 and $55 as of January 2, 2021 and March 28, 2020, respectively | 507,078 | 367,172 |
Inventories | 479,340 | 517,198 |
Prepaid expenses | 42,793 | 37,872 |
Other receivables | 12,621 | 15,016 |
Other current assets | 46,010 | 38,305 |
Total current assets | 2,322,257 | 1,690,502 |
Property and equipment, net of accumulated depreciation of $1,519,829 and $1,415,397 as of January 2, 2021 and March 28, 2020, respectively | 1,232,374 | 1,259,203 |
Goodwill | 2,650,912 | 2,614,274 |
Intangible assets, net | 656,239 | 808,892 |
Long-term investments | 31,271 | 22,515 |
Other non-current assets | 148,325 | 165,296 |
Total assets | 7,041,378 | 6,560,682 |
Current liabilities: | ||
Accounts payable | 301,576 | 246,954 |
Accrued liabilities | 214,532 | 217,801 |
Current portion of long-term debt | 5,091 | 6,893 |
Other current liabilities | 92,699 | 67,355 |
Total current liabilities | 613,898 | 539,003 |
Long-term debt | 1,743,794 | 1,567,231 |
Other long-term liabilities | 179,985 | 161,783 |
Total liabilities | 2,537,677 | 2,268,017 |
Stockholders’ equity: | ||
Preferred stock, $.0001 par value; 5,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock and additional paid-in capital, $.0001 par value; 405,000 shares authorized; 113,299 and 114,625 shares issued and outstanding at January 2, 2021 and March 28, 2020, respectively | 4,262,883 | 4,290,377 |
Accumulated other comprehensive income, net of tax | 47,489 | 2,288 |
Retained earnings | 193,329 | 0 |
Total stockholders’ equity | 4,503,701 | 4,292,665 |
Total liabilities and stockholders’ equity | $ 7,041,378 | $ 6,560,682 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jan. 02, 2021 | Mar. 28, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 560 | $ 55 |
Property and equipment, accumulated depreciation | $ 1,519,829 | $ 1,415,397 |
Preferred Stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common Stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 405,000,000 | 405,000,000 |
Common stock, shares issued | 113,299,000 | 114,625,000 |
Common stock, shares outstanding | 113,299,000 | 114,625,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 02, 2021 | Dec. 28, 2019 | Jan. 02, 2021 | Dec. 28, 2019 | |
Income Statement [Abstract] | ||||
Revenue | $ 1,094,834 | $ 869,073 | $ 2,942,577 | $ 2,451,369 |
Cost of goods sold | 557,082 | 500,962 | 1,587,486 | 1,465,387 |
Gross profit | 537,752 | 368,111 | 1,355,091 | 985,982 |
Operating expenses: | ||||
Research and development | 136,697 | 122,851 | 423,110 | 357,385 |
Selling, general and administrative | 93,139 | 81,205 | 289,115 | 258,458 |
Other operating expense | 8,713 | 10,986 | 29,307 | 49,077 |
Total operating expenses | 238,549 | 215,042 | 741,532 | 664,920 |
Operating income | 299,203 | 153,069 | 613,559 | 321,062 |
Interest expense | 17,453 | 16,900 | 59,788 | 41,457 |
Interest income | 467 | 2,874 | 2,929 | 8,112 |
Other (expense) income, net | (58,701) | 44,148 | (36,106) | 42,737 |
Income before income taxes | 223,516 | 183,191 | 520,594 | 330,454 |
Income tax expense | (22,481) | (21,835) | (85,720) | (46,519) |
Net income | $ 201,035 | $ 161,356 | $ 434,874 | $ 283,935 |
Net income per share: | ||||
Basic | $ 1.77 | $ 1.39 | $ 3.80 | $ 2.42 |
Diluted | $ 1.74 | $ 1.36 | $ 3.74 | $ 2.37 |
Weighted average shares of common stock outstanding: | ||||
Basic | 113,811 | 116,129 | 114,292 | 117,436 |
Diluted | 115,690 | 118,455 | 116,257 | 119,712 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 02, 2021 | Dec. 28, 2019 | Jan. 02, 2021 | Dec. 28, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 201,035 | $ 161,356 | $ 434,874 | $ 283,935 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustment, including intra-entity foreign currency transactions that are of a long-term investment nature | 20,837 | 781 | 45,125 | (674) |
Reclassification adjustments, net of tax: | ||||
Foreign currency loss realized upon liquidation of subsidiary | 15 | 0 | 15 | 353 |
Amortization of pension actuarial loss | 21 | 34 | 61 | 102 |
Other comprehensive income (loss) | 20,873 | 815 | 45,201 | (219) |
Total comprehensive income | $ 221,908 | $ 162,171 | $ 480,075 | $ 283,716 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | 7Hugs [Member]Other operating expense | Common Stock | Accumulated Other Comprehensive Loss | Retained Earnings (Accumulated Deficit) |
Common Stock, Shares, Outstanding | 119,063 | ||||
Common stock and additional paid-in capital | $ 4,687,455 | ||||
Stockholders' Equity Attributable to Parent | 4,359,679 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (6,624) | ||||
Retained Earnings (Accumulated Deficit) | (321,152) | ||||
Net income | 283,935 | $ 0 | $ 0 | $ 283,935 | |
Other Comprehensive Income (Loss), Net of Tax | (219) | $ 0 | (219) | 0 | |
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes Shares | 1,327 | ||||
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes | (5,459) | $ (5,459) | 0 | 0 | |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 452 | ||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 28,658 | $ 28,658 | 0 | 0 | |
Cumulative-effect adoption of ASU 2016-02 | $ 69 | $ 0 | 0 | 69 | |
Stock Repurchased During Period, Shares | (5,100) | (5,104) | |||
Stock Repurchased During Period, Value | $ (390,117) | $ (390,117) | 0 | 0 | |
Stock-based compensation | 62,831 | $ 62,831 | 0 | 0 | |
Payments for Repurchase of Common Stock | 390,117 | ||||
Common Stock, Shares, Outstanding | 116,294 | ||||
Common stock and additional paid-in capital | 4,471,656 | ||||
Stockholders' Equity Attributable to Parent | 4,265,494 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (7,658) | ||||
Retained Earnings (Accumulated Deficit) | (198,504) | ||||
Net income | 161,356 | $ 0 | 0 | 161,356 | |
Other Comprehensive Income (Loss), Net of Tax | 815 | $ 0 | 815 | 0 | |
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes Shares | 490 | ||||
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes | 10,150 | $ 10,150 | 0 | 0 | |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 213 | ||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 13,710 | $ 13,710 | 0 | 0 | |
Stock Repurchased During Period, Shares | (1,300) | (1,259) | |||
Stock Repurchased During Period, Value | $ (125,012) | $ (125,012) | 0 | 0 | |
Stock-based compensation | 12,864 | $ 12,864 | 0 | 0 | |
Common Stock, Shares, Outstanding | 115,738 | ||||
Common stock and additional paid-in capital | 4,383,368 | ||||
Stockholders' Equity Attributable to Parent | 4,339,377 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (6,843) | ||||
Retained Earnings (Accumulated Deficit) | $ (37,148) | ||||
Common Stock, Shares, Outstanding | 114,625 | ||||
Common stock and additional paid-in capital | $ 4,290,377 | ||||
Stockholders' Equity Attributable to Parent | 4,292,665 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 2,288 | ||||
Retained Earnings (Accumulated Deficit) | 0 | ||||
Net income | 434,874 | $ 0 | 0 | 434,874 | |
Other Comprehensive Income (Loss), Net of Tax | 45,201 | $ 0 | 45,201 | 0 | |
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes Shares | 889 | ||||
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes | (31,999) | $ (31,999) | 0 | 0 | |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 417 | ||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 31,366 | $ 31,366 | 0 | 0 | |
Cumulative-effect adoption of ASU 2016-13 | $ (38) | $ 0 | 0 | (38) | |
Stock Repurchased During Period, Shares | (2,600) | (2,632) | |||
Stock Repurchased During Period, Value | $ (340,071) | $ (98,584) | 0 | (241,487) | |
Stock-based compensation | 71,723 | 71,723 | 0 | 0 | |
Other Retained Earnings Adjustment | (20) | $ 0 | 0 | (20) | |
Payments for Repurchase of Common Stock | 340,071 | ||||
Business Combination, Integration Related Costs | $ 2,100 | ||||
Common Stock, Shares, Outstanding | 114,111 | ||||
Common stock and additional paid-in capital | 4,267,987 | ||||
Stockholders' Equity Attributable to Parent | 4,407,166 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 26,616 | ||||
Retained Earnings (Accumulated Deficit) | 112,563 | ||||
Net income | 201,035 | $ 0 | 0 | 201,035 | |
Other Comprehensive Income (Loss), Net of Tax | 20,873 | $ 0 | 20,873 | 0 | |
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes Shares | 63 | ||||
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes | 372 | $ 372 | 0 | 0 | |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 188 | ||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 15,608 | $ 15,608 | 0 | 0 | |
Stock Repurchased During Period, Shares | (1,100) | (1,063) | |||
Stock Repurchased During Period, Value | $ (160,023) | $ (39,754) | 0 | (120,269) | |
Stock-based compensation | $ 18,670 | $ 18,670 | $ 0 | $ 0 | |
Business Combination, Integration Related Costs | $ 700 | ||||
Common Stock, Shares, Outstanding | 113,299 | ||||
Common stock and additional paid-in capital | $ 4,262,883 | ||||
Stockholders' Equity Attributable to Parent | 4,503,701 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 47,489 | ||||
Retained Earnings (Accumulated Deficit) | $ 193,329 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 434,874 | $ 283,935 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 152,337 | 172,314 |
Intangible assets amortization | 217,781 | 177,930 |
Loss on debt extinguishment | 61,991 | 0 |
Deferred income taxes | 26,311 | (1,207) |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 0 | (43,008) |
Stock-based compensation expense | 71,154 | 62,210 |
Other, net | (128) | 18,111 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (140,054) | (25,166) |
Inventories | 38,851 | 44,863 |
Prepaid expenses and other assets | (1,921) | 2,942 |
Accounts payable and accrued liabilities | 35,597 | 41,723 |
Income taxes payable and receivable | 22,014 | 3,917 |
Other liabilities | (19,883) | (7,313) |
Net cash provided by operating activities | 898,924 | 731,251 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (109,505) | (129,004) |
Purchase of businesses, net of cash acquired | 47,069 | 494,783 |
Proceeds from sales of available-for-sale debt securities | 0 | 1,950 |
Other investing activities | 15,277 | (1,263) |
Net cash used in investing activities | (141,297) | (623,100) |
Cash flows from financing activities: | ||
Payment of debt | (1,086,744) | 0 |
Proceeds from borrowings and debt issuances | 1,206,750 | 659,000 |
Repurchase of common stock, including transaction costs | (340,071) | (390,117) |
Proceeds from the issuance of common stock | 28,659 | 37,530 |
Tax withholding paid on behalf of employees for restricted stock units | (37,069) | (21,013) |
Other financing activities | (12,413) | (6,252) |
Net cash (used in) provided by financing activities | (240,888) | 279,148 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 2,569 | (501) |
Net increase in cash, cash equivalents and restricted cash | 519,308 | 386,798 |
Cash, cash equivalents and restricted cash at the beginning of the period | 715,612 | 711,382 |
Cash, cash equivalents and restricted cash at the end of the period | 1,234,920 | 1,098,180 |
Capital expenditure adjustments included in liabilities | 45,592 | 26,152 |
Cash and cash equivalents | 1,234,415 | 1,097,724 |
