Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
x | Accelerated filer | ☐ | ||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||||||||
Emerging growth company |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
July 31, 2022 | August 1, 2021 | July 31, 2022 | August 1, 2021 | ||||||||||||||||||||
Net sales | $ | $ | $ | $ | |||||||||||||||||||
Cost of sales | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Operating costs and expenses, net: | |||||||||||||||||||||||
Selling, general and administrative | |||||||||||||||||||||||
Product development and engineering | |||||||||||||||||||||||
Intangible amortization | |||||||||||||||||||||||
Gain on sale of business | ( | ( | |||||||||||||||||||||
Total operating costs and expenses, net | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Non-operating income, net | |||||||||||||||||||||||
Investment impairments and credit loss reserves, net | ( | ( | |||||||||||||||||||||
Income before taxes and equity in net gains of equity method investments | |||||||||||||||||||||||
Provision for income taxes | |||||||||||||||||||||||
Net income before equity in net gains of equity method investments | |||||||||||||||||||||||
Equity in net gains of equity method investments | |||||||||||||||||||||||
Net income | |||||||||||||||||||||||
Net loss attributable to noncontrolling interest | ( | ( | ( | ( | |||||||||||||||||||
Net income attributable to common stockholders | $ | $ | $ | $ | |||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Weighted-average number of shares used in computing earnings per share: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
July 31, 2022 | August 1, 2021 | July 31, 2022 | August 1, 2021 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income, net: | |||||||||||||||||||||||
Unrealized gain on foreign currency cash flow hedges, net | |||||||||||||||||||||||
Reclassifications of realized gain on foreign currency cash flow hedges, net to net income | ( | ( | |||||||||||||||||||||
Unrealized gain on interest rate cash flow hedges, net | |||||||||||||||||||||||
Reclassifications of realized gain on interest rate cash flow hedges, net to net income | ( | ( | ( | ( | |||||||||||||||||||
Reclassification of cumulative translation gain to net income | ( | ( | |||||||||||||||||||||
Change in defined benefit plans, net | |||||||||||||||||||||||
Other comprehensive income, net | |||||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||
Comprehensive loss attributable to noncontrolling interest | ( | ( | ( | ( | |||||||||||||||||||
Comprehensive income attributable to common stockholders | $ | $ | $ | $ |
July 31, 2022 | January 30, 2022 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, less allowances of $ | |||||||||||
Inventories | |||||||||||
Prepaid taxes | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Non-current assets: | |||||||||||
Property, plant and equipment, net of accumulated depreciation of $ | |||||||||||
Deferred tax assets | |||||||||||
Goodwill | |||||||||||
Other intangible assets, net | |||||||||||
Other assets | |||||||||||
TOTAL ASSETS | $ | $ | |||||||||
Liabilities and Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued liabilities | |||||||||||
Total current liabilities | |||||||||||
Non-current liabilities: | |||||||||||
Deferred tax liabilities | |||||||||||
Long term debt | |||||||||||
Other long-term liabilities | |||||||||||
Commitments and contingencies (Note 12) | |||||||||||
Stockholders’ equity: | |||||||||||
Common stock, $ | |||||||||||
Treasury stock, at cost, | ( | ( | |||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Noncontrolling interest | |||||||||||
Total equity | |||||||||||
TOTAL LIABILITIES AND EQUITY | $ | $ |
Three Months Ended July 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Shares Outstanding | Amount | Treasury Stock, at Cost | Additional Paid-in Capital | Retained Earnings | Stockholders’ Equity | Noncontrolling Interest | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at May 1, 2022 | $ | $ | ( | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock reissued | — | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at July 31, 2022 | $ | $ | ( | $ | $ | $ | ( | $ | $ | $ |
Six Months Ended July 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Shares Outstanding | Amount | Treasury Stock, at Cost | Additional Paid-in Capital | Retained Earnings | Stockholders’ Equity | Noncontrolling Interest | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 30, 2022 | $ | $ | ( | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | ( | — | ( | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Treasury stock reissued | — | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at July 31, 2022 | $ | $ | ( | $ | $ | $ | ( | $ | $ | $ |
Three Months Ended August 1, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Shares Outstanding | Amount | Treasury Stock, at Cost | Additional Paid-in Capital | Retained Earnings | Stockholders’ Equity | Noncontrolling Interest | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at May 2, 2021 | $ | $ | ( | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | ( | — | ( | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Treasury stock reissued | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at August 1, 2021 | $ | $ | ( | $ | $ | $ | ( | $ | $ | $ |
Six Months Ended August 1, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Shares Outstanding | Amount | Treasury Stock, at Cost | Additional Paid-in Capital | Retained Earnings | Stockholders’ Equity | Noncontrolling Interest | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 31, 2021 | $ | $ | ( | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | ( | — | ( | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Treasury stock reissued | — | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at August 1, 2021 | $ | $ | ( | $ | $ | $ | ( | $ | $ | $ |
Six Months Ended | |||||||||||
July 31, 2022 | August 1, 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Amortization of right-of-use assets | |||||||||||
Investment impairments and credit loss reserves, net | ( | ||||||||||
Accretion of deferred financing costs and debt discount | |||||||||||
Deferred income taxes | |||||||||||
Share-based compensation | |||||||||||
(Gain) loss on disposition of business operations and assets | ( | ||||||||||
Equity in net gains of equity method investments | ( | ( | |||||||||
Corporate-owned life insurance, net | |||||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable, net | ( | ||||||||||
Inventories | ( | ( | |||||||||
Other assets | |||||||||||
Accounts payable | |||||||||||
Accrued liabilities | |||||||||||
Other liabilities | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Proceeds from sales of property, plant and equipment | |||||||||||
Purchase of property, plant and equipment | ( | ( | |||||||||
Proceeds from sale of investments | |||||||||||
Purchase of investments | ( | ( | |||||||||
Proceeds from sale of business, net of cash disposed | |||||||||||
Proceeds from corporate-owned life insurance | |||||||||||
Premiums paid for corporate-owned life insurance | ( | ||||||||||
Net cash provided by (used in) investing activities | ( | ||||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from revolving line of credit | |||||||||||
Payments of revolving line of credit | ( | ( | |||||||||
Payment for employee share-based compensation payroll taxes | ( | ( | |||||||||
Proceeds from exercise of stock options | |||||||||||
Repurchase of common stock | ( | ( | |||||||||
Net cash used in financing activities | ( | ( | |||||||||
Net increase (decrease) in cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | $ | $ | |||||||||
Supplemental disclosure of cash flow information: | |||||||||||
Interest paid | $ | $ | |||||||||
Income taxes paid | $ | $ | |||||||||
Non-cash investing and financing activities: | |||||||||||
Accounts payable related to capital expenditures | $ | $ | |||||||||
Conversion of notes into equity | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(in thousands, except per share data) | July 31, 2022 | August 1, 2021 | July 31, 2022 | August 1, 2021 | |||||||||||||||||||
Net income attributable to common stockholders | $ | $ | $ | $ | |||||||||||||||||||
Weighted-average shares outstanding–basic | |||||||||||||||||||||||
Dilutive effect of share-based compensation | |||||||||||||||||||||||
Weighted-average shares outstanding–diluted | |||||||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Anti-dilutive shares not included in the above calculations |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(in thousands) | July 31, 2022 | August 1, 2021 | July 31, 2022 | August 1, 2021 | |||||||||||||||||||
Cost of sales | $ | $ | $ | $ | |||||||||||||||||||
Selling, general and administrative | |||||||||||||||||||||||
Product development and engineering | |||||||||||||||||||||||
Total share-based compensation | $ | $ | $ | $ | |||||||||||||||||||
July 31, 2022 | January 30, 2022 | ||||||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Amortized Cost | Gross Unrealized Gain/(Loss) | Fair Value | Amortized Cost | Gross Unrealized Gain/(Loss) | |||||||||||||||||||||||||||||
Convertible debt | $ | $ | $ | ( | $ | $ | $ | ( | |||||||||||||||||||||||||||
Total available-for-sale securities | $ | $ | $ | ( | $ | $ | $ | ( |
July 31, 2022 | |||||||||||
(in thousands) | Fair Value | Amortized Cost | |||||||||
Within 1 year | $ | $ | |||||||||
After 1 year through 5 years | |||||||||||
Total available-for-sale securities | $ | $ |
July 31, 2022 | January 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Total | (Level 1) | (Level 2) | (Level 3) | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap agreement | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Total return swap contracts | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency forward contracts | |||||||||||||||||||||||||||||||||||||||||||||||
Total financial assets | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency forward contracts | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Total return swap contracts | |||||||||||||||||||||||||||||||||||||||||||||||
Total financial liabilities | $ | $ | $ | $ | $ | $ | $ | $ |
(in thousands) | ||||||||
Balance at January 30, 2022 | $ | |||||||
Increase in credit loss reserve | ( | |||||||
Interest accrued | ||||||||
Balance at July 31, 2022 | $ |
(in thousands) | July 31, 2022 | January 30, 2022 | |||||||||
Raw materials | $ | $ | |||||||||
Work in progress | |||||||||||
Finished goods | |||||||||||
Total inventories | $ | $ |
(in thousands) | Signal Integrity | Wireless and Sensing | Protection | Total | |||||||||||||||||||
Balance at January 30, 2022 | $ | $ | $ | $ | |||||||||||||||||||
Reduction | ( | ( | |||||||||||||||||||||
Balance at July 31, 2022 | $ | $ | $ | $ |
July 31, 2022 | January 30, 2022 | ||||||||||||||||||||||||||||||||||||||||
(in thousands, except estimated useful life) | Estimated Useful Life | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||||||||||
Core technologies | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||
Total finite-lived intangible assets | $ | $ | ( | $ | $ | $ | ( | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(in thousands) | July 31, 2022 | August 1, 2021 | July 31, 2022 | August 1, 2021 | |||||||||||||||||||
Core technologies | $ | $ | $ | $ | |||||||||||||||||||
Total amortization expense | $ | $ | $ | $ |
(in thousands) | |||||
Fiscal Year Ending: | |||||
2023 (remaining six months) | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total expected amortization expense | $ |
(in thousands, except percentages) | July 31, 2022 | January 30, 2022 | |||||||||
Revolving loans | $ | $ | |||||||||
Debt issuance costs | ( | ( | |||||||||
