Cover Page
Cover Page - shares | 6 Months Ended | |
Oct. 01, 2022 | Oct. 27, 2022 | |
Cover [Abstract] | ||
Document Transition Report | false | |
Document Quarterly Report | true | |
Title of 12(b) Security | Common Stock, $0.0001 par value | |
Entity Current Reporting Status | Yes | |
Entity Incorporation, State or Country Code | DE | |
Entity Registrant Name | Qorvo, Inc. | |
City Area Code | 336 | |
Entity Central Index Key | 0001604778 | |
Document Type | 10-Q | |
Document Period End Date | Oct. 01, 2022 | |
Entity File Number | 001-36801 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --04-01 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 101,389,473 | |
Entity Address, Address Line One | 7628 Thorndike Road | |
Local Phone Number | 664-1233 | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Trading Symbol | QRVO | |
Security Exchange Name | NASDAQ | |
Entity Tax Identification Number | 46-5288992 | |
Entity Address, City or Town | Greensboro, | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 27409-9421 | |
Document Fiscal Year Focus | 2023 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Oct. 01, 2022 | Apr. 02, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 911,570 | $ 972,592 |
Accounts receivable, net of allowance of $437 and $402 as of October 1, 2022 and April 2, 2022, respectively | 645,125 | 568,850 |
Inventories | 840,850 | 755,748 |
Prepaid expenses | 47,901 | 49,839 |
Other Receivables, Net, Current | 23,784 | 32,151 |
Other current assets | 52,054 | 70,685 |
Total current assets | 2,521,284 | 2,449,865 |
Property and equipment, net of accumulated depreciation of $1,820,091 and $1,734,608 as of October 1, 2022 and April 2, 2022, respectively | 1,222,924 | 1,253,591 |
Goodwill | 2,757,124 | 2,775,634 |
Intangible assets, net | 585,860 | 674,786 |
Long-term investments | 29,452 | 31,086 |
Other non-current assets | 258,088 | 324,110 |
Total assets | 7,374,732 | 7,509,072 |
Current liabilities: | ||
Accounts payable | 322,247 | 327,915 |
Accrued liabilities | 298,882 | 240,186 |
Other current liabilities | 142,998 | 107,026 |
Total current liabilities | 764,127 | 675,127 |
Long-Term Debt, Excluding Current Maturities | 2,047,398 | 2,047,098 |
Other long-term liabilities | 241,067 | 233,629 |
Total liabilities | 3,052,592 | 2,955,854 |
Stockholders’ equity: | ||
Preferred stock, $.0001 par value; 5,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock and additional paid-in capital, $.0001 par value; 405,000 shares authorized; 102,061 and 106,303 shares issued and outstanding at October 1, 2022 and April 2, 2022, respectively | 3,915,969 | 4,035,849 |
Accumulated other comprehensive (loss) income | (41,776) | 5,232 |
Retained earnings | 447,947 | 512,137 |
Total stockholders’ equity | 4,322,140 | 4,553,218 |
Total liabilities and stockholders’ equity | $ 7,374,732 | $ 7,509,072 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Oct. 01, 2022 | Apr. 02, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 437 | $ 402 |
Property and equipment, accumulated depreciation | $ 1,820,091 | $ 1,734,608 |
Preferred Stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common Stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 405,000,000 | 405,000,000 |
Common stock, shares issued | 102,061,000 | 106,303,000 |
Common stock, shares outstanding | 102,061,000 | 106,303,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
Income Statement [Abstract] | ||||
Revenues | $ 1,158,057 | $ 1,255,248 | $ 2,193,415 | $ 2,365,599 |
Cost of goods sold | 619,130 | 633,695 | 1,279,238 | 1,197,863 |
Gross profit | 538,927 | 621,553 | 914,177 | 1,167,736 |
Operating Expenses [Abstract] | ||||
Research and Development Expense | 168,164 | 158,377 | 336,732 | 310,456 |
Selling, general and administrative | 97,752 | 93,489 | 199,567 | 183,788 |
Other operating expense | 11,449 | 7,327 | 14,457 | 14,030 |
Total operating expenses | 277,365 | 259,193 | 550,756 | 508,274 |
Operating income | 261,562 | 362,360 | 363,421 | 659,462 |
Interest expense | (16,904) | (15,327) | (34,156) | (30,606) |
Other income (expense), net | 2,214 | 4,754 | (2,848) | 21,545 |
Income before income taxes | 246,872 | 351,787 | 326,417 | 650,401 |
Income tax expense | (58,257) | (32,598) | (68,918) | (45,586) |
Net income | $ 188,615 | $ 319,189 | $ 257,499 | $ 604,815 |
Earnings Per Share [Abstract] | ||||
Basic | $ 1.83 | $ 2.87 | $ 2.48 | $ 5.43 |
Diluted | $ 1.82 | $ 2.84 | $ 2.46 | $ 5.35 |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||
Basic | 102,927 | 111,035 | 103,991 | 111,476 |
Diluted | 103,674 | 112,411 | 104,817 | 113,088 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 188,615 | $ 319,189 | $ 257,499 | $ 604,815 |
Other comprehensive loss, net of tax: | ||||
Foreign currency translation adjustment, including intra-entity foreign currency transactions that are of a long-term investment nature | (23,811) | (9,517) | (47,026) | (6,279) |
Reclassification adjustments, net of tax: | ||||
Amortization of pension actuarial loss | 9 | 30 | 18 | 61 |
Other comprehensive loss | (23,802) | (9,487) | (47,008) | (6,218) |
Total comprehensive income | $ 164,813 | $ 309,702 | $ 210,491 | $ 598,597 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Accumulated Other Comprehensive Loss | Retained Earnings |
Common Stock, Shares, Outstanding | 112,557 | |||
Common stock and additional paid-in capital | $ 4,244,740 | |||
Stockholders' Equity Attributable to Parent | 4,629,425 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 29,649 | |||
Retained Earnings (Accumulated Deficit) | 355,036 | |||
Net income | 604,815 | $ 604,815 | ||
Other Comprehensive Income (Loss), Net of Tax | (6,218) | $ (6,218) | ||
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes Shares | 642 | |||
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes | (49,452) | $ (49,452) | ||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 165 | |||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 17,794 | $ 17,794 | ||
Stock Repurchased During Period, Shares | (2,900) | (2,903) | ||
Stock Repurchased During Period, Value | $ (523,373) | $ (109,675) | (413,698) | |
Stock-based compensation | 54,763 | $ 54,763 | 0 | |
Payments for Repurchase of Common Stock | 523,373 | |||
Common Stock, Shares, Outstanding | 111,210 | |||
Common stock and additional paid-in capital | 4,210,914 | |||
Stockholders' Equity Attributable to Parent | 4,648,394 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 32,918 | |||
Retained Earnings (Accumulated Deficit) | 404,562 | |||
Net income | 319,189 | $ 0 | 0 | 319,189 |
Other Comprehensive Income (Loss), Net of Tax | (9,487) | $ 0 | (9,487) | 0 |
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes Shares | 459 | |||
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes | $ (36,104) | $ 36,104 | 0 | 0 |
Stock Repurchased During Period, Shares | (1,200) | (1,208) | ||
Stock Repurchased During Period, Value | $ (223,356) | $ (45,758) | 0 | (177,598) |
Stock-based compensation | $ 29,118 | $ 29,118 | 0 | 0 |
Common Stock, Shares, Outstanding | 110,461 | 110,461 | ||
Common stock and additional paid-in capital | $ 4,158,170 | |||
Stockholders' Equity Attributable to Parent | 4,727,754 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 23,431 | |||
Retained Earnings (Accumulated Deficit) | $ 546,153 | |||
Common Stock, Shares, Outstanding | 106,303 | |||
Common stock and additional paid-in capital | $ 4,035,849 | |||
Stockholders' Equity Attributable to Parent | 4,553,218 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 5,232 | |||
Retained Earnings (Accumulated Deficit) | 512,137 | |||
Net income | 257,499 | $ 0 | 0 | 257,499 |
Other Comprehensive Income (Loss), Net of Tax | (47,008) | $ 0 | (47,008) | 0 |
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes Shares | 509 | |||
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes | (21,181) | $ (21,181) | 0 | 0 |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 195 | |||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 18,893 | $ 18,893 | 0 | 0 |
Stock Repurchased During Period, Shares | (4,900) | (4,946) | ||
Stock Repurchased During Period, Value | $ (510,099) | $ (188,410) | 0 | (321,689) |
Stock-based compensation | 70,818 | $ 70,818 | 0 | |
Payments for Repurchase of Common Stock | 510,099 | |||
Common Stock, Shares, Outstanding | 103,340 | |||
Common stock and additional paid-in capital | 3,962,499 | |||
Stockholders' Equity Attributable to Parent | 4,300,605 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (17,974) | |||
Retained Earnings (Accumulated Deficit) | 356,080 | |||
Net income | 188,615 | $ 0 | 0 | 188,615 |