Restricted cash included in "Other current assets" and "Other non-current assets" | $ 505 | $ 456 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Jan. 02, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES The accompanying Condensed Consolidated Financial Statements of Qorvo, Inc. and Subsidiaries (together, the “Company” or “Qorvo”) have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”). The preparation of these financial statements requires management to make estimates and assumptions, which could differ materially from actual results. In addition, certain information or footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed, or omitted, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, the financial statements include all adjustments (which are of a normal and recurring nature) necessary for the fair presentation of the results of the interim periods presented. These Condensed Consolidated Financial Statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in Qorvo’s Annual Report on Form 10-K for the fiscal year ended March 28, 2020. The Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain items in the fiscal 2020 financial statements have been reclassified to conform with the fiscal 2021 presentation. The Company uses a 52- or 53-week fiscal year ending on the Saturday closest to March 31 of each year. The first fiscal quarter of each year ends on the Saturday closest to June 30, the second fiscal quarter of each year ends on the Saturday closest to September 30 and the third fiscal quarter of each year ends on the Saturday closest to December 31. Fiscal 2020 was a 52-week year and fiscal 2021 is a 53-week year with the additional week included in the second fiscal quarter ended October 3, 2020. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Jan. 02, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS The Company assesses recently issued accounting standards by the Financial Accounting Standards Board ("FASB") to determine the expected impacts on the Company's financial statements. The summary below describes impacts from newly issued standards as well as material updates to our previous assessments, if any, from Qorvo’s Annual Report on Form 10-K for the fiscal year ended March 28, 2020. In June 2016, the FASB issued Accounting Standards Update ("ASU") 2016-13, " Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ," which requires a current lifetime expected credit loss methodology to be used to measure impairments of accounts receivable and other financial assets. Using this methodology will result in earlier recognition of losses than under the previous incurred loss approach, which requires waiting to recognize a loss until it is probable of being incurred. The Company adopted this standard using the modified retrospective transition method, in the first quarter of fiscal 2021, which resulted in a cumulative-effect adjustment to retained earnings of less than $0.1 million. Under this new standard, the Company's trade receivables are now evaluated on a collective (pool) basis and aggregated on the basis of similar risk characteristics. These aggregated risk pools will be reassessed at each measurement date. A combination of factors is considered in determining the appropriate estimate of expected credit losses which include broad-based economic indicators as well as customers' financial strength, credit standing, payment history and any historical defaults. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements. |
Inventories
Inventories | 9 Months Ended |
Jan. 02, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES The components of inventories, net of reserves, are as follows (in thousands): January 2, 2021 March 28, 2020 Raw materials $ 126,695 $ 112,671 Work in process 270,562 291,028 Finished goods 82,083 113,499 Total inventories $ 479,340 $ 517,198 |
Business Acquisition
Business Acquisition | 9 Months Ended |
Jan. 02, 2021 | |
Business Combinations [Abstract] | |
BUSINESS ACQUISITION | BUSINESS ACQUISITIONS In the second quarter of fiscal 2021, the Company completed the acquisition of 7Hugs Labs S.A.S. ("7Hugs"). During fiscal 2020, the Company completed the acquisitions of Decawave Limited ("Decawave"), Custom MMIC Design Services, Inc. ("Custom MMIC"), Cavendish Kinetics Limited ("Cavendish") and Active-Semi International, Inc. ("Active-Semi"). The operating results of these companies have been included in the Company's consolidated financial statements as of the acquisition dates. 7Hugs Labs S.A.S. On October 1, 2020, the Company acquired all of the outstanding equity interests of 7Hugs, a private developer of ultra-wide band ("UWB") software and solutions, for a total purchase price of $48.7 million, including cash acquired of $1.0 million. The acquisition expands the Company's product offerings and is expected to support the ongoing development and adoption of UWB products and solutions. The purchase price was allocated to 7Hugs' net tangible liabilities (approximately $5.4 million, which includes debt assumed), deferred tax liability (approximately $8.2 million) and an intangible asset (approximately $40.1 million, entirely related to developed technology) based on their estimated fair values. The fair value of the developed technology was determined based on an income approach using the "relief from royalty method," which estimated the value by discounting the royalties avoided by acquiring the technology to present value as of the valuation date. The acquired developed technology asset is being amortized on a straight-line basis over the estimated useful life of 10 years. The excess of the purchase price over the value of the net tangible liabilities, deferred tax liability and intangible asset resulted in goodwill of approximately $22.2 million. The purchase price allocation includes net adjustments of approximately $3.7 million recorded in the third quarter of fiscal 2021. The Company will continue to evaluate certain assets, liabilities and tax estimates over the measurement period (up to one year from the acquisition date). During the three and nine months ended January 2, 2021, the Company recorded acquisition and integration costs associated with the acquisition of 7Hugs of $0.7 million and $2.1 million, respectively, in "Other operating expense" in the Condensed Consolidated Statements of Income. Decawave Limited On February 21, 2020, the Company acquired all of the outstanding equity interests of Decawave, a pioneer in UWB technology and provider of UWB solutions for mobile, automotive and Internet of Things ("IoT") applications, for a total purchase price of $372.2 million. The acquisition expands the Company's product and technology offerings that enable real-time, highly accurate and reliable local area precision-location services. During the nine months ended January 2, 2021, the Company recognized a decrease to goodwill of approximately $3.1 million as a result of purchase price allocation adjustments. The Company will continue to evaluate certain assets, liabilities, and tax estimates over the measurement period (up to one year from the acquisition date). Custom MMIC Design Services, Inc. On February 6, 2020, the Company acquired all of the outstanding equity interests of Custom MMIC, a supplier of high-performance gallium arsenide ("GaAs") and gallium nitride ("GaN") monolithic microwave integrated circuits ("MMICs") for defense and commercial applications, for a total purchase price of $91.7 million. The acquisition expands the Company's millimeter wave ("mmWave") capabilities in defense and commercial markets. On the acquisition date, the purchase price was comprised of cash consideration of $86.0 million and contingent consideration of $5.7 million (based on estimated fair value). The contingent consideration will be payable to the sellers in the first quarter of fiscal 2022 if certain revenue targets are attained over a one-year period from the acquisition date for a maximum amount payable of $10.0 million. The contingent consideration liability is included in "Accrued liabilities" and remeasured to fair value with changes recognized in "Other operating expense." The fair value of the contingent consideration liability as of January 2, 2021 was equal to the maximum amount payable of $10.0 million as a result of achieving revenue targets. See Note 6 for further information related to the fair value measurement. During the nine months ended January 2, 2021, the Company recognized a decrease to goodwill of approximately $0.6 million as a result of purchase price allocation adjustments. The Company will continue to evaluate certain assets, liabilities, and tax estimates over the measurement period (up to one year from the acquisition date). Cavendish Kinetics Limited As of September 28, 2019, the Company had an investment in preferred shares in Cavendish, a private supplier of high-performance radio frequency ("RF") microelectromechanical system ("MEMS") technology for antenna tuning applications, with a carrying value of $59.4 million. The Company accounted for this investment as an equity investment without a readily determinable fair value using the measurement alternative in accordance with Accounting Standards Codification ("ASC") 321, "Investments-Equity Securities." On October 4, 2019, the Company acquired the remaining issued and outstanding capital of Cavendish for cash consideration of $198.4 million. The acquisition advances RF MEMS technology for applications across the Company's products and the technology will be transitioned into high-volume manufacturing for mobile devices and other markets. The purchase of the remaining equity interest in Cavendish was considered to be an acquisition achieved in stages, whereby the previously held equity interest was remeasured at its acquisition-date fair value. The Company determined that the fair value of its previously held equity investment was $102.4 million based on the purchase consideration exchanged to acquire the remaining issued and outstanding capital of Cavendish. This resulted in recognition of a gain of $43.0 million in the third quarter of fiscal 2020, which is recorded in "Other (expense) income, net" in the Condensed Consolidated Statements of Income. In fiscal 2021, the Company recognized an increase to goodwill of approximately $2.0 million and a decrease to intangible assets of approximately $2.0 million as a result of finalizing the purchase price allocation. Active-Semi International, Inc. On May 6, 2019, the Company acquired all of the outstanding equity interests of Active-Semi, a private fabless supplier of programmable analog power management solutions, for a total purchase price of $307.9 million. The acquisition expanded the Company's product offerings in power management markets. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets Goodwill and Intangible Assets | 9 Months Ended |
Jan. 02, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | GOODWILL AND INTANGIBLE ASSETS The changes in the carrying amount of goodwill for the nine months ended January 2, 2021 are as follows (in thousands): Mobile Products Infrastructure and Defense Products Total Balance as of March 28, 2020 (1) $ 2,005,432 $ 608,842 $ 2,614,274 Goodwill resulting from 7Hugs acquisition ( Note 4 ) 22,195 — 22,195 Measurement period adjustments from prior acquisitions ( Note 4 ) (1,075) (514) (1,589) Foreign currency translation 16,032 — 16,032 Balance as of January 2, 2021 (1) $ 2,042,584 $ 608,328 $ 2,650,912 (1) The Company’s goodwill balance is presented net of accumulated impairment losses and write-offs of $621.6 million. Goodwill is allocated to the reporting units that are expected to benefit from the synergies of the business combinations generating the underlying goodwill. The following summarizes information regarding the gross carrying amounts and accumulated amortization of intangible assets (in thousands): January 2, 2021 March 28, 2020 Gross Accumulated Gross Accumulated Developed technology $ 1,272,572 $ 716,397 $ 1,325,472 $ 652,400 Customer relationships 458,150 399,505 463,772 346,799 Technology licenses 2,271 1,895 3,271 2,327 Backlog 1,600 1,467 1,600 267 Trade names 1,000 458 1,200 283 In-process research and development 9,600 N/A 9,600 N/A Foreign currency translation 35,497 4,729 6,064 11 Total $ 1,780,690 $ 1,124,451 $ 1,810,979 $ 1,002,087 At the beginning of each fiscal year, the Company removes the gross asset and accumulated amortization amounts of intangible assets that have reached the end of their useful lives and have been fully amortized. Useful lives are estimated based on expected economic benefit to be derived from the intangible assets. |