Total long-term debt, net of debt issuance costs | $ | $ | |||||||||
Effective interest rate (1) | % | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(in thousands) | July 31, 2022 | August 1, 2021 | July 31, 2022 | August 1, 2021 | |||||||||||||||||||
Contractual interest (1) | $ | $ | $ | $ | |||||||||||||||||||
Amortization of debt discount and issuance costs | |||||||||||||||||||||||
Total interest expense | $ | $ | $ | $ |
(in thousands) | |||||
Balance at January 30, 2022 | $ | ||||
Additions/(decreases) based on tax positions related to the current fiscal year | |||||
Additions/(decreases) based on tax positions related to the prior fiscal years | |||||
Balance at July 31, 2022 | $ |
(in thousands) | July 31, 2022 | January 30, 2022 | |||||||||
Deferred tax assets - non-current | $ | $ | |||||||||
Other long-term liabilities | |||||||||||
Total accrued taxes | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(in thousands) | July 31, 2022 | August 1, 2021 | July 31, 2022 | August 1, 2021 | |||||||||||||||||||
Domestic | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Foreign | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(in thousands) | July 31, 2022 | August 1, 2021 | July 31, 2022 | August 1, 2021 | |||||||||||||||||||
Operating lease cost | $ | $ | $ | $ | |||||||||||||||||||
Short-term lease cost | |||||||||||||||||||||||
Sublease income | ( | ( | ( | ( | |||||||||||||||||||
Total lease cost | $ | $ | $ | $ |
Six Months Ended | |||||||||||
(in thousands) | July 31, 2022 | August 1, 2021 | |||||||||
Cash paid for amounts included in the measurement of lease liabilities | $ | $ | |||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | $ | |||||||||
July 31, 2022 | |||||
Weighted-average remaining lease term–operating leases (in years) | |||||
Weighted-average discount rate on remaining lease payments–operating leases | % | ||||
(in thousands) | July 31, 2022 | January 30, 2022 | |||||||||
$ | $ | ||||||||||
$ | $ | ||||||||||
Total operating lease liabilities | $ | $ |
(in thousands) | |||||
Fiscal Year Ending: | |||||
2023 (remaining six months) | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total lease payments | |||||
Less: imputed interest | ( | ||||
Total | $ |
(in thousands) | July 31, 2022 | January 30, 2022 | |||||||||
Accrued liabilities | $ | $ | |||||||||
Other long-term liabilities | |||||||||||
Total deferred compensation liabilities under this plan | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(percentage of net sales) | July 31, 2022 | August 1, 2021 | July 31, 2022 | August 1, 2021 | |||||||||||||||||||
Trend-tek Technology Ltd. (and affiliates) | % | % | % | % | |||||||||||||||||||
CEAC International Limited | % | % | % | % | |||||||||||||||||||
Frontek Technology Corporation (and affiliates) | % | % | % | % | |||||||||||||||||||
Arrow Electronics (and affiliates) | % | % | % | % | |||||||||||||||||||
(percentage of net receivables) | July 31, 2022 | January 30, 2022 | |||||||||
CEAC International Limited | % | % | |||||||||
Frontek Technology Corporation (and affiliates) | % | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(in thousands) | July 31, 2022 | August 1, 2021 | July 31, 2022 | August 1, 2021 | |||||||||||||||||||
Net sales: | |||||||||||||||||||||||
High-Performance Analog Group | $ | $ | $ | $ | |||||||||||||||||||
System Protection Group | |||||||||||||||||||||||
Total net sales | $ | $ | $ | $ | |||||||||||||||||||
Gross profit: | |||||||||||||||||||||||
High-Performance Analog Group | $ | $ | $ | $ | |||||||||||||||||||
System Protection Group | |||||||||||||||||||||||
Unallocated costs, including share-based compensation | ( | ( | ( | ( | |||||||||||||||||||
Total gross profit | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) | July 31, 2022 | August 1, 2021 | July 31, 2022 | August 1, 2021 | |||||||||||||||||||||||||||||||||||||||||||
Signal Integrity | $ | % | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||||||||||||
Wireless and Sensing | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||
Protection | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||
Total net sales | $ | % | $ | % | $ | % | $ | % |
(in thousands, except percentages) | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
July 31, 2022 | August 1, 2021 | July 31, 2022 | August 1, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Distributor | $ | % | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||||||||||||
Direct | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||
Total net sales | $ | % | $ | % | $ | % | $ | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(percentage of total net sales) | July 31, 2022 | August 1, 2021 | July 31, 2022 | August 1, 2021 | |||||||||||||||||||
Asia-Pacific | % | % | % | % | |||||||||||||||||||
North America | % | % | % | % | |||||||||||||||||||
Europe | % | % | % | % | |||||||||||||||||||
% | % | % | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(percentage of total net sales) | July 31, 2022 | August 1, 2021 | July 31, 2022 | August 1, 2021 | |||||||||||||||||||
China (including Hong Kong) | % | % | % | % | |||||||||||||||||||
United States | % | % | % | % | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
July 31, 2022 | August 1, 2021 | July 31, 2022 | August 1, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except number of shares) | Shares | Amount Paid | Shares | Amount Paid | Shares | Amount Paid | Shares | Amount Paid | |||||||||||||||||||||||||||||||||||||||
Shares repurchased under the stock repurchase program | $ | $ | $ | $ |
Balance as of | ||||||||||||||||||||
July 31, 2022 | ||||||||||||||||||||
(in thousands, except number of instruments) | Number of Instruments | Sell Notional Value | Buy Notional Value | |||||||||||||||||
Sell USD/Buy CAD Forward Contract | $ | C$ | ||||||||||||||||||
Sell USD/Buy CHF Forward Contract | $ | Fr. | ||||||||||||||||||
Sell USD/Buy GBP Forward Contract | $ | £ | ||||||||||||||||||
Total |
(in thousands) | July 31, 2022 | January 30, 2022 | ||||||||||||
Interest rate swap agreement | $ | $ | ||||||||||||
Foreign currency forward contracts | ||||||||||||||
Total other current assets | $ | $ | ||||||||||||
Interest rate swap agreement | $ | $ | ||||||||||||
Total other long-term assets | $ | $ | ||||||||||||
Foreign currency forward contracts | $ | ( | $ | |||||||||||
Total accrued liabilities | $ | ( | $ | |||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(in thousands) | July 31, 2022 | August 1, 2021 | July 31, 2022 | August 1, 2021 | |||||||||||||||||||
Signal Integrity | $ | 87,355 | $ | 73,087 | $ | 166,657 | $ | 139,782 | |||||||||||||||
Wireless and Sensing | 67,640 | 62,593 | 134,939 | 121,100 | |||||||||||||||||||
Protection | 54,259 | 49,324 | 109,807 | 94,494 | |||||||||||||||||||
Total | $ | 209,254 | $ | 185,004 | $ | 411,403 | $ | 355,376 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
July 31, 2022 | August 1, 2021 | July 31, 2022 | August 1, 2021 | ||||||||||||||||||||
Net sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||||
Cost of sales | 35.1 | % | 37.6 | % | 35.3 | % | 38.0 | % | |||||||||||||||
Gross profit | 64.9 | % | 62.4 | % | 64.7 | % | 62.0 | % | |||||||||||||||
Operating costs and expenses, net: | |||||||||||||||||||||||
Selling, general and administrative | 23.0 | % | 22.7 | % | 22.2 | % | 22.7 | % | |||||||||||||||
Product development and engineering | 19.4 | % | 19.2 | % | 19.3 | % | 20.3 | % | |||||||||||||||
Intangible amortization | 0.5 | % | 0.7 | % | 0.5 | % | 0.7 | % | |||||||||||||||
Gain on sale of business | (8.6) | % | — | % | (4.4) | % | — | % | |||||||||||||||
Total operating costs and expenses, net | 34.3 | % | 42.6 | % | 37.7 | % | 43.8 | % | |||||||||||||||
Operating income | 30.6 | % | 19.8 | % | 27.0 | % | 18.2 | % | |||||||||||||||
Interest expense | (0.6) | % | (0.6) | % | (0.6) | % | (0.7) | % | |||||||||||||||
Non-operating income, net | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | |||||||||||||||
Investment impairments and credit loss reserves, net | 0.2 | % | (0.3) | % | 0.1 | % | (0.2) | % | |||||||||||||||
Income before taxes and equity in net gains of equity method investments | 30.3 | % | 19.0 | % | 26.6 | % | 17.4 | % | |||||||||||||||
Provision for income taxes | 5.7 | % | 1.6 | % | 4.9 | % | 1.7 | % | |||||||||||||||
Net income before equity in net gains of equity method investments | 24.5 | % | 17.4 | % | 21.7 | % | 15.7 | % | |||||||||||||||
Equity in net gains of equity method investments | 0.1 | % | 0.4 | % | 0.1 | % | 0.2 | % | |||||||||||||||
Net income | 24.7 | % | 17.8 | % | 21.8 | % | 15.9 | % | |||||||||||||||
Net loss attributable to noncontrolling interest | — | % | — | % | — | % | — | % | |||||||||||||||
Net income attributable to common stockholders | 24.7 | % | 17.8 | % | 21.8 | % | 15.9 | % | |||||||||||||||
Percentages may not add precisely due to rounding. |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(in thousands) | July 31, 2022 | August 1, 2021 | July 31, 2022 | August 1, 2021 | |||||||||||||||||||
Domestic | $ | 17,786 | $ | (6,623) | $ | 13,004 | $ | (12,108) | |||||||||||||||
Foreign | 45,546 | 41,843 | 96,421 | 73,946 | |||||||||||||||||||
Total | $ | 63,332 | $ | 35,220 | $ | 109,425 | $ | 61,838 |
Three Months Ended | |||||||||||||||||||||||
(in thousands, except percentages) | July 31, 2022 | August 1, 2021 | |||||||||||||||||||||
Infrastructure | $ | 84,533 | 40 | % | $ | 67,583 | 37 | % | |||||||||||||||
High-End Consumer | 41,009 | 20 | % | 59,212 | 32 | % | |||||||||||||||||
Industrial | 83,712 | 40 | % | 58,209 | 31 | % | |||||||||||||||||
Total | $ | 209,254 | 100 | % | $ | 185,004 | 100 | % |
Three Months Ended | |||||||||||||||||||||||||||||
(in thousands, except percentages) | July 31, 2022 | August 1, 2021 | |||||||||||||||||||||||||||
Net Sales | % Net Sales | Net Sales | % Net Sales | Change | |||||||||||||||||||||||||
High-Performance Analog Group | $ | 154,995 | 74 | % | $ | 135,680 | 73 | % | 14 | % | |||||||||||||||||||
System Protection Group | 54,259 | 26 | % | 49,324 | 27 | % | 10 | % | |||||||||||||||||||||
Total | $ | 209,254 | 100 | % | $ | 185,004 | 100 | % | 13 | % |
Three Months Ended | |||||||||||||||||||||||
(in thousands, except percentages) | July 31, 2022 | August 1, 2021 | |||||||||||||||||||||
Gross Profit | Gross Margin | Gross Profit | Gross Margin | ||||||||||||||||||||
High-Performance Analog Group | $ | 107,224 | 69.2 | % | $ | 91,352 | 67.3 | % | |||||||||||||||
System Protection Group | 29,403 | 54.2 | % | 25,463 | 51.6 | % | |||||||||||||||||
Unallocated costs, including share-based compensation | (808) | (1,383) | |||||||||||||||||||||
Total | $ | 135,819 | 64.9 | % | $ | 115,432 | 62.4 | % |
Three Months Ended | Change | ||||||||||||||||||||||||||||
(in thousands, except percentages) | July 31, 2022 | August 1, 2021 | |||||||||||||||||||||||||||
Selling, general and administrative | $ | 48,119 | 67 | % | $ | 41,977 | 53 | % | 15 | % | |||||||||||||||||||
Product development and engineering | 40,601 | 57 | % | 35,497 | 45 | % | 14 | % | |||||||||||||||||||||
Intangible amortization | 1,048 | 1 | % | 1,298 | 2 | % | (19) | % | |||||||||||||||||||||
Gain on sale of business | (17,986) | (25) | % | — | — | % | 100 | % | |||||||||||||||||||||
Total operating costs and expenses, net | $ | 71,782 | 100 | % | $ | 78,772 | 100 | % | (9) | % |
Six Months Ended | |||||||||||||||||||||||
(in thousands, except percentages) | July 31, 2022 | August 1, 2021 | |||||||||||||||||||||
Infrastructure | $ | 160,727 | 39 | % | $ | 128,953 | 36 | % | |||||||||||||||
High-End Consumer | 88,835 | 22 | % | 113,028 | 32 | % | |||||||||||||||||
Industrial | 161,841 | 39 | % | 113,395 | 32 | % | |||||||||||||||||
Total | $ | 411,403 | 100 | % | $ | 355,376 | 100 | % |
Six Months Ended | |||||||||||||||||||||||||||||
