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Subsequent Event
3 Months Ended
Apr. 03, 2021
Subsequent Event  
Subsequent Event

11. Subsequent Event

On April 22, 2021, the Company entered into an Asset Purchase Agreement pursuant to which Skyworks Solutions, Inc. has agreed to acquire certain assets, rights, and properties, and assume certain liabilities, comprising the Company’s infrastructure and automotive business for $2.75 billion in cash. The Company cannot estimate the amount of the gain to be recorded upon the close of the sale at this time. The Company has determined that the criteria for classification as held for sale for the infrastructure and automotive business were met beginning in the second quarter of fiscal 2021. As a result, the assets and liabilities of the infrastructure and automotive business will be classified as held for sale and financial results of the business will be reported as income from discontinued operations beginning in the second quarter of fiscal 2021. The transaction is subject to regulatory approval and other customary closing conditions and is expected to be closed in the third quarter of fiscal 2021.