Investments and Fair Value Meas
Investments and Fair Value Measurements | 9 Months Ended |
Jan. 02, 2021 | |
Investments and Fair Value Measurements [Abstract] | |
INVESTMENTS AND FAIR VALUE MEASUREMENTS | INVESTMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS Equity Method Investments The Company invests in limited partnerships which are accounted for using the equity method. The carrying amounts of these investments as of January 2, 2021 and March 28, 2020 were $25.7 million and $14.2 million, respectively, and are classified as “Long-term investments” in the Condensed Consolidated Balance Sheets. During the three and nine months ended January 2, 2021, the Company recorded $1.8 million and $17.4 million of income, respectively, based on its share of the limited partnerships' earnings. These amounts are included in “Other (expense) income, net” in the Condensed Consolidated Statements of Income. During the three months ended January 2, 2021, the Company received cash distributions of $5.9 million from one of these equity method investments. The distributions were recognized as a reduction to the carrying value of the investment, the majority of which represented a return of investment in cash flows from investing activities. Equity Investments Without a Readily Determinable Fair Value During the fourth quarter of fiscal 2020, the Company recorded an impairment of $18.3 million on an equity investment without a readily determinable fair value based on observable price changes present at the time. During the first quarter of fiscal 2021, the Company recorded an additional impairment of $2.8 million to fully impair this investment. This amount is recorded in “Other (expense) income, net” in the Condensed Consolidated Statement of Income. Fair Value of Financial Instruments The fair value of the financial assets and liabilities measured on a recurring basis was determined using the following levels of inputs as of January 2, 2021 and March 28, 2020 (in thousands): Total Quoted Prices In Significant Other Significant January 2, 2021 Assets Marketable equity securities $ 644 $ 644 $ — $ — Invested funds in deferred compensation plan (1) 31,015 31,015 — — Total assets measured at fair value $ 31,659 $ 31,659 $ — $ — Liabilities Deferred compensation plan obligation (1) $ 31,015 $ 31,015 $ — $ — Contingent earn-out liability (2) 10,000 — — 10,000 Total liabilities measured at fair value $ 41,015 $ 31,015 $ — $ 10,000 March 28, 2020 Assets Marketable equity securities $ 459 $ 459 $ — $ — Invested funds in deferred compensation plan (1) 19,398 19,398 — — Total assets measured at fair value $ 19,857 $ 19,857 $ — $ — Liabilities Deferred compensation plan obligation (1) $ 19,398 $ 19,398 $ — $ — Contingent earn-out liability (2) 5,700 — — 5,700 Total liabilities measured at fair value $ 25,098 $ 19,398 $ — $ 5,700 (1) The Company's non-qualified deferred compensation plan provides eligible employees and members of the Board of Directors with the opportunity to defer a specified percentage of their cash compensation. The Company includes the assets deferred by the participants in the “Other current assets” and “Other non-current assets” line items of its Condensed Consolidated Balance Sheets and the Company's obligation to deliver the deferred compensation in the “Other current liabilities” and “Other long-term liabilities” line items of its Condensed Consolidated Balance Sheets. (2) The Company recorded a contingent earn-out liability in conjunction with the Custom MMIC acquisition. The fair value of this liability is estimated using an option pricing model and is remeasured to fair value each period with changes in fair value reported in “Other operating expense” in the Condensed Consolidated Statements of Income. As of January 2, 2021, the fair value of the contingent consideration liability was equal to the maximum amount payable of $10.0 million. No payments have been made for the contingent liability as the earn-out assessment period is still ongoing. Any anticipated payments are expected to be settled during the first quarter of fiscal 2022. |
Debt
Debt | 9 Months Ended |
Jan. 02, 2021 | |
Debt Disclosure [Abstract] | |
DEBT | LONG-TERM DEBT Long-term debt as of January 2, 2021 and March 28, 2020 is as follows (in thousands): January 2, 2021 March 28, 2020 Term loan $ 198,750 $ 100,000 7.00% senior notes due 2025 — 23,404 5.50% senior notes due 2026 — 900,000 4.375% senior notes due 2029 850,000 550,000 3.375% senior notes due 2031 700,000 — Finance leases 1,648 2,252 Unamortized premium and issuance costs, net (1,513) (1,532) Less current portion of long-term debt (5,091) (6,893) Total long-term debt $ 1,743,794 $ 1,567,231 Credit Agreement On September 29, 2020, the Company and certain of its U.S. subsidiaries (the “Guarantors”) entered into a five-year unsecured senior credit facility pursuant to a credit agreement (the “2020 Credit Agreement”) with Bank of America, N.A. acting as administrative agent (the “Administrative Agent”) and a syndicate of lenders. The 2020 Credit Agreement amended and restated the previous credit agreement dated as of December 5, 2017 (the “2017 Credit Agreement”). The 2020 Credit Agreement includes a senior term loan (the “2020 Term Loan”) of up to $200.0 million and a senior revolving line of credit (the “Revolving Facility”) of up to $300.0 million (collectively the “Credit Facility”). On the closing date of the 2020 Credit Agreement, the Company repaid the remaining principal balance of $97.5 million on the term loan under the 2017 Credit Agreement (the “2017 Term Loan”) and concurrently drew $200.0 million under the 2020 Term Loan. Principal paid on the 2020 Term Loan during the three months ended January 2, 2021 was $1.3 million. Interest paid on the 2017 Term Loan and 2020 Term Loan during the three and nine months ended January 2, 2021 was $0.7 million and $1.5 million, respectively. Pursuant to the 2020 Credit Agreement, the Company may request one or more additional tranches of term loans or increases to the Revolving Facility, up to an aggregate of $500.0 million and subject to securing additional funding commitments from the existing or new lenders. The Revolving Facility includes a $25.0 million sublimit for the issuance of standby letters of credit and a $10.0 million sublimit for swing line loans. The Credit Facility is available to finance working capital, capital expenditures and other general corporate purposes. Outstanding amounts are due in full on the maturity date of September 29, 2025, subject to scheduled amortization of the 2020 Term Loan principal prior to the maturity date as set forth in the 2020 Credit Agreement. During the nine months ended January 2, 2021, there were no borrowings under the Revolving Facility. At the Company’s option, loans under the 2020 Credit Agreement will bear interest at (i) the Applicable Rate (as defined in the 2020 Credit Agreement) plus the Eurodollar Rate (as defined in the 2020 Credit Agreement) or (ii) the Applicable Rate plus a rate equal to the highest of (a) the federal funds rate plus 0.50%, (b) the prime rate as set by the Administrative Agent, and (c) the Eurodollar Rate plus 1.0% (the “Base Rate”). All swing line loans will bear interest at a rate equal to the Applicable Rate plus the Base Rate. The Eurodollar Rate is the rate per annum equal to the reserve adjusted London Interbank Offered Rate (or a comparable or successor rate), for dollar deposits for interest periods of one, two, three or six months, as selected by the Company. The Applicable Rate for Eurodollar Rate loans ranges from 1.000% per annum to 1.250% per annum and is set at 1.125% per annum until the delivery of the Company’s first compliance certificate to the lenders following the fiscal quarter ended January 2, 2021. The Applicable Rate for Base Rate loans ranges from 0.000% per annum to 0.250% per annum, and is set at 0.125% per annum until the delivery of the Company’s first compliance certificate to the lenders following the fiscal quarter ended January 2, 2021. Undrawn amounts under the Credit Facility are subject to a commitment fee ranging from 0.150% to 0.200%. Interest for Eurodollar Rate loans is payable at the end of each applicable interest period or at three-month intervals if such interest period exceeds three months. Interest for Base Rate loans is payable quarterly in arrears. The 2020 Credit Agreement 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. As of January 2, 2021, the Company was in compliance with these covenants. Senior Notes due 2025 On November 19, 2015, the Company issued $550.0 million aggregate principal amount of its 7.00% senior notes due December 1, 2025 (the “2025 Notes”). The 2025 Notes were senior unsecured obligations of the Company and guaranteed, jointly and severally, by the Guarantors. In fiscal years 2018 and 2019, the Company retired $526.6 million of the 2025 Notes. On December 1, 2020, the Company redeemed the remaining $23.4 million principal amount of the 2025 Notes using cash on hand, at a redemption price equal to 103.50% of the principal amount, plus accrued and unpaid interest. In connection with the redemption, the Company recognized a loss on debt extinguishment of $1.0 million as "Other (expense) income, net" in the Condensed Consolidated Statements of Income. The loss on debt extinguishment consisted of a $0.8 million redemption premium and a $0.2 million write-off of the unamortized portion of the debt issuance costs. Interest on the 2025 Notes was payable on June 1 and December 1 of each year. Interest paid on the 2025 Notes during the three and nine months ended January 2, 2021 was $0.8 million and $1.6 million, respectively. Interest paid on the 2025 Notes during the three and nine months ended December 28, 2019 was $0.8 million and $1.6 million, respectively. Senior Notes due 2026 On July 16, 2018, the Company issued $500.0 million aggregate principal amount of its 5.50% senior notes due July 15, 2026 (the “Initial 2026 Notes”). On August 28, 2018 and March 5, 2019, the Company issued an additional $130.0 million and $270.0 million, respectively, aggregate principal amount of such notes (together with the Initial 2026 Notes, the “2026 Notes”). The 2026 Notes were senior unsecured obligations of the Company and guaranteed, jointly and severally, by the Guarantors. On October 16, 2020, the Company redeemed all of the 2026 Notes at a redemption price equal to 106.363% of the $900.0 million principal amount, plus accrued and unpaid interest. The 2026 Notes were redeemed using proceeds from the issuance of the 2031 Notes (as defined below) combined with cash on hand plus