Document and Entity Information
Document and Entity Information - USD ($) $ / shares in Units, $ in Billions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 04, 2021 | Jun. 30, 2020 | |
Entity Information [Line Items] | |||
Entity Registrant Name | MaxLinear, Inc. | ||
Entity Central Index Key | 0001288469 | ||
Entity Tax Identification Number | 14-1896129 | ||
Entity Address, Address Line One | 5966 La Place Court, Suite 100, | ||
Entity Address, City or Town | Carlsbad, | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 92008 | ||
City Area Code | 760 | ||
Local Phone Number | 692-0711 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Interactive Data Current | Yes | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Amendment Flag | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Current Reporting Status | Yes | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Common Stock, Shares Outstanding | 74,543,700 | ||
Entity Listing, Par Value Per Share | $ 0.0001 | ||
Entity File Number | 001-34666 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 1.4 | ||
ICFR Auditor Attestation Flag | true | ||
NEW YORK STOCK EXCHANGE, INC. [Member] | |||
Entity Information [Line Items] | |||
Trading Symbol | MXL | ||
Title of 12(b) Security | Common Stock | ||
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 148,901 | $ 92,708 |
Short-term restricted cash | 115 | 349 |
Accounts receivable, net | 67,442 | 50,411 |
Inventory | 97,839 | 31,510 |
Prepaid expenses and other current assets | 47,421 | 6,792 |
Total current assets | 361,718 | 181,770 |
Long-term restricted cash | 1,018 | 60 |
Property and equipment, net | 39,470 | 16,613 |
Leased right-of-use assets | 21,886 | 10,978 |
Intangible assets, net | 207,266 | 187,971 |
Goodwill | 302,828 | 238,330 |
Deferred tax assets | 86,065 | 67,284 |
Other long-term assets | 2,191 | 2,785 |
Total assets | 1,022,442 | 705,791 |
Current liabilities: | ||
Accounts payable | 32,751 | 13,442 |
Accrued price protection liability | 47,766 | 12,557 |
Accrued expenses and other current liabilities | 105,842 | 31,171 |
Accrued compensation | 47,302 | 9,392 |
Total current liabilities | 233,661 | 66,562 |
Long-term lease liabilities | 20,862 | 9,335 |
Long-term debt | 363,592 | 206,909 |
Other long-term liabilities | 13,210 | 8,065 |
Total liabilities | 631,325 | 290,871 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.0001 par value; 25,000 shares authorized, no shares issued or outstanding | 0 | 0 |
Common stock, $0.0001 par value; 550,000 shares authorized, 74,536 shares issued and outstanding at December 31, 2020 and 71,931 shares issued and outstanding at December 31, 2019 | 7 | 7 |
Additional paid-in capital | 602,064 | 529,596 |
Accumulated other comprehensive income (loss) | 1,435 | (887) |
Accumulated deficit | (212,389) | (113,796) |
Total stockholders’ equity | 391,117 | 414,920 |
Total liabilities and stockholders’ equity | $ 1,022,442 | $ 705,791 |
Preferred stock, par value (usd per share) | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 25,000 | 25,000 |
Preferred stock, shares outstanding (shares) | 0 | 0 |
Preferred stock, shares issued (shares) | 0 | 0 |
Common stock, shares authorized (shares) | 550,000 | 550,000 |
Common stock, par value (usd per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares issued (shares) | 74,536 | 71,931 |
Common Stock, Shares, Outstanding | 74,536 | 71,931 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (usd per share) | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 25,000 | 25,000 |
Preferred stock, shares issued (shares) | 0 | 0 |
Preferred stock, shares outstanding (shares) | 0 | 0 |
Common stock, par value (usd per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (shares) | 550,000 | 550,000 |
Common stock, shares issued (shares) | 74,536 | 71,931 |
Common Stock, Shares, Outstanding | 74,536 | 71,931 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net revenue | $ 478,596 | $ 317,180 | $ 384,997 |
Cost of net revenue | 265,798 | 149,495 | 176,223 |
Gross profit | 212,798 | 167,685 | 208,774 |
Operating expenses: | |||
Research and development | 179,993 | 98,344 | 120,046 |
Selling, general and administrative | 130,025 | 88,762 | 101,789 |
Impairment losses | 86 | 0 | 2,198 |
Restructuring charges | 3,833 | 2,636 | 3,838 |
Total operating expenses | 313,937 | 189,742 | 227,871 |
Loss from operations | (101,139) | (22,057) | (19,097) |
Interest income | 409 | 775 | 78 |
Interest Expense | (12,952) | (11,133) | (14,255) |
Other income (expense), net | (1,170) | (69) | 422 |
Total interest and other income (expense), net | (13,713) | (10,427) | (13,755) |
Loss before income taxes | (114,852) | (32,484) | (32,852) |
Income tax benefit | (16,259) | (12,586) | (6,653) |
Net loss | $ (98,593) | $ (19,898) | $ (26,199) |
Net loss per share: | |||
Basic (usd per share) | $ (1.35) | $ (0.28) | $ (0.38) |
Diluted (usd per share) | $ (1.35) | $ (0.28) | $ (0.38) |
Shares used to compute net loss per share: | |||
Weighted Average Number of Shares Outstanding, Basic | 73,133 | 71,005 | 68,490 |
Diluted (shares) | 73,133 | 71,005 | 68,490 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (98,593) | $ (19,898) | $ (26,199) |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments, net of tax expense of $216 in 2020, expense of $136 in 2019 and benefit of $200 in 2018 | 1,010 | 160 | (1,572) |
Net actuarial gain on pension and other defined benefit plans, net of tax expense of $0 in 2020 | 1,172 | 0 | 0 |
Unrealized gain (loss) on interest rate swap, net of tax expense of $8 in 2020, benefit of $341 in 2019 and expense of $187 in 2018 | 225 | (1,319) | 702 |
Less: Reclassification adjustments of unrealized gain on interest rate swap, net of tax of $0 in 2020 | 85 | 0 | 0 |
Unrealized gain (loss) on interest rate swap, net of tax | 140 | (1,319) | 702 |
Other comprehensive income (loss) | 2,322 | (1,159) | (870) |
Total comprehensive loss | (96,271) | (21,057) | (27,069) |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | (216) | (136) | 200 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax | 0 | ||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | (8) | $ 341 | $ (187) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | $ 0 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | $ (216) | $ (136) | $ 200 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax | 0 | ||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | (8) | 341 | (187) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 0 | ||
Unrealized gain (loss) on interest rate swap, net of tax | $ 140 | $ (1,319) | $ 702 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders Equity Statement - USD ($) shares in Thousands, $ in Thousands | Total | Additional Paid-in Capital [Member] | Common Stock [Member] | AOCI Attributable to Parent [Member] | Accumulated Deficit [Member] |
Shares issued, beginning of period (in shares) at Dec. 31, 2017 | 67,400 | ||||
Total stockholders’ equity, beginning of period at Dec. 31, 2017 | $ 387,424 | $ 455,497 | $ 7 | $ 1,039 | $ (69,119) |
Common Stock Issued Pursuant To Equity Awards Net Value | 1,761 | 1,761 | |||
Common Stock Issued Pursuant To Equity Awards Net Shares | 1,875 | ||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 276 | ||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 4,452 | 4,452 | |||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 31,734 | 31,734 | |||
Cumulative adjustment for adoption of accounting principle, net | 1,634 | (157) | 103 | 1,688 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (870) | (870) | |||
Net loss | (26,199) | ||||
Total stockholders’ equity, end of period at Dec. 31, 2018 | 399,936 | 493,287 | $ 7 | 272 | (93,630) |
Shares issued, end of period (in shares) at Dec. 31, 2018 | 69,551 | ||||
Common Stock Issued Pursuant To Equity Awards Net Value | 140 | 140 | |||
Common Stock Issued Pursuant To Equity Awards Net Shares | 2,132 | ||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 248 | ||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 4,109 | 4,109 | |||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 32,060 | 32,060 | |||
Cumulative adjustment for adoption of accounting principle, net | (268) | (268) | |||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (1,159) | (1,159) | |||
Net loss | (19,898) | ||||
Total stockholders’ equity, end of period at Dec. 31, 2019 | 414,920 | 529,596 | $ 7 | (887) | (113,796) |
Shares issued, end of period (in shares) at Dec. 31, 2019 | 71,931 | ||||
Common Stock Issued Pursuant To Equity Awards Net Value | $ 3,997 | 3,997 | |||
Common Stock Issued Pursuant To Equity Awards Net Shares | 1,515 | ||||
Stock Issued During Period, Shares, Acquisitions | 804 | ||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 286 | ||||
Stock Issued During Period, Value, Acquisitions | $ 17,080 | 17,080 | |||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 3,794 | 3,794 | |||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 47,597 | 47,597 | |||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 2,322 | 2,322 | |||
Net loss | (98,593) | ||||
Total stockholders’ equity, end of period at Dec. 31, 2020 | $ 391,117 | $ 602,064 | $ 7 | $ 1,435 | $ (212,389) |
Shares issued, end of period (in shares) at Dec. 31, 2020 | 74,536 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Activities | |||
Net loss | $ (98,593) | $ (19,898) | $ (26,199) |
Adjustments to reconcile net loss to cash provided by operating activities: | |||
Amortization and depreciation | 76,513 | 66,401 | 79,027 |
Impairment losses | 86 | 0 | 2,198 |
Amortization of debt issuance cost and accretion of discount on debt and leases | 2,201 | 1,577 | 1,148 |
Stock-based compensation | 47,597 | 32,060 | 31,721 |
Deferred income taxes | (18,488) | (15,693) | (12,144) |
Loss on disposal of property and equipment | 0 | 46 | 430 |
Impairment of leasehold improvements | 319 | 1,442 | 735 |
Impairment of leased right-of-use assets | 1,508 | 9,240 | 0 |
Gain on extinguishment of lease liabilities | 0 | (10,437) | 0 |
(Gain) loss on foreign currency and other | 1,289 | 760 | (809) |
Excess tax benefits on stock-based awards | (677) | (4,064) | (2,028) |
Changes in operating assets and liabilities, net of acquisitions: | |||
Accounts receivable | (16,856) | 9,090 | 6,595 |
Inventory | (31,837) | 10,195 | 11,696 |
Prepaid expenses and other assets | (38,954) | 3,805 | 1,071 |
Leased right-of-use assets | 441 | 3,044 | 0 |
Accounts payable, accrued expenses and other current liabilities | 57,094 | 1,261 | 5,923 |
Accrued compensation | 32,606 | 2,021 | 8,961 |
Deferred revenue and deferred profit | 0 | 0 | (138) |
Accrued price protection liability | 34,719 | (3,966) | (5,117) |
Lease liabilities | (6,386) | (8,142) | 0 |
Other long-term liabilities | (1,934) | (394) | (381) |
Net cash provided by operating activities | 73,593 | 78,348 | 102,689 |
Investing Activities | |||
Purchases of property and equipment | (12,487) | (6,887) | (7,825) |
Purchases of intangible assets | (2,799) | (86) | 0 |
Cash used in acquisitions, net of cash acquired | (160,000) | 0 | 0 |
Net cash used in investing activities | (175,286) | (6,973) | (7,825) |
Financing Activities | |||
Net proceeds from the issuance of debt | 175,000 | 0 | 0 |
Payment of debt issuance cost | (2,696) | 0 | 0 |
Repayment of debt | (17,188) | (50,000) | (93,000) |
Net proceeds from issuance of common stock | 8,068 | 8,603 | 6,839 |
Minimum tax withholding paid on behalf of employees for restricted stock units | (3,535) | (11,986) | (7,623) |
Net cash provided by (used in) financing activities | 159,649 | (53,383) | (93,784) |
Effect of exchange rate changes on cash and cash equivalents | (1,039) | 934 | (1,301) |
Increase in cash, cash equivalents and restricted cash | 56,917 | 18,926 | (221) |
Cash, cash equivalents and restricted cash at beginning of period | 93,117 | 74,191 | 74,412 |
Cash, cash equivalents and restricted cash at end of period | 150,034 | 93,117 | 74,191 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | 11,082 | 11,259 | 13,957 |
Cash paid for income taxes | 2,822 | 4,417 | 5,426 |
Supplemental disclosures of non-cash investing and financing activities: | |||
Issuance of shares for payment of bonuses | 3,258 | 7,632 | 6,997 |
Business Acquisition [Line Items] | |||
Inventory fair value adjustments | 32,945 | 0 | 0 |
NanoSemi, Inc. [Member] | |||
Supplemental disclosures of non-cash investing and financing activities: | |||
Common stock issued in acquisitions, at fair value | 17,080 | 0 | 0 |
Deferred payments of purchase price for acquisitions, at fair value | $ 34,100 | $ 0 | $ 0 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Summary of Significant Accounting Policies | Organization and Summary of Significant Accounting Policies Description of Business MaxLinear, Inc. was incorporated in Delaware in September 2003. MaxLinear, Inc., together with its wholly owned subsidiaries, collectively referred to as MaxLinear, or the Company, is a provider of communications systems-on-chip (SoC) solutions used in broadband, mobile and wireline infrastructure, data center, and industrial and multi-market applications. MaxLinear is a fabless integrated circuit design company whose products integrate all or substantial portions of a high-speed communication system, including radio frequency (RF), high-performance analog, mixed-signal, digital signal processing, security engines, data compression and networking layers, and power management. MaxLinear’s customers include electronics distributors, module makers, original equipment manufacturers, or OEMs, and original design manufacturers, or ODMs, who incorporate the Company’s products in a wide range of electronic devices, including cable Data Over Cable Service Interface Specifications (DOCSIS), fiber and DSL broadband modems and gateways; Wi-Fi and wireline routers for home networking; radio transceivers and modems for 4G/5G base-station and backhaul infrastructure; fiber-optic modules for data center, metro, and long-haul transport networks; as well as power management and interface products used in these and many other markets. Basis of Presentation and Principles of Consolidation The consolidated financial statements include the accounts of MaxLinear, Inc. and its wholly owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. All intercompany transactions and investments have been eliminated in consolidation. The functional currency of certain foreign subsidiaries is the local currency. Accordingly, assets and liabilities of these foreign subsidiaries are translated at the current exchange rate at the balance sheet date and historical rates for equity. Revenue and expense components are translated at weighted average exchange rates in effect during the period. Gains and losses resulting from foreign currency translation are included as a component of stockholders’ equity. Foreign currency transaction gains and losses are included in the results of operations, and to date, have not been material. Use of Estimates and Significant Risks and Uncertainties The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes of the consolidated financial statements. Actual results could differ from those estimates. In the year ended December 31, 2020, the Company’s revenues were impacted by the coronavirus disease, or COVID-19, pandemic. In particular, the Company experienced some negative impact to its revenue and gross profits in the first half of 2020 due to several industry-wide dynamics related to COVID-19 including supply constraints as well as customer requests to temporarily delay shipments. Although the Company has benefited from increased demand for certain of its products from the work-from-home environment in the second half of 2020, heightened volatility and uncertainty in customer demand and the worldwide economy in general has continued, and the Company may experience increased volatility in its sales and revenues in the near future. However, the magnitude of such volatility on the Company’s business and its duration is uncertain and cannot be reasonably estimated at this time. The Company also believes that its $148.9 million of cash and cash equivalents at December 31, 2020 will be sufficient to fund its projected operating requirements for at least the next twelve months. A material adverse impact from COVID-19 could result in a need to raise additional capital or incur additional indebtedness to fund strategic initiatives or operating activities, particularly if the Company pursues additional acquisitions. The Company’s future capital requirements will depend on many factors, including the Company’s efforts to complete the integration of the acquired Wi-Fi and Broadband assets business and NanoSemi (Note 3), changes in revenue, the expansion of engineering, sales and marketing activities, the timing and extent of expansion into new territories, the timing of introductions of new products and enhancements to existing products, the continuing market acceptance of the Company’s products and potential material investments in, or acquisitions of, complementary businesses, services or technologies. Additional funds may not be available on terms favorable to the Company or at all. If the Company is unable to raise additional funds when needed, it may not be able to sustain its operations or execute its strategic plans. The Company is not aware of any specific event or circumstance that would require an update to its estimates or adjustments to the carrying value of its assets and liabilities as of February 11, 2021, the issuance date of this Annual Report on Form 10-K. Actual results could differ from those estimates, particularly if the Company experiences material impacts from COVID-19. Business Combinations The Company applies the provisions of ASC 805, Business Combinations , in accounting for its acquisitions. It requires the Company to recognize separately from goodwill the assets acquired and the liabilities assumed, at the acquisition date fair values. Goodwill as of the acquisition date is measured as the excess of consideration transferred over the acquisition date fair values of the net assets acquired and the liabilities assumed. While the Company uses its best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, its estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statements of operations. Costs to exit or restructure certain activities of an acquired company or the Company’s internal operations are accounted for as termination and exit costs pursuant to ASC 420, Exit or Disposal Cost Obligations , and are accounted for separately from the business combination. A liability for costs associated with an exit or disposal activity is recognized and measured at its fair value in the consolidated statements of operations in the period in which the liability is incurred. For a given acquisition, the Company may identify certain pre-acquisition contingencies as of the acquisition date and may extend its review, evaluation, and adjustment of these pre-acquisition contingencies throughout the measurement period in order to obtain sufficient information to assess whether the Company includes these contingencies as a part of the fair value estimates of assets acquired and liabilities assumed and, if so, to determine their estimated amounts. A pre-acquisition contingency (non-income tax related) is only recognized as an asset or a liability if: (i) it is probable that an asset existed or a liability had been incurred at the acquisition date and (ii) the amount of the asset or liability can be reasonably estimated. Subsequent to the measurement period, changes in estimates of such contingencies will affect earnings and could have a material effect on the Company's results of operations and financial position. In addition, uncertain tax positions and tax-related valuation allowances assumed, if any, in connection with a business combination are initially estimated as of the acquisition date. The Company re-evaluates these items quarterly based upon facts and circumstances that existed as of the acquisition date with any adjustments to the preliminary estimates being recorded to goodwill if identified within the measurement period. Subsequent to the end of the measurement period or final determination of the estimated value of the tax allowance or contingency, whichever comes first, changes to these uncertain tax positions and tax related valuation allowances will affect the income tax provision (benefit) in the consolidated statements of operations and could have a material impact on the results of operations and financial position. Cash and Cash Equivalents The Company considers all liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash equivalents are recorded at cost, which approximates market value. Accounts Receivable The Company performs ongoing credit evaluations of its customers and assesses each customer’s credit worthiness. The Company monitors collections and payments from its customers and maintains an allowance for doubtful accounts, which effective January 1, 2020, is based upon applying an expected credit loss rate to receivables based on the historical loss rate from similar high risk customers adjusted for current conditions, including any specific customer collection issues identified, and forecasts of economic conditions. Delinquent account balances are written off after management has determined that the likelihood of collection is remote. The allowance for credit losses as of December 31, 2020 and the activity in this account, including the current-period provision for expected credit losses for the year ended December 31, 2020, were not material. Inventory The Company assesses the recoverability of its inventory based on assumptions about demand and market conditions. Forecasted demand is determined based on historical sales and expected future sales. Inventory is stated at the lower of cost or net realizable value. Cost is computed using standard cost, which approximates actual cost on a first-in, first-out basis and net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The Company reduces its inventory to its lower of cost or net realizable value on a part-by-part basis to account for its obsolescence or lack of marketability. Reductions are calculated as the difference between the cost of inventory and its net realizable value based upon assumptions about future demand, market conditions and costs. Once established, these adjustments are considered permanent and are not revised until the related inventory is sold or disposed of. Fair Value of Financial Instruments The carrying amount of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses and compensation are considered to be representative of their respective fair values because of the short-term nature of these accounts. The interest rate swap was carried at fair value prior to its expiration in 2020. Property and Equipment Property and equipment is carried at cost and depreciated over the estimated useful lives of the assets, ranging from two Production Masks Production masks with alternative future uses or discernible future benefits are capitalized and amortized over their estimated useful life of two Goodwill and Intangible Assets Goodwill is the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations accounted for under the acquisition method. Intangible assets represent purchased intangible assets including developed technology, in-process research and development, or IPR&D, technologies acquired or licensed from other companies, customer relationships, non-compete covenants, backlog, and trademarks and tradenames. Purchased finite-lived intangible assets are capitalized and amortized over their estimated useful lives. Technologies acquired or licensed from other companies, customer relationships, non-compete covenants, backlog, and trademarks and tradenames are capitalized and amortized over the lesser of the terms of the agreement, or estimated useful life. The Company capitalizes IPR&D projects acquired as part of a business combination. On completion of each project, IPR&D assets are reclassified to developed technology and amortized over their estimated useful lives. Impairment of Goodwill and Long-Lived Assets Goodwill is not amortized but is tested for impairment using either a qualitative assessment, and/or quantitative assessment, which effective with its October 31, 2020 impairment test, is based on comparing the fair value of a reporting unit with its carrying amount. If the carrying amount of a reporting unit exceeds its fair value, a goodwill impairment loss is recorded. The Company tests by reporting unit, goodwill and other indefinite-lived intangible assets for impairment as of October 31 each year or more frequently if it believes indicators of impairment exist. During development, IPR&D is not subject to amortization and is tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company reviews indefinite-lived intangible assets for impairment using a qualitative assessment, followed by a quantitative assessment, as needed, each year as of October 31, the date of its annual goodwill impairment review, or whenever events or changes in circumstances indicate the carrying value may not be recoverable. Recoverability of indefinite-lived intangible assets is measured by comparing the carrying amount of the asset to its fair value. In certain cases, the Company utilizes the relief-from-royalty method when appropriate, and a fair value will be obtained based on analysis over the costs saved by owning the right instead of leasing it. Once an IPR&D project is complete, it becomes a finite-lived intangible asset and is evaluated for impairment both immediately prior to its change in classification and thereafter in accordance with the Company's policy for long-lived assets. The Company regularly reviews the carrying amount of its long-lived assets subject to depreciation and amortization, as well as the useful lives, to determine whether indicators of impairment may exist which warrant adjustments to carrying values or estimated useful lives. An impairment loss would be recognized when the sum of the expected future undiscounted net cash flows is less than the carrying amount of the asset. Should impairment exist, the impairment loss would be measured based on the excess of the carrying amount of the asset over the asset’s fair value. During the years 2020, 2019, and 2018, the Company identified impairment of intangible assets of $0.1 million, $0 and $2.2 million, respectively. Refer to Goodwill and Intangible Assets, Note 5 for more information. Revenue Recognition The Company's revenue is primarily generated from sales of the Company’s integrated circuits to electronics distributors, module makers, OEMs, and ODMs under individual customer purchase orders, some of which have underlying master sales agreements that specify terms governing the product sales. Effective January 1, 2018, the Company adopted ASC 606 and recognizes such revenue at the point in time when control of the products is transferred to the customer at the estimated net consideration for which collection is probable, taking into account the customer's rights to price protection, other pricing credits, unit rebates, and rights to return unsold product. Transfer of control occurs either when products are shipped to or received by the distributor or direct customer, based on the terms of the specific agreement with the customer, if the Company has a present right to payment and transfer of legal title and the risks and rewards of ownership to the customer has occurred. For most of the Company's product sales, transfer of control occurs upon shipment to the distributor or direct customer. In assessing whether collection of consideration from a customer is probable, the Company considers the customer's ability and intention to pay that amount of consideration when it is due. Payment of invoices is due as specified in the underlying customer agreement, typically 30 days from the invoice date, which occurs on the date of transfer of control of the products to the customer. Since payment terms are less than a year, the Company has elected the practical expedient and does not assess whether a customer contract has a significant financing component. A five-step approach is applied in the recognition of revenue under ASC 606: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when the Company satisfies a performance obligation. The Company applied ASC 606 to its customer contracts that were not completed before the January 1, 2018 adoption date. Customer purchase orders plus the underlying master sales agreements are considered to be contracts with the customer for purposes of applying the five-step approach under ASC 606. Pricing adjustments and estimates of returns under contractual stock rotation rights are treated as variable consideration for purposes of determining the transaction price, and are estimated at the time control transfers using the expected value method based on the Company's analysis of actual price adjustment claims by distributors and historical product return rates, and then reassessed at the end of each reporting period. The Company also considers whether any variable consideration is constrained, since such amounts for which it is probable that a significant reversal will occur when the contingency is subsequently resolved are required to be excluded from revenues. Price adjustments are finalized at the time the products are sold through to the end customer and the distributor or end customer submits a claim to reduce the sale price to a pre-approved net price. Stock rotation allowances are capped at a fixed percentage of the Company's sales to a distributor for a period of time, up to six months, as specified in the individual distributor contract. If the Company's current estimates of such credits and rights are materially inaccurate, it may result in adjustments that affect future revenues and gross profits. Returns under the Company's general assurance warranty of products for a period of one Each distinct promise to transfer products is considered to be an identified performance obligation for which revenue is recognized upon transfer of control of the products to the customer. Although customers may place orders for products to be delivered on multiple dates that may be in different quarterly reporting periods, all of the orders are scheduled within one Customer contract liabilities consist primarily of obligations to deliver rebates to customers in the form of units of products which are included in accrued expenses and other current liabilities in the consolidated balance sheets. Other obligations to customers consist of estimates of price protection rights offered to the Company's end customers, which are included in accrued price protection liability in the consolidated balance sheets, as well as price adjustments expected to be claimed by the distributor upon sell-through of the products to their customers, and amounts expected to be returned by distributors under stock rotation rights, which are included in accrued expenses and other current liabilities in the consolidated balance sheets. The Company also records a right of return asset, consisting of amounts representing the products the Company expects to receive from customers in returns, which is included in inventory in the consolidated balance sheets, and is typically settled within six months of transfer of control to the customer, or the period over which stock rotation rights are based. Upon lapse of the time period for stock rotations, or the contractual end to price protection and rebate programs, which is approximately one . The Company assesses customer accounts receivable and contract assets for impairment in accordance with ASC 310-10-35. Warranty The Company generally provides a warranty on its products for a period of one to three years. The Company makes estimates of product return rates and expected costs to replace the products under warranty at the time revenue is recognized based on historical warranty experience and any known product warranty issues. If actual return rates and/or replacement costs differ significantly from these estimates, adjustments to recognize additional cost of net revenue may be required in future periods. As of December 31, 2020 and 2019, the Company has warranty reserves of $0.7 million and $0.6 million, respectively, based on the Company’s estimates. Segment Information The Company operates in one segment as it has developed, marketed and sold primarily only one class of similar products, radio-frequency, high-performance analog and mixed-signal communications system-on-chip solutions for the connected home, wired and wireless infrastructure markets and industrial and multi-market applications. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer. The Company’s Chief Executive Officer reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. The Company has one business activity and there are no segment managers who are held accountable for operations, operating results and plans for products or components below the consolidated unit level. Accordingly, the Company reports as a single operating segment. Stock-based Compensation The Company measures the cost of employee services received in exchange for equity incentive awards, including restricted stock units and restricted stock awards, employee stock purchase rights and stock options based on the grant date fair value of the award. The Company calculates the fair value of restricted stock units and performance-based restricted stock units based on the fair market value of the Company’s common stock on the grant date. Stock-based compensation expense is then determined based on the number of restricted stock units that are expected to vest; for performance-based restricted stock units, this is the number of units that are expected to vest during the performance period if it is probable that the Company will achieve the performance metrics specified in the underlying award agreement. The Company uses the Black-Scholes valuation model to calculate the fair value of stock options and employee stock purchase rights granted to employees. Stock-based compensation expense is recognized over the period during which the employee is required to provide services in exchange for the award, which is usually the vesting period. The Company recognizes compensation expense over the vesting period using the straight-line method and classifies these amounts in the consolidated statements of operations based on the department to which the related employee reports. Research and Development Costs incurred in connection with the development of the Company’s technology and future products are charged to research and development expense as incurred. Leases The Company’s leases primarily consist of facility leases which are classified as operating leases. The Company assesses whether an arrangement contains a lease at inception. Effective January 1, 2019, the Company recognizes a lease liability to make contractual payments under all leases with terms greater than twelve months and a corresponding right-of-use asset, representing its right to use the underlying asset for the lease term. The lease liability is initially measured at the present value of the lease payments over the lease term using the collateralized incremental borrowing rate since the implicit rate is unknown. Options to extend or terminate a lease are included in the lease term when it is reasonably certain that the Company will exercise such an option. The right-of-use asset is initially measured as the contractual lease liability plus any initial direct costs and prepaid lease payments made, less any lease incentives. Upon adoption of ASC 842 on January 1, 2019, the carrying value of lease-related restructuring liabilities for certain restructured leases existing at that date, was offset against the related right-of-use assets. Lease expense is recognized on a straight-line basis over the lease term. Upon adoption of ASC 842, the Company elected certain practical expedients and accordingly has (1) carried forward its prior assessments of (a) whether existing contracts on the January 1, 2019 adoption date contain leases, (b) classification of leases as operating or financing and (c) initial direct costs for existing leases and (2) considered hindsight in determining the lease term and assessing impairment of the right-of-use-asset. In addition, the Company used a portfolio approach for its facility leases when making judgments and estimates, such as the discount rate. Leased right-of-use assets are subject to impairment testing as a long-lived asset at the asset-group level. The Company monitors its long-lived assets for indicators of impairment. As the Company's leased right-of-use assets primarily relate to facility leases, early abandonment of all or part of facility as part of a restructuring plan is typically an indicator of impairment. If impairment indicators are present, the Company tests whether the carrying amount of the leased right-of-use asset is recoverable including consideration of sublease income, and if not recoverable, measures impairment loss for the right-of-use asset or asset group. Derivatives and Hedging Activities The Company records derivatives in the consolidated balance sheets at fair value. Hedge accounting is applied to derivatives designated in a hedging relationship. A derivative designated as a hedge of a forecasted transaction is carried at fair value with the effective portion of a derivative’s gain or loss recorded in other comprehensive income (i.e., a separate component of stockholders’ equity) and subsequently recognized in earnings in the same period or periods the hedged forecasted transaction affects earnings. The ineffective portion of a derivative’s gain or loss is recorded in earnings as it occurs. Changes in certain terms of the hedged transactions, including the selection of interest rate from one-month LIBOR to another rate could cause ineffectiveness in the derivatives and result in reclassification of amounts in accumulated other comprehensive income (loss) into earnings. Pension and Other Defined Benefit Retirement Obligations The costs of pension and certain other defined benefit employee retirement benefits are required to be recognized based upon actuarial valuations. The related net retirement benefit obligation is recognized as the excess of the projected benefit obligation over the fair value of the plan assets. In measuring the retirement benefit obligation, the discount rate, expected long-term rate of return on plan assets, and long-term rate of salary increase are the most significant assumptions. Retirement benefit costs primarily represent the increase in the actuarial present value of the retirement benefit obligation. Income Taxes The Company provides for income taxes utilizing the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. Deferred taxes are presented net as noncurrent. The provision for income taxes generally represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from the differences between the financial and tax bases of the Company’s assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances are recorded to reduce deferred tax assets when a judgment is made that is considered more likely than not that a tax benefit will not be realized. A decision to record a valuation allowance results in an increase in income tax expense or a decrease in income tax benefit. If the valuation allowance is released in a future period, income tax expense will be reduced accordingly. The calculation of tax liabilities involves dealing with uncertainties in the application of complex global tax regulations. The impact of an uncertain income tax position is recognized at the largest amount that is “more likely than not” to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. If the estimate of tax liabilities proves to be less than the ultimate assessment, a further charge to expense would result. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company continually assesses the need for a valuation allowance on the deferred tax asset by evaluating both positive and negative evidence that may exist. Any adjustment to the net deferred tax asset valuation allowance would be recorded in the income statement for the period that the adjustment is determined to be required. On December 22, 2017, the Tax Cuts and Jobs Act, or the Tax Act, was enacted into U.S. tax law. In 2018, the Company made an accounting policy election to treat Global Intangible Low Taxed Income in accordance with the Tax Act as a period cost. Comprehensive Income (Loss) Comprehensive income (loss) is defined as the change in equity (net assets) of a business entity during a period from transactions and other events and circumstances from non-owner sources. Other comprehensive income (loss) includes certain changes in equity that are excluded from net income (loss), net of tax, such as foreign currency translation gains and losses, and unrealized gains and losses from interest rate hedging activities. Litigation and Settlement Costs Legal costs are expensed as incurred. The Company is involved in disputes, litigation and other legal actions in the ordinary course of business. The Company continually evaluates uncertainties associated with litigation and records a charge equal to at least the minimum estimated liability for a loss contingency when both of the following conditions are met: (i) information available prior to issuance of the financial statements indicates that it is probable that an asset had been impaired or a liability had been incurred at the date of the financial statements and (ii) the loss or range of loss can be reasonably estimated. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , to replace the incurred loss methodology with an expected credit loss model that requires consideration of a broader range of information to estimate credit losses over the lifetime of the asset, including current conditions and reasonable and supportable forecasts in addition to historical loss information, to determine expected credit losses. Pooling of assets with similar risk characteristics and the use of a loss model are also required. Also, in April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, to clarify the inclusion of recoveries of trade receivables previously written off when estimating an allowance for credit losses. The amendments i |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net Income (Loss) Per Share Basic earnings per share, or EPS, is calculated by dividing net loss by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted EPS is computed by dividing net income by the weighted-average number of common shares outstanding for the period and the weighted-average number of dilutive common stock equivalents outstanding for the period determined using the treasury-stock method. For purposes of this calculation, common stock options, restricted stock units and restricted stock awards are considered to be common stock equivalents and are only included in the calculation of diluted EPS when their effect is dilutive. In periods in which the Company has a net loss, dilutive common stock equivalents are excluded from the calculation of diluted EPS. The table below presents the computation of basic and diluted earnings per share: Years Ended December 31, 2020 2019 2018 (in thousands, except per share amounts) Numerator: Net loss $ (98,593) $ (19,898) $ (26,199) Denominator: Weighted average common shares outstanding—basic 73,133 71,005 68,490 Dilutive common stock equivalents — — — Weighted average common shares outstanding—diluted 73,133 71,005 68,490 Net loss per share: Basic $ (1.35) $ (0.28) $ (0.38) Diluted $ (1.35) $ (0.28) $ (0.38) |
Business Combinations (Notes)
Business Combinations (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Business Combinations Acquisition of the Wi-Fi and Broadband assets business On July 31, 2020, the Company and certain of its designated subsidiaries completed their acquisition of the Home Gateway Platform Division, which the Company refers to as the Wi-Fi and Broadband assets business, pursuant to an Asset Purchase Agreement with Intel Corporation, or Intel, dated April 5, 2020 (the “Asset Purchase Agreement”), and related agreements. The Company paid cash consideration of $150.0 million for the purchase of certain assets of the Wi-Fi and Broadband assets business, and assumed certain liabilities primarily related to specified employment matters. The transaction was funded with a portion of the net proceeds from a secured incremental term loan with an aggregate principal amount of $175.0 million (Note 8). The Wi-Fi and Broadband assets business develops a broad portfolio of connected home products, including Wi-Fi, Ethernet and Broadband Gateway Processor SoCs, which enables the Company to strengthen its existing connected home portfolio by bringing together a complete, scalable, and complementary platform of connectivity and access solutions to address its customers’ needs across target end-markets. The acquired assets and assumed liabilities, together with the employees who joined the Company and its subsidiaries as a result of the transaction, represent a business as defined in ASC 805, Business Combinations . The Company is integrating the acquired assets and rehired employees into the Company’s existing business. The Asset Purchase Agreement also contains customary representations, warranties and covenants, including indemnification provisions set forth therein. Pursuant to the Purchase Agreement, Intel has retained, and will be obligated to indemnify MaxLinear for, certain liabilities, including but not limited to those relating to the Home Gateway Platform Division for pre-closing taxes and specified employment matters, and MaxLinear has assumed, and will indemnify Intel for, certain liabilities, including but not limited to those relating to the Home Gateway Platform Division and the Transferred Assets for certain pre-closing and post-closing actions, events and periods (including certain product-related liabilities for products sold prior to the Closing for up to a $25.0 million cap), and specified employment matters. In connection with the transaction, the Company and Intel have entered into as of the closing certain other ancillary agreements, including (i) an intellectual property matters agreement, pursuant to which Intel will grant to the Company a license to certain intellectual property rights for use by the Company in connection with the acquired assets and the Company will grant back to Intel a license to the intellectual property rights in the acquired assets, (ii) a supply agreement, pursuant to which Intel will manufacture and fabricate certain products for the Company that are part of the acquired assets, (iii) an ethernet network controller services agreement, pursuant to which the Company will provide Intel with certain development services with respect to certain Intel ethernet network controller products, (iv) a transition services agreement, pursuant to which Intel will provide certain services on a transitional basis for up to a 12-month period after the closing, the scope of which includes services relating to real estate and facilities, information technology, and supply chain, procurement, sales operations, and engineering support, and (v) a side letter regarding the delayed transfer of certain inventory. Pursuant to the delayed inventory side letter, the Company has control and economic benefits of the inventory, but the title and possession of the inventory has been delayed until the last day that Intel provides services under the transition services agreement. Acquisition Consideration The following table summarizes the fair value of purchase price consideration to acquire the Wi-Fi and Broadband assets business (in thousands): Description Amount Fair value of purchase consideration: Cash $ 150,000 Purchase Price Allocation The following is an allocation of purchase price as of the July 31, 2020 acquisition closing date based upon an estimate of the fair value of the assets acquired and the liabilities assumed by the Company in the acquisition (in thousands): Description Amount Purchase price allocation: Inventory $ 67,100 Property and equipment 17,641 Identifiable intangible assets 58,000 Deferred tax assets 457 Accrued expenses (68) Accrued price protection liability (413) Accrued compensation (7,916) Other long-term liabilities (8,197) Identifiable net assets acquired 126,604 Goodwill 23,396 Total purchase price $ 150,000 The fair value of inventories acquired with the Wi-Fi and Broadband assets business included acquisition accounting fair market value adjustments of $32.9 million. The Company recognized $32.9 million in inventory fair value adjustments in cost of sales in the consolidated statement of operations for the year ended December 31, 2020. The following is a summary of identifiable intangible assets acquired and the related expected lives for the finite-lived intangible assets (in thousands): Category Estimated Life in Years Fair Value Finite-lived intangible assets: Developed technology 7 $ 43,200 Customer-related intangible 5 6,800 Product backlog 0.58 800 50,800 Indefinite-lived intangible assets: IPR&D N/A 7,200 Total identifiable intangible assets acquired $ 58,000 Acquisition of NanoSemi, Inc. On September 9, 2020, the Company completed its acquisition of NanoSemi, Inc. or NanoSemi, pursuant to an Agreement and Plan of Merger (the “Merger Agreement”) with NanoSemi, dated September 9, 2020. The initial closing transaction consideration consisted of $10.0 million in cash and 804,163 shares of MaxLinear’s common stock. In addition, the NanoSemi securityholders will receive $35.0 million in deferred cash payments payable in 2021, and certain NanoSemi securityholders may also receive up to an additional $35.0 million in potential contingent consideration, subject to the acquired business’s satisfying certain financial objectives from July 1, 2020 through December 31, 2022. The stock consideration was issued in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended. In connection with the acquisition, MaxLinear agreed to provide the NanoSemi stockholders with certain registration rights with respect to the shares of MaxLinear common stock they received in the acquisition. NanoSemi is an industry-leading provider of intellectual property that utilizes patented machine learning techniques to improve signal integrity and power efficiency in systems-on-chip, or SoCs, application-specific integrated circuits, or ASICs, and field-programmable gate arrays, or FPGAs, used in next-generation communication and artificial intelligence systems. Its technology enables higher throughput connections for 5G, Wi-Fi, and WiGig smartphones and base stations while simultaneously reducing energy consumption. Acquisition Consideration The following table summarizes the fair value of purchase price consideration to acquire NanoSemi (in thousands): Description Amount Fair value of purchase consideration: Cash $ 10,000 Common stock issued (1) 17,080 Deferred payments (2) 34,100 Contingent consideration (3) — Total purchase price $ 61,180 _________________ (1) The fair value of common stock issued in the merger is based on 804,163 shares issued on the September 9, 2020 acquisition date at the closing price of the Company’s common stock of $21.24 per share. (2) The fair value of the deferred payments was determined by discounting to present value payments totaling $35.0 million expected to be made to NanoSemi securityholders throughout 2021. (3) The fair value of contingent consideration is zero as the applicable financial objectives from July 1, 2020 through December 31, 2022 are not expected to be met based on the Company's forecast. Purchase Price Allocation The following is an allocation of purchase price as of the September 9, 2020 acquisition closing date based upon an estimate of the fair value of the assets acquired and the liabilities assumed by the Company in the acquisition (in thousands): Description Amount Purchase price allocation: Accounts receivable $ 175 Prepaid expenses and other current assets 879 Property and equipment 177 Leased right-of-use assets 1,805 Identifiable intangible assets 19,900 Accounts payable (602) Accrued expenses and other current liabilities (323) Accrued compensation (223) Long-term lease liabilities (1,546) Other long-term liabilities (164) Identifiable net assets acquired 20,078 Goodwill 41,102 Total purchase price $ 61,180 The following is a summary of identifiable intangible assets acquired and the related expected lives for the finite-lived intangible assets (in thousands): Category Estimated Life in Years Fair Value Finite-lived intangible assets: Developed technology 7 $ 17,500 Trademarks and tradenames 7 1,000 Customer-related intangible 5 900 Product backlog 5.33 500 Total identifiable intangible assets acquired $ 19,900 Assumptions in the Allocations of Purchase Price Management prepared the purchase price allocations for the Wi-Fi and Broadband assets business and NanoSemi, and in doing so considered or relied in part upon reports of a third party valuation expert to calculate the fair value of certain acquired assets, which primarily included identifiable intangible assets, inventory, and property and equipment, and the portions of the purchase consideration for NanoSemi expected to be paid to NanoSemi securityholders in the future, as described above. Certain NanoSemi securityholders that are employees are not required to remain employed in order to receive the deferred payments and contingent consideration; accordingly, the fair value of the deferred payments and contingent consideration have been accounted for as a portion of the purchase consideration. Estimates of fair value require management to make significant estimates and assumptions. The goodwill recognized is attributable primarily to the acquired workforce, expected synergies, and other benefits that MaxLinear believes will result from integrating the operations of the Wi-Fi and Broadband assets business and NanoSemi with the operations of MaxLinear. Certain liabilities included in the purchase price allocations are based on management’s best estimates of the amounts to be paid or settled and based on information available at the time the purchase price allocations were prepared. Adjustments between the preliminary purchase price allocations initially recorded as reflected in the Company’s interim condensed consolidated financial statements as of September 30, 2020 and the amounts reflected as of December 31, 2020 primarily resulted from a refinement of the Company’s forecast with respect to the NanoSemi business, resulting in a decrease in estimated fair value of contingent consideration to $0 and a decrease in the valuation of intangible assets; and updates to our evaluation of certain income tax positions with respect to both acquisitions. Updates to the valuations of certain assets acquired and liabilities assumed and our evaluation of certain income tax positions may result in changes to the recorded amounts of assets and liabilities, with corresponding adjustments to goodwill amounts in subsequent periods. We expect to complete the purchase price allocations within 12 months of the respective acquisition dates. The fair value of the identified intangible assets acquired from the Wi-Fi and Broadband assets business and NanoSemi was estimated using an income approach. Under the income approach, an intangible asset’s fair value is equal to the present value of future economic benefits to be derived from ownership of the asset. Indications of value are developed by discounting future net cash flows to their present value at market-based rates of return. More specifically, the fair value of the developed technology, IPR&D and backlog assets was determined using the multi-period excess earnings method, or MPEEM. MPEEM is an income approach to fair value measurement attributable to a specific intangible asset being valued from the asset grouping’s overall cash-flow stream. MPEEM isolates the expected future discounted cash-flow stream to its net present value. Significant factors considered in the calculation of the developed technology and IPR&D intangible assets were the risks inherent in the development process, including the likelihood of achieving technological success and market acceptance. Each project was analyzed to determine the unique technological innovations, the existence and reliance on core technology, the existence of any alternative future use or current technological feasibility and the complexity, cost, and time to complete the remaining development. Future cash flows for each project were estimated based on forecasted revenue and costs, taking into account the expected product life cycles, market penetration, and growth rates. Developed technology will begin amortization immediately and IPR&D will begin amortization upon the completion of each project. If any of the projects are abandoned, the Company will be required to impair the related IPR&D asset. In connection with the acquisition of the Wi-Fi and Broadband assets business, the Company has assumed liabilities which primarily consist of accrued employee compensation and benefits in jurisdictions where such transfer is required either by law or by work council agreement. In connection with the acquisition of NanoSemi, the Company assumed certain operating liabilities. The liabilities assumed in these acquisitions are included in the respective purchase price allocations above. Goodwill recorded in connection with the Wi-Fi and Broadband assets business and NanoSemi was $23.4 million and $41.1 million, respectively. The Company does not expect to deduct any of the acquired goodwill for tax purposes. Proforma Combined Financial Information The following table presents unaudited pro forma combined financial information for each of the periods presented, as if the acquisitions of the Wi-Fi and Broadband assets business and NanoSemi had occurred at the beginning of fiscal year 2019: Years Ended December 31, 2020 2019 (in thousands) Net revenue – proforma combined $ 703,165 $ 708,139 Net loss – proforma combined $ (101,783) $ (152,070) The following adjustments were included in the unaudited pro forma combined net revenues: Years Ended December 31, 2020 2019 (in thousands) Net revenue $ 478,596 $ 317,180 Add: Net revenue – acquired businesses 224,569 390,959 Net revenues – proforma combined $ 703,165 $ 708,139 The following adjustments were included in the unaudited pro forma combined net loss: Years Ended December 31, 2020 2019 (in thousands) Net loss $ (98,593) $ (19,898) Add: Results of operations – acquired businesses (63,882) (97,368) Less: Proforma adjustments Depreciation of property and equipment 5,810 2,020 Amortization of intangible assets 11,428 17,583 Inventory fair value adjustments 32,945 (32,945) Acquisition and integration expenses 14,243 (14,243) Interest expense (4,963) 2,816 Other expense 1,867 (7,604) Income taxes (638) (2,431) Net loss – proforma combined $ (101,783) $ (152,070) Net loss per share – proforma combined: Basic $ (1.39) $ (2.12) Diluted $ (1.39) $ (2.12) Shares used to compute net loss per share – proforma combined: Basic 73,133 71,809 Diluted 73,133 71,809 The pro forma combined financial information for the year ended December 31, 2020 includes aggregate non-recurring adjustments of $33.7 million consisting of inventory fair value adjustments of $32.9 million and amortization of intangible assets of $0.8 million, respectively, for which the related assets have useful lives of less than one year. The pro forma combined financial information is presented for illustrative purposes only and is not necessarily indicative of the consolidated results of operations of the consolidated business had the acquisitions actually occurred at the beginning of fiscal year 2019 or of the results of future operations of the consolidated business. The unaudited pro forma financial information does not reflect any operating efficiencies and cost saving that may be realized from the integration of the acquisitions in the Company's consolidated statements of operations. For the year ended December 31, 2020, $209.7 million of revenue and $110.7 million of gross profit, excluding $36.3 million consisting of inventory fair-value adjustments of $32.9 million and amortization of acquired intangible assets of $3.4 million for the Wi-Fi and Broadband assets business and NanoSemi since the acquisition date, are included in the Company’s consolidated statement of operations. Acquisition and integration-related costs of $14.2 million related to the acquisitions of the Wi-Fi and Broadband assets business and NanoSemi were included in selling, general, and administrative expenses in the Company’s statement of operations for the year ended December 31, 2020. |
Restructuring Activity