(in thousands, except percentages) | July 31, 2022 | August 1, 2021 | |||||||||||||||||||||||||||
Net Sales | % Net Sales | Net Sales | % Net Sales | Change | |||||||||||||||||||||||||
High-Performance Analog Group | $ | 301,596 | 73 | % | $ | 260,882 | 73 | % | 16 | % | |||||||||||||||||||
System Protection Group | 109,807 | 27 | % | 94,494 | 27 | % | 16 | % | |||||||||||||||||||||
Total | $ | 411,403 | 100 | % | $ | 355,376 | 100 | % | 16 | % |
Six Months Ended | |||||||||||||||||||||||
(in thousands, except percentages) | July 31, 2022 | August 1, 2021 | |||||||||||||||||||||
Gross Profit | Gross Margin | Gross Profit | Gross Margin | ||||||||||||||||||||
High-Performance Analog Group | $ | 209,285 | 69.4 | % | $ | 174,432 | 66.9 | % | |||||||||||||||
System Protection Group | 58,590 | 53.4 | % | 48,203 | 51.0 | % | |||||||||||||||||
Unallocated costs, including share-based compensation | (1,803) | (2,342) | |||||||||||||||||||||
Total | $ | 266,072 | 64.7 | % | $ | 220,293 | 62.0 | % |
Six Months Ended | Change | ||||||||||||||||||||||||||||
(in thousands, except percentages) | July 31, 2022 | August 1, 2021 | |||||||||||||||||||||||||||
Selling, general and administrative | $ | 91,483 | 60 | % | $ | 80,781 | 52 | % | 13 | % | |||||||||||||||||||
Product development and engineering | 79,390 | 51 | % | 72,287 | 46 | % | 10 | % | |||||||||||||||||||||
Intangible amortization | 2,096 | 1 | % | 2,596 | 2 | % | (19) | % | |||||||||||||||||||||
Gain on sale of business | (17,986) | (12) | % | — | — | % | 100 | % | |||||||||||||||||||||
Total operating costs and expenses, net | $ | 154,983 | 100 | % | $ | 155,664 | 100 | % | — | % |
Six Months Ended | |||||||||||
(in thousands) | July 31, 2022 | August 1, 2021 | |||||||||
Net cash provided by operating activities | $ | 127,329 | $ | 85,599 | |||||||
Net cash provided by (used in) investing activities | 10,216 | (15,867) | |||||||||
Net cash used in financing activities | (54,996) | (75,966) | |||||||||
Net increase (decrease) in cash and cash equivalents | $ | 82,549 | $ | (6,234) |
Exhibit No. | Description | Location | ||||||||||||
101 | The following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended July 31, 2022, formatted in Inline XBRL: (i) Consolidated Statements of Income, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Balance Sheets (iv) Consolidated Statements of Stockholders’ Equity, (v) Consolidated Statements of Cash Flow and (v) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags. | |||||||||||||
104 | The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended July 31, 2022, formatted in Inline XBRL (included as Exhibit 101). | |||||||||||||
SEMTECH CORPORATION | |||||||||||
Registrant | |||||||||||
Date: | August 31, 2022 | /s/ Mohan R. Maheswaran | |||||||||
Mohan R. Maheswaran | |||||||||||
President and Chief Executive Officer | |||||||||||
(Principal Executive Officer; Duly Authorized Officer) | |||||||||||
Date: | August 31, 2022 | /s/ Emeka N. Chukwu | |||||||||
Emeka N. Chukwu | |||||||||||
Executive Vice President and | |||||||||||
Chief Financial Officer | |||||||||||
(Principal Financial Officer) |
/s/ Mohan R. Maheswaran | ||
Mohan R. Maheswaran | ||
President and Chief Executive Officer |
/s/ Emeka N. Chukwu | ||
Emeka N. Chukwu | ||
Executive Vice President and Chief Financial Officer |
/s/ Mohan R. Maheswaran | ||
Mohan R. Maheswaran | ||
President and Chief Executive Officer |
/s/ Emeka N. Chukwu | ||
Emeka N. Chukwu | ||
Executive Vice President and Chief Financial Officer |
Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Thousands |
Jul. 31, 2022 |
Jan. 30, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts, receivables | $ 748 | $ 747 |
Accumulated depreciation | $ 253,583 | $ 254,764 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, shares issued (in shares) | 78,136,144 | 78,136,144 |
Common stock, shares outstanding (in shares) | 63,516,341 | 64,098,565 |
Treasury stock (in shares) | 14,619,803 | 14,037,579 |
Organization and Basis of Presentation |
6 Months Ended |
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Jul. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation Nature of Business Semtech Corporation (together with its consolidated subsidiaries, the "Company" or "Semtech") is a leading global supplier of high performance analog and mixed-signal semiconductors and advanced algorithms. The end customers for the Company’s products are primarily original equipment manufacturers that produce and sell electronics. Fiscal Year The Company reports results on the basis of 52 and 53-week periods and ends its fiscal year on the last Sunday in January. The other quarters generally end on the last Sunday of April, July and October. All quarters consist of 13 weeks except for one 14-week period in the fourth quarter of 53-week years. The second quarters of fiscal years 2023 and 2022 each consisted of 13 weeks. Principles of Consolidation The accompanying interim unaudited condensed consolidated financial statements have been prepared by the Company, in accordance with accounting principles generally accepted in the United States ("GAAP") and on the same basis as the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 30, 2022 ("Annual Report"). The Company’s interim unaudited condensed consolidated statements of income are referred to herein as the "Statements of Income." The Company’s interim unaudited condensed consolidated balance sheets are referred to herein as the "Balance Sheets" and interim unaudited condensed consolidated statements of cash flows as the "Statements of Cash Flows." In the opinion of the Company, these interim unaudited condensed consolidated financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly, in all material respects, the financial position of the Company for the interim periods presented. All intercompany balances have been eliminated. Because the interim unaudited condensed consolidated financial statements do not include all of the information and notes required by GAAP for a complete set of consolidated financial statements, they should be read in conjunction with the audited consolidated financial statements and notes included in the Company's Annual Report. The results reported in these interim unaudited condensed consolidated financial statements should not be regarded as indicative of results that may be expected for any subsequent period or for the entire year. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Accounting Guidance Issued, but not yet Adopted as of July 31, 2022 In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2021-08, “Business Combinations (Topic 805)—Accounting for Contract Assets and Contract Liabilities from Contracts with Customers,” which improves the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistencies related to recognition of an acquired contract liability, and to payment terms and their effect on subsequent revenue recognized by the acquirer. Among other changes, this ASU requires that an acquirer account for acquired revenue contracts in accordance with Accounting Standards Codification ("ASC") 606, "Revenue from Contracts with Customers," as if it had originated the contracts. If the acquirer is unable to assess or rely on how the acquiree applied ASC 606, the acquirer should consider the terms of the acquired contracts as of the contract inception or contract modification date in applying ASC 606 to determine what should be recorded at the acquisition date. The amendments also provide certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination. The guidance is effective for fiscal years beginning after December 15, 2022, with early adoption permitted.
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Acquisition and Divestiture |
6 Months Ended |
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Jul. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Acquisition and Divestiture | Divestiture Proposed Transaction with Sierra Wireless, Inc. Arrangement Agreement On August 2, 2022, the Company entered into an Arrangement Agreement (the “Arrangement Agreement”) with Sierra Wireless, Inc., a corporation existing under the Canada Business Corporations Act (“Sierra Wireless”), and 13548597 Canada Inc., a corporation formed under the Canada Business Corporations Act, and the Company's wholly owned subsidiary (“Purchaser”), pursuant to which, among other things, Purchaser will acquire all of the issued and outstanding common shares of Sierra Wireless (the “Arrangement”). The Arrangement will be implemented by way of a plan of arrangement (the “Plan of Arrangement”) in accordance with the Canada Business Corporations Act. On the terms and subject to the conditions of the Arrangement Agreement and the Plan of Arrangement, at the effective time of the Arrangement (the “Effective Time”), each common share of Sierra Wireless that is issued and outstanding immediately prior to the Effective Time will be transferred to the Purchaser in consideration for the right to receive $31.00 USD per share of Sierra Wireless’ common shares, in an all-cash transaction representing total purchase consideration of approximately $1.2 billion. The closing of the Arrangement is subject to customary closing conditions, including: (i) approval by the securityholders of Sierra Wireless; (ii) receipt of applicable regulatory approvals, including approvals under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), from the Federal Trade Commission and the U.S. Department of Justice and approval under the Competition Act (Canada); (iii) approval by the Supreme Court of British Columbia; (iv) the absence of any law, injunction or other governmental order that prohibits the consummation of the Arrangement; and (v) other customary closing conditions, including the accuracy of the other party’s representations and warranties (subject to certain materiality qualifications), and each party’s compliance with its covenants and agreements contained in the Arrangement Agreement. Assuming the timely satisfaction of the conditions to closing, the Company expects the Arrangement will close during its fiscal year 2023. Until close, the Company and Sierra Wireless will remain separate independent companies. Divestiture On May 3, 2022, the Company completed the divestiture of its high reliability discrete diodes and assemblies business (the “Disposal Group”) to Micross Components, Inc. for $26.8 million, net of cash disposed, in an all-cash transaction. The divestiture resulted in a gain of $18.0 million for the three and six months ended July 31, 2022, which was recorded in "Gain on sale of business" in the Statements of Income. As a result of the transaction, the Company disposed of $0.8 million of goodwill based on the relative fair value of the Disposal Group and the portion of the Wireless and Sensing reporting unit that will be retained. The estimated fair value of the Disposal Group less estimated costs to sell exceeded its carrying amount as of the transaction date. As the sale of the Disposal Group is not considered a strategic shift that will have a major effect on the Company’s operations or financial results, it is not reported as discontinued operations.
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Earnings per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share | Earnings per Share The computation of basic and diluted earnings per share was as follows:
Diluted earnings per share incorporates the incremental shares issuable, calculated using the treasury stock method, upon the assumed exercise of non-qualified stock options and the vesting of restricted stock units and market-condition restricted stock unit awards if certain conditions have been met, but excludes such incremental shares that would have an anti-dilutive effect.
