Note 6 - Balance Sheet Components

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Supplemental Balance Sheet Disclosures [Text Block]

6. BALANCE SHEET COMPONENTS

Inventories 

Inventories consist of the following (in thousands):

	December 31,
	2024		2023
Raw materials	$	91,851	$	118,917
Work in process		169,982		112,750
Finished goods		157,778		152,035
Total	$	419,611	$	383,702

Other Current Assets

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

	December 31,
	2024		2023
Other receivables (1)	$	60,000	$	50,000
Prepaid expenses		36,083		28,964
RSU tax withholding proceeds receivable		10		20,141
Restricted cash (2)		-		33,204
Other		13,885		15,154
Total	$	109,978	$	147,463

(1) Other receivables relate to a deposit made to a supplier under a long-term wafer supply agreement. See Note 13 for details about the supply agreement.

(2) The restricted cash 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.

Property and Equipment, Net

Property and equipment, net, consist of the following (in thousands):

	December 31,
	2024			2023
Land	$	50,681		$	48,490
Production equipment and software		340,691			270,390
Buildings and improvements		224,490			205,132
Transportation equipment		72,044			28,641
Leasehold improvements		18,301			17,052
Furniture and fixtures		13,472			11,711
Construction in progress		27,477			16,980
Property and equipment, gross		747,156			598,396
Less: accumulated depreciation and amortization		(252,211	)		(229,444	)
Total	$	494,945		$	368,952

Depreciation and amortization expense on property and equipment was $35.1 million, $40.0 million and $36.8 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Other Long-Term Assets

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

	December 31,
	2024		2023
Deferred compensation plan assets	$	92,586	$	78,381
Prepaid wafer purchases (1)		60,000		120,000
Operating lease ROU and related assets (2)		34,198		8,355
Other		7,593		4,541
Total	$	194,377	$	211,277

(1)	Prepaid wafer purchases relate to a deposit made to a supplier under a long-term wafer supply agreement. See Note 13 for details about the supply agreement.
(2)	The operating lease ROU and related assets as of December 31, 2024 includes a fair value measurement related to favorable market terms on a facility lease.

Other Accrued Liabilities

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

	December 31,
	2024		2023
Dividends and dividend equivalents	$	60,622	$	57,697
Stock rotation and sales returns		20,799		18,843
Other		46,702		39,251
Total	$	128,123	$	115,791

Other Long-Term Liabilities

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

	December 31,
	2024		2023
Deferred compensation plan liabilities	$	93,653	$	80,903
Dividend equivalents		4,943		2,187
Operating lease liabilities		12,974		5,565
Total	$	111,570	$	88,655