Restructuring Activity | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Activity | Restructuring Activity From time to time, the Company approves and implements restructuring plans as a result of internal resource alignment, and cost saving measures. Such restructuring plans include terminating employees, vacating certain leased facilities, and cancellation of contracts. The following table presents the activity related to the plans, which is included in restructuring charges in the consolidated statements of operations: Years Ended December 31, 2020 2019 2018 (in thousands) Employee separation expenses $ 1,620 $ 1,150 $ 2,094 Lease related expenses 1,998 1,301 1,608 Other 215 185 136 $ 3,833 $ 2,636 $ 3,838 Lease related charges for the year ended December 31, 2020 included the impairment of leased right-of-use assets of $1.5 million related to a reduction in expected cash inflows from subleases. Lease related and other charges for the years ended December 31, 2019 and 2018 primarily related to exiting certain redundant facilities. The following table presents a roll-forward of the Company's restructuring liability for the years ended December 31, 2020 and 2019. The restructuring liability is included in accrued expenses and other current liabilities and other long-term liabilities in the consolidated balance sheets. Employee Separation Expenses Lease Related Expenses Other Total (in thousands) Liability as of December 31, 2018 $ 409 $ 1,490 $ 47 $ 1,946 Transfer to right-of-use asset — (299) — (299) Restructuring charges 1,150 1,301 185 2,636 Cash payments (1,559) (1,720) (163) (3,442) Non-cash charges — 46 (50) (4) Liability as of December 31, 2019 — 818 19 837 Restructuring charges 1,620 1,998 215 3,833 Cash payments (2,165) (322) (36) (2,523) Reimbursement due from Intel (Note 6) 4,415 — — 4,415 Non-cash charges and adjustments (596) (1,774) (195) (2,565) Liability as of December 31, 2020 3,274 720 3 3,997 Less: current portion as of December 31, 2020 (3,274) (351) (3) (3,628) Long-term portion as of December 31, 2020 $ — $ 369 $ — $ 369 As of December 31, 2020, the remaining employee separation balance primarily consists of reduction in force costs that will be reimbursed by Intel and other severance payments, and remaining lease related charges primarily consist of common area maintenance obligations. The Company does not expect to incur additional material costs related to current restructuring plans. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets Notes | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill Goodwill arises from the acquisition method of accounting for business combinations and represents the excess of the purchase price over the fair value of the net assets and other identifiable intangible assets acquired. The fair values of net tangible assets and intangible assets acquired are based upon preliminary valuations and the Company’s estimates and assumptions are subject to change within the measurement period (potentially up to one year from the acquisition date). The following table presents the changes in the carrying amount of goodwill for the periods indicated: Years Ended December 31, 2020 2019 (in thousands) Beginning balance $ 238,330 $ 238,330 Acquisitions (Note 3) 64,498 — Ending balance $ 302,828 $ 238,330 The Company performs an annual goodwill impairment assessment on October 31st each year, using a quantitative assessment comparing the fair value of each reporting unit, which the Company has determined to be the entity itself, with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recorded. As a result of the Company's impairment assessment, no goodwill impairment was recognized as of October 31, 2020. In addition to its annual review, the Company performs a test of impairment when indicators of impairment are present. As of December 31, 2020, there were no indications of impairment of the Company’s goodwill balances. Acquired Intangibles Finite-lived Intangible Assets The following table sets forth the Company’s finite-lived intangible assets resulting from business acquisitions and other purchases, which continue to be amortized: December 31, 2020 December 31, 2019 Weighted Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Value Accumulated Amortization Net Carrying Amount (in thousands) Licensed technology 5.9 $ 4,869 $ (2,006) $ 2,863 $ 2,156 $ (1,583) $ 573 Developed technology 6.9 304,061 (146,252) 157,809 243,361 (108,522) 134,839 Trademarks and trade names 6.2 14,800 (8,818) 5,982 13,800 (6,511) 7,289 Customer relationships 4.6 128,800 (96,047) 32,753 121,100 (75,847) 45,253 Non-compete covenants 3.0 1,100 (1,100) — 1,100 (1,083) 17 Backlog 2.4 1,300 (641) 659 — — — 6.2 $ 454,930 $ (254,864) $ 200,066 $ 381,517 $ (193,546) $ 187,971 The following table sets forth amortization expense associated with finite-lived intangible assets, which is included in the consolidated statements of operations as follows: Years Ended December 31, 2020 2019 2018 Cost of net revenue $ 37,784 $ 33,932 $ 35,821 Research and development 5 48 150 Selling, general and administrative 23,529 23,035 31,976 $ 61,318 $ 57,015 $ 67,947 Amortization of finite-lived intangible assets in cost of net revenue in the consolidated statements of operations results primarily from acquired developed technology. The following table sets forth activity during the years ended December 31, 2020 and 2019 related to finite-lived intangible assets: Years Ended December 31, 2020 2019 (in thousands) Beginning balance $ 187,971 $ 240,500 Acquisitions (Note 3) 70,700 — Other additions 2,799 86 Transfers to developed technology from IPR&D — 4,400 Amortization (61,318) (57,015) Impairment losses (86) — Ending balance $ 200,066 $ 187,971 The Company regularly reviews the carrying amounts of its long-lived assets subject to depreciation and amortization, as well as the related useful lives, to determine whether indicators of impairment may exist which warrant adjustments to carrying values or estimated useful lives. An impairment loss is recognized when the sum of the expected future undiscounted net cash flows is less than the carrying amount of the asset. Should impairment exist, the impairment loss is measured based on the excess of the carrying amount of the asset over the asset’s fair value. During the year ended December 31, 2019, no impairment losses related to finite-lived intangible assets were recognized. Impairment losses related to finite-lived intangible assets for the year ended December 31, 2020 was $0.1 million and related to purchased licensed technology and for the year ended December 31, 2018 was $2.2 million and related to acquired developed technology. The following table presents future amortization of the Company’s finite-lived intangible assets at December 31, 2020: Amortization 2021 $ 66,772 2022 48,908 2023 36,802 2024 20,804 2025 10,706 Thereafter 16,074 Total $ 200,066 Indefinite-lived Intangible Assets Indefinite-lived intangible assets consist entirely of acquired in-process research and development technology, or IPR&D. The following table sets forth the Company’s activities related to the indefinite-lived intangible assets: Years Ended December 31, 2020 2019 (in thousands) Beginning balance $ — $ 4,400 Acquisitions (Note 3) 7,200 — Transfers to developed technology from IPR&D — (4,400) Ending balance $ 7,200 $ — |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | Financial Instruments The composition of financial instruments were as follows: December 31, 2020 December 31, 2019 (in thousands) Liabilities Contingent consideration (Note 3) $ — $ — Interest rate swap $ — $ 37 The fair values of the Company’s financial instrument is the amount that would be received in an asset sale or paid to transfer a liability in an orderly transaction between unaffiliated market participants and is recorded using a hierarchical disclosure framework based upon the level of subjectivity of the inputs used in measuring assets and liabilities. The levels are described below: Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. Level 3: Unobservable inputs are used when little or no market data is available. The Company classifies its financial instrument within Level 2 of the fair value hierarchy on the basis of models utilizing market observable inputs. The interest rate swap has been valued on the basis of valuations provided by third-party pricing services, as derived from standard valuation or pricing models. Market-based observable inputs for the interest rate swap include one month LIBOR-based yield curves over the term of the swap. The Company reviews third-party pricing provider models, key inputs and assumptions and understands the pricing processes at its third-party providers in determining the overall reasonableness of the fair value of its Level 2 financial instruments. The Company also considers the risk of nonperformance by assessing the swap counterparty's credit risk in the estimate of fair value of the interest rate swap. Through the expiration of the swap in October 2020, the Company has not made any adjustments to the valuations obtained from its third party pricing providers. The contingent consideration liability is associated with the Company’s acquisition of NanoSemi (Note 3) and is classified as a Level 3 financial instrument. The fair value of contingent consideration is based on applying the Monte Carlo simulation method to forecast achievement under various contingent consideration events which may result in up to $35.0 million in payments subject to the acquired business’s satisfying certain financial objectives from July 1, 2020 through December 31, 2022, under the Merger Agreement. Key inputs in the valuation include forecasted revenue, of which the financial objectives are not expected to be met, revenue volatility and discount rate. Underlying forecast mathematics were based on Geometric Brownian Motion in a risk-neutral framework and discounted back to the applicable period in which the accumulative thresholds were achieved at discount rates commensurate with the risk and expected payout term of the contingent consideration. The following are the financial instruments that are measured on a recurring basis. The contingent consideration liability, a Level 3 financial instrument, was $0 as of December 31, 2020. The interest rate swap, which expired in October 2020 and was a Level 2 financial instrument, was a liability of $0.04 million as of December 31, 2019. The following table summarizes activity for the interest rate swap: Fair Value at December 31, 2020 2019 (in thousands) Interest rate swap Beginning balance $ (37) $ 1,623 Unrealized gain (loss) recognized in other comprehensive income (loss) 122 (1,660) Gain recognized in earnings (85) — Ending balance $ — $ (37) There were no transfers between Level 1, Level 2 or Level 3 fair value hierarchy categories of financial instruments in the years ended December 31, 2020 and 2019. Financial 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, restricted cash, net receivables, certain other assets, accounts payable, accrued price protection liability, accrued expenses, accrued compensation costs, and other current liabilities. |
Balance Sheet Details
Balance Sheet Details | 12 Months Ended |
Dec. 31, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Details | Balance Sheet Details Cash, cash equivalents, and restricted cash consist of the following: December 31, 2020 December 31, 2019 (in thousands) Cash and cash equivalents $ 148,901 $ 92,708 Short-term restricted cash 115 349 Long-term restricted cash 1,018 60 Total cash, cash equivalents and restricted cash $ 150,034 $ 93,117 As of December 31, 2020 and December 31, 2019, cash and cash equivalents included $20.4 million and $20.4 million of money market funds, respectively. As of December 31, 2020 and 2019, the Company has restricted cash of $1.1 million and $0.4 million, respectively. The cash is restricted in connection with guarantees for certain import duties and office leases. Inventory consists of the following: December 31, 2020 December 31, 2019 (in thousands) Work-in-process $ 35,852 $ 14,525 Finished goods 61,987 16,985 $ 97,839 $ 31,510 Prepaid and other current assets consist of the following: December 31, 2020 December 31, 2019 (in thousands) Prepaid expenses $ 7,674 $ 3,366 Other receivables 32,762 — Other current assets 6,985 3,426 $ 47,421 $ 6,792 As of December 31, 2020, other receivables of $32.8 million consist of amounts due from Intel of approximately $28.4 million for amounts collected on the Company’s behalf from customers on sales of the Company’s products under the transition services agreement and of approximately $4.4 million for reimbursement of certain severance and other personnel-related costs pursuant to the Asset Purchase Agreement (Note 3). Property and equipment consist of the following: Useful Life December 31, 2020 December 31, 2019 (in thousands) Furniture and fixtures 5 $ 2,524 $ 2,199 Machinery and equipment 3-5 55,456 35,660 Masks and production equipment 2-5 19,205 15,209 Software 3 7,194 5,956 Leasehold improvements 1-5 16,871 16,186 Construction in progress N/A 8,050 746 109,300 75,956 Less accumulated depreciation and amortization (69,830) (59,343) $ 39,470 $ 16,613 Depreciation expense for the years ended December 31, 2020, 2019, and 2018 was $11.3 million, $7.3 million, and $11.1 million, respectively. Accrued price protection liability consists of the following activity: Years Ended December 31, 2020 2019 (in thousands) Beginning balance $ 12,557 $ 16,454 Charged as a reduction of revenue 48,942 24,449 Reversal of unclaimed rebates (159) (42) Payments (13,574) (28,304) Ending balance $ 47,766 $ 12,557 Accrued expenses and other current liabilities consist of the following: December 31, 2020 December 31, 2019 (in thousands) Deferred purchase price payments $ 34,484 $ — Payables under transition services agreement 17,420 — Accrued technology license payments 5,821 4,500 Accrued professional fees 2,620 861 Accrued engineering and production costs 3,448 4,491 Accrued restructuring 3,628 294 Accrued royalty 1,965 923 Short-term lease liabilities 8,144 4,810 Accrued customer credits 1,135 832 Income tax liability 1,193 65 Customer contract liabilities 29 107 Accrued obligations to customers for price adjustments 10,277 8,382 Accrued obligations to customers for stock rotation rights 2,036 1,410 Other 13,642 4,496 $ 105,842 $ 31,171 As of December 31, 2020, other payables of $17.4 million consist of amounts due to Intel of approximately $9.1 million for purchases of inventory and $8.3 million for other operating expenses incurred by Intel on behalf of MaxLinear under the transition services agreement (Note 3). The following table summarizes the balances in accumulated other comprehensive income (loss) by component: Cumulative Translation Adjustments Interest Rate Hedge Pension and Other Defined Benefit Plan Obligation Total (in thousands) Balance at December 31, 2018 $ (907) $ 1,179 $ — $ 272 Other comprehensive income (loss) before reclassifications, net of tax 160 (1,319) — (1,159) Balance at December 31, 2019 (747) (140) — (887) Other comprehensive income (loss) before reclassifications, net of tax 1,010 225 1,172 2,407 Amounts reclassified, net of tax — (85) — (85) Net current period other comprehensive income (loss) 1,010 140 1,172 2,322 Balance at December 31, 2020 $ 263 $ — $ 1,172 $ 1,435 |
Debt and Interest Rate Swap (No
Debt and Interest Rate Swap (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Debt and Interest Rate Swap Debt The carrying amount of the Company's long-term debt consists of the following: December 31, 2020 December 31, 2019 (in thousands) Principal balance: Initial term loan $ 212,000 $ 212,000 Incremental term loan 157,812 — 369,812 212,000 Less: Unamortized debt discount (1,767) (1,328) Unamortized debt issuance costs (4,453) (3,763) Net carrying amount of long-term debt 363,592 206,909 Less: current portion of long-term debt — — Long-term debt, non-current portion $ 363,592 $ 206,909 As of December 31, 2020 and 2019, the weighted average effective interest rate on long-term debt was approximately 4.4% and 4.9%, respectively. During the year ended December 31, 2020, the Company recognized amortization of debt discount of $0.4 million and debt issuance costs of $1.1 million to interest expense. During the year ended December 31, 2019, the Company recognized amortization of debt discount of $0.3 million and debt issuance costs of $0.9 million to interest expense. During the year ended December 31, 2018, the Company recognized amortization of debt discount of $0.3 million and debt issuance costs of $0.8 million to interest expense. The approximate fair value of the term loan as of December 31, 2020 and 2019 was $376.1 million and $214.6 million, respectively, which was estimated on the basis of inputs that are observable in the market and which is considered a Level 2 measurement method in the fair value hierarchy. As of December 31, 2020, future payments of principal are as follows: Amount (in thousands) 2021 $ — 2022 15,312 2023 142,500 2024 212,000 Total principal payments due 369,812 Less: current portion — Long-term debt principal, non-current portion $ 369,812 Initial Term Loan On May 12, 2017, the Company entered into a credit agreement with certain lenders and a collateral agent in connection with the acquisition of Exar Corporation. The credit agreement provides for an initial secured term B loan facility, or the Loans under the credit agreement bear interest, at the Company’s option, at a rate equal to either (i) a base rate equal to the highest of (x) the federal funds rate, plus 0.50%, (y) the prime rate then in effect and (z) an adjusted LIBOR rate determined on the basis of a one- three- or six-month interest period, plus 1.0% or (ii) an adjusted LIBOR rate, subject to a floor of 0.75%, in each case, plus an applicable margin of 2.50% in the case of LIBOR rate loans and 1.50% in the case of base rate loans. Commencing on September 30, 2017, the Initial Term Loan will amortize in equal quarterly installments equal to 0.25% of the original principal amount of the Initial Term Loan, with the balance payable on the maturity date. The Initial Term Loan has a term of seven years and will mature on May 12, 2024, at which time all outstanding principal and accrued and unpaid interest on the Initial Term Loan must be repaid. The Company is also required to pay fees customary for a credit facility of this size and type. The Company is required to make mandatory prepayments of the outstanding principal amount of term loans under the credit agreement with the net cash proceeds from the disposition of certain assets and the receipt of insurance proceeds upon certain casualty and condemnation events, in each case, to the extent not reinvested within a specified time period, from excess cash flow beyond stated threshold amounts, and from the incurrence of certain indebtedness. The Company has the right to prepay its term loans under the credit agreement, in whole or in part, at any time without premium or penalty, subject to certain limitations and a 1.0% soft call premium applicable during the first six months for the loan term. The Company exercised its right to prepay and made aggregate payments of principal of $213.0 million to date through December 31, 2020. The Company’s obligations under the credit agreement are required to be guaranteed by certain of its domestic subsidiaries meeting materiality thresholds set forth in the credit agreement. Such obligations, including the guaranties, are secured by substantially all of the assets of the Company and the subsidiary guarantors pursuant to a security agreement with the collateral agent. The credit agreement contains customary affirmative and negative covenants, including covenants limiting the ability of the Company and its restricted subsidiaries to, among other things, incur debt, grant liens, undergo certain fundamental changes, make investments, make certain restricted payments, and sell assets, in each case, subject to limitations and exceptions. As of December 31, 2020, the Company was in compliance with such covenants. The credit agreement also contains customary events of default that include, among other things, certain payment defaults, cross defaults to other indebtedness, covenant defaults, change in control defaults, judgment defaults, and bankruptcy and insolvency defaults. If an event of default exists, the lenders may require immediate payment of all obligations under the credit agreement, and may exercise certain other rights and remedies provided for under the credit agreement, the other loan documents and applicable law. The debt is carried at its principal amount, net of unamortized debt discount and issuance costs, and is not adjusted to fair value each period. The issuance date fair value of the liability component of the debt in the amount of $398.5 million was determined using a discounted cash flow analysis, in which the projected interest and principal payments were discounted back to the issuance date of the term loan at a market interest rate for nonconvertible debt of 4.6%, which represents a Level 2 fair value measurement. The debt discount of $2.1 million and debt issuance costs of $6.0 million are being amortized to interest expense using the effective interest method from the issuance date through the contractual maturity date of the term loan of May 12, 2024. Incremental Term Loan In connection with the acquisition of the Wi-Fi and Broadband assets business, on July 31, 2020, the Company entered into an incremental term loan agreement with certain lenders that amends the credit agreement, dated as of May 12, 2017 with a secured incremental term loan facility in an aggregate principal amount of $175.0 million (the “Incremental Term Loan”). The Incremental Term Loan bears interest, at the Company’s option, at an Adjusted LIBOR plus a fixed applicable margin of 4.25% per annum or an Adjusted Base Rate plus a fixed applicable margin of 3.25% per annum. The Incremental Term Loan is subject to a financial covenant of an initial maximum total net leverage ratio of 3.5 to 1 which decreases to 3.0 to 1 beginning with the sixth full fiscal quarter ending after July 31, 2020. During any period during which the Company (i) fails to maintain a public corporate rating from S&P that is equal to or higher than BB- and a public corporate rating from Moody's that is equal to or higher than Ba3 or (ii) fails to maintain a total leverage ratio of 3.0 to 1 or less, the applicable margin will increase to 4.75% in the case of LIBOR Rate loans and 3.75% in the case of Base Rate loans. As of December 31, 2020, the Company was in compliance with such covenants. Commencing on July 31, 2020, the Incremental Term Loan amortizes in quarterly installments of principal equal to (i) 1.25% of the original aggregate principal amount of the Incremental Term Loan on the last day of each of the first through fourth full fiscal quarters of the Company after July 31, 2020, (ii) 2.50% of the original aggregate principal amount of the Incremental Term Loan on the last day of each of the fifth through eighth full fiscal quarters of the Company after July 31, 2020, and (iii) 3.75% of the original aggregate principal amount of the Incremental Term Loan on the last day of each of the ninth through the eleventh full fiscal quarters of the Company after July 31, 2020. The Incremental Term Loan has a term of three years and will mature on July 31, 2023, at which time all outstanding principal and accrued and unpaid interest on the Incremental Term Loan is due. The Company is also required to pay fees customary for a credit facility of this size and type. The Company has made aggregate payments of principal of $17.2 million to date through December 31, 2020. The debt is carried at its principal amount, net of unamortized debt discount and issuance costs, and is not adjusted to fair value each period. The issuance date fair value of the liability component of the debt in the amount of $181.1 million was determined using a discounted cash flow analysis, in which the projected interest and principal payments were discounted back to the issuance date of the term loan at a market interest rate for nonconvertible debt of 3.2%, which represents a Level 3 fair value measurement. The debt discount of $0.9 million and debt issuance costs of $1.8 million are being amortized to interest expense using the effective interest method from the issuance date through the contractual maturity date of the term loan of July 31, 2023. Interest Rate Swap In November 2017, the Company entered into a fixed-for-floating interest rate swap with an amortizing notional amount to swap a substantial portion of variable rate LIBOR interest payments under its term loans for fixed interest payments bearing an interest rate of 1.74685%. The interest rate swap expired in October 2020. The Company's outstanding debt was still subject to a 2.5% fixed applicable margin during the term of the loan. The interest rate swap was designated as a cash flow hedge of a portion of floating rate interest payments on long-term debt and effectively fixed the interest rate on a substantial portion of the Company’s long-term debt at approximately 4.25%. Accordingly, the Company applied cash flow hedge accounting to the interest rate swap and it was recorded at fair value as an asset or liability and the effective portion of changes in the fair value of the interest rate swap, as measured quarterly, were reported in other comprehensive income (loss). As of December 31, 2019, the fair value of the interest rate swap was a $0.04 million liability and was included in other current liabilities in the consolidated balance sheet (Note 6). The change in fair value related to the interest rate swap asset included in other comprehensive income (loss) for the years ended December 31, 2020, 2019, and 2018 was a $0.1 million increase, a $1.7 million decrease and a $0.9 million increase in fair value, respectively. Upon expiration of the interest rate swap, a total $0.1 million of unrealized gain was recorded in interest income and included in gain/loss on foreign currency and other in the statement of cash flows at December 31, 2020. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation and Employee Benefit Plans | Stock-Based Compensation and Employee Benefit Plans Common Stock Each share of common stock is entitled to one vote per share and holders of the common stock vote as a single class of stock on any matter that is submitted to a vote of stockholders. Employee Compensation Plans At December 31, 2020, the Company had stock-based compensation awards outstanding under the following plans: the 2004 Stock Plan, the 2010 Equity Incentive Plan, as amended, or 2010 Plan, and the 2010 Employee Stock Purchase Plan, or ESPP, and plans under which equity incentive awards were assumed in connection with the acquisitions of Entropic Corporation in 2015 and Exar Corporation in 2017. All current stock awards are issued under the 2010 Plan and ESPP. 2010 Equity Incentive Plan The 2010 Plan, as amended, provides for the grant of incentive stock options, non-statutory stock options, restricted stock awards, restricted stock unit awards, stock appreciation rights, performance-based stock awards, and other forms of equity compensation, or collectively, stock awards. The aggregate number of shares of common stock that may be issued pursuant to stock awards under the 2010 Plan will increase by any shares subject to stock options or other awards granted under the 2004 Stock Plan that expire or otherwise terminate without having been exercised in full and shares issued pursuant to awards granted under the 2004 Stock Plan that are forfeited to or repurchased by the Company. In addition, the number of shares of common stock reserved for issuance will automatically increase on the first day of each fiscal year, equal to the lesser of: 2,583,311 shares of the Company’s common stock; four percent (4%) of the outstanding shares of the Company’s common stock on the last day of the immediately preceding fiscal year; or such lesser amount as the Company’s board of directors may determine. Options granted will generally vest over a four years period and the term can be from seven The 2010 plan , as amended, contains a clawback policy, which requires the Company's executive officers to repay to MaxLinear certain incentive compensation if (i) the Company restates its financial statements as a result of a material error or due to material non-compliance with reporting requirements under applicable law; (ii) no more than three (3) years have elapsed since the original filing date of the financial statements; and (iii) an independent committee of the board’s compensation committee determines, in its sole discretion, that the misreporting event occurred due to fraud or intentional misconduct within MaxLinear and, following consideration of such factors as the committee may deem reasonable and appropriate, including the extent to which an executive officer knew or should have known of the factors resulting in the misreporting, that the executive officer should repay any “recoverable compensation.” Recoverable compensation is defined in the clawback policy but generally includes any cash or equity compensation paid to executive officers under the Company's Executive Incentive Bonus Plan or 2010 Equity Incentive Plan, as amended, to the extent the amount actually paid by MaxLinear exceeds the amount that would have been paid if the financial misreporting event had not occurred. To date, there has been no repayment of compensation from executive officers pursuant to such clawback policy. As of December 31, 2020, the number of shares reserved for future issuance under the 2010 Plan and awards outstanding under the 2004 Plan are 14,879,764 shares and 0 shares, respectively. 