Other Comprehensive Income (Loss), Net of Tax | (23,802) | $ 0 | (23,802) | 0 |
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes Shares | 372 | |||
Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes | $ (16,993) | $ (16,993) | 0 | 0 |
Stock Repurchased During Period, Shares | (1,700) | (1,651) | ||
Stock Repurchased During Period, Value | $ (160,057) | $ (63,309) | 0 | (96,748) |
Stock-based compensation | $ 33,772 | $ 33,772 | $ 0 | $ 0 |
Common Stock, Shares, Outstanding | 102,061 | |||
Common stock and additional paid-in capital | $ 3,915,969 | |||
Stockholders' Equity Attributable to Parent | 4,322,140 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (41,776) | |||
Retained Earnings (Accumulated Deficit) | $ 447,947 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Oct. 01, 2022 | Oct. 02, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 257,499 | $ 604,815 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 103,882 | 105,205 |
Intangible assets amortization | 66,539 | 74,022 |
Deferred income taxes | (16,693) | (2,230) |
Stock-based compensation expense | 67,203 | 53,929 |
Other, net | 58,804 | (6,867) |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (75,728) | (203,321) |
Inventories | (81,716) | (87,137) |
Prepaid expenses and other assets | 30,503 | (157,063) |
Accounts payable and accrued liabilities | 65,012 | 242,632 |
Income taxes payable and receivable | 3,518 | (16,455) |
Other liabilities | 61,601 | (21,132) |
Net cash provided by operating activities | 540,424 | 586,398 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (90,454) | (112,560) |
Purchase of businesses, net of cash acquired | 95 | 166,818 |
Other investing activities | 6,267 | 11,781 |
Net cash used in investing activities | (84,282) | (267,597) |
Cash flows from financing activities: | ||
Repurchase of common stock, including transaction costs | (510,099) | (523,373) |
Proceeds from the issuance of common stock | 19,541 | 20,435 |
Tax withholding paid on behalf of employees for restricted stock units | (22,020) | (51,334) |
Other financing activities | (379) | (8,490) |
Net cash used in financing activities | (512,957) | (562,762) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (4,237) | (1,087) |
Net decrease in cash, cash equivalents and restricted cash | (61,052) | (245,048) |
Cash, cash equivalents and restricted cash at the beginning of the period | 972,805 | 1,398,309 |
Cash, cash equivalents and restricted cash at the end of the period | 911,753 | 1,153,261 |
Cash and cash equivalents | 911,570 | 1,153,172 |
Restricted cash included in "Other current assets" and "Other non-current assets" | 183 | 89 |
Capital expenditures included in liabilities | $ 26,658 | $ 54,507 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 6 Months Ended |
Oct. 01, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES The accompanying Condensed Consolidated Financial Statements of Qorvo, Inc. and Subsidiaries (together, the "Company" or "Qorvo") have been prepared in conformity with accounting principles generally accepted in the United States ("U.S. GAAP"). The preparation of these financial statements requires management to make estimates and assumptions, which could differ materially from actual results. In addition, certain information or footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed, or omitted, pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). In the opinion of management, the financial statements include all adjustments (which are of a normal and recurring nature) necessary for the fair presentation of the results of the interim periods presented. These Condensed Consolidated Financial Statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in Qorvo’s Annual Report on Form 10-K for the fiscal year ended April 2, 2022. The Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. During the second quarter of fiscal 2023, the Company updated its organizational structure to more closely align similar technologies and applications with customers and end markets. The Company is now managing its business and reporting its financial results in three reportable segments: High Performance Analog ("HPA"), Connectivity and Sensors Group ("CSG") and Advanced Cellular Group ("ACG"). Certain items in the fiscal 2022 financial statements (including prior period segment results) have been reclassified to conform with the fiscal 2023 presentation. The Company uses a 52- or 53-week fiscal year ending on the Saturday closest to March 31 of each year. Each fiscal year, the first quarter ends on the Saturday closest to June 30, the second quarter ends on the Saturday closest to September 30 and the third quarter ends on the Saturday closest to December 31. Fiscal years 2023 and 2022 are 52-week years. |
Inventories
Inventories | 6 Months Ended |
Oct. 01, 2022 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES The components of inventories, net of reserves, are as follows (in thousands): October 1, 2022 April 2, 2022 Raw materials $ 273,074 $ 236,095 Work in process 396,015 357,332 Finished goods 171,761 162,321 Total inventories $ 840,850 $ 755,748 |
Business Acquisition
Business Acquisition | 6 Months Ended |
Oct. 01, 2022 | |
Business Combinations [Abstract] | |
Business Combination Disclosure | BUSINESS ACQUISITIONS United Silicon Carbide, Inc. On October 19, 2021, the Company acquired all the outstanding equity interests of United Silicon Carbide, Inc. ("United SiC"), a leading manufacturer of silicon carbide ("SiC") power semiconductors, for a total purchase price of $236.7 million. The acquisition expands the Company's offerings to include SiC power products for a range of applications such as electric vehicles, battery charging, IT infrastructure, renewables and circuit protection. The purchase price was comprised of cash consideration of $227.2 million and contingent consideration of up to $31.3 million which is expected to be paid to the sellers (in the first quarter of fiscal 2024) if certain revenue and gross margin targets are achieved over the period beginning on the acquisition date through December 31, 2022. The estimated fair value of the contingent consideration liability was $9.5 million as of the acquisition date. At April 2, 2022, the contingent consideration liability was remeasured to a fair value of $17.6 million and is included in "Other long-term liabilities" in the Condensed Consolidated Balance Sheet. At October 1, 2022, the contingent consideration liability was remeasured to a fair value of $28.3 million and is included in "Other current liabilities" in the Condensed Consolidated Balance Sheet with the increase in fair value recognized in "Other operating expense" in the Condensed Consolidated Statement of Income. Refer to Note 5 for further information related to the fair value measurement. NextInput, Inc. On April 5, 2021, the Company acquired all the outstanding equity interests of NextInput, Inc. ("NextInput"), a leader in microelectromechanical system ("MEMS")-based sensing solutions, for a total cash purchase price of $173.3 million. The acquisition expands the Company's offerings of MEMS-based products for mobile applications and provides sensing solutions for a broad range of applications in other markets. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Oct. 01, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | GOODWILL AND INTANGIBLE ASSETS During the second quarter of fiscal 2023, the Company updated its organizational structure (see Note 1). The changes in the carrying amount of goodwill are as follows (in thousands): HPA CSG ACG Total Balance as of April 2, 2022 (1) $ 501,899 $ 539,875 $ 1,733,860 $ 2,775,634 NextInput measurement period adjustments — 572 — 572 United SiC measurement period adjustments 95 — — 95 Effect of changes in foreign currency exchange rates — (19,177) — (19,177) Balance as of October 1, 2022 (1) $ 501,994 $ 521,270 $ 1,733,860 $ 2,757,124 (1) The Company’s goodwill balance is presented net of accumulated impairment losses and write-offs totaling $669.6 million, which were recognized in fiscal years 2009, 2013, 2014 and 2022. The following summarizes information regarding the gross carrying amounts and accumulated amortization of intangible assets (in thousands): October 1, 2022 April 2, 2022 Gross Accumulated Gross Accumulated Developed technology $ 844,432 $ 315,968 $ 1,026,690 $ 420,255 Customer relationships 103,616 56,835 104,778 47,208 Technology licenses 968 304 2,641 2,169 Trade names 818 469 1,933 1,358 In-process research and development 9,602 N/A 9,734 N/A Total (1) $ 959,436 $ 373,576 $ 1,145,776 $ 470,990 (1) Amounts include the impact of foreign currency translation. At the beginning of each fiscal year, the Company removes the gross asset and accumulated amortization amounts of intangible assets that have reached the end of their useful lives and have been fully amortized. Useful lives are estimated based on the expected economic benefit to be derived from the intangible assets. |