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Share-Based Compensation |
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Share-Based Payment Arrangement, Noncash Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | Share-Based Compensation Financial Statement Effects and Presentation Pre-tax share-based compensation was included in the Statements of Income as follows:
Restricted Stock Units, Employees The Company grants restricted stock units to certain employees, which are expected to be settled with shares of the Company's common stock. The grant date for these awards is equal to the measurement date. These awards are valued as of the measurement date, based on the fair value of the Company's common stock at the grant date, and recognized as share-based compensation expense over the requisite vesting period (typically 4 years). In the six months ended July 31, 2022, the Company granted 245,851 restricted stock units to employees. Restricted Stock Units, Non-Employee Directors The Company maintains a compensation program pursuant to which restricted stock units are granted to the Company’s directors that are not employed by the Company or any of its subsidiaries. Under the Company's director compensation program, a portion of the restricted stock units granted under the program will be settled in cash and a portion will be settled in shares of the Company's common stock. Restricted stock units awarded under the program are scheduled to vest on the earlier of (i) one year after the grant date or (ii) the day immediately preceding the Company's annual meeting of stockholders in the year following the grant. The portion of a restricted stock unit award under the program that is to be settled in cash will, subject to vesting, be settled when the director who received the award separates from the board of directors. The portion of a restricted stock unit award under the program that is to be settled in shares of the Company's common stock will, subject to vesting, be settled promptly following vesting. In the six months ended July 31, 2022, the Company granted to the non-employee directors 15,579 restricted stock units that settle in cash and 15,579 restricted stock units that settle in shares. Total Stockholder Return ("TSR") Market-Condition Restricted Stock Units The Company grants TSR market-condition restricted stock units (the "TSR Awards") to certain executives of the Company. The TSR Awards have a pre-defined market-condition, which determines the number of shares that ultimately vest, as well as a service condition. The TSR Awards are valued as of the grant date using a Monte Carlo simulation, which takes into consideration the possible outcomes pertaining to the TSR market condition and expense is recognized on a straight-line basis over the requisite service periods and is adjusted for any actual forfeitures. In the six months ended July 31, 2022, the Company granted 125,399 TSR Awards, which are accounted for as equity awards. The market condition is determined based upon the Company’s TSR benchmarked against the TSR of the S&P SPDR Semiconductor ETF (NYSE:XSD) over , and three year periods (one-third of the awards vesting each performance period). Generally, the fiscal year 2023 TSR Award recipients must be employed for the entire performance period and be an active employee at the time of vesting of the awards. The grant-date fair value per unit of the TSR Awards granted in the six months ended July 31, 2022 for each one, two and three year performance period was $57.92, $68.94 and $75.69, respectively.
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Available-for-sale securities |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale securities | Available-for-sale securities The following table summarizes the values of the Company’s available-for-sale securities:
The following table summarizes the maturities of the Company’s available-for-sale securities:
The Company's available-for-sale securities consist of investments in convertible debt instruments issued by privately-held companies. The available-for-sale securities with maturities within one year were included in "Other current assets" and maturities greater than one year were included in "Other assets" in the Balance Sheets.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The following fair value hierarchy is applied for disclosure of the inputs used to measure fair value and prioritizes the inputs into three levels as follows: Level 1—Quoted prices in active markets for identical assets or liabilities. Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets and liabilities in active markets or other inputs that are observable for the assets or liabilities, either directly or indirectly. Level 3—Unobservable inputs based on the Company’s own assumptions, requiring significant management judgment or estimation. Instruments Measured at Fair Value on a Recurring Basis The fair values of financial assets and liabilities measured and recorded at fair value on a recurring basis were presented in the Balance Sheets as follows:
During the six months ended July 31, 2022, the Company had no transfers of financial assets or liabilities between Level 1, Level 2 or Level 3. As of July 31, 2022 and January 30, 2022, the Company had not elected the fair value option for any financial assets and liabilities for which such an election would have been permitted. The convertible debt investments are valued utilizing a combination of estimates that are based on the estimated discounted cash flows associated with the debt and the fair value of the equity into which the debt may be converted, all of which are Level 3 inputs. The following table presents a reconciliation of the changes in the convertible debt investments in the six months ended July 31, 2022:
The interest rate swap agreement is measured at fair value using readily available interest rate curves (Level 2 inputs). The fair value of the agreement is determined by comparing, for each settlement, the contract rate to the forward rate and discounting to the present value. Contracts in a gain position are recorded in "Other current assets" and "Other assets" in the Balance Sheets and the value of contracts in a loss position are recorded in "Accrued liabilities" and "Other long term liabilities" in the Balance Sheets. See Note 16, Derivatives and Hedging Activities, for further discussion of the Company’s derivative instruments. The foreign currency forward contracts are measured at fair value using readily available foreign currency forward and interest rate curves (Level 2 inputs). The fair value of each contract is determined by comparing the contract rate to the forward rate and discounting to the present value. Contracts in a gain position are recorded in "Other current assets" and "Other assets" in the Balance Sheets and the value of contracts in a loss position are recorded in "Accrued liabilities" and "Other long term liabilities" in the Balance Sheets. See Note 16, Derivatives and Hedging Activities, for further discussion of the Company’s derivative instruments. The total return swap contracts are measured at fair value using quoted prices of the underlying investments (Level 2 inputs). The fair values of the total return swap contracts are recognized in the Balance Sheets in "Accrued Liabilities" if the instruments are in a loss position and in "Other Current Assets" if the instruments are in a gain position. See Note 16, Derivatives and Hedging Activities, for further discussion of the Company's derivative instruments. Instruments Not Recorded at Fair Value on a Recurring Basis Some of the Company’s financial instruments are not measured at fair value on a recurring basis, but are recorded at amounts that approximate fair value due to their liquid or short-term nature. Such financial assets and financial liabilities include: cash and cash equivalents including money market deposits, net receivables, certain other assets, accounts payable, accrued expenses, accrued personnel costs, and other current liabilities. The Company’s long-term debt is recorded at cost, which approximates fair value as the long-term debt bears interest at a floating rate. Assets and Liabilities Recorded at Fair Value on a Non-Recurring Basis The Company reduces the carrying amounts of its goodwill, intangible assets, long-lived assets and non-marketable equity securities to fair value when held for sale or determined to be impaired. Investment Impairments and Credit Loss Reserves The total credit loss reserve for the Company's held-to-maturity debt securities and available-for-sale debt securities was $4.1 million and $4.5 million as of July 31, 2022 and January 30, 2022, respectively. During each of the three and six months ended July 31, 2022, the Company decreased its expected credit loss reserves by $0.4 million primarily due to a recovery on one of its held-to-maturity debt securities. During the three and six months ended August 1, 2021, the Company increased its expected credit loss reserves by $0.5 million and $0.7 million, respectively, for its available-for-sale debt securities. Credit loss reserves related to the Company’s available-for-sale debt securities and held-to-maturity debt securities with maturities within one year were included in “Other current assets” and with maturities greater than one year were included in “Other assets” in the Balance Sheets.
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Inventories |
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Jul. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories, consisting of material, material overhead, labor, and manufacturing overhead, are stated at the lower of cost (first-in, first-out) or net realizable value and consisted of the following:
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Goodwill and Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The carrying amounts of goodwill by applicable reporting unit were as follows:
Goodwill is not amortized, but is tested for impairment at the reporting unit level using either a qualitative or quantitative assessment on an annual basis during the fourth quarter of each fiscal year, and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Impairment of goodwill is measured at the reporting unit level by comparing the reporting unit’s carrying amount, including goodwill, to the fair market value of the reporting unit. As of July 31, 2022, there was no indication of impairment of the Company's goodwill balances. As a result of the divestiture of the Disposal Group during the six months ended July 31, 2022, the Company recorded a reduction to its goodwill of $0.8 million based on the relative fair value of the Disposal Group and the portion of the Wireless and Sensing reporting unit that will be retained. See Note 2, Acquisition and Divestiture, for additional information. Purchased Intangibles The following table sets forth the Company’s finite-lived intangible assets resulting from business acquisitions and technology licenses purchased, which are amortized over their estimated useful lives:
Amortization expense of finite-lived intangible assets recorded in the Statements of Income for each period was as follows:
Future amortization expense of finite-lived intangible assets is expected as follows:
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Long-Term Debt |
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Debt Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-Term Debt Long-term debt and the current period interest rates were as follows:
(1) The revolving loans bear interest at a variable rate based on LIBOR or a Base Rate, at the Company’s option, plus an applicable margin that varies based on the Company’s consolidated leverage ratio. In the first quarter of fiscal year 2021, the Company entered into a three-year interest rate swap agreement that fixed the interest on the first $150.0 million of debt outstanding under the revolving loans at 1.9775%. As of July 31, 2022, the effective interest rate was a weighted-average rate that represented (a) interest on the first $150.0 million of the debt outstanding at a fixed LIBOR rate of 0.7275% plus a margin of 1.25% (total fixed rate of 1.9775%), and (b) interest on the remainder of the debt outstanding at a variable rate based on the one-month LIBOR rate, which was 1.88% as of July 31, 2022, plus a margin of 1.25% (total variable rate of 3.13%). As of January 30, 2022, the effective interest rate was a weighted-average rate that represented (a) interest on the first $150.0 million of the debt outstanding at a fixed LIBOR rate of 0.7275% plus a margin of 1.25% (total fixed rate of 1.9775%), and (b) interest on the remainder of the debt outstanding at a variable rate based on the one-month LIBOR rate, which was 0.11% as of January 30, 2022, plus a margin of 1.25% (total variable rate of 1.36%). On November 7, 2019, the Company, with certain of its domestic subsidiaries as guarantors, entered into an amended and restated credit agreement with the lenders party thereto and HSBC Bank USA, National Association, as administrative agent, swing line lender and letter of credit issuer. The borrowing capacity of the revolving loans under the senior secured first lien credit facility (the "Credit Facility") is $600.0 million and matures on November 7, 2024. As of July 31, 2022, the Company had $173.0 million outstanding under its Credit Facility and $427.0 million of undrawn borrowing capacity, and the Company was in compliance with the covenants required under the Credit Facility. On August 11, 2021, the Company entered into an amendment to the Credit Agreement in order to, among other things, (i) provide for contractual fallback language for LIBOR replacement to reflect the Alternative Reference Rates Committee hardwired approach and (ii) incorporate certain provisions that clarify the rights of the administrative agent to recover from lenders or other secured parties erroneous payments made to such lenders or secured parties. Debt Commitment Letter In connection with the entry into the Arrangement Agreement (see Note 2, Acquisition and Divestiture), the Company entered into a commitment letter, dated as of August 2, 2022 (the “Commitment Letter”) with JPMorgan Chase Bank, N.A. (“JPM”), pursuant to which JPM has committed to provide (a) a backstop of certain amendments to the Company's existing Credit Facility and (b) a 364-day bridge loan facility in the aggregate principal amount of $1.2 billion (the "Bridge Commitment"), subject to certain mandatory commitment reductions customary for a bridge loan facility. The Company intends to incur one or more financings to replace the Bridge Commitment on or prior to the consummation of the Arrangement. Interest expense was comprised of the following components for the periods presented:
(1) Contractual interest represents the interest on the Company's outstanding debt after giving effect to the interest rate swap agreement. As of July 31, 2022, there were no amounts outstanding under the letters of credit, swing line loans and alternative currency sub-facilities.