2010 Employee Stock Purchase Plan The ESPP authorizes the issuance of shares of the Company’s common stock pursuant to purchase rights granted to the Company’s employees. The number of shares of the Company’s common stock reserved for issuance will automatically increase on the first day of each fiscal year, equal to the least of: 968,741 shares of the Company’s common stock; one and a quarter percent (1.25%) of the outstanding shares of the Company’s common stock on the first day of the fiscal year; or such lesser amount as may be determined by the Company's board of directors or a committee appointed by the Company's board of directors to administer the ESPP. The ESPP is implemented through a series of offerings of purchase rights to eligible employees. Under the ESPP, the Company may specify offerings with a duration of not more than 27 months, and may specify shorter purchase periods within each offering. Each offering will have one or more purchase dates on which shares of the Company’s common stock will be purchased for employees participating in the offering. An offering may be terminated under certain circumstances. Generally, all eligible employees, including executive officers, employed by the Company may participate in the ESPP and may contribute up to 15% of their earnings for the purchase of the Company’s common stock under the ESPP. Unless otherwise determined by the Company’s board of directors, common stock will be purchased for accounts of employees participating in the ESPP at a price per share equal to the lower of (a) 85% of the fair market value of a share of the Company’s common stock on the first date of an offering or (b) 85% of the fair market value of a share of the Company’s common stock on the date of purchase. As of December 31, 2020, the number of shares of common stock reserved for future issuance under the ESPP is 3,365,693 shares. Employee Incentive Bonus In May 2013, the Company's compensation committee amended its Executive Incentive Bonus Plan to permit the settlement of awards under the plan in any combination of cash or shares of its common stock. Additionally, the Company settles a majority of bonus awards for all other employees in common stock. When bonus awards are settled in common stock issued under the 2010 Plan, the number of shares issuable to plan participants is determined based on the closing sales price of the Company's common stock as determined in trading on the New York Stock Exchange on the date approved by the Board of Directors. In March 2020 and February 2019, the Company issued 0.2 million and 0.3 million freely-tradable shares, respectively, of its common stock in settlement of bonus awards to employees, including executives, for the 2019 and 2018 performance periods, respectively. At December 31, 2020, an accrual of $32.8 million was recorded for bonus awards for employees for the 2020 performance period, which the Company intends to settle primarily in shares of its common stock, unless otherwise required to be settled in cash due to local laws or agreements. Common stock in settlement of employee bonuses is to be issued under the Company’'s 2010 Equity Incentive Plan, as amended, with the number of shares issuable to plan participants determined based on the closing sales price of the Company’s common stock as determined in trading on the New York Stock Exchange at a date to be determined. The Company's compensation committee retains discretion to effect payment in cash, stock, or a combination of cash and stock. Stock-Based Compensation The Company recognizes stock-based compensation expense in the consolidated statements of operations, based on the department to which the related employee reports, as follows: Years Ended December 31, 2020 2019 2018 (in thousands) Cost of net revenue $ 577 $ 557 $ 489 Research and development 22,252 16,545 17,953 Selling, general and administrative 24,172 14,938 13,279 Restructuring expense 596 — — $ 47,597 $ 32,040 $ 31,721 The total unrecognized compensation cost related to unvested restricted stock units as of December 31, 2020 was $79.7 million, and the weighted average period over which these equity awards are expected to vest is 2.8 years. The total unrecognized compensation cost related to performance-based restricted stock units as of December 31, 2020 was $11.4 million, and the weighted average period over which these equity awards are expected to vest is 1.4 years. The total unrecognized compensation cost related to unvested stock options as of December 31, 2020 was $1.0 million, and the weighted average period over which these equity awards are expected to vest is 1.5 years. Restricted Stock Units A summary of the Company’s restricted stock unit activity is as follows: Number of Shares Weighted-Average Grant-Date Fair Value per Share Outstanding at December 31, 2019 2,924 $ 21.72 Granted 4,601 18.96 Vested (1,197) 20.57 Canceled (496) 18.44 Outstanding at December 31, 2020 5,832 20.05 Performance-Based Restricted Stock Units Performance-based restricted stock units are eligible to vest at the end of each fiscal year in a three-year performance period based on the Company’s annual growth rate in net sales and non-GAAP diluted earnings per share (subject to certain adjustments) over baseline results relative to the growth rates for a peer group of companies for the same metrics and periods. For the performance-based restricted stock units granted, 60% of each performance-based award is subject to the net sales metric for the performance period and 40% is subject to the non-GAAP diluted earnings per share metric for the performance period. The maximum percentage for a particular metric is 250% of the target number of units subject to the award related to that metric, however, vesting of the performance stock units is capped at 30% and 100%, respectively, of the target number of units subject to the award in years one and two, respectively, of the three-year performance period. As of December 31, 2020, the Company believes that it is probable that the Company will achieve performance metrics specified in the award agreement based on its expected revenue and non-GAAP diluted EPS results over the performance period and calculated growth rates relative to its peers’ expected results based on data available, as defined in the respective award agreements. A summary of the Company’s performance-based restricted stock unit activity is as follows: Number of Shares Weighted-Average Grant-Date Fair Value per Share Outstanding at December 31, 2019 445 $ 22.21 Granted (1) 1,416 11.67 Vested (21) 22.21 Canceled (118) 15.98 Outstanding at December 31, 2020 1,722 13.97 ________________ (1) Number of shares granted is based on the maximum percentage achievable in the performance-based restricted stock unit award. Employee Stock Purchase Rights and Stock Options Employee Stock Purchase Rights During the year ended December 31, 2020, there were 285,633 shares of common stock purchased under the ESPP at a weighted average price of $13.29. The fair values of employee stock purchase rights were estimated using the Black-Scholes option pricing model at their respective grant date using the following assumptions: Years Ended December 31, 2020 2019 2018 Weighted-average grant date fair value per share $6.41 - $8.66 $5.48 - $6.61 $5.01 - $5.37 Risk-free interest rate 0.12% - 0.15% 1.59% - 2.43% 2.09% - 2.51% Dividend yield — % — % — % Expected term (in years) 0.5 0.5 0.5 Volatility 59.72% - 93.25% 40.47% - 43.14% 38.82% - 46.17% The risk-free interest rate assumption was based on the United States (U.S.) Treasury zero-coupon bonds with maturities similar to those of the expected term of the award being valued. The assumed dividend yield was based on the Company’s expectation of not paying dividends in the foreseeable future. The expected term is the duration of the offering period for each grant date. In addition, the estimated volatility incorporates the historical volatility over the expected term based on the Company's daily closing stock prices. Stock Options A summary of the Company’s stock option activity is as follows: Number of Options Weighted-Average Exercise Price Weighted-Average Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2019 1,337 $ 13.05 Exercised (496) 9.78 Canceled (44) 20.85 Outstanding at December 31, 2020 797 $ 14.67 2.7 $ 18,757 Vested and expected to vest at December 31, 2020 797 $ 14.67 2.7 $ 18,757 Exercisable at December 31, 2020 664 $ 13.90 2.4 $ 16,123 No stock options were granted by the Company during the years ended December 31, 2020 and 2019. The fair values of stock options granted in 2018 were estimated using the Black-Scholes option pricing model on the grant date using the following assumptions: December 31, 2018 Weighted-average grant date fair value per share $ 8.14 Risk-free interest rate 2.76 % Dividend yield — % Expected term (in years) 5.50 Volatility 44.30 % The risk-free interest rate assumption was based on the U.S. Treasury's rates for zero-coupon bonds with maturities similar to those of the expected term of the award being valued. The assumed dividend yield was based on the Company’s expectation of not paying dividends in the foreseeable future. The expected term of the options was calculated using the simplified method as prescribed by guidance provided by the SEC. This decision was based on the lack of historical data due to the Company’s limited number of stock option exercises under the 2010 Equity Incentive Plan. Estimated volatility incorporates historical volatility of the Company over the expected term based on the Company's daily closing stock prices. The intrinsic value of stock options exercised during 2020, 2019 and 2018 was $4.9 million, $22.2 million, and $8.1 million, respectively. Cash received from exercise of stock options was $4.4 million, $4.5 million and $0.7 million during the years ended December 31, 2020, 2019 and 2018, respectively. The tax benefit from stock options exercised was $5.2 million, $20.7 million, and $7.8 million during the years ended December 31, 2020, 2019 and 2018, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The domestic and international components of loss before income taxes are presented as follows: Years Ended December 31, 2020 2019 2018 (in thousands) Domestic $ (112,778) $ (61,893) $ 16,405 Foreign (2,074) 29,409 (49,257) Loss before income taxes $ (114,852) $ (32,484) $ (32,852) The income tax provision (benefit) consists of the following: Years Ended December 31, 2020 2019 2018 (in thousands) Current: Federal $ (176) $ 1,604 $ 3,292 State 12 16 37 Foreign 2,687 1,560 1,640 Total current 2,523 3,180 4,969 Deferred: Federal (18,595) (13,793) 788 State (705) (1,829) (2,799) Foreign 8,025 1,095 (3,884) Change in valuation allowance (7,507) (1,239) (5,727) Total deferred (18,782) (15,766) (11,622) Total income tax benefit $ (16,259) $ (12,586) $ (6,653) The actual income tax provision (benefit) differs from the amount computed using the federal statutory rate as follows: Years Ended December 31, 2020 2019 2018 (in thousands) Provision (benefit) at statutory rate $ (24,119) $ (6,821) $ (6,814) State income taxes (net of federal benefit) 9 11 20 Research and development credits (6,521) (7,815) (8,849) Foreign rate differential 2,354 (4,489) 8,640 Stock compensation 5,425 (2,750) 74 Foreign income inclusion 1,446 3,936 1,103 Provision to return (286) 1,887 (27) Uncertain tax positions 222 1,244 1,463 Permanent and other 131 716 1,319 Foreign unremitted earnings (233) (103) 1,960 Tax Act — — 185 Transaction costs 883 — — Attribute expirations 11,937 2,837 — Valuation allowance (7,507) (1,239) (5,727) Total income tax benefit $ (16,259) $ (12,586) $ (6,653) The components of the deferred income tax assets are as follows: December 31, 2020 2019 (in thousands) Deferred tax assets: Net operating loss carryforwards $ 65,790 $ 65,477 Research and development credits 79,019 80,404 Accrued expenses and other 11,669 7,768 Lease obligation 1,731 2,047 Accrued compensation 4,442 1,441 Stock-based compensation 5,415 3,460 168,066 160,597 Less valuation allowance (71,811) (77,957) 96,255 82,640 Deferred tax liabilities: Fixed assets (42) (246) Leased right-of-use assets (1,099) (1,483) Intangible assets (9,049) (13,627) Net deferred tax assets $ 86,065 $ 67,284 At December 31, 2020, the Company had federal, state and foreign tax net operating loss carryforwards of approximately $281.3 million, $78.7 million and $4.4 million, respectively. The federal and state tax loss carryforwards will begin to expire in 2021 and 2028, respectively, unless previously utilized. The foreign tax loss carryforwards will not expire. At December 31, 2020, the Company had federal, state and foreign tax credit carryforwards of approximately $49.0 million, $90.1 million and $1.9 million, respectively. The federal and foreign tax credit carryforwards will begin to expire in 2023 and 2026, respectively, unless previously utilized. The state tax credit carryforwards do not expire. The Company also has foreign incentive deductions of approximately $5.8 million that do not expire. The Company utilizes the asset and liability method of accounting for income taxes, under which deferred taxes are determined based on temporary differences between the financial statement and tax basis of assets and liabilities using tax rates expected to be in effect during the years in which the temporary differences reverse. The Company records a valuation allowance to reduce its deferred taxes to the amount it believes is more likely than not to be realized. In making such determination, the Company considers all available positive and negative evidence quarterly, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies, and recent financial performance. Forming a conclusion that a valuation allowance is not required is difficult when there is negative evidence such as cumulative losses in recent years. The Company believes it is more likely than not to realize certain federal and foreign deferred assets. The Company continues to maintain a valuation allowance on its state deferred taxes, certain of its federal deferred tax assets, and certain foreign deferred tax assets in jurisdictions where the Company has cumulative losses or otherwise is not expected to utilize certain tax attributes. The Company does not incur expense or benefit in certain tax-free jurisdictions in which it operates. The income tax benefit for the year ended December 31, 2020 primarily related to the generation of research and development tax credits, mix of pre-tax income among jurisdictions, excess tax benefits related to stock-based compensation, and release of certain reserves for uncertain tax positions under ASC 740-10. The income tax benefit for the year ended December 31, 2019 and 2018 primarily related to the mix of pre-tax income among jurisdictions, discrete tax benefits related to stock-based compensation, and release of certain reserves for uncertain tax positions under ASC 740-10. Income tax positions must meet a more-likely-than-not threshold to be recognized. Income tax positions that previously failed to meet the more-likely-than-not threshold are recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not threshold are de-recognized in the first financial reporting period in which that threshold is no longer met. The Company records potential penalties and interest accrued related to unrecognized tax benefits within the consolidated statements of operations as income tax expense. At December 31, 2020, the Company’s unrecognized tax benefits totaled $63.8 million, $54.3 million of which, if recognized at a time when the valuation allowance no longer exists, would affect the effective tax rate. The Company does not expect its unrecognized tax benefits to change significantly over the next 12 months. At December 31, 2020 and 2019, the Company had accrued interest and penalties of approximately $0.6 million and $0.9 million, respectively. The total amounts of interest and penalties recognized for the years ended December 31, 2020, 2019, and 2018 were not material. The following table summarizes the changes to the unrecognized tax benefits during 2020, 2019 and 2018: (in thousands) Balance as of December 31, 2017 $ 63,086 Additions based on tax positions related to the current year 3,080 Additions related to acquisitions — Decreases based on tax positions of prior year (4,696) Balance as of December 31, 2018 $ 61,470 Additions based on tax positions related to the current year 1,678 Decreases based on tax positions of prior year (1,121) Balance as of December 31, 2019 $ 62,027 Additions based on tax positions related to the current year 1,506 Additions related to acquisitions 1,154 Decreases based on tax positions of prior year (922) Balance as of December 31, 2020 $ 63,765 The Company is subject to federal and state income tax in the United States and is also subject to income tax in certain other foreign tax jurisdictions. At December 31, 2020, the statutes of limitations for the assessment of federal, state, and foreign income taxes are closed for the years before 2017, 2016 and 2015, respectively. In April 2017, the Company’s subsidiary in Singapore began operating under certain tax incentives in Singapore, which are generally effective through March 2022, and are conditional upon meeting certain employment and investment thresholds in Singapore. Under the incentives, qualifying income derived from certain sales of the Company’s integrated circuits is taxed at a concessionary rate over the incentive period, and there are reduced Singapore withholding taxes on certain intercompany royalties during the incentive period. Primarily because of the Company’s Singapore net operating losses and a full valuation allowance in Singapore, the incentives did not have a material impact on the Company’s income tax expense for the years ended December 31, 2020, 2019 and 2018. |
Employee Retirement Plan
Employee Retirement Plan | 12 Months Ended |
Dec. 31, 2020 | |
Postemployment Benefits [Abstract] | |
Employee Retirement Plan | Employee Retirement Plans Defined Contribution Plan The Company has a 401(k) defined contribution retirement plan (the 401(k) Plan) covering all eligible employees. Participants may voluntarily contribute on a pre-tax basis an amount not to exceed a maximum contribution amount pursuant to Section 401(k) of the Internal Revenue Code. The Company is not required to contribute, nor has it contributed, to the 401(k) Plan for any of the periods presented. Pension and Other Defined Benefit Retirement Obligations In connection with the July 31, 2020 acquisition of the Wi-Fi and Broadband assets business (Note 3), the Company assumed an obligation of $7.9 million associated with certain defined benefit retirement plans, including a pension plan. The benefit is based on a formula applied to eligible employee earnings. Net periodic benefit costs were $0.2 million for the year ended December 31, 2020 and were recorded to research and development expenses in the consolidated statement of operations. Benefit Obligation and Plan Assets for Pension Benefit Plans The vested benefit obligation for a defined-benefit pension or other retirement plan is the actuarial present value of the vested benefits to which the employee is currently entitled based on the employee's expected date of separation or retirement. December 31, 2020 (in thousands) Changes in projected benefit obligation: Projected benefit obligation, beginning of period $ — Projected benefit obligation assumed in acquisition 13,274 Service cost 157 Interest cost 59 Actuarial (gain) loss (1,172) Benefits paid (786) Currency exchange rate changes 490 Projected benefit obligation, end of period 12,022 Changes in fair value of plan assets: Fair value of plan assets, beginning of period — Plan assets transferred from acquisition 5,417 Currency exchange rate changes 217 Fair value of plan assets, end of period 5,634 Net unfunded status $ 6,388 Amounts recognized in the Consolidated Balance Sheets Other long-term liabilities $ 6,388 Accumulated other comprehensive (income) loss, before tax $ (1,172) Changes in actuarial gains and losses in the projected benefit obligation are primarily driven by discount rate movement. The Company uses the corridor approach to amortize actuarial gains and losses. Under this approach, net actuarial gains or losses in excess of 10% of the larger of the projected benefit obligation or the fair value of plan assets are amortized on a straight-line basis. As of December 31, 2020, all plans had accumulated benefit obligations and projected benefit obligations in excess of plan assets. As of December 31, 2020, the accumulated benefit obligations were $11.1 million for the pension plans. December 31, 2020 (in thousands) Plans with accumulated benefit obligation in excess of plan assets Accumulated benefit obligation $ 11,127 Plan assets $ 5,634 Plans with projected benefit obligation in excess of plan assets Projected benefit obligation $ 12,022 Plan assets $ 5,634 Assumptions for Pension Benefit Plans December 31, 2020 (in thousands) Weighted average actuarial assumptions used to determine benefit obligations Discount rate 0.5% - 0.6% Rate of compensation increase 2.6% - 3.8% Weighted average actuarial assumptions used to determine costs Discount rate 0.5% - 0.6% Expected long-term rate of return on plan assets 0.79 % Rate of compensation increase 2.6% - 3.8% The Company establishes the discount rate for each pension plan by analyzing current market long-term bond rates and matching the bond maturity with the average duration of the pension liabilities. The Company establishes the long-term expected rate of return by developing a forward-looking, long-term return assumption for each pension fund asset class, taking into account factors such as the expected real return for the specific asset class and inflation. A single, long-term rate of return is then calculated as the weighted average of the target asset allocation percentages and the long-term return assumption for each asset class. Pension Plan Assets The plan assets are currently all in liquid cash and cash equivalents and an investment strategy is being developed to ensure that sufficient assets are available to pay pension benefits as they come due. Estimated Future Benefit Payments for Pension Benefit Plans The estimated benefit payments over the next five years and beyond are as follows: Estimated Future Benefit Payments (in thousands) 2021 $ — 2022 — 2023 20 2024 48 2025 48 Thereafter 762 879 |
Leases (Notes)
Leases (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | Leases Operating Leases Operating lease arrangements primarily consist of office leases expiring at various years through 2028. These leases often have original terms of 2 to 7 years and contain options to extend the lease up to 5 years or terminate the lease, which are included in leased right-of-use assets and lease liabilities in the consolidated balance sheet when the Company is reasonably certain it will renew the underlying leases. Since the implicit rate of such leases is unknown and the Company is not reasonably certain to renew its leases, the Company has elected to apply a collateralized incremental borrowing rate to facility leases on the original lease term in calculating the present value of future lease payments. As of December 31, 2020 and 2019, the weighted average discount rate for operating leases was 4.0% and 5.0%, respectively, and the weighted average remaining lease term for operating leases was 4.6 years and 2.9 years, respectively. The table below presents aggregate future minimum payments due under leases, reconciled to lease liabilities included in the consolidated balance sheet as of December 31, 2020: Operating Leases (in thousands) 2021 $ 9,032 2022 7,336 2023 3,694 2024 2,958 2025 2,844 Thereafter 4,794 Total minimum payments 30,658 Less: imputed interest (2,655) Less: unrealized translation gain 1,013 Total lease liabilities 29,006 Less: short-term lease liabilities (8,144) Lease liabilities - long-term $ 20,862 Operating lease costs were $5.2 million, $3.1 million and $4.5 million for the years ended December 31, 2020, 2019 and 2018, respectively. Short-term lease costs for the years ended December 31, 2020 and 2019 were not material. There were $15.9 million and $0.5 million of right-of-use assets obtained in exchange for new lease liabilities for the years ended December 31, 2020 and 2019, respectively, including $1.8 million in right-of-use assets from acquisitions in 2020 (Note 3). Subleases The Company has a subleased facility that it ceased using in connection with a restructuring plan (Note 4). Such sublease expires in fiscal 2021, and future minimum rental income under the sublease is $0.1 million. Total sublease income related to leased facilities the Company ceased using in connection with a restructuring plan for the years ended December 31, 2020, 2019 and 2018 was approximately $0.4 million, $1.2 million and $2.4 million, respectively (Note 4). Lease Terminations In the year ended December 31, 2019, the Company terminated certain facility leases and a related sublease, which were due to expire in 2022 to 2023, upon release from the landlords. The Company had previously ceased use of all or portions of the related facilities. As a result of such terminations, the Company reduced leased right-of-use assets by approximately $9.2 million, lease liabilities by approximately $10.1 million, and other related liabilities by approximately $0.3 million in the consolidated balance sheet. The related net impact in the consolidated statement of operations was a gain of approximately $1.2 million, which consisted of a gain on extinguishment of lease-related liabilities of $10.4 million, partially offset by impairment of leased right-of-use assets of $9.2 million. The Company also recorded impairment of related leasehold improvements of $1.4 million. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Inventory Purchase and Other Contractual Obligations As of December 31, 2020, future minimum payments under inventory purchase and other obligations are as follows: Inventory Purchase Obligations Other Obligations Total (in thousands) 2021 $ 71,211 $ 21,315 $ 92,526 2022 — 18,640 18,640 2023 — 10,121 10,121 2024 — 447 447 Total minimum payments $ 71,211 $ 50,523 $ 121,734 Other obligations consist of contractual payments due for software licenses. Our inventory purchase obligations and other obligations increased by $99.1 million to $121.7 million as of December 31, 2020, from $22.6 million as of December 31, 2019 primarily as a result of increased orders of software licenses and inventory placed with our vendors during the period, which is due in part to our 2020 acquisitions (Note 3). Other Matters In addition, from time to time, the Company is subject to threats of litigation or actual litigation in the ordinary course of business, some of which may be material. The Company believes that there are no other currently pending litigation matters that, if determined adversely by the Company, would have a material effect on the Company's business or that would not be covered by the Company’s existing liability insurance. |
Significant Customer and Geogra
Significant Customer and Geographic Information | 12 Months Ended |
Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
Significant Customer and Geographic Information | Concentration of Credit Risk, Significant Customers and Geographic Information Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist primarily of cash and cash equivalents and accounts receivable. Collateral is generally not required for customer receivables. The Company limits its exposure to credit loss by placing its cash with high credit quality financial institutions. At times, such deposits may be in excess of insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents. Significant Customers The Company markets its products and services to manufacturers of a wide range of electronic devices (Note 1). The Company sells its products both directly to customers and through third-party distributors, both of which are referred to as the Company’s customers (Note 15). The Company makes periodic evaluations of the credit worthiness of its customers. Customers comprising greater than 10% of net revenues for each of the periods presented are as follows: Years Ended December 31, 2020 2019 2018 Percentage of total net revenue Customer A (direct) 15 % 14 % 18 % Customer B (direct) 13 % * * Balances greater than 10% of accounts receivable, based on the Company’s billings to the contract manufacturer customers, are as follows: December 31, 2020 2019 Percentage of gross accounts receivable Customer B (direct) 17 % * Customer C (distributor) 13 % * Customer D (distributor) * 10 % Suppliers comprising greater than 10% of total inventory purchases are as follows: Years ended December 31, 2020 2019 2018 Vendor A 34 % * * Vendor B 20 % 14 % 19 % Vendor C 11 % 17 % 16 % Vendor D * 13 % 15 % Vendor E * 15 13 % * Represents less than 10% of the inventory purchases for the respective period. Geographic Information The Company's consolidated net revenues by geographic area based on ship-to location are as follows (in thousands): Years Ended December 31, 2020 2019 2018 Amount % of total net revenue Amount % of total net revenue Amount % of total net revenue Asia $ 393,579 82 % $ 265,122 84 % $ 312,877 81 % United States 15,501 3 % 13,984 4 % 18,060 5 % Rest of world 69,516 15 % 38,074 12 % 54,060 14 % Total $ 478,596 100 % $ 317,180 100 % $ 384,997 100 % The products shipped to individual countries representing greater than 10% of net revenue for each of the periods presented are as follows: Years Ended December 31, 2020 2019 2018 Percentage of total net revenue Hong Kong 42 % 46 % 43 % China 17 % 14 % 19 % The determination of which country a particular sale is allocated to is based on the destination of the product shipment. No other individual country accounted for more than 10% of net revenue during these periods. Although a large percentage of the Company’s products is shipped to Asia, and in particular, Hong Kong and China, the Company believes that a significant number of the systems designed by customers and incorporating the Company’s semiconductor products are subsequently sold outside Asia to Europe, Middle East, and Africa, or EMEA markets and North American markets. Long-lived assets, which consists of property and equipment, net, leased right-of-use assets, intangible assets, net, and goodwill, by geographic area are as follows (in thousands): As of December 31, 2020 2019 Amount % of total Amount % of total United States $ 403,071 72 % $ 385,302 85 % Singapore 136,967 24 % 63,556 14 % Rest of world 31,412 5 % 5,034 1 % Total $ 571,450 100 % $ 453,892 100 % |
Revenue from Contracts with Cus
Revenue from Contracts with Customers Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue from Contracts with Customers Revenue by Market The table below presents disaggregated net revenues by market (in thousands): Year Ended December 31, 2020 (1) 2019 (1) 2018 Broadband $ 244,424 $ 119,320 $ 207,336 % of net revenue 51 % 38 % 54 % Infrastructure 76,166 85,369 82,388 % of net revenue 16 % 27 % 21 % Industrial and multi-market 87,267 79,137 95,273 % of net revenue 18 % 25 % 25 % Connectivity 70,739 33,354 — % of net revenue 15 % 11 % — % Total net revenue $ 478,596 $ 317,180 $ 384,997 _______________ (1) The Company’s net revenues by market was revised during 2020 to align with changing end-market conditions, the Company’s current business priorities, as well as growth opportunities in the four categories. The broadband category includes the Company’s prior connected home category plus the SoC business from the Wi-Fi and Broadband assets business, but excludes wired connectivity. The infrastructure category remains unchanged. Industrial and multi-market includes the previously reported revenue plus component revenues from the Wi-Fi and Broadband assets business. The Company’s connectivity category includes primarily its MoCA/G.hn products and Wi-Fi and Ethernet revenues from the Wi-Fi and Broadband assets business. The 2019 amounts were adjusted to reflect the change in market categories; however, 2018 amounts have not been adjusted. Revenues from sales to the Company’s distributors accounted for 49%, 52% and 42% of net revenue for the years ended December 31, 2020, 2019 and 2018, respectively. Contract Liabilities As of December 31, 2020 and 2019, customer contract liabilities consist of estimates of obligations to deliver rebates to customers in the form of units of products and were approximately $0.03 million and $0.1 million, respectively. Revenue recognized in the years ended December 31, 2020 and 2019 that was included in the contract liability balance as of the beginning of those respective years was immaterial. There were no material changes in the contract liabilities balance during the years ended December 31, 2020 and 2019. Obligations to Customers for Price Adjustments and Returns and Assets for Right-of-Returns As of December 31, 2020 and 2019, obligations to customers consisting of estimates of price protection rights offered to the Company's end customers totaled $47.8 million and $12.6 million and are included in accrued price protection liability in the consolidated balance sheets. For activity in this account, including amounts included in net revenue, refer to Note 7. As of December 31, 2020 and 2019, other obligations to customers representing estimates of price adjustments to be claimed by distributors upon sell-through of their inventory to their end customer were $10.3 million and $8.4 million, respectively. As of December 31, 2020 and 2019, other obligations to customers representing estimates of stock rotation returns to be claimed by distributors on products sold were $2.0 million and $1.4 million, respectively. Obligations to customers for estimates of price adjustments and stock rotation return rights are included in accrued expenses and other current liabilities in the consolidated balance sheets (Note 7). The increase in revenue in the years ended December 31, 2020 and 2019 from net changes in transaction prices for amounts included in obligations to customers for price adjustments as of the beginning of those respective years was not material. As of December 31, 2020 and 2019, right of return assets under customer contracts representing the estimates of product inventory the Company expects to receive from customers in stock rotation returns were approximately $0.6 million and $0.3 million, respectively. Right of return assets are included in inventory in the consolidated balance sheets (Note 7). As of December 31, 2020 and 2019, there were no impairment losses recorded on customer accounts receivable. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited) The following table presents the Company’s unaudited quarterly financial data for each of the eight quarters in the period ended December 31, 2020. In management’s opinion, this information has been presented on the same basis as the audited consolidated financial statements included in a separate section of this report, and all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts below to present fairly the unaudited quarterly results when read in conjunction with the audited consolidated financial statements and related notes. The operating results for any quarter should not be relied upon as necessarily indicative of results for any future period. Year Ended December 31, 2020 First Quarter Second Quarter Third Quarter Fourth Quarter (in thousands, except per share amounts) Net revenue $ 62,027 $ 65,220 $ 156,633 $ 194,716 Gross profit $ 30,762 $ 32,743 $ 66,206 $ 83,087 Net loss $ (15,469) $ (21,807) $ (36,645) $ (24,672) Net loss per share: Basic $ (0.21) $ (0.30) $ (0.50) $ (0.33) Diluted $ (0.21) $ (0.30) $ (0.50) $ (0.33) Year Ended December 31, 2019 First Quarter Second Quarter Third Quarter Fourth Quarter (in thousands, except per share amounts) Net revenue $ 84,635 $ 82,507 $ 80,020 $ 70,018 Gross profit $ 45,077 $ 44,080 $ 41,904 $ 36,624 Net loss $ (4,851) $ (2,229) $ (4,714) $ (8,104) Net loss per share: Basic $ (0.07) $ (0.03) $ (0.07) $ (0.11) Diluted $ (0.07) $ (0.03) $ (0.07) $ (0.11) |