Investments and Fair Value of F
Investments and Fair Value of Financial Instruments | 6 Months Ended |
Oct. 01, 2022 | |
Investments and Fair Value Measurements [Abstract] | |
INVESTMENTS AND FAIR VALUE MEASUREMENTS | INVESTMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS Equity Method Investments The Company invests in limited partnerships and accounts for these investments using the equity method. The carrying amounts of these investments, as of October 1, 2022 and April 2, 2022, were $25.5 million and $27.1 million, respectively, and are classified as "Long-term investments" in the Condensed Consolidated Balance Sheets. During the three and six months ended October 1, 2022, the Company recorded a gain of $1.2 million and $0.4 million, respectively, based on its share of the limited partnerships' earnings. During the three and six months ended October 2, 2021, the Company recorded income of $1.5 million and $16.0 million, respectively, based on its share of the limited partnerships' earnings. These amounts are included in "Other income (expense), net" in the Condensed Consolidated Statements of Income. No cash distributions were received during the three months ended October 1, 2022 and $2.0 million of cash distributions were received during the six months ended October 1, 2022. During the three and six months ended October 2, 2021, the Company received cash distributions of $9.6 million and $13.5 million, respectively, from these equity method investments. The cash distributions were recognized as reductions to the carrying value of the investments and included in the cash flows from investing activities in the Condensed Consolidated Statements of Cash Flows. Fair Value of Financial Instruments The fair value of the financial assets and liabilities measured on a recurring basis was determined using the following levels of inputs (in thousands): Total Quoted Prices In Significant Other Significant October 1, 2022 Marketable equity securities $ 2,116 $ 2,116 $ — $ — Invested funds in deferred compensation plan (1) 34,068 34,068 — — Contingent earn-out liability (2) (28,325) — — (28,325) April 2, 2022 Marketable equity securities $ 2,906 $ 2,906 $ — $ — Invested funds in deferred compensation plan (1) 39,356 39,356 — — Contingent earn-out liability (2) (17,600) — — (17,600) (1) Invested funds under the Company's non-qualified deferred compensation plan are held in a rabbi trust and consist of mutual funds. The fair value of the mutual funds is calculated using the net asset value per share determined by quoted active market prices of the underlying investments. (2) The Company recorded a contingent earn-out liability in conjunction with the acquisition of United SiC (refer to Note 3). The fair value of this liability is estimated using an option pricing model. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Oct. 01, 2022 | |
Debt Disclosure [Abstract] | |
DEBT | LONG-TERM DEBT Long-term debt is as follows (in thousands): October 1, 2022 April 2, 2022 1.750% senior notes due 2024 $ 500,000 $ 500,000 4.375% senior notes due 2029 850,000 850,000 3.375% senior notes due 2031 700,000 700,000 Finance leases and other 1,975 2,581 Unamortized premium, discount and issuance costs, net (4,006) (4,692) Less current portion of long-term debt (571) (791) Total long-term debt $ 2,047,398 $ 2,047,098 Credit Agreement On September 29, 2020, the Company and certain of its U.S. subsidiaries (the "Guarantors") entered into a five-year unsecured senior credit facility pursuant to a credit agreement (as amended, restated, modified or otherwise supplemented from time to time, the "Credit Agreement") with Bank of America, N.A., acting as administrative agent, and a syndicate of lenders. The Credit Agreement amended and restated the previous credit agreement dated as of December 5, 2017. The Credit Agreement includes a senior revolving line of credit (the "Revolving Facility") of up to $300.0 million and included a senior term loan of $200.0 million (collectively the "Credit Facility") which was fully repaid in fiscal 2022. On April 6, 2022, the Company and the administrative agent entered into an amendment to the Credit Agreement (the "LIBOR Transition Amendment") to replace the London Interbank Offered Rate as a reference rate available for use in the computation of interest under the Credit Agreement. As a result of the LIBOR Transition Amendment, at the Company’s option, loans under the Credit Agreement will bear interest at (i) the Applicable Rate (as defined in the Credit Agreement) plus the Term SOFR (as defined in the Credit Agreement) or (ii) the Applicable Rate plus a rate equal to the highest of (a) the federal funds rate plus 0.50%, (b) the prime rate as set by the administrative agent, and (c) the Term SOFR plus 1.0% (the "Base Rate"). All swing line loans will bear interest at a rate equal to the Applicable Rate plus the Base Rate. The Term SOFR is the rate per annum equal to the forward-looking Secured Overnight Financing Rate term rate for interest periods of one, three or six months (as selected by the Company) plus an adjustment (as defined in the Credit Agreement). The Applicable Rate for Term SOFR loans ranges from 1.000% per annum to 1.250% per annum, and the Applicable Rate for Base Rate loans ranges from 0.000% per annum to 0.250% per annum. Undrawn amounts under the Credit Facility are subject to a commitment fee ranging from 0.150% to 0.200%. During the three and six months ended October 1, 2022, there were no borrowings under the Revolving Facility. Senior Notes due 2024 On December 14, 2021 , the Company issued $500.0 million aggregate principal amount of its 1.750% senior notes due 2024 (the "2024 Notes"). The 2024 Notes will mature on December 15, 2024, unless earlier redeemed in accordance with their terms. The 2024 Notes are senior unsecured obligations of the Company and are guaranteed, jointly and severally, by the Guarantors. The 2024 Notes were issued pursuant to an indenture, dated as of December 14, 2021 (the "2021 Indenture"), by and among the Company, the Guarantors and Computershare Trust Company, N.A., as trustee. The 2021 Indenture contains customary events of default, including payment default, exchange default, failure to provide certain notices thereunder and certain provisions related to bankruptcy events. The 2021 Indenture also contains customary negative covenants. Interest is payable on the 2024 Notes on June 15 and December 15 of each year. The Company paid no interest on the 2024 Notes during the three months ended October 1, 2022, and paid interest of $4.4 million during the six months ended October 1, 2022. Senior Notes due 2029 On September 30, 2019, the Company issued $350.0 million aggregate principal amount of its 4.375% senior notes due 2029 (the "Initial 2029 Notes"). On December 20, 2019, and June 11, 2020, the Company issued an additional $200.0 million and $300.0 million, respectively, aggregate principal amount of such note s (together, the "Additional 2029 Notes" and together with the Initial 2029 Notes, the "2029 Notes"). The 2029 Notes will mature on October 15, 2029, unless earlier redeemed in accordance with their terms. The 2029 Notes are senior unsecured obligations of the Company and are guaranteed, jointly and severally, by the Guarantors. The Initial 2029 Notes were issued pursuant to an indenture, dated as of September 30, 2019, by and among the Company, the Guarantors and MUFG Union Bank, N.A., as trustee, and the Additional 2029 Notes were issued pursuant to supplemental indentures, dated as of December 20, 2019, and June 11, 2020 (such indenture and supplemental indentures, collectively, the "2019 Indenture"). The 2019 Indenture contains substantially the same customary events of default and negative covenants as the 2021 Indenture. Interest is payable on the 2029 Notes on April 15 and October 15 of each year. The Company paid no interest on the 2029 Notes during the three months ended October 1, 2022 and October 2, 2021, and paid interest of $18.6 million during both the six months ended October 1, 2022 and October 2, 2021. Senior Notes due 2031 On September 29, 2020, the Company issued $700.0 million aggregate principal amount of its 3.375% senior notes due 2031 (the "2031 Notes"). The 2031 Notes will mature on April 1, 2031, unless earlier redeemed in accordance with