borrowings under the 2020 Term Loan. In connection with the redemption, the Company recognized a loss on debt extinguishment of $61.0 million as "Other (expense) income, net" in the Condensed Consolidated Statements of Income. The loss on debt extinguishment consisted of a $57.3 million redemption premium and a $3.7 million net write-off of unamortized debt issuance costs and bond premium. The primary purpose of the redemption was to reduce future interest expense. Interest on the 2026 Notes was payable on January 15 and July 15 of each year. No interest was paid on the 2026 Notes during the three months ended January 2, 2021 and December 28, 2019. Interest paid on the 2026 Notes during the nine months ended January 2, 2021 and December 28, 2019 was $24.8 million. Senior Notes due 2029 On September 30, 2019, the Company issued $350.0 million aggregate principal amount of its 4.375% senior notes due 2029 (the “Initial 2029 Notes”). On December 20, 2019 and June 11, 2020, the Company issued an additional $200.0 million and $300.0 million, respectively, aggregate principal amount of such notes (together, the “Additional 2029 Notes” and together with the Initial 2029 Notes, the “2029 Notes”). The 2029 Notes will mature on October 15, 2029, unless earlier redeemed in accordance with their terms. The 2029 Notes are senior unsecured obligations of the Company and are guaranteed, jointly and severally, by the Guarantors. The Initial 2029 Notes were issued pursuant to an indenture, dated as of September 30, 2019, by and among the Company, the Guarantors and MUFG Union Bank, N.A., as trustee, and the Additional 2029 Notes were issued pursuant to supplemental indentures, dated as of December 20, 2019 and June 11, 2020 (such indenture and supplemental indentures, collectively, the “2019 Indenture”). The 2019 Indenture contains customary events of default, including payment default, failure to provide certain notices thereunder and certain provisions related to bankruptcy events and also contains customary negative covenants. Interest is payable on the 2029 Notes on April 15 and October 15 of each year. Interest paid on the 2029 Notes during the three and nine months ended January 2, 2021 was $18.6 million and $31.6 million, respectively. Senior Notes due 2031 On September 29, 2020, the Company issued $700.0 million aggregate principal amount of its 3.375% senior notes due 2031 (the “2031 Notes”). Interest is payable on the 2031 Notes on April 1 and October 1 of each year, commencing April 1, 2021. The 2031 Notes will mature on April 1, 2031, unless earlier redeemed in accordance with their terms. The 2031 Notes are senior unsecured obligations of the Company and are guaranteed, jointly and severally, by the Guarantors. The 2031 Notes were issued pursuant to an indenture, dated as of September 29, 2020, by and among the Company, the Guarantors and MUFG Union Bank, N.A., as trustee (the “2020 Indenture”). The 2020 Indenture contains customary events of default, including payment default, failure to provide certain notices thereunder and certain provisions related to bankruptcy events and also contains customary negative covenants. The 2031 Notes have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws, and may not be offered or sold in the United States absent an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. Fair Value of Debt The Company's debt is carried at amortized cost and is measured at fair value quarterly for disclosure purposes. The estimated fair value of the 2029 Notes and the 2031 Notes as of January 2, 2021 was $935.2 million and $720.1 million, respectively (compared to a carrying value of $850.0 million and $700.0 million, respectively). The estimated fair value of the 2025 Notes, the 2026 Notes and the 2029 Notes as of March 28, 2020 was $23.9 million, $962.8 million, and $489.5 million, respectively (compared to a carrying value of $23.4 million, $900.0 million, and $550.0 million, respectively). The Company considers its debt to be Level 2 in the fair value hierarchy. Fair values are estimated based on quoted market prices for identical or similar instruments. The 2029 Notes and the 2031 Notes currently trade – and the 2025 Notes and the 2026 Notes previously traded – over the counter and their fair values were estimated based upon the value of their last trade at the end of the period. The 2020 Term Loan carries a variable interest rate set at current market rates, and as such, the fair value of the 2020 Term Loan approximated book value as of January 2, 2021. Interest Expense During the three and nine months ended January 2, 2021, the Company recognized total interest expense of $18.3 million and $62.9 million, respectively, primarily related to the 2026 Notes, the 2029 Notes and the 2031 Notes, which was partially offset by interest capitalized to property and equipment of $0.9 million and $3.1 million, respectively. During the three and nine months ended December 28, 2019, the Company recognized total interest expense of $18.3 million and $45.8 million, respectively, primarily related to the 2026 Notes and the 2029 Notes, which was partially offset by interest capitalized to property and equipment of $1.4 million and $4.4 million, respectively. |
Stock Repurchases
Stock Repurchases | 9 Months Ended |
Jan. 02, 2021 | |
Equity [Abstract] | |
STOCK REPURCHASES | STOCK REPURCHASES On October 31, 2019, the Company announced that its Board of Directors authorized a new share repurchase program to repurchase up to $1.0 billion of the Company's outstanding common stock, which included approximately $117.0 million authorized under the prior program which was terminated concurrent with the new authorization. Under this program, share repurchases are made in accordance with applicable securities laws on the open market or in privately negotiated transactions. The extent to which the Company repurchases its shares, the number of shares and the timing of any repurchases depends on general market conditions, regulatory requirements, alternative investment opportunities and other considerations. The program does not require the Company to repurchase a minimum number of shares, does not have a fixed term, and may be modified, suspended or terminated at any time without prior notice. During the three and nine months ended January 2, 2021, the Company repurchased approximately 1.1 million and 2.6 million shares, respectively, of its common stock for approximately $160.0 million and $340.1 million, respectively, under the current share repurchase program. As of January 2, 2021, approximately $425.8 million remained available for repurchases under the current share repurchase program. During the three and nine months ended December 28, 2019, the Company repurchased approximately 1.3 million and 5.1 million shares, respectively, of its common stock for approximately $125.0 million and $390.1 million, respectively, under the prior and current share repurchase programs. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 9 Months Ended |
Jan. 02, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENT LIABILITIES Legal Matters The Company accrues a liability for legal contingencies when it believes that it is both probable that a liability has been incurred and that it can reasonably estimate the amount of the loss. The Company reviews these accruals and adjusts them to reflect ongoing negotiations, settlements, rulings, advice of legal counsel and other relevant information. To the extent new information is obtained and the Company's views on the probable outcomes of claims, suits, assessments, investigations or legal proceedings change, changes in the Company's accrued liabilities would be recorded in the period in which such determination is made. The Company is involved in various legal proceedings and claims that have arisen in the ordinary course of its business that have not been fully adjudicated. The aggregate range of reasonably possible losses in excess of accrued liabilities, if any, associated with these unresolved legal actions is not material. In some cases, the Company cannot reasonably estimate a range of loss because there is insufficient information regarding the matter. However, the Company believes there is no more than a remote chance that any liability arising from these matters would be material. Although it is not possible to predict with certainty the outcome of these unresolved legal actions, it is the opinion of management that these actions will not individually or in the aggregate have a material adverse effect on the Company’s consolidated financial position or results of operations. |
Revenue
Revenue | 9 Months Ended |
Jan. 02, 2021 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE The following table presents the Company's revenue disaggregated by geography, based on the location of the customers' headquarters (in thousands): Three Months Ended Nine Months Ended January 2, 2021 December 28, 2019 January 2, 2021 December 28, 2019 United States $ 587,737 $ 423,573 $ 1,295,398 $ 1,143,995 China 305,887 281,024 1,084,120 842,112 Other Asia 83,070 80,729 243,715 229,344 Taiwan 69,492 43,156 176,171 122,189 Europe 48,648 40,591 143,173 113,729 Total revenue $ 1,094,834 $ 869,073 $ 2,942,577 $ 2,451,369 The Company also disaggregates revenue by operating segments (see Note 12). |
Restructuring
Restructuring | 9 Months Ended |
Jan. 02, 2021 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING | RESTRUCTURINGDuring fiscal 2019, the Company initiated restructuring actions to reduce operating expenses and improve its manufacturing cost structure, including the phased closure of a wafer fabrication facility in Florida and idling production at a wafer fabrication facility in Texas. As a result of these restructuring actions, the Company has recorded cumulative restructuring related charges totaling $93.1 million as of the end of the third quarter of fiscal 2021, including accelerated depreciation of $47.4 million (to reflect changes in estimated useful lives of certain property and equipment), impairment charges of $15.9 million (to adjust the carrying value of certain property and equipment to reflect its fair value), employee termination benefits of $13.8 million and other exit costs of $16.0 million. The Company expects to record additional expenses of approximately $0.1 million for employee termination benefits and other exit costs as a result of these actions. The following table summarizes the restructuring charges resulting from the 2019 restructuring event (in thousands): Three Months Ended January 2, 2021 Three Months Ended December 28, 2019 Cost of Goods Sold Other Operating Expense Total Cost of Goods Sold Other Operating Expense Total One-time employee termination benefits (1) $ — $ 141 $ 141 $ — $ 1,677 $ 1,677 Contract termination and other associated costs — 154 154 3,437 809 4,246 Accelerated depreciation — — — 4,324 — 4,324 Total $ — $ 295 $ 295 $ 7,761 $ 2,486 $ 10,247 Nine Months Ended January 2, 2021 Nine Months Ended December 28, 2019 Cost of Goods Sold Other Operating Expense Total Cost of Goods Sold Other Operating Expense Total One-time employee termination benefits (1) $ — $ 98 $ 98 $ — $ 6,291 $ 6,291 Contract termination and other associated costs — 1,012 1,012 6,307 4,791 11,098 Accelerated depreciation — — — 25,840 — 25,840 Total $ — $ 1,110 $ 1,110 $ 32,147 $ 11,082 $ 43,229 (1) Includes reversal due to true-up of previously accrued restructuring charges. The Company has entered into other individually immaterial restructuring plans. The Company's restructuring charges related to these plans were $0.3 million and $1.0 million for the three and nine months ended January 2, 2021, respectively, and less than $0.1 million and $0.5 million for the three and nine months ended December 28, 2019, respectively. The following table summarizes the activity related to the Company's restructuring liabilities for the nine months ended January 2, 2021 (in thousands): One-Time Employee Termination Benefits Contract Termination and Other Associated Costs Total Accrued restructuring balance as of March 28, 2020 $ 1,728 $ 270 $ 1,998 Costs incurred and charged to expense 873 1,220 2,093 Cash payments (2,061) (1,162) (3,223) Non-cash activity — (139) (139) Accrued restructuring balance as of January 2, 2021 $ 540 $ 189 $ 729 |