Item 15 (Notes)
Item 15 (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS (in thousands): Classification Balance at beginning of year Additions (deductions) charged to expenses Other Additions (Deductions) Balance at end of year Allowance for credit losses (previously, allowance for doubtful accounts) 2020 $ — $ — $ — $ — $ — 2019 46 — — (46) — 2018 73 — — (27) 46 Warranty reserves 2020 $ 553 $ 300 $ — $ (153) $ 700 2019 519 74 — (40) 553 2018 941 (414) — (8) 519 Valuation allowance for deferred tax assets 2020 $ 77,957 $ (7,385) $ 1,239 $ — $ 71,811 2019 79,196 (1,239) — — 77,957 2018 84,560 (5,761) 397 — 79,196 |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of BusinessMaxLinear, Inc. was incorporated in Delaware in September 2003. MaxLinear, Inc., together with its wholly owned subsidiaries, collectively referred to as MaxLinear, or the Company, is a provider of communications systems-on-chip (SoC) solutions used in broadband, mobile and wireline infrastructure, data center, and industrial and multi-market applications. MaxLinear is a fabless integrated circuit design company whose products integrate all or substantial portions of a high-speed communication system, including radio frequency (RF), high-performance analog, mixed-signal, digital signal processing, security engines, data compression and networking layers, and power management. MaxLinear’s customers include electronics distributors, module makers, original equipment manufacturers, or OEMs, and original design manufacturers, or ODMs, who incorporate the Company’s products in a wide range of electronic devices, including cable Data Over Cable Service Interface Specifications (DOCSIS), fiber and DSL broadband modems and gateways; Wi-Fi and wireline routers for home networking; radio transceivers and modems for 4G/5G base-station and backhaul infrastructure; fiber-optic modules for data center, metro, and long-haul transport networks; as well as power management and interface products used in these and many other markets. |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The consolidated financial statements include the accounts of MaxLinear, Inc. and its wholly owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. All intercompany transactions and investments have been eliminated in consolidation. The functional currency of certain foreign subsidiaries is the local currency. Accordingly, assets and liabilities of these foreign subsidiaries are translated at the current exchange rate at the balance sheet date and historical rates for equity. Revenue and expense components are translated at weighted average exchange rates in effect during the period. Gains and losses resulting from foreign currency translation are included as a component of stockholders’ equity. Foreign currency transaction gains and losses are included in the results of operations, and to date, have not been material. |
Use of Estimates | Use of Estimates and Significant Risks and Uncertainties The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes of the consolidated financial statements. Actual results could differ from those estimates. In the year ended December 31, 2020, the Company’s revenues were impacted by the coronavirus disease, or COVID-19, pandemic. In particular, the Company experienced some negative impact to its revenue and gross profits in the first half of 2020 due to several industry-wide dynamics related to COVID-19 including supply constraints as well as customer requests to temporarily delay shipments. Although the Company has benefited from increased demand for certain of its products from the work-from-home environment in the second half of 2020, heightened volatility and uncertainty in customer demand and the worldwide economy in general has continued, and the Company may experience increased volatility in its sales and revenues in the near future. However, the magnitude of such volatility on the Company’s business and its duration is uncertain and cannot be reasonably estimated at this time. The Company also believes that its $148.9 million of cash and cash equivalents at December 31, 2020 will be sufficient to fund its projected operating requirements for at least the next twelve months. A material adverse impact from COVID-19 could result in a need to raise additional capital or incur additional indebtedness to fund strategic initiatives or operating activities, particularly if the Company pursues additional acquisitions. The Company’s future capital requirements will depend on many factors, including the Company’s efforts to complete the integration of the acquired Wi-Fi and Broadband assets business and NanoSemi (Note 3), changes in revenue, the expansion of engineering, sales and marketing activities, the timing and extent of expansion into new territories, the timing of introductions of new products and enhancements to existing products, the continuing market acceptance of the Company’s products and potential material investments in, or acquisitions of, complementary businesses, services or technologies. Additional funds may not be available on terms favorable to the Company or at all. If the Company is unable to raise additional funds when needed, it may not be able to sustain its operations or execute its strategic plans. The Company is not aware of any specific event or circumstance that would require an update to its estimates or adjustments to the carrying value of its assets and liabilities as of February 11, 2021, the issuance date of this Annual Report on Form 10-K. Actual results could differ from those estimates, particularly if the Company experiences material impacts from |
Business Combinations Policy | Business Combinations The Company applies the provisions of ASC 805, Business Combinations , in accounting for its acquisitions. It requires the Company to recognize separately from goodwill the assets acquired and the liabilities assumed, at the acquisition date fair values. Goodwill as of the acquisition date is measured as the excess of consideration transferred over the acquisition date fair values of the net assets acquired and the liabilities assumed. While the Company uses its best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, its estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statements of operations. Costs to exit or restructure certain activities of an acquired company or the Company’s internal operations are accounted for as termination and exit costs pursuant to ASC 420, Exit or Disposal Cost Obligations , and are accounted for separately from the business combination. A liability for costs associated with an exit or disposal activity is recognized and measured at its fair value in the consolidated statements of operations in the period in which the liability is incurred. For a given acquisition, the Company may identify certain pre-acquisition contingencies as of the acquisition date and may extend its review, evaluation, and adjustment of these pre-acquisition contingencies throughout the measurement period in order to obtain sufficient information to assess whether the Company includes these contingencies as a part of the fair value estimates of assets acquired and liabilities assumed and, if so, to determine their estimated amounts. A pre-acquisition contingency (non-income tax related) is only recognized as an asset or a liability if: (i) it is probable that an asset existed or a liability had been incurred at the acquisition date and (ii) the amount of the asset or liability can be reasonably estimated. Subsequent to the measurement period, changes in estimates of such contingencies will affect earnings and could have a material effect on the Company's results of operations and financial position. In addition, uncertain tax positions and tax-related valuation allowances assumed, if any, in connection with a business combination are initially estimated as of the acquisition date. The Company re-evaluates these items quarterly based upon facts and circumstances that existed as of the acquisition date with any adjustments to the preliminary estimates being recorded to goodwill if identified within the measurement period. Subsequent to the end of the measurement period or final determination of the estimated value of the tax allowance or contingency, whichever comes first, changes to these uncertain tax positions and tax related valuation allowances will affect the income tax provision (benefit) in the consolidated statements of operations and could have a material impact on the results of operations and financial position. |
Cash and Cash Equivalents | Cash and Cash EquivalentsThe Company considers all liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash equivalents are recorded at cost, which approximates market value. |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Accounts Receivable The Company performs ongoing credit evaluations of its customers and assesses each customer’s credit worthiness. The Company monitors collections and payments from its customers and maintains an allowance for doubtful accounts, which effective January 1, 2020, is based upon applying an expected credit loss rate to receivables based on the historical loss rate from similar high risk customers adjusted for current conditions, including any specific customer collection issues identified, and forecasts of economic conditions. Delinquent account balances are written off after management has determined that the likelihood of collection is remote. The allowance for credit losses as of December 31, 2020 and the activity in this account, including the current-period provision for expected credit losses for the year ended December 31, 2020, were not material. |
Inventory, Policy [Policy Text Block] | Inventory The Company assesses the recoverability of its inventory based on assumptions about demand and market conditions. Forecasted demand is determined based on historical sales and expected future sales. Inventory is stated at the lower of cost or net realizable value. Cost is computed using standard cost, which approximates actual cost on a first-in, first-out basis and net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial InstrumentsThe carrying amount of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses and compensation are considered to be representative of their respective fair values because of the short-term nature of these accounts. The interest rate swap was carried at fair value prior to its expiration in 2020. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment is carried at cost and depreciated over the estimated useful lives of the assets, ranging from two Production Masks Production masks with alternative future uses or discernible future benefits are capitalized and amortized over their estimated useful life of two |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill is the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations accounted for under the acquisition method. Intangible assets represent purchased intangible assets including developed technology, in-process research and development, or IPR&D, technologies acquired or licensed from other companies, customer relationships, non-compete covenants, backlog, and trademarks and tradenames. Purchased finite-lived intangible assets are capitalized and amortized over their estimated useful lives. Technologies acquired or licensed from other companies, customer relationships, non-compete covenants, backlog, and trademarks and tradenames are capitalized and amortized over the lesser of the terms of the agreement, or estimated useful life. The Company capitalizes IPR&D projects acquired as part of a business combination. On completion of each project, IPR&D assets are reclassified to developed technology and amortized over their estimated useful lives. |
Impairment of Goodwill and Long-Lived Assets | Impairment of Goodwill and Long-Lived Assets Goodwill is not amortized but is tested for impairment using either a qualitative assessment, and/or quantitative assessment, which effective with its October 31, 2020 impairment test, is based on comparing the fair value of a reporting unit with its carrying amount. If the carrying amount of a reporting unit exceeds its fair value, a goodwill impairment loss is recorded. The Company tests by reporting unit, goodwill and other indefinite-lived intangible assets for impairment as of October 31 each year or more frequently if it believes indicators of impairment exist. During development, IPR&D is not subject to amortization and is tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company reviews indefinite-lived intangible assets for impairment using a qualitative assessment, followed by a quantitative assessment, as needed, each year as of October 31, the date of its annual goodwill impairment review, or whenever events or changes in circumstances indicate the carrying value may not be recoverable. Recoverability of indefinite-lived intangible assets is measured by comparing the carrying amount of the asset to its fair value. In certain cases, the Company utilizes the relief-from-royalty method when appropriate, and a fair value will be obtained based on analysis over the costs saved by owning the right instead of leasing it. Once an IPR&D project is complete, it becomes a finite-lived intangible asset and is evaluated for impairment both immediately prior to its change in classification and thereafter in accordance with the Company's policy for long-lived assets. The Company regularly reviews the carrying amount of its long-lived assets subject to depreciation and amortization, as well as the useful lives, to determine whether indicators of impairment may exist which warrant adjustments to carrying values or estimated useful lives. An impairment loss would be recognized when the sum of the expected future undiscounted net cash flows is less than the carrying amount of the asset. Should impairment exist, the impairment loss would be measured based on the excess of the carrying amount of the asset over the asset’s fair value. During the years 2020, 2019, and 2018, the Company identified impairment of intangible assets of $0.1 million, $0 and $2.2 million, respectively. Refer to Goodwill and Intangible Assets, Note 5 for more information. |
Revenue Recognition | Revenue Recognition The Company's revenue is primarily generated from sales of the Company’s integrated circuits to electronics distributors, module makers, OEMs, and ODMs under individual customer purchase orders, some of which have underlying master sales agreements that specify terms governing the product sales. Effective January 1, 2018, the Company adopted ASC 606 and recognizes such revenue at the point in time when control of the products is transferred to the customer at the estimated net consideration for which collection is probable, taking into account the customer's rights to price protection, other pricing credits, unit rebates, and rights to return unsold product. Transfer of control occurs either when products are shipped to or received by the distributor or direct customer, based on the terms of the specific agreement with the customer, if the Company has a present right to payment and transfer of legal title and the risks and rewards of ownership to the customer has occurred. For most of the Company's product sales, transfer of control occurs upon shipment to the distributor or direct customer. In assessing whether collection of consideration from a customer is probable, the Company considers the customer's ability and intention to pay that amount of consideration when it is due. Payment of invoices is due as specified in the underlying customer agreement, typically 30 days from the invoice date, which occurs on the date of transfer of control of the products to the customer. Since payment terms are less than a year, the Company has elected the practical expedient and does not assess whether a customer contract has a significant financing component. A five-step approach is applied in the recognition of revenue under ASC 606: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when the Company satisfies a performance obligation. The Company applied ASC 606 to its customer contracts that were not completed before the January 1, 2018 adoption date. Customer purchase orders plus the underlying master sales agreements are considered to be contracts with the customer for purposes of applying the five-step approach under ASC 606. Pricing adjustments and estimates of returns under contractual stock rotation rights are treated as variable consideration for purposes of determining the transaction price, and are estimated at the time control transfers using the expected value method based on the Company's analysis of actual price adjustment claims by distributors and historical product return rates, and then reassessed at the end of each reporting period. The Company also considers whether any variable consideration is constrained, since such amounts for which it is probable that a significant reversal will occur when the contingency is subsequently resolved are required to be excluded from revenues. Price adjustments are finalized at the time the products are sold through to the end customer and the distributor or end customer submits a claim to reduce the sale price to a pre-approved net price. Stock rotation allowances are capped at a fixed percentage of the Company's sales to a distributor for a period of time, up to six months, as specified in the individual distributor contract. If the Company's current estimates of such credits and rights are materially inaccurate, it may result in adjustments that affect future revenues and gross profits. Returns under the Company's general assurance warranty of products for a period of one Each distinct promise to transfer products is considered to be an identified performance obligation for which revenue is recognized upon transfer of control of the products to the customer. Although customers may place orders for products to be delivered on multiple dates that may be in different quarterly reporting periods, all of the orders are scheduled within one Customer contract liabilities consist primarily of obligations to deliver rebates to customers in the form of units of products which are included in accrued expenses and other current liabilities in the consolidated balance sheets. Other obligations to customers consist of estimates of price protection rights offered to the Company's end customers, which are included in accrued price protection liability in the consolidated balance sheets, as well as price adjustments expected to be claimed by the distributor upon sell-through of the products to their customers, and amounts expected to be returned by distributors under stock rotation rights, which are included in accrued expenses and other current liabilities in the consolidated balance sheets. The Company also records a right of return asset, consisting of amounts representing the products the Company expects to receive from customers in returns, which is included in inventory in the consolidated balance sheets, and is typically settled within six months of transfer of control to the customer, or the period over which stock rotation rights are based. Upon lapse of the time period for stock rotations, or the contractual end to price protection and rebate programs, which is approximately one . |
Warranty | Warranty The Company generally provides a warranty on its products for a period of one to three years. The Company makes estimates of product return rates and expected costs to replace the products under warranty at the time revenue is recognized based on historical warranty experience and any known product warranty issues. If actual return rates and/or replacement costs differ significantly from these estimates, adjustments to recognize additional cost of net revenue may be required in future periods. As of December 31, 2020 and 2019, the Company has warranty reserves of $0.7 million and $0.6 million, respectively, based on the Company’s estimates. |
Segment Reporting, Policy [Policy Text Block] | Segment Information The Company operates in one segment as it has developed, marketed and sold primarily only one class of similar products, radio-frequency, high-performance analog and mixed-signal communications system-on-chip solutions for the connected home, wired and wireless infrastructure markets and industrial and multi-market applications. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer. The Company’s Chief Executive Officer reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. The Company has one business activity and there are no segment managers who are held accountable for operations, operating results and plans for products or components below the consolidated unit level. Accordingly, the Company reports as a single operating segment. |
Share-based Payment Arrangement [Policy Text Block] | Stock-based Compensation The Company measures the cost of employee services received in exchange for equity incentive awards, including restricted stock units and restricted stock awards, employee stock purchase rights and stock options based on the grant date fair value of the award. The Company calculates the fair value of restricted stock units and performance-based restricted stock units based on the fair market value of the Company’s common stock on the grant date. Stock-based compensation expense is then determined based on the number of restricted stock units that are expected to vest; for performance-based restricted stock units, this is the number of units that are expected to vest during the performance period if it is probable that the Company will achieve the performance metrics specified in the underlying award agreement. The Company uses the Black-Scholes valuation model to calculate the fair value of stock options and employee stock purchase rights granted to employees. Stock-based compensation expense is recognized over the period during which the employee is required to provide services in exchange for the award, which is usually the vesting period. The Company recognizes compensation expense over the vesting period using the straight-line method and classifies these amounts in the consolidated statements of operations based on the department to which the related employee reports. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs incurred in connection with the development of the Company’s technology and future products are charged to research and development expense as incurred. |
Lessee, Leases | Leases The Company’s leases primarily consist of facility leases which are classified as operating leases. The Company assesses whether an arrangement contains a lease at inception. Effective January 1, 2019, the Company recognizes a lease liability to make contractual payments under all leases with terms greater than twelve months and a corresponding right-of-use asset, representing its right to use the underlying asset for the lease term. The lease liability is initially measured at the present value of the lease payments over the lease term using the collateralized incremental borrowing rate since the implicit rate is unknown. Options to extend or terminate a lease are included in the lease term when it is reasonably certain that the Company will exercise such an option. The right-of-use asset is initially measured as the contractual lease liability plus any initial direct costs and prepaid lease payments made, less any lease incentives. Upon adoption of ASC 842 on January 1, 2019, the carrying value of lease-related restructuring liabilities for certain restructured leases existing at that date, was offset against the related right-of-use assets. Lease expense is recognized on a straight-line basis over the lease term. Upon adoption of ASC 842, the Company elected certain practical expedients and accordingly has (1) carried forward its prior assessments of (a) whether existing contracts on the January 1, 2019 adoption date contain leases, (b) classification of leases as operating or financing and (c) initial direct costs for existing leases and (2) considered hindsight in determining the lease term and assessing impairment of the right-of-use-asset. In addition, the Company used a portfolio approach for its facility leases when making judgments and estimates, such as the discount rate. |
Derivatives, Policy [Policy Text Block] | Derivatives and Hedging ActivitiesThe Company records derivatives in the consolidated balance sheets at fair value. Hedge accounting is applied to derivatives designated in a hedging relationship. A derivative designated as a hedge of a forecasted transaction is carried at fair value with the effective portion of a derivative’s gain or loss recorded in other comprehensive income (i.e., a separate component of stockholders’ equity) and subsequently recognized in earnings in the same period or periods the hedged forecasted transaction affects earnings. The ineffective portion of a derivative’s gain or loss is recorded in earnings as it occurs. Changes in certain terms of the hedged transactions, including the selection of interest rate from one-month LIBOR to another rate could cause ineffectiveness in the derivatives and result in reclassification of amounts in accumulated other comprehensive income (loss) into earnings. |
Pension and Other Postretirement Plans, Policy | Pension and Other Defined Benefit Retirement ObligationsThe costs of pension and certain other defined benefit employee retirement benefits are required to be recognized based upon actuarial valuations. The related net retirement benefit obligation is recognized as the excess of the projected benefit obligation over the fair value of the plan assets. In measuring the retirement benefit obligation, the discount rate, expected long-term rate of return on plan assets, and long-term rate of salary increase are the most significant assumptions. Retirement benefit costs primarily represent the increase in the actuarial present value of the retirement benefit obligation. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company provides for income taxes utilizing the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. Deferred taxes are presented net as noncurrent. The provision for income taxes generally represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from the differences between the financial and tax bases of the Company’s assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances are recorded to reduce deferred tax assets when a judgment is made that is considered more likely than not that a tax benefit will not be realized. A decision to record a valuation allowance results in an increase in income tax expense or a decrease in income tax benefit. If the valuation allowance is released in a future period, income tax expense will be reduced accordingly. The calculation of tax liabilities involves dealing with uncertainties in the application of complex global tax regulations. The impact of an uncertain income tax position is recognized at the largest amount that is “more likely than not” to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. If the estimate of tax liabilities proves to be less than the ultimate assessment, a further charge to expense would result. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company continually assesses the need for a valuation allowance on the deferred tax asset by evaluating both positive and negative evidence that may exist. Any adjustment to the net deferred tax asset valuation allowance would be recorded in the income statement for the period that the adjustment is determined to be required. On December 22, 2017, the Tax Cuts and Jobs Act, or the Tax Act, was enacted into U.S. tax law. In 2018, the Company made an accounting policy election to treat Global Intangible Low Taxed Income in accordance with the Tax Act as a period cost. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income (Loss)Comprehensive income (loss) is defined as the change in equity (net assets) of a business entity during a period from transactions and other events and circumstances from non-owner sources. Other comprehensive income (loss) includes certain changes in equity that are excluded from net income (loss), net of tax, such as foreign currency translation gains and losses, and unrealized gains and losses from interest rate hedging activities. |
Litigation and Settlement Costs | Litigation and Settlement Costs Legal costs are expensed as incurred. The Company is involved in disputes, litigation and other legal actions in the ordinary course of business. The Company continually evaluates uncertainties associated with litigation and records a charge equal to at least the minimum estimated liability for a loss contingency when both of the following conditions are met: (i) information available prior to issuance of the financial statements indicates that it is probable that an asset had been impaired or a liability had been incurred at the date of the financial statements and (ii) the loss or range of loss can be reasonably estimated. |
Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , to replace the incurred loss methodology with an expected credit loss model that requires consideration of a broader range of information to estimate credit losses over the lifetime of the asset, including current conditions and reasonable and supportable forecasts in addition to historical loss information, to determine expected credit losses. Pooling of assets with similar risk characteristics and the use of a loss model are also required. Also, in April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, to clarify the inclusion of recoveries of trade receivables previously written off when estimating an allowance for credit losses. The amendments in this update were required to be applied using the modified retrospective method with an adjustment to accumulated deficit and were effective for the Company beginning with fiscal year 2020, including interim periods. The adoption of the amendments in this update as of January 1, 2020 did not have a material impact on the Company’s accounts receivable, net and accumulated deficit, as well as its results of operations for the year ended December 31, 2020. In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , to simplify the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. An entity no longer will determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if the reporting unit had been acquired in a business combination. Instead, under the amendments in this update, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. The FASB also eliminated the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. The amendments in this update are effective for the Company beginning with fiscal year 2020, including interim periods. The adoption of the amendments in this update as of the Company’s October 31, 2020 goodwill impairment test date did not have a material impact on the Company’s consolidated financial position and results of operations as of and for the year ended December 31, 2020. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework— Changes to the Disclosure Requirements for Fair Value Measurement , to improve the fair value measurement reporting of financial instruments. The amendments in this update require, among other things, added disclosure of the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The amendments in this update eliminate, among other things, disclosure of the reasons for and amounts of transfers between Level 1 and Level 2 for assets and liabilities that are measured at fair value on a recurring basis and an entity's valuation processes for Level 3 fair value measurements. The amendments in this update were effective for the Company beginning with fiscal year 2020. Retrospective application is required for all amendments in this update except the added disclosures, which should be applied prospectively. The adoption of the amendments in this update did not have a material impact on the Company’s consolidated financial position and results of operations as of and for the year ended December 31, 2020. In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract , to provide additional guidance on the accounting for costs of implementing cloud computing arrangements that are service contracts. The amendments in this update require the capitalization of implementation costs during the application development stage of such hosting arrangements and amortization of the expense over the term of the arrangement including any option to extend reasonably certain to be exercised or option to terminate reasonably certain not to be exercised. Capitalized implementation costs and amortization thereof are also required to be classified in the same line item in the statements of financial position, operations and cash flows associated with the hosting service fees. The amendments in this update were effective for the Company beginning with fiscal year 2020. Entities may select retrospective or prospective application to all implementation costs incurred after the adoption date. The Company has selected prospective application. The adoption of the amendments in this update did not have a material impact on the Company’s consolidated financial position and results of operations as of and for the year ended December 31, 2020. In August 2018, the FASB issued ASU No. 2018-14 Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20) , to clarify disclosure requirements related to defined benefit pension plans. The amendment adds a narrative description on the reasons for significant gains and losses affecting the benefit obligation and an explanation of any other significant changes in the benefit obligation or plan assets not otherwise apparent in other disclosures. The amendment removes the disclosure of amounts in accumulated other comprehensive income expected to be recognized as part of net periodic benefit costs over the next year. The amendments in this update are effective for the Company beginning with fiscal year 2021. Entities are required to apply the amendments on a retrospective basis with early adoption permitted. The Company selected to early adopt this update. The adoption of the amendments in this update did not have a material impact on the Company's defined benefit plan disclosures and the Company's consolidated financial position and results of operations as of and for the year ended December 31, 2020. In March 2020, the FASB issued ASU No. 2020-04 Reference Rate Reform (Topic 848)—Facilitation of the Effects of Reference Rate Reform on Financial Reporting , that provides optional relief to applying reference rate reform to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (LIBOR), which will be discontinued by the end of 2021. Also, in January 2021, the FASB issued ASU No. 2021-01 Reference Rate Reform (Topic 848)—Scope , to clarify that cash flow hedges are eligible for certain optional expedients and exceptions for the application of subsequent assessment methods to assume perfect effectiveness as previously presented in ASU 2020-04. The amendments in this update are effective immediately and may be applied through December 31, 2022. The Company's LIBOR interest rate swap expired in October 2020 and was not impacted by reference rate reform. Therefore, the adoption of the amendments in this update did not have a material impact on the Company’s accumulated other comprehensive loss or its results of operations as of and for the year ended December 31, 2020. In May 2020, the SEC issued a final rule that amends the financial statement requirements for business acquisitions and related pro forma financial information. The rule modifies the significance tests to replace total assets with aggregate worldwide market value of common equity in the investment test and to include a revenue component in the income test while requiring the use of absolute value to calculate average net income for the last five fiscal years. The rule improves the presentation of pro forma financial information by replacing pro forma adjustments with transaction accounting adjustments and adds the optional disclosure of management’s adjustments related to synergies and dis-synergies. The rule also reduces the number of acquiree annual financial statement periods required to a maximum of the two most recent fiscal years. The final rule is effective for the Company beginning with fiscal year 2021, with early application permitted; all applicable aspects of the rule are required to be applied upon adoption. The Company has early adopted the rule in its filings related to the acquisition of the Wi-Fi and Broadband assets business. The adoption of the rule did not have an impact on the Company’s consolidated financial position and results of operations as of and for the year ended December 31, 2020. Recently Issued Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12 Income Taxes (Topic 740)—Simplifying the Accounting for Income Taxes , to remove certain exceptions and improve consistency of application, including, among other things, requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The amendments in this update will be effective for the Company beginning with fiscal year 2021, with early adoption permitted. Most amendments within the standard are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The adoption of the amendments in this update is not expected to have a material impact on the Company’s consolidated financial position and results of operations. In October 2020, the FASB issued ASU No. 2020-10 Codification Improvements , to make incremental improvements to GAAP and address stakeholder suggestions, including, among other things, clarifying that the requirement to provide comparative information in the financial statements extends to the corresponding disclosures section. The amendments in this update will be effective for the Company beginning with fiscal year 2021, with early adoption permitted. The amendments in this update should be applied retrospectively and at the beginning of the period that includes the adoption date. The adoption of the amendments in this update is not expected to have a material impact on the Company’s consolidated financial position and results of operations. |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Summary of Basic and Diluted Earnings Per Share | Years Ended December 31, 2020 2019 2018 (in thousands, except per share amounts) Numerator: Net loss $ (98,593) $ (19,898) $ (26,199) Denominator: Weighted average common shares outstanding—basic 73,133 71,005 68,490 Dilutive common stock equivalents — — — Weighted average common shares outstanding—diluted 73,133 71,005 68,490 Net loss per share: Basic $ (1.35) $ (0.28) $ (0.38) Diluted $ (1.35) $ (0.28) $ (0.38) |
Restructuring Activity Restruct
Restructuring Activity Restructuring Activity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs [Table Text Block] | The following table presents the activity related to the plans, which is included in restructuring charges in the consolidated statements of operations: Years Ended December 31, 2020 2019 2018 (in thousands) Employee separation expenses $ 1,620 $ 1,150 $ 2,094 Lease related expenses 1,998 1,301 1,608 Other 215 185 136 $ 3,833 $ 2,636 $ 3,838 |
Restructuring activity and rollforward of restructuring liability | The following table presents a roll-forward of the Company's restructuring liability for the years ended December 31, 2020 and 2019. The restructuring liability is included in accrued expenses and other current liabilities and other long-term liabilities in the consolidated balance sheets. Employee Separation Expenses Lease Related Expenses Other Total (in thousands) Liability as of December 31, 2018 $ 409 $ 1,490 $ 47 $ 1,946 Transfer to right-of-use asset — (299) — (299) Restructuring charges 1,150 1,301 185 2,636 Cash payments (1,559) (1,720) (163) (3,442) Non-cash charges — 46 (50) (4) Liability as of December 31, 2019 — 818 19 837 Restructuring charges 1,620 1,998 215 3,833 Cash payments (2,165) (322) (36) (2,523) Reimbursement due from Intel (Note 6) 4,415 — — 4,415 Non-cash charges and adjustments (596) (1,774) (195) (2,565) Liability as of December 31, 2020 3,274 720 3 3,997 Less: current portion as of December 31, 2020 (3,274) (351) (3) (3,628) Long-term portion as of December 31, 2020 $ — $ 369 $ — $ 369 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets Tables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | The following table presents the changes in the carrying amount of goodwill for the periods indicated: Years Ended December 31, 2020 2019 (in thousands) Beginning balance $ 238,330 $ 238,330 Acquisitions (Note 3) 64,498 — Ending balance $ 302,828 $ 238,330 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | The following table sets forth the Company’s finite-lived intangible assets resulting from business acquisitions and other purchases, which continue to be amortized: December 31, 2020 December 31, 2019 Weighted Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Value Accumulated Amortization Net Carrying Amount (in thousands) Licensed technology 5.9 $ 4,869 $ (2,006) $ 2,863 $ 2,156 $ (1,583) $ 573 Developed technology 6.9 304,061 (146,252) 157,809 243,361 (108,522) 134,839 Trademarks and trade names 6.2 14,800 (8,818) 5,982 13,800 (6,511) 7,289 Customer relationships 4.6 128,800 (96,047) 32,753 121,100 (75,847) 45,253 Non-compete covenants 3.0 1,100 (1,100) — 1,100 (1,083) 17 Backlog 2.4 1,300 (641) 659 — — — 6.2 $ 454,930 $ (254,864) $ 200,066 $ 381,517 $ (193,546) $ 187,971 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | The following table sets forth amortization expense associated with finite-lived intangible assets, which is included in the consolidated statements of operations as follows: Years Ended December 31, 2020 2019 2018 Cost of net revenue $ 37,784 $ 33,932 $ 35,821 Research and development 5 48 150 Selling, general and administrative 23,529 23,035 31,976 $ 61,318 $ 57,015 $ 67,947 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The following table sets forth activity during the years ended December 31, 2020 and 2019 related to finite-lived intangible assets: Years Ended December 31, 2020 2019 (in thousands) Beginning balance $ 187,971 $ 240,500 Acquisitions (Note 3) 70,700 — Other additions 2,799 86 Transfers to developed technology from IPR&D — 4,400 Amortization (61,318) (57,015) Impairment losses (86) — Ending balance $ 200,066 $ 187,971 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The following table presents future amortization of the Company’s finite-lived intangible assets at December 31, 2020: Amortization 2021 $ 66,772 2022 48,908 2023 36,802 2024 20,804 2025 10,706 Thereafter 16,074 Total $ 200,066 |
Schedule of Indefinite-Lived Intangible Assets [Table Text Block] | Indefinite-lived intangible assets consist entirely of acquired in-process research and development technology, or IPR&D. The following table sets forth the Company’s activities related to the indefinite-lived intangible assets: Years Ended December 31, 2020 2019 (in thousands) Beginning balance $ — $ 4,400 Acquisitions (Note 3) 7,200 — Transfers to developed technology from IPR&D — (4,400) Ending balance $ 7,200 $ — |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Available-for-sale Securities [Table Text Block] | The composition of financial instruments were as follows: December 31, 2020 December 31, 2019 (in thousands) Liabilities Contingent consideration (Note 3) $ — $ — Interest rate swap $ — $ 37 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | The following table summarizes activity for the interest rate swap: Fair Value at December 31, 2020 2019 (in thousands) Interest rate swap Beginning balance $ (37) $ 1,623 Unrealized gain (loss) recognized in other comprehensive income (loss) 122 (1,660) Gain recognized in earnings (85) — Ending balance $ — $ (37) |
Balance Sheet Details (Tables)
Balance Sheet Details (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Cash, Cash Equivalents and Investments | Cash, cash equivalents, and restricted cash consist of the following: December 31, 2020 December 31, 2019 (in thousands) Cash and cash equivalents $ 148,901 $ 92,708 Short-term restricted cash 115 349 Long-term restricted cash 1,018 60 Total cash, cash equivalents and restricted cash $ 150,034 $ 93,117 |
Inventory | Inventory consists of the following: December 31, 2020 December 31, 2019 (in thousands) Work-in-process $ 35,852 $ 14,525 Finished goods 61,987 16,985 $ 97,839 $ 31,510 |
Schedule of Other Assets | Prepaid and other current assets consist of the following: December 31, 2020 December 31, 2019 (in thousands) Prepaid expenses $ 7,674 $ 3,366 Other receivables 32,762 — Other current assets 6,985 3,426 $ 47,421 $ 6,792 |
Property and Equipment | Property and equipment consist of the following: Useful Life December 31, 2020 December 31, 2019 (in thousands) Furniture and fixtures 5 $ 2,524 $ 2,199 Machinery and equipment 3-5 55,456 35,660 Masks and production equipment 2-5 19,205 15,209 Software 3 7,194 5,956 Leasehold improvements 1-5 16,871 16,186 Construction in progress N/A 8,050 746 109,300 75,956 Less accumulated depreciation and amortization (69,830) (59,343) $ 39,470 $ 16,613 |
Price Protection Liability | Accrued price protection liability consists of the following activity: Years Ended December 31, 2020 2019 (in thousands) Beginning balance $ 12,557 $ 16,454 Charged as a reduction of revenue 48,942 24,449 Reversal of unclaimed rebates (159) (42) Payments (13,574) (28,304) Ending balance $ 47,766 $ 12,557 |
Accrued Expenses | Accrued expenses and other current liabilities consist of the following: December 31, 2020 December 31, 2019 (in thousands) Deferred purchase price payments $ 34,484 $ — Payables under transition services agreement 17,420 — Accrued technology license payments 5,821 4,500 Accrued professional fees 2,620 861 Accrued engineering and production costs 3,448 4,491 Accrued restructuring 3,628 294 Accrued royalty 1,965 923 Short-term lease liabilities 8,144 4,810 Accrued customer credits 1,135 832 Income tax liability 1,193 65 Customer contract liabilities 29 107 Accrued obligations to customers for price adjustments 10,277 8,382 Accrued obligations to customers for stock rotation rights 2,036 1,410 Other 13,642 4,496 $ 105,842 $ 31,171 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the balances in accumulated other comprehensive income (loss) by component: Cumulative Translation Adjustments Interest Rate Hedge Pension and Other Defined Benefit Plan Obligation Total (in thousands) Balance at December 31, 2018 $ (907) $ 1,179 $ — $ 272 Other comprehensive income (loss) before reclassifications, net of tax 160 (1,319) — (1,159) Balance at December 31, 2019 (747) (140) — (887) Other comprehensive income (loss) before reclassifications, net of tax 1,010 225 1,172 2,407 Amounts reclassified, net of tax — (85) — (85) Net current period other comprehensive income (loss) 1,010 140 1,172 2,322 Balance at December 31, 2020 $ 263 $ — $ 1,172 $ 1,435 |
Debt and Interest Rate Swap (Ta
Debt and Interest Rate Swap (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | The carrying amount of the Company's long-term debt consists of the following: December 31, 2020 December 31, 2019 (in thousands) Principal balance: Initial term loan $ 212,000 $ 212,000 Incremental term loan 157,812 — 369,812 212,000 Less: Unamortized debt discount (1,767) (1,328) Unamortized debt issuance costs (4,453) (3,763) Net carrying amount of long-term debt 363,592 206,909 Less: current portion of long-term debt — — Long-term debt, non-current portion $ 363,592 $ 206,909 |
Schedule of Maturities of Long-term Debt | As of December 31, 2020, future payments of principal are as follows: Amount (in thousands) 2021 $ — 2022 15,312 2023 142,500 2024 212,000 Total principal payments due 369,812 Less: current portion — Long-term debt principal, non-current portion $ 369,812 |
Stock-Based Compensation and Em
Stock-Based Compensation and Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | The Company recognizes stock-based compensation expense in the consolidated statements of operations, based on the department to which the related employee reports, as follows: Years Ended December 31, 2020 2019 2018 (in thousands) Cost of net revenue $ 577 $ 557 $ 489 Research and development 22,252 16,545 17,953 Selling, general and administrative 24,172 14,938 13,279 Restructuring expense 596 — — $ 47,597 $ 32,040 $ 31,721 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | A summary of the Company’s restricted stock unit activity is as follows: Number of Shares Weighted-Average Grant-Date Fair Value per Share Outstanding at December 31, 2019 2,924 $ 21.72 Granted 4,601 18.96 Vested (1,197) 20.57 Canceled (496) 18.44 Outstanding at December 31, 2020 5,832 20.05 |
Share-based Payment Arrangement, Performance Shares, Outstanding Activity [Table Text Block] | A summary of the Company’s performance-based restricted stock unit activity is as follows: Number of Shares Weighted-Average Grant-Date Fair Value per Share Outstanding at December 31, 2019 445 $ 22.21 Granted (1) 1,416 11.67 Vested (21) 22.21 Canceled (118) 15.98 Outstanding at December 31, 2020 1,722 13.97 ________________ (1) Number of shares granted is based on the maximum percentage achievable in the performance-based restricted stock unit award. |
Fair Value of Employee Stock Purchase Rights | The fair values of employee stock purchase rights were estimated using the Black-Scholes option pricing model at their respective grant date using the following assumptions: Years Ended December 31, 2020 2019 2018 Weighted-average grant date fair value per share $6.41 - $8.66 $5.48 - $6.61 $5.01 - $5.37 Risk-free interest rate 0.12% - 0.15% 1.59% - 2.43% 2.09% - 2.51% Dividend yield — % — % — % Expected term (in years) 0.5 0.5 0.5 Volatility 59.72% - 93.25% 40.47% - 43.14% 38.82% - 46.17% |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | A summary of the Company’s stock option activity is as follows: Number of Options Weighted-Average Exercise Price Weighted-Average Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2019 1,337 $ 13.05 Exercised (496) 9.78 Canceled (44) 20.85 Outstanding at December 31, 2020 797 $ 14.67 2.7 $ 18,757 Vested and expected to vest at December 31, 2020 797 $ 14.67 2.7 $ 18,757 Exercisable at December 31, 2020 664 $ 13.90 2.4 $ 16,123 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The fair values of stock options granted in 2018 were estimated using the Black-Scholes option pricing model on the grant date using the following assumptions: December 31, 2018 Weighted-average grant date fair value per share $ 8.14 Risk-free interest rate 2.76 % Dividend yield — % Expected term (in years) 5.50 Volatility 44.30 % |
Income Taxes Income Tax (Tables
Income Taxes Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | The domestic and international components of loss before income taxes are presented as follows: Years Ended December 31, 2020 2019 2018 (in thousands) Domestic $ (112,778) $ (61,893) $ 16,405 Foreign (2,074) 29,409 (49,257) Loss before income taxes $ (114,852) $ (32,484) $ (32,852) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The income tax provision (benefit) consists of the following: Years Ended December 31, 2020 2019 2018 (in thousands) Current: Federal $ (176) $ 1,604 $ 3,292 State 12 16 37 Foreign 2,687 1,560 1,640 Total current 2,523 3,180 4,969 Deferred: Federal (18,595) (13,793) 788 State (705) (1,829) (2,799) Foreign 8,025 1,095 (3,884) Change in valuation allowance (7,507) (1,239) (5,727) Total deferred (18,782) (15,766) (11,622) Total income tax benefit $ (16,259) $ (12,586) $ (6,653) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The actual income tax provision (benefit) differs from the amount computed using the federal statutory rate as follows: Years Ended December 31, 2020 2019 2018 (in thousands) Provision (benefit) at statutory rate $ (24,119) $ (6,821) $ (6,814) State income taxes (net of federal benefit) 9 11 20 Research and development credits (6,521) (7,815) (8,849) Foreign rate differential 2,354 (4,489) 8,640 Stock compensation 5,425 (2,750) 74 Foreign income inclusion 1,446 3,936 1,103 Provision to return (286) 1,887 (27) Uncertain tax positions 222 1,244 1,463 Permanent and other 131 716 1,319 Foreign unremitted earnings (233) (103) 1,960 Tax Act — — 185 Transaction costs 883 — — Attribute expirations 11,937 2,837 — Valuation allowance (7,507) (1,239) (5,727) Total income tax benefit $ (16,259) $ (12,586) $ (6,653) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of the deferred income tax assets are as follows: December 31, 2020 2019 (in thousands) Deferred tax assets: Net operating loss carryforwards $ 65,790 $ 65,477 Research and development credits 79,019 80,404 Accrued expenses and other 11,669 7,768 Lease obligation 1,731 2,047 Accrued compensation 4,442 1,441 Stock-based compensation 5,415 3,460 168,066 160,597 Less valuation allowance (71,811) (77,957) 96,255 82,640 Deferred tax liabilities: Fixed assets (42) (246) Leased right-of-use assets (1,099) (1,483) Intangible assets (9,049) (13,627) Net deferred tax assets $ 86,065 $ 67,284 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | The following table summarizes the changes to the unrecognized tax benefits during 2020, 2019 and 2018: (in thousands) Balance as of December 31, 2017 $ 63,086 Additions based on tax positions related to the current year 3,080 Additions related to acquisitions — Decreases based on tax positions of prior year (4,696) Balance as of December 31, 2018 $ 61,470 Additions based on tax positions related to the current year 1,678 Decreases based on tax positions of prior year (1,121) Balance as of December 31, 2019 $ 62,027 Additions based on tax positions related to the current year 1,506 Additions related to acquisitions 1,154 Decreases based on tax positions of prior year (922) Balance as of December 31, 2020 $ 63,765 |
Employee Retirement Plan (Table
Employee Retirement Plan (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Postemployment Benefits [Abstract] | |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | The vested benefit obligation for a defined-benefit pension or other retirement plan is the actuarial present value of the vested benefits to which the employee is currently entitled based on the employee's expected date of separation or retirement. December 31, 2020 (in thousands) Changes in projected benefit obligation: Projected benefit obligation, beginning of period $ — Projected benefit obligation assumed in acquisition 13,274 Service cost 157 Interest cost 59 Actuarial (gain) loss (1,172) Benefits paid (786) Currency exchange rate changes 490 Projected benefit obligation, end of period 12,022 Changes in fair value of plan assets: Fair value of plan assets, beginning of period — Plan assets transferred from acquisition 5,417 Currency exchange rate changes 217 Fair value of plan assets, end of period 5,634 Net unfunded status $ 6,388 Amounts recognized in the Consolidated Balance Sheets Other long-term liabilities $ 6,388 Accumulated other comprehensive (income) loss, before tax $ (1,172) |
Schedule of Expected Benefit Payments | The estimated benefit payments over the next five years and beyond are as follows: Estimated Future Benefit Payments (in thousands) 2021 $ — 2022 — 2023 20 2024 48 2025 48 Thereafter 762 879 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets | As of December 31, 2020, all plans had accumulated benefit obligations and projected benefit obligations in excess of plan assets. As of December 31, 2020, the accumulated benefit obligations were $11.1 million for the pension plans. December 31, 2020 (in thousands) Plans with accumulated benefit obligation in excess of plan assets Accumulated benefit obligation $ 11,127 Plan assets $ 5,634 Plans with projected benefit obligation in excess of plan assets Projected benefit obligation $ 12,022 Plan assets $ 5,634 |
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets | As of December 31, 2020, all plans had accumulated benefit obligations and projected benefit obligations in excess of plan assets. As of December 31, 2020, the accumulated benefit obligations were $11.1 million for the pension plans. December 31, 2020 (in thousands) Plans with accumulated benefit obligation in excess of plan assets Accumulated benefit obligation $ 11,127 Plan assets $ 5,634 Plans with projected benefit obligation in excess of plan assets Projected benefit obligation $ 12,022 Plan assets $ 5,634 |
Defined Benefit Plan, Assumptions | December 31, 2020 (in thousands) Weighted average actuarial assumptions used to determine benefit obligations Discount rate 0.5% - 0.6% Rate of compensation increase 2.6% - 3.8% Weighted average actuarial assumptions used to determine costs Discount rate 0.5% - 0.6% Expected long-term rate of return on plan assets 0.79 % Rate of compensation increase 2.6% - 3.8% |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The table below presents aggregate future minimum payments due under leases, reconciled to lease liabilities included in the consolidated balance sheet as of December 31, 2020: Operating Leases (in thousands) 2021 $ 9,032 2022 7,336 2023 3,694 2024 2,958 2025 2,844 Thereafter 4,794 Total minimum payments 30,658 Less: imputed interest (2,655) Less: unrealized translation gain 1,013 Total lease liabilities 29,006 Less: short-term lease liabilities (8,144) Lease liabilities - long-term $ 20,862 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Payments Under Other Obligations | As of December 31, 2020, future minimum payments under inventory purchase and other obligations are as follows: Inventory Purchase Obligations Other Obligations Total (in thousands) 2021 $ 71,211 $ 21,315 $ 92,526 2022 — 18,640 18,640 2023 — 10,121 10,121 2024 — 447 447 Total minimum payments $ 71,211 $ 50,523 $ 121,734 |
Future Minimum Payments Under Inventory Purchase Obligations | As of December 31, 2020, future minimum payments under inventory purchase and other obligations are as follows: Inventory Purchase Obligations Other Obligations Total (in thousands) 2021 $ 71,211 $ 21,315 $ 92,526 2022 — 18,640 18,640 2023 — 10,121 10,121 2024 — 447 447 Total minimum payments $ 71,211 $ 50,523 $ 121,734 |
Significant Customer and Geog_2
Significant Customer and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Customers comprising greater than 10% of net revenues for each of the periods presented are as follows: Years Ended December 31, 2020 2019 2018 Percentage of total net revenue Customer A (direct) 15 % 14 % 18 % Customer B (direct) 13 % * * Balances greater than 10% of accounts receivable, based on the Company’s billings to the contract manufacturer customers, are as follows: December 31, 2020 2019 Percentage of gross accounts receivable Customer B (direct) 17 % * Customer C (distributor) 13 % * Customer D (distributor) * 10 % Suppliers comprising greater than 10% of total inventory purchases are as follows: Years ended December 31, 2020 2019 2018 Vendor A 34 % * * Vendor B 20 % 14 % 19 % Vendor C 11 % 17 % 16 % Vendor D * 13 % 15 % Vendor E * 15 13 % |
Revenue from External Customers by Geographic Areas [Table Text Block] | The Company's consolidated net revenues by geographic area based on ship-to location are as follows (in thousands): Years Ended December 31, 2020 2019 2018 Amount % of total net revenue Amount % of total net revenue Amount % of total net revenue Asia $ 393,579 82 % $ 265,122 84 % $ 312,877 81 % United States 15,501 3 % 13,984 4 % 18,060 5 % Rest of world 69,516 15 % 38,074 12 % 54,060 14 % Total $ 478,596 100 % $ 317,180 100 % $ 384,997 100 % The products shipped to individual countries representing greater than 10% of net revenue for each of the periods presented are as follows: Years Ended December 31, 2020 2019 2018 Percentage of total net revenue Hong Kong 42 % 46 % 43 % China 17 % 14 % 19 % |