their terms. The 2031 Notes are senior unsecured obligations of the Company and are guaranteed, jointly and severally, by the Guarantors. The 2031 Notes were issued pursuant to an indenture, dated as of September 29, 2020, by and among the Company, the Guarantors and MUFG Union Bank, N.A., as trustee (the "2020 Indenture"). The 2020 Indenture contains the same customary events of default and negative covenants as the 2021 I ndenture. Interest is payable on the 2031 Notes on April 1 and October 1 of each year. The Company paid interest of $11.8 million on the 2031 Notes during the three and six months ended October 1, 2022 and October 2, 2021. Fair Value of Long-Term Debt The Company's debt is carried at amortized cost and is measured at fair value quarterly for disclosure purposes. The estimated fair value of the 2024 Notes, the 2029 Notes and the 2031 Notes as of October 1, 2022 was $458.1 million, $738.8 million and $524.6 million, respectively (compared to the outstanding principal amount of $500.0 million, $850.0 million and $700.0 million, respectively). The estimated fair value of the 2024 Notes, the 2029 Notes and the 2031 Notes as of April 2, 2022 was $476.9 million, $852.6 million and $638.6 million, respectively (compared to the outstanding principal amount of $500.0 million, $850.0 million and $700.0 million, respectively). The Company considers its debt to be Level 2 in the fair value hierarchy. Fair values are estimated based on quoted market prices for identical or similar instruments. The 2024 Notes, the 2029 Notes and the 2031 Notes currently trade over-the-counter, and the fair values were estimated based upon the value of the last trade at the end of the period. Interest Expense During the three and six months ended October 1, 2022, the Company recognized total interest expense of $17.9 million and $36.1 million, re spectively, primarily related to the 2024 Notes, the 2029 Notes and the 2031 Notes, partially offset by interest capitalized to property and equipment of $1.0 million and $2.0 million, respectively. During the three and six months ended October 2, 2021, the Company recognized total interest expense of $16.2 million and $32.5 million, respectively, primarily related to the 2029 Notes and the 2031 Notes, partially offset by interest capitalized to property and equipment of $0.9 million and $1.9 million, respectively. |
Stock Repurchases
Stock Repurchases | 6 Months Ended |
Oct. 01, 2022 | |
Equity [Abstract] | |
STOCK REPURCHASES | STOCK REPURCHASES On May 5, 2021, the Company announced that its Board of Directors authorized a new share repurchase program to repurchase up to $2.0 billion of the Company's outstanding common stock, which included approximately $236.9 million authorized under a prior program terminated concurrent with the new authorization. Under this program, share repurchases are made in accordance with applicable securities laws on the open market or in privately negotiated transactions. The extent to which the Company repurchases its shares, the number of shares and the timing of any repurchases depends on general market conditions, regulatory requirements, alternative investment opportunities and other considerations. The program does not require the Company to repurchase a minimum number of shares, does not have a fixed term, and may be modified, suspended, or terminated at any time without prior notice. During the three and six months ended October 1, 2022, the Company repurchased approximately 1.7 million and 4.9 million shares of its common stock for approximately $160.1 million and $510.1 million, respectively (including transaction costs) under the share repurchase program. As of October 1, 2022, approximately $351.6 million remains available for repurchases under the share repurchase program. During the three and six months ended October 2, 2021, the Company repurchased approximately 1.2 million and 2.9 million shares, respectively, of its common stock for approximately $223.4 million and $523.4 million, respectively (including transaction costs). |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 6 Months Ended |
Oct. 01, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENT LIABILITIES Purchase Obligations Amidst ongoing industry-wide supply constraints, the Company entered into a long-term capacity reservation agreement with a foundry supplier during the second quarter of fiscal 2022. Under this agreement, the Company was required to purchase, and the foundry supplier was required to supply, a certain number of wafers (at predetermined sales prices) for calendar years 2022 through 2025. In connection with this agreement, the Company paid a refundable deposit (which was recorded in "Other non-current assets" in the Condensed Consolidated Balance Sheets), and if the purchase commitments per the agreement were not met, under certain circumstances the supplier could deduct the amount of the purchase shortfall from the prepaid refundable deposit at the end of each calendar year. During fiscal 2023, the Company has experienced unexpectedly weakened demand for 5G handsets in China and EMEA due to unprecedented disruption resulting from measures taken in China to control the COVID-19 pandemic and the conflict in Ukraine. As a result, the Company did not meet the minimum purchase commitments under this long-term capacity reservation agreement. In the first quarter of fiscal 2023, the purchase shortfall resulted in an impairment to the prepaid refundable deposit of approximately $13.0 million and additional reserves of approximately $11.0 million for inventory in excess of demand forecasts were recorded. Additionally, the Company assessed the future minimum purchase commitments over the remaining term of the agreement and recorded an estimated shortfall of $86.0 million, of which $8.0 million was recorded in "Other current liabilities" and $78.0 million was recorded in "Other long-term liabilities" in accordance with Accounting Standards Codification ("ASC") 330, " Inventory. " These transactions resulted in a total increase to cost of goods sold of $110.0 million in the first quarter of fiscal 2023. In October 2022, the Company renegotiated the terms of the agreement with the foundry supplier, which included extending the duration of the agreement through calendar year 2026. The Company believes that the amended agreement more closely aligns the contractual purchase commitments with forecasted demand. As a result of the amended agreement, in the second quarter of fiscal 2023, the Company recorded an impairment to the prepaid refundable deposit of approximately $38.0 million and additional reserves of approximately $5.0 million for inventory in excess of demand forecasts, which reduced the estimated shortfall liability that was previously recorded, by $43.0 million. Therefore, the amended agreement did not impact the income statement in the second quarter of fiscal 2023. In performing this assessment, the Company considered Company-specific forecasts, legal obligations, macroeconomic and geopolitical factors as well as market and industry trends. These factors include significant management judgment and estimates and, to the extent that these assumptions are incorrect or there are further declines in management's demand forecasts, additional charges may be recorded in future periods. Legal Matters The Company is involved in various legal proceedings and claims that have arisen in the ordinary course of business that have not been fully adjudicated. The Company accrues a liability for legal contingencies when it believes that it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company regularly evaluates developments in its legal matters that could affect the amount of the previously accrued liability and records adjustments as appropriate. Although it is not possible to predict with certainty the outcome of the unresolved legal matters, it is the opinion of management that these matters will not, individually or in the aggregate, have a material adverse effect on the Company’s consolidated financial position or results of operations. The aggregate range of reasonably possible losses in excess of accrued liabilities, if any, associated with these unresolved legal matters is not material. |
Revenue
Revenue | 6 Months Ended |
Oct. 01, 2022 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE The following table presents the Company's revenue disaggregated by geography, based on the location of the customers' headquarters (in thousands): Three Months Ended Six Months Ended October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 United States $ 615,007 $ 560,992 $ 1,011,038 $ 880,173 China 221,737 418,263 505,213 954,200 Other Asia 126,360 119,488 318,688 228,766 Taiwan 130,463 92,067 221,635 177,281 Europe 64,490 64,438 136,841 125,179 Total revenue $ 1,158,057 $ 1,255,248 $ 2,193,415 $ 2,365,599 The Company also disaggregates revenue by operating segments (refer to Note 10). |
