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Note 5 - Balance Sheet Components

3 Months Ended

Mar. 31, 2024

Supplemental Balance Sheet Disclosures [Text Block]

5. BALANCE SHEET COMPONENTS

Inventories

Inventories consist of the following (in thousands):

	*March 31,*		*December 31,*
	*2024*		*2023*
Raw materials	$	108,425	$	118,917
Work in process		141,703		112,750
Finished goods		145,862		152,035
Total	$	395,990	$	383,702

Other Current Assets

Other current assets consist of the following (in thousands):

	*March 31,*		*December 31,*
	*2024*		*2023*
Prepaid wafer expenses	$	60,000	$	-
Prepaid expenses		21,588		28,964
RSU tax withholding proceeds receivable		15		20,141
Other receivables		-		50,000
Restricted cash		-		33,204
Other		18,082		15,154
Total	$	99,685	$	147,463

As of March 31, 2024 and December 31, 2023, the Company held $60 million in prepaid wafer expenses and $50 million in other receivables, respectively, related to deposits made to a supplier under a long-term wafer supply agreement. See Note 9 for further details. The restricted cash included in other current assets as of December 31, 2023 was related to preliminary purchase consideration held in a trust account in connection with the Company’s acquisition of Axign and was paid in January 2024. See Note 4 for further details.

Other Long-Term Assets

Other long-term assets consist of the following (in thousands):

	*March 31,*		*December 31,*
	*2024*		*2023*
Deferred compensation plan assets	$	83,050	$	78,381
Prepaid wafer purchases		60,000		120,000
Other		13,973		12,896
Total	$	157,023	$	211,277

Prepaid wafer purchases relate to a deposit made to a supplier under a long-term wafer supply agreement. See Note 9 for further details.

Other Accrued Liabilities

Other accrued liabilities consist of the following (in thousands):

	*March 31,*		*December 31,*
	*2024*		*2023*
Dividends and dividend equivalents	$	69,291	$	57,697
Stock rotation and sales returns		30,208		18,843
Warranty		12,873		16,906
Income tax payable		8,032		8,063
Other		17,464		14,282
Total	$	137,868	$	115,791

As of March 31, 2024, stock rotation and sales returns included a $24.7 million stock rotation reserve, compared with a $16.7 million reserve as of December 31, 2023. The change in the reserve is affected by the timing of customer returns and the level of inventory in the distribution channel.

Other Long-Term Liabilities

Other long-term liabilities consist of the following (in thousands):

	*March 31,*		*December 31,*
	*2024*		*2023*
Deferred compensation plan liabilities	$	78,085	$	80,903
Operating lease liabilities		5,920		5,565
Dividend equivalents		2,922		2,187
Total	$	86,927	$	88,655