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The Company’s effective tax rate differs from the statutory federal income tax rate of 21% primarily due to the regional mix of income, impact of global intangible low-taxed income ("GILTI") and research and development ("R&D") tax credits. The Tax Cuts and Jobs Act requires R&D costs incurred for tax years beginning after December 31, 2021 to be capitalized and amortized ratably over five or fifteen years for tax purposes, depending on where the research activities are conducted. The Company has elected to treat GILTI as a period cost and the additional capitalization of R&D costs within GILTI increases the Company's provision for income taxes. The Company uses a two-step approach to recognize and measure uncertain tax positions ("UTP"). The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained in audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits (before the federal impact of state items) is as follows:
Included in the balance of gross unrecognized tax benefits at July 31, 2022 and January 30, 2022 are $9.5 million and $9.3 million, respectively, of net tax benefits (after the federal impact of state items), that, if recognized, would impact the effective tax rate, prior to consideration of any required valuation allowance. The liability for UTP is reflected in the Balance Sheets as follows:
The Company’s policy is to include net interest and penalties related to unrecognized tax benefits in the "Provision for income taxes" in the Statements of Income. Tax years prior to 2013 (the Company’s fiscal year 2014) are generally not subject to examination by the United States ("U.S.") Internal Revenue Service except for items involving tax attributes that have been carried forward to tax years whose statute of limitations remains open. For state returns in the U.S., the Company is generally not subject to income tax examinations for calendar years prior to 2012 (the Company’s fiscal year 2013). The Company has a significant tax presence in Switzerland for which Swiss tax filings have been examined through fiscal year 2020. The Company is also subject to routine examinations by various foreign tax jurisdictions in which it operates. The Company believes that adequate provisions have been made for any adjustments that may result from tax examinations. However, the outcome of tax examinations cannot be predicted with certainty. If any issues addressed in the Company’s tax examinations are resolved in a manner not consistent with the Company's expectations, the Company could be required to adjust its provision for income taxes in the period such resolution occurs. The Company’s regional income (loss) from continuing operations before taxes and equity in net gains of equity method investments was as follows:
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The Company has operating leases for real estate, vehicles, and office equipment, which are accounted for in accordance with ASC 842, "Leases." Real estate leases are used to secure office space for the Company's administrative, engineering, production support and manufacturing activities. The Company's leases have remaining lease terms of up to approximately ten years, some of which include options to extend the leases for up to five years, and some of which include options to terminate the leases within one year. The components of lease expense were as follows:
Supplemental cash flow information related to leases was as follows:
Supplemental balance sheet information related to leases was as follows:
Maturities of lease liabilities as of July 31, 2022 are as follows:
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies In accordance with ASC 450-20, "Loss Contingencies," the Company accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. The Company also discloses the amount accrued and the amount of a reasonably possible loss in excess of the amount accrued, if material. The Company does not record liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated, or when the liability is believed to be only reasonably possible or remote. The Company evaluates, at least quarterly, developments in its legal matters that could affect the amount of liability that has been previously accrued, and makes adjustments as appropriate. Significant judgment is required to determine both probability and the estimated amount. The Company may be unable to estimate a possible loss or range of possible loss due to various reasons, including, among others: (i) if the damages sought are indeterminate, (ii) if the proceedings are in early stages, (iii) if there is uncertainty as to the outcome of pending appeals, motions or settlements, (iv) if there are significant factual issues to be determined or resolved, and (v) if there are novel or unsettled legal theories presented. In such instances, there is considerable uncertainty regarding the ultimate resolution of such matters, including a possible eventual loss, if any. Because the outcomes of litigation and other legal matters are inherently unpredictable, the Company’s evaluation of legal matters or proceedings often involves a series of complex assessments by management about future events and can rely heavily on estimates and assumptions. While the consequences of certain unresolved matters and proceedings are not presently determinable, and an estimate of the probable and reasonably possible loss or range of loss in excess of amounts accrued for such proceedings cannot be reasonably made, an adverse outcome from such proceedings could have a material adverse effect on the Company’s earnings in any given reporting period. However, in the opinion of management, after consulting with legal counsel, any ultimate liability related to current outstanding claims and lawsuits, individually or in the aggregate, is not expected to have a material adverse effect on the Company’s consolidated financial statements, as a whole. However, legal matters are inherently unpredictable and subject to significant uncertainties, some of which are beyond the Company’s control. As such, even though the Company intends to vigorously defend itself with respect to its legal matters, there can be no assurance that the final outcome of these matters will not materially and adversely affect the Company’s business, financial condition, operating results, or cash flows. From time to time, the Company is involved in various claims, litigation, and other legal actions that are normal to the nature of its business, including with respect to intellectual property, contract, product liability, employment, and environmental matters. In the opinion of management, after consulting with legal counsel, any ultimate liability related to current outstanding claims and lawsuits, individually or in the aggregate, is not expected to have a material adverse effect on the Company’s consolidated financial statements, as a whole. Environmental Matters The Company vacated a former facility in Newbury Park, California in 2002, but continues to address groundwater and soil contamination at the site. The Company’s efforts to address site conditions have been at the direction of the Los Angeles Regional Water Quality Control Board (“RWQCB”). In October 2013, an order was issued including a scope of proposed additional site work, monitoring, and remediation activities. The Company has been complying with RWQCB orders and direction, and continues to implement an approved remedial action plan addressing the soil, groundwater, and soil vapor at the site. The Company has accrued liabilities where it is probable that a loss will be incurred and the cost or amount of loss can be reasonably estimated. Based on the latest determinations by the RWQCB and the most recent actions taken pursuant to the remedial action plan, the Company estimates the range of probable loss between $7.9 million and $9.4 million. To date, the Company has made $5.9 million in payments towards the remedial action plan and, as of July 31, 2022, has a remaining accrual of $2.0 million related to this matter. Given the uncertainties associated with environmental assessment and the remediation activities, the Company is unable to determine a best estimate within the range of loss. Therefore, the Company has recorded the minimum amount of probable loss. These estimates could change as a result of changes in planned remedial actions, further actions from the regulatory agency, remediation technology, and other factors. Indemnification The Company has entered into agreements with its current and former executives and directors indemnifying them against certain liabilities incurred in connection with the performance of their duties. The Company’s Certificate of Incorporation and Bylaws also contain indemnification obligations with respect to the Company’s current directors and employees. Product Warranties The Company’s general warranty policy provides for repair or replacement of defective parts. In some cases, a refund of the purchase price is offered. In certain instances, the Company has agreed to other or additional warranty terms, including indemnification provisions. The product warranty accrual reflects the Company’s best estimate of probable liability under its product warranties. The Company accrues for known warranty issues if a loss is probable and can be reasonably estimated, and accrues for estimated incurred but unidentified issues based on historical experience. Historically, warranty expense and the related accrual has been immaterial to the Company’s consolidated financial statements. Deferred Compensation The Company maintains a deferred compensation plan for certain officers and key executives that allows participants to defer a portion of their compensation for future distribution at various times permitted by the plan. This plan provides for a discretionary Company match up to a defined portion of the employee's deferral, with any match subject to a defined vesting schedule. The Company's liability for the deferred compensation plan is presented below:
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Concentration of Risk |
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Concentration of Risk | Concentration of Risk The following significant customers accounted for at least 10% of the Company's net sales in one or more of the periods indicated:
The following table shows the customers that had an outstanding receivable balance that represented at least 10% of the Company's total net receivables as of one or more of the dates indicated:
Outside Subcontractors and Suppliers The Company relies on a limited number of third-party subcontractors and suppliers for the production of silicon wafers, packaging and certain other tasks. Disruption or termination of supply sources or subcontractors, including due to the COVID-19 pandemic or natural disasters such as an earthquake or other causes, have delayed and could in the future delay shipments and could have a material adverse effect on the Company. Although there are generally alternate sources for these materials and services, qualification of the alternate sources could cause delays sufficient to have a material adverse effect on the Company. A significant amount of the Company’s third-party subcontractors and suppliers, including third-party foundries that supply silicon wafers, are located in the U.S., Taiwan and China. A significant amount of the Company’s assembly and test operations are conducted by third-party contractors in China, Taiwan and Malaysia.
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information The Company’s Chief Executive Officer 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 historically have been aggregated into one reportable segment identified as the "Semiconductor Products Group." In the fourth quarter of fiscal year 2022, the Company updated its forecasts and assessed the economic performance of the three operating segments and concluded that Protection is no longer expected to be economically similar to the other operating segments. This is primarily because the Company's projections indicate that the gross margin of products within Protection will not be economically similar to products within the other operating segments. Accordingly, the Company concluded that Protection should be separately reported as its own reportable segment. This decision resulted in the formation of two reportable segments, including the High-Performance Analog Group, which is comprised of the Signal Integrity and Wireless and Sensing operating segments, and the System Protection Group, which is comprised of the Protection operating segment. All prior year information in the tables below has been revised retrospectively to reflect the change to the Company's reportable segments. The Company’s assets are commingled among the three 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 reportable segment in the segment disclosures below. Net sales and gross profit by segment were as follows:
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:
Information by Sales Channel
Generally, the Company does not have long-term contracts with its distributors and most distributor agreements can be terminated by either party with short notice. For the second quarter of fiscal year 2023, the Company's largest distributors were based in Asia. Geographic Information Net sales activity by geographic region was as follows:
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:
Although a large percentage of the Company's products is shipped into the Asia-Pacific region, a significant number of the products produced by these customers and incorporating the Company's semiconductor products are then sold outside this region.
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Stock Repurchase Program |
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Stock Repurchase Program | Stock Repurchase Program The Company maintains a stock repurchase program that was initially approved by its Board of Directors in March 2008. The stock repurchase program does not have an expiration date and the Company’s Board of Directors has authorized expansion of the program over the years. The following table summarizes activity under the program for the presented periods:
On March 11, 2021, the Company's Board of Directors approved the expansion of the stock repurchase program by an additional $350.0 million. As of July 31, 2022, the Company had repurchased $589.0 million in shares of its common stock under the program since inception and the remaining authorization under the program was $209.4 million. Under the program, the Company may repurchase its common stock at any time or from time to time, without prior notice, subject to market conditions and other considerations. The Company’s repurchases may be made through Rule 10b5-1 and/or Rule 10b-18 or other trading plans, open market purchases, privately negotiated transactions, block purchases or other transactions. The Company intends to fund repurchases under the program from cash on hand and borrowings on its Credit Facility. The Company has no obligation to repurchase any shares under the program and may suspend or discontinue it at any time.