Operating Segment Information
Operating Segment Information | 6 Months Ended |
Oct. 01, 2022 | |
Segment Reporting [Abstract] | |
OPERATING SEGMENT INFORMATION | OPERATING SEGMENT INFORMATION In the second quarter of fiscal 2023, the Company updated its organizational structure from two operating segments (Mobile Products and Infrastructure and Defense Products) to three operating segments (High Performance Analog ("HPA"), Connectivity and Sensors Group ("CSG") and Advanced Cellular Group ("ACG")), in order to more closely align similar technologies and applications with customers and end markets. The Company manages its three operating segments, which are also its reportable segments, based on the end markets and applications they support. The Company's Chief Executive Officer, who is also the Company's chief operating decision maker ("CODM"), allocates resources and evaluates the performance of each of the three operating segments primarily based on operating income. All prior-period segment data has been retrospectively adjusted to reflect these three operating segments. HPA is a leading global supplier of RF and power management solutions for infrastructure, defense and aerospace, automotive power and other markets. HPA leverages a diverse portfolio of differentiated technologies and products to support multiyear drivers, including electrification, renewable energy, the increasing semiconductor spend in defense and 5G deployments outside of China. CSG is a leading global supplier of connectivity and sensor components and systems featuring multiple technologies including UWB, Matter ® , Bluetooth ® Low Energy, Zigbee ® , Thread ® , Wi-Fi ® , cellular IoT and MEMS-/BAW-based sensors. CSG combines the connectivity and sensors businesses formerly split between Mobile Products and Infrastructure and Defense Products. CSG’s markets include smart home, automotive connectivity, industrial automation, smartphones, wearables, gaming and other high-growth IoT connectivity and healthcare markets. ACG is a leading global supplier of cellular RF solutions for a variety of devices, primarily smartphones, wearables, laptops and tablets. ACG leverages world-class technology, systems-level expertise and product portfolio breadth to deliver high performance cellular products to the world's leading smartphone and consumer electronics companies. It is a highly diversified supplier of custom and open market cellular solutions, with broad reach across iOS and Android original equipment manufacturers. The "All other" category includes operating expenses such as stock-based compensation expense, amortization of intangible assets, acquisition and integration related costs, charges associated with a long-term capacity reservation agreement, restructuring related charges, gain (loss) on sale of fixed assets, start-up costs and other miscellaneous corporate overhead expenses that the Company does not allocate to its reportable segments because these expenses are not included in the segment operating performance measures evaluated by the Company’s CODM. The CODM does not evaluate operating segments using discrete asset information. The Company’s operating segments do not record intercompany revenue. The Company does not allocate gains and losses from equity investments, interest expense, other (expense) income, or taxes to operating segments. Except as discussed above regarding the "All other" category, the Company’s accounting policies for segment reporting are the same as for the Company as a whole. The following tables present details of the Company’s operating and reportable segments and a reconciliation of the "All other" category (in thousands): Three Months Ended Six Months Ended October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 Revenue: HPA $ 228,132 $ 155,206 $ 439,083 $ 314,966 CSG 143,329 177,529 295,644 367,612 ACG 786,596 922,513 1,458,688 1,683,021 Total revenue $ 1,158,057 $ 1,255,248 $ 2,193,415 $ 2,365,599 Operating income (loss): HPA $ 80,512 $ 36,681 $ 151,266 $ 84,002 CSG (10,019) 22,950 1,219 56,178 ACG 267,204 375,787 469,577 662,267 All other (76,135) (73,058) (258,641) (142,985) Operating income 261,562 362,360 363,421 659,462 Interest expense (16,904) (15,327) (34,156) (30,606) Other income (expense), net 2,214 4,754 (2,848) 21,545 Income before income taxes $ 246,872 $ 351,787 $ 326,417 $ 650,401 Three Months Ended Six Months Ended October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 Reconciliation of "All other" category: Stock-based compensation expense $ (31,789) $ (28,691) $ (67,203) $ (53,929) Amortization of intangible assets (32,787) (36,577) (66,439) (73,800) Acquisition and integration related costs (8,642) (6,040) (14,950) (10,033) Charges associated with a long-term capacity reservation agreement (1) — — (110,000) — Other (2,917) (1,750) (49) (5,223) Loss from operations for "All other" $ (76,135) $ (73,058) $ (258,641) $ (142,985) (1) Refer to Note 8 for additional information. |
Income Taxes
Income Taxes | 6 Months Ended |
Oct. 01, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company’s income tax expense was $58.3 million and $68.9 million for the three and six months ended October 1, 2022, respectively, and $32.6 million and $45.6 million, for the three and six months ended October 2, 2021, respectively. The Company’s effective tax rate was 23.6% and 21.1% for the three and six months ended October 1, 2022, respectively, and 9.3% and 7.0% for the three and six months ended October 2, 2021, respectively. The Company's effective tax rate for the three and six months ended October 1, 2022 differed from the statutory rate primarily due to tax rate differences in foreign jurisdictions, global intangible low tax income ("GILTI"), domestic tax credits generated and discrete tax items recorded during the period. A discrete tax expense of $6.7 million and a discrete tax benefit of $12.6 million was recorded for the three and six months ended October 1, 2022. The discrete tax expense for the three months ended October 1, 2022 primarily resulted from foreign currency gains recognized for tax purposes. The discrete tax benefit for the six months ended October 1, 2022 primarily resulted from certain charges associated with a long-term capacity reservation agreement (refer to Note 8 for further information). |
Net Income Per Share
Net Income Per Share | 6 Months Ended |
Oct. 01, 2022 | |
Earnings Per Share [Abstract] | |
NET INCOME PER SHARE | NET INCOME PER SHARE The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share data): Three Months Ended Six Months Ended October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 Numerator: Numerator for basic and diluted net income per share — net income available to common stockholders $ 188,615 $ 319,189 $ 257,499 $ 604,815 Denominator: Denominator for basic net income per share — weighted average shares 102,927 111,035 103,991 111,476 Effect of dilutive securities: Stock-based awards 747 1,376 826 1,612 Denominator for diluted net income per share — adjusted weighted average shares and assumed conversions 103,674 112,411 104,817 113,088 Basic net income per share $ 1.83 $ 2.87 $ 2.48 $ 5.43 Diluted net income per share $ 1.82 $ 2.84 $ 2.46 $ 5.35 In the computation of diluted net income per share for the three and six months ended October 1, 2022, approximately 1.0 million and 0.7 million shares of outstanding stock-based awards were excluded because the effect of their inclusion would have been anti-dilutive. An immaterial number of the Company's outstanding stock-based awards was excluded from the computation of diluted net income per share for the three and six months ended October 2, 2021. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Oct. 01, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Event [Text Block] | SUBSEQUENT EVENTOn November 2, 2022, the Company announced that its Board of Directors authorized a new share repurchase program to repurchase up to $2.0 billion of the Company's outstanding common stock, which includes the remaining authorized dollar amount under the prior program which was terminated concurrent with the new authorization. Under this new program, share repurchases will be made in accordance with applicable securities laws on the open market or in privately negotiated transactions. The extent to which the Company repurchases its shares, the number of shares and the timing of any repurchases will depend on general market conditions, regulatory requirements, alternative investment opportunities and other considerations. The program does not require the Company to repurchase a minimum number of shares, does not have a fixed term, and may be modified, suspended, or terminated at any time without prior notice. |