Operating Segment Information
Operating Segment Information | 9 Months Ended |
Jan. 02, 2021 | |
Segment Reporting [Abstract] | |
OPERATING SEGMENT INFORMATION | OPERATING SEGMENT INFORMATION The Company's operating and reportable segments as of January 2, 2021 are Mobile Products ("MP") and Infrastructure and Defense Products ("IDP") based on the organizational structure and information reviewed by the Company's Chief Executive Officer, who is the Company's chief operating decision maker ("CODM"), and these segments are managed separately based on the end markets and applications they support. The CODM allocates resources and assesses the performance of each operating segment primarily based on operating income. MP is a global supplier of cellular, UWB and Wi-Fi solutions for a variety of high-volume markets, including smartphones, wearables, laptops, tablets and IoT applications. IDP is a global supplier of RF, system-on-a-chip and power management solutions for wireless infrastructure, defense, Wi-Fi, smart home, automotive, and IoT. The "All other" category includes operating expenses such as stock-based compensation, amortization of intangible assets, acquisition and integration related costs, restructuring related charges, start-up costs, accelerated depreciation and asset impairment, (loss) gain on assets, and other miscellaneous corporate overhead expenses that the Company does not allocate to its reportable segments because these expenses are not included in the segment operating performance measures evaluated by the Company’s CODM. The CODM does not evaluate operating segments using discrete asset information. The Company’s operating segments do not record intercompany revenue. The Company does not allocate gains and losses from equity investments, interest and other income, or taxes to operating segments. Except as discussed above regarding the "All other" category, the Company’s accounting policies for segment reporting are the same as for the Company as a whole. The following tables present details of the Company’s operating and reportable segments and a reconciliation of the “All other” category (in thousands): Three Months Ended Nine Months Ended January 2, December 28, January 2, December 28, Revenue: MP $ 826,021 $ 662,109 $ 2,048,719 $ 1,841,468 IDP 268,813 206,964 893,858 609,901 Total revenue $ 1,094,834 $ 869,073 $ 2,942,577 $ 2,451,369 Operating income (loss): MP $ 342,118 $ 219,778 $ 714,959 $ 553,144 IDP 59,241 32,628 219,491 97,721 All other (102,156) (99,337) (320,891) (329,803) Operating income 299,203 153,069 613,559 321,062 Interest expense (17,453) (16,900) (59,788) (41,457) Interest income 467 2,874 2,929 8,112 Other (expense) income, net (58,701) 44,148 (36,106) 42,737 Income before income taxes $ 223,516 $ 183,191 $ 520,594 $ 330,454 Three Months Ended Nine Months Ended January 2, December 28, January 2, December 28, Reconciliation of “All other” category: Stock-based compensation expense $ (19,247) $ (16,381) $ (71,154) $ (62,210) Amortization of intangible assets (73,112) (62,910) (217,203) (177,380) Acquisition and integration related costs (5,261) (7,226) (25,183) (37,905) Restructuring related charges (546) (5,956) (2,093) (17,850) Accelerated depreciation and asset impairment — (4,324) — (26,897) Other (including (loss) gain on assets, start-up costs and other miscellaneous corporate overhead) (3,990) (2,540) (5,258) (7,561) Loss from operations for “All other” $ (102,156) $ (99,337) $ (320,891) $ (329,803) |
Income Taxes
Income Taxes | 9 Months Ended |
Jan. 02, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company’s provision for income taxes for the three and nine months ended January 2, 2021 and December 28, 2019 was calculated by applying an estimate of the annual effective tax rate for the full fiscal year to “ordinary” income or loss (pre-tax income or loss excluding unusual or infrequently occurring discrete items) for those respective periods. The Company’s income tax expense was $22.5 million and $85.7 million for the three and nine months ended January 2, 2021, respectively, and the Company’s income tax expense was $21.8 million and $46.5 million for the three and nine months ended December 28, 2019, respectively. The Company’s effective tax rate was 10.1% and 16.5% for the three and nine months ended January 2, 2021, respectively, and 11.9% and 14.1% for the three and nine months ended December 28, 2019, respectively. The Company's effective tax rate for the three and nine months ended January 2, 2021 differed from the statutory rate primarily due to tax rate differences in foreign jurisdictions, global intangible low tax income (“GILTI”), domestic tax credits generated, and discrete tax items recorded during the period. A discrete benefit of $3.8 million and a discrete charge of $31.4 million was recorded during the three and nine months ended January 2, 2021, respectively. The discrete charge primarily relates to the intercompany restructuring of the Cavendish intellectual property, partially offset by discrete tax benefits recognized for stock-based compensation deductions and a retroactive incentive allowing previously non-deductible payments to be amortized. The Company's effective tax rate for the three and nine months ended December 28, 2019 differed from the statutory rate primarily due to tax rate differences in foreign jurisdictions, GILTI, domestic tax credits generated, foreign permanent differences, the discrete treatment of post-combination compensation related expenses due to the Active-Semi and Cavendish acquisitions, and a discrete expense related to the Company’s change in its permanent reinvestment assertion for certain unrepatriated foreign earnings previously subject to U.S. federal taxation. |
Net Income Per Share
Net Income Per Share | 9 Months Ended |
Jan. 02, 2021 | |
Earnings Per Share [Abstract] | |
NET INCOME (LOSS) PER SHARE | NET INCOME PER SHARE The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share data): Three Months Ended Nine Months Ended January 2, 2021 December 28, 2019 January 2, 2021 December 28, 2019 Numerator: Numerator for basic and diluted net income per share — net income available to common stockholders $ 201,035 $ 161,356 $ 434,874 $ 283,935 Denominator: Denominator for basic net income per share — weighted average shares 113,811 116,129 114,292 117,436 Effect of dilutive securities: Stock-based awards 1,879 2,326 1,965 2,276 Denominator for diluted net income per share — adjusted weighted average shares and assumed conversions 115,690 118,455 116,257 119,712 Basic net income per share $ 1.77 $ 1.39 $ 3.80 $ 2.42 Diluted net income per share $ 1.74 $ 1.36 $ 3.74 $ 2.37 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets Goodwill Allocation (Policies) | 9 Months Ended |
Jan. 02, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill is allocated to the reporting units that are expected to benefit from the synergies of the business combinations generating the underlying goodwill. |
Long-Term Debt Fair Value of De
Long-Term Debt Fair Value of Debt (Policies) | 9 Months Ended |
Jan. 02, 2021 | |
Debt Disclosure [Abstract] | |
Fair value of debt [Policy Text Block] | The Company's debt is carried at amortized cost and is measured at fair value quarterly for disclosure purposes. The estimated fair value of the 2029 Notes and the 2031 Notes as of January 2, 2021 was $935.2 million and $720.1 million, respectively (compared to a carrying value of $850.0 million and $700.0 million, respectively). The estimated fair value of the 2025 Notes, the 2026 Notes and the 2029 Notes as of March 28, 2020 was $23.9 million, $962.8 million, and $489.5 million, respectively (compared to a carrying value of $23.4 million, $900.0 million, and $550.0 million, respectively). The Company considers its debt to be Level 2 in the fair value hierarchy. Fair values are estimated based on quoted market prices for identical or similar instruments. The 2029 Notes and the 2031 Notes currently trade – and the 2025 Notes and the 2026 Notes previously traded – over the counter and their fair values were estimated based upon the value of their last trade at the end of the period.The 2020 Term Loan carries a variable interest rate set at current market rates, and as such, the fair value of the 2020 Term Loan approximated book value as of January 2, 2021. |
Operating Segment Information S
Operating Segment Information Segment Policy (Policies) | 9 Months Ended |
Jan. 02, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | The Company's operating and reportable segments as of January 2, 2021 are Mobile Products ("MP") and Infrastructure and Defense Products ("IDP") based on the organizational structure and information reviewed by the Company's Chief Executive Officer, who is the Company's chief operating decision maker ("CODM"), and these segments are managed separately based on the end markets and applications they support. The CODM allocates resources and assesses the performance of each operating segment primarily based on operating income. |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Jan. 02, 2021 | |
Inventory Disclosure [Abstract] | |
Components of inventories | The components of inventories, net of reserves, are as follows (in thousands): January 2, 2021 March 28, 2020 Raw materials $ 126,695 $ 112,671 Work in process 270,562 291,028 Finished goods 82,083 113,499 Total inventories $ 479,340 $ 517,198 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets Goodwill (Tables) | 9 Months Ended |
Jan. 02, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | The changes in the carrying amount of goodwill for the nine months ended January 2, 2021 are as follows (in thousands): Mobile Products Infrastructure and Defense Products Total Balance as of March 28, 2020 (1) $ 2,005,432 $ 608,842 $ 2,614,274 Goodwill resulting from 7Hugs acquisition ( Note 4 ) 22,195 — 22,195 Measurement period adjustments from prior acquisitions ( Note 4 ) (1,075) (514) (1,589) Foreign currency translation 16,032 — 16,032 Balance as of January 2, 2021 (1) $ 2,042,584 $ 608,328 $ 2,650,912 (1) The Company’s goodwill balance is presented net of accumulated impairment losses and write-offs of $621.6 million. |
Schedule of finite-lived and indefinite-lived intangible assets [Table Text Block] | The following summarizes information regarding the gross carrying amounts and accumulated amortization of intangible assets (in thousands): January 2, 2021 March 28, 2020 Gross Accumulated Gross Accumulated Developed technology $ 1,272,572 $ 716,397 $ 1,325,472 $ 652,400 Customer relationships 458,150 399,505 463,772 346,799 Technology licenses 2,271 1,895 3,271 2,327 Backlog 1,600 1,467 1,600 267 Trade names 1,000 458 1,200 283 In-process research and development 9,600 N/A 9,600 N/A Foreign currency translation 35,497 4,729 6,064 11 Total $ 1,780,690 $ 1,124,451 $ 1,810,979 $ 1,002,087 |
