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Segment Information
 12 Months Ended
Jan. 31, 2021
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—Signal Integrity, Wireless and Sensing, and Protection—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 reportable segment were as follows:
Fiscal Year Ended
(in thousands)January 31, 2021January 26, 2020January 27, 2019
Semiconductor Products Group$595,117 $547,512 $627,196 
Total $595,117   $547,512 $627,196 
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):
Fiscal Year Ended
(in thousands)January 31, 2021January 26, 2020January 27, 2019
Semiconductor Products Group$139,535 $124,911 $186,975 
   Operating income by segment139,535 124,911 186,975 
Items to reconcile segment operating income to consolidated income before taxes:
Share-based compensation52,986 52,049 66,837 
Intangible amortization8,265 16,546 26,649 
Investment impairments and credit loss reserves6,769 1,211 30,000 
Changes in the fair value of contingent earn-out obligations(33)(2,345)(9,419)
Restructuring and other reserves1,314 4,621 769 
Litigation cost, net of recoveries1,263 1,340 (6,137)
Transaction and integration related784 691 2,777 
Interest expense5,336 9,106 9,202 
Non-operating income, net(124)(2,893)(3,823)
Income before taxes and equity in net gains (losses) of equity method investments$62,975 $44,585 $70,120 
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:
Fiscal Year Ended
(in thousands, except percentages)January 31, 2021January 26, 2020January 27, 2019
Signal Integrity$255,640 43 %$222,846 40 %$276,040 44 %
Wireless and Sensing 177,534 30 %167,454 31 %190,589 30 %
Protection161,943 27 %157,212 29 %182,068 29 %
Other: Warrant Shares (1)
— — %— — %(21,501)(3)%
Total net sales$595,117   100 %$547,512   100 %$627,196   100 %
(1) For fiscal year 2019, the net sales offset reflects the costs associated with the Warrant (see Note 11 for discussion regarding Share-Based Compensation).
Information by Sales Channel
Fiscal Year Ended
(in thousands)January 31, 2021January 26, 2020January 27, 2019
Distributor$490,009 $392,582 $442,518 
Direct105,108 154,930 206,179 
Other: Warrant Shares— — (21,501)
Total net sales$595,117 $547,512 $627,196 
Geographic Information
Net sales activity by geographic region was as follows:
 Fiscal Year Ended
(in thousands, except percentages)January 31, 2021January 26, 2020January 27, 2019
Asia-Pacific$474,040 80 %$421,584 77 %$480,680 76 %
North America71,866 12 %76,652 14 %118,664 19 %
Europe49,211 8 %49,276 9 %49,353 8 %
Other: Warrant Shares— — %— — %(21,501)(3)%
Total net sales$595,117 100 %$547,512 100 %$627,196 100 %
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 sales for at least one of the periods presented:
 Fiscal Year Ended
(percentage of total net sales)January 31, 2021January 26, 2020January 27, 2019
China (including Hong Kong)60 %53 %55 %
United States10 %9 %11 %
Total net sales70 %62 %66 %
Although a large percentage of our products is shipped into the Asia-Pacific region, a significant number of the products produced by these customers and incorporating our semiconductor products are then sold outside this region.
Long-lived Assets
The following table summarizes the Company's long-lived assets, which consist of property, plant and equipment, net of accumulated depreciation, classified by location:
Balance as of
(in thousands)January 31, 2021January 26, 2020
United States$61,502   $54,357 
Rest of North America35,216 32,559 
Asia and all others22,877   26,133 
Europe11,339 11,369 
Total$130,934 $124,418 
Some of these assets are at locations owned or operated by the Company’s suppliers. The Company has consigned certain equipment to a foundry based in China to support its specialized processes run at the foundry. The Company has also installed its own equipment at some of its packaging and testing subcontractors in order to ensure a certain level of capacity, assuming the subcontractor has ample employees to operate the equipment.
The net book value of equipment and machinery that were consigned to multiple foundries in China was $15.0 million and $18.5 million as of January 31, 2021 and January 26, 2020, respectively. The net book value of equipment and machinery that were consigned to a foundry in Malaysia was $4.1 million and $5.5 million as of January 31, 2021 and January 26, 2020, respectively.