Long-lived Assets by Geographic Areas [Table Text Block] | Long-lived assets, which consists of property and equipment, net, leased right-of-use assets, intangible assets, net, and goodwill, by geographic area are as follows (in thousands): As of December 31, 2020 2019 Amount % of total Amount % of total United States $ 403,071 72 % $ 385,302 85 % Singapore 136,967 24 % 63,556 14 % Rest of world 31,412 5 % 5,034 1 % Total $ 571,450 100 % $ 453,892 100 % |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from External Customers by Products and Services | Revenue by Market The table below presents disaggregated net revenues by market (in thousands): Year Ended December 31, 2020 (1) 2019 (1) 2018 Broadband $ 244,424 $ 119,320 $ 207,336 % of net revenue 51 % 38 % 54 % Infrastructure 76,166 85,369 82,388 % of net revenue 16 % 27 % 21 % Industrial and multi-market 87,267 79,137 95,273 % of net revenue 18 % 25 % 25 % Connectivity 70,739 33,354 — % of net revenue 15 % 11 % — % Total net revenue $ 478,596 $ 317,180 $ 384,997 _______________ |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Year Ended December 31, 2020 First Quarter Second Quarter Third Quarter Fourth Quarter (in thousands, except per share amounts) Net revenue $ 62,027 $ 65,220 $ 156,633 $ 194,716 Gross profit $ 30,762 $ 32,743 $ 66,206 $ 83,087 Net loss $ (15,469) $ (21,807) $ (36,645) $ (24,672) Net loss per share: Basic $ (0.21) $ (0.30) $ (0.50) $ (0.33) Diluted $ (0.21) $ (0.30) $ (0.50) $ (0.33) Year Ended December 31, 2019 First Quarter Second Quarter Third Quarter Fourth Quarter (in thousands, except per share amounts) Net revenue $ 84,635 $ 82,507 $ 80,020 $ 70,018 Gross profit $ 45,077 $ 44,080 $ 41,904 $ 36,624 Net loss $ (4,851) $ (2,229) $ (4,714) $ (8,104) Net loss per share: Basic $ (0.07) $ (0.03) $ (0.07) $ (0.11) Diluted $ (0.07) $ (0.03) $ (0.07) $ (0.11) |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies (Details Textuals) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Significant Accounting Policies | |||
Number of Operating Segments | 1 | ||
Standard Product Warranty Accrual, Current | $ 700 | $ 600 | |
Revenue, Performance Obligation, Payment Term | 30 days | ||
Impairment losses | $ 86 | $ 0 | $ 2,198 |
Revenue, Performance Obligation, Delivery Term | 1 year | ||
Contract with Customer, Right of Return Term | 6 months | ||
Minimum [Member] | |||
Significant Accounting Policies | |||
Property, Plant and Equipment, Useful Life | 2 years | ||
Contract with Customer, Rebate and Price Protection Program Term | 1 year | ||
Maximum [Member] | |||
Significant Accounting Policies | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Revenue, Performance Obligation, Warranty Term | 3 years | ||
Contract with Customer, Rebate and Price Protection Program Term | 2 years |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator: | |||||||||||
Net loss | $ (24,672) | $ (36,645) | $ (21,807) | $ (15,469) | $ (8,104) | $ (4,714) | $ (2,229) | $ (4,851) | $ (98,593) | $ (19,898) | $ (26,199) |
Denominator: | |||||||||||
Weighted Average Number of Shares Outstanding, Basic | 73,133 | 71,005 | 68,490 | ||||||||
Dilutive common stock equivalents (shares) | 0 | 0 | 0 | ||||||||
Weighted average common shares outstanding-diluted (shares) | 73,133 | 71,005 | 68,490 | ||||||||
Net loss per share: | |||||||||||
Basic (usd per share) | $ (0.33) | $ (0.50) | $ (0.30) | $ (0.21) | $ (0.11) | $ (0.07) | $ (0.03) | $ (0.07) | $ (1.35) | $ (0.28) | $ (0.38) |
Diluted (usd per share) | $ (0.33) | $ (0.50) | $ (0.30) | $ (0.21) | $ (0.11) | $ (0.07) | $ (0.03) | $ (0.07) | $ (1.35) | $ (0.28) | $ (0.38) |
Net Loss Per Share - Additional
Net Loss Per Share - Additional Information (Detail) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||
Common stock equivalents excluded from the calculation of net loss per share (shares) | 3.2 | 2.5 | 3.7 |
Business Combinations (Details)
Business Combinations (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 09, 2020 | Jul. 31, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 12, 2017 |
Business Acquisition [Line Items] | ||||||||||||||
Incremental Loans | $ 160,000 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Fair Value Mark Up On Inventory | $ 32,900 | $ 32,900 | ||||||||||||
Business Acquisition, Share Price | $ 21.24 | |||||||||||||
Business Combination, Amortization of Inventory Step-Up | 32,945 | $ (32,945) | ||||||||||||
Goodwill | 302,828 | $ 238,330 | 302,828 | 238,330 | $ 238,330 | |||||||||
Business Acquisition Proforma Amortization of Intangible Assets | 11,428 | 17,583 | ||||||||||||
Business Acquisition, Pro Forma Net Income (Loss) | (101,783) | (152,070) | ||||||||||||
Finite-lived Intangible Assets Acquired | 70,700 | 0 | ||||||||||||
Indefinite-lived Intangible Assets, Purchase Accounting Adjustments | 7,200 | 0 | ||||||||||||
Net revenue | 194,716 | $ 156,633 | $ 65,220 | $ 62,027 | 70,018 | $ 80,020 | $ 82,507 | $ 84,635 | 478,596 | 317,180 | 384,997 | |||
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | 224,569 | 390,959 | ||||||||||||
Business Acquisition, Pro Forma Revenue | 703,165 | $ 708,139 | ||||||||||||
Business Combination, Acquisition Related Costs | 14,200 | |||||||||||||
Business Combination ProForma Nonrecurring Adjustment | $ 33,700 | |||||||||||||
Weighted Average Basic Shares Outstanding, Pro Forma | 73,133,000 | 71,809,000 | ||||||||||||
Pro Forma Weighted Average Shares Outstanding, Diluted | 73,133,000 | 71,809,000 | ||||||||||||
Net loss | $ (24,672) | $ (36,645) | $ (21,807) | $ (15,469) | $ (8,104) | $ (4,714) | $ (2,229) | $ (4,851) | $ (98,593) | $ (19,898) | (26,199) | |||
Business Acquisition Proforma, Earnings of Acquiree | (63,882) | (97,368) | ||||||||||||
Business Acquisition Proforma Depreciation of Property, Plant and Equipment | 5,810 | 2,020 | ||||||||||||
Business Combination, Transaction Costs | 14,243 | (14,243) | ||||||||||||
Business Acquisition Pro-Forma Interest Expense | (4,963) | 2,816 | ||||||||||||
Business Acquisition Pro Forma Other Expenses | 1,867 | (7,604) | ||||||||||||
Business Acquisition Proforma Acquisitions Tax Provision | $ (638) | $ (2,431) | ||||||||||||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ (1.39) | $ (2.12) | ||||||||||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ (1.39) | $ (2.12) | ||||||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 209,700 | |||||||||||||
Business Combination, Pro Forma Information, Gross Profit of Acquiree since Acquisition Date, Actual | 110,700 | |||||||||||||
Business Combination ProForma Nonrecurring Adjustment, Actual | 36,300 | |||||||||||||
Amortization | 61,318 | $ 57,015 | 67,947 | |||||||||||
Nonrecurring Adjustment [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Acquisition, Pro Forma Net Income (Loss) | (101,783) | (152,070) | ||||||||||||
Inventory step-up [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Combination, Amortization of Inventory Step-Up | 32,900 | |||||||||||||
Backlog [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Acquisition Proforma Amortization of Intangible Assets | 800 | |||||||||||||
Amortization | 3,400 | |||||||||||||
WiFi and Broadband assets business | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Combination, Consideration Transferred | $ 150,000 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (68) | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Price Protection | (413) | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 67,100 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 17,641 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 58,000 | |||||||||||||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 457 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (7,916) | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (8,197) | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 126,604 | |||||||||||||
Goodwill | 23,396 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 150,000 | |||||||||||||
Finite-lived Intangible Assets Acquired | $ 50,800 | |||||||||||||
Business Combination, Separately Recognized Transactions, Description | 25.0 million | |||||||||||||
WiFi and Broadband assets business | In Process Research and Development [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Indefinite-lived Intangible Assets, Purchase Accounting Adjustments | $ 7,200 | |||||||||||||
WiFi and Broadband assets business | Developed Technology Rights [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | |||||||||||||
WiFi and Broadband assets business | Technology-Based Intangible Assets [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Finite-lived Intangible Assets Acquired | $ 43,200 | |||||||||||||
WiFi and Broadband assets business | Customer-Related Intangible Assets [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||||||||||||
Finite-lived Intangible Assets Acquired | $ 6,800 | |||||||||||||
WiFi and Broadband assets business | Backlog [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 months 29 days | |||||||||||||
Finite-lived Intangible Assets Acquired | $ 800 | |||||||||||||
NanoSemi, Inc. [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Combination, Consideration Transferred | $ 61,180 | |||||||||||||
Deferred payments of purchase price for acquisitions, at fair value | 34,100 | 34,100 | 0 | 0 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 175 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 879 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 177 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 1,805 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 19,900 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | (602) | |||||||||||||
Business Combination, Recognized Identifiable Asset Acquired and Liability Assumed, Lease Obligation | (1,546) | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (164) | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 20,078 | |||||||||||||
Goodwill | 41,102 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 61,180 | |||||||||||||
Common stock issued in acquisitions, at fair value | $ 17,080 | $ 17,080 | $ 0 | $ 0 | ||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 804,163 | |||||||||||||
NanoSemi, Inc. [Member] | Developed Technology Rights [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | |||||||||||||
NanoSemi, Inc. [Member] | Technology-Based Intangible Assets [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Finite-lived Intangible Assets Acquired | $ 17,500 | |||||||||||||
NanoSemi, Inc. [Member] | Trademarks and Trade Names [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | |||||||||||||
Finite-lived Intangible Assets Acquired | $ 1,000 | |||||||||||||
NanoSemi, Inc. [Member] | Customer-Related Intangible Assets [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||||||||||||
Finite-lived Intangible Assets Acquired | $ 900 | |||||||||||||
NanoSemi, Inc. [Member] | Backlog [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years 3 months 29 days | |||||||||||||
Finite-lived Intangible Assets Acquired | $ 500 | |||||||||||||
NanoSemi, Inc. [Member] | Potential Contingent Consideration - NanoSemi [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Deferred payments of purchase price for acquisitions, at fair value | 0 | |||||||||||||
NanoSemi, Inc. [Member] | Accrued Liabilities [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (323) | |||||||||||||
NanoSemi, Inc. [Member] | Accrued Compensation [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (223) | |||||||||||||
Cash [Member] | NanoSemi, Inc. [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Combination, Consideration Transferred | 10,000 | |||||||||||||
Deferred payment of consideration in business acquisition [Member] | NanoSemi, Inc. [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Combination, Consideration Transferred | 35,000 | |||||||||||||
Potential Contingent Consideration - NanoSemi [Member] | NanoSemi, Inc. [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Combination, Consideration Transferred | $ 35,000 |
Restructuring Activity Restru_2
Restructuring Activity Restructuring Activity (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 3,833 | $ 2,636 | $ 3,838 |
One-time Termination Benefits [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 1,620 | 1,150 | 2,094 |
Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 1,998 | 1,301 | 1,608 |
Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 215 | $ 185 | $ 136 |
Restructuring Activity Restru_3
Restructuring Activity Restructuring Activities (Details Textuals) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring charges | $ 3,833 | $ 2,636 | $ 3,838 |
Restructuring Activity Restru_4
Restructuring Activity Restructuring Activity (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | $ (837) | $ (1,946) | |
Restructuring charges | 3,833 | 2,636 | $ 3,838 |
Restructuring Reserve, Accrual Adjustment | (299) | ||
Payments for Restructuring | (2,523) | (3,442) | |
Reimbursement due from Intel | 4,415 | ||
Restructuring Reserve, Settled without Cash | 2,565 | 4 | |
Restructuring Reserve | (3,997) | (837) | (1,946) |
Impairment of leased right-of-use assets | 1,508 | 9,240 | 0 |
One-time Termination Benefits [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | 0 | (409) | |
Restructuring charges | 1,620 | 1,150 | 2,094 |
Restructuring Reserve, Accrual Adjustment | 0 | ||
Payments for Restructuring | (2,165) | (1,559) | |
Reimbursement due from Intel | (4,415) | ||
Restructuring Reserve, Settled without Cash | 596 | 0 | |
Restructuring Reserve | (3,274) | 0 | (409) |
Facility Closing [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | (818) | ||
Restructuring charges | 1,998 | 1,301 | 1,608 |
Restructuring Reserve | (720) | (818) | |
Lease Related Impairment [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | (1,490) | ||
Restructuring charges | 1,998 | 1,301 | |
Restructuring Reserve, Accrual Adjustment | (299) | ||
Payments for Restructuring | (322) | (1,720) | |
Reimbursement due from Intel | 0 | ||
Restructuring Reserve, Settled without Cash | 1,774 | 46 | |
Restructuring Reserve | (1,490) | ||
Other Restructuring [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | (19) | (47) | |
Restructuring charges | 215 | 185 | 136 |
Restructuring Reserve, Accrual Adjustment | 0 | ||
Payments for Restructuring | (36) | (163) | |
Reimbursement due from Intel | 0 | ||
Restructuring Reserve, Settled without Cash | 195 | 50 | |
Restructuring Reserve | (3) | $ (19) | $ (47) |
Restructuring - Long term [Domain] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | (369) | ||
Restructuring - Long term [Domain] | One-time Termination Benefits [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | 0 | ||
Restructuring - Long term [Domain] | Facility Closing [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | (369) | ||
Restructuring - Long term [Domain] | Other Restructuring [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | 0 | ||
Restructuring - Short term [Domain] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | (3,628) | ||
Restructuring - Short term [Domain] | One-time Termination Benefits [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | (3,274) | ||
Restructuring - Short term [Domain] | Facility Closing [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | (351) | ||
Restructuring - Short term [Domain] | Other Restructuring [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | $ (3) |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | |||
Goodwill | $ 302,828,000 | $ 238,330,000 | $ 238,330,000 |
Goodwill, Acquired During Period | 64,498,000 | $ 0 | |
Goodwill impairment loss | $ 0 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets Goodwill and Intangibles Other (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Useful Life (in Years) | 6 years 2 months 12 days | ||
Gross Carrying Amount | $ 454,930 | $ 381,517 | |
Accumulated Amortization | (254,864) | (193,546) | |
Net Carrying Amount | 200,066 | 187,971 | $ 240,500 |
Amortization | 61,318 | 57,015 | 67,947 |
Cost of Sales [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization | 37,784 | 33,932 | 35,821 |
Research and Development Expense [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization | 5 | 48 | 150 |
Selling, general and administrative [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization | $ 23,529 | 23,035 | $ 31,976 |
Licensed Technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Useful Life (in Years) | 5 years 10 months 24 days | ||
Gross Carrying Amount | $ 4,869 | 2,156 | |
Accumulated Amortization | (2,006) | (1,583) | |
Net Carrying Amount | $ 2,863 | 573 | |
Developed Technology Rights [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Useful Life (in Years) | 6 years 10 months 24 days | ||
Gross Carrying Amount | $ 304,061 | 243,361 | |
Accumulated Amortization | (146,252) | (108,522) | |
Net Carrying Amount | $ 157,809 | 134,839 | |
Trademarks and Trade Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Useful Life (in Years) | 6 years 2 months 12 days | ||
Gross Carrying Amount | $ 14,800 | 13,800 | |
Accumulated Amortization | (8,818) | (6,511) | |
Net Carrying Amount | $ 5,982 | 7,289 | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Useful Life (in Years) | 4 years 7 months 6 days | ||
Gross Carrying Amount | $ 128,800 | 121,100 | |
Accumulated Amortization | (96,047) | (75,847) | |
Net Carrying Amount | $ 32,753 | 45,253 | |
Noncompete Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Useful Life (in Years) | 3 years | ||
Gross Carrying Amount | $ 1,100 | 1,100 | |
Accumulated Amortization | (1,100) | (1,083) | |
Net Carrying Amount | $ 0 | 17 | |
Backlog [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Useful Life (in Years) | 2 years 4 months 24 days | ||
Gross Carrying Amount | $ 1,300 | 0 | |
Accumulated Amortization | (641) | 0 | |
Net Carrying Amount | $ 659 | $ 0 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets Goodwill and Intangible Assets (Details 2) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-lived Intangible Assets [Roll Forward] | |||
Beginning balance | $ 187,971,000 | $ 240,500,000 | |
Finite-lived Intangible Assets Acquired | 70,700,000 | 0 | |
Other additions | 2,799,000 | 86,000 | |
Transfers to developed technology from IPR&D | 0 | 4,400,000 | |
Amortization | 61,318,000 | 57,015,000 | $ 67,947,000 |
Impairment losses | 86,000 | 0 | |
Ending balance | $ 200,066,000 | $ 187,971,000 | $ 240,500,000 |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 66,772 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 48,908 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 36,802 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 20,804 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 10,706 | ||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 16,074 | ||
Net Carrying Amount | $ 200,066 | $ 187,971 | $ 240,500 |
Goodwill and Intangible Asset_7
Goodwill and Intangible Assets Goodwill and Intangibles Other (Details 4) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Indefinite-lived Intangible Assets [Roll Forward] | |||
Beginning balance | $ 0 | $ 4,400,000 | |
Indefinite-lived Intangible Assets, Purchase Accounting Adjustments | 7,200,000 | 0 | |
Intangible Assets, Transfer from IPRD to Developed Tech | 0 | (4,400,000) | |
Ending balance | 7,200,000 | 0 | $ 4,400,000 |
Impairment losses | 86,000 | 0 | 2,198,000 |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 0 | $ 0 | $ 0 |
Financial Instruments Financial
Financial Instruments Financial Instruments (Details 1) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 03, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | $ 40,000 | ||
Derivative, Fixed Interest Rate | 4.25% | 1.74685% | |
Business Combination, Contingent Consideration, Liability | $ 0 | 0 | |
Derivative Financial Instruments, Assets [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Current | $ 37,000 | ||
Estimate of Fair Value Measurement [Member] | Derivative Financial Instruments, Assets [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Current | $ 0 |
Financial Instruments Financi_2
Financial Instruments Financial Instruments (Details 2) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | $ 40,000 | |
Business Combination, Contingent Consideration, Liability | $ 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments, Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Current | $ 37,000 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments, Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Current | $ 0 |
Financial Instruments Financi_3
Financial Instruments Financial Instruments (Details 3) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Business Combination, Contingent Consideration, Liability | $ 0 | $ 0 |
Financial Instruments Financi_4
Financial Instruments Financial Instruments - Additional Information (Details 4) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | $ 122,000 | $ (1,660,000) | $ 900,000 |
Derivative, Gain (Loss) on Derivative, Net | (85,000) | 0 | |
Derivative Liability, Current | 0 | (37,000) | $ (1,623,000) |
Fair Value, Liabilities, Transfers between Levels | $ 0 | $ 0 |
Balance Sheet Details - Cash an
Balance Sheet Details - Cash and Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Balance Sheet Related Disclosures [Abstract] | ||||
Money Market Funds, at Carrying Value | $ 20,400 | $ 20,400 | ||
Cash and cash equivalents | 148,901 | 92,708 | ||
Short-term restricted cash | 115 | 349 | ||
Long-term restricted cash | 1,018 | 60 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 150,034 | 93,117 | $ 74,191 | $ 74,412 |
Restricted Cash and Cash Equivalents | $ 1,100 | $ 400 |
Balance Sheet Details - Invento
Balance Sheet Details - Inventory (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Balance Sheet Related Disclosures [Abstract] | ||
Work-in-process | $ 35,852 | $ 14,525 |
Finished goods | 61,987 | 16,985 |
Inventory Total | $ 97,839 | $ 31,510 |
Balance Sheet Details - Other A
Balance Sheet Details - Other Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Financial Position [Abstract] | ||
Prepaid Expense | $ 7,674 | $ 3,366 |
Other Receivables | 32,762 | 0 |
Other Assets, Current | 6,985 | 3,426 |
Prepaid expenses and other current assets | 47,421 | $ 6,792 |
Other receivables - due from Intel | 28,400 | |
Reimbursement due from Intel | $ 4,415 |
Balance Sheet Details - Propert
Balance Sheet Details - Property and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 11,300 | $ 7,300 | $ 11,100 |
Property and equipment, Gross | 109,300 | 75,956 | |
Less accumulated depreciation and amortization | (69,830) | (59,343) | |
Property and equipment, net | $ 39,470 | 16,613 | |
Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 2 years | ||
Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Furniture and fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Property and equipment, Gross | $ 2,524 | 2,199 | |
Machinery and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, Gross | $ 55,456 | 35,660 | |
Machinery and equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Machinery and equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Masks and production equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, Gross | $ 19,205 | 15,209 | |
Masks and production equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 2 years | ||
Masks and production equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Software and Software Development Costs [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, Gross | $ 7,194 | 5,956 | |
Leasehold improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, Gross | $ 16,871 | 16,186 | |
Leasehold improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 1 year | ||
Leasehold improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Construction in progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, Gross | $ 8,050 | $ 746 |
Balance Sheet Details - Intangi
Balance Sheet Details - Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average amortization period in years | 6 years 2 months 12 days | ||
Gross Carrying Amount | $ 454,930 | $ 381,517 | |
Less accumulated amortization | (254,864) | (193,546) | |
Intangible assets, net | 200,066 | 187,971 | $ 240,500 |
Intangible Assets, Net (Excluding Goodwill) | 207,266 | 187,971 | |
Amortization | $ 61,318 | 57,015 | $ 67,947 |
Licensed Technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average amortization period in years | 5 years 10 months 24 days | ||
Gross Carrying Amount | $ 4,869 | 2,156 | |
Less accumulated amortization | (2,006) | (1,583) | |
Intangible assets, net | $ 2,863 | 573 | |
Developed Technology Rights [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average amortization period in years | 6 years 10 months 24 days | ||
Gross Carrying Amount | $ 304,061 | 243,361 | |
Less accumulated amortization | (146,252) | (108,522) | |
Intangible assets, net | $ 157,809 | 134,839 | |
Trademarks and Trade Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average amortization period in years | 6 years 2 months 12 days | ||
Gross Carrying Amount | $ 14,800 | 13,800 | |
Less accumulated amortization | (8,818) | (6,511) | |
Intangible assets, net | $ 5,982 | 7,289 | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average amortization period in years | 4 years 7 months 6 days | ||
Gross Carrying Amount | $ 128,800 | 121,100 | |
Less accumulated amortization | (96,047) | (75,847) | |
Intangible assets, net | $ 32,753 | 45,253 | |
Backlog [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average amortization period in years | 2 years 4 months 24 days | ||
Gross Carrying Amount | $ 1,300 | 0 | |
Less accumulated amortization | (641) | 0 | |
Intangible assets, net | $ 659 | $ 0 |
Balance Sheet Details- Accrued
Balance Sheet Details- Accrued Price Protection Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accrued Price Protection Rebate Activity [Roll Forward] | ||
Begining Balance | $ 12,557 | $ 16,454 |
Charged as a reduction of revenue | 48,942 | 24,449 |
Reversal of unclaimed rebates | (159) | (42) |
Payments | (13,574) | (28,304) |
Ending Balance | $ 47,766 | $ 12,557 |
Balance Sheet Details - Accrued
Balance Sheet Details - Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Capitalized Contract Cost [Line Items] | ||
Accrued technology license payments | $ 5,821 | $ 4,500 |
Accrued professional fees | 2,620 | 861 |
Accrued engineering and production costs | 3,448 | 4,491 |
Accrued restructuring | 3,628 | 294 |
Accrued royalty | 1,965 | 923 |
Accrued customer credits | 1,135 | 832 |
Taxes Payable | 1,193 | 65 |
Contract with Customer, Liability | 29 | 107 |
Other | 13,642 | 4,496 |
Total | 105,842 | 31,171 |
Operating Lease, Liability, Current | 8,144 | 4,810 |
Business Combination, Contingent Consideration, Liability | 0 | 0 |
Deferred purchase price payments | 34,484 | 0 |
Payables under transition services agreement | 17,420 | 0 |
Other payables - due to Intel | 9,100 | |
Other payables - other accrued expenses due to Intel | 8,300 | |
Reduction in Transaction Price [Member] | ||
Capitalized Contract Cost [Line Items] | ||
Customer Refund Liability, Current | 10,277 | 8,382 |
Sales Returns and Allowances [Member] | ||
Capitalized Contract Cost [Line Items] | ||
Accrued obligations to customers for stock rotation rights | $ 2,036 | $ 1,410 |
Balance Sheet Details Balance S
Balance Sheet Details Balance Sheet Details - AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | 38 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, beginning | $ (887) | $ 272 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 1,010 | 160 | $ (1,572) | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 225 | (1,319) | 702 | $ 100 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 2,322 | (1,159) | (870) | |
Cumulative adjustment for adoption of accounting principle, net | (268) | 1,634 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax, ending | 1,435 | (887) | 272 | 1,435 |
Other Comprehensive Income (Loss), Net of Tax | 2,407 | |||
Net actuarial gain on pension and other defined benefit plans, net of tax expense of $0 in 2020 | 1,172 | 0 | 0 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | 0 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 0 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (85) | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 1,172 | |||
Unrealized gain (loss) on interest rate swap, net of tax | 140 | (1,319) | 702 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 1,010 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (85) | 0 | 0 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, beginning | (747) | (907) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax, ending | 263 | (747) | (907) | 263 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, beginning | (140) | 1,179 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax, ending | 0 | (140) | 1,179 | 0 |
AOCI Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 2,322 | (1,159) | (870) | |
Cumulative adjustment for adoption of accounting principle, net | 103 | |||
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, beginning | 0 | 0 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax, ending | $ 1,172 | $ 0 | $ 0 | $ 1,172 |
Debt and Interest Rate Swap (De
Debt and Interest Rate Swap (Details) - USD ($) | May 12, 2024 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2020 | Jul. 31, 2020 | Nov. 03, 2017 | May 12, 2017 |
Debt Instrument [Line Items] | ||||||||||
Derivative, Fixed Interest Rate | 4.25% | 4.25% | 4.25% | 4.25% | 1.74685% | |||||
Derivative Asset | $ (40,000) | |||||||||
Document Period End Date | Dec. 31, 2020 | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | $ 122,000 | $ (1,660,000) | $ 900,000 | |||||||
Incremental Loans | $ 160,000,000 | |||||||||
Debt Instrument, Payment Terms | 0.25% | 0.25% | 0.25% | 0.25% | ||||||
Debt Instrument, Term | 7 years | |||||||||
Debt Instrument, Call Feature | 1.0% soft call premium | |||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.40% | 4.40% | 4.90% | 4.40% | 4.40% | 4.60% | ||||
Long-term Debt, Fair Value | $ 376,100,000 | $ 376,100,000 | $ 214,600,000 | $ 376,100,000 | $ 376,100,000 | $ 398,500,000 | ||||
Debt Issuance Costs, Gross | 6,000,000 | |||||||||
Amortization of Debt Discount (Premium) | 400,000 | 300,000 | 300,000 | |||||||
Amortization of Debt Issuance Costs | 1,100,000 | 900,000 | 800,000 | |||||||
Debt Instrument, Unamortized Discount | (2,100,000) | |||||||||
Long-term Debt | 369,812,000 | 369,812,000 | 369,812,000 | 369,812,000 | ||||||
Long-term debt | 363,592,000 | 363,592,000 | 206,909,000 | 363,592,000 | 363,592,000 | |||||
Long-Term Debt, Maturity, Year One | 0 | 0 | 0 | 0 | ||||||
Long-Term Debt, Maturity, Year Two | 15,312,000 | 15,312,000 | 15,312,000 | 15,312,000 | ||||||
Long-Term Debt, Maturity, Year Three | 142,500,000 | 142,500,000 | 142,500,000 | 142,500,000 | ||||||
Long-Term Debt, Maturity, Year Four | 212,000,000 | 212,000,000 | 212,000,000 | 212,000,000 | ||||||
Debt, Current | 0 | 0 | 0 | 0 | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | $ 225,000 | (1,319,000) | $ 702,000 | 100,000 | ||||||
Debt Instrument, Covenant Description | The Incremental Term Loan is subject to a financial covenant of an initial maximum total net leverage ratio of 3.5 to 1 which decreases to 3.0 to 1 beginning with the sixth full fiscal quarter ending after July 31, 2020. During any period during which the Company (i) fails to maintain a public corporate rating from S&P that is equal to or higher than BB- and a public corporate rating from Moody's that is equal to or higher than Ba3 or (ii) fails to maintain a total leverage ratio of 3.0 to 1 or less, the applicable margin will increase to 4.75% in the case of LIBOR Rate loans and 3.75% in the case of Base Rate loans. | |||||||||
Base Rate [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate Terms | base rate | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||||||