Investments and Fair Value Me_2
Investments and Fair Value Measurements (Tables) | 9 Months Ended |
Jan. 02, 2021 | |
Investments and Fair Value Measurements [Abstract] | |
Fair value of the financial assets measured at fair value on a recurring basis | The fair value of the financial assets and liabilities measured on a recurring basis was determined using the following levels of inputs as of January 2, 2021 and March 28, 2020 (in thousands): Total Quoted Prices In Significant Other Significant January 2, 2021 Assets Marketable equity securities $ 644 $ 644 $ — $ — Invested funds in deferred compensation plan (1) 31,015 31,015 — — Total assets measured at fair value $ 31,659 $ 31,659 $ — $ — Liabilities Deferred compensation plan obligation (1) $ 31,015 $ 31,015 $ — $ — Contingent earn-out liability (2) 10,000 — — 10,000 Total liabilities measured at fair value $ 41,015 $ 31,015 $ — $ 10,000 March 28, 2020 Assets Marketable equity securities $ 459 $ 459 $ — $ — Invested funds in deferred compensation plan (1) 19,398 19,398 — — Total assets measured at fair value $ 19,857 $ 19,857 $ — $ — Liabilities Deferred compensation plan obligation (1) $ 19,398 $ 19,398 $ — $ — Contingent earn-out liability (2) 5,700 — — 5,700 Total liabilities measured at fair value $ 25,098 $ 19,398 $ — $ 5,700 (1) The Company's non-qualified deferred compensation plan provides eligible employees and members of the Board of Directors with the opportunity to defer a specified percentage of their cash compensation. The Company includes the assets deferred by the participants in the “Other current assets” and “Other non-current assets” line items of its Condensed Consolidated Balance Sheets and the Company's obligation to deliver the deferred compensation in the “Other current liabilities” and “Other long-term liabilities” line items of its Condensed Consolidated Balance Sheets. (2) The Company recorded a contingent earn-out liability in conjunction with the Custom MMIC acquisition. The fair value of this liability is estimated using an option pricing model and is remeasured to fair value each period with changes in fair value reported in “Other operating expense” in the Condensed Consolidated Statements of Income. As of January 2, 2021, the fair value of the contingent consideration liability was equal to the maximum amount payable of $10.0 million. No payments have been made for the contingent liability as the earn-out assessment period is still ongoing. Any anticipated payments are expected to be settled during the first quarter of fiscal 2022. |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Jan. 02, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt as of January 2, 2021 and March 28, 2020 is as follows (in thousands): January 2, 2021 March 28, 2020 Term loan $ 198,750 $ 100,000 7.00% senior notes due 2025 — 23,404 5.50% senior notes due 2026 — 900,000 4.375% senior notes due 2029 850,000 550,000 3.375% senior notes due 2031 700,000 — Finance leases 1,648 2,252 Unamortized premium and issuance costs, net (1,513) (1,532) Less current portion of long-term debt (5,091) (6,893) Total long-term debt $ 1,743,794 $ 1,567,231 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Jan. 02, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents the Company's revenue disaggregated by geography, based on the location of the customers' headquarters (in thousands): Three Months Ended Nine Months Ended January 2, 2021 December 28, 2019 January 2, 2021 December 28, 2019 United States $ 587,737 $ 423,573 $ 1,295,398 $ 1,143,995 China 305,887 281,024 1,084,120 842,112 Other Asia 83,070 80,729 243,715 229,344 Taiwan 69,492 43,156 176,171 122,189 Europe 48,648 40,591 143,173 113,729 Total revenue $ 1,094,834 $ 869,073 $ 2,942,577 $ 2,451,369 |
Restructuring (Tables)
Restructuring (Tables) | 9 Months Ended |
Jan. 02, 2021 | |
Restructuring and Related Activities [Abstract] | |
Schedule of restructuring activity | The following table summarizes the restructuring charges resulting from the 2019 restructuring event (in thousands): Three Months Ended January 2, 2021 Three Months Ended December 28, 2019 Cost of Goods Sold Other Operating Expense Total Cost of Goods Sold Other Operating Expense Total One-time employee termination benefits (1) $ — $ 141 $ 141 $ — $ 1,677 $ 1,677 Contract termination and other associated costs — 154 154 3,437 809 4,246 Accelerated depreciation — — — 4,324 — 4,324 Total $ — $ 295 $ 295 $ 7,761 $ 2,486 $ 10,247 Nine Months Ended January 2, 2021 Nine Months Ended December 28, 2019 Cost of Goods Sold Other Operating Expense Total Cost of Goods Sold Other Operating Expense Total One-time employee termination benefits (1) $ — $ 98 $ 98 $ — $ 6,291 $ 6,291 Contract termination and other associated costs — 1,012 1,012 6,307 4,791 11,098 Accelerated depreciation — — — 25,840 — 25,840 Total $ — $ 1,110 $ 1,110 $ 32,147 $ 11,082 $ 43,229 (1) Includes reversal due to true-up of previously accrued restructuring charges. |
Restructuring Liabilities Rollforward [Table Text Block] | The following table summarizes the activity related to the Company's restructuring liabilities for the nine months ended January 2, 2021 (in thousands): One-Time Employee Termination Benefits Contract Termination and Other Associated Costs Total Accrued restructuring balance as of March 28, 2020 $ 1,728 $ 270 $ 1,998 Costs incurred and charged to expense 873 1,220 2,093 Cash payments (2,061) (1,162) (3,223) Non-cash activity — (139) (139) Accrued restructuring balance as of January 2, 2021 $ 540 $ 189 $ 729 |
Operating Segment Information (
Operating Segment Information (Tables) | 9 Months Ended |
Jan. 02, 2021 | |
Segment Reporting [Abstract] | |
Summary of details of reportable segments | The following tables present details of the Company’s operating and reportable segments and a reconciliation of the “All other” category (in thousands): Three Months Ended Nine Months Ended January 2, December 28, January 2, December 28, Revenue: MP $ 826,021 $ 662,109 $ 2,048,719 $ 1,841,468 IDP 268,813 206,964 893,858 609,901 Total revenue $ 1,094,834 $ 869,073 $ 2,942,577 $ 2,451,369 Operating income (loss): MP $ 342,118 $ 219,778 $ 714,959 $ 553,144 IDP 59,241 32,628 219,491 97,721 All other (102,156) (99,337) (320,891) (329,803) Operating income 299,203 153,069 613,559 321,062 Interest expense (17,453) (16,900) (59,788) (41,457) Interest income 467 2,874 2,929 8,112 Other (expense) income, net (58,701) 44,148 (36,106) 42,737 Income before income taxes $ 223,516 $ 183,191 $ 520,594 $ 330,454 |
Summary of reconciliation of "All other" category | Three Months Ended Nine Months Ended January 2, December 28, January 2, December 28, Reconciliation of “All other” category: Stock-based compensation expense $ (19,247) $ (16,381) $ (71,154) $ (62,210) Amortization of intangible assets (73,112) (62,910) (217,203) (177,380) Acquisition and integration related costs (5,261) (7,226) (25,183) (37,905) Restructuring related charges (546) (5,956) (2,093) (17,850) Accelerated depreciation and asset impairment — (4,324) — (26,897) Other (including (loss) gain on assets, start-up costs and other miscellaneous corporate overhead) (3,990) (2,540) (5,258) (7,561) Loss from operations for “All other” $ (102,156) $ (99,337) $ (320,891) $ (329,803) |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 9 Months Ended |
Jan. 02, 2021 | |
Earnings Per Share [Abstract] | |
Reconciliation of the numerators and denominators in the computation of basic and diluted net loss per share | The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share data): Three Months Ended Nine Months Ended January 2, 2021 December 28, 2019 January 2, 2021 December 28, 2019 Numerator: Numerator for basic and diluted net income per share — net income available to common stockholders $ 201,035 $ 161,356 $ 434,874 $ 283,935 Denominator: Denominator for basic net income per share — weighted average shares 113,811 116,129 114,292 117,436 Effect of dilutive securities: Stock-based awards 1,879 2,326 1,965 2,276 Denominator for diluted net income per share — adjusted weighted average shares and assumed conversions 115,690 118,455 116,257 119,712 Basic net income per share $ 1.77 $ 1.39 $ 3.80 $ 2.42 Diluted net income per share $ 1.74 $ 1.36 $ 3.74 $ 2.37 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements Recent Accounting Pronouncements (Details) $ in Thousands | 9 Months Ended |
Jan. 02, 2021USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Cumulative-effect adoption of ASU 2016-13 | $ (38) |
Retained Earnings [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Cumulative-effect adoption of ASU 2016-13 | $ 100 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jan. 02, 2021 | Mar. 28, 2020 |
Components of inventories | ||
Raw materials | $ 126,695 | $ 112,671 |
Work in process | 270,562 | 291,028 |
Finished goods | 82,083 | 113,499 |
Total inventories | $ 479,340 | $ 517,198 |
Business Acquisition Narrative
Business Acquisition Narrative (Details) - USD ($) $ in Thousands | Oct. 01, 2020 | Feb. 21, 2020 | Feb. 06, 2020 | Oct. 04, 2019 | May 06, 2019 | Jan. 02, 2021 | Dec. 28, 2019 | Jan. 02, 2021 | Dec. 28, 2019 | Mar. 28, 2020 |
Business Acquisition [Line Items] | ||||||||||
Goodwill, Period Increase (Decrease) | $ (1,589) | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 47,069 | $ 494,783 | ||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 0 | 43,008 | ||||||||
Intangible assets amortization | $ 73,300 | $ 63,100 | 217,781 | 177,930 | ||||||
Goodwill | 2,650,912 | 2,650,912 | $ 2,614,274 | |||||||
7Hugs [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 5,400 | |||||||||
Goodwill, Period Increase (Decrease) | 3,700 | |||||||||
Business Combination, Consideration Transferred | 48,700 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 1,000 | |||||||||
Goodwill | 22,200 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | 8,200 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 40,100 | |||||||||
7Hugs [Member] | Other operating expense | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Combination, Integration Related Costs | 700 | 2,100 | ||||||||
Custom MMIC [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Payments to Acquire Businesses, Gross | $ 86,000 | |||||||||
Goodwill, Period Increase (Decrease) | (600) | |||||||||
Business Combination, Consideration Transferred | $ 91,700 | |||||||||
Cavendish [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Payments to Acquire Businesses, Gross | $ 198,400 | |||||||||
Finite-Lived Intangible Assets, Period Increase (Decrease) | (2,000) | |||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | $ 102,400 | |||||||||
Cavendish [Member] | Other Income [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 43,000 | |||||||||
Active-Semi | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Combination, Consideration Transferred | $ 307,900 | |||||||||
Decawave [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Combination, Consideration Transferred | $ 372,200 | |||||||||
Developed Technology | 7Hugs [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |||||||||
Infrastructure and Defense Products | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill, Period Increase (Decrease) | (514) | |||||||||
Goodwill | 608,328 | 608,328 | 608,842 | |||||||