Long-Term Debt Fair Value of De
Long-Term Debt Fair Value of Debt (Policies) | 6 Months Ended |
Oct. 01, 2022 | |
Debt Disclosure [Abstract] | |
Fair value of debt [Policy Text Block] | The Company's debt is carried at amortized cost and is measured at fair value quarterly for disclosure purposes. The estimated fair value of the 2024 Notes, the 2029 Notes and the 2031 Notes as of October 1, 2022 was $458.1 million, $738.8 million and $524.6 million, respectively (compared to the outstanding principal amount of $500.0 million, $850.0 million and $700.0 million, respectively). The estimated fair value of the 2024 Notes, the 2029 Notes and the 2031 Notes as of April 2, 2022 was $476.9 million, $852.6 million and $638.6 million, respectively (compared to the outstanding principal amount of $500.0 million, $850.0 million and $700.0 million, respectively). The Company considers its debt to be Level 2 in the fair value hierarchy. Fair values are estimated based on quoted market prices for identical or similar instruments. The 2024 Notes, the 2029 Notes and the 2031 Notes currently trade over-the-counter, and the fair values were estimated based upon the value of the last trade at the end of the period. |
Operating Segment Information S
Operating Segment Information Segment Policy (Policies) | 6 Months Ended |
Oct. 01, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | In the second quarter of fiscal 2023, the Company updated its organizational structure from two operating segments (Mobile Products and Infrastructure and Defense Products) to three operating segments (High Performance Analog ("HPA"), Connectivity and Sensors Group ("CSG") and Advanced Cellular Group ("ACG")), in order to more closely align similar technologies and applications with customers and end markets. The Company manages its three operating segments, which are also its reportable segments, based on the end markets and applications they support. The Company's Chief Executive Officer, who is also the Company's chief operating decision maker ("CODM"), allocates resources and evaluates the performance of each of the three operating segments primarily based on operating income. All prior-period segment data has been retrospectively adjusted to reflect these three operating segments. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Oct. 01, 2022 | |
Inventory Disclosure [Abstract] | |
Components of inventories | The components of inventories, net of reserves, are as follows (in thousands): October 1, 2022 April 2, 2022 Raw materials $ 273,074 $ 236,095 Work in process 396,015 357,332 Finished goods 171,761 162,321 Total inventories $ 840,850 $ 755,748 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Oct. 01, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | The changes in the carrying amount of goodwill are as follows (in thousands): HPA CSG ACG Total Balance as of April 2, 2022 (1) $ 501,899 $ 539,875 $ 1,733,860 $ 2,775,634 NextInput measurement period adjustments — 572 — 572 United SiC measurement period adjustments 95 — — 95 Effect of changes in foreign currency exchange rates — (19,177) — (19,177) Balance as of October 1, 2022 (1) $ 501,994 $ 521,270 $ 1,733,860 $ 2,757,124 (1) The Company’s goodwill balance is presented net of accumulated impairment losses and write-offs totaling $669.6 million, which were recognized in fiscal years 2009, 2013, 2014 and 2022. |
Schedule of finite-lived and indefinite-lived intangible assets [Table Text Block] | The following summarizes information regarding the gross carrying amounts and accumulated amortization of intangible assets (in thousands): October 1, 2022 April 2, 2022 Gross Accumulated Gross Accumulated Developed technology $ 844,432 $ 315,968 $ 1,026,690 $ 420,255 Customer relationships 103,616 56,835 104,778 47,208 Technology licenses 968 304 2,641 2,169 Trade names 818 469 1,933 1,358 In-process research and development 9,602 N/A 9,734 N/A Total (1) $ 959,436 $ 373,576 $ 1,145,776 $ 470,990 (1) Amounts include the impact of foreign currency translation. |
Investments and Fair Value of_2
Investments and Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Oct. 01, 2022 | |
Investments and Fair Value Measurements [Abstract] | |
Fair value of the financial assets measured at fair value on a recurring basis | The fair value of the financial assets and liabilities measured on a recurring basis was determined using the following levels of inputs (in thousands): Total Quoted Prices In Significant Other Significant October 1, 2022 Marketable equity securities $ 2,116 $ 2,116 $ — $ — Invested funds in deferred compensation plan (1) 34,068 34,068 — — Contingent earn-out liability (2) (28,325) — — (28,325) April 2, 2022 Marketable equity securities $ 2,906 $ 2,906 $ — $ — Invested funds in deferred compensation plan (1) 39,356 39,356 — — Contingent earn-out liability (2) (17,600) — — (17,600) (1) Invested funds under the Company's non-qualified deferred compensation plan are held in a rabbi trust and consist of mutual funds. The fair value of the mutual funds is calculated using the net asset value per share determined by quoted active market prices of the underlying investments. (2) The Company recorded a contingent earn-out liability in conjunction with the acquisition of United SiC (refer to Note 3). The fair value of this liability is estimated using an option pricing model. |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Oct. 01, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt is as follows (in thousands): October 1, 2022 April 2, 2022 1.750% senior notes due 2024 $ 500,000 $ 500,000 4.375% senior notes due 2029 850,000 850,000 3.375% senior notes due 2031 700,000 700,000 Finance leases and other 1,975 2,581 Unamortized premium, discount and issuance costs, net (4,006) (4,692) Less current portion of long-term debt (571) (791) Total long-term debt $ 2,047,398 $ 2,047,098 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Oct. 01, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents the Company's revenue disaggregated by geography, based on the location of the customers' headquarters (in thousands): Three Months Ended Six Months Ended October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 United States $ 615,007 $ 560,992 $ 1,011,038 $ 880,173 China 221,737 418,263 505,213 954,200 Other Asia 126,360 119,488 318,688 228,766 Taiwan 130,463 92,067 221,635 177,281 Europe 64,490 64,438 136,841 125,179 Total revenue $ 1,158,057 $ 1,255,248 $ 2,193,415 $ 2,365,599 |
Operating Segment Information (
Operating Segment Information (Tables) | 6 Months Ended |
Oct. 01, 2022 | |
Segment Reporting [Abstract] | |
Summary of details of reportable segments | The following tables present details of the Company’s operating and reportable segments and a reconciliation of the "All other" category (in thousands): Three Months Ended Six Months Ended October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 Revenue: HPA $ 228,132 $ 155,206 $ 439,083 $ 314,966 CSG 143,329 177,529 295,644 367,612 ACG 786,596 922,513 1,458,688 1,683,021 Total revenue $ 1,158,057 $ 1,255,248 $ 2,193,415 $ 2,365,599 Operating income (loss): HPA $ 80,512 $ 36,681 $ 151,266 $ 84,002 CSG (10,019) 22,950 1,219 56,178 ACG 267,204 375,787 469,577 662,267 All other (76,135) (73,058) (258,641) (142,985) Operating income 261,562 362,360 363,421 659,462 Interest expense (16,904) (15,327) (34,156) (30,606) Other income (expense), net 2,214 4,754 (2,848) 21,545 Income before income taxes $ 246,872 $ 351,787 $ 326,417 $ 650,401 |
Summary of reconciliation of "All other" category | Three Months Ended Six Months Ended October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 Reconciliation of "All other" category: Stock-based compensation expense $ (31,789) $ (28,691) $ (67,203) $ (53,929) Amortization of intangible assets (32,787) (36,577) (66,439) (73,800) Acquisition and integration related costs (8,642) (6,040) (14,950) (10,033) Charges associated with a long-term capacity reservation agreement (1) — — (110,000) — Other (2,917) (1,750) (49) (5,223) Loss from operations for "All other" $ (76,135) $ (73,058) $ (258,641) $ (142,985) |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 6 Months Ended |
Oct. 01, 2022 | |
Earnings Per Share [Abstract] | |
