Note 5 - Balance Sheet Components

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Supplemental Balance Sheet Disclosures [Text Block]

5. BALANCE SHEET COMPONENTS

Inventories 

Inventories consist of the following (in thousands):

	December 31,
	2022		2021
Raw materials	$	126,760	$	29,478
Work in process		134,071		130,029
Finished goods		186,459		99,910
Total	$	447,290	$	259,417

Other Current Assets

Other current assets consist of the following (in thousands):

	December 31,
	2022		2021
RSU tax withholding proceeds receivable	$	14,480	$	16,224
Prepaid expense		11,045		9,526
Accrued interest receivable		8,752		5,440
Other		8,465		4,350
Total	$	42,742	$	35,540

Property and Equipment, Net

Property and equipment, net, consist of the following (in thousands):

	December 31,
	2022			2021
Land	$	41,924		$	38,872
Production equipment and software		254,882			233,398
Buildings and improvements		195,205			202,901
Transportation equipment		28,612			28,608
Leasehold improvements		17,389			8,990
Furniture and fixtures		11,378			10,738
Construction in progress		1,908			11,333
Property and equipment, gross		551,298			534,840
Less: accumulated depreciation and amortization		(194,141	)		(171,878	)
Total	$	357,157		$	362,962

Depreciation and amortization expense on property and equipment was $36.8 million, $28.4 million and $18.9 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Other Long-Term Assets

Other long-term assets consist of the following (in thousands):

	December 31,
	2022		2021
Deferred compensation plan assets	$	63,022	$	53,172
Prepaid wafer purchase		170,000		-
Other		16,264		16,351
Total	$	249,286	$	69,523

Prepaid wafer purchase of $170.0 million relates to a deposit made to a vendor under a long-term wafer supply agreement. See Note 12 for further details.

Other Accrued Liabilities

Other accrued liabilities consist of the following (in thousands):

	December 31,
	2022		2021
Dividends and dividend equivalents	$	42,170	$	32,364
Warranty		24,082		20,989
Stock rotation and sales returns		14,931		5,748
Income tax payable		15,595		4,921
Other		16,901		17,260
Total	$	113,679	$	81,282

As of December 31, 2022, stock rotation and sales returns included a $14.3 million stock rotation reserve, compared with a $5.5 million reserve as of December 31, 2021. The change in the reserve is affected by the level of inventory in the distribution channel. 

Other Long-Term Liabilities

Other long-term liabilities consist of the following (in thousands):

	December 31,
	2022		2021
Deferred compensation plan liabilities	$	64,863	$	55,489
Dividend equivalents		6,847		8,470
Other		1,664		3,268
Total	$	73,374	$	67,227