Infrastructure and Defense Products | Active-Semi | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill, Period Increase (Decrease) | 100 | |||||||||
Mobile Products | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill, Period Increase (Decrease) | (1,075) | |||||||||
Goodwill | 2,042,584 | 2,042,584 | $ 2,005,432 | |||||||
Mobile Products | Cavendish [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill, Period Increase (Decrease) | 2,000 | |||||||||
Mobile Products | Decawave [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill, Period Increase (Decrease) | (3,100) | |||||||||
Cavendish [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Equity Method Investments | $ 59,400 | $ 59,400 | ||||||||
Maximum [Member] | Custom MMIC [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Combination, Contingent Consideration, Liability, Current | $ 10,000 | $ 10,000 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | Oct. 01, 2020 | Jan. 02, 2021 | Dec. 28, 2019 | Jan. 02, 2021 | Dec. 28, 2019 | Mar. 28, 2020 |
Goodwill and Intangible Assets [Line Items] | ||||||
Document Period End Date | Jan. 2, 2021 | |||||
Intangible assets amortization | $ 73,300 | $ 63,100 | $ 217,781 | $ 177,930 | ||
Goodwill | 2,650,912 | 2,650,912 | $ 2,614,274 | |||
Goodwill, Period Increase (Decrease) | (1,589) | |||||
Goodwill, Accumulated impairment losses and write-offs | 621,600 | 621,600 | ||||
Accumulated Amortization | 1,124,451 | 1,124,451 | 1,002,087 | |||
Finite-Lived and Indefinite-Lived Intangible Assets, Foreign Currency Translation Gain (Loss) | 35,497 | 35,497 | 6,064 | |||
Finite-Lived and Indefinite-Lived Intangible Assets, Foreign Currency Translation Gain (Loss) Amortization | 4,729 | 4,729 | 11 | |||
Goodwill, Foreign Currency Translation Gain (Loss) | 16,032 | |||||
Gross Carrying Amount | 1,780,690 | 1,780,690 | 1,810,979 | |||
Technology licenses | ||||||
Goodwill and Intangible Assets [Line Items] | ||||||
Gross Carrying Amount | 2,271 | 2,271 | 3,271 | |||
Accumulated Amortization | 1,895 | 1,895 | 2,327 | |||
Order or Production Backlog [Member] | ||||||
Goodwill and Intangible Assets [Line Items] | ||||||
Gross Carrying Amount | 1,600 | 1,600 | 1,600 | |||
Accumulated Amortization | 1,467 | 1,467 | 267 | |||
Trade Names | ||||||
Goodwill and Intangible Assets [Line Items] | ||||||
Gross Carrying Amount | 1,000 | 1,000 | 1,200 | |||
Accumulated Amortization | 458 | 458 | 283 | |||
Developed Technology | ||||||
Goodwill and Intangible Assets [Line Items] | ||||||
Gross Carrying Amount | 1,272,572 | 1,272,572 | 1,325,472 | |||
Accumulated Amortization | 716,397 | 716,397 | 652,400 | |||
Customer Relationships | ||||||
Goodwill and Intangible Assets [Line Items] | ||||||
Gross Carrying Amount | 458,150 | 458,150 | 463,772 | |||
Accumulated Amortization | 399,505 | 399,505 | 346,799 | |||
In-process research and development | ||||||
Goodwill and Intangible Assets [Line Items] | ||||||
IPRD | 9,600 | 9,600 | 9,600 | |||
Mobile Products | ||||||
Goodwill and Intangible Assets [Line Items] | ||||||
Goodwill | 2,042,584 | 2,042,584 | 2,005,432 | |||
Goodwill, Period Increase (Decrease) | (1,075) | |||||
Goodwill, Foreign Currency Translation Gain (Loss) | 16,032 | |||||
Infrastructure and Defense Products | ||||||
Goodwill and Intangible Assets [Line Items] | ||||||
Goodwill | 608,328 | 608,328 | $ 608,842 | |||
Goodwill, Period Increase (Decrease) | (514) | |||||
Goodwill, Foreign Currency Translation Gain (Loss) | $ 0 | |||||
7Hugs [Member] | ||||||
Goodwill and Intangible Assets [Line Items] | ||||||
Goodwill | $ 22,200 | |||||
Goodwill, Acquired During Period | 22,195 | |||||
Goodwill, Period Increase (Decrease) | $ 3,700 | |||||
7Hugs [Member] | Mobile Products | ||||||
Goodwill and Intangible Assets [Line Items] | ||||||
Goodwill, Acquired During Period | $ 22,195 |
Investments and Fair Value Me_3
Investments and Fair Value Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Jan. 02, 2021 | Jun. 27, 2020 | Mar. 28, 2020 | Jan. 02, 2021 | Feb. 06, 2020 | |||
Investments and Fair Value of Financial Instruments | |||||||
Document Period End Date | Jan. 2, 2021 | ||||||
Payment for Contingent Consideration Liability, Investing Activities | $ 0 | ||||||
Equity Method Investments | $ 25,700 | $ 14,200 | 25,700 | ||||
Equity Securities, FV-NI, Unrealized Gain (Loss) | 1,800 | 17,400 | |||||
Cost-method Investments, Other than Temporary Impairment | $ 2,800 | 18,300 | |||||
Proceeds from Limited Partnership Investments | 5,900 | ||||||
Fair Value, Recurring [Member] | |||||||
Investments and Fair Value of Financial Instruments | |||||||
Business Combination, Contingent Consideration, Liability, Noncurrent | 5,700 | ||||||
Business Combination, Contingent Consideration, Liability, Current | 10,000 | 10,000 | |||||
Deferred Compensation Plan Assets | 31,015 | 19,398 | [1] | 31,015 | |||
Assets, Fair Value Disclosure | 31,659 | 19,857 | 31,659 | ||||
Deferred Compensation Liability, Current and Noncurrent | [1] | 31,015 | 19,398 | 31,015 | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 41,015 | 25,098 | 41,015 | ||||
Fair Value, Recurring [Member] | Equity Securities | |||||||
Investments and Fair Value of Financial Instruments | |||||||
Marketable Securities | 644 | 459 | 644 | ||||
Quoted Prices In Active Markets For Identical Assets (Level 1) | Fair Value, Recurring [Member] | |||||||
Investments and Fair Value of Financial Instruments | |||||||
Business Combination, Contingent Consideration, Liability, Noncurrent | 0 | ||||||
Business Combination, Contingent Consideration, Liability, Current | 0 | 0 | |||||
Deferred Compensation Plan Assets | 31,015 | 19,398 | [1] | 31,015 | |||
Assets, Fair Value Disclosure | 31,659 | 19,857 | 31,659 | ||||
Deferred Compensation Liability, Current and Noncurrent | [1] | 31,015 | 19,398 | 31,015 | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 31,015 | 19,398 | 31,015 | ||||
Quoted Prices In Active Markets For Identical Assets (Level 1) | Fair Value, Recurring [Member] | Equity Securities | |||||||
Investments and Fair Value of Financial Instruments | |||||||
Marketable Securities | 644 | 459 | 644 | ||||
Significant Other Observable Inputs (Level 2) | Fair Value, Recurring [Member] | |||||||
Investments and Fair Value of Financial Instruments | |||||||
Business Combination, Contingent Consideration, Liability, Noncurrent | 0 | ||||||
Business Combination, Contingent Consideration, Liability, Current | 0 | 0 | |||||
Deferred Compensation Plan Assets | 0 | 0 | [1] | 0 | |||
Assets, Fair Value Disclosure | 0 | 0 | 0 | ||||
Deferred Compensation Liability, Current and Noncurrent | 0 | 0 | 0 | ||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | 0 | ||||
Significant Other Observable Inputs (Level 2) | Fair Value, Recurring [Member] | Equity Securities | |||||||
Investments and Fair Value of Financial Instruments | |||||||
Marketable Securities | 0 | 0 | 0 | ||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | |||||||
Investments and Fair Value of Financial Instruments | |||||||
Business Combination, Contingent Consideration, Liability, Noncurrent | 5,700 | ||||||
Business Combination, Contingent Consideration, Liability, Current | 10,000 | 10,000 | |||||
Deferred Compensation Plan Assets | 0 | 0 | 0 | ||||
Assets, Fair Value Disclosure | 0 | 0 | 0 | ||||
Deferred Compensation Liability, Current and Noncurrent | 0 | 0 | 0 | ||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 10,000 | 5,700 | 10,000 | ||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Equity Securities | |||||||
Investments and Fair Value of Financial Instruments | |||||||
Marketable Securities | $ 0 | $ 0 | $ 0 | ||||
Custom MMIC [Member] | |||||||
Investments and Fair Value of Financial Instruments | |||||||
Business Combination, Contingent Consideration, Liability, Noncurrent | $ 5,700 | ||||||
[1] | The Company's non-qualified deferred compensation plan provides eligible employees and members of the Board of Directors with the opportunity to defer a specified percentage of their cash compensation. The Company includes the assets deferred by the participants in the “Other current assets” and “Other non-current assets” line items of its Condensed Consolidated Balance Sheets and the Company's obligation to deliver the deferred compensation in the “Other current liabilities” and “Other long-term liabilities” line items of its Condensed Consolidated Balance Sheets. |
Debt (Details)
Debt (Details) - USD ($) | Dec. 01, 2020 | Oct. 16, 2020 | Sep. 29, 2020 | Jan. 02, 2021 | Dec. 28, 2019 | Jan. 02, 2021 | Dec. 28, 2019 | Mar. 30, 2019 | Jun. 11, 2020 | Mar. 28, 2020 | Dec. 20, 2019 | Sep. 30, 2019 | Mar. 05, 2019 | Aug. 28, 2018 | Jul. 16, 2018 | Nov. 19, 2015 |
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt | $ 1,743,794,000 | $ 1,743,794,000 | $ 1,567,231,000 | |||||||||||||
Unamortized premium and issuance costs, net | (1,513,000) | (1,513,000) | (1,532,000) | |||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 500,000,000 | |||||||||||||||
Interest Expense, Borrowings | 18,300,000 | $ 18,300,000 | 62,900,000 | $ 45,800,000 | ||||||||||||
Proceeds from borrowings and debt issuances | 1,206,750,000 | 659,000,000 | ||||||||||||||
Current portion of long-term debt | 5,091,000 | 5,091,000 | 6,893,000 | |||||||||||||
Interest expense | 17,453,000 | 16,900,000 | 59,788,000 | 41,457,000 | ||||||||||||
Loss on debt extinguishment | 61,991,000 | 0 | ||||||||||||||
Repayments of Lines of Credit | 1,300,000 | |||||||||||||||
Restructuring Charges | 2,093,000 | |||||||||||||||
Other Restructuring [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Restructuring Charges | 300,000 | 100,000 | 1,000,000 | 500,000 | ||||||||||||
Term Loan [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt | 198,750,000 | 198,750,000 | 100,000,000 | |||||||||||||
Proceeds from borrowings and debt issuances | $ 200,000,000 | |||||||||||||||
7.00% senior notes due 2025 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt | 0 | 0 | 23,404,000 | |||||||||||||
Debt Instrument, Redemption Price, Percentage | 103.50% | |||||||||||||||
Debt Instrument, Face Amount | $ 550,000,000 | |||||||||||||||
Stated Interest Rate | 7.00% | |||||||||||||||
Repayments of Senior Debt | $ 23,400,000 | $ 526,600,000 | ||||||||||||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 800,000 | 1,600,000 | ||||||||||||||
Long-term Debt, Fair Value | 23,900,000 | |||||||||||||||
Loss on debt extinguishment | 1,000,000 | 1,000,000 | ||||||||||||||
Redemption Premium | 800,000 | |||||||||||||||
Write off of deferred issuance costs and bond premium | 200,000 | |||||||||||||||
6.75% Senior Notes due 2023 and 7.00% Senior Notes due 2025 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 800,000 | 1,600,000 | ||||||||||||||
5.50% senior notes due 2026 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt | $ 900,000,000 | 0 | 0 | 900,000,000 | ||||||||||||
Debt Instrument, Redemption Price, Percentage | 106.363% | |||||||||||||||
Debt Instrument, Face Amount | $ 270,000,000 | $ 130,000,000 | $ 500,000,000 | |||||||||||||
Stated Interest Rate | 3.375% | 5.50% | ||||||||||||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 0 | 0 | 24,800,000 | 24,800,000 | ||||||||||||
Long-term Debt, Fair Value | 962,800,000 | |||||||||||||||
Loss on debt extinguishment | 61,000,000 | 61,000,000 | ||||||||||||||
Redemption Premium | 57,300,000 | |||||||||||||||
Write off of deferred issuance costs and bond premium | 3,700,000 | |||||||||||||||
