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Segment Information
 9 Months Ended
Oct. 27, 2019
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company’s CEO functions as the chief operating decision maker ("CODM"). The CODM makes operating decisions and assesses performance based on the Company's major product lines, which represent its operating segments. The Company has three operating segments—Protection, Signal Integrity, and Wireless and Sensing—that have similar economic characteristics and have been aggregated into one reportable segment identified as the "Semiconductor Products Group."
The Company’s assets are commingled among the various operating segments and the CODM does not use asset information in making operating decisions or assessing performance. Therefore, the Company has not included asset information by segment in the segment disclosures below.
Net sales by segment were as follows:
 
Three Months Ended
 
Nine Months Ended
(in thousands)
October 27, 2019
 
October 28, 2018
 
October 27, 2019
 
October 28, 2018
Semiconductor Products Group
$
141,011

 
$
173,550

 
$
409,511

 
$
467,190

Total
$
141,011

 
$
173,550

 
$
409,511

 
$
467,190


The following table presents a reconciliation of operating income by segment to consolidated income before taxes. Historical amounts have been adjusted to conform to the current presentation:
 
Three Months Ended
 
Nine Months Ended
(in thousands)
October 27, 2019
 
October 28, 2018
 
October 27, 2019
 
October 28, 2018
Semiconductor Products Group
$
33,904

 
$
52,738

 
$
94,037

 
$
140,660

   Operating income by segment
33,904

 
52,738

 
94,037

 
140,660

Items to reconcile segment operating income to consolidated income before taxes:
 
 
 
 
 
 
 
Share-based compensation
8,767

 
11,466

 
28,741

 
60,947

Intangible amortization
3,770

 
6,480

 
12,821

 
19,921

Investment impairments
—

 
30,000

 
—

 
30,000

Changes in the fair value of contingent earn-out obligations
(152
)
 
(8,519
)
 
(2,313
)
 
(9,419
)
Restructuring and other reserves
—

 
86

 
2,711

 
518

Litigation cost, net of recoveries
205

 
(264
)
 
930

 
(5,562
)
Transaction and integration related
(851
)
 
1,622

 
617

 
2,549

Interest expense
2,183

 
2,355

 
7,247

 
6,745

Non-operating income, net
(644
)
 
(1,182
)
 
(2,900
)
 
(1,914
)
Income before taxes
$
20,626

 
$
10,694

 
$
46,183

 
$
36,875


Information by Product Line
The Company operates exclusively in the semiconductor industry and primarily within the analog and mixed-signal sector.
The table below provides net sales activity by product line on a comparative basis:
 
Three Months Ended
 
Nine Months Ended
(in thousands, except percentages)
October 27, 2019
 
October 28, 2018
 
October 27, 2019
 
October 28, 2018
Signal Integrity
$
58,563

 
42
%
 
$
69,981

 
40
%
 
$
163,913

 
40
%
 
$
204,381

 
44
 %
Wireless and Sensing
42,287

 
30
%
 
50,484

 
29
%
 
126,190

 
31
%
 
144,435

 
31
 %
Protection
40,161

 
28
%
 
53,085

 
31
%
 
119,408

 
29
%
 
139,875

 
30
 %
Other: Warrant Shares (1)
—

 
—
%
 
—

 
—
%
 
—

 
—
%
 
(21,501
)
 
(5
)%
Total net sales
$
141,011

 
100
%
 
$
173,550

 
100
%
 
$
409,511

 
100
%
 
$
467,190

 
100
 %

(1) For the nine-month period ended October 28, 2018, the net sales offset reflects the cost associated with the Warrant Shares of $21.5 million, including $15.9 million related to the Acceleration Event (see Note 3 for discussion regarding Share-Based Compensation).
Information by Sales Channel
 
Three Months Ended
 
Nine Months Ended
(in thousands)
October 27, 2019
 
October 28, 2018
 
October 27, 2019
 
October 28, 2018
Distributor
$
107,383

 
$
120,009

 
$
287,642

 
$
332,304

Direct
33,628

 
53,541

 
121,869

 
156,387

Other: Warrant Shares
—

 
—

 
—

 
(21,501
)
Total net sales
$
141,011

 
$
173,550

 
$
409,511

 
$
467,190


Geographic Information
The Company generates virtually all of its sales from its Semiconductor Products Group through sales of analog and mixed-signal devices.
Net sales activity by geographic region was as follows:
 
Three Months Ended
 
Nine Months Ended
 
October 27, 2019
 
October 28, 2018
 
October 27, 2019
 
October 28, 2018
Asia-Pacific
75
%
 
77
%
 
76
%
 
74
 %
North America
16
%
 
16
%
 
15
%
 
26
 %
Europe
9
%
 
7
%
 
9
%
 
7
 %
Other: Warrant Shares
—
%
 
—
%
 
—
%
 
(7
)%
 
100
%
 
100
%
 
100
%
 
100
 %

The Company attributes sales to a country based on the ship-to address. The table below summarizes sales activity to countries that represented greater than 10% of total net sales for at least one of the periods presented:
 
Three Months Ended
 
Nine Months Ended
(percentage of total sales)
October 27, 2019
 
October 28, 2018
 
October 27, 2019
 
October 28, 2018
China (including Hong Kong)
50
%
 
55
%
 
52
%
 
54
%
United States
10
%
 
10
%
 
10
%
 
11
%