Reconciliation of the numerators and denominators in the computation of basic and diluted net loss per share | The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share data): Three Months Ended Six Months Ended October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 Numerator: Numerator for basic and diluted net income per share — net income available to common stockholders $ 188,615 $ 319,189 $ 257,499 $ 604,815 Denominator: Denominator for basic net income per share — weighted average shares 102,927 111,035 103,991 111,476 Effect of dilutive securities: Stock-based awards 747 1,376 826 1,612 Denominator for diluted net income per share — adjusted weighted average shares and assumed conversions 103,674 112,411 104,817 113,088 Basic net income per share $ 1.83 $ 2.87 $ 2.48 $ 5.43 Diluted net income per share $ 1.82 $ 2.84 $ 2.46 $ 5.35 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Oct. 01, 2022 | Apr. 02, 2022 |
Components of inventories | ||
Raw materials | $ 273,074 | $ 236,095 |
Work in process | 396,015 | 357,332 |
Finished goods | 171,761 | 162,321 |
Total inventories | $ 840,850 | $ 755,748 |
Business Acquisition Narrative
Business Acquisition Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | ||||
Oct. 19, 2021 | Apr. 05, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | Apr. 02, 2022 | |
Business Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 95 | $ 166,818 | |||
Goodwill | 2,757,124 | $ 2,775,634 | |||
NextInput | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Consideration Transferred | $ 173,300 | ||||
Goodwill, Purchase Accounting Adjustments | 572 | ||||
United Silicon Carbide | |||||
Business Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Gross | $ 227,200 | ||||
Business Combination, Consideration Transferred | 236,700 | ||||
Goodwill, Purchase Accounting Adjustments | 95 | ||||
Business Combination, Contingent Consideration, Liability, Noncurrent | 9,500 | $ 28,300 | $ 17,600 | ||
United Silicon Carbide | Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Contingent Consideration, Liability | $ 31,300 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Apr. 02, 2022 | |
Goodwill and Intangible Assets [Line Items] | |||
Intangible assets amortization | $ 66,539 | $ 74,022 | |
Goodwill | 2,757,124 | $ 2,775,634 | |
Goodwill, Accumulated impairment losses and write-offs | 669,600 | 669,600 | |
Accumulated Amortization | 373,576 | 470,990 | |
Goodwill, Foreign Currency Translation Gain (Loss) | (19,177) | ||
Gross Carrying Amount | 959,436 | 1,145,776 | |
Technology licenses | |||
Goodwill and Intangible Assets [Line Items] | |||
Gross Carrying Amount | 968 | 2,641 | |
Accumulated Amortization | 304 | 2,169 | |
Trade Names | |||
Goodwill and Intangible Assets [Line Items] | |||
Gross Carrying Amount | 818 | 1,933 | |
Accumulated Amortization | 469 | 1,358 | |
Developed Technology | |||
Goodwill and Intangible Assets [Line Items] | |||
Gross Carrying Amount | 844,432 | 1,026,690 | |
Accumulated Amortization | 315,968 | 420,255 | |
Customer Relationships | |||
Goodwill and Intangible Assets [Line Items] | |||
Gross Carrying Amount | 103,616 | 104,778 | |
Accumulated Amortization | 56,835 | 47,208 | |
In-process research and development | |||
Goodwill and Intangible Assets [Line Items] | |||
IPRD | 9,602 | 9,734 | |
HPA | |||
Goodwill and Intangible Assets [Line Items] | |||
Goodwill | 501,994 | 501,899 | |
Goodwill, Foreign Currency Translation Gain (Loss) | 0 | ||
CSG | |||
Goodwill and Intangible Assets [Line Items] | |||
Goodwill | 521,270 | 539,875 | |
Goodwill, Foreign Currency Translation Gain (Loss) | (19,177) | ||
ACG | |||
Goodwill and Intangible Assets [Line Items] | |||
Goodwill | 1,733,860 | $ 1,733,860 | |
Goodwill, Foreign Currency Translation Gain (Loss) | 0 | ||
NextInput | |||
Goodwill and Intangible Assets [Line Items] | |||
Goodwill, Purchase Accounting Adjustments | 572 | ||
NextInput | HPA | |||
Goodwill and Intangible Assets [Line Items] | |||
Goodwill, Purchase Accounting Adjustments | 0 | ||
NextInput | CSG | |||
Goodwill and Intangible Assets [Line Items] | |||
Goodwill, Purchase Accounting Adjustments | 572 | ||
NextInput | ACG | |||
Goodwill and Intangible Assets [Line Items] | |||
Goodwill, Purchase Accounting Adjustments | 0 | ||
United Silicon Carbide | |||
Goodwill and Intangible Assets [Line Items] | |||
Goodwill, Purchase Accounting Adjustments | 95 | ||
United Silicon Carbide | HPA | |||
Goodwill and Intangible Assets [Line Items] | |||
Goodwill, Purchase Accounting Adjustments | 95 | ||
United Silicon Carbide | CSG | |||
Goodwill and Intangible Assets [Line Items] | |||
Goodwill, Purchase Accounting Adjustments | 0 | ||
United Silicon Carbide | ACG | |||
Goodwill and Intangible Assets [Line Items] | |||
Goodwill, Purchase Accounting Adjustments | $ 0 |
Investments and Fair Value of_3
Investments and Fair Value of Financial Instruments (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | Apr. 02, 2022 | Oct. 19, 2021 | |
Investments and Fair Value of Financial Instruments | ||||||
Document Period End Date | Oct. 01, 2022 | |||||
Equity Method Investments | $ 25,500,000 | $ 25,500,000 | $ 27,100,000 | |||
Proceeds from Limited Partnership Investments | 0 | $ 9,600,000 | 2,000,000 | $ 13,500,000 | ||
Gain (Loss) on Investments | 1,200,000 | $ 1,500,000 | 400,000 | $ 16,000,000 | ||
United Silicon Carbide | ||||||
Investments and Fair Value of Financial Instruments | ||||||
Business Combination, Contingent Consideration, Liability, Noncurrent | (28,300,000) | (28,300,000) | (17,600,000) | $ (9,500,000) | ||
Fair Value, Recurring [Member] | United Silicon Carbide | ||||||
Investments and Fair Value of Financial Instruments | ||||||
Business Combination, Contingent Consideration, Liability, Noncurrent | (28,325,000) | (28,325,000) | (17,600,000) | |||
Fair Value, Recurring [Member] | Equity Securities | ||||||
Investments and Fair Value of Financial Instruments | ||||||
Marketable Securities | 2,116,000 | 2,116,000 | 2,906,000 | |||
Fair Value, Recurring [Member] | Mutual Fund | ||||||
Investments and Fair Value of Financial Instruments | ||||||
Deferred Compensation Plan Assets | 34,068,000 | 34,068,000 | 39,356,000 | |||
Quoted Prices In Active Markets For Identical Assets (Level 1) | Fair Value, Recurring [Member] | United Silicon Carbide | ||||||
Investments and Fair Value of Financial Instruments | ||||||
Business Combination, Contingent Consideration, Liability, Noncurrent | 0 | 0 | 0 | |||
Quoted Prices In Active Markets For Identical Assets (Level 1) | Fair Value, Recurring [Member] | Equity Securities | ||||||
Investments and Fair Value of Financial Instruments | ||||||
Marketable Securities | 2,116,000 | 2,116,000 | 2,906,000 | |||
Quoted Prices In Active Markets For Identical Assets (Level 1) | Fair Value, Recurring [Member] | Mutual Fund | ||||||
Investments and Fair Value of Financial Instruments | ||||||
Deferred Compensation Plan Assets | 34,068,000 | 34,068,000 | 39,356,000 | |||
Significant Other Observable Inputs (Level 2) | Fair Value, Recurring [Member] | United Silicon Carbide | ||||||
Investments and Fair Value of Financial Instruments | ||||||
Business Combination, Contingent Consideration, Liability, Noncurrent | 0 | 0 | 0 | |||
Significant Other Observable Inputs (Level 2) | Fair Value, Recurring [Member] | Equity Securities | ||||||
Investments and Fair Value of Financial Instruments | ||||||
Marketable Securities | 0 | 0 | 0 | |||
Significant Other Observable Inputs (Level 2) | Fair Value, Recurring [Member] | Mutual Fund | ||||||
Investments and Fair Value of Financial Instruments | ||||||
Deferred Compensation Plan Assets | 0 | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | United Silicon Carbide | ||||||
Investments and Fair Value of Financial Instruments | ||||||
Business Combination, Contingent Consideration, Liability, Noncurrent | (28,325,000) | (28,325,000) | (17,600,000) | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Equity Securities | ||||||
Investments and Fair Value of Financial Instruments | ||||||
Marketable Securities | 0 | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Mutual Fund | ||||||
Investments and Fair Value of Financial Instruments | ||||||
Deferred Compensation Plan Assets | $ 0 | $ 0 | $ 0 |
Debt (Details)
Debt (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||||
Apr. 06, 2022 | Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | Apr. 02, 2022 | Dec. 14, 2021 | Sep. 29, 2020 | Jun. 11, 2020 | Dec. 20, 2019 | Sep. 30, 2019 | |
Debt Instrument [Line Items] | |||||||||||
Long-term debt | $ 2,047,398,000 | $ 2,047,398,000 | $ 2,047,098,000 | ||||||||
Unamortized premium and issuance costs, net | (4,006,000) | (4,006,000) | (4,692,000) | ||||||||