4.375% senior notes due 2029 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt | 850,000,000 | 850,000,000 | 550,000,000 | |||||||||||||
Debt Instrument, Face Amount | $ 300,000,000 | $ 200,000,000 | $ 350,000,000 | |||||||||||||
Stated Interest Rate | 4.375% | |||||||||||||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 18,600,000 | 31,600,000 | ||||||||||||||
Long-term Debt, Fair Value | 935,200,000 | 935,200,000 | 489,500,000 | |||||||||||||
3.375% Senior Notes due 2031 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt | 700,000,000 | 700,000,000 | 0 | |||||||||||||
Debt Instrument, Face Amount | $ 700,000,000 | |||||||||||||||
Long-term Debt, Fair Value | 720,100,000 | 720,100,000 | ||||||||||||||
Finance leases [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt | 1,648,000 | 1,648,000 | $ 2,252,000 | |||||||||||||
Senior Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest Costs Capitalized | 900,000 | $ 1,400,000 | 3,100,000 | $ 4,400,000 | ||||||||||||
Senior Delayed Draw Term Loan [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Repayments of Debt | 97,500,000 | |||||||||||||||
Revolving Credit Facility [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 300,000,000 | |||||||||||||||
Proceeds from Lines of Credit | 0 | |||||||||||||||
Standby Letters of Credit [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 25,000,000 | |||||||||||||||
Bridge Loan [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 10,000,000 | |||||||||||||||
Term Loan [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | $ 700,000 | $ 1,500,000 | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | |||||||||||||||
Base Rate [Member] | Credit Agreement [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Stated Interest Rate | 0.125% | |||||||||||||||
Eurodollar [Member] | Credit Agreement [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Stated Interest Rate | 1.125% | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||||||||||
Federal Funds Rate [Member] | Credit Agreement [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||||||||||
Minimum [Member] | Base Rate [Member] | Credit Agreement [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Stated Interest Rate | 0.00% | |||||||||||||||
Minimum [Member] | Eurodollar [Member] | Credit Agreement [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Stated Interest Rate | 1.00% | |||||||||||||||
Minimum [Member] | Loan Lending Commitment Arrangement Fees [Member] | Credit Agreement [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Stated Interest Rate | 0.15% | |||||||||||||||
Maximum [Member] | Base Rate [Member] | Credit Agreement [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Stated Interest Rate | 0.25% | |||||||||||||||
Maximum [Member] | Eurodollar [Member] | Credit Agreement [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Stated Interest Rate | 1.25% | |||||||||||||||
Maximum [Member] | Loan Lending Commitment Arrangement Fees [Member] | Credit Agreement [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Stated Interest Rate | 0.20% |
Stock Repurchases (Details)
Stock Repurchases (Details) - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | 9 Months Ended | |||
Jan. 02, 2021 | Dec. 28, 2019 | Jan. 02, 2021 | Dec. 28, 2019 | Oct. 31, 2019 | |
Class of Stock [Line Items] | |||||
Stock Repurchased During Period, Shares | 1.1 | 1.3 | 2.6 | 5.1 | |
Stock Repurchased During Period, Value | $ 160,023 | $ 125,012 | $ 340,071 | $ 390,117 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 425,800 | $ 425,800 | |||
Document Period End Date | Jan. 2, 2021 | ||||
May 2018 Program | |||||
Class of Stock [Line Items] | |||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 117,000 | ||||
October 2019 Program [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Repurchase Program, Authorized Amount | $ 1,000,000 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 02, 2021 | Dec. 28, 2019 | Jan. 02, 2021 | Dec. 28, 2019 | |
Disaggregation of Revenue | ||||
Revenue | $ 1,094,834 | $ 869,073 | $ 2,942,577 | $ 2,451,369 |
China | ||||
Disaggregation of Revenue | ||||
Revenue | 305,887 | 281,024 | 1,084,120 | 842,112 |
Taiwan | ||||
Disaggregation of Revenue | ||||
Revenue | 69,492 | 43,156 | 176,171 | 122,189 |
United States | ||||
Disaggregation of Revenue | ||||
Revenue | 587,737 | 423,573 | 1,295,398 | 1,143,995 |
Europe | ||||
Disaggregation of Revenue | ||||
Revenue | 48,648 | 40,591 | 143,173 | 113,729 |
Other Asia | ||||
Disaggregation of Revenue | ||||
Revenue | $ 83,070 | $ 80,729 | $ 243,715 | $ 229,344 |
Restructuring Activity (Details
Restructuring Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 02, 2021 | Dec. 28, 2019 | Jan. 02, 2021 | Dec. 28, 2019 | |
Restructuring | ||||
Restructuring Charges | $ 2,093 | |||
Accrued restructuring balance as of March 28, 2020 | 1,998 | |||
Payments for Restructuring | (3,223) | |||
Accrued restructuring balance as of January 2, 2021 | $ 729 | 729 | ||
Restructuring Reserve, Non-Cash Activity | $ 139 | |||
Document Period End Date | Jan. 2, 2021 | |||
One-time Employee Termination Benefits | ||||
Restructuring | ||||
Restructuring Charges | $ 873 | |||
Accrued restructuring balance as of March 28, 2020 | 1,728 | |||
Payments for Restructuring | (2,061) | |||
Accrued restructuring balance as of January 2, 2021 | 540 | 540 | ||
Restructuring Reserve, Non-Cash Activity | 0 | |||
Lease and other contract terminations | ||||
Restructuring | ||||
Restructuring Charges | 1,220 | |||
Accrued restructuring balance as of March 28, 2020 | 270 | |||
Payments for Restructuring | (1,162) | |||
Accrued restructuring balance as of January 2, 2021 | 189 | 189 | ||
Restructuring Reserve, Non-Cash Activity | 139 | |||
Fiscal Year 2019 [Member] | ||||
Restructuring | ||||
Restructuring and Related Cost, Cost Incurred to Date | 93,100 | 93,100 | ||
Restructuring Charges | 295 | $ 10,247 | 1,110 | $ 43,229 |
Restructuring and Related Cost, Expected Cost Remaining | 100 | 100 | ||
Fiscal Year 2019 [Member] | Cost of goods sold | ||||
Restructuring | ||||
Restructuring Charges | 0 | 7,761 | 0 | 32,147 |
Fiscal Year 2019 [Member] | Other operating expense | ||||
Restructuring | ||||
Restructuring Charges | 295 | 2,486 | 1,110 | 11,082 |
Fiscal Year 2019 [Member] | One-time Employee Termination Benefits | ||||
Restructuring | ||||
Restructuring and Related Cost, Cost Incurred to Date | 13,800 | 13,800 | ||
Restructuring Charges | 141 | 1,677 | 98 | 6,291 |
Fiscal Year 2019 [Member] | One-time Employee Termination Benefits | Cost of goods sold | ||||
Restructuring | ||||
Restructuring Charges | 0 | 0 | 0 | 0 |
Fiscal Year 2019 [Member] | One-time Employee Termination Benefits | Other operating expense | ||||
Restructuring | ||||
Restructuring Charges | 141 | 1,677 | 98 | 6,291 |
Fiscal Year 2019 [Member] | Accelerated Depreciation | ||||
Restructuring | ||||
Restructuring and Related Cost, Cost Incurred to Date | 47,400 | 47,400 | ||
Restructuring Charges | 0 | 4,324 | 0 | 25,840 |
Fiscal Year 2019 [Member] | Accelerated Depreciation | Cost of goods sold | ||||
Restructuring | ||||
Restructuring Charges | 0 | 4,324 | 0 | 25,840 |
Fiscal Year 2019 [Member] | Accelerated Depreciation | Other operating expense | ||||
Restructuring | ||||
Restructuring Charges | 0 | 0 | 0 | 0 |
Fiscal Year 2019 [Member] | Impairment charges | ||||
Restructuring | ||||
Restructuring and Related Cost, Cost Incurred to Date | 15,900 | 15,900 | ||
Fiscal Year 2019 [Member] | Lease and other contract terminations | ||||
Restructuring | ||||
Restructuring Charges | 154 | 4,246 | 1,012 | 11,098 |
Fiscal Year 2019 [Member] | Lease and other contract terminations | Cost of goods sold | ||||
Restructuring | ||||
Restructuring Charges | 0 | 3,437 | 0 | 6,307 |
Fiscal Year 2019 [Member] | Lease and other contract terminations | Other operating expense | ||||
Restructuring | ||||
Restructuring Charges | 154 | 809 | 1,012 | 4,791 |
Fiscal Year 2019 [Member] | Other Restructuring [Member] | ||||
Restructuring | ||||
Restructuring and Related Cost, Cost Incurred to Date | 16,000 | 16,000 | ||
Other Restructuring [Member] | ||||
Restructuring | ||||
Restructuring Charges | $ 300 | 100 | 1,000 | $ 500 |
6.75% Senior Notes due 2023 and 7.00% Senior Notes due 2025 [Member] | ||||
Restructuring | ||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | $ 800 | $ 1,600 |
Operating Segment Information_2
Operating Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 02, 2021 | Dec. 28, 2019 | Jan. 02, 2021 | Dec. 28, 2019 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Document Period End Date | Jan. 2, 2021 | |||
Revenue: | ||||
Revenues | $ 1,094,834 | $ 869,073 | $ 2,942,577 | $ 2,451,369 |
Income from operations: | ||||
Operating income | 299,203 | 153,069 | 613,559 | 321,062 |
Interest expense | 17,453 | 16,900 | 59,788 | 41,457 |
Interest income | 467 | 2,874 | 2,929 | 8,112 |
Other income (expense), net | (58,701) | 44,148 | (36,106) | 42,737 |
Income before income taxes | 223,516 | 183,191 | 520,594 | 330,454 |
Stock-based compensation expense | (71,154) | (62,210) | ||
Amortization of intangible assets | (73,300) | (63,100) | (217,781) | (177,930) |
Operating Segments | Mobile Products | ||||
Revenue: | ||||
Revenues | 826,021 | 662,109 | 2,048,719 | 1,841,468 |
Income from operations: | ||||
Operating income | 342,118 | 219,778 | 714,959 | 553,144 |
Operating Segments | Infrastructure and Defense Products | ||||
Revenue: | ||||
Revenues | 268,813 | 206,964 | 893,858 | 609,901 |
Income from operations: | ||||
Operating income | 59,241 | 32,628 | 219,491 | 97,721 |
All other | ||||
Income from operations: | ||||
Operating income | (102,156) | (99,337) | (320,891) | (329,803) |
Stock-based compensation expense | (19,247) | (16,381) | (71,154) | (62,210) |
Amortization of intangible assets | (73,112) | (62,910) | (217,203) | (177,380) |
Acquisition and integration related costs | (5,261) | (7,226) | (25,183) | (37,905) |
Restructuring related charges | (546) | (5,956) | (2,093) | (17,850) |
Accelerated depreciation and asset impairment | 0 | (4,324) | 0 | (26,897) |
Other (including (loss) gain on assets, start-up costs and other miscellaneous corporate overhead) | $ (3,990) | $ (2,540) | $ (5,258) | $ (7,561) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 02, 2021 | Dec. 28, 2019 | Jan. 02, 2021 | Dec. 28, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Income Tax Expense (Benefit) | $ (22,481) | $ (21,835) | $ (85,720) | $ (46,519) |
Effective tax rate | 10.10% | 11.90% | 16.50% | 14.10% |
Discrete tax expense (benefit) | $ 3,800 | $ 31,400 |
Net Income Per Share (Details)
Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 02, 2021 | Dec. 28, 2019 | Jan. 02, 2021 | Dec. 28, 2019 | |
Earnings Per Share [Abstract] | ||||
Document Period End Date | Jan. 2, 2021 | |||
Numerator: | ||||
Numerator for basic and diluted net income (loss) per share — net income (loss) available to common stockholders | $ 201,035 | $ 161,356 | $ 434,874 | $ 283,935 |
EPS Line Items | ||||
Denominator for basic net income (loss) per share — weighted average shares | 113,811 | 116,129 | 114,292 | 117,436 |
Stock-based awards | 1,879 | 2,326 | 1,965 | 2,276 |
Denominator for diluted net income (loss) per share — adjusted weighted average shares and assumed conversions | 115,690 | 118,455 | 116,257 | 119,712 |
Basic net income (loss) per share (in dollars per share) | $ 1.77 | $ 1.39 | $ 3.80 | $ 2.42 |
Diluted net income (loss) per share (in dollars per share) | $ 1.74 | $ 1.36 | $ 3.74 | $ 2.37 |