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Note 5 - Balance Sheet Components

6 Months Ended

Jun. 30, 2024

Supplemental Balance Sheet Disclosures [Text Block]

5. BALANCE SHEET COMPONENTS

Inventories

Inventories consist of the following (in thousands):

	*June 30,*		*December 31,*
	*2024*		*2023*
Raw materials	$	93,435	$	118,917
Work in process		164,116		112,750
Finished goods		169,200		152,035
Total	$	426,751	$	383,702

Other Current Assets

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

	*June 30,*		*December 31,*
	*2024*		*2023*
Prepaid wafer purchases	$	60,000	$	-
Prepaid expenses		27,570		28,964
RSU tax withholding proceeds receivable		71		20,141
Other receivables		-		50,000
Restricted cash		-		33,204
Other		17,906		15,154
Total	$	105,547	$	147,463

The Company held $60 million in prepaid wafer purchases as of June 30, 2024 and $50 million in other receivables as of December 31, 2023 related to deposits made to a supplier under a long-term wafer supply agreement. See Note 9 for details about the supply agreement. 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):

	*June 30,*		*December 31,*
	*2024*		*2023*
Deferred compensation plan assets	$	84,975	$	78,381
Prepaid wafer purchases		60,000		120,000
Operating lease right-of-use (“ROU”) and related assets		33,681		8,355
Other		5,210		4,541
Total	$	183,866	$	211,277

Prepaid wafer purchases relate to a deposit made to a supplier under a long-term wafer supply agreement. See Note 9 for details about the supply agreement. The operating lease ROU and related assets as of June 30, 2024 includes a fair value measurement related to favorable market terms on a building lease.

Other Accrued Liabilities

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

	*June 30,*		*December 31,*
	*2024*		*2023*
Dividends and dividend equivalents	$	62,524	$	57,697
Stock rotation and sales returns		21,716		18,843
Warranty		14,702		16,906
Customer prepayments		5,564		2,792
Accrued legal expenses		4,249		1,277
Income tax payable		9,641		8,063
Other		12,952		10,213
Total	$	131,348	$	115,791

Other Long-Term Liabilities

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

	*June 30,*		*December 31,*
	*2024*		*2023*
Deferred compensation plan liabilities	$	80,115	$	80,903
Operating lease liabilities		13,045		5,565
Dividend equivalents		3,515		2,187
Total	$	96,675	$	88,655