Long-term Debt, Current Maturities | (571,000) | (571,000) | (791,000) | ||||||||
Interest Expense, Borrowings | 17,900,000 | $ 16,200,000 | $ 32,500,000 | ||||||||
Interest Costs Capitalized | 1,000,000 | 900,000 | 1,900,000 | ||||||||
Interest expense | 16,904,000 | $ 15,327,000 | 34,156,000 | 30,606,000 | |||||||
4.375% senior notes due 2029 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 850,000,000 | 850,000,000 | 850,000,000 | $ 300,000,000 | $ 200,000,000 | $ 350,000,000 | |||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 0 | 11,800,000 | $ 18,600,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.375% | ||||||||||
4.375% senior notes due 2029 | Fair Value, Inputs, Level 2 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt, Fair Value | 738,800,000 | 738,800,000 | 852,600,000 | ||||||||
3.375% Senior Notes due 2031 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 700,000,000 | 700,000,000 | 700,000,000 | $ 700,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.375% | ||||||||||
3.375% Senior Notes due 2031 [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt, Fair Value | 524,600,000 | 524,600,000 | 638,600,000 | ||||||||
Finance leases [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt | 1,975,000 | 1,975,000 | 2,581,000 | ||||||||
Senior Notes Due 2024 1.750% | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 500,000,000 | 500,000,000 | 500,000,000 | $ 500,000,000 | |||||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 0 | 4,400,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.75% | ||||||||||
Senior Notes Due 2024 1.750% | Fair Value, Inputs, Level 2 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt, Fair Value | $ 458,100,000 | 458,100,000 | $ 476,900,000 | ||||||||
Credit Agreement | Federal Funds Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||||||||
Credit Agreement | Base Rate [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1% | ||||||||||
Credit Agreement | Maximum [Member] | Secured Overnight Financing Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.25% | ||||||||||
Credit Agreement | Maximum [Member] | Base Rate [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.25% | ||||||||||
Credit Agreement | Maximum [Member] | Loan Lending Commitment Arrangement Fees [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.20% | ||||||||||
Credit Agreement | Minimum [Member] | Secured Overnight Financing Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1% | ||||||||||
Credit Agreement | Minimum [Member] | Base Rate [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0% | ||||||||||
Credit Agreement | Minimum [Member] | Loan Lending Commitment Arrangement Fees [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.15% | ||||||||||
Term Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | ||||||||||
Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300,000,000 | ||||||||||
Proceeds from Lines of Credit | $ 0 |
Stock Repurchases (Details)
Stock Repurchases (Details) - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | 6 Months Ended | |||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | May 05, 2021 | |
Class of Stock [Line Items] | |||||
Stock Repurchased During Period, Shares | 1.7 | 1.2 | 4.9 | 2.9 | |
Stock Repurchased During Period, Value | $ 160,057 | $ 223,356 | $ 510,099 | $ 523,373 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 351,600 | $ 351,600 | |||
Document Period End Date | Oct. 01, 2022 | ||||
May 2021 Program | |||||
Class of Stock [Line Items] | |||||
Stock Repurchase Program, Authorized Amount | $ 2,000,000 | ||||
October 2019 Program | |||||
Class of Stock [Line Items] | |||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 236,900 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | Apr. 02, 2022 | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |||||
Asset Impairment Charges | $ 13,000 | ||||
Charges associated with a long-term capacity reservation agreement (1) | $ 110,000 | ||||
Inventory Write-down | 11,000 | ||||
Other Liabilities, Current | 142,998 | 142,998 | $ 107,026 | ||
Other Liabilities, Noncurrent | 241,067 | 241,067 | $ 233,629 | ||
Cost of goods sold | 619,130 | $ 633,695 | 1,279,238 | $ 1,197,863 | |
Inventory, Firm Purchase Commitment, Loss | 86,000 | ||||
Loss on Long-Term Purchase Commitment | |||||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||||
Other Liabilities, Current | 8,000 | 8,000 | |||
Other Liabilities, Noncurrent | 78,000 | 78,000 | |||
Capacity reservation agreement with foundry supplier | |||||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||||
Purchase Obligation | $ 800,000 | $ 800,000 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
Disaggregation of Revenue | ||||
Revenues | $ 1,158,057 | $ 1,255,248 | $ 2,193,415 | $ 2,365,599 |
China | ||||
Disaggregation of Revenue | ||||
Revenues | 221,737 | 418,263 | 505,213 | 954,200 |
Taiwan | ||||
Disaggregation of Revenue | ||||
Revenues | 130,463 | 92,067 | 221,635 | 177,281 |
United States | ||||
Disaggregation of Revenue | ||||
Revenues | 615,007 | 560,992 | 1,011,038 | 880,173 |
Europe | ||||
Disaggregation of Revenue | ||||
Revenues | 64,490 | 64,438 | 136,841 | 125,179 |
Other Asia | ||||
Disaggregation of Revenue | ||||
Revenues | $ 126,360 | $ 119,488 | $ 318,688 | $ 228,766 |
Operating Segment Information_2
Operating Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Document Period End Date | Oct. 01, 2022 | |||
Summary of details of reportable segments | ||||
Revenues | $ 1,158,057 | $ 1,255,248 | $ 2,193,415 | $ 2,365,599 |
Income from operations: | ||||
Operating income | 261,562 | 362,360 | 363,421 | 659,462 |
Interest expense | 16,904 | 15,327 | 34,156 | 30,606 |
Other income (expense), net | 2,214 | 4,754 | (2,848) | 21,545 |
Income before income taxes | 246,872 | 351,787 | 326,417 | 650,401 |
Stock-based compensation expense | (67,203) | (53,929) | ||
Amortization of intangible assets | (66,539) | (74,022) | ||
Charges associated with a long-term capacity reservation agreement (1) | 110,000 | |||
Operating Segments | HPA | ||||
Summary of details of reportable segments | ||||
Revenues | 228,132 | 155,206 | 439,083 | 314,966 |
Income from operations: | ||||
Operating income | 80,512 | 36,681 | 151,266 | 84,002 |
Operating Segments | CSG | ||||
Summary of details of reportable segments | ||||
Revenues | 143,329 | 177,529 | 295,644 | 367,612 |
Income from operations: | ||||
Operating income | (10,019) | 22,950 | 1,219 | 56,178 |
Operating Segments | ACG | ||||
Summary of details of reportable segments | ||||
Revenues | 786,596 | 922,513 | 1,458,688 | 1,683,021 |
Income from operations: | ||||
Operating income | 267,204 | 375,787 | 469,577 | 662,267 |
All other | ||||
Income from operations: | ||||
Operating income | (76,135) | (73,058) | (258,641) | (142,985) |
Stock-based compensation expense | (31,789) | (28,691) | (67,203) | (53,929) |
Amortization of intangible assets | (32,787) | (36,577) | (66,439) | (73,800) |
Acquisition and integration related costs | (8,642) | (6,040) | (14,950) | (10,033) |
Charges associated with a long-term capacity reservation agreement (1) | 0 | 110,000 | ||
Other | $ (2,917) | $ (1,750) | $ (49) | $ (5,223) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Income Tax Expense (Benefit) | $ 58,257 | $ 32,598 | $ 68,918 | $ 45,586 |
Effective tax rate | 23.60% | 9.30% | 21.10% | 7% |
Discrete tax expense (benefit) | $ 6,700 | $ 10,300 | $ 12,600 | $ 30,500 |
Net Income Per Share (Details)
Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
Earnings Per Share [Abstract] | ||||
Document Period End Date | Oct. 01, 2022 | |||
Numerator: | ||||
Numerator for basic and diluted net income (loss) per share — net income (loss) available to common stockholders | $ 188,615 | $ 319,189 | $ 257,499 | $ 604,815 |
EPS Line Items | ||||
Denominator for basic net income (loss) per share — weighted average shares | 102,927 | 111,035 | 103,991 | 111,476 |
Stock-based awards | 747 | 1,376 | 826 | 1,612 |
Denominator for diluted net income (loss) per share — adjusted weighted average shares and assumed conversions | 103,674 | 112,411 | 104,817 | 113,088 |
Basic net income (loss) per share (in dollars per share) | $ 1.83 | $ 2.87 | $ 2.48 | $ 5.43 |
Diluted net income (loss) per share (in dollars per share) | $ 1.82 | $ 2.84 | $ 2.46 | $ 5.35 |
Antidilutive shares excluded from the computation of diluted shares outstanding | 1,000 | 700 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | Nov. 03, 2022 USD ($) |
Subsequent Event [Member] | November 2022 | |
Subsequent Event [Line Items] | |
Stock Repurchase Program, Authorized Amount | $ 2,000 |