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Derivatives and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives and Hedging Activities | Derivatives and Hedging Activities The Company is exposed to certain risks arising from both its business operations and economic conditions and principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company, on a routine basis and in the normal course of business, experiences expenses denominated in Swiss Franc ("CHF"), Canadian Dollar ("CAD") and Great British Pound ("GBP"). Such expenses expose the Company to exchange rate fluctuations between these foreign currencies and the U.S. Dollar ("USD"). The Company occasionally uses derivative financial instruments, in the form of forward contracts, to mitigate a portion of the risk associated with adverse movements in these foreign currency exchange rates during a twelve-month window. Currency forward contracts involve fixing the exchange rate for delivery of a specified amount of foreign currency on a specified date. The Company’s accounting treatment for these instruments is based on whether or not the instruments are designated as a hedging instrument. The Company is applying hedge accounting to all foreign currency derivatives and has designated these hedges as cash flow hedges. As of January 30, 2022, the Company had no outstanding foreign currency forward contracts. The Company's foreign currency forward contracts had the following outstanding balances as of July 31, 2022:
These contracts have been designated as cash flows hedges and the unrealized gains or losses, net of tax, are recorded as a component of "Accumulated other comprehensive income or loss" ("AOCI") in the Balance Sheets. The effective portions of the cash flow hedges are recorded in AOCI until the hedged item is recognized in "SG&A expense" in the Statements of Income once the foreign exchange contract matures, offsetting the underlying hedged expenses. Any ineffective portions of the cash flow hedges are recorded in "Non-operating income, net" in the Statements of Income. The Company presents its derivative assets and liabilities at their gross fair values in the Balance Sheets. During the first quarter of fiscal year 2021, the Company entered into an interest rate swap agreement with a three-year term to hedge the variability of interest payments on the first $150.0 million of debt outstanding under the Company's Credit Facility. Interest payments on the first $150.0 million of the Company's debt outstanding under the Credit Facility are now fixed at a rate of 1.9775%, based on the Company's current leverage ratio. The interest rate swap agreement has been designated as a cash flow hedge and unrealized gains or losses, net of income tax, are recorded as a component of "Accumulated other comprehensive income or loss" in the Balance Sheets. As the various settlements are made on a monthly basis, the realized gain or loss on the settlements are recorded in "Interest expense" in the Statements of Income. The interest rate swap agreement resulted in a realized gain of $0.2 million for the three months ended July 31, 2022, compared to a realized loss of $0.2 million for the three months ended August 1, 2021. The interest rate swap agreement resulted in a realized gain of $0.1 million for the six months ended July 31, 2022, compared to a realized loss of $0.5 million for the six months ended August 1, 2021. The fair values of the Company's derivative assets and liabilities that qualify as cash flow hedges in the Balance Sheets were as follows:
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Subsequent Events (Notes) |
6 Months Ended |
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Jul. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Event Proposed Transaction with Sierra Wireless, Inc. Arrangement Agreement On August 2, 2022, the Company entered into the Arrangement Agreement to acquire Sierra Wireless in an all-cash transaction representing total purchase consideration of approximately $1.2 billion. See Note 2, Acquisition and Divestiture, for additional information. Debt Commitment Letter In connection with the entry into the Arrangement Agreement, the Company entered into the Commitment Letter with JPM. See Note 9, Long-Term Debt, for additional information.
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Organization and Basis of Presentation (Policy) |
6 Months Ended |
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Jul. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Fiscal Year | Fiscal Year The Company reports results on the basis of 52 and 53-week periods and ends its fiscal year on the last Sunday in January. The other quarters generally end on the last Sunday of April, July and October. All quarters consist of 13 weeks except for one 14-week period in the fourth quarter of 53-week years. The second quarters of fiscal years 2023 and 2022 each consisted of 13 weeks.
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Principles of Consolidation | Principles of Consolidation The accompanying interim unaudited condensed consolidated financial statements have been prepared by the Company, in accordance with accounting principles generally accepted in the United States ("GAAP") and on the same basis as the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 30, 2022 ("Annual Report"). The Company’s interim unaudited condensed consolidated statements of income are referred to herein as the "Statements of Income." The Company’s interim unaudited condensed consolidated balance sheets are referred to herein as the "Balance Sheets" and interim unaudited condensed consolidated statements of cash flows as the "Statements of Cash Flows." In the opinion of the Company, these interim unaudited condensed consolidated financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly, in all material respects, the financial position of the Company for the interim periods presented. All intercompany balances have been eliminated. Because the interim unaudited condensed consolidated financial statements do not include all of the information and notes required by GAAP for a complete set of consolidated financial statements, they should be read in conjunction with the audited consolidated financial statements and notes included in the Company's Annual Report. The results reported in these interim unaudited condensed consolidated financial statements should not be regarded as indicative of results that may be expected for any subsequent period or for the entire year.
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Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
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Recent Accounting Pronouncements | |
Earnings Per Share | Diluted earnings per share incorporates the incremental shares issuable, calculated using the treasury stock method, upon the assumed exercise of non-qualified stock options and the vesting of restricted stock units and market-condition restricted stock unit awards if certain conditions have been met, but excludes such incremental shares that would have an anti-dilutive effect. |
Share-based Compensation, Performance-based RSUs | The Company grants TSR market-condition restricted stock units (the "TSR Awards") to certain executives of the Company. The TSR Awards have a pre-defined market-condition, which determines the number of shares that ultimately vest, as well as a service condition. The TSR Awards are valued as of the grant date using a Monte Carlo simulation, which takes into consideration the possible outcomes pertaining to the TSR market condition and expense is recognized on a straight-line basis over the requisite service periods and is adjusted for any actual forfeitures. |
Inventory | Inventories, consisting of material, material overhead, labor, and manufacturing overhead, are stated at the lower of cost (first-in, first-out) or net realizable value |
Interest and Penalties on Unrecognized Tax Benefits | The Company’s policy is to include net interest and penalties related to unrecognized tax benefits in the "Provision for income taxes" in the Statements of Income. |
Commitments and Contingencies | In accordance with ASC 450-20, "Loss Contingencies," the Company accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. The Company also discloses the amount accrued and the amount of a reasonably possible loss in excess of the amount accrued, if material. The Company does not record liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated, or when the liability is believed to be only reasonably possible or remote. The Company evaluates, at least quarterly, developments in its legal matters that could affect the amount of liability that has been previously accrued, and makes adjustments as appropriate. Significant judgment is required to determine both probability and the estimated amount. The Company may be unable to estimate a possible loss or range of possible loss due to various reasons, including, among others: (i) if the damages sought are indeterminate, (ii) if the proceedings are in early stages, (iii) if there is uncertainty as to the outcome of pending appeals, motions or settlements, (iv) if there are significant factual issues to be determined or resolved, and (v) if there are novel or unsettled legal theories presented. In such instances, there is considerable uncertainty regarding the ultimate resolution of such matters, including a possible eventual loss, if any. Because the outcomes of litigation and other legal matters are inherently unpredictable, the Company’s evaluation of legal matters or proceedings often involves a series of complex assessments by management about future events and can rely heavily on estimates and assumptions. While the consequences of certain unresolved matters and proceedings are not presently determinable, and an estimate of the probable and reasonably possible loss or range of loss in excess of amounts accrued for such proceedings cannot be reasonably made, an adverse outcome from such proceedings could have a material adverse effect on the Company’s earnings in any given reporting period. However, in the opinion of management, after consulting with legal counsel, any ultimate liability related to current outstanding claims and lawsuits, individually or in the aggregate, is not expected to have a material adverse effect on the Company’s consolidated financial statements, as a whole. However, legal matters are inherently unpredictable and subject to significant uncertainties, some of which are beyond the Company’s control. As such, even though the Company intends to vigorously defend itself with respect to its legal matters, there can be no assurance that the final outcome of these matters will not materially and adversely affect the Company’s business, financial condition, operating results, or cash flows. From time to time, the Company is involved in various claims, litigation, and other legal actions that are normal to the nature of its business, including with respect to intellectual property, contract, product liability, employment, and environmental matters. In the opinion of management, after consulting with legal counsel, any ultimate liability related to current outstanding claims and lawsuits, individually or in the aggregate, is not expected to have a material adverse effect on the Company’s consolidated financial statements, as a whole.
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Product Warranties | The Company’s general warranty policy provides for repair or replacement of defective parts. In some cases, a refund of the purchase price is offered. In certain instances, the Company has agreed to other or additional warranty terms, including indemnification provisions. The product warranty accrual reflects the Company’s best estimate of probable liability under its product warranties. The Company accrues for known warranty issues if a loss is probable and can be reasonably estimated, and accrues for estimated incurred but unidentified issues based on historical experience. Historically, warranty expense and the related accrual has been immaterial to the Company’s consolidated financial statements.
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Derivatives | The Company is exposed to certain risks arising from both its business operations and economic conditions and principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company, on a routine basis and in the normal course of business, experiences expenses denominated in Swiss Franc ("CHF"), Canadian Dollar ("CAD") and Great British Pound ("GBP"). Such expenses expose the Company to exchange rate fluctuations between these foreign currencies and the U.S. Dollar ("USD"). The Company occasionally uses derivative financial instruments, in the form of forward contracts, to mitigate a portion of the risk associated with adverse movements in these foreign currency exchange rates during a twelve-month window. Currency forward contracts involve fixing the exchange rate for delivery of a specified amount of foreign currency on a specified date. The Company’s accounting treatment for these instruments is based on whether or not the instruments are designated as a hedging instrument. The Company is applying hedge accounting to all foreign currency derivatives and has designated these hedges as cash flow hedges. As of January 30, 2022, the Company had no outstanding foreign currency forward contracts. |
Earnings per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of Basic and Diluted Earnings Per Common Share | The computation of basic and diluted earnings per share was as follows:
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Share-Based Compensation (Tables) |
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Share-Based Payment Arrangement, Noncash Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocation Of Stock-Based Compensation | Pre-tax share-based compensation was included in the Statements of Income as follows:
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Available-for-sale securities (Tables) |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Investments | The following table summarizes the values of the Company’s available-for-sale securities:
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Schedule of Investments, Classified by Maturity Period | The following table summarizes the maturities of the Company’s available-for-sale securities:
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Fair Value Measurements (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The fair values of financial assets and liabilities measured and recorded at fair value on a recurring basis were presented in the Balance Sheets as follows:
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Fair Value, Assets Measured on Recurring Basis | The following table presents a reconciliation of the changes in the convertible debt investments in the six months ended July 31, 2022:
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Inventories (Tables) |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Inventories | Inventories, consisting of material, material overhead, labor, and manufacturing overhead, are stated at the lower of cost (first-in, first-out) or net realizable value and consisted of the following:
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Goodwill and Intangible Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Carrying Amounts of Goodwill | The carrying amounts of goodwill by applicable reporting unit were as follows:
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Schedule of Acquired Finite-Lived Intangible Assets | The following table sets forth the Company’s finite-lived intangible assets resulting from business acquisitions and technology licenses purchased, which are amortized over their estimated useful lives:
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Finite-lived Intangible Assets Amortization Expense | Amortization expense of finite-lived intangible assets recorded in the Statements of Income for each period was as follows:
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Schedule of Future Amortization of Intangible Asset | Future amortization expense of finite-lived intangible assets is expected as follows:
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Long-Term Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt | Long-term debt and the current period interest rates were as follows:
(1) The revolving loans bear interest at a variable rate based on LIBOR or a Base Rate, at the Company’s option, plus an applicable margin that varies based on the Company’s consolidated leverage ratio. In the first quarter of fiscal year 2021, the Company entered into a three-year interest rate swap agreement that fixed the interest on the first $150.0 million of debt outstanding under the revolving loans at 1.9775%. As of July 31, 2022, the effective interest rate was a weighted-average rate that represented (a) interest on the first $150.0 million of the debt outstanding at a fixed LIBOR rate of 0.7275% plus a margin of 1.25% (total fixed rate of 1.9775%), and (b) interest on the remainder of the debt outstanding at a variable rate based on the one-month LIBOR rate, which was 1.88% as of July 31, 2022, plus a margin of 1.25% (total variable rate of 3.13%). As of January 30, 2022, the effective interest rate was a weighted-average rate that represented (a) interest on the first $150.0 million of the debt outstanding at a fixed LIBOR rate of 0.7275% plus a margin of 1.25% (total fixed rate of 1.9775%), and (b) interest on the remainder of the debt outstanding at a variable rate based on the one-month LIBOR rate, which was 0.11% as of January 30, 2022, plus a margin of 1.25% (total variable rate of 1.36%).