Fed Funds Effective Rate Overnight Index Swap Rate [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate Terms | the federal funds rate, plus 0.50% | |||||||||
Prime Rate [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate Terms | prime rate | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate Terms | an adjusted LIBOR rate determined on the basis of a one- three- or six-month interest period, plus 1.0% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate Terms | an adjusted LIBOR rate, subject to a floor of 0.75% | |||||||||
London Interbank Offered Rate (LIBOR) Subject to Floor [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||||||||
Term B [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | 212,000,000 | $ 212,000,000 | 212,000,000 | 212,000,000 | 212,000,000 | |||||
Repayments of Debt | (213,000,000) | |||||||||
TermAloan1 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | 157,812,000 | $ 157,812,000 | 0 | $ 157,812,000 | $ 157,812,000 | |||||
Incremental Loans | $ 175,000,000 | |||||||||
Repayments of Debt | $ (17,200,000) | |||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.20% | |||||||||
Long-term Debt, Fair Value | $ 181,100,000 | |||||||||
Debt Issuance Costs, Gross | 1,800,000 | |||||||||
Debt Instrument, Unamortized Discount | $ (900,000) | |||||||||
TermAloan1 [Member] | Debt amortization period 1 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Payment Terms | 1.25% | 1.25% | 1.25% | 1.25% | ||||||
TermAloan1 [Member] | Debt amortization, period 2 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Payment Terms | 2.50% | 2.50% | 2.50% | 2.50% | ||||||
TermAloan1 [Member] | Debt amortization period 3 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Payment Terms | 3.75% | 3.75% | 3.75% | 3.75% | ||||||
TermAloan1 [Member] | Base Rate [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | |||||||||
TermAloan1 [Member] | London Interbank Offered Rate (LIBOR) Subject to Floor [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.25% | |||||||||
Medium-term Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | $ 369,812,000 | $ 369,812,000 | 212,000,000 | $ 369,812,000 | $ 369,812,000 | $ 425,000,000 | ||||
Debt Instrument, Unamortized Discount | (1,767,000) | (1,767,000) | (1,328,000) | (1,767,000) | (1,767,000) | |||||
Debt Issuance Costs, Net | (4,453,000) | (4,453,000) | (3,763,000) | (4,453,000) | (4,453,000) | |||||
Long-term Debt | 363,592,000 | 363,592,000 | 206,909,000 | 363,592,000 | 363,592,000 | |||||
Long-term Debt, Current Maturities | 0 | 0 | 0 | 0 | 0 | |||||
Long-term debt | $ 363,592,000 | $ 363,592,000 | $ 206,909,000 | $ 363,592,000 | $ 363,592,000 | |||||
Forecast [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Frequency of Periodic Payment | quarterly installments |
Stock-Based Compensation and _2
Stock-Based Compensation and Employee Benefit Plans - Expense by Type (Detail) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2020 | Feb. 22, 2019 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Shares Issued upon Settlement of Executive Bonus Plan | 200 | 300 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 1 year 6 months | ||||
Common stock, shares authorized (shares) | 550,000 | 550,000 | |||
Proceeds from Stock Options Exercised | $ 4,400 | $ 4,500 | $ 700 | ||
Stock based compensation | $ 47,597 | $ 32,040 | 31,721 | ||
Preferred Stock, Shares Authorized | 25,000 | 25,000 | |||
Equity Incentive Plan [Member] | Minimum [Member] | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years | ||||
Equity Incentive Plan [Member] | Maximum [Member] | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
Cost of Sales [Member] | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Stock based compensation | $ 577 | $ 557 | 489 | ||
Research and Development Expense [Member] | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Stock based compensation | 22,252 | 16,545 | 17,953 | ||
Selling, general and administrative [Member] | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Stock based compensation | 24,172 | 14,938 | 13,279 | ||
Restructuring Charges [Member] | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Stock based compensation | $ 596 | $ 0 | $ 0 | ||
Performance Shares [Member] | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 1 year 4 months 24 days |
Stock-Based Compensation and _3
Stock-Based Compensation and Employee Benefits Plan - Awards (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2020 | Feb. 22, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting Percentage Relative To net sales | 60.00% | ||||
Proceeds from Stock Options Exercised | $ 4.4 | $ 4.5 | $ 0.7 | ||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 5.2 | $ 20.7 | $ 7.8 | ||
Shares Issued upon Settlement of Executive Bonus Plan | 200,000 | 300,000 | |||
Vesting Percentage Relative To earnings per share | 40.00% | ||||
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 11.4 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 1,722,000 | 445,000 | |||
Weighted-average grant date fair value per share | $ 13.97 | $ 22.21 | |||
RSUs granted in period (shares) | 1,416,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 11.67 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (21,000) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Intrinsic Value, Amount Per Share | $ 22.21 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (118,000) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Intrinsic Value | $ 15.98 | ||||
Restricted Stock Unit and Restricted Stock Award [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 79.7 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 5,832,000 | 2,924,000 | |||
Weighted-average grant date fair value per share | $ 20.05 | $ 21.72 | |||
RSUs granted in period (shares) | 4,601,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 18.96 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (1,197,000) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Intrinsic Value, Amount Per Share | $ 20.57 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (496,000) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Intrinsic Value | $ 18.44 | ||||
Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Risk-free interest rate | 2.76% | ||||
Dividend yield | 0.00% | ||||
Expected life (in years) | 5 years 6 months | ||||
Volatility | 44.30% | ||||
2004 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | ||||
Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 14,879,764 | ||||
Share-based Payment Arrangement, Tranche Three [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance Based Compensation, Shares Awarded as a Percentage of Grants, Peer Group Based | 250.00% | ||||
Share-based Payment Arrangement, Tranche One [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance Based Compensation, Shares Awarded as a Percentage of Grants, Peer Group Based | 30.00% | ||||
Share-based Payment Arrangement, Tranche Two [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance Based Compensation, Shares Awarded as a Percentage of Grants, Peer Group Based | 100.00% |
Stock-Based Compensation and _4
Stock-Based Compensation and Employee Benefit Plans - ESPP (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
ESPP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 285,633 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased | $ 13.29 | ||
Employee Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected life (in years) | 6 months | 6 months | 6 months |
Minimum [Member] | Employee Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant date fair value per share | $ 6.41 | $ 5.48 | $ 5.01 |
Risk-free interest rate | 0.12% | 1.59% | 2.09% |
Volatility | 59.72% | 40.47% | 38.82% |
Maximum [Member] | Employee Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant date fair value per share | $ 8.66 | $ 6.61 | $ 5.37 |
Risk-free interest rate | 0.15% | 2.43% | 2.51% |
Volatility | 93.25% | 43.14% | 46.17% |
Stock-Based Compensation Stock-
Stock-Based Compensation Stock-Based Compensation and Employee Benefit Plans - Stock Options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 4,900 | $ 22,200 | $ 8,100 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 1 year 6 months | ||
Employee Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Expected life (in years) | 6 months | 6 months | 6 months |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% |
Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 2.76% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Option, Nonvested, Weighted Average Exercise Price | $ 8.14 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 797 | 1,337 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (496) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | (44) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ 14.67 | $ 13.05 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | 9.78 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 20.85 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 664 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 14.67 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ 13.90 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years 8 months 12 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 2 years 8 months 12 days | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Remaining Contractual Term | 2 years 4 months 24 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 18,757 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 797 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 18,757 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 16,123 | ||
Expected life (in years) | 5 years 6 months | ||
Volatility | 44.30% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||
Minimum [Member] | Employee Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 0.12% | 1.59% | 2.09% |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Volatility | 59.72% | 40.47% | 38.82% |
Maximum [Member] | Employee Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 0.15% | 2.43% | 2.51% |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Volatility | 93.25% | 43.14% | 46.17% |
Stock-Based Compensation Stock
Stock-Based Compensation Stock Compensation Awards Activity Roll Forward (Details) - Restricted Stock Unit and Restricted Stock Award [Member] - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 5,832 | 2,924 |
RSUs granted in period (shares) | 4,601 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (1,197) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (496) | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 18.96 |
Stock-Based Compensation Stoc_2
Stock-Based Compensation Stock Reserved for Future Issuance (Details) - shares | Dec. 31, 2020 | Dec. 31, 2019 |
Equity Incentive Plan [Member] | ||
Class of Stock [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 14,879,764 | |
ESPP [Member] | ||
Class of Stock [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 3,365,693 | |
Restricted Stock Unit and Restricted Stock Award [Member] | ||
Class of Stock [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 5,832,000 | 2,924,000 |
Stock-Based Compensation and _5
Stock-Based Compensation and Employee Benefit Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2020 | Feb. 22, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 5,200 | $ 20,700 | $ 7,800 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 4,900 | $ 22,200 | 8,100 | ||
Common Stock, Shares, Outstanding | 74,536,000 | 71,931,000 | |||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Common stock, shares authorized (shares) | 550,000,000 | 550,000,000 | |||
Preferred Stock, Shares Authorized | 25,000,000 | 25,000,000 | |||
Shares Granted or Issued, Share-based Payment Arrangement [Abstract] | |||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 1,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 1 year 6 months | ||||
Stock based compensation expense | $ 47,597 | $ 32,040 | $ 31,721 | ||
Shares Issued upon Settlement of Executive Bonus Plan | 200,000 | 300,000 | |||
Accrued Bonuses | $ 32,800 | ||||
Equity Incentive Plan [Member] | |||||
Shares Granted or Issued, Share-based Payment Arrangement [Abstract] | |||||
Vesting period for new restricted stock units | 4 years | ||||
Common Stock Capital Shares Reserved For Future Issuance Period Increase Decrease | 2,583,311 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum | 4.00% | ||||
Employee Stock Purchase Plan [Member] | |||||
Shares Granted or Issued, Share-based Payment Arrangement [Abstract] | |||||
Contribution of earnings by employees | 15.00% | ||||
Percentage of purchase of common stock | 85.00% | ||||
Percentage of common stock on the date of purchase | 85.00% | ||||
Common Stock Capital Shares Reserved For Future Issuance Period Increase Decrease | 968,741 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum | 1.25% | ||||
MaximumDurationOfEmployeeStockPurchasePlan | 27 months | ||||
RSU and RSA [Member] | |||||
Shares Granted or Issued, Share-based Payment Arrangement [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 2 years 9 months 18 days | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 79,700 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 18.96 | ||||
RSUs granted in period (shares) | 4,601,000 | ||||
Stock Option [Member] | |||||
Shares Granted or Issued, Share-based Payment Arrangement [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 2 years 8 months 12 days |
Income Taxes Schedule Of Income
Income Taxes Schedule Of Income Before Income Tax Domestic And Foreign (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ (112,778) | $ (61,893) | $ 16,405 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | (2,074) | 29,409 | (49,257) |
Loss before income taxes | $ (114,852) | $ (32,484) | $ (32,852) |
Income Taxes Components of Inco
Income Taxes Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Current Federal Tax Expense (Benefit) | $ (176) | $ 1,604 | $ 3,292 |
Current State and Local Tax Expense (Benefit) | 12 | 16 | 37 |
Current Foreign Tax Expense (Benefit) | 2,687 | 1,560 | 1,640 |
Current Income Tax Expense (Benefit) | 2,523 | 3,180 | 4,969 |
Deferred Federal Income Tax Expense (Benefit) | (18,595) | (13,793) | 788 |
Deferred State and Local Income Tax Expense (Benefit) | (705) | (1,829) | (2,799) |
Deferred Foreign Income Tax Expense (Benefit) | 8,025 | 1,095 | (3,884) |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (7,507) | (1,239) | (5,727) |
Deferred Income Taxes Expense Benefit | (18,782) | (15,766) | (11,622) |
Income tax benefit | $ (16,259) | $ (12,586) | $ (6,653) |
Income Taxes Income Tax Expense
Income Taxes Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ (24,119) | $ (6,821) | $ (6,814) |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | 9 | 11 | 20 |
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | (6,521) | (7,815) | (8,849) |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | 2,354 | (4,489) | 8,640 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Amount | 5,425 | (2,750) | 74 |
Income Tax Reconciliation Foreign Dividends | 1,446 | 3,936 | 1,103 |
Income tax impact to provision due to transaction costs | 883 | 0 | 0 |
Tax Adjustments, Settlements, and Unusual Provisions | (286) | 1,887 | (27) |
Effective Income Tax Rate Reconciliation, Tax Contingency, Amount | 222 | 1,244 | 1,463 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount | 131 | 716 | 1,319 |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | 233 | 103 | 1,960 |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 0 | 0 | 185 |
Attribute expirations | (11,937) | (2,837) | 0 |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | (7,507) | (1,239) | (5,727) |
Provision (benefit) for income taxes | $ (16,259) | $ (12,586) | $ (6,653) |
Income Taxes Components of Defe
Income Taxes Components of Deferred Income Tax Asset (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Valuation Allowance [Line Items] | ||
Deferred Tax Assets, Operating Loss Carryforwards | $ 65,790 | $ 65,477 |
Deferred Tax Assets, Tax Credit Carryforwards, Research | 79,019 | 80,404 |
Deferred Tax Assets, Other | 11,669 | 7,768 |
Deferred Tax Asset, Lease obligation | 1,731 | 2,047 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 4,442 | 1,441 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 5,415 | 3,460 |
Deferred Tax Assets, Gross | 168,066 | 160,597 |
Deferred Tax Assets, Valuation Allowance | (71,811) | (77,957) |
Deferred Tax Assets, Net of Valuation Allowance | 96,255 | 82,640 |
Deferred Tax Liabilities, Other Finite-Lived Assets | (42) | (246) |
Deferred Tax Liability, Leased right-of-use asset | (1,099) | (1,483) |
Deferred Tax Liabilities, Intangible Assets | (9,049) | (13,627) |
Deferred Tax Assets, Net | 86,065 | $ 67,284 |
Foreign Tax Authority [Member] | ||
Valuation Allowance [Line Items] | ||
Deferred Tax Assets, Other Tax Carryforwards | $ 5,800 |
Income Taxes Unrecognized tax e
Income Taxes Unrecognized tax expense (benefit) roll forward (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Unrecognized Tax Benefits | $ 63,765 | $ 62,027 | $ 61,470 | $ 63,086 |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 1,506 | 1,678 | 3,080 | |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (922) | $ (1,121) | (4,696) | |
Unrecognized Tax Benefits, Increase Resulting from Acquisition | 1,154 | $ 0 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 54,300 |
Income Taxes Provisional Amount
Income Taxes Provisional Amounts Disclosures Related to Tax Cuts and Jobs Act (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes, Provisional Items [Line Items] | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 7,507 | $ 1,239 | $ 5,727 |
Income Taxes Income Taxes - Add
Income Taxes Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Tax Credit Carryforward [Line Items] | |||
Income Tax Examination, Penalties and Interest Accrued | $ 600 | $ 900 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 7,507 | $ 1,239 | $ 5,727 |
Domestic Tax Authority [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Operating Loss Carryforwards | 281,300 | ||
Tax Credit Carryforward, Amount | 49,000 | ||
State and Local Jurisdiction [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Operating Loss Carryforwards | 78,700 | ||
Tax Credit Carryforward, Amount | 90,100 | ||
Foreign Tax Authority [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Operating Loss Carryforwards | 4,400 | ||
Tax Credit Carryforward, Amount | 1,900 | ||
Deferred Tax Assets, Other Tax Carryforwards | $ 5,800 |
Employee Retirement Plan (Detai
Employee Retirement Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2020 | Jul. 31, 2020 | |
Postemployment Benefits [Abstract] | |||
Liability, Retirement and Postemployment Benefits | $ 7,900 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 200 | ||
Defined Benefit Plan, Benefit Obligation, Beginning Balance | 0 | ||
Defined Benefit Plan, Benefit Obligation, Business Combination | 13,274 | ||
Defined Benefit Plan, Service Cost | 157 | ||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (1,172) | ||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (786) | ||
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | 490 | ||
Defined Benefit Plan, Benefit Obligation | 12,022 | ||
Defined Benefit Plan, Benefit Obligation | 12,022 | $ 12,022 | |
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | ||
Defined Benefit Plan, Plan Assets, Business Combination | 5,417 | ||
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | 217 | ||
Defined Benefit Plan, Plan Assets, Amount | $ 5,634 | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | 6,388 | ||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | (1,172) | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | 6,388 | ||
Defined Benefit Plan, Accumulated Benefit Obligation | 11,100 | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 0.79% | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 0 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year One | 0 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 20 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 48 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 48 | ||
Defined Benefit Plan, Expected Future Benefit Payment, after Year Five for Next Five Years | 762 | ||
Defined benefit plan expected future benefits payments total | 879 | ||
Defined Benefit Plan, Interest Cost | $ 59 | ||
Defined Benefit Plan, Plan Assets, Amount | 5,634 | 5,634 | |
Defined Benefit Plan, Benefit Obligation | 12,022 | 12,022 | |
Defined Benefit Plan, Underfunded Plan | |||
Postemployment Benefits [Abstract] | |||
Defined Benefit Plan, Benefit Obligation | 12,022 | ||
Defined Benefit Plan, Benefit Obligation | 12,022 | 12,022 | |
Defined Benefit Plan, Plan Assets, Amount | 5,634 | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | 11,127 | ||
Defined Benefit Plan, Plan Assets, Amount | 5,634 | 5,634 | |
Defined Benefit Plan, Benefit Obligation | $ 12,022 | $ 12,022 | |
Minimum [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 0.50% | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 2.60% | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 0.50% | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 2.60% | ||
Maximum [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 0.60% | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.80% | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 0.60% | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 3.80% | ||
Other Long-term Investments [Member] | |||
Postemployment Benefits [Abstract] | |||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | $ 6,388 | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | $ 6,388 |
Leases (Details)
Leases (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Lessee, Lease, Description [Line Items] | |||
Net gain on extinguishment of lease liabilities | $ (10,100,000) | ||
Operating Leases, Future Minimum Payments, Remainder of Fiscal Year | $ 9,032,000 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 7,336,000 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 3,694,000 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 2,958,000 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 2,844,000 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 4,794,000 | ||
Operating Leases, Future Minimum Payments Due | 30,658,000 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 2,655,000 | ||
Unrealized gain/loss on translation to reporting currency | 1,013,000 | ||
Operating Lease, Liability | 29,006,000 | ||
Operating Lease, Liability, Current | $ 8,144,000 | $ 4,810,000 | |
Lessee, Operating Lease, Renewal Term | 5 years | ||
Operating Lease, Weighted Average Discount Rate, Percent | 4.00% | 5.00% | |
Operating Lease, Weighted Average Remaining Lease Term | 4 years 7 months 6 days | 2 years 10 months 24 days | |
Operating Lease, Cost | $ 5,200,000 | $ 3,100,000 | $ 4,500,000 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 15,900,000 | 500,000 | |
Operating Leases, Rent Expense, Sublease Rentals | 400,000 | 1,200,000 | 2,400,000 |
Operating Lease, Liability, Noncurrent | 20,862,000 | 9,335,000 | |
Operating Leases, Future Sublease Income, Due Thereafter | 100,000 | ||
Impairment of leased right-of-use assets | 1,508,000 | 9,240,000 | 0 |
Income statement impact, lease termination | (1,200,000) | ||
Gain on extinguishment of lease liabilities | 0 | 10,437,000 | 0 |
Other related liabilities, lease termination | 300,000 | ||
Impairment of Leasehold | $ 319,000 | $ 1,442,000 | $ 735,000 |
Minimum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 2 years | ||
Maximum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 7 years |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies-Additional Details (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Total Commitments | ||
Total Future Minimum Payments, Due | $ 121,700 | $ 22,600 |
Contractual Obligation - Change in Balance | 99,100 | |
Inventories [Member] | ||
Inventory Purchase Obligations | ||
2020 | 71,211 | |
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
Total minimum payments: | 71,211 | |
Other Commitments [Domain] | ||
Other Obligations | ||
2020 | 21,315 | |
2021 | 18,640 | |
2022 | 10,121 | |
2023 | 447 | |
Total minimum payments: | 50,523 | |
Total Commitments [Member] | ||
Total Commitments | ||
2020 | 92,526 | |
2021 | 18,640 | |
2022 | 10,121 | |
2023 | 447 | |
Total Future Minimum Payments, Due | $ 121,734 |
Significant Customer and Geog_3
Significant Customer and Geographic Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Concentration Risk [Line Items] | |||
Long lived assets | $ 571,450 | $ 453,892 | |
Revenue from Contract with Customer, Excluding Assessed Tax | 478,596 | 317,180 | $ 384,997 |
Asia [Member] | |||
Concentration Risk [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 312,877 | ||
UNITED STATES | |||
Concentration Risk [Line Items] | |||
Long lived assets | 403,071 | 385,302 | |
Revenue from Contract with Customer, Excluding Assessed Tax | 18,060 | ||
Rest of World [Member] | |||
Concentration Risk [Line Items] | |||
Long lived assets | 31,412 | 5,034 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 54,060 | ||
SINGAPORE | |||
Concentration Risk [Line Items] | |||
Long lived assets | $ 136,967 | $ 63,556 | |
Long lived assets [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 100.00% | 100.00% | |
Long lived assets [Member] | UNITED STATES | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 72.00% | 85.00% | |
Long lived assets [Member] | Rest of World [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 5.00% | 1.00% | |
Long lived assets [Member] | SINGAPORE | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 24.00% | 14.00% | |
Revenue Benchmark [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 100.00% | 100.00% | 100.00% |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 478,596 | $ 317,180 | |
Revenue Benchmark [Member] | Asia [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 82.00% | 84.00% | 81.00% |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 393,579 | $ 265,122 | |
Revenue Benchmark [Member] | UNITED STATES | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 3.00% | 4.00% | 5.00% |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 15,501 | $ 13,984 | |
Revenue Benchmark [Member] | Rest of World [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 15.00% | 12.00% | 14.00% |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 69,516 | $ 38,074 | |
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | China [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 17.00% | 14.00% | 19.00% |
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | HONG KONG | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 42.00% | 46.00% | 43.00% |
Customer A [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 15.00% | 14.00% | 18.00% |
Customer B (Direct) [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 13.00% | ||
Customer B (Direct) [Member] | Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 17.00% | ||
Customer D [Member] | Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 10.00% | ||
Customer C | Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 13.00% | ||
Vendor B [Member] | Supplier Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 20.00% | 14.00% | 19.00% |
Vendor C [Member] | Supplier Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 11.00% | 17.00% | 16.00% |
Vendor D [Member] | Supplier Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 13.00% | 15.00% | |
Vendor A [Member] | Supplier Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 34.00% | ||
Vendor E [Member] | Supplier Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 15.00% | 13.00% |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 478,596 | $ 317,180 | $ 384,997 |
Contract with Customer, Right to Recover Product | 600 | 300 | |
Contract with Customer, Liability | 29 | 107 | |
Accrued price protection liability | 47,766 | 12,557 | 16,454 |
Accounts Receivable [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Asset Impairment Charges | 0 | 0 | |
Reduction in Transaction Price [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Customer Refund Liability, Current | 10,277 | 8,382 | |
Sales Returns and Allowances [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Accrued obligations to customers for stock rotation rights | 2,036 | 1,410 | |
Infrastructure [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 76,166 | 85,369 | 82,388 |
Industrial and multi-market [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 87,267 | 79,137 | 95,273 |
Connectivity | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 70,739 | 33,354 | 0 |
Broadband | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 244,424 | $ 119,320 | $ 207,336 |
Revenue Benchmark [Member] | Infrastructure [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration Risk, Percentage | 16.00% | 27.00% | 21.00% |
Revenue Benchmark [Member] | Industrial and multi-market [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration Risk, Percentage | 18.00% | 25.00% | 25.00% |
Revenue Benchmark [Member] | Connectivity | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration Risk, Percentage | 15.00% | 11.00% | 0.00% |
Revenue Benchmark [Member] | Broadband | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration Risk, Percentage | 51.00% | 38.00% | 54.00% |
Revenue from Distributors [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration Risk, Percentage | 49.00% | 52.00% | 42.00% |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net revenue | $ 194,716 | $ 156,633 | $ 65,220 | $ 62,027 | $ 70,018 | $ 80,020 | $ 82,507 | $ 84,635 | $ 478,596 | $ 317,180 | $ 384,997 |
Gross profit | 83,087 | 66,206 | 32,743 | 30,762 | 36,624 | 41,904 | 44,080 | 45,077 | 212,798 | 167,685 | 208,774 |
Net loss | $ (24,672) | $ (36,645) | $ (21,807) | $ (15,469) | $ (8,104) | $ (4,714) | $ (2,229) | $ (4,851) | $ (98,593) | $ (19,898) | $ (26,199) |
Earnings Per Share, Basic | $ (0.33) | $ (0.50) | $ (0.30) | $ (0.21) | $ (0.11) | $ (0.07) | $ (0.03) | $ (0.07) | $ (1.35) | $ (0.28) | $ (0.38) |
Earnings Per Share, Diluted | $ (0.33) | $ (0.50) | $ (0.30) | $ (0.21) | $ (0.11) | $ (0.07) | $ (0.03) | $ (0.07) | $ (1.35) | $ (0.28) | $ (0.38) |
Item 15 (Details)
Item 15 (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Allowances for Doubtful Accounts | $ 0 | $ 0 | $ 46 | $ 73 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense | 0 | 0 | 0 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Other Account | 0 | 0 | 0 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | 0 | (46) | (27) | |
SEC Schedule, 12-09, Reserve, Warranty [Member] | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Allowances for Doubtful Accounts | 700 | 553 | 519 | 941 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense | 300 | 74 | (414) | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Other Account | 0 | 0 | 0 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | (153) | (40) | (8) | |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Allowances for Doubtful Accounts | 71,811 | 77,957 | 79,196 | $ 84,560 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense | (7,385) | (1,239) | (5,761) | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Other Account | 1,239 | 0 | 397 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | $ 0 | $ 0 | $ 0 |