XML 24 R14.htm IDEA: XBRL DOCUMENT

Note 5 - Balance Sheet Components

9 Months Ended

Sep. 30, 2024

Supplemental Balance Sheet Disclosures [Text Block]

5. BALANCE SHEET COMPONENTS

Inventories

Inventories consist of the following (in thousands):

	September 30,		December 31,
	2024		2023
Raw materials	$	70,567	$	118,917
Work in process		182,312		112,750
Finished goods		172,063		152,035
Total	$	424,942	$	383,702

Other Current Assets

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

	September 30,		December 31,
	2024		2023
Prepaid wafer purchases ⁽¹⁾	$	60,000	$	-
Prepaid expenses		31,379		28,964
RSU tax withholding proceeds receivable		54		20,141
Other receivables ⁽¹⁾		-		50,000
Restricted cash ⁽²⁾		-		33,204
Other		17,021		15,154
Total	$	108,454	$	147,463

(1)

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

(2)	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):

	September 30,		December 31,
	2024		2023
Deferred compensation plan assets	$	89,324	$	78,381
Prepaid wafer purchases ⁽¹⁾		60,000		120,000
Operating lease right-of-use (“ROU”) and related assets ⁽²⁾		35,026		8,355
Other		6,673		4,541
Total	$	191,023	$	211,277

(1)	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.

(2)	The operating lease ROU and related assets as of September 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):

	September 30,		December 31,
	2024		2023
Dividends and dividend equivalents	$	62,564	$	57,697
Stock rotation and sales returns		24,033		18,843
Warranty		14,344		16,906
Customer prepayments		6,315		2,792
Income tax payable		11,407		8,063
Other		20,768		11,490
Total	$	139,431	$	115,791

Other Long-Term Liabilities

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

	September 30,		December 31,
	2024		2023
Deferred compensation plan liabilities	$	84,128	$	80,903
Operating lease liabilities		13,482		5,565
Dividend equivalents		4,196		2,187
Total	$	101,806	$	88,655