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Schedule Of Interest Expense | Interest expense was comprised of the following components for the periods presented:
(1) Contractual interest represents the interest on the Company's outstanding debt after giving effect to the interest rate swap agreement.
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Income Taxes (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Income Tax Contingencies | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits (before the federal impact of state items) is as follows:
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Liability For Uncertain Tax Positions | The liability for UTP is reflected in the Balance Sheets as follows:
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Regional Income (Loss) From Continuing Operations Before Income Taxes | The Company’s regional income (loss) from continuing operations before taxes and equity in net gains of equity method investments was as follows:
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Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease, Cost | The components of lease expense were as follows:
Supplemental cash flow information related to leases was as follows:
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Assets And Liabilities, Lessee | Supplemental balance sheet information related to leases was as follows:
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Lessee, Operating Lease, Liability, Maturity | Maturities of lease liabilities as of July 31, 2022 are as follows:
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Commitments and Contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Liability for Deferred Compensation | The Company's liability for the deferred compensation plan is presented below:
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Concentration of Risk (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risks and Uncertainties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Significant Customers Accounting For At Least 10% Of Net Sales | The following significant customers accounted for at least 10% of the Company's net sales in one or more of the periods indicated:
The following table shows the customers that had an outstanding receivable balance that represented at least 10% of the Company's total net receivables as of one or more of the dates indicated:
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Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales by Segment | Net sales and gross profit by segment were as follows:
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Net Sales Activity By Product Line | The table below provides net sales activity by product line on a comparative basis:
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Schedule of Revenue from External Customers by Sales Channel |
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Net Sales Activity By Geographic Region | Net sales activity by geographic region was as follows:
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Summary Of Sales Activity To Countries That Represented Greater Than 10% Of Total Net Sales | 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:
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Stock Repurchase Program (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Treasury Stock | The following table summarizes activity under the program for the presented periods:
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Derivatives and Hedging Activities (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of the Carrying Values of Derivative Instruments | The fair values of the Company's derivative assets and liabilities that qualify as cash flow hedges in the Balance Sheets were as follows:
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Acquisition and Divestiture - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Aug. 02, 2022 |
Jul. 31, 2022 |
Aug. 01, 2021 |
Jul. 31, 2022 |
Aug. 01, 2021 |
May 03, 2022 |
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Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain on disposition of business | $ 17,986 | $ 0 | $ 17,986 | $ 0 | ||
Reduction of goodwill | 835 | |||||
Disposal by Sale | Micross Components, Inc. | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Purchase price of divestiture | $ 26,800 | |||||
Gain on disposition of business | (18,000) | |||||
Reduction of goodwill | $ 800 | |||||
Subsequent Event | Sierra Wireless | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Share price (in USD per share) | $ 31.00 | |||||
Cash paid to to acquire business | $ 1,200,000 |
Earnings per Share - Computation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2022 |
Aug. 01, 2021 |
Jul. 31, 2022 |
Aug. 01, 2021 |
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Earnings Per Share [Abstract] | ||||
Net income attributable to common stockholders | $ 51,598 | $ 32,933 | $ 89,647 | $ 56,433 |
Weighted average common shares outstanding - basic (in shares) | 63,500 | 64,721 | 63,725 | 64,905 |
Dilutive effect of share-based compensation (in shares) | 477 | 863 | 545 | 944 |
Weighted average common shares outstanding - diluted (in shares) | 63,977 | 65,584 | 64,270 | 65,849 |
Basic earnings per common share (in dollars per share) | $ 0.81 | $ 0.51 | $ 1.41 | $ 0.87 |
Diluted earnings per common share (in dollars per share) | $ 0.81 | $ 0.50 | $ 1.39 | $ 0.86 |
Anti-dilutive shares not included in the above calculations (in shares) | 210 | 4 | 83 | 0 |
Share-Based Compensation - Allocation of Share-Based Compensation (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jul. 31, 2022 |
Aug. 01, 2021 |
Jul. 31, 2022 |
Aug. 01, 2021 |
|
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | $ 13,250 | $ 11,517 | $ 24,143 | $ 23,356 |
Cost of sales | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | 610 | 651 | 1,385 | 1,369 |
Selling, general and administrative | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | 8,588 | 7,098 | 14,720 | 14,457 |
Product development and engineering | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | $ 4,052 | $ 3,768 | $ 8,038 | $ 7,530 |
Available-for-sale securities - Summary Of Investments (Details) - USD ($) $ in Thousands |
Jul. 31, 2022 |
Jan. 30, 2022 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | $ 13,403 | $ 12,872 |
Total available-for-sale securities | 14,983 | 14,401 |
Gross Unrealized Gain/(Loss) | (1,580) | (1,529) |
Convertible debt | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 13,403 | 12,872 |
Total available-for-sale securities | 14,983 | 14,401 |
Gross Unrealized Gain/(Loss) | $ (1,580) | $ (1,529) |
Available-for-sale securities - Summary of Maturities of Available-for-sale Securities (Details) - USD ($) $ in Thousands |
Jul. 31, 2022 |
Jan. 30, 2022 |
---|---|---|
Fair Value | ||
Within 1 year | $ 11,766 | |
After 1 year through 5 years | 1,637 | |
Total available-for-sale securities | 13,403 | $ 12,872 |
Amortized Cost | ||
Within 1 year | 12,593 | |
After 1 year through 5 years | 2,390 | |
Total available-for-sale securities | $ 14,983 | $ 14,401 |
Fair Value Measurements - Reconciliation of Changes in Debt Securities (Details) $ in Thousands |
6 Months Ended |
---|---|
Jul. 31, 2022
USD ($)
| |
Debt Securities, Available For Sale, Reconciliation [Roll Forward] | |
Balance at January 30, 2022 | $ 12,872 |
Increase in credit loss reserve | (50) |
Interest accrued | 581 |
Balance at July 31, 2022 | $ 13,403 |
Fair Value Measurements - Investment Impairments and Credit Loss Reserves (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jul. 31, 2022 |
Aug. 01, 2021 |
Jul. 31, 2022 |
Aug. 01, 2021 |
Jan. 30, 2022 |
|
Fair Value Disclosures [Abstract] | |||||
Credit loss reserve for held-to-maturity debt securities and available for sale debt securities | $ 4.1 | $ 4.1 | $ 4.5 | ||
Increase (decrease) in credit loss reserve for available-for-sale and held-to-maturity debt securities | $ (0.4) | $ 0.5 | $ (0.4) | $ 0.7 |
Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands |
Jul. 31, 2022 |
Jan. 30, 2022 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 3,197 | $ 4,304 |
Work in progress | 79,829 | 85,445 |
Finished goods | 24,602 | 24,254 |
Inventories | $ 107,628 | $ 114,003 |
Goodwill and Intangible Assets - Changes in Carrying Amounts of Goodwill (Details) |
6 Months Ended |
---|---|
Jul. 31, 2022
USD ($)
| |
Goodwill [Roll Forward] | |
Beginning balance | $ 351,141,000 |
Reduction | (835,000) |
Ending balance | 350,306,000 |
Goodwill, impairment loss | 0 |
Disposal by Sale | Micross Components, Inc. | |
Goodwill [Roll Forward] | |
Reduction | (800,000) |
Signal Integrity | |
Goodwill [Roll Forward] | |
Beginning balance | 274,085,000 |
Reduction | 0 |
Ending balance | 274,085,000 |
Wireless and Sensing | |
Goodwill [Roll Forward] | |
Beginning balance | 72,128,000 |
Reduction | (835,000) |
Ending balance | 71,293,000 |
Protection | |
Goodwill [Roll Forward] | |
Beginning balance | 4,928,000 |
Reduction | 0 |
Ending balance | $ 4,928,000 |
Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jul. 31, 2022 |
Jan. 30, 2022 |
|
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 26,300 | $ 26,300 |
Accumulated Amortization | (21,592) | (19,496) |
Total expected amortization expense | 4,708 | 6,804 |
Core technologies | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 26,300 | 26,300 |
Accumulated Amortization | (21,592) | (19,496) |
Total expected amortization expense | $ 4,708 | $ 6,804 |
Core technologies | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful life | 6 years | |
Core technologies | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful life | 8 years |
Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Asset Amortization (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2022 |
Aug. 01, 2021 |
Jul. 31, 2022 |
Aug. 01, 2021 |
|
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible amortization | $ 1,048 | $ 1,298 | $ 2,096 | $ 2,596 |
Core technologies | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible amortization | $ 1,048 | $ 1,298 | $ 2,096 | $ 2,596 |
Goodwill and Intangible Assets - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands |
Jul. 31, 2022 |
Jan. 30, 2022 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2023 (remaining six months) | $ 1,906 | |
2024 | 1,676 | |
2025 | 288 | |
2026 | 288 | |
2027 | 288 | |
Thereafter | 262 | |
Total expected amortization expense | $ 4,708 | $ 6,804 |
Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jul. 31, 2022 |
Jan. 30, 2022 |
|
Debt Instrument [Line Items] | ||
Debt issuance costs | $ (1,083) | $ (1,324) |
Total long-term debt, net of debt issuance costs | $ 171,917 | $ 171,676 |
Effective interest rate | 2.13% | 1.90% |
Revolving loans | ||
Debt Instrument [Line Items] | ||
Total debt | $ 173,000 | $ 173,000 |
Debt amount bearing fixed interest rate | $ 150,000 | $ 150,000 |
Fixed interest rate | 1.9775% | 1.9775% |
LIBOR portion of fixed rate | 0.7275% | 0.7275% |
Variable rate at end of period | 3.13% | 1.36% |
One-month LIBOR | Revolving loans | ||
Debt Instrument [Line Items] | ||
Debt instrument margin | 1.25% | 1.25% |
LIBOR | Revolving loans | ||
Debt Instrument [Line Items] | ||
LIBOR portion of fixed rate | 1.88% | 0.11% |
Debt instrument margin | 1.25% | 1.25% |
Long-Term Debt - Narrative (Details) - USD ($) |
Aug. 02, 2022 |
Jul. 31, 2022 |
Jan. 30, 2022 |
Nov. 07, 2019 |
---|---|---|---|---|
Swing Line Loans | Subsequent Event | ||||
Short-term debt | $ 1,200,000,000 | |||
Revolving loans | ||||
Facilities, maximum borrowing capacity | $ 600,000,000 | |||
Amounts outstanding | $ 173,000,000 | $ 173,000,000 | ||
Undrawn capacity | $ 427,000,000 |
Long-Term Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2022 |
Aug. 01, 2021 |
Jul. 31, 2022 |
Aug. 01, 2021 |
|
Debt Disclosure [Abstract] | ||||
Contractual interest | $ 1,139 | $ 1,065 | $ 2,215 | $ 2,143 |
Amortization of debt discount and issuance costs | 120 | 120 | 241 | 241 |
Total interest expense | $ 1,259 | $ 1,185 | $ 2,456 | $ 2,384 |
Income Taxes - Summary of Income Tax Contingencies (Details) $ in Thousands |
6 Months Ended |
---|---|
Jul. 31, 2022
USD ($)
| |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |
Balance at January 30, 2022 | $ 27,051 |
Additions/(decreases) based on tax positions related to the current fiscal year | 376 |
Additions/(decreases) based on tax positions related to the prior fiscal years | (11) |
Balance at July 31, 2022 | $ 27,438 |
Income Taxes - Narrative (Details) - USD ($) $ in Millions |
Jul. 31, 2022 |
Jan. 30, 2022 |
---|---|---|
Income Tax Disclosure [Abstract] | ||
Net tax benefits, if recognized, would impact the effective tax rate | $ 9.5 | $ 9.3 |
Income Taxes - Liability For Uncertain Tax Positions (Details) - USD ($) $ in Thousands |
Jul. 31, 2022 |
Jan. 30, 2022 |
---|---|---|
Income Tax Contingency [Line Items] | ||
Total accrued taxes | $ 26,059 | $ 25,681 |
Deferred tax assets - non-current | ||
Income Tax Contingency [Line Items] | ||
Total accrued taxes | 16,535 | 16,346 |
Other long-term liabilities | ||
Income Tax Contingency [Line Items] | ||
Total accrued taxes | $ 9,524 | $ 9,335 |
Income Taxes - Regional Income (Loss) From Continuing Operations Before Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2022 |
Aug. 01, 2021 |
Jul. 31, 2022 |
Aug. 01, 2021 |
|
Income Tax Disclosure [Abstract] | ||||
Domestic | $ 17,786 | $ (6,623) | $ 13,004 | $ (12,108) |
Foreign | 45,546 | 41,843 | 96,421 | 73,946 |
Income before taxes and equity in net gains of equity method investments | $ 63,332 | $ 35,220 | $ 109,425 | $ 61,838 |
Leases - The Components of Lease Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2022 |
Aug. 01, 2021 |
Jul. 31, 2022 |
Aug. 01, 2021 |
|
Leases [Abstract] | ||||
Operating lease cost | $ 1,454 | $ 1,487 | $ 2,900 | $ 2,824 |
Short-term lease cost | 477 | 258 | 748 | 503 |
Sublease income | (34) | (54) | (69) | (75) |
Total lease cost | $ 1,897 | $ 1,691 | $ 3,579 | $ 3,252 |
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jul. 31, 2022 |
Aug. 01, 2021 |
|
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of lease liabilities | $ 2,703 | $ 3,237 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 1,960 | $ 7,376 |
Weighted-average remaining lease term–operating leases (in years) | 5 years 4 months 13 days | |
Weighted-average discount rate on remaining lease payments–operating leases | 6.20% |
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands |
Jul. 31, 2022 |
Jan. 30, 2022 |
---|---|---|
Leases [Abstract] | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued liabilities | Accrued liabilities |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other long-term liabilities | Other long-term liabilities |
Operating lease right-of-use assets in "Other assets" | $ 19,439 | $ 19,777 |
Operating lease liabilities in "Accrued liabilities" | 4,202 | 3,977 |
Operating lease liabilities in "Other long-term liabilities" | 15,838 | 16,577 |
Total operating lease liabilities | $ 20,040 | $ 20,554 |
Leases - Maturity (Details) - USD ($) $ in Thousands |
Jul. 31, 2022 |
Jan. 30, 2022 |
---|---|---|
Leases [Abstract] | ||
2023 (remaining six months) | $ 2,757 | |
2024 | 4,850 | |
2025 | 4,724 | |
2026 | 3,679 | |
2027 | 2,467 | |
Thereafter | 5,058 | |
Total lease payments | 23,535 | |
Less: imputed interest | (3,495) | |
Total | $ 20,040 | $ 20,554 |
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Jul. 31, 2022 |
Aug. 01, 2021 |
Jan. 30, 2022 |
|
Commitments and Contingencies [Line Items] | |||
Premiums paid for corporate-owned life insurance | $ 2,676 | $ 0 | |
Cash surrender value of life insurance, market value decrease | 3,900 | ||
Cash surrender value of life insurance, decrease from death benefit | 1,600 | ||
Environmental Issue | |||
Commitments and Contingencies [Line Items] | |||
Loss contingency, estimate of probable loss | 2,000 | ||
Aggregate payments towards remediation plan to date | 5,900 | ||
Minimum | Environmental Issue | |||
Commitments and Contingencies [Line Items] | |||
Loss contingency, estimate of probable loss | 7,900 | ||
Maximum | Environmental Issue | |||
Commitments and Contingencies [Line Items] | |||
Loss contingency, estimate of probable loss | 9,400 | ||
Other Assets | |||
Commitments and Contingencies [Line Items] | |||
Cash surrender value of life insurance | $ 32,400 | $ 35,200 |
Commitments and Contingencies - Schedule of Liability for Deferred Compensation (Details) (Details) - Deferred Compensation Plan For Officers And Executives - USD ($) $ in Thousands |
Jul. 31, 2022 |
Jan. 30, 2022 |
---|---|---|
Loss Contingencies [Line Items] | ||
Total deferred compensation liabilities under this plan | $ 42,225 | $ 45,163 |
Accrued liabilities | ||
Loss Contingencies [Line Items] | ||
Accrued liabilities | 1,700 | 1,966 |
Other long-term liabilities | ||
Loss Contingencies [Line Items] | ||
Other long-term liabilities | $ 40,525 | $ 43,197 |
Segment Information - Narrative (Details) |
6 Months Ended |
---|---|
Jul. 31, 2022
segment
| |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
Number of reportable segments | 2 |
Segment Information - Net Sales Activity by Segment (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2022 |
Aug. 01, 2021 |
Jul. 31, 2022 |
Aug. 01, 2021 |
|
Revenue from External Customer [Line Items] | ||||
Net sales | $ 209,254 | $ 185,004 | $ 411,403 | $ 355,376 |
Gross profit | 135,819 | 115,432 | 266,072 | 220,293 |
High-Performance Analog Group | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 154,995 | 135,680 | 301,596 | 260,882 |
Gross profit | 107,224 | 91,352 | 209,285 | 174,432 |
System Protection Group | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 54,259 | 49,324 | 109,807 | 94,494 |
Gross profit | 29,403 | 25,463 | 58,590 | 48,203 |
Unallocated costs, including share-based compensation | ||||
Revenue from External Customer [Line Items] | ||||
Gross profit | $ (808) | $ (1,383) | $ (1,803) | $ (2,342) |
Segment Information - Net Sales Activity by Geographic Region (Details) - Net sales - Geographic Concentration Risk |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2022 |
Aug. 01, 2021 |
Jul. 31, 2022 |
Aug. 01, 2021 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk, percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Asia-Pacific | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk, percentage | 72.00% | 81.00% | 73.00% | 80.00% |
North America | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk, percentage | 16.00% | 11.00% | 15.00% | 12.00% |
Europe | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk, percentage | 12.00% | 8.00% | 12.00% | 8.00% |
Segment Information - Summary of Sales Activity to Countries that Represented Greater than 10% of Total Net Sales (Details) - Geographic Concentration Risk - Net sales |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2022 |
Aug. 01, 2021 |
Jul. 31, 2022 |
Aug. 01, 2021 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk, percentage | 100.00% | 100.00% | 100.00% | 100.00% |
China (including Hong Kong) | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk, percentage | 54.00% | 63.00% | 55.00% | 62.00% |
United States | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk, percentage | 15.00% | 9.00% | 13.00% | 10.00% |
Stock Repurchase Program - Summary of Stock Repurchases (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2022 |
Aug. 01, 2021 |
Jul. 31, 2022 |
Aug. 01, 2021 |
|
Equity, Class of Treasury Stock [Line Items] | ||||
Shares repurchased under the stock repurchase program, value | $ 42,000 | $ 50,000 | $ 67,000 | |
Shares repurchased under the stock repurchase program | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Shares repurchased under the stock repurchase program (in shares) | 0 | 639,519 | 762,093 | 1,000,461 |
Shares repurchased under the stock repurchase program, value | $ 0 | $ 42,000 | $ 50,000 | $ 67,000 |
Stock Repurchase Program - Narrative (Details) - USD ($) $ in Millions |
Mar. 11, 2021 |
Jul. 31, 2022 |
---|---|---|
Equity [Abstract] | ||
Additional stock repurchase amount authorized | $ 350.0 | |
Shares repurchased to date, value | $ 589.0 | |
Remaining authorization under stock repurchase program | $ 209.4 |
Derivatives and Hedging Activities - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jul. 31, 2022 |
Aug. 01, 2021 |
Jul. 31, 2022 |
Aug. 01, 2021 |
Jan. 30, 2022 |
|
Revolving loans | |||||
Derivative [Line Items] | |||||
Debt amount bearing fixed interest rate | $ 150.0 | $ 150.0 | $ 150.0 | ||
Fixed interest rate | 1.9775% | 1.9775% | 1.9775% | ||
Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Derivative term | 3 years | ||||
Realized gain (loss) on hedging | $ 0.2 | $ (0.2) | $ 0.1 | $ (0.5) | |
Total Return Swap | |||||
Derivative [Line Items] | |||||
Realized gain (loss) on hedging | 0.1 | $ 0.6 | (0.4) | $ 1.6 | |
Derivative, notional value | 5.1 | 5.1 | $ 7.8 | ||
Derivative, fair value, net | $ 0.4 | $ 0.4 | $ (0.3) |
Derivatives and Hedging Activities - Summary of the Carrying Values of Derivative Instruments (Details) - Designated as Hedging Instrument - USD ($) |
Jul. 31, 2022 |
Jan. 30, 2022 |
---|---|---|
Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | $ 2,691,000 | $ 62,000 |
Other long-term assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 0 | 167,000 |
Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | (42,000) | 0 |
Interest Rate Swap | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 2,152,000 | 62,000 |
Interest Rate Swap | Other long-term assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 0 | 167,000 |
Foreign Exchange Contract | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 539,000 | 0 |
Foreign Exchange Contract | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | $ (42,000) | $ 0 |
Subsequent Events (Details) $ in Billions |
Aug. 02, 2022
USD ($)
|
---|---|
Sierra Wireless | Subsequent Event | |
Subsequent Event [Line Items] | |
Cash paid to to acquire business | $ 1.2 |
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